FTAI Aviation : Investor Deck June 2023

POWER FOR THE

AFTERMARKET

INNOVATING CFM56 POWER

FTAI Aviation - Investor Day

7 June 2023

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". The information contained on, or accessible through, any websites included in this Presentation is not incorporated by reference into, and should not be considered a part of, this 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 FTAI Aviation Ltd. (referred to in this Presentation as "FTAI," the "Company," or "we"), including without limitation, the potential benefits of the Company's perpetual power programs, ability to achieve key investment objectives, ability to successfully integrate acquired businesses and realize the anticipated benefits of mergers, acquisitions, expansion and growth opportunities, actual results as compared to annualized or run-rate data, expectations regarding Adjusted EBITDA from investments, ability to leverage macroeconomic environments and any economic or travel-related rebounds, whether equipment will be able to be leased, expected growth of the CFM56-7B/5B aftermarket, expected life of the CFM56 platform, increased demand for our equipment and parts and shop visits, increased pricing for parts, expected timing and growth of shop visits, ability to offer cost savings and flexibility to customers, our ability to maintain differentiated shop visits, ability to meet our sustainability objectives and targets, ability to scale The Module Factory. 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.ftaiaviation.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. You should use Non‐GAAP information in addition to, and not as an alternative to, financial information prepared in accordance with GAAP. See reconciliation to the closest GAAP measure available in the Company's most recent earnings supplement. 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.

2

The Engine Platform Lifecycle

• Boeing and Airbus form a duopoly, competing fiercely to deliver new airplanes to airlines - exerts downward pressure on suppliers
• As a result, Engine Original Equipment
  Manufacturers ("Engine OEMs") operate under a razor-blade economic model (1):
  o Razor: Sell new engines at minimal to no profit
  o Blades: Sell replacement parts through maintenance over next 40 years (2) - price of parts escalate ~7%+ per year (3)
• Engine maintenance is normally completed every 5 years
  o Airlines' third-largest expense, after fuel and labor

Service-DrivenProfit: The Business Model of Engine Manufacturers

Illustrative Example: Assuming $1.0 of replacement parts escalated at 7% p.a. (3)

1997	2007	2020	2045 (3)
First Aircraft Delivered	Aftermarket Starts	Last Aircraft Delivered	2020 +25 years
Year 1 - 10		Years 11 - 48

$1.0 $2.0 $4.7 $25.7

Price of Parts Escalate

Engine OEMs Cover All	Engine OEMs and Aftermarket Compete for
Maintenance
Maintenance (Competition)
(No competition)

Aftermarket Opportunity

Engine OEMs open maintenance networks to make services more accessible, thereby creating a longer-lasting platform.

Benefit to OEM	Benefit to Aftermarket
Longer-lasting platforms are accretive to razor-blade	Substantial reward for aftermarket players capable
model	of innovating cost-saving solutions

1. Source: RAND Corporation Report "Applying Best Practices to Military Commercial-Derivative Aircraft Engine Sustainment" - Published 2016
2. Source: CFMI - May 2023

3) Source: MBA report "CFM56-5B/7B LLP Cost Escalation" published December 2022	3

CFM56 is the Largest Commercial Aftermarket Opportunity (1)

1	Market Size: Largest engine market with
21,000+ engines still in service (2)

2	Reliable: CFM56 platform has over
1.2 billion flight-hours flown (3)

3	Modular: Anatomy of the engine allows for
creative maintenance solutions
4	Open Aftermarket: More than 40 MROs
service the CFM56 (OEM + 3rd Party) (3)

Platform Longevity

We expect the CFM56 platform to have 25+ years of additional life remaining (4)

1. Based on market size using data from Cirium Ascend Fleet, as of December 2022.
2. Data from Cirium Ascend Fleet, as of December 2022.

3) Source: CFM International - May 2023.

4) Based on management's current views and estimates, and actual results may vary materially.

4

Aftermarket Industry Scale

• The CFM56-7B/5B is the largest engine market ever produced, with 22,000+ engines manufactured and 21,000+ still in service today (1)
• Aftermarket care for CFM56 is expected to grow 16% between 2022 and 2030 (2,3)

1. GE shifting focus to new technology engines including the LEAP

1 Largest Engine Market Today

(1)

3x larger than 2nd

largest engine market

2 Aftermarket Care for CFM56 is Growing (1,2,3)

					Aftermarket Care
25,000	21,269	20,693	20,116		CFM Care

5%

5%

5%

6%

9%

9%

37%

11%

Largest: CFM56-7B/5B

Second Largest: V2500

Third Largest: LEAP

20,000				19,389	18,404
	20%	16%
26%	12%	10%
15,000
10,000				88%
74%	80%	84%	90%
5,000
0

• Industry Workhorse: 37% of commercial jet engines today
• Narrowbody Power: 100% of 737NG and 60% of A320ceo fleets
• Long Remaining Life: Average age of -7B/5B is only 13 years old

	2022	2024	2026	2028	2030
CFM Care	5,526	4,140	3,215	2,326	1,844
Aftermarket	15,743	16,553	16,901	17,064	16,560
Total Engines	21,269	20,693	20,116	19,389	18,404

1. Data from Cirium Ascend Fleet, as of December 2022. Assume retirement of P2F-compatible aircraft after reaching 40 years of age and PAX-only aircraft after 24 years of age. Assume 5% of spares in circulation.
2. See "Disclaimers" at the beginning of this Presentation for more information on forward looking statements.

3) Split of CFM and Aftermarket provided by IBA in Shop Visit Market Report provided in November 2022	5