Investor PresentationJanuary 7, 2020

Forward-Looking Statements

2

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 thebenefit from 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. Unless otherwise noted, all period end figures are as of September 30, 2019 and any year-to-date data is as of September 30, 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 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 November 8, 2019.

DIVERSIFIED LESSEES

43 Airlines

24 Countries

MANAGED BY BBAM

World’s third largest aircraft lease manager

Global platform

Provides FLY with scale of larger players

LONG-DATED

FINANCING

4.5 Year average life,scheduled

amortization

Term Loan re-pricing

equal to best in class

$1.3B / 30 AIRCRAFTPIPELINE

21 new A320/321neos on committed

long leases

8 B737-800s1 A320ceo

FLY at a Glance

3

92AIRCRAFT

7.7 Years average age

5.0 Years average lease

term

ROBUST FINANCIAL

RESULTS

Strong growth in 2019 Net

Income, EPS, ROE and NBV

per Share

Note: Figures as of September 30, 2019

AIRBUS A330

AIRBUS A320NEO FAMILY

AIRBUS A320CEOFAMILY

BOEING 787

BOEING 777-LRF

BOEING 757-SF

BOEING 737 MAX

BOEING 737NG

1

2

4

3

1

34

FLY’s Fleet of Modern Aircraft as of Dec 31

4

42

2CFM56 ENGINES

Owned & Leased Separately7

– A Strong Partner for FLY

5

➢ FLY benefits from BBAM’s full-service platform

• 500+ aircraft managed

• 200+ airline relationships

• 150 buying, leasing, technical professionals

• 8 offices world-wide

Buying & Selling Advantage

Purely an Aircraft ManagerBBAM does not own any aircraft

A Global Leader in Aircraft & Lease Management

Strong Alignment of InterestsBBAM shareholders own 17% of FLY stock

➢ BBAM provides access to larger deals & stronger

returns

• $27+ billion assets under management

• Access to several pools of public and private

capital

6

FLY’s Strategy

DISCIPLINEDACQUISITIONS

CONSERVATIVE FINANCING

ACTIVE FLEET MANAGEMENT

ENHANCING STAKEHOLDER

VALUE

• Pipeline of new technology aircraft• Rigor on pricing• Limited financing risk

• Long-dated and amortizing• Limited balloon repayments• Reduced leverage to 2.6x

• Selling at gains• Acquiring new aircraft • Maintaining young fleet

• Consistently growing book value • Delivering double-digit ROE• Opportunistic share repurchases

DELIVERING ROBUST RESULTS

7

$168.9 MADJUSTED NET INCOME

20% Increase

in Book Value Per Share to $25.85

$5.28ADJUSTED EPS

30%ADJUSTED ROE

KEY YTD NUMBERSTHRU Q3

2019

Strong & Steady Growth in Book Value Per Share

8

$20.89

$21.50

$22.74

$24.28

$25.85

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

+24%

$1.3B Growth Pipeline

2019 Acquisitions Completed

• 4 B737-800s acquired through Sept 30

– 2 acquired in Q3

1

7

11

2

Q4 2019 2020 2021 2022

9

A320neo Family Delivery Schedule

Committed Pipeline

• 21 new A320neo family aircraft

• 8 B737-800s / 1 A320ceo

– 6 expected to close in Q4 2019

– 3 expected to close in H1 2020

Aircraft Sales Generating Benefits

Aircraft Sold YTD 2019

➢ 25 sold through Q3

• $86.4 million economic gain

• 13% premium to book value

10

2.6xNET DEBT-TO-

EQUITY RATIO AT SEPTEMBER 30

13%PREMIUM TO

NET BOOK VALUE ON YTD SALES

Sales Benefits

➢ Demonstrates value in balance sheet

➢ Reduces leverage and concentration

➢ Generates free cash

Flexibility for Capital Allocation & Debt Refinancing

➢ Low leverage

➢ Significant cash balance

➢ Rating upgrade to BB from Standard & Poor’s

➢ Repriced and extended $385 million Term Loan at L+1.75%

FLY’s Value Proposition

11

Low Leverage andSignificant Cash

Consistent Sales ofAircraft at Gains

Attractive Portfolio of Aircraft and Leases

Committed $1.3B Pipeline of Leased Aircraft

Growing Book ValuePer Share

✓ Limited Refinancing Risk

✓ Positive Outlook

✓ Valuable Portfolio

✓ Robust Liquidity

✓ Low Refinancing

Risk

✓ Attractive Growth

Pipeline

Appendices

Well-Diversified Customer Base

43 Airlines in 24 Countries Geographic Diversity

India21%

Malaysia16%

Ethiopia10%Philippines

9%

Indonesia7%

China6%

Spain5%

UK5%

USA4%

France3%

Other13%

(1) Percentages by net book value.

(2) Air India leases are guaranteed by the Indian government.13

Top 10 Lessees

AirAsiaBerhad

11%

Air India10%

EthiopianAirlines

10%

Philippine Airlines

8%

MalaysiaAirlines

6%

Air Europa4%

Spicejet4%

Lion Air3%

Transavia3%

AirAsia India3%

(2)

(1) Represents the contractual interest rates and effect of derivative instruments and excludes the amortization of debt discounts and debt issuance costs.

(2) The Aircraft Acquisition Facility was repaid in October 2019. In November 2019, the 2012 Term Loan was amended to reduce the interest payable to three-month LIBOR plus 1.75%, and to extend the maturity date to August 2025.(3) Represents the ratio of total debt, less unrestricted cash and cash equivalents, divided by shareholders’ equity.

Capital Structure & Liquidity Overview

(in millions) September 30, 2019 December 31, 2018

Unrestricted cash and cash equivalents $433 $180

Unencumbered assets $318 $332

O /S Rate(1) O /S Rate(1) Maturity(2)

Securitization — — $86 3.08% —

2012 Term Loan $391 4.51% 408 5.17% 2023

Nord LB Facility 98 3.88% 109 4.29% 2020

Other Bank Debt Facilities 716 4.28% 808 4.44% 2020-2028

Aircraft Acquisition Facility 100 4.45% 190 4.10% —

Magellan Acquisition Facility 285 4.14% 305 4.18% 2025

Fly Aladdin Acquisition Facility 308 4.78% 467 4.59% 2023

Fly Aladdin Engine Funding Facility 43 4.95% 44 4.95% 2021-2022

Unamortized Discounts and Loan Costs (26) (37)

Total Secured Debt $1,915 4.39% $2,380 4.49%

2021 Notes 325 6.38% 325 6.38% 2021

2024 Notes 300 5.25% 300 5.25% 2024

Unamortized Discounts and Loan Costs (6) (7)

Total Unsecured Debt $619 5.84% $618 5.84%

Total Debt 2,534 4.74% 2,998 4.76%

Shareholders' Equity 799 702

Total Capitalization $3,333 $3,700

Debt to EquityNet Debt to Equity(3)

Secured Debt to Total Debt

3.2x2.6x76%

4.3x4.0x79%

Total Debt to Total Capitalization 76% 81%

14