Nicholas Novasic to Join Willis Lease Finance as Executive VP, Finance and CFO.

Business Editors

SAUSALITO, Calif.--(BUSINESS WIRE)--May 24, 2000

Willis Lease Finance Corporation (Nasdaq:WLFC), today announced that Nicholas J. Novasic will join the company as Executive Vice President, Finance and Chief Financial Officer on June 15, 2000. Novasic is currently Vice President, Funding, of Sea Containers Ltd. (NYSE:SCRA and SCRB), a Bermuda-based passenger transport, marine container leasing and luxury hotel operator. A member of senior management for this $2.5 billion international company, Novasic has raised significant amounts of capital and aggressively expanded and diversified Sea Containers' extensive capital raising activities.

Novasic will take over the position vacated by James D. McBride who resigned from the company effective May 31, 2000 to pursue opportunities in the technology and financial services sectors. McBride joined the company in September 1997 and led the common stock offering completed in December of that year. During McBride's tenure, the company's assets grew from $173 million to over $418 million while the outstanding debt increased nearly twofold. "We owe a lot to Jim for his hard work and dedication in building the finance function at Willis Lease Finance. He helped lead us through a challenging period of rapid growth, raising significant amounts of capital for the company, and led the negotiation of the final terms of our strategic joint venture with Chromalloy Gas Turbine Corporation," said Charles F. Willis, President and CEO of Willis Lease Finance. "Jim has agreed to serve as a consulting member of our team for several months to facilitate an orderly transition of the financial function and to assist our ongoing review of possible strategic partnerships. Jim has also agreed to be available through the end of the year should we need his expertise."

"The steady growth of our business is closely linked to our ability to generate sufficient capital to fund future expansion. Nick has developed innovative and creative financing alternatives to support Sea Containers' diverse and complex operations," stated Willis. "He has established an impressive track record at Sea Containers and is well respected throughout the financial community. We believe his financing expertise will add significant value to Willis Lease Finance as we move into our next level of growth."

Willis Lease Finance Corporation provides leases of spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines and airframe and engine components as well as the company's engine maintenance services.

Except for historical information contained herein, the matters discussed in this release contain forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the effect of changing economic conditions, trends in the airline industry, the ability of the Company to successfully negotiate equipment purchases, changes in accounting guidelines, the ability to control costs and expenses, changes in interest rate levels, availability of capital to the Company, our ability to find suitable partners for joint ventures or other affiliations and other risks detailed in the Company's Registration Statement and continuing reports filed with the Securities and Exchange Commission.