*  Q2 rental revenues increased 25.3% to $52.0 Million
   *  Q2 EBITDA increased 18.1% to $46.0 Million
   *  Took delivery of a new B767-300ER aircraft
   *  Secured new bank debt of more than $90 million
   *  Unchanged quarterly dividend anticipated at $0.47 per share

For the quarter ended June 30, 2008, rental revenues were $52.0 million, compared to $41.5 million for the same period in 2007, an increase of 25.3%. For the six months ended June 30, 2008, rental revenues were $106.1 million, compared to $82.0 million for the same period last year, an increase of 29.4%. The increases in rental revenues were primarily the result of the acquisition of additional aircraft, whereby Genesis increased its portfolio from 41 aircraft on June 30, 2007 to 54 aircraft on June 30, 2008.

For the quarter ended June 30, 2008, net income was $9.0 million. During the quarter, two B737-700 aircraft in Genesis's portfolio were returned from Aloha Airlines, as a result of the airline's bankruptcy. The pre-tax impact of the early termination of the Aloha leases was $1.4 million, consisting of $2.5 million relating to a reduction in rental revenue and a charge to maintenance costs in preparation for re-lease of these aircraft, offset by the recognition of $1.1 million of security deposits during the quarter. Adjusting for this impact, net income would have been $10.2 million, compared to $11.4 million for the same period last year. The quarter ended June 30, 2008 additionally includes a charge of $1.8 million relating to the amortization of deferred financing costs and commitment fees in connection with Genesis's $1 billion credit facility and an increase in depreciation related to planned major maintenance costs.

For the six months ended June 30, 2008, net income was $18.8 million, which reflects a pre-tax charge of $1.8 million in the first quarter of 2008 relating to the termination of the two leases with Aloha Airlines and the additional pre-tax impact of $1.4 million associated with those aircraft in the second quarter. Adjusting for the consequences of the Aloha default, net income would have been $21.6 million, compared to $22.4 million for the same period last year. The six months ended June 30, 2008 additionally includes a charge of $7.4 million relating to the amortization of deferred financing costs and commitment fees in connection with the credit facility, an increase in depreciation related to planned major maintenance costs and an increase in selling, general and administrative expense that reflects significant growth in our infrastructure after the company's initial public offering in December 2006.

For the quarter ended June 30, 2008, EBITDA was $46.0 million, compared to $38.9 million for the same period in 2007, an increase of 18.1%. For the six months ended June 30, 2008, EBITDA was $94.0 million, compared to $77.3 million for the same period last year, an increase of 21.5%. Genesis defines EBITDA as net income before provision for income taxes, interest, depreciation and amortization. EBITDA is a key measure of Genesis's operating performance and liquidity that management uses to focus on consolidated operating results exclusive of expenses that relate to the financing and capitalization of its business. Please read "Reconciliation of Non-GAAP Financial Measure - EBITDA" for a description of EBITDA and a reconciliation of net income to EBITDA.

John McMahon, Chief Executive Officer of Genesis, said, "The operating environment continues to be shaped by the combined effects of fuel prices and uncertain financial markets on the global economy. In the first half of this year, we have witnessed the bankruptcy of a number of smaller or niche airlines as well as the more established airlines reacting to the ongoing challenges by introducing various revenue improvement and cost cutting strategies while at the same time retiring older fuel-inefficient aircraft.

"Despite the difficult conditions, we believe that Genesis is relatively well positioned as we continue to see strong demand for next generation, fuel-efficient, aircraft, which comprise the backbone of our fleet. We also believe that airlines will increasingly focus on these aircraft types in a high fuel price environment, as was evident in our ability to quickly re-lease two aircraft at favorable lease rates that were returned to us following the bankruptcy of Aloha Airlines.

"In addition, we completed two bank financings at attractive rates. In mid-June 2008, we received funding from KfW IPEX-Bank to finance one of our Airbus A320-200 aircraft on long-term lease to Deccan Aviation Limited and more recently, we secured financing from HSH Nordbank AG to acquire a Boeing 767-300ER on a long-term lease to Japan Airlines International."

