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

LOS ANGELES, November 29, 2018 – 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.