FLY Leasing Limited. October 2013

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1 FLY Leasing Limited October 2013

2 Caution Concerning Forward-Looking Statements This presentation contains "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," "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, including those discussed in FLY s Annual Report on Form 20-F. FLY undertakes no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise. Page 1

3 FLY at a Glance History Completed IPO in 2007; headquartered in Dublin, Ireland Portfolio 103 aircraft predominantly popular, fuel efficient technology (1) Customers 54 Airlines in 31 Countries (1) Lease Profile 3.7 years average remaining lease term (1) (2) Management Team Ownership Long-tenured team with established track record 8%+ owned by insiders As of and For the Six Months Ending June 30, 2013 (Unaudited, $ in millions except per share data) Total Revenues $204.9 Total Assets $2,968.9 Net Income 38.8 Total Liabilities 2,390.3 Earnings per share $1.35 Total Equity (4) Adjusted Net Income (3) 49.8 Cash and Cash Equivalents (4) Adjusted Net Income (3) per share $1.76 Total Secured Borrowings 2,030.2 (1) As of June 30, 2013 (2) Weighted by net book value (3) See appendix for definition and reconciliation to net income (4) Subsequent to June 30, 2013, approximately $173 million in additional capital was raised through a capital stock issuance Page 2

4 Investment Decisions Driven by Shareholder Focus Well capitalized to acquire aircraft accretive to EPS and cash flow Committed to returning capital to shareholders Consistent track record of selling older aircraft at gains Flexible approach to debt financing to take advantage of the most efficient markets Executing on de-leveraging strategy while acquiring young, attractive aircraft Page 3

5 Attractive Portfolio of Leased Aircraft Modern Fleet (1) Aircraft Type # of Aircraft % of NBV A320 Family 45 40% B737 Next Generation Family 40 43% B737 Freighter 1 0% B757 (2) 11 6% Widebody (3) 6 11% Total % Attractive Lease Maturity Profile (1) 9 (4) and Beyond (1) Data as of June 30, See page 11 for Q3 portfolio updates. (2) Includes one freighter. (3) One A , one A , two A s, one B and one B ER. (4) Since June 30, 2013, one aircraft has been sold, one lease has been extended, and there are LOIs covering three of the aircraft. Page 4

6 Diversified, Global Customer Base Diversified Lessees 54 Airlines in 31 Countries Lessee Country % of Revenue (1) China 6% UK 5% USA 5% USA 5% UK 4% Mexico 4% India 4% Turkey / Germany 4% Thailand 3% Australia 3% Top 10 Lessees 43% Region % of Revenue (1) Europe 42% India, Asia & South Pacific 29% North America 15% Latin & South America 8% Middle East & Africa 6% (1) As a percent of total annualized contracted revenue as of June 30, Page 5

7 Attractive Financing Facility Balance as of June 30, 2013 No. of Aircraft Secured Effective Cost of Debt (1) Final Maturity Securitization $614m % 2033 Nord LB Facility $474m % 2018 Bank Debt Facilities $434m % Term Loan $369m % 2018 Aircraft Acquisition Facility (2) $139m % 2018 Total $2,030m % Immediate financing capacity in $450 million Aircraft Acquisition Facility Proven ability to source permanent financing in a variety of debt markets (1) Excludes amortization of loan fees and discount; reflects interest rate swaps and policy provider premiums. (2) $450m total commitment. Page 6

8 FLY is De-Leveraging to Low Levels Net Debt / Equity Ratio (1) 2.7x Avg. 5.1x Acquisition of 49 aircraft portfolio 3.6x 3.3x Q Debt is secured and long-dated liability structure matches asset characteristics Debt amortizes more quickly than assets depreciate provides organic deleveraging De-leveraging plan does not require significant equity contributions Majority of the debt is non-recourse Financing vehicles actively managed to reduce or eliminate interest rate risk No significant debt maturities until 2018 Target leverage in the 3.0x 4.0x range depending on market conditions, financing availability and asset trading activity (1) Defined as total debt less unrestricted cash divided by shareholders equity. Page 7

9 Committed to Returning Capital to Shareholders Cumulative Dividends Paid Per Share Since IPO $2.00 $2.80 $3.60 $4.40 $5.24 $ YTD Committed to returning capital to shareholders in the form of quarterly dividends Paid a dividend every quarter since IPO in 2007 A total of 23 consecutive quarterly dividends Current quarterly dividend: $0.22 / share Increased the dividend by 10% in 2012 Will consider future dividend increases with growth in the company s per share cash flows Additionally, during the financial crisis, FLY augmented the value of the company through opportunistic repurchases Repurchased 24% of IPO shares at a weighted average price of $7.91 Page 8

