EXHIBIT 99.1


                                                            Contact: Jad Mansour
                                                                  (415) 765-1814


                      AIRLEASE LTD. ANNOUNCES PLAN TO SELL
                          REMAINING ASSETS AND DISSOLVE


         SAN FRANCISCO,  March 18, 2004 -- Airlease  Ltd., A California  Limited
Partnership  (OTCBB - AIRL),  announced today that the Board of Directors of its
General  Partner,  acting  in  response  to a  recommendation  made by a special
committee of independent directors, has directed the General Partner to sell the
Partnership's   remaining  assets  as  attractive  sale   opportunities   arise,
distribute  sale  proceeds  (after  repaying debt and  establishing  appropriate
reserves) to unitholders  after  disposition,  and dissolve the Partnership when
all assets are sold. Given current market conditions, the General Partner cannot
predict  either the actual  timing for  completing  such sales or the prices and
other terms of such sales.  The General  Partner  also cannot  predict  when net
proceeds will be distributed to unitholders or the aggregate  amount of such net
proceeds,  both of which will depend upon a number of factors,  including market
conditions,  the  timing  and  terms of such  asset  sales,  the  amount of cash
required to settle  outstanding  liabilities  and  contingencies,  the amount of
necessary cash  reserves,  and the expenses  associated  with selling assets and
dissolving the Partnership.

         In 1997,  the  unitholders of the  Partnership  authorized the
General Partner to decide not to make new aircraft investments, to sell aircraft
when  attractive  opportunities  arise,  to distribute  net sale proceeds and to
dissolve the Partnership  when all assets are sold. Since that time, the General
Partner has  continued to operate the  Partnership  and  consider,  from time to
time,  alternative  investments.  However,  the General Partner has not made new
investments in aircraft,  primarily due to the weak aircraft leasing market. For
a variety of reasons,  including the General  Partner's  belief that significant
improvement  in  this  market  is not  forthcoming  in the  near  term  for  the
Partnership's  three  aircraft,  the  General  Partner has now  determined  that
unitholders  likely  will  realize  greater  value  from  a  dissolution  of the
Partnership compared to continued operation of the Partnership. Accordingly, the
General Partner intends to exercise fully and promptly the authority  granted to
it previously by the  unitholders  to sell assets,  distribute  net proceeds and
dissolve the Partnership.

         In 1997, the unitholders  also authorized the General Partner to impose
restrictions on the  transferability  of outstanding  units. The General Partner
has not  taken  this  action,  although  it  reserves  the  right to do so if it

                                                                               1
<PAGE>

concludes that implementing such restrictions  would be in the best interests of
the unitholders in light of current partnership tax law.

         The Partnership's portfolio consists of three aircraft. One aircraft, a
727-200FH,  is leased to FedEx  Corporation under a lease which expires in April
2006.  The other two aircraft are MD-82s leased to CSI Aviation  Services,  Inc.
through May 2004.  The  General  Partner is  actively  seeking  buyers for these
aircraft.  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,  acts of terrorism,  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.

March 18, 2004
                                      # # #
                                                                               2