Mr. McMahon concluded, "With a globally-diversified portfolio of predominantly fuel-efficient in-demand aircraft and supported by our servicing relationship with GE Commercial Aviation Services, Genesis is well-positioned to deal with the challenges of the current market while taking advantage of selective opportunities to grow the portfolio further."

In line with its dividend policy, Genesis anticipates paying a dividend, subject to board approval, for the second quarter in an amount of $0.47 per share, in September 2008.

Aircraft Acquisition and Leasing Activities

On June 26, 2008, Genesis acquired a Boeing 767-300ER passenger aircraft, manufactured in February 2008 and contracted on lease to Japan Airlines International (JAL) until 2020. Following the addition of this aircraft, Genesis has 54 aircraft in its portfolio.

During the quarter, Genesis reached a definitive agreement to lease two Boeing 737-700 aircraft to VRG Linhas Aereas S.A. (Varig), a subsidiary of GOL Airlines in Brazil. The two aircraft were previously on lease to Aloha Airlines. The new lease agreements are for terms of seven years at market rates higher than those of the previous contracts. The airline is expected to take delivery of the aircraft during the third quarter.

As of June 30, 2008, the remaining 52 aircraft in Genesis's portfolio were subject to leases to 35 airline customers in 19 countries. Two of these aircraft were successfully transitioned to new customers during the quarter with no revenue downtime. All of the 52 leases are performing and generating rents, as expected under the respective lease agreements.

All aircraft available in 2008 and with contracted lease expiries in 2009 have been re-leased.

Historical Aircraft Portfolio Data

 Date                              Aircraft
 -------------------------         ---------------
 December 31, 2006                 41
 March 31, 2007                    41
 June 30, 2007                     41
 September 30, 2007                52
 December 31, 2007                 53
 March 31, 2008                    53
 June 30, 2008                     54

Financing Activities

During the quarter, Genesis secured bank facilities of $92.0 million to finance the acquisition of a Boeing 767-300ER aircraft and to refinance an Airbus A320-200 aircraft, respectively on long-term lease to JAL in Japan and Deccan Aviation Limited in India.

About Genesis Lease Limited

Genesis Lease Limited is a global commercial aircraft leasing company that is headquartered in Shannon, Ireland. Genesis acquires and leases modern, operationally efficient passenger and cargo jet aircraft to a diverse group of airlines throughout the world. Genesis leverages the worldwide platform of GECAS to service its portfolio of leases, allowing management to focus on executing its growth strategy.

Genesis's common shares, in the form of American Depositary Shares, are listed on the New York Stock Exchange under the symbol "GLS."

The Genesis Lease Limited logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4842

Conference Call and Webcast

Genesis will host a conference call and webcast for investors and analysts to discuss its results for the quarter on Thursday, July 31, 2008, at 2:00pm (IST) / 9:00 am (Eastern time) / 6:00am (Pacific time).

Participants should call 877-604-9674 (United States/Canada) or 719-325-4870 (International) and request the Genesis Lease call or utilize the confirmation code 7137514. A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call 888-203-1112 (United States/Canada) or 719-457-0820 (International) and enter confirmation code 7137514. The recording will be available from 12:00 pm (EDT) on July 31, 2008 through August 6, 2008 at 11:59 pm (EDT). A live broadcast of the earnings conference call will also be available via the Internet at http://www.genesislease.com under "Investor Relations." The webcast will be archived on the site for one year.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for the company's future business and financial performance. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Genesis expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.

