JULY 26TH, 2016

FLY Leasing Acquires Five Aircraft

DUBLIN, Ireland, July 26, 2016 – FLY Leasing Limited (NYSE: FLY) (“FLY”), a global leader in aircraft leasing, today announced the purchase of five aircraft. Three Boeing 787-8 Dreamliner aircraft were purchased in a sale and leaseback transaction with a leading flag carrier. The aircraft are on 12-year leases. In addition, FLY purchased two Boeing 737-800 aircraft from a South American airline, which it has leased to a leading Asian carrier on six-year leases.

“FLY now has four B787s, which is Boeing’s newest and most modern aircraft and is flown by leading airlines globally,” said Colm Barrington, CEO of FLY. “We also continue to add to our fleet of B737-800s, which is a workhorse of the global airline industry and has maintained its strong value. As we continue to execute on our fleet rejuvenation, our fleet metrics and profitability will continue to improve. Our robust liquidity position and nimble approach to aircraft acquisitions provides us with the financial flexibility to deploy our resources opportunistically to enhance stakeholder returns.”