FLY LEASING REPURCHASES OVER ONE MILLION SHARES AND MAINTAINS SHARE REPURCHASE PROGRAM

FLY Leasing has confirmed that it repurchased 1,035,438 shares of its stock for $11.925 per share in a privately negotiated transaction on March 8, 2011. FLY repurchased the shares utilizing its unrestricted cash. The shares were repurchased outside of the existing share repurchase program, which had $12.4 million remaining as of December 31, 2010.  Under the repurchase program, FLY may make share repurchases from time to time in the open market or in privately negotiated transactions. “We have now repurchased 24% of our outstanding shares and we continue to see strong value in our stock, which trades at a discount