MARCH 9TH, 2015

FLY Leasing Acquires New Airbus A321-200

DUBLIN, Ireland, March 9, 2015 – FLY Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, announced today that it has acquired an Airbus A321-200 aircraft, manufactured in 2015. The aircraft is on a long-term lease to a leading European airline.

“FLY continues to grow its fleet with the addition of this brand new Airbus A321,” said Colm Barrington, CEO of FLY. “We are continuing the strong growth trajectory achieved in the past two years, which is adding to FLY’s earning capacity while improving its portfolio metrics. FLY will continue its focus on the aircraft types that are most widely used by airlines around the world and remain in strong demand.”