EXHIBIT 99.1


                                                         Contact: Jad Mansour
                                                                  (415) 765-1814


          AIRLEASE LTD. TO TERMINATE AND MAKE A FINAL CASH DISTRIBUTION

     SAN  FRANCISCO,  September  20  --  Airlease  Ltd.,  A  California  Limited
Partnership,  (OTCBB -AIRL),  announced today that the Board of Directors of its
General  Partner has approved the termination of the Partnership as of September
30, 2004. As part of terminating the Partnership and completing the dissolution,
winding up and liquidation of Airlease,  the Board of Directors approved a final
cash  distribution  of 8.5  cents  per unit.  The  distribution  will be paid on
October 15, 2004,  to holders of record as of the close of business on September
30, 2004. As a result of the termination of Airlease,  trading in the units will
cease after September 30, 2004.



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9/20/04