Fly Leasing Limited: Note Repurchase Authorisation and Contribution and Insurance Proceeds

Hamilton, Bermuda:  15 May 2023 – In a filing with the Bermuda Stock Exchange (“BSX”), Fly Leasing Limited, announced the Note Repurchase Authorisation and Contribution and Insurance Proceeds. The full filing stated:

 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 – 15 May 2023

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Note Repurchases

Further to the announcement of 12 December 2022 by Fly Leasing Limited (“Fly”) that it had authorised the repurchase of up to US$50,000,000 in principal amount of Notes, Fly announces that, as of 12 May 2023, Fly has repurchased, through a number of transactions, $29,049,000 in principal amount of Notes (the “Note Repurchases”).

The principal amount of Notes outstanding after the Note Repurchases is $262,397,000.

Pursuant to BSX Listing Regulations – Section IIIB, an announcement shall be made to the Bermuda Stock Exchange (the “BSX”) when, in aggregate, ten percent (10%) of the outstanding amount of the Notes has been acquired. The Note Repurchases undertaken during the period 13 December 2022 through to 12 May 2023, constitute, in aggregate, at least 10% of the remaining outstanding amount of the Notes.

The board of directors of Fly will continue to assess the market and may decide to authorise further repurchases of Notes from time to time.

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 announcement 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 announcement 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 announcement 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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