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Air Lease Corporation (AL)

Bharath Chandrashekhar Hui Li Rodrigo Serna Presented March 11, 2014. Air Lease Corporation (AL). Agenda. Current Holdings – Current H oldings of AL Relevant Macroeconomic Trends Industry Structure Analysis Company Overview Financial Analysis Projections/Assumptions Valuation

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Air Lease Corporation (AL)

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  1. BharathChandrashekhar Hui Li Rodrigo Serna Presented March 11, 2014 Air Lease Corporation (AL)

  2. Agenda • Current Holdings – Current Holdings of AL • Relevant Macroeconomic Trends • Industry Structure Analysis • Company Overview • Financial Analysis • Projections/Assumptions • Valuation • Recommendation

  3. Current Portfolio Holdings

  4. Stock performance 400 shares of AL purchased on 12/18/12 @ 22.32 Closed @ 37.09 on 3/10/14

  5. Relevant Macroeconomic Trends + Global Airline Market + Global GDP Growth + European & Asian Markets + Budget Airlines + Increase in % of Global Fleet Leased - Emerging Markets +/- Consolidation of Industry Caption: Percentage of Fleets Leased in Geographic Areas Source: CIT Aerospace Aircraft Leasing Industry Overview (p26, p29)

  6. Industry Structure Analysis

  7. Company Overview Financing Airlines Boeing Airbus Air Lease

  8. Debt • Unsecured Debt (70% of Total Debt): Flexibility • BBB- from S&P, Aug 2013 Source: AL 2013 10K P45

  9. Products Source: AL 2013 10K P46

  10. Customers Source: AL 2013 10K P5-6

  11. SWOT Analysis

  12. Financial Analysis

  13. Projections/Assumptions

  14. Financial Ratios

  15. Valuation

  16. Comparable Companies

  17. Recommendation HOLD 400 Shares

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