Profile: Genesis Lease Limited (GLS)

Genesis Lease Limited, incorporated on July 17, 2006, is an aviation company that acquires and leases commercial jet aircraft and other aviation assets. The Company's aircraft are leased under long-term contracts to airlines throughout the world. Genesis Lease was formed at the direction of GE Commercial Aviation Services Limited (GECAS) to acquire initial portfolio from affiliates of GE and to develop an independent aircraft leasing business. As of December 31, 2008, the weighted average age of the Company's aircraft was 6.6 years, and the weighted average remaining lease term on the aircraft was 4.5 years. The portfolio consists of 54 aircraft. At December 31, 2008, 50 of those aircraft are in operation with 34 airlines located in 19 countries. The portfolio includes 46 narrow-body aircraft (Boeing 737-400, 500, 700 and 800, Airbus A319-100 and A320-200), four cargo aircraft (Boeing 747-400SF and 767-200PC), two regional jets (ERJ170-100) and two wide-body passenger aircraft (Airbus A330-200 and Boeing 767-300ER).

Of the aircraft in Genesis Lease's portfolio, approximately 34.2% are Airbus A320-200 aircraft, approximately 31.9% are Boeing 737-800 aircraft and approximately 33.9% are various other aircraft. The portfolio contains 11 different types of airframes, including a variety of narrow-body, wide-body, and cargo airframe configurations. Of the 11 different aircraft types, six are passenger narrow-body, two is passenger wide-body, one is regional passenger jet, and two are cargo wide-body. Although the Boeing 767-200PC is classified as a cargo wide-body frame, aircraft of this type do not have main deck cargo doors installed because they were converted for use by the current lessee as package carriers. The initial leases of these aircraft provide that if the lessee installs main deck cargo doors on these aircraft, the lessor will contribute an amount equivalent to $1.8 million (as of December 31, 2008) per aircraft, which reflects a portion of the rent designated and deferred for this purpose. Approximately 81.1% of the aircraft in Genesis Lease's portfolio are members of the narrow-body Airbus A319, Airbus A320 and Boeing 737 families. Approximately 32.7% of the Company's portfolio is leased to European carriers, 35.1% to Asian carriers, and 12.7% to North American carriers. Aircraft based in China and the United States comprise 15.8% and 11% of its portfolio, respectively.

The Company competes with International Lease Finance Corporation (ILFC), AerCap, Aircastle, Aviation Capital Group, AWAS, Babcock & Brown Aircraft Management, Babcock & Brown Air Limited, BOC Aviation, Boeing Capital, CIT Aerospace, Macquarie Aircraft Leasing and RBS Aviation Capital.