First Quarter 2020 EarningsMay 8, 2020

Forward-Looking Statements

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This presentation contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as “expects,” “intends,” “anticipates,” “plans,” “believes,” “seeks,” “estimates,” “will,” or words ofsimilar meaning and include, but are not limited to, statements regarding the outlook for FLY’s future business, operations and financial performance.Forward-looking statements are based on management’s current expectations and assumptions, which are subject to inherent uncertainties, risks andchanges in circumstances that are difficult to predict. Actual outcomes and results may differ materially due to global political, economic, business,competitive, market, regulatory and other factors and risks, and the risk that FLY may be unable to achieve its portfolio growth expectations, or to reap thebenefits of such growth. Additional or unforeseen effects from the COVID-19 pandemic and the global economic climate may give rise to or amplify manyof these risks. Further information on the factors and risks that may affect FLY’s business is included in filings FLY makes with the Securities and ExchangeCommission from time to time, including its Annual Report on Form 20-F and its reports on Form 6-K. FLY expressly disclaims any obligation to update orrevise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise.

Notes:

1. All period end figures are as of March 31, 2020 except as otherwise noted. Any 2020 year-to-date data is as of May 5, 2020.

2. Fleet age and lease term are calculated using the weighted net book value of flight equipment held for operating lease, including maintenance rightsand investment in finance lease, at period end.

3. In addition to U.S. GAAP financials, this presentation includes certain non-GAAP operating and financial measures. These non-GAAP operating andfinancial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Wehave provided a reconciliation of those measures to the most directly comparable GAAP measures in the Appendix. For further information, pleaserefer to FLY’s earnings press release dated May 8, 2020.

4. Flag carriers are international airlines, which may be wholly or partly owned by the national government, that have a strong association with theirhome country or represent their home country internationally.

Colm BarringtonCEO

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Managing Through COVID-19

Unprecedented time in aviation− Severe reduction in airline operations− Airline liquidity and viability are major issues− Expect airline defaults and failures− Many governments offering airlines support

FLY business model capable of withstanding downturns− Popular aircraft types, primarily narrowbody− No aircraft orders from manufacturers, selective CapEx − Long-dated financing

BBAM has managed through several industry crises− Long-term aircraft lease manager with 30+ years of history− Seasoned management team− Full service global platform with long-standing customer relationships

ACTIVE MANAGEMENT BY BBAM

Managing Through COVID-19

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• Focus on enhancing liquidity

• Actively protect asset value

• Manage rent deferral requests➢ Expect to grant for lessees representing ~70% of

annualized rental revenue

− Deferral period ~4 months

− Repayment generally within 2020

• Strong alignment of interests➢ BBAM shareholders own 23% of FLY shares

2.1xNET DEBT TO EQUITY

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$361MUNRESTRICTED CASH

$560MUNENCUMBERED ASSETS

ProvenTRACK RECORD OF DIVERSIFIED

FINANCING SOURCES

NoNEAR-TERM

REFINANCING NEEDS

ZeroMANUFACTURER COMMITMENTS

CASH POSITION UNTAPPED RESOURCES

FINANCING FLEXIBILITY

ALL-TIME LOW LEVERAGE

NO 2020 ORDERS

LONG-TERM DEBT

FLY’s Strong Financial Position

Strong Liquidity Position

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$364 $286 $361

$286$639 $560

Q1 2019 Q4 2019 Q1 2020

Unrestricted Cash Unencumbered Assets

$651

UNRESTRICTED CASH AND UNENCUMBERED ASSETS

(in millions)

3.4x

2.3x 2.1x

Q1 2019 Q4 2019 Q1 2020

NET DEBT TO EQUITY

$921$925

$32MGAIN ON SALE

$44MADJUSTED NET

INCOME

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First QuarterHighlights

$122MTOTAL REVENUES

$1.42ADJUSTED

EPS

20%ADJUSTED ROE

26%INCREASE IN

UNRESTRICTED CASH

$29.21BOOK VALUE PER SHARE

Aircraft Sales & Acquisitions

Sales

• Six aircraft and two engines sold in Q1

– $31.7M gain; 20% premium

– Average age over 10 years

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20%PREMIUM TO NET BOOK VALUE

