Airlease Ltd. Announces First Quarter Cash Distribution and a Special Cash Distribution from Aircraft Sale SAN FRANCISCO, March 18 /PRNewswire-FirstCall/ -- Airlease Ltd., A California Limited Partnership, (BULLETIN BOARD: AIRL) , said today its directors approved a first quarter 2004 regular cash distribution of 5 cents per unit, the same as the 2003 fourth quarter regular 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 and 2003 financial results is set forth in the Company's recent Form 10-KSB which will be filed shortly with the Securities and Exchange Commission. The first quarter cash distribution will be payable May 14, 2004, to unitholders of record on March 31, 2004. DATASOURCE: Airlease Ltd. CONTACT: Jad Mansour, +1-415-765-1814, for Airlease Ltd.

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