Air Lease Corporation Announces Delivery of First of Four New Boeing 737 MAX 8 Aircraft with Cayman Airways

LOS ANGELES–(BUSINESS WIRE)–Air Lease Corporation (NYSE: AL) (“ALC”) announced today the delivery of
one new Boeing 737 MAX 8 aircraft featuring CFM International LEAP-1B27
engines on long-term lease to Cayman Airways (KX). This Boeing 737 MAX 8
is the first of four 737 MAX 8 aircraft confirmed to deliver to Cayman
Airways through 2020 from ALC’s order book with Boeing. With this new
ALC aircraft, Cayman Airways will be the first 737 MAX 8 operator in the
Caribbean and the aircraft will feature a new addition to the livery to
showcase the airline’s first 737 MAX.

“ALC is pleased to announce this new Boeing 737 MAX 8 delivery with
Cayman Airways today,” said Steven F. Udvar-Házy, Executive Chairman of
Air Lease Corporation. “With this new 737 MAX 8 and the additional three
aircraft set to deliver from ALC, Cayman Airways is successfully
modernizing its fleet with the most technologically advanced,
fuel-efficient aircraft to enhance the airline’s overall operations,
maximize customer comfort and bring a new standard of excellence for
travelers to and from the Cayman Islands.”

“Several members of the ALC team have had a very long and valued
relationship with Cayman Airways, and these four new ALC 737 MAX 8s will
progressively replace Cayman Airways’ current fleet of Boeing 737-300s
and one Boeing 737-800. Incidentally, key members of the ALC team were
also involved in initial placements of the aircraft that are now being
replaced, having successfully participated in various competitive
tendering processes at Cayman Airways between 2002 and 2016,” said
Kishore Korde, Executive Vice President of Air Lease Corporation.

“Since 1968, Cayman Airways has proudly connected the Cayman Islands
with each other and with the world. In 2018, as we celebrate 50 years of
safe and reliable service, we take great pride in introducing this first
Boeing 737 MAX 8 to our fleet. Over the next 20 months, we will be
adding three additional MAX-8 aircraft while retiring our exiting jet
fleet. Following a competitive public tendering process, the unique
lease structure and terms offered to Cayman Airways by ALC, has afforded
Cayman Airways the ability to be the first 737 MAX 8 operator based in
the Caribbean, and we look forward to a continued strong working
relationship with ALC,” said Fabian Whorms, President and CEO of Cayman
Airways.

Forward-Looking Statements

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including expected delivery dates. Such statements are based on current
expectations and projections about our future results, prospects and
opportunities and are not guarantees of future performance. Such
statements will not be updated unless required by law. Actual results
and performance may differ materially from those expressed or forecasted
in forward-looking statements due to a number of factors, including
those discussed in our filings with the Securities and Exchange
Commission.

About Air Lease Corporation (NYSE: AL)

ALC is a leading aircraft leasing company based in Los Angeles,
California, that has airline customers throughout the world. ALC and its
team of dedicated and experienced professionals are principally engaged
in purchasing commercial aircraft and leasing them to its airline
customers worldwide through customized aircraft leasing and financing
solutions. For more information, visit ALC’s website at www.airleasecorp.com.

About Cayman Airways

As the national flag carrier for the Cayman Islands, Cayman Airways
currently operates non-stop Boeing 737 jet service between the Cayman
Islands and the following major US cities: Miami and Tampa, Florida; New
York, New York; Dallas, Texas; and Chicago, Illinois. Non-stop jet
service is also provided between the Cayman Islands and regional
destinations including: Kingston and Montego Bay, Jamaica; Havana, Cuba;
and La Ceiba, Honduras. The airline’s Cayman Airways Express service
currently operates Saab 340B-plus and deHavilland DH6 Twin Otter
aircraft between Grand Cayman and the Sister Islands of Little Cayman
and Cayman Brac.

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