On July 31, 2013, Sean Donlon announced his resignation from the board of directors of FLY Leasing Limited effective as of August 15, 2013. Mr. Donlon informed the Company that he was resigning in light of his appointment as an executive director of the European Bank for Reconstruction and Development. Also on July 31, 2013, the board of directors of the Company elected Pat O'Brien to the board of directors of the Company effective as of August 15, 2013.

Prior to his retirement in April 2011, Mr. O'Brien was a Partner at KPMG Dublin for 24 years, which he joined in March 1979. During his tenure with KPMG, Mr. O'Brien specialized in the aircraft leasing and financing sector and served as the tax adviser to a number of aircraft lessors and financiers in this sector. Mr. O'Brien has also worked with the Irish Department of Finance on legislative amendments affecting the aircraft leasing sector and has been published by the Irish Taxation Institute.

Mr. O'Brien is a director of Airspeed Limited, Eirtech Aviation Limited, Amentum Capital Limited and VGS Holdings Limited. Mr. O'Brien also serves as a director on the boards of Rabobank Ireland plc and ACC Bank plc.