Exhibit 21.1

Subsidiaries of Aircastle Limited

As of December 31, 2011

	Name of Subsidiary	Jurisdiction
1	ABH 12 Limited	Bermuda
2	ACS 2007-1 Limited	Bermuda
3	ASC 2007-1 Luxembourg S.à.r.l.	Grand Duchy of Luxembourg
4	ACS 2008-1 Limited	Bermuda
5	ACS 2008-2 Limited	Bermuda
6	ACS Aircraft Finance Bermuda Limited	Bermuda
7	ACS Aircraft Finance Ireland 2 Limited	Ireland
8	ACS Aircraft Finance Ireland 3 Limited	Ireland
9	ACS Aircraft Finance Ireland Public Limited Company	Ireland
10	ACS Aircraft Leasing (Ireland) Limited	Ireland
11	AHCL Securities Limited	Bermuda
12	AYR Bermuda Limited	Bermuda
13	AYR Delaware LLC	Delaware
14	AYR E Note Limited	Bermuda
15	AYR Freighter LLC	Delaware
16	Aircastle Advisor (International) Limited	Bermuda
17	Aircastle Advisor (Ireland) Limited	Ireland
18	Aircastle Advisor LLC	Delaware
19	Aircastle Bermuda Holding Limited	Bermuda
20	Aircastle Bermuda Securities Limited	Bermuda
21	Aircastle Delaware Holdings LLC	Delaware
22	Aircastle Delaware Holdings 2 LLC	Delaware
23	Aircastle Holding Corporation Limited	Bermuda
24	Aircastle Investment Holdings 2 Limited	Bermuda
25	Aircastle Investment Holdings 3 Limited	Bermuda
26	Aircastle Investment Holdings Limited	Bermuda
27	Aircastle Ireland Holding Limited	Ireland
28	Aircraft MSN 138 LLC	Delaware
29	Aircraft MSN 148 LLC	Delaware
30	Aircraft MSN 303 LLC	Delaware
31	Aircraft MSN 306 LLC	Delaware
32	Aircraft MSN 311 LLC	Delaware
33	Aircraft MSN 313 LLC	Delaware
34	Aircraft MSN 324 LLC	Delaware
35	Aircraft MSN 368 LLC	Delaware
36	Aircraft MSN 1006 LLC	Delaware
37	Aircraft MSN 1012 LLC	Delaware
38	Aircraft MSN 1047 LLC	Delaware
39	Aircraft MSN 1054 LLC	Delaware
40	Aircraft MSN 1059 LLC	Delaware
41	Aircraft MSN 1067 LLC	Delaware
42	Aircraft MSN 1099 LLC	Delaware
43	Aircraft MSN 1101 LLC	Delaware
44	Aircraft MSN 1119 LLC	Delaware
45	Aircraft MSN 24061 LLC	Delaware
46	Aircraft MSN 24066 LLC	Delaware
47	Aircraft MSN 24226 LLC	Delaware
48	Aircraft MSN 24541 LLC	Delaware

