Airlease Ltd. to Cease Operations, Dissolve and Liquidate SAN FRANCISCO, June 21 /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 the cessation of the Partnership's business and the dissolution and liquidation of the Partnership. The Board's decision was prompted by the Partnership's sale last month of its three remaining aircraft. The Board is in the process of conducting a review to estimate and provide for the final liabilities of the Partnership. In addition, the Board currently anticipates making only two more distributions to Unitholders. First, the Board anticipates declaring, at the time it files its second quarter Form 10-QSB with the SEC, a distribution to the Unitholders of a majority of the net available funds. Second, the Board anticipates terminating the Partnership and making a final cash distribution to Unitholders out of its remaining net available funds by the end of 2004. The Partnership will continue to file its periodic reports with the Securities and Exchange Commission until the Partnership is terminated. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Partnership has included in this press release certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 concerning the Partnership's business, operations and financial condition. 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 the Partnership cautions you that any forward-looking information provided by or on behalf of the Partnership 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 the Partnership's control, in addition to those discussed in the Partnership's filings with the Securities and Exchange Commission, including (i) changes in the aircraft or aircraft leasing market; (ii) the economic downturn in the airline industry; (iii) default by lessees under leases causing the Partnership to incur uncontemplated expenses or not to receive rental income as and when expected; (iv) the continued impact of the events of September 11, 2001, as well as war or other military involvement by the U.S. or others in Iraq or other regions, on the aircraft or aircraft leasing market and on the airline industry; (v) changes in interest rates; (vi) the timing of asset sales, the prices received by the Partnership for its assets, and the costs of selling assets, satisfying Partnership liabilities and contingencies, and dissolving the Partnership; and (vii) legislative or regulatory changes that adversely affect the value of aircraft. 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 of Airlease Ltd., +1-415-765-1814

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