FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person *   Saines Ian M 2. Date of Event Requiring Statement (Month/Day/Year) 04/08/2011 3. Issuer Name and Ticker or Trading Symbol AIR LEASE CORP [AL] (Last) (First) (Middle) LEVEL 21, 201 SUSSEX STREET 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) 5. If Amendment, Date Original Filed(Month/Day/Year) (Street) SYDNEY, NEW SOUTH WALES, C3 2000 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Class A Common Stock 6,250,000 I See footnote (1)

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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Warrant (right to buy)	  (2)	06/04/2017	Class A Common Stock and Class B Non-Voting Common Stock	268,125	$ 20	I	See footnote (1)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Saines Ian M LEVEL 21, 201 SUSSEX STREET SYDNEY, NEW SOUTH WALES, C3 2000	  X	Â	Â	Â

Signatures

/s/ Grant A. Levy, Attorney-in-Fact		04/08/2011
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	These shares of Class A Common Stock and the warrant are held by Commonwealth Bank of Australia. The reporting person, as Group Executive of the Institutional Banking and Markets division of Commonwealth Bank of Australia, may be deemed to be the beneficial owner of these shares of Class A Common Stock and the warrant. The reporting person expressly disclaims beneficial ownership of these shares and the warrant, except to the extent of his pecuniary interest therein, and the inclusion of these shares and the warrant in this report shall not be deemed to be an admission of beneficial ownership of the reported shares and warrant for purposes of Section 16 or for any other purpose.
(2)	The warrant is currently exercisable.
  Remarks: Exhibit List: Exhibit 24 - Confirming Statement

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