FLY Leasing Acquires 2013 Vintage Boeing 737-800

FLY Leasing Limited

a global lessor of modern commercial jet aircraft, today announced it acquired a 2013 vintage Boeing 737-800. The aircraft is on a long-term lease to a leading carrier in China. The purchase was financed with FLY's unrestricted cash and its aircraft acquisition facility. "This is the sixth B737-800 and seventh aircraft FLY has acquired in 2013," said Colm Barrington, CEO of FLY. "FLY is on a positive growth trajectory, having completed over $375 million of acquisitions this year. The funds raised from our equity offering, combined with our aircraft acquisition facility and cash generated from our portfolio, provide us with the resources to take advantage of attractive growth opportunities as we seek to maximize shareholder value by growing per share earnings and cash flow." 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 with more than 20 years of experience. 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 the 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. These factors include, but are not limited to those described under ''Risk Factors'' beginning on page S-9 of the prospectus supplement and the information described under ''Risk Factors'' under the heading ''Item 3. Key Information'' beginning on page 4 of FLY's Annual Report on Form 20-F for the fiscal year ended December 31, 2012, which is incorporated in the prospectus supplement by reference, and any risk factors included or described in FLY's other periodic reports, and in other information filed with the SEC, from time to time, and incorporated by reference into the prospectus supplement. Should one or more of these risks or uncertainties materialize, or should any of FLY's assumptions prove incorrect, FLY's actual results may vary in material respects from those projected in these forward-looking statements. 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.