On September 22, 2021, Fortress Transportation and Infrastructure Investors LLC (the “Company”) announced that it is commencing an offering of $400.0 million aggregate principal amount of additional 5.50% senior notes due 2028 (the “Additional Notes”) in a private offering, subject to market and other conditions. There is $500.0 million aggregate principal amount of 5.50% senior notes due 2028 outstanding as of the date hereof. The Company intends to use the net proceeds from the offering to (i) repay in full all of the amounts that remain outstanding under the senior unsecured bridge term loans that were obtained to finance and pay certain fees and expenses related to the Company’s purchase on July 28, 2021 of 100% of the equity interests in Transtar, LLC, which was a wholly-owned short-line railroad subsidiary of United States Steel Corporation, and (ii) for general corporate purposes, including the funding of future acquisitions and investments, including aviation investments. The Additional Notes will be offered in the United States to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and to persons outside of the United States under Regulation S under the Securities Act. The Additional Notes will not be registered under the Securities Act or any state securities laws, and, unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.