Fly Leasing Limited: Repurchase and Issue of Common Shares

Hamilton, Bermuda:  9^th, September 2022 – In a filing with the Bermuda Stock Exchange (“BSX”), Fly Leasing Limited, announced the repurchase and issue of common shares.

Fly Leasing Ltd., issued the following announcement.

 Fly Leasing Limited

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7.000% Senior Notes due October 15, 2024 (“Notes”)

Listed Since: 2021/08/18

Currency: USD

CUSIP: G2002C AA8 ISIN: USG2002CAA83

Telephone: 353-1-231-1900

www.flyleasing.com

Hamilton, Bermuda – 9 September 2022

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Note Repurchase Programme

and

Equity Line of Credit Agreement

Fly Leasing Limited (“Fly”) today announces that it has approved a repurchase programme of up to US$50,000,000 in principal amount value of its 7.000% Senior Notes Due 2024 (the “Note Repurchase Programme”), representing up to 12.8% of the aggregate Notes in issue.

Any purchase of Notes in relation to this announcement will be executed in accordance with the relevant regulations of the Bermuda Stock Exchange (“BSX”) (including but not limited to the BSX Listing Regulations – Section IIIB (the “Listing Rules”)).

At such point as Fly has repurchased in excess of 10% of the issued Notes, in accordance with the Listing Rules, Fly will announce such repurchase no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred. Notes repurchased under the Note Repurchase Programme will be cancelled.

Fly further announces that it has entered into an equity line of credit agreement (the “Agreement”) with SASOF International Master Fund V LP., Fly’s indirect parent entity (“SASOF V”), pursuant to which Fly shall have the option in its sole discretion to issue and sell to SASOF V, or its nominee (the “Investor”), from time to time, and the Investor shall commit to purchase from Fly, common shares of par value US$0.001 each in the share capital of Fly (the “Shares”) at a purchase price per Share of US$228. The commitment period under the Agreement expires on the earliest to occur of: (i) the date on which SASOF V has paid advances under the Agreement in the aggregate of US$50,000,000 and (ii) December 20, 2022 (or, if SASOF V and Fly agree as of or prior to December 20, 2022 to extend the commitment period, December 20, 2023).

Fly will use the proceeds from the sale of the Shares under the Agreement for general corporate and working capital purposes or for such other purposes that the Fly Board of Directors, in its good faith, deem to be in the best interest of Fly.

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

Forward-Looking Statements:

Certain statements and indicative projections (which may include modelled loss scenarios) made in this release or otherwise that are not based on current or historical facts are forward-looking in nature including, without limitation, statements containing the words “believes”, “anticipates”, “aims”, “plans”, “projects”, “forecasts”, “guidance”, “intends”, “expects”, “estimates”, “predicts”, “may”, “can”, “likely”, “will”, “seeks”, “should”, or, in each case, their negative or comparable terminology.

All forward-looking statements in this release speak only as at the date of publication. Fly expressly disclaims any obligation or undertaking (save as required to comply with any legal or regulatory obligations including the rules of the BSX) to disseminate any updates or revisions to any forward-looking statement to reflect any changes in Fly’s expectations or circumstances on which any such statement is based. All subsequent written and oral forward-looking statements attributable to Fly or individuals acting on behalf of Fly are expressly qualified in their entirety by this note. Prospective investors should specifically consider the factors identified in this release which could cause actual results to differ before making an investment decision.

Media contacts:

Kristen Greco

(212) 813-4763

kristen.greco@carlyle.com

The Carlyle Group                           

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For more information on the Bermuda Stock Exchange (BSX), contact Zakiya Simmons at 1-441-292-7212 or info@bsx.com . Information is also available at bsx.com and on Bloomberg at BSX.

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