Fourth Quarter and Full Year 2018 EarningsMarch 7, 2019

Forward-Looking Statements

2

This press release 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. Further information on the factors and risks that may affect FLY’s business is included in filings FLY makes with the Securities andExchange Commission from time to time, including its Annual Report on Form 20-F and its reports on Form 6-K. FLY expressly disclaims any obligation toupdate or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, orotherwise.

Notes:

1. All period end figures are as December 31, 2018 except as otherwise noted. Any 2019 year-to-date data is as of March 4, 2019.

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

3. In addition to U.S. GAAP financials, this presentation includes certain non-GAAP financial measures. These non-GAAP financial measures are in additionto, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. We have provided a reconciliation ofthose measures to the most directly comparable GAAP measures in the Appendix. For further information, please refer to the earnings press releasedated March 7, 2019.

Steve ZissisCEO, BBAM

Director, Fly Leasing

Strong Airline Industry Fundamentals

4

ROBUST GLOBAL AIR TRAFFIC GROWTH

6.5% 2018 Growth*

CONTINUED AIRLINE PROFITABILITY

$35B Global Airline 2019 Profit Forecast*

*Source: IATA

RECORD AIRLINE PROFITS ($ BILLIONS)*

$34$38

$32$35

$0

$5

$10

$15

$20

$25

$30

$35

$40

2016 2017 2018 2019(F)

5

STRONG DEMAND FOR LEASED AIRCRAFT

Passenger Growth + Manufacturer Backlogs

ROBUST SECONDARY MARKET

Underpinning Aircraft Values

Aircraft Leasing Industry conditions remain strong

POSITIVEFINANCIAL MARKETS

Ample Capacity at Attractive Rates

BBAM – A Strong Partner for FLY

6

Buying Power AdvantageAllows FLY to take part in larger deals,

driving above-market investment returns

Purely an Aircraft ManagerBBAM does not own any aircraft

3rd Largest Aircraft Manager*FLY benefits from BBAM’s

comprehensive global platform

Strong Alignment of InterestsBBAM shareholders own 17% of FLY stock

*FlightGlobal rankings, Sept 2018

Colm BarringtonCEO

26%REVENUE GROWTH

Operating Lease Rental Revenue

$7.9MGAIN ON SALE

Sold Three Aircraft

$30.8MADJUSTED

NET INCOME

8

Q4 2018 Highlights

$0.94ADJUSTED

EPS

$21.50BOOK VALUE PER SHARE

17.8%ADJUSTED

ROE

Q4 2018 Financial Results

9

$7.3

$30.8+$24M

$89.0

$112.2

Q4 2017 Q4 2018

$0.26

$0.94+$0.68

Q4 2017 Q4 2018

GAAP Q4 2017 Q4 2018

Net Income $7.2 $31.0

GAAP Q4 2017 Q4 2018

EPS $0.25 $0.95

Operating Lease Rental Revenue Adjusted Net Income Adjusted Earnings Per Share

Q4 2017 Q4 2018

Note: Dollars in millions, except EPS

+26%

16%REVENUE GROWTH

Operating Lease Rental Revenue

34AIRCRAFT ACQUIRED

and 7 CFM Engines

$91.2MADJUSTED NET

INCOME

10

Full Year 2018 Highlights

$3.06ADJUSTED

EPS

14.8%ADJUSTED

ROE

6AIRCRAFT SOLD

FOR 17% PREMIUM

22%FLEET BOOK

VALUE GROWTH

Full Year 2018 Financial Results

11

$8.2

$91.2

2017 2018

+$83M

$337.1

$389.4

2017 2018

+16%

$0.27

$3.06

2017 2018

+$2.79

GAAP 2017 2018

Net Income $2.6 $85.7

GAAP 2017 2018

EPS $0.09 $2.88

Operating Lease Rental Revenue Adjusted Net Income Adjusted Earnings Per Share

Note: Dollars in millions, except EPS

BOEING 737 MAX

AIRBUS A340

BOEING 737

BOEING 757

BOEING 777-LRF

BOEING 787

AIRBUS A319

AIRBUS A321

AIRBUS A330

3

2

4

AIRBUS A320

3

2

44

3

8

FLY’s Fleet of 113 Modern Aircraft

12

5.8YEARS AVG. LEASE TERM

7.2YEARS AVERAGE AGE

4285

113

2017 2018

+33%

Note: Percentages represent weighted average net book value

3%NBV

32%

3%

12%

8%

1%

7 CFM EnginesOwned & Leased Separately

23%

5%

32%NBV

1%

Well-Diversified Customer Base

13

46 Airlines in 26 CountriesTop 10 Lessees(1) Geographic Diversity(1)

Note: Sums may not foot due to rounding

India(2)

