APRIL 16TH, 2015

FLY Leasing Acquires Boeing 737-800

DUBLIN, Ireland, April 16, 2015 – FLY Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, today announced it has acquired a Boeing 737-800 aircraft manufactured in 2008. The aircraft is on lease to a leading airline in Europe.

“With the addition of this Boeing 737-800, FLY now has a total of 55 B737-800s in its growing fleet,” said Colm Barrington, CEO of FLY. “We are on track to invest $750 million in aircraft acquisitions this year, on top of strong fleet growth in both 2013 and 2014. Our strategy of seeking out the most attractive acquisition opportunities is adding further value to our fleet.”