FLY Leasing Limited May 2015

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Caution Concerning Forward-Looking Statements

This presentation contains "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," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will," or words of similar meaning and include, but are not limited to, statements regarding the outlook for Fly Leasing Limited’s (FLY) future business and financial performance, and for the aviation industry. 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. 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 Reports on Form 6-K. FLY undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise.

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Total Revenues $427m Total Assets $4,225m

Net Income $56m Cash and Cash Equivalents $338m

Earnings Per Share $1.32 Total Borrowings $3,025m

Dividends Per Share $1.00 Total Equity $759m

FLY at a Glance

Note: As of December 31, 2014. (1) Weighted by net book value as of December 31, 2014.

As of and for the year Ended December 31, 2014

Portfolio 127 aircraft, 7.8 years average age (1)

Customers 64 airlines in 36 countries

Lease Profile

Net, Net Leases, 5.3 years average remaining lease term (1)

Insider Ownership 8%+ with market value of $45m+

Managed by BBAM World’s 3rd largest lease manager with long, established track record

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Attractive Portfolio of Leased Aircraft

(1) As of December 31, 2014. FLY has subsequently acquired two A321-211s, two A320-200s and one B737-800, and sold three B737-800s. (2) All Next Generation except for one B737-300 freighter. (3) FLY has signed purchase agreements to sell eight B757s.

Aircraft Type # of Aircraft % of NBV

A320 Family 48 30%

A330 4 10%

A340 3 4%

B737 Family (2) 57 44%

B747/757/767 (3) 13 5%

B777/B787 2 7%

Total 127 100%

Modern Fleet (1)

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Diversified, Global Customer Base

Lessee Country % of Revenue (1)

Philippines 10%

Chile 7%

China 4%

UK 4%

USA 4%

USA 3%

Turkey 3%

India 3%

Turkey 3%

Thailand 3%

Top 10 Lessees 44% (1) Percentage of total annualized contracted revenue as of December 31, 2014. (2) 1% is associated with two B757s expected to be sold as previously announced.

Diversified Lessees – 64 Airlines in 36 Countries

Region % of Revenue (1)

Europe 37%

India, Asia & South Pacific 35%

North America 11%

Central & South America 11%

Middle East & Africa 3%

Russia (2) 3%

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FLY Benefitting from Active Fleet Management

YE 2012 YE 2013 YE 2014

Avg. Remaining Lease Term (1) 3.2 4.3 5.3

Avg. Age of Fleet (1) 9.4 8.6 7.8

Total Acquisition Costs $60m $642m $952m

# of Aircraft Acquired 4 14 22

Avg. Age of Aircraft Acquired (2) 14.1 2.0 2.6

Avg. Age of Aircraft Sold (3) 13.7 13.6 12.6

Flight Equipment $2,617m $3,035m $3,705m

Strategy is to re-invest in younger aircraft while monetizing older aircraft

(1) Weighted by net book value. (2) At time of acquisition. (3) At time of disposition.

Flight equipment grew by 19% on an annualized basis between 2012-2014

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Proven track record of selling older aircraft at gains throughout the cycle

• FLY has sold 30 aircraft

• Average age of aircraft sold: 12.5 years

• Achieved sales gains of $68m or 14% above the NBVs

Summary of Annual Disposition Activity

…And Consistently and Profitably Monetizing Aircraft

2008 2009 2010 2011 2012 2013 2014

Annual Gains $11.4m -- $13.4m $9.1m $8.4m $6.3m $18.9m

# of A/C Sold 2 -- 4 2 4 10 8

Avg. Age of A/C Sold 12.9 -- 11.0 6.8 13.7 13.6 12.6

Premium to NBV 39% -- 16% 9% 12% 11% 16%

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Executing 2015 Fleet Strategy

On track to invest $750m • 65% already acquired or identified Ample liquidity: • $338m of unrestricted cash • $543m of unencumbered aircraft • Attractive financing available

Acquisitions Dispositions

Sold three aircraft Q1 • Primarily motivated to manage lessee

exposure • Produced small gain

Strong market for selling mid-life aircraft • Contracted to sell eight ~17 year old

B757s

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Nimble and Proactive Approach to Capital Structure Management

In April 2015, re-priced 2012 Term Loan, saving 0.75% on the margin and 0.25% on the LIBOR floor • First year interest savings of ~$4m

Flexible use of recourse and non-recourse financing Debt is long-dated – liability structure matches asset characteristics No significant debt maturities until 2018

(1) Represents the contractual interest rates and effect of derivative instruments and excludes the amortization of debt discounts and debt issuance costs. See Appendix 2.

