1

SECOND QUARTER 2021INVESTOR CONFERENCE CALL

July 27, 2021

2

DISCLAIMERS

Forward-Looking Statements

Certain statements in this presentation, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, future costs, prospects, plans and objectives of management are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words ”expect,” “estimate,” “anticipate,” “predict,” "believe," “think,” “plan,” “will,” “should,” “intend,” “seek,” “potential” and similar expressions and variations are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond our control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; customers' decisions to buy rather than lease containers; dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of Triton’s business; decreases in the demand for international trade; disruption to our operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars, duties and tariffs; disruption to our operations from failure of or attacks on our information technology systems; disruption to our operations as a result of natural disasters, compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of our debt agreements; the achievement of our capital structure plans and related timing; changes in the tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those listed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “Form 10-K”) or other reports we file with the United States Securities and Exchange Commission.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors in our Form 10-K. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our businesses or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain financial measures presented in this presentation are identified as not being prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the Appendix hereto for a reconciliation of such non-GAAP measures to their most comparable GAAP measures.

Industry and Market Data

Certain data included in this presentation has been derived from a variety of sources, including independent industry publications, third-party financial reports and other published independent sources. Although we believe that such third-party sources are reliable, we have not independently verified, and take no responsibility for, the accuracy or completeness of such data

3

HIGHLIGHTS

Triton achieved outstanding results in the second quarter of 2021

» Adjusted net income of $144.2 million, or $2.14 per share, up 12.0% from Q1 2021 and 148.8% from Q2 2020

» Q2 annualized return on equity 26.6%

Expect profitability to increase from Q2 to Q3 driven by increase in leasing margin

Market conditions exceptionally strong

» Container demand driven by combination of strong trade volumes and significant logistical disruptions

» Sustained surge in demand leading to very high container prices and lease rates

» Shipping lines relying heavily on leasing to fulfill supply requirements

Triton maximizing opportunities presented by the current market

» Achieving outstanding operational and financial results

» Strong capex program providing critical support to customers and locking-in 25%+ growth for 2021

» Focusing on extending lease durations for new and used equipment

Triton’s long-term outlook meaningfully boosted by durable business and market improvements

» Very large block of 2020 and 2021 high-IRR containers provides strong long-term foundation for profitability

» Comprehensive debt refinancing and transition to investment grade bonds expanding leasing margin

» Significantly improved credit profile for major shipping lines

» Expect high ROE for Triton will lead to accelerated growth in book value per share

4

STRONG GOODS CONSUMPTION DRIVING GROWTH IN TRADE

Global Trade Volumes Strong

Retail Inventories Remain Low

Goods Consumption Still High

Source: Bloomberg.

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

0.0

5.0

10.0

15.0

20.0

25.0

May

'19

Jun

'19

Jul '

19A

ug

'19

Sep

'19

Oct

'19

No

v '1

9D

ec '1

9Ja

n '2

0Fe

b '2

0M

ar '2

0A

pr

'20

May

'20

Jun

'20

Jul '

20A

ug

'20

Sep

'20

Oct

'20

No

v '2

0D

ec '2

0Ja

n '2

1Fe

b '2

1M

ar '2

1A

pr

'21

May

'21

Yo

Y C

han

ge

Thro

ugh

pu

t (TE

U M

illio

ns)

Top 10 Global Ports Throughput YoY Change

CNYJan 25th

Source: Alphaliner Monthly Monitor.

CNYFeb 12th

-25%-20%-15%-10%

-5%0%5%

10%15%20%25%

Jan

-20

Feb

-20

Mar

-20

Apr

-20

May

-20

Jun

-20

Jul-

20

Au

g-2

0

Sep

-20

Oct

-20

No

v-20

Dec

-20

Jan

-21

Feb

-21

Mar

-21

Apr

-21

May

-21

% C

han

ge v

s D

ec. 2

019

US PCE: Goods US PCE: Services

0.0x

0.2x

0.4x

0.6x

0.8x

1.0x

1.2x

1.4x

1.6x

1.8x

2.0x

0

100

200

300

400

500

600

700

May

-92

May

-93

May

-94

May

-95

May

-96

May

-97

May

-98

May

-99

May

-00

May

-01

May

-02

May

-03

May

-04

May

-05

May

-06

May

-07

May

-08

May

-09

May

-10

May

-11

May

-12

May

-13

May

-14

May

-15

May

-16

May

-17

May

-18

May

-19

May

-20

May

-21

$B, S

easo

nal

ly A

dju

sted

US Retail Inventories US Retail Sales US Inventory/Sales

5

VESSEL AND CONTAINER SHORTAGES DRIVING RECORD FREIGHT RATES AND CONTAINER PRICES

Container Spot Freight Rates and Fuel Cost

Source: Bloomberg. Freight rates are for a 40’ dry container. Bunker fuel is 380 cst prior to Jan. 1, 2020 and VLSFO thereafter. VLSFO is very-low sulfur fuel oil that complies with the new IMO 2020 regulations and trades at a premium to regular 380 cst bunker fuel.