10 FLY has Consistently Monetized Older Aircraft at Gains Proven track record of selling older aircraft at gains Sold 21 aircraft for net gains of $48.8 million (1) 6 A320s, 1 A319, 1 B , 1 B ER, 6 B717s, 3 B s, 1 B , 2 B s Average gain of $3.1m / aircraft In addition to the book gains, $18.8m of end of lease income was collected in connection to the sales Average age of aircraft sold since inception: 12.4 years Annual Gains Cumulative Gains Annual Net Gains of Aircraft Sold ($ in millions) $42.3 $48.8 $33.9 $24.8 $11.4 $11.4 $11.4 $13.4 $9.1 $8.4 $ H 2013 # of A/C Sold Avg. Age of A/C Sold Avg. # of A/C at FLY (1) An additional aircraft (1999 B ) was sold in July 2013 for approximately book value Page 9

11 Select Case Studies for Aircraft Sold 1995 A Date Purchased October 2007 Date Sold June 2012 Book Gain $4.1m Buyer Passive Investor Age at Sale 16.7 years IRR 38.2% 2004 B ER Date Purchased March 2008 Date Sold December 2011 Book Gain $1.7m Buyer Lessor Age at Sale 7.7 years IRR 25.3% 6x 2001 B s Date Purchased October 2011 Date Sold March 2013 Book Gain $6.4m Buyer Lessor Age at Sale 11.5 years IRR 267.4% 1989 B Date Purchased October 2007 Date Sold October 2010 Book Gain $4.5m End of Lease Income $2.3m Buyer Logistics Company Age at Sale 21.2 years IRR 19.7% Page 10

12 FLY s Acquisition Strategy Not reliant on any single origination channel Aversion to signing speculative, unplaced orders with manufacturers Raised over $170m of capital in a July 2013 follow-on equity issuance Young Narrowbodies Primary growth driver Large, established operating base Liquid assets for trading Predictable residual values Focus: B s & A320s Select Widebodies Limited appetite, no more than 25% of fleet High-quality credits and long lease terms Attractive financing options Marginally higher asset yields Focus: B777 & B787 Mid-Aged Aircraft Higher cash flow and higher overall return expectations BBAM origination advantage Not interested in the part-out business Focus: B s & A320s Page 11

13 Compelling Standalone Economics 2013 B ER Case Study 2013 B Case Study Purchase Price as % of Appraisal 97% Lease Rate Factor on Purchase Price (1) 12% Assumed Debt Financing Cost 4.05% Assumed LTV on Purchase Price 84% 5-Year Hold IRR (2) 18-22% Purchase Price as % of Appraisal 86% Lease Rate Factor on Purchase Price (1) 11% Assumed Debt Financing Cost 4.50% Assumed LTV on Purchase Price 73% 5-Year Hold IRR 14-16% Note: The returns included on this page are hypothetical and based on certain assumptions, including assumptions relating to the purchase price of new assets, the lease rate factors on the purchase price and the cost of funds to finance those assets. These returns do not reflect the impact of actual performance and market factors and so do not represent the actual results that FLY will receive which may vary based on actual transaction terms. (1) Contracted annualized rentals divided by the projected purchase of the pipeline of acquired and identified aircraft. (2) Assumes aircraft sold at end of year five for purchase price equal to Ascend future base value. Page 12

14 Q3 Portfolio Activity: Continued Execution of Strategy Acquisitions Young Narrowbodies Select Widebodies Opportunistic Mid-Age 2013 B on lease to a Chinese carrier 2013 B on lease to a Malaysian carrier Financed with the $450 million aircraft acquisition facility 2013 B ER with LATAM Agreed to a SLB on a B787-8 with LATAM that delivered in early Q4 Financed with one-off bank debt 1999 B on 6 year lease to a German carrier 2002 B on 6 year lease to a German carrier Financed with one-off bank debt Dispositions Mid-Age Aircraft 1999 B at approximately net book value Page 13

15 Appendix 1 Industry Overview

16 Global Air Traffic - Doubling Every 15 Years RPKs in billions World Annual Traffic Air traffic has doubled every 15 years ICAO Total Traffic x2 Airbus GMF 2011 x2 20-year World Annual Traffic Growth 4.8% 4 2 x2 Air traffic expected to double again in the next 15 years Source: ICAO, Airbus. Page 15

