Aircastle (AYR)

Aircastle Files Registration Statement for 13.5 Million Common Share Follow-On Offering

Stamford, CT. January 26, 2007 – Aircastle Limited (NYSE: AYR) today announced that it has filed a registration statement on Form S-1 for a proposed follow-on public offering of 13.5 million common shares . In addition, Aircastle has granted the underwriters of the offering an option to purchase 2,025,000 common shares.

Proceeds from this offering are intended to be used to repay amounts outstanding under Aircastle's $450 million senior secured revolving credit facility, its $1.25 billion senior secured revolving credit facility and for other general corporate purposes.

JP Morgan, Bear, Stearns & Co. Inc., Citigroup Global Markets Inc. are acting as joint book running managers and as representatives for the underwriters of this offering.

When available, copies of the prospectus related to the proposed offering may be obtained from the prospectus departments of: JPMorgan, located at National Statement Processing, Prospectus Library, 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245; Bear, Stearns & Co. Inc., located at 383 Madison Avenue, 41^st Floor, New York, NY 10179; and Citigroup Global Markets, Inc., located at 388 Greenwich Street, 34^th Floor, New York, NY 10013.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.