New Box Prices

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000WCI Shanghai to Los Angeles

WCI Shanghai to Rotterdam

Bunker Fuel ($/mt)

Disposal Prices

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

$4,50020DC Price

-

50

100

150

200

250

30020' Avg Price (Indexed)

40' HC Avg Price (Indexed)

6

0

200

400

600

800

1,000

1,200

Jun

-10

Jun

-11

Jun

-12

Jun

-13

Jun

-14

Jun

-15

Jun

-16

Jun

-17

Jun

-18

Jun

-19

Jun

-20

Jun

-21

Ch

ina

Dry

Van

New

Pro

du

ctio

n In

ven

tory

(T

EU 0

00)

Shipping Inventory Leasing Inventory

CONTAINER PRODUCTION HIGH BUT LONG-TERM SUPPLY / DEMAND APPEARS LARGELY IN BALANCE

But Containers Getting Absorbed QuicklyDry Container Production Up Sharply

Source: Drewry Annual Report and data from internal sources. Excludes non-leasing and non-shipping purchasers.

67% 49% 66% 58% 56% 45% 74% 62% 60% 58% 74% 66% -

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

TEU

(M

M)

Estimated Replacement Range Leasing

Shipping Q3-Q4 Production Est.

Leasing Share

And Growth in Container Fleet Consistent withLong-Term Trade Growth

0.0

0.5

1.0

1.5

2.0

2.5

3.0In

dex

edWorld Maritime Dry Standard Container Fleet

Global Port Throughput (Trade Growth Proxy)

Source: Alphaliner, Clarksons, Drewry, and internal sources.

7

(200)

(100)

0

100

200

300

400

500

TE

U (

000)

Pick-Ups Drop-Offs Net

70%

75%

80%

85%

90%

95%

100%

Ending Quarterly Utilization (CEU)

TRITON’S KEY OPERATING METRICS VERY STRONG

Ending Quarterly Utilization (CEU) Dry Container Pick-up / Drop-off Activity (TEU) (1)

Trend of Leasing Transactions – New Dry Containers Dry Depot Lease Inventory(1) Excludes Sale-leaseback equipment.

-

50

100

150

200

250

300

TE

U (

00

0)

Asia Americas Europe

-

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

Rat

e (I

nd

exed

)

Note: Bubble size represents new dry container leasing transactions in CEUs by quarter.

Jun. 30: 99.5%

Q1 avg. term = 10 years

Q2 avg. term = 14 years

8

CONSOLIDATED STATEMENTS OF ADJUSTED NET INCOME(*)

(*) Adjusted net income is a non-GAAP financial measure. See Appendix.(1) Excludes debt termination expense, and net unrealized loss or gains on derivative instruments.(2) Excludes foreign income tax adjustment and tax benefit from vesting of restricted shares.

(In thousands, except earnings per share) Q2 '21 Q1 '21 % Change Q2 '20 % Change

Total leasing revenues 369,784$ 346,743$ 6.6% 321,397$ 15.1%

Trading margin 10,726 8,141 31.8% 2,020 431.0%

Net gain on sale of leasing equipment 31,391 21,967 42.9% 4,537 591.9%

Depreciation and amortization 154,056 143,307 7.5% 133,292 15.6%

Interest and debt expense 60,004 54,623 9.9% 66,874 (10.3%)

Total ownership costs 214,060 197,930 8.1% 200,166 6.9%

Direct operating expenses 6,337 9,370 (32.4%) 29,619 (78.6%)

Administrative expenses 22,979 20,921 9.8% 20,472 12.2%

Provision (reversal) for doubtful accounts (26) (2,464) (98.9%) 374 (107.0%)

Other (income) expense, net (261) (481) (45.7%) 36 (825.0%)

Adjusted pretax income (1)