                        GENESIS LEASE LIMITED
                     CONSOLIDATED BALANCE SHEETS

                                            December 31,     June 30,
                                               2007            2008
                                                           (unaudited)
                                           -------------  ------------
                                                (USD in thousands)

                  ASSETS

 Cash and cash equivalents                 $   30,101      $   57,953
 Restricted cash                               32,982          36,174
 Accounts receivable                            3,911             820
 Other assets                                  22,555          22,918
 Flight equipment under operating
  leases, net                               1,555,809       1,609,124
 Fixed assets, net                              1,024           2,240
 Deferred income taxes                         28,787          25,333
                                           ----------      ----------
      Total Assets                         $1,675,169      $1,754,562
                                           ==========      ==========


   LIABILITIES AND SHAREHOLDERS' EQUITY

 Accounts payable                          $   17,207      $   20,548
 Other liabilities                             64,662          61,962
 Debt:
   Securitization notes                       810,000         810,000
   Credit facility                            240,961         240,961
   Other Loans                                     --          92,000
                                           ----------      ----------
   Total Liabilities                       $1,132,830      $1,225,471
                                           ----------      ----------

 Commitments and contingencies                     --              --

 Shareholders' equity:
   Par value $0.001 U.S. dollars per
    share; 500,000,000 shares authorized,
    36,069,069 and 36,132,499 shares
    issued and outstanding at
    December 31, 2007 and June 30,
    2008, respectively                     $       36      $       36
   Additional paid-in capital                 585,411         585,580
   Accumulated other comprehensive loss       (28,325)        (26,610)
   Accumulated deficit                        (14,783)        (29,915)
                                           ----------      ----------
 Total shareholders' equity                   542,339         529,091
                                           ----------      ----------
 Total liabilities and shareholders'
  equity                                   $1,675,169      $1,754,562
                                           ==========      ==========

                        GENESIS LEASE LIMITED
        UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME


                               Three Months Ended   Six Months Ended
                                    June 30,            June 30,
                               -----------------   ------------------
                                 2007      2008      2007      2008
                               -------   -------   -------   --------
                                         (USD in thousands )

 Revenues
 Rental of flight
  equipment                    $41,508   $52,029   $81,991   $106,098
 Other income                    2,303       412     4,032      1,024
                               -------   -------   -------   --------
 Total revenues                 43,811    52,441    86,023    107,122
                               -------   -------   -------   --------
 Expenses
 Depreciation                   14,113    18,955    28,195     39,052
 Interest                       11,682    16,643    23,288     33,422
 Maintenance                       151       195       151        685
 Selling, general and
  administrative                 4,874     6,302     8,820     12,533
                               -------   -------   -------   --------
 Total operating expenses       30,820    42,095    60,454     85,692
                               -------   -------   -------   --------
 Income Before Taxes            12,991    10,346    25,569     21,430
 Provision for income
  taxes                          1,624     1,370     3,196      2,599
                               -------   -------   -------   --------
 Net Income                    $11,367   $ 8,976   $22,373     18,831
                               =======   =======   =======   ========
 Basic earnings per
  share                        $  0.32   $  0.25   $  0.62   $   0.52
                               =======   =======   =======   ========
 Diluted earnings
  per share                    $  0.31   $  0.25   $  0.62   $   0.52
                               =======   =======   =======   ========

Reconciliation of Non-GAAP Financial Measure - EBITDA

EBITDA is a measure of operating performance and liquidity that is not calculated in accordance with U.S. generally accepted accounting principles, or GAAP. Genesis defines EBITDA as net income before provision for income taxes, interest and depreciation and amortization. EBITDA is a key measure of Genesis's operating performance and liquidity that management uses to focus on consolidated operating results exclusive of expenses that relate to the financing and capitalization of its business. Management uses EBITDA as a financial measure to evaluate the consolidated financial and operating performance and liquidity of the business that, when viewed with GAAP results and the following reconciliation, provides a more complete understanding of factors and trends affecting Genesis's business than GAAP measures alone. EBITDA assists Genesis in comparing its operating performance on a consistent basis as it removes the impact of its capital structure (primarily interest charges), asset base (primarily depreciation and amortization) and items outside the control of the management team (taxes) from its operating results. EBITDA also assists Genesis in comparing its liquidity on a consistent basis by providing a measure to demonstrate cash flow available for the payment of interest and dividends. EBITDA is presented in this press release because Genesis believes that EBITDA is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and of debt service and dividend paying capacity. Accordingly, EBITDA is one of the metrics used by management and the board of directors to review Genesis's financial performance and liquidity.

