Toni Perazzo
Chief Financial Officer
(650) 340-1888

FOR IMMEDIATE RELEASE

(BURLINGAME, CA), January 5, 2004 -- AeroCentury Corp., (ASE:ACY), an independent aircraft leasing company, announced today that First Bank & Trust has joined the Company’s credit facility. As a result, the credit facility has been increased from $40 million to $50 million.

Neal D. Crispin, President of AeroCentury, said, “Having our facility back at $50 million gives us additional flexibility in pursuing acquisition opportunities. We look forward to working closely with First Bank & Trust and our other lenders.”

William G. Nelle, Jr., Senior Vice President, Commercial & Private Banking of First Bank & Trust, said, “We are pleased to join the AeroCentury facility. They are a local company with worldwide presence, ideally suited to our efforts to expand in the San Francisco Bay Area.”

First Bank, dba First Bank & Trust in California, is one of the largest privately owned banks in the country with more than $7 billion in assets and nearly 150 locations in California, Texas, Missouri and Illinois.

The full text of the amendment to the credit agreement adding First Bank & Trust as a participant has been filed in a Form 8-K report with the Securities & Exchange Commission, and is available through the Internet at the SEC’s EDGAR system. The filing can also be accessed by clicking "SEC Filings" on the Company's home page at http://www.aerocentury.com.

AeroCentury is an aircraft operating lessor and finance company specializing in leasing regional aircraft and engines utilizing triple net leases. The Company’s aircraft and engines are on lease to regional airlines and commercial users worldwide.

This release includes forward-looking statements regarding the Company such as the Company obtaining additional flexibility to pursue acquisition opportunities. This statement is subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in the forward-looking statement. These risks include, but are not limited to, availability of continued acquisition financing, continued covenant compliance under the credit facility, the lack of any lease defaults by significant customers of the Company, the effect of worsening economic conditions or other events or circumstances, including terrorist attacks or other geopolitical events, and the condition of the aircraft and/or airline industry. The forward-looking statements and reasons why results may differ reflect the management's point of view only as of the date hereof. The Company undertakes no obligation to publicly revise these statements to reflect subsequent events or circumstances. Readers should also carefully review the risk factors described in documents the Company files from time to time with the Securities and Exchange Commission including the Company's Form 10-QSB for the quarter ended September 30, 2003.