Onex to Acquire a 50% Stake in BBAM for $165 million and to Invest $25 million in FLY in Partnership with BBAM Management Team

Toronto, Dublin and San Francisco, December 3, 2012 – Onex Corporation (“Onex”) (TSX: OCX) today announced that it has agreed to acquire a 50% interest in BBAM, the world’s third largest manager of commercial jet aircraft, for $165 million. The transaction is expected to close by the end of 2012 subject to certain conditions and approvals.

Onex will acquire a 35% interest in BBAM from BBAM’s management team and a 15% interest in BBAM from FLY Leasing Limited (“FLY”) (NYSE: FLY), a leading global lessor of commercial jet aircraft managed by BBAM with 110 aircraft on long-term operating leases to 53 airlines in 29 countries.

Onex and BBAM management will also invest a further $25 million in newly issued shares of FLY at $11.41 per share. In total, FLY will receive approximately $75 million in pre-tax gross proceeds from the sale of its interest in BBAM and the issuance of new FLY shares.

“We’re very pleased to be partnering with Onex given its track record and experience in our industry,” commented Steve Zissis, Chief Executive Officer of BBAM. “With Onex’ backing, we intend to strengthen our market presence, including in particular our unique 26-year partnership with Nomura Babcock & Brown in Japan, while at the same time accelerating growth at FLY.”

Colm Barrington, Chief Executive Officer of FLY, said, “These transactions will generate both significant unrestricted cash for new investments and produce gains on the sale of FLY’s investment in BBAM.”

“BBAM is a unique platform in a market we followed closely for several years. We see great opportunity ahead with Steve and his team at BBAM,” said Tawfiq Popatia, an Onex Principal.