AIR LEASE CORP — Director's Dealing 2016

May 6, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AIR LEASE CORP (AL)
CIK: 0001487712
Period of Report: 2016-05-04

Reporting Person: Saines Ian M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-05-04	Air Lease Corporation - Class A Common Stock	A	3982	—	Acquired	18842	Direct
2016-05-04	Air Lease Corporation - Class A Common Stock	A	788	$30.13	Acquired	19630	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Air Lease Corporation - Class A Common Stock	6630	Indirect

Footnotes

F1: Restricted stock units (RSUs) granted under the Air Lease Corporation 2014 Equity Incentive Plan, in connection with the reporting person's service as a member of the Board of Directors of the Issuer. Subject to certain conditions, all of these RSUs will vest in full on May 4, 2017, the first anniversary of the grant date. Each RSU represents a contingent right to receive one share of the Issuer's Class A Common Stock on a deferred settlement date, subject to the terms of the award agreement.

F2: Shares of the Issuer's Class A Common Stock issued under the Air Lease Corporation 2014 Equity Incentive Plan in payment of Board and Committee retainer fees in lieu of cash.

F3: These shares of Class A Common Stock are held by Mufassa Pty Ltd., of which the reporting person is the sole stockholder and the sole director.