First Quarter 2008 Highlights
 * Completed the placement of $233 million of new 13-15 year term
   notes for Willis Engine Securitization Trust (WEST).
 * The lease portfolio increased 22% to $766 million from a year ago.
 * Average utilization for the quarter was 96% compared with 93% a
   year ago, virtually at full capacity.
 * Lease rent revenue rose 28% to $24.8 million from a year ago.
 * Maintenance reserve revenue totaled $6.3 million compared to
   $7.3 million a year ago.
 * Liquidity available from warehouse and revolving credit facilities
   increased to $335 million at quarter end, up from $63 million a
   year ago.

"We continued to generate solid profitable growth in the first quarter, following on last year's strong results," said Charles F. Willis, President and CEO. "The successful placement of the second issuance of term notes within our WEST securitization, in what was one of the most turbulent credit markets in recent memory, provides the debt financing we need to further grow our engine portfolio."

"Demand for leased engines, particularly for the CFM56-7B engine, continues to outpace supply," added Lee Beaumont, Chief Operating Officer. "Continued reshaping of the portfolio with newer engines has helped us maintain strong portfolio utilization rates. We have been able to place the new CFM56 engines we ordered last year at record speed and at favorable rates. This workhorse engine powers the Boeing B737-Next Generation aircraft, one of the most popular narrow body airplanes operated by airlines around the world."

Results from Operations

In the first quarter of 2008, lease rent revenues grew 28% to $24.8 million compared to $19.4 million in the first quarter of 2007, reflecting the 22% year-over-year growth in the engine portfolio. Maintenance reserve revenue was down 14% to $6.3 million from $7.3 million due to fewer long term leases maturing in the current quarter. Gain on sale of equipment was negligible in both the first quarter of 2008 and 2007 with only one engine sale in the year-ago period. The settlement of a claim for $975,000 related to litigation arising from a lessee default boosted other income in the first quarter of 2008 to $1.1 million compared to $0.4 million in the first quarter a year ago. Total first quarter revenue grew 19% to $32.2 million from $27.1 million in the first quarter of 2007.

Capacity expansion and additions to the engine portfolio over the year drove the increase in total expenses in the first quarter of 2008, up 19% to $24.1 million from $20.3 million in the first quarter a year ago. Depreciation in the first quarter of 2008 grew 34% to $8.6 million from $6.4 million a year ago. First quarter net finance costs increased 15% to $9.2 million from $7.9 million a year ago, but were down 10% from $10.2 million reported in the fourth quarter of 2007, reflecting the recent drop in interest rates. General and administrative expenses were up 6.5% in the first quarter of 2008 at $6.3 million from $5.9 million in the first quarter of 2007.

In the first quarter of 2008, income from operations was up 19% to $8.2 million from $6.8 million in the year ago period. First quarter pretax income grew 21% to $8.4 million from $6.9 million in the first quarter a year ago. Willis Lease generated net income of $5.1 million in the first quarter of 2008, up from $4.4 million in the first quarter of 2007. After payment of preferred dividends, net income available to common stockholders grew 19% to $4.3 million, or $0.49 per diluted share, compared to $3.6 million, or $0.42 per diluted share in the first quarter of 2007.

Balance Sheet

At March 31, 2008, the company had 151 commercial jet engines, 3 aircraft parts packages, and 6 aircraft and other engine-related equipment in its lease portfolio, with a net book value of $766.0 million, compared to 135 commercial jet engines, 3 aircraft parts packages, 4 aircraft and other engine-related equipment in its lease portfolio with a net book value of $628.8 million at March 31, 2007.

Total assets increased 20% to $900.6 million at March 31, 2008, compared to $747.9 million a year ago. "The rapid reduction in interest rates in the quarter helped slow growth in total finance costs, but also reduced the value of the interest rate swaps we have in place for about half our debt to protect against fluctuations in interest rates," said Brad Forsyth, Willis Lease Chief Financial Officer. "The drop in the fair value of the swaps increased accumulated other comprehensive loss in the quarter by $4.7 million, which contributed to the drop in book value per common share to $16.54 at March 31, 2008, from $16.77 a year ago." Total shareholders' equity was $174.9 million compared to $167.0 million a year ago.

With the establishment of the new WEST $200 million warehouse facility in December 2007, the company had $334.5 million of availability under its revolving credit and warehouse facilities at March 31, 2008, compared to $63.4 million a year earlier. The company's funded debt to equity ratio was 3.35 to 1 at March 31, 2008, compared to 2.83 to 1 at March 31, 2007.

JMP Securities Conference

Willis Lease Finance will be presenting at the Seventh Annual JMP Securities Research Conference in San Francisco on May 19 at 9:00 a.m. The live webcast of the presentation will be available at www.willislease.com where it will be archived for 30 days. For more information on the conference, visit www.jmpsecurities.com .

About Willis Lease Finance

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.