International Airline Support Group Announces Promotions and Recaps Announcements Made At Regional Airlines Association Conference.

ATLANTA--(BUSINESS WIRE)--May 14, 1999--

International Airline Support Group, Inc. ("IASG") (AMEX: YLF) today announced the promotions of two of its officers.

George "Peter" Murnane III, who was the Company's Chief Financial Officer, was promoted to Chief Operating Officer and James M. Isaacson, who was the Treasurer, was promoted to Chief Financial Officer.

Commenting on the promotions, Alexius Dyer III, President and CEO, stated, "These were well deserved promotions and they better position IASG for growth in the future. Peter's new responsibilities will focus on our expanding consulting business and potential acquisitions, while Jimmy will increase his responsibilities for the financial aspects of the Company. Given Peter's background as an aviation investment banker at Merrill Lynch and Jimmy's financial management background at Delta Air Lines and ValuJet Airlines, I expect for them both to thrive in their new positions. Congratulations to both of them."

The following are summaries of a series announcements that were released by International Airline Support Group, Inc. ("IASG") (AMEX:YLF) during the Regional Airlines Association conference held May 10 through May 12, 1999 in Phoenix, Arizona.

INTERNATIONAL AIRLINE SUPPORT GROUP AND NORTHSTAR AVIATION SERVICES ANNOUNCE TWO EMBRAER EMB-120 AIRCRAFT TRANSACTION. IASG announced the purchase of two Embraer EMB-120RT Brasilia aircraft that had been on lease to WestAir Airlines. The aircraft were marketed and sold by Northstar Aviation Services on the behalf of a subsidiary of Dana Commercial Credit Corporation. Commenting on the transaction, Alexius A. Dyer III, IASG's president and CEO, stated, "The acquisition of these two aircraft increases our presence in the regional/commuter aircraft market. As the world's premier aftermarket supplier of Brasilia parts, it was a logical progression for IASG to trade in the aircraft. These aircraft will be made ready for sale or lease and we are presently reviewing several options, including converting the aircraft into freighter configuration. We feel that the Brasilia will be a staple of our portfolio for many years to come. IASG is also exploring opportunities to expand into other regional aircraft types and inventories."

INTERNET PARTS LOCATOR SYSTEMS LOOKS TO INTERNET FOR RAPID GROWTH IN AIRCRAFT PARTS DISTRIBUTION. IASG is capturing the power of the Internet through its Internet Parts Locator Systems ("IPLS") division. IPLS, which is a free internet-based aircraft parts search engine, announced that it has signed up its eighty-fifth (85th) member bringing the total number of parts listed in the database to seventy-seven million with over one million different part numbers. Current member companies include: AAXICO, Air New Zealand, American Airlines (NYSE:AMR), BF Goodrich Aerospace (NYSE:GR), Comair (NASDAQ:COMR), Emery WorldWide (NYSE:CNF), Mesa Airlines (NASDAQ: MESA) and Willis Aeronautical (NADAQ:WLFC), as well as a host of other airlines, repair/overhaul facilities and aircraft parts redistributors. IPLS uses the same software tools and technologies as such popular sites as Amazon.com (NASDAQ:AMZN), Yahoo (NASDAQ:YHOO), and Ebay (NASDAQ:EBAY). IPLS differs from other leading aircraft parts databases in that IPLS is internet-based and free to use for both sellers and buyers.

INTERNATIONAL AIRLINE SUPPORT GROUP PROVIDES FOURTH QUARTER UPDATE. IASG today announced certain transactions that were completed during the current quarter, which ends on May 31, 1999. During the quarter, IASG completed the sale of two (2) B-727-100 freighters that were returned off-lease during the third quarter of fiscal 1999. The proceeds from these transactions will be used to significantly reduce the Company's outstanding debt. The Company anticipates that its debt to equity ratio will be less than 1:1 at the end of the fiscal year.

Also during the fourth quarter, IASG continued its effort to enhance shareholder value by repurchasing additional shares of its common stock under the Company's share repurchase program. Since the end of the third quarter, the Company has repurchased 249,600 shares of its common stock at an average price of $3.76. This brings the total number of common shares repurchased to 460,825 at an average price of $4.17 and total shares outstanding to approximately 2.2 million shares. Management and employees now own, on a diluted basis including options, over 30% of the Company.

Other International Airline Support Group information, including the 10-K and other press releases, is available through the Company's homepage: http:// www.iasgroup.com.

International Airline Support Group, Inc. is a worldwide supplier of aircraft spare parts to the aviation redistribution market and a lessor and trader of jet aircraft and engines. The Company's 670 worldwide customers include major commercial passenger airlines, air cargo operators, FAA certified maintenance and repair facilities, overhaul facilities and other redistributors. The Company's areas of specialization include avionics, rotables (valves, hydraulics, pumps) and airframe and engine components. The Company specializes in certain aircraft models, most notably McDonnell Douglas MD-80 and DC-9 aircraft, and Embraer EMB-120 aircraft.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements reflect the intent, belief or current expectations of the Company and members of the management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements reflecting changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.