Fly Leasing : Q4 2020 Earnings

Fourth Quarter and Full Year 2020 Earnings

February 25, 2021

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. Additional or unforeseen effects from the COVID-19 pandemic and the global economic climate may give rise to or amplify many of these risks. The extent to which the COVID-19 pandemic ultimately impacts FLY's business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted. 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:

• 1. All period end figures are as of December 31, 2020 except as otherwise noted. Any 2021 year-to-date data is as of February 23, 2021.

• 2. Fleet age and lease term are calculated using the weighted net book value of flight equipment held for operating lease, 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 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 February 25, 2021.

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

• 5. Industry sources per IATA.

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Colm Barrington

CEO

INDUSTRY ENVIRONMENT

• ̶ Short-term aviation environment remains challenging

• ̶ Medium term outlook improving

  • • COVID vaccine roll out progressing rapidly

  • • Government travel restrictions due to relax

  • • Increased border testing boosting travel

• ̶ Desire to travel remains strong

• ̶ Domestic/regional traffic recovering faster than international

• ̶ Leasing industry has demonstrated resilience

• ̶ Capital markets are receptive to aviation products

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