20.7%

Other11.1%

Ethiopia9.0%

Philippines8.0%China

5.3%

Spain4.8%

Indonesia8.9%

USA3.7%

Mexico1.8%

UK5.2%

France3.0%

Thailand4.2%

Malaysia14.3%

(1) Percentages by net book value, excludes aircraft held for sale(2) Leases associated with 10% of NBV are fully guaranteed by the Indian government

Lessee % Value

1 12%

2 10%

3 9%

4 7%

5 3%

6 3%

7 3%

8 India AirAsia 3%

9 Thai AirAsia 3%

10 3%

Top 10 Lessees 57%

Aircraft Sales

Six Aircraft Sold in 2018

• $29 million economic gain*

• 17% premium to NBV

14

17%PREMIUM TO NBV

OF 6 AIRCRAFT SOLD IN 2018

2019 Sales at Premiums to NBV

18AIRCRAFT TO BE SOLD IN H1 2019

2019 Aircraft Sales

12 Aircraft Portfolio

• 3 closed in Q4 2018

• 8 closed YTD

• 1 to close by end of Q1

Additional Sales

• 1 closed

• 8 targeted in H1 2019

*Economic gain includes gain on sale and end of lease income

Financing & Projected Leverage

15

Accelerated Reduction in Leverage• Projecting 3.2x net debt-to-equity ratio by year end

• More than a year ahead of previous projection

15

4.0xYEAR END 2018

NET DEBT-TO-EQUITY RATIO

3.2xPROJECTED YEAR END 2019 NET DEBT-TO-EQUITY RATIO

Long-Dated Financing• 5.3 year average life; amortizing

• No significant debt maturities until 2021

FLY’s Value Proposition

16

Sales at Premiums to Net Book Value

Higher Net Margin3.3% net margin

after depreciation for 2018*

Strong 2018 Earnings and ROE

Shares Trading Well Below Book Value

$50 Million Share Repurchase Program

$2+ Billion Growth Capacity

*Net margin after depreciation represents lease revenues, including EOL income, less interest expense and depreciation, divided by the average net book value of aircraft

✓ Limited Refinancing Risk

✓ Strong Results

✓ Modern Portfolio

✓ Identified Growth

✓ Positive Outlook

✓ Limited Refinancing Risk

Julie RuehlCFO

Q4 2018Net Income and ROE

5.3%

17.9%+238%

18

Adjusted Q4 2017 Q4 2018

Net Income $7.3 $30.8

Note: Dollars in millions

Strong and Steady GrowthDouble-Digit ROE for Third Consecutive Quarter

Q4 2017 Q4 2018

$7.2

$31.0

+$24M

Net Income ROE

Q4 2017 Q4 2018

Adjusted Q4 2017 Q4 2018

ROE 5.4% 17.8%

Full Year 2018 Net Income and ROE

0.5%

14.0%+2,700%

19

Adjusted FY 2017 FY 2018

Net Income $8.2 $91.2

Note: Dollars in millions

Significant Annual Growth

FY 2017 FY 2018

$2.6

$85.7

+$83M

Net Income ROE

FY 2017 FY 2018

Adjusted FY 2017 FY 2018

ROE 1.4% 14.8%

Financial Overview

20

(In millions) Q4 2018 Q4 2017 FY 2018 FY 2017

Operating Lease Rental Revenue $112.2 $89.0 $389.4 $337.1

End of Lease Income 4.3 16.6 20.3 17.8

Amortization of Lease Incentives and Other (2.7) (2.2) (10.2) (8.1)

Operating Lease Revenue $113.8 $103.4 $399.5 $346.9

Finance Lease Income 0.2 0.2 0.7 0.7

Gain on Sale of Aircraft 7.9 3.9 13.4 3.9

Other Income 0.5 0.4 4.7 1.7

Total Revenue $122.3 $107.9 $418.3 $353.3

Note: Sums may not foot due to rounding

26%INCREASE IN Q4

OPERATING LEASE RENTAL REVENUE

18%INCREASE IN 2018 TOTAL REVENUE

(In millions) Q4 2018 Q4 2017 FY 2018 FY 2017

Depreciation $39.9 $34.0 $144.1 $133.2

Aircraft Impairment – – – 22.0

Interest Expense 40.7 31.4 144.7 127.8

Selling, General and Administrative 8.5 7.4 31.2 30.7

Loss (Gain) on Derivatives 0.2 (0.5) (2.4) (0.2)

