FLY Leasing Announces Exercise of Option to Purchase Additional American Depositary Shares

   FLY Leasing Announces Exercise of Option to Purchase Additional American
                              Depositary Shares

PR Newswire

DUBLIN, July 29, 2013

DUBLIN, July 29, 2013 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"),
a global lessor of modern commercial jet aircraft, today announced that the
underwriters of its recently completed public offering of common shares
represented by American Depositary Shares ("ADSs") exercised in full their
option to purchase an additional 1,714,285 ADSs at a public offering price of
$14.00 per ADS less the underwriting discount. FLY issued and delivered the
additional ADSs on July 29, 2013. The exercise of the option brings the total
number of ADS sold in the offering to 13,142,856.

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Morgan Stanley, Citigroup, Deutsche Bank Securities and RBC Capital Markets
acted as book-running managers for the offering. The offering was made only by
means of a prospectus supplement and an accompanying prospectus, which were
filed with the SEC and are 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 (800) 503-4611, 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.

This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these securities, nor shall there be any sale of these
securities in any state or other jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state or other
jurisdiction.

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.

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.

Contact:
Matt Dallas
FLY Leasing Limited
+1 203-769-5916
ir@flyleasing.com

SOURCE FLY Leasing Limited