During the second quarter, ALC saw stable lease demand for our new advanced technology aircraft, despite financial issues affecting Europe and the potential slowing of growth in China. The vast majority of our lease placements reflect airline aircraft replacements versus growth.

It is important to take a long-term view of industry fundamentals rather than to be overly optimistic when the market is robust or overly concerned when the market is softer. The nature of our business is to sign long-term leases on aircraft that provide stable multiyear cash flows, which allows for consistent profit generation through the cycles.

Over the past 18 months, Air Lease chose to place our new aircraft as soon as possible as opposed to waiting for spot shortages of aircraft that might increase lease rates. This strategy has proven to be successful as we have locked in attractive lease rate on long-term contracts with less potential volatility resulting from forced placements in choppy economic environment. This gives ALC the ability to pursue incremental growth transactions and seize upon well priced opportunities. Air Lease's business plan is based on a diverse but highly efficient mix of aircraft types to constitute an optimized commercial airliner portfolio that will maximize long-term profit generation.

Our recent launch order for the Boeing 737 MAX and the favorable economics associated with being a launch customer will complement our well-balanced order book which now includes the A320, A321ceo's and a significant order for 50 neo's. A330-200's and 300's, Boeing 787-9 Dreamliner's, Boeing 777-300ER's, Boeing 737-800NG's and of course, the Boeing 737-8 and -9 MAX aircraft along with Embraer 190's and ATR 72-600. Our order book now includes approximately 300 of the most highly in demand aircraft delivering over the next 10 years.

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