Air Lease Corporation partners in a new aircraft leasing joint venture, Blackbird Capital I,

A wholly-owned subsidiary of Air Lease Corporation(the Company) has entered into a joint venture with a co-investment vehicle (the “JV Partner”) arranged by Napier Park Global Capital for the purpose of investing in commercial aircraft and leasing them to airlines around the globe. The newly formed entity with committed equity and debt capital is named Blackbird Capital I LLC and 90.5% of the equity is owned, through the JV Partner, by a pooled investment vehicle of long-term institutional investors managed by Napier Park. The Company owns 9.5% of the joint venture and will not consolidate the entity. The joint venture is expected to acquire total aircraft assets of approximately US$2.0bn by year-end 2016, with up to US$500m in equity and the remainder financed by a committed US$750m warehouse credit facility (which includes an accordion feature that could make the total facility up to US$1.5bn) and other forms of debt financing. ALC will provide management services over a 12 year period to the joint venture for a servicing fee based upon aircraft assets under management. In addition, the Company expects to sell aircraft from its portfolio to the joint venture with an aggregate value of approximately US$500m by year-end 2016. Through the joint venture, ALC will manage up to US$2.0bn of additional aircraft lease transactions to better serve the airline industry.