FLY Leasing Acquires Two More Aircraft

Dublin Ireland /PRNewswire/ - Continuing its fleet growth, FLY Leasing Limited (NYSE: FLY), a global lessor of modern commercial jet aircraft, today announced that it has acquired a Boeing 737-800 to be leased to a leading airline in North America and an Airbus A330-300 on lease to a leading airline in Asia. The Airbus aircraft is the first of three A330s that FLY is acquiring in a sale and leaseback transaction with the Asian airline.

"With more than $460 million of acquisitions this year, FLY is focused on continuing its strong fleet growth with the most in-demand aircraft types," said Colm Barrington, CEO of FLY. "These new acquisitions, combined with our sales of older aircraft – which have been sold at gains to book value – have reduced the average age of FLY's fleet to 8.7 years at the end of the second quarter."

FLY now has a fleet of 120 aircraft on lease to more than 65 airlines in over 35 countries.

About FLY
FLY acquires and leases modern, high-demand and fuel-efficient commercial jet aircraft under multi-year operating lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM LP, one of the world's leading aircraft lease managers. For more information, please visit www.flyleasing.com.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "expects," "intends," "anticipates," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding FLY's plans, objectives, expectations and intentions. Forward-looking statements are based on management's current expectations and assumptions, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business, competitive, market, regulatory and other factors and risks. Further information on the factors and risks that may affect FLY's business is included in filings FLY makes with the Securities and Exchange Commission from time to time, including its Annual Report on Form 20-F and its Reports on Form 6-K. FLY expressly disclaims any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.