EBITDA should not be considered a substitute for net income, income from operations or cash flows provided by or used in operations, as determined in accordance with GAAP. In evaluating EBITDA, investors should be aware that in the future Genesis may incur expenses similar to the adjustments described above. In particular, Genesis expects that depreciation of flight equipment and interest expense will continue to represent the substantial portion of its operating expenses. Therefore, the use of EBITDA as a measure of operating performance and liquidity is limited by the exclusion of a majority of Genesis's operating expenses from the measure. The following presentation of EBITDA should not be construed as an implication that future results will be unaffected by expenses that are unusual, non-routine or non-recurring items. Investors are urged to review the GAAP financial measures included in this earnings release and Genesis's public filings, and to not rely on any single financial measure to evaluate its business.

               RECONCILIATION OF NET INCOME TO EBITDA FOR
          THE THREE-MONTH PERIODS ENDED JUNE 30, 2007 AND 2008

                                Three Months Ended   Six Months Ended
                                     June 30,            June 30,
                                -----------------   -----------------
                                 2007      2008      2007      2008
                                -------   -------   -------   -------

                                          (USD in thousands)

 Net income                     $11,367   $ 8,976   $22,373   $18,831
 Provision for income taxes       1,624     1,370     3,196     2,599
 Depreciation and amortization   14,381    19,727    28,724    41,309
 Interest (i)                    11,548    15,889    23,021    31,212
                                -------   -------   -------   -------
 EBITDA                         $38,920   $45,962   $77,314   $93,951
                                =======   =======   =======   =======

 (i) "Interest" excludes the amortization of deferred financing costs,
     which are reflected under "Depreciation and amortization."

This news release was distributed by PrimeNewswire, www.primenewswire.com

SOURCE: Genesis Lease Ltd.

Genesis Lease Limited
          Alan Jenkins, Chief Financial Officer
          +353 61 233 300
          alan.jenkins@genesislease.com

          KCSA Worldwide
          Jeffrey Goldberger
            +1-212-896-1249
            jgoldberger@kcsa.com
          Marybeth Csaby
            +1-212-896-1236
            mcsaby@kcsa.com

The addition of the four single-aisles further diversifies GMT Global's portfolio to a total of 16 twin-aisle and six single-aisle aircraft.

TAM is a major Brazilian airline providing scheduled services from Sao Paulo-Guarulhos to approximately 50 domestic destinations with an additional two dozen served through alliances with regional carriers. The airline has a fleet of 108 aircraft and has been the leader in the Brazilian domestic market for more than three years with a 50 percent share of passenger traffic.

The two-engine narrow-body Airbus A320-200 has been in production with Airbus for 20 years; over 6,000 aircraft in the Airbus A320 family have been ordered and over 3,300 delivered to more than 225 operators worldwide.

Paul Mason, Chief Executive Officer of GMT Global, commented:

"This transaction is an important development for us, as it expands our fleet with single-aisle aircraft and also develops our presence in Latin America, one of the fast growing economic regions. We will continue to increase our portfolio globally, particularly as economic conditions tighten, as this plays to our strengths as a value-focused aircraft investor."

GMT Global's strategy is to expand its business by acquiring and managing aircraft in the rapidly growing international aviation market. There are approximately 20,000 commercial aircraft currently in service. This is expected to rise significantly in the coming years. GMT Global plans to leverage its unique industry expertise and key market relationships to expand its fleet at all stages of the aviation economic cycle.

About GMT Global Republic Aviation (http://www.gmt-aviation.com).

GMT Global Republic Aviation is an international strategic aviation company. The Dublin-based firm acquires and manages commercial aircraft with attached leases. GMT Global is managed by a team of senior executives and staff with extensive world-class experience in manufacturing, commercial-passenger, and air-cargo carriers.