ON Q1 AIRCRAFT SALES

Acquisitions

• One 737 NG acquired in Q1

• Two 737 NGs acquired in Q2

• No AirAsia deliveries anticipated this year

3AIRCRAFT ACQUISITIONS

TO DATE

Julie RuehlCFO

Q1 Financial Highlights

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($ in millions, except EPS) Q1 2020 Q1 2019

Net Income $38.1 $45.0

Earnings Per Share $1.24 $1.38

Return On Equity 17.2% 25.0%

Net Spread(1) 7.5% 7.2%

$1.24EARNINGS PER SHARE

$38MNET INCOME

17.2%RETURN ON EQUITY

(1) See appendix for definition of Net Spread.

Revenue Comparison

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(in millions) Q1 2020 Q1 2019

Operating Lease Rental Revenue $85.5 $105.3

End of Lease Income 2.4 1.6

Amortization of Lease Incentives and Other (0.5) (1.6)

Operating Lease Revenue $87.4 $105.3

Finance Lease Income 0.1 0.2

Gain on Sale of Aircraft 31.7 27.6

Other Income 2.3 1.7

Total Revenue $121.6 $134.7

Note: Sums may not foot due to rounding.

$122MTOTAL REVENUES

$32MGAIN ON SALE

(in millions) Q1 2020 Q1 2019

Depreciation $31.6 $37.6

Interest Expense 27.2 38.2

Selling, General and Administrative 7.7 8.7

Loss on Derivatives 0.5 –

Fair Value Loss on Marketable Securities 9.4 –

Loss on Extinguishment of Debt 0.9 2.2

Maintenance and Other Costs 1.2 0.6

Total Expenses $78.4 $87.3

Note: Sums may not foot due to rounding

Expense Comparison

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9.4 Unrealized loss on E-notes;

revalued quarterly

Q1 Impairment Analysis

• Robust process undertaken to review fleet

• Impairment exists if net book value of aircraft exceedsundiscounted cash flows

• Continually monitoring for changes in circumstances that may indicate potential impairment

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NO AIRCRAFT IMPAIRMENT RECORDED

Debt Profile

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• No near-term debt maturities

• Reduced cost of debt via liability management

• Secured debt is amortizing; reduces leverage and refinancing risk

Balloon Payments Due at Debt Maturity

(in millions) 2020 2021 2022 2023 2024 2025

Non-Recourse Debt

Other Bank Debt Non-Recourse $10 – – $26 – –

Fly Aladdin Acquisition Facility – – – $162 – –

Nord LB Facility – $57 – – – –

Non-Recourse Total $10 $57 – $188 – –

Recourse Debt

Other Bank Debt Recourse – – $13 $71 $18 –

Term Loan – – – – – $262

Magellan Acquisition Facility – – – – – $119

Fly Aladdin Engine Funding Facility – $31 $8 – – –

2024 Notes (Unsecured) – – – – $300 –

2021 Notes (Unsecured) – $325(1) – – – –

Recourse Total – $356 $21 $71 $318 $381

Total Debt $10 $413 $21 $259 $318 $381

(1) Maturity date October 2021.

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Summary

No Near-Term CapEx Requirements

Strong Customer Base50% flag carriers and US majors

Long-DatedFinancing and Low Leverage

Modern Fleet, Predominantly Narrowbodies

Ample Liquidity

World-Leading BBAM Management

Appendices

AIRBUS A320neoFAMILY

AIRBUS A330

AIRBUS A320ceoFAMILY

BOEING 787

BOEING 777-LRF

BOEING 757-SF

BOEING 737 MAX

BOEING 737NG

1

2

4

3

33

Fleet of 84 Modern Aircraft

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5.2YEARS AVG. LEASE TERM

7.8YEARS AVG. AGE

38

Note: Percentages represent weighted average net book value.

