FLY's Q2 2019 Earnings: Strong Industry Conditions, Robust Global Air Traffic Growth, and Strategic Partnership with BBA

1. Second Quarter 2019 Earnings August 22, 2019

2. Forward-Looking Statements 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 of similar 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 and changes 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 the benefits 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 and Exchange 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 to update or revise any of these forward-looking statements, whether because of future events, new information, a change in its views or expectations, or otherwise. Notes: • All period end figures are as of June 30, 2019 except as otherwise noted. Any 2019 year-to-date data is as of August 20, 2019. • Fleet age and lease term are calculated using the weighted net book value of flight equipment held for operating lease and flight equipment held for sale, including maintenance rights and investment in finance lease, at period end. • In addition to U.S. GAAP financials, this presentation includes certain non-GAAP operating and financial measures. These non-GAAP operating and financial measures are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. We have provided a reconciliation of those measures to the most directly comparable GAAP measures in the Appendix. For further information, please refer to FLY’s earnings press release dated August 22, 2019.

3. Colm Barrington CEO

4. Strong Industry Conditions Airlines Aircraft Leasing • Robust secondary • market • Strong Demand • for LEASED Aircraft Robust Global Air Traffic Growth • Continued Airline Profitability 95 Aircraft Sold Jan 2015 to June 2019 at 8% Premium to NBV 5.0% Passenger Growth + Manufacturer Backlogs $28B 2019 Growth Forecast(1) 2019 Global Airline Profit Forecast(1) 4 (1) Source: IATA, as of June 2019.

5. BBAM – A Strong Partner for FLY Strong Alignment of Interests BBAM shareholders own 17% of FLY stock • 30 years of experience • 150 professionals • 8 offices worldwide • $27+ billion of AUM • 500+ aircraft managed • 200+ airline relationships Buying & Selling Power Advantage Provides FLY access to larger deals & stronger returns Global Leader FLY benefits from BBAM’s full-service global platform Purely an Aircraft Manager BBAM does not own any aircraft

6. DISCIPLINEDACQUISITIONS • Pipeline of new technology aircraft • Rigor on pricing • Limited financing risk FLY’s Strategy Conservative financing • Long-dated and amortizing • Limited balloon repayments • Focus on secured markets • Consistently sell at gains • Acquire new aircraft • Maintain a young fleet ACTIVE FLEET MANAGEMENT Enhancing shareholder value • Steadily growing book value per share • Delivering double-digit ROE • Repurchasing shares at a discount to BV

7. DELIVERING RECORD RESULTS KEY NUMBERS AT A GLANCE Q2 Highlights $61.9M ADJUSTED NET INCOME $1.92ADJUSTED EPS 33% Adjusted ROE $24.28 Book Value PER Share

8. Q2 Financial Results Adjusted Earnings Per Share Adjusted Net Income Book Value Per Share +13% Note: Dollars in millions, except per share amounts.

9. Q2 Financial Results Net Spread (1) Operating Lease Rental Revenue Total Revenues +43% +7.1% +13% Note: Dollars in millions. (1) Net Spread is operating lease revenue plus finance lease revenue, less end of lease income and interest expense, annualized, divided by average net book value.

10. Strong & Steady Growth in Book Value Per Share +16% Share Repurchases • See strong value in FLY shares, which trade at 26% discount to book value • History of profitably selling aircraft above book value • Repurchased 1.47M shares in Q2 at average price of $16.53 per share • Repurchased additional 0.3M shares in Q3 to date at avg price of $16.83 per share • New $50M share repurchase program

11. FLY’s Fleet of 98 Modern Aircraft 33% NBV 35% NBV Airbus a320 Family Boeing 737NG 42 42 Net Book Value 5% 3% Airbus a330 Boeing 737 MAX 3 2 1% 0% Boeing 757-SF Airbus a340 2 1 9% cfm engines Owned & Leased Separately Boeing 777-LRF 7 2 14% Boeing 787 5.3 Years AvG. lease term 7.4 YEARS Avg. Age 4 Note: Percentages represent weighted average net book value.

12. Solid Growth Pipeline & Ample Capacity NEO Delivery Schedule Actively Targeting Acquisitions • Acquired 2 aircraft in Q2 • 4 aircraft to be acquired in H2 for $125M+ • Pipeline of 21 new A320neo family aircraft • First A321neo to deliver in Q4 Strong Liquidity, Long-Dated Financing • $352M unrestricted cash • $288M NBV of unencumbered aircraft • 4.7 year average debt life • No significant debt maturities until Q4 2021 $2B+ Growth capacity

13. Aircraft Sales Generating Healthy Benefits 10% Premium on Q2 aircraft sales to Net book value 2019 Aircraft Sales • 7 aircraft sold in Q2; $18.9M economic gain(1); 10% premium • 14 aircraft contracted to be sold 3.1x Net Debt-to-Equity Ratio At June 30 Accelerated Reduction in Leverage • Reduced to 3.1x from 4.0x at December 31, 2018 • Achieved target leverage ahead of expectations (1) Economic gain includes gain on sale and retained end of lease income.

14. Positive Momentum Continued in Q2 Attractive Portfolio of Aircraft and Leases Record Adjusted EPS of $1.92 • Strong Outlook • Modern Portfolio • Identified Growth Adjusted ROE of 33% 7 Aircraft Sold at 10% Premium to NBV • Limited Refinancing Risk • Limited Refinancing Risk 1.47M Shares Repurchased at 32% Discount to Book Value

15. Julie Ruehl CFO

16. Strong and Steady Growth Double-Digit ROE for 5th Consecutive Quarter Net Income ROE Q2 Net Income and ROE Q2 2018 Q2 2019 Q2 2018 Q2 2019 Note: Dollars in millions.

17. Financial Overview • 13% • increase IN Q2 • operating lease • rental revenue 43% Increase in Q2 total revenues Note: Sums may not foot due torounding.

18. ExpenseComparison 19% Decrease in Total Expenses as a Percent of Total Revenues Note: Sums may not foot due torounding.

19. FinancialGuidance • $70M • pre-tax income • for Q3 • $50M+ • Gain on sale • For q3 Forecasted SG&A does not consider foreign exchange gains or losses due to the unpredictability of such items.

20. $70M Q3 Pre-Tax Income FLY’s Value Proposition Growing Book Value Per Share Significant Buying Power $2B+ of Capacity Committed Growth Pipeline First of 21 a320neo family deliveries in Q4 2019 Shares Trading 26% Below Book Value

21. Appendices

22. Well-Diversified Customer Base Top 10 Lessees • 40 Airlines in 21 Countries Geographic Diversity Percentages by net book value, excludes aircraft held for sale. Air India leases are guaranteed by the Indian government. Sums may not foot due to rounding.

23. Capital Structure & Liquidity Overview Represents the contractual interest rates and effect of derivative instruments and excludes the amortization of debt discounts and debt issuancecosts. Represents the ratio of total debt, less unrestricted cash and cash equivalents, divided by shareholders’equity.

24. Adjusted Net Income & Adjusted ROE Percentages have beenannualized.

25. Adjusted SG&A

26. Net Spread Percentages have beenannualized.