Limerick-based Genesis Lease announces price for today's $641 million IPO on New York Stock Exchange valuing company at $737 million

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Limerick-based Genesis Lease Limited announced today that its initial public offering of 27,860,000 common shares in the form of American Depositary Receipts (ADRs) has priced at $23.00 per ADR.

Genesis also granted the underwriters the right to purchase up to an additional 4,179,000 ADRs to cover over-allotments. The ADRs are expected to begin trading on the New York Stock Exchange on December 14, 2006 under the symbol "GLS.

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The sale of 89% of the company via the IPO will raise $641 million. General Electric will own 11% of the company after the IPO, valuing it at $737 million.
Genesis is a newly formed company that leases commercial jet aircraft.

Genesis intends to leverage the worldwide platform of GE Commercial Aviation Services Limited, or GECAS, to service its portfolio of leases, allowing management to focus on executing its growth strategy. Genesis intends to use the proceeds of the initial public offering to acquire a portfolio of 41 commercial jet aircraft from affiliates of GECAS. Citigroup Global Markets Inc.

is the Global Coordinator for the offering. Citigroup Global Markets Inc. and J.

P. Morgan Securities Inc. are bookrunners for the offering.

Genesis was incorporated last July in Bermuda, but the company will be resident for tax purposes in Ireland, where it will take advantage of the 12.5 per cent corporate tax rate and other taxation benefits.
Located in a temporary office in the University Business Complex in Limerick, Genesis currently has no staff other than its chief executive and chief financial officer and it plans to outsource most of its other functions.

A concurrent private placement of shares to GE and an $810 million aircraft lease securitization, has also been agreed, according to the prospectus. GE will own 11% of the company after the IPO.
For the nine months ended Sept.

30, Genesis Lease had net income of $21.7 million on revenue of $111.6 million, according to the prospectus.