Exhibit 99.1

		FOR IMMEDIATE RELEASE

Contact:

Frank Constantinople, SVP Investor Relations

Tel: +1-203-504-1063

fconstantinople@aircastle.com

The IGB Group

Leon Berman

Tel: +1-212-477-8438

lberman@igbir.com

Aircastle Announces First Quarter 2014 Results

Board Declares Second Quarter Dividend on Common Shares of $0.20

Highlights

Stamford, CT. May 7, 2014 – Aircastle Limited (the “Company” or “Aircastle”) (NYSE: AYR) reported first quarter 2014 net income of $5.8 million, or $0.07 per diluted common share, and adjusted net income of $13.3 million, or $0.16 per diluted common share. The first quarter results included operating and finance lease revenues of $178.3 million versus $160.5 million in the first quarter of 2013.

Commenting on the results, Ron Wainshal, Aircastle’s CEO, stated: “During the first quarter of 2014, the Company completed several large new investments totaling $715 million including the first part of our purchase and leaseback deal with LATAM. We also took several important steps to improve our capital structure, including issuing $500 million in new unsecured notes to repay

our first and most expensive bond, completing more than $300 million in well priced bank debt financings, repaying our first securitization and enlarging and enhancing our unsecured revolving credit facility. This work, along with many other actions during the quarter improved our portfolio and should increase Aircastle’s core profitability.”

First Quarter Results

Operating and finance lease revenues for the first quarter were $178.3 million, up $17.8 million or 11% year over year, due primarily to the revenue impact of aircraft acquisitions of $38.0 million, partially offset by lower revenues from aircraft sold of $16.9 million and the effect of lease extensions, transitions and terminations of $3.4 million.

Total revenues for the first quarter were $176.6 million, essentially flat versus the previous year. The $17.8 million increase in operating and finance lease revenues were partially offset by $13.8 million of lower maintenance revenues compared to the first quarter of 2013. Maintenance revenue in the first quarter of 2014 was reduced by $16.4 million of contra maintenance revenue, reflecting engine restoration work completed by a lessee prior to the scheduled return of three 737-800 aircraft. Other revenue was lower by $4.1 million in the first quarter of 2014 versus 2013, due primarily to the repayment of a debt investment in the first quarter of 2013 and revenues earned during the first quarter of 2013 related to aircraft returned to us early.

During the first quarter of 2014 we recorded non-cash transactional impairment charges for one 737-400 aircraft which was returned to us as scheduled by the lessee, and one Boeing 747-400 converted freighter for which we agreed to an early lease termination with our customer. For these two aircraft, we recorded impairment charges totaling $18.3 million and maintenance revenue of $17.2 million. We expect both aircraft will be sold at close to breakeven prices.

Adjusted EBITDA for the first quarter was $170.0 million, up $1.4 million from the first quarter of 2013. Operating and finance lease revenues were $17.8 million higher and maintenance expenses were $1.5 million lower. These improvements were partially offset by lower maintenance revenues and lower other revenues which decreased $17.9 million.

Net income for the first quarter was $5.8 million, down $17.3 million. Total revenues were flat as higher operating and finance lease revenues were offset by lower maintenance and other revenues. Higher interest expense of $5.1 million, higher depreciation of $4.0 million and higher non-cash aircraft impairment charges of $12.1 million were partially offset by a lower income tax provision of $2.7 million and lower maintenance costs of $1.5 million.

Adjusted net income for the quarter was $13.3 million, down $14.2 million year over year, and reflects flat total revenues as higher lease revenues were offset by lower maintenance and other revenues in the first quarter of 2014 versus the prior year. Higher non-cash impairment charges of $12.1 million, higher depreciation of $4.0 million and higher adjusted interest expense of $2.2 million were partially offset by a lower income tax provision of $2.7 million and lower maintenance costs of $1.5 million.

Aviation Assets

Thus far in 2014, we acquired or have committed to acquire thirteen aircraft for more than $1.1 billion. During the first quarter, we closed on the purchase of four 777-300ER aircraft built in 2012 leased to LATAM Airlines. We also completed the purchase of two A330-300 aircraft leased to Singapore Airlines and two 737-800 aircraft leased to Alaska Airlines.

During the first quarter of 2014, we sold six 737 “classic” aircraft, four of which were in a freighter configuration. Aircraft sales and dispositions during the quarter totaled $28.0 million which resulted in a net gain on the sale of aircraft of $1.1 million.

As of March 31, 2014, Aircastle owned 164 aircraft having a net book value of $5.8 billion, and our unencumbered aircraft totaled 104 with a net book value of $3.3 billion. Including unrestricted cash, total unencumbered assets were $3.9 billion at the end of the first quarter of 2014 versus $3.3 billion at year-end 2013. The increase in unencumbered assets was primarily due to the repayment of our Securitization No. 1 financing in February of 2014. At year-end 2013 this financing was secured with a pool of 26 aircraft which were unencumbered after the repayment.

Financing Update

In late March, we increased our unsecured revolving credit facility from $335 million to $450 million. We also expanded the bank group from seven to nine global financial institutions, to include Deutsche Bank and BNP Paribas, and extended the maturity date to March 2018.