168,812 151,575 11.4% 77,287 118.4%

Income tax expense 14,109 12,380 14.0% 6,772 108.3%

Adjusted net income (1)(2)

154,703$ 139,195$ 11.1% 70,515$ 119.4%

Less: dividend on preferred shares 10,513 10,513 0.0% 10,513 0.0%

Adjusted net income attributable to common shareholders (1)(2)

144,190$ 128,682$ 12.1% 60,002$ 140.3%

Adjusted net income per common share 2.14$ 1.91$ 12.0% 0.86$ 148.8%

Weighted average number of common shares outstanding - diluted 67,282 67,217 0.1% 69,536 (3.2%)

Return on equity 26.6% 25.0% 12.2%

9

PROFITABILITY DRIVERS

Revenue earning assets up 19.9%

Leasing revenue up 15.1%

Average UTE up 4.4% from Q2 2020 to 94.4%

Direct opex decreased by $23.3 million due to lower storage and repairs

Gain on sale and trading margin up by $35.6 million due to strong increases in dry container sale prices

Fleet Size

Utilization

Disposal Activity

Sequential Change:Q2 2021 vs Q1 2021

Change from Prior Year Quarter: Q2 2021 vs Q2 2020

Revenue earning assets up 10.3%

Leasing revenue up 6.6%

UTE averaged 99.4% in Q2 and is 99.6% as of July 23

Direct opex decreased by $3.0 million due to lower storage and repairs

Gain on sale and trading margin totaled $42.1 million up $12.0 million due to further increases in dry container sale prices

Interest Expense Effective interest rate down 75 basis

points and vast majority of debt fixed Effective interest rate down 10 basis points

to 3.20% reflecting ongoing refinancing at lower rates

Share Count

Weighted average diluted shares outstanding decreased by 2.3 million, or 3.2% due to share repurchases

Weighted average diluted shares essentially flat

67.4 million diluted shares outstanding as of 06/30/2021

10

$0

$250

$500

$750

$1,000

$1,250

$1,500

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

LTM

Ju

n-2

1

Q2

An

n.

($M

M)

STRONG, STABLE CASH FLOW DRIVES STEADY VALUE CREATION

Steady Value Creation (4)

(3) All periods exclude purchase accounting adjustments. Net Debt defined as Total Debt plus Equipment Purchases Payable less Cash and Restricted Cash.

Cash Flow Before Capex (1)(2)

Net Debt as % of REA (3)

60%

70%

80%

90%

100%

Q2

'08

Q2

'09

Q2

'10

Q2

'11

Q2

'12

Q2

'13

Q2

'14

Q2

'15

Q2

'16

Q2

'17

Q2

'18

Q2

'19

Q2

'20

Q2

'21

Net

Deb

t as

% o

f R

EA

FinancialCrisis

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

Q2'06

Q2'07

Q2'08

Q2'09

Q2'10

Q2'11

Q2'12

Q2'13

Q2'14

Q2'15

Q2'16

Q2'17

Q2'18

Q2'19

Q2'20

Q2'21

$ P

er S

har

e

(4) Adjusted tangible book value defined as Shareholders Equity, less Goodwill plus Net Deferred Tax Liability plus Net Swap Liability, before purchase accounting adjustments. Reflects TAL standalone for Q2 2016 and prior periods.

GAAPBVPS:$32.23

Adj.TBV:

$39.90

Cumulative Dividends Per Share

Adjusted Tangible Book Value Per Share

Book Value Per Share

Industrial & Commodity Recession

Trade War /

COVID-19 /

Pref. Issuance

(1) See Non-GAAP Financial Information in the Appendix.(2) Reflects purchase accounting adjustments for 2017-2021.

11

ATTRACTIVE REFINANCING AND TRANSITION TO INVESTMENT GRADE BONDS PROVIDE A MORE EFFICIENT CAPITAL STRUCTURE

Comprehensive debt refinancing has significantly reduced Triton’s long-term borrowing cost

» Issued $6.4 billion of long-term debt over last twelve months; prepaid $3.4 billion of ABS, institutional notes, and term loans with higher rates

» Reduced avg. effective interest rate from 3.9% to 3.2%, significantly expanding leasing margin

» Over 90% of debt with fixed rates with average duration of 5 years

» Accessed secured investment grade bond market, tapping an attractive source of new funding

Transition to unsecured investment grade bonds would provide further cost and flexibility benefits

