FLY Leasing to Acquire Three New Boeing 737- 800s and Sells Three Older Aircraft

DUBLIN, Sept. 30 /PRNewswire/ -- FLY Leasing Limited (NYSE: FLY) ("FLY"), a global lessor of modern commercial jet aircraft, today announced that it has entered into an agreement to acquire three new Boeing 737-800 Next Generation aircraft in a sale and leaseback transaction with flydubai, Dubai's premier low cost airline. The aircraft are scheduled to be delivered new from Boeing in October and December 2010 and in February 2011.

FLY also announced that it has sold three older aircraft from its portfolio to two separate purchasers: an A320-200 manufactured in 1995 and two B737-800s manufactured in 2006. The aircraft are currently on lease to three separate airlines.

"The acquisition of the three new B737-800s and the sale of three older aircraft fits perfectly with our strategy of managing FLY's portfolio by selectively acquiring more modern and high-demand aircraft and opportunistically selling aircraft from our portfolio," said Colm Barrington, CEO of FLY. "The sale of the three aircraft will generate cash and positive net income for FLY and the new aircraft, which will be acquired with our free cash and new bank debt, will reduce the average age of our portfolio. We are particularly pleased to add flydubai, a successful and fast-growing airline, to our diverse family of global lessees."

The purchases and sales of the six aircraft were arranged by FLY's associate and servicing company BBAM LP. Following completion of the transactions, FLY will have a portfolio of 62 aircraft on lease to 33 airlines in 22 countries.

The B737-800 is the largest member of the Boeing 737 family and is one of the world's most popular and reliable commercial jets, and is a mainstay of the aircraft operating leasing business. The B737-800 seats between 162-189 passengers, depending on its configuration.

flydubai was established by the Government of Dubai in 2008 and began commercial flights in 2009. flydubai currently has a fleet of nine Boeing 737-800 NG aircraft operating to 22 destinations.

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 about FLY, please visit our website at 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 outlook for FLY's future business and financial performance. 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. 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.

SOURCE FLY Leasing Limited

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