Fly Leasing Limited (NYSE: FLY) ("FLY"), a global leader in aircraft leasing, today announced that it intends to offer and sell $300 million in aggregate principal amount of its senior unsecured notes. The offering is being made pursuant to an effective shelf registration statement on file with the U.S. Securities and Exchange Commission (the "SEC"). FLY plans to use the net proceeds from the sale of the notes, together with cash on hand, to redeem its outstanding 6.75% Senior Notes due 2020, which FLY will call for redemption on December 15, 2017.

Jefferies LLC is acting as the sole book-running manager and Citigroup Global Markets Inc. and Wells Fargo Securities, LLC are acting as joint lead 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 are available on the SEC's website at Copies of the preliminary prospectus supplement and accompanying prospectus also may be obtained from: Jefferies LLC, Attn: Prospectus Department, 520 Madison Ave, 3rd Floor, New York, NY 10022, or at 1-888-708-5831; Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or at 1-800-831-9146; or Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, or at 800-645-3751 option 5, or

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the notes, nor shall there be any offer, solicitation or sale of any notes in any jurisdiction in which such offer, solicitation or sale would be unlawful. The proposed offering 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.