Cost of Secured Debt (1) Unencumbered Aircraft By Quarter

$ in

Mill

ions

5.12%

4.67%

4.26% 4.04%

3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

2011 2012 2013 2014

$75 $121

$246

$403

$543

$-

$100

$200

$300

$400

$500

$600

Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014

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$0.84 $0.88

$1.00

2012 2013 2014

Declared a total of 30 consecutive quarterly dividends, totaling $7.62 per share

Current annual dividend of $1.00 per share

Commitment to Enhancing Shareholder Value

Annual Dividends Declared Per Share

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Stakeholder Highlights

Execution of fleet growth strategy is improving revenues and bottom line

Consistent sales of older aircraft at gains supports book values

Portfolio metrics are significantly improved by fleet rejuvenation

Strategic approach to liability management

Focus on creating value for stakeholders – supported by attractive dividend

Appendix 1—BBAM Overview

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Source: AirFinance Journal, 2014.

Leading Aircraft Lessors

Founded in 1989 World’s third largest lease manager of aircraft with 400+ aircraft under management Acquired by management team in April 2010 Onex purchased a 50% interest in BBAM in December 2012 120 + employees in nine offices worldwide The core management team has been together through several cycles (including 9/11, SARS and financial crisis) BBAM is an asset management company, originating and managing aircraft for two primary pools of capital: • FLY Leasing Limited (“NYSE: FLY”) • Nomura Babcock & Brown (“NBB”), a

wholly-owned subsidiary of Nomura Securities

$33.9 $33.6

$12.3$9.4 $8.9

$7.4 $7.3 $6.9 $5.9 $4.8

$0

$5

$10

$15

$20

$25

$30

$35

$40

GECAS AerCap BBAM SMBC BOC AWAS CIT Air Lease ACG Avolon

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BBAM Overview

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BBAM — Global, Full Service Platform

No outsourcing – each driver of aircraft investment returns led by senior BBAM personnel with dedicated teams 120+ professionals in nine offices covering all target regions Dedicated in-house professional staff providing a comprehensive platform

DRIVERS OF AIRCRAFT INVESTMENT RETURN

Origination & Re-Marketing

Technical & Asset Management

Corporate Finance & Capital Markets

Finance, Accounting, Tax, Contracts

& Investor Reporting Legal

Steve Zissis Declan Cotter Wesley Dick Rob Tomczak Vince Cannon

17 Professionals 20 Professionals 6 Professionals 62 Professionals 15 Professionals

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Representative Global Reach Americas Asia-Pacific Africa / Middle East Europe

A Sample of BBAM’s Airline Relationships

Appendix 2 – FLY’s Capital Structure

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Capital Structure & Liquidity Summary

FLY’s Capital Structure

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

(2) This facility was terminated in March 2015. (3) Represents the ratio of total debt less cash and cash equivalents divided by shareholders’ equity.

($ in millions) 12/31/2014 12/31/2013Unrestricted cash and cash equivalents $338 $404

Debt O / S Rate (1) O / S Rate (1) MaturitySecuritization $546 3.04% $593 3.63% 20332012 Term Loan 452 5.19% 475 4.50% 2019Nord LB Facility 416 4.15% 452 4.15% 2018CBA Facility 115 4.63% 162 4.91% 2018-2020Bank Debt Facilities 723 3.89% 490 4.71% 2015-2025

Aircraft Acquisition Facility (2) 122 4.15% 127 4.16% 2018Unamortized Discounts (39) (45)

Total Secured Debt $2,335 4.04% $2,254 4.26%

2020 Notes 375 6.75% 300 6.75% 20202021 Notes 325 6.38% -- -- 2021Unamortized Discounts (11) (8)

Total Unsecured Debt $689 6.58% $292 6.75%

Total Debt 3,024 4.61% 2,546 4.55%Shareholders' Equity 759 748

Total Capitalization $3,783 $3,294

Net Debt to Equity (3) 3.5x 2.9xSecured Debt to Total Debt 77% 89%Total Debt to Total Capitalization 80% 77%