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

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. FLY’s Strategy DISCIPLINED ACQUISITIONS Conservative financing
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
ACTIVE FLEET
MANAGEMENT
Consistently sell at gains
Acquire new aircraft
Maintain a young fleet
Enhancing shareholder value
Steadily growing book value per share
Delivering double-digit ROE
Repurchasing shares at a discount to BV

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

8. Adjusted Earnings Per Share
Q2 Financial Results
Adjusted Net Income
Adjusted Earnings Per Share
Book Value Per Share
+13%
GAAP
Q2 2018
Q2 2019
Net Income
$24.3
$54.1
GAAP
Q2 2018
Q2 2019
EPS
$0.87
$1.68
Note: Dollars in millions, except per share amounts.

9. Operating Lease Rental Revenue
Q2 Financial Results
Operating Lease Rental Revenue
Total Revenues
Net Spread (1)
+13%
+43%
+7.1%
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 a Family
Boeing 737NG
Net Book Value 42 42 5% 3%
Airbus a330
Boeing 737 MAX 3 2 1% 0%
Airbus a340
Boeing 757-SF 2 1 9%
cfm engines
Owned & Leased Separately 7
Boeing 777-LRF 2
14%
5.3
Years AvG. lease term
7.4
YEARS Avg. Age
Boeing 787 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
Q2 Net Income and ROE
Net Income
ROE
Q Q2 2019
Q Q2 2019
Adjusted
Q2 2018
Q2 2019
Net Income
$25.2
$61.9
Adjusted
Q2 2018
Q2 2019
ROE
17.6%
33.2%
Note: Dollars in millions.

17. 13% 43% Financial Overview Q2 2019 Q2 2018
(In millions)
Q2 2019
Q2 2018
Operating Lease Rental Revenue
$101.1
$89.2
End of Lease Income
28.8
12.6
Amortization of Lease Incentives and Other
(1.3)
(2.5)
Operating Lease Revenue
$128.6
$99.3
Finance Lease Income
0.2
Gain on Sale of Aircraft
16.1
2.9
Other Income
2.2
Total Revenues
$147.0
$102.7
13%
increase IN Q2
operating lease
rental revenue
43%
Increase in Q2
total revenues
Note: Sums may not foot due to rounding.

18. 19% Decrease in Total Expenses as a Percent of Total Revenues
Expense Comparison
(In millions)
Q2 2019
Q2 2018
Depreciation
$37.3
$33.9
Interest Expense
35.4
33.6
Selling, General and Administrative
9.4
6.4
Loss (Gain) on Derivatives
0.3
(1.3)
Loss on Extinguishment of Debt
1.5
0.9
Maintenance and Other Costs
1.6
Total Expenses
$85.6
$74.4
19% Decrease in Total Expenses as a Percent of Total Revenues
Note: Sums may not foot due to rounding.

19. $70M $50M+ Financial Guidance for Q3 For q3 Q3 2019
(In millions)
Q3 2019
Operating Lease Rental Revenue
$94–96
Lease Incentives and Other
($1–2)
Gain on Sale of Aircraft
$50+
End of Lease Income –
Depreciation
$33–34
Interest Expense
Debt Extinguishment Costs $3
Maintenance and Other Costs
< $1
SG&A(1)
$8–9
$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. Growing Book Value Per Share
$70M Q3 Pre-Tax Income
FLY’s Value Proposition
Growing Book Value Per Share
Committed Growth Pipeline
First of 21 a320neo family deliveries in Q4 2019
Significant Buying Power
$2B+ of Capacity
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
(in millions)
June 30, 2019
December 31, 2018
Unrestricted cash and cash equivalents
$352
$180
Unencumbered assets
$288
$332
O / S
Rate(1)
Maturity
Securitization —
$86
3.08%
2012 Term Loan
$396
4.62%
408
5.17%
2023
Nord LB Facility
101
4.25%
109
4.29%
2020
Other Bank Debt Facilities
746
4.44%
808
Aircraft Acquisition Facility
160
4.53%
190
4.10%
2022
Magellan Acquisition Facility
292
4.17%
305
4.18%
2025
Fly Aladdin Acquisition Facility
353
4.75%
467
4.59%
Fly Aladdin Engine Funding Facility 43
4.95% 44
Unamortized Discounts and Loan Costs
(29)
(37)
Total Secured Debt
$2,062
4.50%
$2,380
4.49%
2021 Notes
325
6.38%
2021
2024 Notes
300
5.25%
2024
(6)
(7)
Total Unsecured Debt
$619
5.84%
$618
Total Debt
2,681
4.80%
2,998
4.76%
Shareholders' Equity
754
702
Total Capitalization
$3,435
$3,700
Debt to Equity
Net Debt to Equity(2)
Secured Debt to Total Debt
3.6x
3.1x
77%
4.3x
4.0x
79%
Total Debt to Total Capitalization
78%
81%
Represents the contractual interest rates and effect of derivative instruments and excludes the amortization of debt discounts and debt issuance costs.
Represents the ratio of total debt, less unrestricted cash and cash equivalents, divided by shareholders’ equity.

24. Adjusted Net Income & Adjusted ROE
(In thousands)
Q2 2019
Q2 2018
H1 2019
H1 2018
Net Income
$ 54,050
$24,344
$99,015
$33,974
Plus:
Unrealized foreign exchange loss (gain) 68
(864)
(104)
(456)
Deferred income taxes
7,519
3,974
9,991
6,327
Fair value changes on undesignated derivatives
255
(2,238)
143
(2,240)
Adjusted Net Income
$ 61,892
$25,216
$109,045
$37,605
Average Shareholders' Equity
$ 745,783
$ 571,881
$731,225
$562,490
Adjusted ROE(1)
33.2%
17.6%
29.8%
13.4%
Percentages have been annualized.

25. Adjusted SG&A
(In thousands)
Q2 2019
Q2 2018
H1 2019
H1 2018
Selling, General & Administrative
$ 9,438
$ 6,369
$18,160
$14,979
Less:
Unrealized foreign exchange loss (gain) 68
(864)
(104)
(456)
Adjusted Selling, General & Administrative
$ 9,370
$ 7,233
$ 18,264
$ 15,435
Total Revenues
$ 147,033
$ 102,673
$ 281,736
$ 191,428
Adjusted SG&A as a % of Total Revenues
6.4%
7.0%
6.5%
8.1%

26. Net Spread Q2 2019 Q2 2018 Operating lease revenue $ 128,623 $ 99,324
(In thousands)
Q2 2019
Q2 2018
Operating lease revenue
$ ,623
$ ,324
Finance lease revenue
156
171
$ ,779
$ ,495
Less:
End of lease income
28,823
12,612
Interest expense
35,439
33,644
Net interest margin
$ ,517
$ ,239
Average fleet net book value (NBV)
$ 3,454,855
$ 3,061,064
Net Spread(1)
7.5%
7.0%
Percentages have been annualized.