Contact: GMT Global, Christian Hawley, +1-303-923-2111; College Hill,
+44(0)20-7457-2815, Adrian Duffield/Nicholas Potter

TAM is a major Brazilian airline providing scheduled services from Sao Paulo-Guarulhos to approximately 50 domestic destinations with an additional two dozen served through alliances with regional carriers. The airline has a fleet of 108 aircraft and has been the leader in the Brazilian domestic market for more than three years with a 50 percent share of passenger traffic.

The two-engine narrow-body Airbus A320-200 has been in production with Airbus for 20 years; over 6,000 aircraft in the Airbus A320 family have been ordered and over 3,300 delivered to more than 225 operators worldwide.

Paul Mason, Chief Executive Officer of GMT Global, commented:

"This transaction is an important development for us, as it expands our fleet with single-aisle aircraft and also develops our presence in Latin America, one of the fast growing economic regions. We will continue to increase our portfolio globally, particularly as economic conditions tighten, as this plays to our strengths as a value-focused aircraft investor."

GMT Global's strategy is to expand its business by acquiring and managing aircraft in the rapidly growing international aviation market. There are approximately 20,000 commercial aircraft currently in service. This is expected to rise significantly in the coming years. GMT Global plans to leverage its unique industry expertise and key market relationships to expand its fleet at all stages of the aviation economic cycle.

About GMT Global Republic Aviation (http://www.gmt-aviation.com).

GMT Global Republic Aviation is an international strategic aviation company. The Dublin-based firm acquires and manages commercial aircraft with attached leases. GMT Global is managed by a team of senior executives and staff with extensive world-class experience in manufacturing, commercial-passenger, and air-cargo carriers.

SOURCE GMT Global Republic Aviation (GMT Global)

The 737s will be equipped with Blended Winglets, which reduce fuel burn by up to 4% over non-Winglet 737s. The engines from both manufacturers incorporate the latest technology designed to improve fuel burn, reduce maintenance costs and reduce carbon emissions.

The additional aircraft orders bring ACG's total orders to 164 from Airbus and Boeing. These include 91 737NGs, 68 A320s and five Boeing 787-8s.

With the exception of three A320 aircraft delivering in late 2009, this group of new orders begins in 2013 through 2015. These aircraft orders will fill out open skyline positions.

"ACG's current aircraft delivery stream in the future is prudently paced to provide for ACG's growth and our own fleet renewal," said R. Stephen Hannahs, Group Managing Director and CEO. The orders placed and delivery positions acquired by ACG make the company one of the leaders among the Top Tier aircraft lessors.

With these announcements, ACG now has the second highest backlog of Boeing 737 NGs and the third highest backlog of Airbus A320s of any lessor.

"Beginning in 2005 with the purchase of another lessor and following every year with orders for the most widely used single-aisle airplanes in the world, ACG has transformed itself into one of the leading aircraft leasing companies in the world," said Hannahs.

"While there is turmoil in the airline industry today, ACG's history since our founding 19 years ago has been one of consistent and steady growth. As a subsidiary of one of America's oldest and financially strongest insurance companies, ACG has financial strength, stability and the ability to finance and profitably manage our aircraft assets in the pending downturn. More importantly, ACG has the ability to support our airline customers in these challenging times," Hannahs said.

Separately, ACG completed eight transactions during the second quarter of 2008. The transactions are:

New Lessee      Aircraft        Activity Type
Air Baltic      B737-300        New Lease
Air Canada      B767-300ER      New Lease
Air Baltic      B737-300        New Lease
Jet2            B757-200ER      New Lease
Windjet         A320-200        Extension
Aladia          B757-200ER      New Lease
LOT             B767-300ER      Extension
Mexicana        A320-200        Extension

About Aviation Capital Group

Aviation Capital Group is the owner/lessor and portfolio manager of a diversified fleet of commercial jet aircraft leased to the world's leading airlines. Its portfolio includes 232 aircraft leased to 97 airlines in 42 countries. ACG's Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific LifeCorp.

SOURCE: Aviation Capital Group

Aviation Capital Group
Cathy Egan, 949-219-4631