Willis Lease Further Expands Revolving Credit Facility; Kaupthing Bank of Iceland Joins Syndicate.

SAUSALITO, Calif. -- Willis Lease Finance Corporation (Nasdaq: WLFC) today announced that it has expanded one of its primary revolving credit facilities by $10 million, bringing the total facility to $148.5 million. The bank syndicate was expanded to include Kaupthing Bank, headquartered in Reykjavik, Iceland, which contributed $10 million to the facility. Kaupthing Bank, the eighth largest bank in the Nordic region, operates in 10 countries and has assets of more than 1,522 billion Iceland kronur ($24 billion US).

This credit facility was originally renewed in June 2004 for $126 million. The syndicate of banks was led by Fortis Bank (Nederland) N.V. as structuring and security agent, and National City Bank as administrative agent. This and other credit facilities support the company and its subsidiaries, including financing its equipment lease portfolio that totaled $497 million at September 30, 2004.

"We are delighted that Kaupthing Bank has joined our revolving credit facility," said Charles F. Willis, President and CEO. "Their addition furthers our strategy of funding an international business with international lenders and could help us promote more business with the many airlines based in Nordic countries."

About Willis Lease

Willis Lease Finance Corporation leases spare commercial aircraft engines, rotable parts and aircraft to commercial airlines, aircraft engine manufacturers and overhaul/repair facilities worldwide. These leasing activities are integrated with the purchase and resale of used and refurbished commercial aircraft engines.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made; and the Company undertakes no obligation to update them. The Company's actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to, the effects on the airline industry and the global economy of events such as terrorist activity, changes in oil prices and other disruptions to the world markets; trends in the airline industry, including growth rates of markets and other economic factors; risks associated with owning and providing jet engines and aircraft; the ability of the Company to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital to the Company and to its customers; the ability of the Company to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting and tax standards; the market value of engines; and other risks detailed in the Company's Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.