Fortress Transportation and Infrastructure Investors LLC : FTAI Q1 ’21 Earnings Supplement

Fortress Transportation and Infrastructure Investors LLC

Supplemental Information First Quarter 2021

Disclaimers

IN GENERAL.This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the "Presentation."

FORWARD-LOOKINGSTATEMENTS.Certain statements in this Presentation may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, of Fortress Transportation and Infrastructure Investors LLC (referred to in this Presentation as "FTAI," the "Company," or "we"), including without limitation, ability to achieve key investment objectives, expansion and growth opportunities, pipeline activity and investment of existing cash, ability to successfully close deals for which we have letters of intent or "LOIs", actual results as compared to annualized data, expectations regarding additional Funds Available for Distribution ("FAD") and/or EBITDA from investments, growth of and ability to expand Jefferson′Terminal, Repauno and Long Ridge, whether equipment will be able to be leased, completion of new infrastructure and commencement of new operations within the Infrastructure business, bank borrowings and future debt and leverage capacity, financing activities and other such matters. These statements are based on management's current expectations, estimates and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond our control. FTAI can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any forward-looking statements made in this Presentation. For a discussion of some of the risks and important factors that could affect such forward-looking statements including, but not limited to the ongoing COVID-19 pandemic, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q (when available) and other filings with the U.S. Securities and Exchange Commission, which are included on the Company's website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this Presentation. The Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.

PAST PERFORMANCE.Past performance is not a reliable indicator of future results and should not be relied upon for any reason. Annualized data is presented for illustrative purposes only and should not be considered indicative of future performance or actual results for any period.

NO OFFER; NO RELIANCE.This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any such offer would only be made by means of formal documents, the terms of which would govern in all respects. You should not rely on this Presentation as the basis upon which to make any investment decision.

NON-GAAPFINANCIAL INFORMATION.This Presentation includes information based on financial measures that are not recognized under generally accepted accounting principles (GAAP), such as Adjusted EBITDA and FAD. You should use Non‐GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. See Reconciliation and Glossary in the Appendix to this Presentation for reconciliations to the most comparable GAAP measures and an explanation of each of our Non-GAAP measures. Our Non-GAAP measures may not be identical or comparable to measures with the same name presented by other companies. Reconciliations of forward-lookingNon-GAAP financial measures to their most directly comparable GAAP financial measures are not included in this Presentation because the most directly comparable GAAP financial measures are not available on a forward- looking basis without unreasonable effort.

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FTAI Overview

Fortress Transportation and Infrastructure Investors (NYSE: FTAI) owns and operates high quality

transportation and infrastructure assets

• Diversified portfolio across the equipment leasing and infrastructure sectors
• Key investment objectives(1):

1. Combineincome & growththrough a mix of equipment & infrastructure

1. Pay astable & growing dividend

	Equipment Leasing(2)		Infrastructure(3)
	~$1.8 billion book equity		~$1.0 billion book equity
✓Aviation Platform		✓Jefferson Terminal
✓Contracted cash flows	Infrastructure	✓Long Ridge Terminal
✓	Differentiated aviation leasing	32.5%	✓	Repauno Port & Rail Terminal
	Infrastructure
	product
	Equipment

36.1%

Leasing

63.9%

1. See "Disclaimers" at the beginning of the Presentation.
2. Equipment Leasing business is comprised of the Aviation Leasing segment, and Offshore Energy & Shipping Containers. Book equity is calculated as total equity lessnon-controlling interest in equity of consolidated subsidiaries as of March 31, 2021.

3) Infrastructure business is comprised of Jefferson Terminal, Ports & Terminals, car cleaning assets and investment in FYX. Book equity is calculated as total equity less non-controlling interest in equity of consolidated subsidiaries as of March 31, 2021.

