Intrepid Aviation Names Frank Pray Chief Executive Officer

GERMANTOWN, Tennessee, June 16, 2011 -

Intrepid Aviation today announced that leasing industry veteran
Frank Pray has joined the company as President and Chief Executive
Officer.  Pray reports to Ron Anderson, founder and Executive
Chairman of Intrepid.

“Frank is one of the most experienced leaders in the aircraft
leasing industry and joins us to implement an exciting new growth
agenda for the business,” said Ron Anderson.  ”With the
largest Airbus A330 lessor order backlog as a basis, we are now
looking forward to broadening our product offering to passenger
airline customers by significantly expanding our platform. We are
excited to be working with Frank given his long track record of
building successful leasing platforms.  Frank’s focus will be
on putting significant additional capital to work and broadening
our presence in the aircraft leasing space.”

Pray was formerly President and CEO of AWAS from 2006 to 2010.
Prior to that, he was with CIT Aerospace for nine years as Senior
Vice President of Sales, and Managing Director of CIT Aerospace
International.

About Intrepid Aviation

Intrepid Aviation, now in its 19th year of operations, is a
privately held commercial aircraft lessor that owns and manages
commercial aircraft leased to airlines worldwide. The Intrepid
Aviation management team, based out of offices in Memphis and
New York, has substantial experience in the acquisition, ownership
and leasing of commercial aircraft.

In 2006, Intrepid Aviation formed a partnership with
Reservoir Capital Group, a privately held investment firm with a
flexible, opportunistic investment approach. Reservoir’s investment
funds currently manage approximately $4.5 billion in assets.

For more information about Intrepid Aviation, go to href="www.intrepidaviation.com/">www.intrepidaviation.com

Bob Brady, +1-202-777-2072, for Intrepid Aviation