NOVEMBER 11TH, 2015

Avolon: 2015 Third Quarter Results

Dublin | November 11, 2015: Avolon (NYSE: AVOL), the international aircraft leasing company, today announces results for the third quarter of 2015 (“Q3”) and the first nine months of 2015.

2015 Third Quarter | Financial Highlights

„ Net Income up 33% to $58 million versus Q3 2014

„ Adjusted Net Income up 49% to $76 million versus Q3 20141

„ Seven aircraft sold with a net book value of $276 million at a gain of $21 million or 7.6% premium to net book value

„ $350 million of new aircraft deliveries in Q3

„ 200 basis point year-on-year increase in Return on Equity from 12.6% in Q3 2014 to 14.6%

„ 330 basis point increase in Adjusted Return on Equity from 14.6% in Q3 2014 to 17.9%

„ Increased, extended and re-priced unsecured debt facility up to $525m with availability until 2019

„ Undrawn debt of $937 million at end Q3; average interest rate2 of 3.5% at end of Q3

„ Signed Merger Agreement with Bohai Leasing Co., Ltd. for $31 per Avolon common share

„ Incurred $5.9m of transaction costs related to the Merger Agreement in Q3

2015 Third Quarter | Portfolio Highlights

„ Owned and managed fleet of 154 aircraft at end of Q3; Owned, managed and committed fleet of 258 aircraft

„ At end of Q3, average age of owned fleet of 2.7 years; average remaining lease term of 7 years

„ Delivered 8 new aircraft to 7 airlines based in 6 countries in Q3

„ Avolon Capital Partners acquired one aircraft on lease to Vueling Airlines during Q3

„ All new deliveries placed through July 2018

Outlook

„ Re-affirm 2015 full year expectations to deliver aircraft with a net book value of $1.65 billion

„ Expected net trading gains of c.$68 million representing a margin of c. 9%

„ Guidance on 2015 reported returns materially unchanged: expected to deliver a Return on Equity of 12.8% to 13.1% or Adjusted Return on Equity of 15.0% to 15.3%1, including Q3 costs related to the Merger Agreement

„ At 30th September 2015 Avolon’s total fleet commitments for delivery in 2016 were 29 aircraft or $1.7 billion

„ Trading volume of approximately $800m secured for 2016; already ahead of 2015 expected outcome

Dómhnal Slattery, Avolon CEO commented:

“The positive momentum in the business has continued through the third quarter as illustrated by the 49% year-on-year growth in adjusted net income and the 330 basis points expansion of adjusted ROE. We have delivered on our committed pipeline and we are very pleased to reaffirm our 2015 full year guidance for reported returns on the back of our improving funding costs and a strong trading performance.

Our team has produced another impressive quarter with eight new aircraft delivered to seven airlines in six countries at a value of $350 million. We have also secured a sale and leaseback transaction for five Boeing 787-9 aircraft delivering to Hainan Airlines in 2016 and 2017 subject to the closing of the Bohai merger transaction. Our total committed fleet for delivery in 2016 now stands at 29 aircraft valued at $1.7 billion; all of which is already funded.

The third quarter saw Avolon achieve its thirteenth consecutive quarter of profitable aircraft trading. Further highlighting the strength and sustainability of our trading franchise is the $800m of volume we have committed for sale in 2016 – already ahead of our 2015 expected outcome of $756 million.

Following the recent approval of the merger agreement with Bohai Leasing by Avolon shareholders, we remain on track for an expected closing of the transaction by Q1 2016. We are pleased to have delivered strong returns for our shareholders in the year to date and look forward to the future with confidence under Bohai’s ownership.”