Airlease Ltd. Announces Fourth Quarter Regular Cash Distribution and a Special Cash Distribution From Aircraft Sale

Airlease Ltd. Announces Fourth Quarter Regular Cash Distribution and a Special
Cash Distribution From Aircraft Sale 


SAN FRANCISCO, Dec. 19  /PRNewswire-FirstCall/ -- Airlease Ltd., A California
Limited Partnership (OTCBB - AIRL), said today its directors approved a fourth
quarter 2003 cash distribution of 5 cents per unit, the same as the 2003 third
quarter cash distribution.

The board of directors also approved a special cash distribution of 26 cents per
unit, as a result of the recently completed sale of one MD-81 aircraft.  Due to
the lack of attractive alternative investments, the Partnership elected to
disburse the sale proceeds to unitholders.  Additional information concerning
the sale of this aircraft, as well as the pending sale of an additional similar
aircraft, is set forth in the Company's recent Form 10-QSB as filed with the
Securities and Exchange Commission.

The fourth quarter regular cash distribution of 5 cents per unit and the special
cash distribution of 26 cents per unit will be payable on February 13, 2004, to
unitholders of record on December 31, 2003. 

DATASOURCE: Airlease Ltd.



CONTACT:  Jad Mansour of Airlease Ltd., [phone]

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