FTAI Infrastructure (FIP) investor relations material

Company history and structure

• Founded in 2012 as Fortress Transportation and Infrastructure, initially combining aviation and infrastructure businesses.

• Raised $300 million in private capital, then $700 million more before going public in 2015.

• Split into two companies by 2020: FTAI Infrastructure (the 'orphan' with more debt) and FTAI Aviation.

• Combined value at split was $17/share; current combined value is $240/share.

Asset sales and deleveraging strategy

• Sold Long Ridge, a 485 MW power plant, for $1.5 billion; $1.15 billion in debt to be eliminated upon closing (expected by September 15).

• $350 million in proceeds, with $50 million retained and $300 million to pay down holdco debt.

• Jefferson and Repauno terminals are next sale candidates, expected to be sold within 12–18 months.

• After these sales, $700 million in excess cash will be used to further reduce holdco debt.

Rail business focus and growth plans

• Focus shifting to short line railroads, with Transtar and The Wheeling as core assets.

• Transtar acquired from U.S. Steel for $640 million; Wheeling acquired for $1.05 billion.

• Targeting $220 million in EBITDA with current assets, aiming for $300–$350 million after further acquisitions.

• Rail segment now 24% exposed to U.S. Steel, with plans to further diversify.