The exit area of a nozzle assembly is varied by translating a ring assembly located at a rear of the engine nacelle. The ring may be axially translatable along the axis of the engine. As the ring translates, the trailing edge of the ring defines a variable nozzle exit area. Translation of the ring creates an upstream exit at a leading edge of the ring assembly. The upstream exit can be used to bleed or otherwise spill flow excess from the engine bypass duct. As the engine operates in various flight conditions, the ring can be translated to obtain lower fan pressure ratios and thereby increase the efficiency of the engine. Fairings partially enclose actuator components for reduced drag.