	Name of Subsidiary	Jurisdiction
49	Aircraft MSN 24838 LLC	Delaware
50	Aircraft MSN 24952 LLC	Delaware
51	Aircraft MSN 24975 LLC	Delaware
52	Aircraft MSN 25000 LLC	Delaware
53	Aircraft MSN 25076 LLC	Delaware
54	Aircraft MSN 25117 LLC	Delaware
55	Aircraft MSN 25587 LLC	Delaware
56	Aircraft MSN 25702 LLC	Delaware
57	Aircraft MSN 27137 LLC	Delaware
58	Aircraft MSN 27152 LLC	Delaware
59	Aircraft MSN 27183 LLC	Delaware
60	Aircraft MSN 27342 LLC	Delaware
61	Aircraft MSN 27681 LLC	Delaware
62	Aircraft MSN 28038 LLC	Delaware
63	Aircraft MSN 28213 LLC	Delaware
64	Aircraft MSN 28231 LLC	Delaware
65	Aircraft MSN 28386 LLC	Delaware
66	Aircraft MSN 28414 LLC	Delaware
67	Aircraft MSN 28578 LLC	Delaware
68	Aircraft MSN 28620 LLC	Delaware
69	Aircraft MSN 28867 LLC	Delaware
70	Aircraft MSN 29045 LLC	Delaware
71	Aircraft MSN 29046 LLC	Delaware
72	Aircraft MSN 29246 LLC	Delaware
73	Aircraft MSN 29247 LLC	Delaware
74	Aircraft MSN 29250 LLC	Delaware
75	Aircraft MSN 29329 LLC	Delaware
76	Aircraft MSN 29345 LLC	Delaware
77	Aircraft MSN 29916 LLC	Delaware
78	Aircraft MSN 29917 LLC	Delaware
79	Aircraft MSN 29918 LLC	Delaware
80	Aircraft MSN 29919 LLC	Delaware
81	Aircraft MSN 29920 LLC	Delaware
82	Aircraft MSN 32907 LLC	Delaware
83	Aircraft MSN 35233 LLC	Delaware
84	Aircraft MSN 35235 LLC	Delaware
85	Aircraft MSN 35236 LLC	Delaware
86	Aircraft MSN 35237 LLC	Delaware
87	Aircraft MSN 35299 LLC	Delaware
88	Aircraft MSN 48445 LLC	Delaware
89	Aircraft MSN 48778 LLC	Delaware
90	Aircraft MSN 48779 LLC	Delaware
91	Constellation Aircraft Leasing (France) SARL	France
92	Constitution Aircraft Leasing (Ireland) 3 Limited	Ireland
93	Constitution Aircraft Leasing (Ireland) 4 Limited	Ireland
94	Constitution Aircraft Leasing (Ireland) 5 Limited	Ireland
95	Constitution Aircraft Leasing (Ireland) 6 Limited	Ireland
96	Constitution Aircraft Leasing (Ireland) 7 Limited	Ireland
97	Constitution Aircraft Leasing (Ireland) 8 Limited	Ireland
98	Constitution Aircraft Leasing (Ireland) 9 Limited	Ireland
99	Constitution Aircraft Leasing (Ireland) 1086 Limited	Ireland
100	Constitution Aircraft Leasing (Ireland) 28386 Limited	Ireland
101	Delphie Aircraft Leasing Limited	Bermuda

	Name of Subsidiary	Jurisdiction
102	Dunvegan Aircraft Leasing (Ireland) Limited	Ireland
103	Emer Aircraft Leasing (Ireland) Limited	Ireland
104	Endeavor Aircraft Leasing (Sweden) AB	Sweden
105	Endeavor Aircraft Leasing (Sweden) 2 AB	Sweden
106	Endeavor Aircraft Leasing (Sweden) 3 AB	Sweden
107	Enterprise Aircraft Leasing (France) SARL	France
108	GAP Investment One LLC	Delaware
109	GAP Investment Two, LLC	Delaware
110	GAP Investment Twenty-One, LLC	Delaware
111	GAP Investment Twenty-Four, LLC	Delaware
112	GAP Investment Twenty-Five, LLC	Delaware
113	GAP Investment Twenty-Six, LLC	Delaware
114	Grayston Aircraft Leasing Limited	Cayman Islands
115	Injet400 Aircraft Leasing Co Limited	Cayman Islands
116	Injet800 Aircraft Leasing Co Limited	Cayman Islands
117	Intrepid Aircraft Leasing (France) SARL	France
118	Jimin Aircraft Leasing Limited	Bermuda
119	Macleod Aircraft Leasing (Labuan) Limited	Labuan
120	Macstay Aircraft Leasing Limited	Bermuda
121	Momo Aircraft Leasing Limited	Bermuda
122	McFly Aircraft Leasing (Labuan) Limited	Labuan
123	Mohawk Aircraft Leasing Limited	Bermuda
124	Perdana Aircraft Leasing (Labuan) Limited	Labuan
125	Really Useful Aircraft Leasing (Ireland) 1 Limited	Ireland
126	Really Useful Aircraft Leasing (Ireland) 2 Limited	Ireland
127	Really Useful Aircraft Leasing (Ireland) 3 Limited	Ireland
128	Sulaco Aircraft Leasing (Ireland) Limited	Ireland
129	Thunderbird 1 Leasing Limited	Mauritius
130	Thunderbird 2 Leasing Limited	Mauritius
131	Thunderbird 3 Leasing Limited	Mauritius
132	Thunderbird 4 Leasing Limited	Mauritius
133	Thunderbird 5 Leasing Limited	Mauritius
134	Thunderbird 6 Leasing Limited	Mauritius
135	Zebra Aircraft Leasing Limited	Cayman Islands
136	Zephyr Aircraft Leasing B.V.	The Netherlands