FLY LEASING Q1 RESULTS

In the first quarter of 2011 FLY Leasing operating lease revenue was $47.6 million, and net income was $2.8 million or $0.10 per share.  At quarter end, all 60 aircraft were contracted for lease to 34 lessees in 23 countries.  During the quarter FLY acquired a new Boeing 737-800 under a sale and leaseback transaction with an airline and purchased a 57% equity interest in a new joint venture that owns four Boeing 767 aircraft on lease to two airlines in North America. The net equity investment in the joint venture is $5.9 million. During the quarter FLY repurchased an