In March 2014, we issued $500 million of 5.125% senior unsecured notes due in 2021. The bonds were issued at par, and Aircastle used the net proceeds from the offering to repay $450 million par value 9.75% senior notes due in 2018, plus accrued interest and fees in April 2014.

In February 2014, we repaid the outstanding amount, plus accrued interest and fees, due under Securitization No. 1 and terminated the related swap for a total cash payment of $255 million. In February 2014, we also raised $303 million in secured financing for two B777-300ER and one A330-200 aircraft acquired in 2013.

Common Dividend

On May 5, 2014, Aircastle’s Board of Directors declared a second quarter 2014 cash dividend on its common shares of $0.20 per share, payable on June 13, 2014 to shareholders of record on May 30, 2014.

Conference Call

In connection with this earnings release, management will host an earnings conference call on Wednesday, May 7, 2014 at 10:00AM Eastern time. All interested parties are welcome to participate on the live call. The conference call can be accessed by dialing (800) 723-6498 (from within the U.S. and Canada) or (785) 830-7989 (from outside of the U.S. and Canada) ten minutes prior to the scheduled start and referencing the passcode “3739822”.

A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.aircastle.com. Please allow extra time prior to the call to visit the site and download the necessary software required to listen to the internet broadcast. A replay of the webcast will be available for one month following the call. In addition to this earnings release, an accompanying power point presentation has been posted to the Investor Relations section of Aircastle’s website.

For those who are not available to listen to the live call, a replay will be available until 1:00PM Eastern time on Friday, June 6, 2014 by dialing (888) 203-1112 (from within the U.S. and Canada) or (719) 457-0820 (from outside of the U.S. and Canada); please reference passcode “3739822”.

About Aircastle Limited

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2014, Aircastle’s aircraft portfolio consisted of 164 aircraft on lease with 65 customers located in 37 countries.

Safe Harbor

Certain items in this press release and other information we provide from time to time, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, but not necessarily limited to, statements relating to our proposed public offering of notes and our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA, Adjusted Net Income and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,” “will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of factors that could lead to actual results materially different from those described in the forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Factors that could have a material adverse effect on our operations and future prospects or that could cause actual results to differ materially from Aircastle’s expectations include, but are not limited to, capital markets disruption or volatility which could adversely affect our continued ability to obtain additional capital to finance new investments or our working capital needs; government fiscal or tax policies, general economic and business conditions or other factors affecting demand for aircraft or aircraft values and lease rates; our continued ability to obtain favorable tax treatment in Bermuda, Ireland and other jurisdictions; our ability to pay dividends; high or volatile fuel prices, lack of access to capital, reduced load factors and/or reduced yields, operational disruptions caused by political unrest and other factors affecting the creditworthiness of our airline customers and their ability to continue to perform their obligations under our leases and other risks detailed from time to time in Aircastle’s filings with the SEC, including as previously disclosed in Aircastle’s 2013 Annual Report on Form 10-K, and in our other filings with the SEC, press releases and other communications. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this press release. Aircastle Limited expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

Aircastle Limited and Subsidiaries

Consolidated Balance Sheets

(Dollars in thousands, except share data)

Aircastle Limited and Subsidiaries

Consolidated Statements of Operations

(Dollars in thousands, except per share amounts)

(Unaudited)

Aircastle Limited and Subsidiaries

Consolidated Statements of Comprehensive Income

(Dollars in thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Consolidated Statements of Cash Flows

(Dollars in thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Supplemental Financial Information

(Amount in thousands, except per share amounts)

(Unaudited)

Refer to the selected information accompanying this press release for a reconciliation of GAAP to Non-GAAP information.

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA Reconciliation

(Dollars in thousands)

(Unaudited)

We define EBITDA as income (loss) from continuing operations before income taxes, interest expense, and depreciation and amortization. We use EBITDA to assess our consolidated financial and operating performance, and we believe this non-US GAAP measure is helpful in identifying trends in our performance. This measure provides an assessment of controllable expenses and affords management the ability to make decisions which are expected to facilitate meeting current financial goals as well as achieving optimal financial performance. It provides an indicator for management to determine if adjustments to current spending decisions are needed. EBITDA provides us with a measure of operating performance because it assists us in comparing our operating performance on a consistent basis as it removes the impact of our capital structure (primarily interest charges on our outstanding debt) and asset base (primarily depreciation and amortization) from our operating results. Accordingly, this metric measures our financial performance based on operational factors that management can impact in the short-term, namely the cost structure, or expenses, of the organization. EBITDA is one of the metrics used by senior management and the board of directors to review the consolidated financial performance of our business. We define Adjusted EBITDA as EBITDA (as defined above) further adjusted to give effect to adjustments required in calculating covenant ratios and compliance as that term is defined in the indenture governing our senior unsecured notes. Adjusted EBITDA is a material component of these covenants.

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Adjusted Net Income Reconciliation

(Dollars in thousands)

(Unaudited)

Management believes that ANI, when viewed in conjunction with the Company’s results under US GAAP and the above reconciliation, provides useful information about operating and period-over-period performance, and provides additional information that is useful for evaluating the underlying operating performance of our business without regard to periodic reporting elements related to interest rate derivative accounting, changes related to refinancing activity and non-cash share based payment expense.

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)

Aircastle Limited and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

Reconciliation of Net Income Allocable to Common Shares

(In thousands)

(Unaudited)