17 Growth Driven by Developing Markets Significant growth in passenger traffic in developing markets Driven by economic growth, increasing disposable income and major structural changes Aircraft fleets in these countries have grown at a faster pace Since 1990, flight cycles in China have increased by 24 times, a CAGR of 16% As GDP per capita and travel are linked, there is potential for continued accelerated growth Ratio of Aircraft Per Million of Population Aircraft Density by Region Aircraft per Million Population US/Canada Europe Middle East Latin America China Asia Source: Ascend. Page 16

18 Aging Fleets in Mature Markets Require Replacement Average Age yrs % of Aircraft 20 Years or Older 40% 12 32% 12 yrs 11 yrs 10 yrs 9 yrs 8 23% 20% 7 yrs 20% 17% 4 11% 3% 0 North America Latin America Europe Middle East Asia Pacific China 0% Source: Ascend. Average Age % of Aircraft 20 Years or Older Significant replacement requirement in the next five years as aircraft face retirement Page 17

19 Aircraft Leasing - Increasingly Important to Airlines Leased aircraft have grown from less than 1,000 in 1990 to over 5,500 today Over 56% of airlines (~400 carriers) have aircraft on operating lease Expected that by 2020 approximately 50% of airlines fleets will be leased Lessor Share of World Aircraft Fleets 6,753 8,428 10,105 11,523 13,330 Fleet Flexibility Financial Flexibility and Finance Availability Why Airlines Lease Ability to quickly address changing equipment and market needs with aircraft from lessors portfolios Minimal cash outlay required compared to buying aircraft - <3% of aircraft cost Lessors have better access to financial markets than many airlines 12% 20% 25% 37% 42% % on Operating Lease Global Fleet Source: Ascend Fleets Database. Note: Data comprised of Airbus, Boeing, McDonnell-Douglas and Lockheed in service passenger aircraft. No Residual Value Risk Better Equipment Leasing provides a hedge against residual and ownership risk in at least a portion of the fleet Many airlines can obtain better aircraft through leasing compared to buying Page 18

20 Appendix 2 BBAM Overview

21 BBAM Overview Founded in 1989 Global BBAM Footprint Core team together through several cycles World s third largest aircraft lease manager 400+ aircraft under management Managed aircraft valued at over $12 billion 120 employees in nine locations worldwide Full service platform Originates and manages aircraft for two primary sources of capital FLY Japanese clients of Nomura Securities Owned jointly by management and Onex (Fleet Value in Billions) $60 $50 $40 $30 $20 $10 $0 $48.8 $35.5 Source: AirFinance Journal, July Leading Aircraft Lessors $13.3 Gecas ILFC BBAM Av iation Capital Group $8.7 $8.2 $8.1 $8.1 $8.0 $6.4 $5.5 CIT Aerospace SMBC BOC Av iation AerCap Awas Doric Asset Finance Page 20

22 BBAM Remarketing and Disposition Track Record Consistently active in the market for two decades Relationships with diverse set of sellers: airlines, OEMs, other lessors, financial institutions, passive investors Page 21

23 A Sample of BBAM s Airline Relationships Representative Global Reach Americas Asia-Pacific Africa / Middle East Europe Page 22

24 Appendix 3 Adjusted Net Income Definition

25 Appendix 1 - Adjusted Net Income FLY defines Adjusted Net Income as net income plus or minus the ineffective portion of cash flow hedges, debt extinguishment costs, aircraft impairment, non-cash share-based compensation and adjustments related to the GAAM portfolio acquisition comprised of amortization of fair value adjustments recorded in purchase accounting and acquisition transaction fees and expenses. Management believes that Adjusted Net Income provides useful information about operating performance and period- over- period comparisons. It also provides additional information that is useful in evaluating the underlying operating performance of our business without regard to the impact of items such as fair value adjustments of debt that the company has assumed, acquired leases and derivative instruments and other non-recurring items of income and expense affecting current period results. (Dollars in thousands, except per share data) Six month period ended June 30, 2013 (Unaudited) Page 24 Net Income $ 38,760 Add (less); Ineffective portfion of cash flow hedges (860) Debt extinguishment costs 2,140 Non-cash share-based compensation 2,474 Adjustments related to GAAM Portfolio acquisition: Amortization of fair value adjustments recorded in purchase accounting 8,056 Income tax effects (796) Adjusted Net Income $ 49,774 Weighted average diluted shares outstanding 28,211,847 Adjusted Net Income per share $ 1.76

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