Avolon Forms Joint-Venture Aircraft Leasing Business: Avolon Capital Partners

  Avolon Forms Joint-Venture Aircraft Leasing Business: Avolon Capital

               Initial target portfolio size of US$500 million

Business Wire

DUBLIN -- January 17, 2013

Avolon, the international aircraft leasing business, today announces its
intention to partner with Wells Fargo & Company (NYSE: WFC) (“Wells Fargo”), a
leading diversified financial services company, to form a new joint-venture
aircraft leasing business called Avolon Capital Partners Limited ("ACP" or the
"Business"). The formation of ACP is subject to a number of regulatory

Since its inception in 2010, Avolon has raised a total of US$3.7billion of
debt capital from a wide range of financial institutions, including Wells
Fargo, who has been a significant lender to Avolon since January 2011.

Avolon Capital Partners

ACP will build an aircraft fleet primarily through sale and leaseback
transactions with airlines on new aircraft. ACP will focus on young,
fuel-efficient single aisle and twin-aisle aircraft with an initial target
portfolio size of US$500 million. Wells Fargo will be the majority shareholder
and provide banking and debt financing facilities for the Business.

ACP will be headquartered in Dublin. Existing Avolon and Wells Fargo team
members will serve as ACP’s management team and provide business expertise.
ACP will combine the aircraft leasing expertise of Avolon and the leading
international financial franchise of Wells Fargo.

Avolon’s Chief Financial Officer, Andy Cronin, will serve as a Director on the
Board of ACP. Daire O’Criodain, an executive at Avolon, who has extensive
experience in the aircraft leasing industry, will serve as ACP’s Managing

Mr. Cronin commented:

“We are delighted to announce the formation of ACP. Avolon has a strong
relationship with Wells Fargo and they remain a core lender to the Avolon
business. The joint-venture is a natural evolution of our relationship and
combines their international franchise with the expertise and capability of
the Avolon team.”

“Wells Fargo’s investment in this joint-venture also reflects the growing
institutional investor interest in aircraft finance and leasing due to the
sector’s ability to deliver consistently strong risk adjusted returns.”

Julie Caperton, Head of Asset-Backed Finance and Securitization at Wells
Fargo, added:

“We are pleased to be able to deepen our relationship with Avolon, a
longstanding Wells Fargo client with a proven management team, and to provide
funding which enables them to expand their successful operations in the
aircraft leasing sector.”

About Avolon

Headquartered in Ireland, with offices in Stamford CT, Hong Kong, Shanghai,
Singapore and Dubai, Avolon provides aircraft leasing and lease management
services. Avolon’s investors include three of the world’s leading private
equity firms Cinven, CVC Capital Partners and Oak Hill Capital Partners and
one of the world’s leading sovereign wealth funds, Government of Singapore
Investment Corporation (GIC).

Avolon has established itself as one of the leading global players in the
aircraft leasing sector, leveraging off the strong financial backing of its
owners and the extensive trading history and senior industry relationships of
its management team. The primary asset focus of the business is on young
fuel-efficient aircraft such as the Airbus A320, A320neo and A330 families,
the Boeing 737NG, 737 MAX, 777 and 787 families; and, the Embraer 190 family.
Avolon has a committed fleet of 167 aircraft serving 34 customers in 22
countries. Avolon’s fleet is also the youngest large lessor fleet in the world
with an average aircraft age of 1.7 years. See www.avolon.aero

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance
through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s customers who
conduct business in the global economy. With more than 265,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially. See www.wellsfargo.com


FTI Consulting
Jonathan Neilan
Phone: +353 1 663 3686
Email: jonathan.neilan@fticonsulting.com
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