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First Quarter Highlights

Financial

• Net Loss Attributable to Shareholders of $34.5 million

▪Total Funds Available for Distribution ("FAD") of $14.4 million(1)

Performance

▪Adjusted EBITDA of $47.2 million(1)

Aviation

• Invested $127.8 million in Aviation leasing equipment in Q1'21
• Robust pipeline of aviation opportunities, with ~$170.0 million ofin-place LOIs(2)(primarily comprised of CFM56 engines and related aircraft) outstanding at March 31, 2021

Investment

Activity

• Harvestednon-core aviation assets; sold 16x engines and 5x airframes for a total sales price of $31.5 million and a gain of $0.8 million
• Received FAA approval on our first PMA(3)product in February 2021

Infrastructure

• Completed construction of 6 cross channel pipelines in February 2021
• Completed construction of Southern Star pipeline in April 2021

Capital

Structure

• Continued to advance on all expansion projects
• Total investable cash was approximately $142.4 million(4)at March 31, 2021
• Issued 4.2 million of 8.25%fixed-rate series C preferred shares for gross proceeds of ~$101.7 million in March 2021
• Issued $500.0 million of unsecured notes with a 5.5% coupon and a maturity of 7 years in April 2021

1. 1. Plan to use proceeds to redeem all of remaining $400.0 million of 6.75% fixed rate unsecured notes due 2022 and for general corporate purposes
2. This is aNon-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure.
3. In-placeLOIs represent understandings and arrangements in place. There can be no assurance that we will be successful in acquiring any such assets or, if acquired, that they will generate returns meeting our expectations, or at all. Some of our committed investments and pipeline investments are subject to definitive documentation, agency consent and board approval. Committed investments and pipeline investments are also subject to varying degrees of diligence. There can be no assurance that we will complete any such investments or transactions. See
   "Disclaimers" at the beginning of the Presentation.
4. Parts Manufacturer Approval.
5. Investable cash is equal to cash on the Corporate and Other balance sheet, excluding cash related to Offshore Energy, Shipping Containers, and car cleaning assets.

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Consolidated Financial Results

▪Q1'21 Financial Results

▪Q1'21 Balance Sheet

• Net Loss Attributable to Shareholders of $34.5 million
• Net Cash Used in Operating Activities of $48.9 million
• Total FAD of $14.4 million(1)
• Adjusted EBITDA of $47.2 million(1)

• Total Assets of $3.6 billion
• Total Debt of $2.1 billion (net of $34.9mm deferred financing costs)
• Total Cash of $160.3 million

Financial Overview

($s in millions, except per share amounts)
Quarter Over Quarter Results	Q1'20	Q4'20	Q1'21		Balance Sheet & Liquidity	March 31, 2021
Net Loss Attributable to	($2.9)	($60.5)	($34.5)
	Aviation Leasing Assets	$1,806.7
Shareholders
Net Cash (Used in) Provided by	($11.8)	$34.7	($48.9)		Infrastructure Assets	1,441.6
Operating Activities
				Corporate and Other Assets	343.7
FAD(1)
$96.0	$54.2	$14.4
	Total Assets	$3,592.0
Adjusted EBITDA(1)	$72.0	$46.2	$47.2
	Debt	2,077.4
Losses Per Common Share -	($0.05)	($0.70)	($0.40)
Continuing Operations		Total Equity	1,143.7
Earnings Per Common Share -	$0.02	$0.00	$0.00
	Total Debt + Total Equity	$3,221.1
Discontinued Operations
ROE(2)	(0.9%)	(21.3%)	(12.8%)		Total Debt to Capital Ratio	64.5%

1) This is a Non-GAAP measure. See Reconciliation of Non-GAAP Measures section in Appendix for a reconciliation to the most comparable GAAP measure.

2) ROE is calculated as net income (loss) attributable to shareholders for the quarter divided by quarterly average total equity excluding non-controlling interest in equity of consolidated subsidiaries. The average is based on quarter-end equity amounts over the two most recently completed quarters. ROE for quarterly periods is shown as an annualized return. Annualized data is presented for illustrative purposes only and should not be considered indicative of future performance or actual results for any period.

Please see "Disclaimers" at the beginning of the Presentation.

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