28%NBV

15%

10%

<1%

23%

36%NBV

CFM ENGINES

Leased Separately7

12%

6%

Diversified Customer Base

40 Airlines in 24 Countries Geographic Diversity

Malaysia18%

India16%

Ethiopia10%

Philippines9%

Indonesia8%

China6%

Spain5%

France3%

USA3%

Thailand3%

UAE3%

Other16%

Note: Percentages by net book value. Sums may not foot due to rounding.

(1) Air India leases are guaranteed by the Indian government.19

Top 10 Lessees

AirAsiaBerhad

11%

Air India11%

EthiopianAirlines

10%

Philippine Airlines

8%

MalaysiaAirlines

7%

Air Europa4%

Transavia3%

Lion Air3%

flydubai3%

Thai AirAsia3%

(1)

Note: Sums may not foot due to rounding.

(1) Represents the contractual interest rates and effect of derivative instruments and excludes the amortization of debt discounts and debt issuance costs.(2) Represents the ratio of total debt, less unrestricted cash and cash equivalents, divided by shareholders’ equity.

Capital Structure & Liquidity Overview

($ in millions) March 31, 2020 December 31, 2019

Unrestricted cash and cash equivalents $361 $286

Unencumbered assets $560 $639

O /S Rate(1) O /S Rate(1) MaturityTerm Loan $380 4.02% $385 4.15% 2025

Nord LB Facility 64 2.55% 65 3.59% 2021

Other Bank Debt Facilities 595 3.96% 674 4.07% 2020-2028

Magellan Acquisition Facility 272 4.01% 279 4.11% 2025

Fly Aladdin Acquisition Facility 246 4.83% 272 4.85% 2023

Fly Aladdin Engine Funding Facility 42 4.95% 42 4.95% 2021-2022

Unamortized Discounts and Loan Costs (20) (22)

Total Secured Debt $1,579 4.09% $1,696 4.22%

2021 Notes 325 6.38% 325 6.38% 2021

2024 Notes 300 5.25% 300 5.25% 2024

Unamortized Discounts and Loan Costs (5) (6)

Total Unsecured Debt $620 5.84% $619 5.84%

Total Debt 2,199 4.58% 2,315 4.65%

Shareholders' Equity 890 878

Total Capitalization $3,089 $3,192

Debt to EquityNet Debt to Equity(2)

Secured Debt to Total Debt

2.5x2.1x72%

2.6x2.3x73%

Total Debt to Total Capitalization 71% 72%

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Aircraft Remarketing Schedule

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Note: Excludes aircraft that are under LOI and lease agreements, as of the date of this presentation.

THREE YEAR REMARKETING REQUIREMENTS

2020 2021 2022

Number of Aircraft 3 14 18

Percentage of NBV 3% 9% 14%

Adjusted Net Income & Adjusted ROE

(1) Q1 percentages have been annualized.

($ in thousands) Q1 2020 Q1 2019

Net Income $ 38,072 $ 44,965

Adjustments:

Unrealized foreign exchange gain (95) (172)

Deferred income taxes 5,181 2,472

Fair value changes on undesignated derivatives 481 (112)

Adjusted Net Income $ 43,639 $ 47,153

Average Shareholders' Equity $ 884,257 $ 720,007

Adjusted ROE(1) 19.7% 26.2%

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Adjusted SG&A

($ in thousands) Q1 2020 Q1 2019

Selling, General & Administrative $ 7,664 $ 8,722

Adjustments:

Unrealized foreign exchange gain 95 172

Adjusted Selling, General & Administrative $ 7,759 $ 8,894

Total Revenues $ 121,555 $ 134,703

Adjusted SG&A as a % of Total Revenues 6.4% 6.6%

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Net Spread

($ in thousands) Q1 2020 Q1 2019

Operating lease revenue $ 87,440 $ 105,252

Finance lease revenue 145 160

Lease Income $ 87,585 $ 105,412

Less:

End of lease income 2,427 1,564

Interest expense 27,155 38,179

Net interest margin $ 58,003 $ 65,669

Average fleet net book value $ 3,087,480 $ 3,667,774

Net Spread(1) 7.5% 7.2%

24(1) Net Spread is operating lease revenue plus finance lease revenue, less end of lease income and

interest expense, annualized for quarterly periods, divided by average fleet net book value.