Airlease Ltd. Announces Special Cash Distribution in Connection With Dissolution

Airlease Ltd. Announces Special Cash Distribution in Connection
With Dissolution 


SAN FRANCISCO, July 12  /PRNewswire-FirstCall/ -- Airlease Ltd., A California
Limited Partnership, (OTC:AIRL) (BULLETIN BOARD: AIRL) , announced today that
the Board of Directors of its General Partner has approved, in connection with
the dissolution, winding up and liquidation of Airlease, a special cash
distribution of 88 cents per unit.  The special cash distribution will be
payable August 6, 2004, to unitholders of record on July 22, 2004.

Airlease, which sold its remaining aircraft in May 2004, has now been dissolved
and has ceased conducting business.  The General Partner of Airlease currently
is winding up the affairs of Airlease and expects to terminate Airlease at or
before the end of 2004.

The Board of Directors of the General Partner approved this distribution after
concluding that the remaining assets of Airlease, consisting only of cash and
cash equivalents, are reasonably likely to satisfy all creditors and
liabilities of Airlease through termination of Airlease.  This distribution
represents a majority of the net available funds as of June 30, 2004.  The 88
cents per unit distribution equates to approximately $4,111,000 to be
distributed pro rata to all unitholders, including the General Partner.

The Board of Directors of the General Partner currently anticipates making a
final cash distribution to Unitholders out of its remaining net available funds
in conjunction with the termination of Airlease at or before the end of 2004. 
After accounting for the 88 cents per unit distribution, Airlease will have
approximately $841,000 in cash and cash equivalents remaining on hand, part of
which will be used to pay the Partnership's expenses and liabilities in
connection with winding up, liquidating and terminating Airlease, which
expenses the General Partner currently estimates to be between $400,000 and
$500,000.

Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995:

Airlease, Ltd. has included in this press release certain "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 concerning the business, operations and financial condition of
Airlease.  The words or phrases "can be," "may affect," "may depend," "expect,"
"believe," "anticipate," "intend," "will," "estimate," "project" and similar
words and phrases are intended to identify such forward-looking statements. 
Such forward-looking statements are subject to various known and unknown risks
and uncertainties and Airlease cautions you that any forward-looking
information provided by or on behalf of Airlease is not a guarantee of future
performance.  Actual results could differ materially from those anticipated in
such forward-looking statements due to a number of factors, some of which are
beyond Airlease's control, in addition to those discussed in Airlease's filings
with the Securities and Exchange Commission, including (i) changes in interest
rates; (ii) the costs of satisfying and providing for the Partnership's
liabilities; and (iii) the costs of winding up, liquidating and dissolving the
Partnership.  All such forward-looking statements are current only as of the
date on which such statements were made. The Partnership does not undertake any
obligation to publicly update any forward-looking statement to reflect events
or circumstances after the date on which any such statement is made or to
reflect the occurrence of unanticipated events. 

DATASOURCE: Airlease, Ltd.



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

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