Loss on Modification and Extinguishment of Debt 1.0 20.8 2.5 23.3

Maintenance and Other Costs 0.5 0.9 2.5 2.5

Total Expenses $90.8 $93.9 $322.7 $339.3

Note: Sums may not foot due to rounding

Expense Comparison

21

(1) Forecasted SG&A does not consider foreign exchange gains or losses due to the unpredictability of such items

$45+MPRE-TAX INCOME

FOR Q1

Financial Guidance

22

(In millions) Q1 2019

Operating Lease Rental Revenue $102–104

Lease Incentives and Other ($1–2)

Gain on Sale of Aircraft $30

End of Lease Income –

Depreciation $37–38

Interest Expense $38–39

Debt Extinguishment Costs $2–3

Maintenance and Other Costs <$1

SG&A(1) $8–9

$30MGAIN ON SALE

OF AIRCRAFT FOR Q1

33%FLEET GROWTH

23

SummaryRecord 2018 and Strong Outlook

6AIRCRAFT SOLD

FOR $29M ECONOMIC GAIN*

14.8%ADJUSTED ROE

$3.06ADJUSTED EPS

$45+M Q1 Pre-Tax Income Guidance

16%REVENUE GROWTH

Operating Lease Rental Revenue

$21.50 Book Value Per Share

*Economic gain includes gain on sale and end of lease income

Appendices

(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) December 31, 2018 December 31, 2017

Unrestricted cash and cash equivalents $180 $329

Unencumbered assets $332 $331

O /S Rate(1) O /S Rate(1) Maturity

Securitization $86 3.08% $102 3.06% 2033

2012 Term Loan 408 5.17% 431 4.25% 2023Nord LB Facility 109 4.29% 153 4.47% 2020CBA Debt — — 49 5.53% N/AOther Bank Debt Facilities 808 4.44% 906 3.83% 2020-2028Aircraft Acquisition Facility 190 4.10% 86 3.41% 2022Magellan Acquisition Facility 305 4.18% 332 3.15% 2025Fly Aladdin Acquisition Facility 467 4.59% — — 2020/2023

Fly Aladdin Engine Funding Facility 44 4.95% — — 2021-2022Unamortized Discounts and Loan Costs (37) (29)

Total Secured Debt $2,380 4.49% $2,030 3.84%

2021 Notes 325 6.38% 325 6.38% 2021

2024 Notes 300 5.25% 300 5.25% 2024Unamortized Discounts and Loan Costs (7) (9)

Total Unsecured Debt $618 5.84% $616 5.84%

Total Debt 2,998 4.76% 2,646 4.30%Shareholders' Equity 702 544

Total Capitalization $3,700 $3,190

Debt to Equity

Net Debt to Equity(2)

Secured Debt to TotalDebt

4.3x

4.0x79%

4.9x

4.3x77%

Total Debt to TotalCapitalization 81% 83%

25

Adjusted Net Income & Adjusted ROE

(1) Revised to conform to current period presentation(2) Percentages for Q4 have been annualized

(In thousands) Q4 2018 Q4 2017(1) FY 2018 FY 2017( 1 )

Net Income $ 31,009 $ 7,170 $ 85,723 $ 2,598

Plus:

Unrealized foreign exchange (gain) loss (187) 301 (668) 2,305

Deferred income taxes 227 721 9,864 5,178

Fair value changes on undesignatedderivatives (286) (899) (3,732) (1,843)

Adjusted Net Income $ 30,763 $ 7,293 $ 91,187 $ 8,238

Average Shareholders' Equity $ 692,124 $ 543,705 $ 614,344 $ 571,042

Adjusted ROE(2) 17.8% 5.4% 14.8% 1.4%

26

Details on SG&A

(in thousands) Q4 2018 Q4 2017 FY 2018 FY 2017

Transaction fees and expenses $ – $ 146 $ 407 $ 1,815

Unrealized foreign exchange (gain) loss (187) 301 (668) 2,305

Other SG&A 8,674 6,998 31,446 26,551

Selling, General & Administrative $ 8,487 $ 7,445 $ 31,185 $ 30,671

27