FLY Leasing Announces Proposed Offering of Common Shares

DUBLIN, Ireland, July 9, 2013 – FLY Leasing Limited (NYSE: FLY) (“FLY”), a global lessor of modern commercial jet aircraft, today announced that it intends to offer and sell up to $160 million of FLY’s common shares in the form of American Depositary Shares (“ADSs”) in an underwritten public offering. FLY expects to grant the underwriters the option to purchase up to an additional $24 million of FLY’s ADSs. The offering is being made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the “SEC”) and is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. All of the shares to be sold in the offering are to be sold by FLY. Proceeds will be used for general corporate purposes, including the acquisition of aircraft.

Morgan Stanley, Citigroup, Deutsche Bank Securities and RBC Capital Markets are acting as book-running managers for the proposed offering. This offering is being made only by means of a preliminary prospectus supplement and an accompanying prospectus, which have been filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus also may be obtained from: Morgan Stanley, 180 Varick Street, 2nd Floor, New York, New York 10014, Attn: Prospectus Department, or by calling (866) 718-1649, or by emailing prospectus@morganstanley.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling (800) 831-9146; Deutsche Bank Securities Inc., Attn.: Prospectus Group, 60 Wall Street, New York, New York 10005-2836 or by calling (866) 718-1649, or by emailing prospectus.CPDG@db.com; or RBC Capital Markets, 3 World Financial Center, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Syndicate, or by calling (877) 822-4089.