Willis Lease Finance CorporationNASDAQ

WLFC -– Common

WLFCP -- 9% Preferred

May 15, 2012

2

Legal Disclaimer

This presentation contains certain forward-looking statements within the meaning of the federal securities laws. These statements may be made as a part of this presentation or by reference to other documents we file with the SEC. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words ‘‘anticipate,’’ ‘‘may,’’ ‘‘estimate,’’ ‘‘should,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘believe,’’ ‘‘intend,’’and similar words, or the negatives of those words, are intended to identify forward-looking statements. They also include statements containing a projection of revenues, earnings (loss), capital expenditures, dividends, capital structure or other financial terms. Certain statements regarding the following particularly are forward-looking in nature:

• our business strategy;• future performance, developments, market forecasts or projections; and• projected capital expenditures.

All forward-looking statements are based on our beliefs, assumptions and expectations of our future economic perform-ance, taking into account the information currently available. These statements are not statements of historical fact. Forward-looking statements are subject to a number of factors, risks and uncertainties, some of which are not currently known to us, that may cause our actual results, performance or financial condition to be materially different from the expectations of future results, performance or financial position. Our 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 fuel 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 leasing commercial engines and aircraft;• changes in interest rates and availability of capital to us and to our customers• our ability to continue to meet our customers’ changing demands;• the market value of engines and other assets in our portfolio• the risks set forth in ‘‘Risk Factors’’ included elsewhere in the prospectus.• regulatory changes affecting commercial aircraft operators, aircraft maintenance, engine standards, accounting standards and taxes;

• our ability to successfully negotiate engine purchases, sales and leases, to collect outstanding amountsdue and to repossess engines under defaulted leases, and to control costs and expenses;

In light of these risks, uncertainties and assumptions, you are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of meeting or as of the date of any document incorporated by reference, as applicable. Such forward-looking statements are inherently uncertain, and actual results may differ from expectations. We are not under any obligation, and we expressly disclaim any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

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Investment Overview – WLFC

� Leading spare jet engine lessor

� Strong management

� Assets of $1.1 billion

� Consistently profitable

� ROE of 5.6 % in 2011

� As at April 30, 2012, trading at 58% of book value of $22.44

P/E 10.2 times 2011 EPS

Market Cap of $120 million

� Repurchased 947,000 common shares at average share price of

$12.31 since December 2009

Unless otherwise noted, all information referenced in this presentation represents data at 3-31-12

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Willis Lease – Leading Lessor of Spare Commercial Jet Engines

� Diversified international customer base

� Short and long term operating leases

� Portfolio of 193 owned ($974mm) and 29

third party-managed engines

All major engine OEM’s

61% for newest narrow body aircraft

Average age of portfolio: 7 years

Strong residual values

� Expanding portfolio management

capabilities

% of NBV - Lease Portfolio 3-31-12

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Willis Lease – Leading Lessor of Spare Commercial Jet Engines

� Significant recent financing events

New $345mm 5 year revolving credit facility – Nov-11

• Increased size by $60mm and decreased margin by 75 bps (LIBOR + 275 bps)

Engines purchases

$540mm 5-year agreement with CFM

Other OEMs

Open market – sale-leaseback transactions

Aircraft part-out / engine harvesting

� Countercyclical

Down cycles, airlines lease engines to conserve cash and dispose of owned

spare engines through sale-leaseback transactions

Up cycles, higher demand and usage

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Willis Lease: Diversified Revenue Base – 69 Lessees in 38 Countries

Lease to Customers worldwide:

�Commercial airlines

�Maintenance, repair and overhaul facilities (MRO)

�Original Equipment Manufacturers (OEM)

�Cargo carriers

Operating leases:

�30 days to 10 years

�Triple net operating leases

Maintenance

Taxes

Insurance

�FAA or similar approved maintenance program

2011 Revenues

by Geographic Region

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Willis Lease – Engines as a Lease Asset Class

0%

20%

40%

60%

80%

100%

120%

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

Source: SH&E

Engine Leasing Dynamics

� Maintain their residual value

� Growing worldwide commercial fleet

� Trend towards leasing rather than

owning for spare engine fleets

� Better and more flexible capital

management for airlines

� OEM price hikes drives residuals

Strong Asset Residual Values

Half Life Aircraft Values

Half Life Engine Maintenance Values

Half Life Engine Core Values

Engine share of total aircraft value increases over time as airframe loses value.

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Willis Lease – Strong Competitive Position

Young Industry with Few Players

� Substantial “Barriers to Entry”

� Leased engines grew to >1,900 from

<100 engines in 20 years *

� Leased engines are approximately 32%

of total spare engine market, expected

to grow to 40% by 2030

*Source: ICF SH&E estimate, June 2011

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Engine Leasing – Competitive Landscape

OWNED and LEASED

Market Share INCLUDING Operator Owned Spares

LEASED

Market Share EXCLUDINGOperator Owned Spares

Source: ICF SH&E estimates, 2011

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Market Overview - Engine Leasing Growth Potential

Other

Spares

60%

Leased

Spares

40%

Estimated

2010Projected

2030

Total Spares – 5,927 Total Spares – 9,118

Engine Value – $118 billion (1)Engine Value – $53 billion(1)

(1) Assumes average engine value of $9 million in 2010 and $13 million in 2030

Source: ICF SH&E estimates, 2011

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

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Willis Lease - Engine Portfolio has grown at 10.7% CAGR since 2005

$ in millions

IPO

WEST 1 ABS / Preferred Offering

CFM Agreement

WEST 2ABS

Follow-on equity offering

SAIR group investment

WMESJV

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$0

$4

$8

$12

$16

$20

$24

$28

2007 2008 2009 2010 2011

Earnings

Net Income

Net to Common

Willis Lease – Stable Financial Performance

�After strong years in 2008-09, lower

lease rates and utilization contributed to

lower profitability in 2010 and 2011

Quarterly earnings volatility due to

fluctuation in gain on sale, release of

maintenance reserves and timing of

engine repairs expenses

�Lower portfolio utilization

86% in 2010 and 2011 compared to 89% in

2009 and 93% in 2007 and 2008

�$1.1 billion in total assets

�2011 EPS $1.28

$0

$25

$50

$75

$100

$125

$150

$175

2007 2008 2009 2010 2011

Revenue

Lease rents Maintenance reserves

$ in millions

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Willis Lease - Summary

� Recognized franchise

Diversified lessee and asset base

� Solid financial condition

Stable profitability

Strong cash flow / Great collateral

Good liquidity - $116mm available

� Excellent engine portfolio

Diversified portfolio with exposure to newest generation narrowbody, widebody and regional engines

Primary investment focus is engines supporting popular narrowbodies

WEST ABS is established liquidity vehicle for present / future lenders

� Favorable long term leasing market conditions

Growing airline fleets

Trend towards leasing rather than owning