Dublin | 31 July, 2015: Avolon (NYSE: AVOL), the international aircraft leasing company, announces the commencement of a cash tender offer by Bohai Leasing Co., Ltd. (“Bohai”) for 20% of the issued and outstanding common shares of Avolon at a price of US$26 per share pursuant to a Schedule TO and related Offer to Purchase to be filed with the Securities and Exchange Commission (“SEC”) on July 31, 2015 (the “Offer”). The Offer is being made pursuant to the Investment and Tender Offer Agreement, (the “Agreement”) dated July 14, 2015 between Avolon, Bohai and an indirect wholly owned subsidiary of Bohai.

A Tender Offer Solicitation/Recommendation Statement on Schedule 14D-9 to be filed by Avolon with the SEC today will state that Avolon has also received a non-binding unsolicited offer from an independent third party to acquire 100% of the issued and outstanding common shares of Avolon at a price of US$30 per share.

As required by the terms of the Agreement, Avolon informed Bohai of the unsolicited offer. After Avolon informed Bohai of this offer, Bohai submitted a non-binding offer to acquire 100% of the issued and outstanding common shares of Avolon at a price of US$31 per share.

Avolon’s Board of Directors has not accepted or rejected either offer and continues to carefully evaluate these offers with its financial and legal advisors and has authorized its financial advisors to continue negotiations with both offerors regarding their respective offers.

Avolon remains subject to the Agreement. There can be no assurance that either of the potential offerors will make a binding offer to acquire 100% of the issued and outstanding common shares of Avolon or if any binding offer is made, that Avolon’s Board of Directors will accept such offer.

If such a binding offer is made and accepted by Avolon’s Board of Directors, prior to the consummation of the Offer, it is anticipated that Avolon will terminate the Agreement and the Offer.