» Corporate rating upgraded in March to BBB- by S&P Global Ratings

» Working to refinance existing debt to facilitate a transition to unsecured debt

» Targeting completion in 2021

Capital structure improvements adding to Triton’s already substantial market advantages

12

Shipping Line2019

EBITDA

2020

EBITDA

Q1 Annualized

EBITDA

Total Debt &

Lease Liabilities

Annualized EBITDA /

Total Debt & Lease

Liabilities

Maersk 5,712 8,226 16,156 14,461 1.1x

CMA 3,759 6,109 12,740 17,216 0.7x

Hapag-Lloyd 2,223 3,083 7,432 6,254 1.2x

Zim 386 1,036 3,284 2,141 1.5x

Exceptional financial performance by major shipping lines positively changing long term outlook

» All major liners reporting record profitability

» Expect major lines to significantly delever in 2021

Liner consolidation and stronger alliances have improved long-term industry structure

» Industry demonstrated improved resiliency in reacting to temporary steep drop in trade volumes during the initial COVID-19 lockdowns

CREDIT PROFILE OF MAJOR SHIPPING LINES FUNDAMENTALLY IMPROVED

Source: Company reported data. EBITDA is a non-GAAP financial measure and definitions may vary. See Non-GAAP Financial Information in the Appendix.

($MM)

Financial Performance of a Sample of Shipping Lines

13

HIGH IRR INVESTMENTS AND EXTENDED LEASE DURATIONS BUILDING LONG-TERM VALUE

Months of Average Remaining Lease Duration Dry Lifecycle Leases as a Percent of Long Term Leases

Note: Excludes sale-leaseback equipment.

0%

10%

20%

30%

40%

50%

60%

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Jun

-19

Sep

-19

Dec

-19

Mar

-20

Jun

-20

Sep

-20

Dec

-20

Mar

-21

Jun

-21

0

10

20

30

40

50

60

70

Dec

-17

Mar

-18

Jun

-18

Sep

-18

Dec

-18

Mar

-19

Jun

-19

Sep

-19

Dec

-19

Mar

-20

Jun

-20

Sep

-20

Dec

-20

Mar

-21

Jun

-21

Sep

-21E

Note: Long term and finance leases only. Sep-21E based on forecasted lease outs in Q3.

Large block of 2021 investments will underpin long-term profitability

» $3.4 billion of committed investments have already locked-in over 25% asset growth

» Average lease duration for 2021 investments 13 years; high lifetime equity IRR’s driven by strong demand and “inventory profits” due to steady increase in container prices

Triton also focused on increasing lease durations for existing containers

Expectations for future profitability meaningfully higher and range of likely performance tighter

14

OUTLOOK AND CONCLUSIONS

Triton achieved another quarter of record performance in Q2 2021

Triton’s outstanding performance supported by very favorable market conditions and Triton’s many advantages

Triton is making durable improvements to our business

» Very large investment in new containers locked into long duration leases with high returns

» Reinforcing scale advantages and further securing position as “Go To” supplier in the industry

» Extending lease durations for used containers and increasing share of lifecycle leases

» Transition of capital structure will reduce funding costs and extend market advantages

Expect strong financial performance will continue

» Expect Q3 Adjusted EPS will increase from record level achieved in the second quarter

» Expect cash flow and profitability will remain elevated into the longer tem

» Expect our book value per share will increase rapidly due to our high Return on equity

15

Appendix

16

EQUITY CASH FLOW

Typical Prioritization of Cash Flow

(1) Represents depreciation, NBV of disposals, and principal payments on finance leases.(2) Based on closing stock price of $49.65 on 7/23/21.(3) Reflects annualized second quarter dividend.(4) Based on 75% debt to revenue earning assets.

($000, except per share amounts) Q2 Annualized

Cash flow before capex 1,437,592

1. Maintain ability to service customers/replacement capex1 804,396

Cash flow after replacement capex 633,196

Steady-state cash flow yield2 18.9%

2. Pay common dividend of $2.28 per share3

153,658

Dividend yield2 4.6%

Cash flow after replacement capex and regular dividend 479,538

3A. Growth capex at constant leverage

- Levered growth in revenue earning assets4

1,918,151

- Potential REA growth 18.3%

3B. Share repurchase 479,538

- Percent of outstanding shares at current price 14.3%

3C. Additional dividends 479,538

- Potential additional per share distribution $7.12

Capital Allocation Options

17

LONG TERM LEASE EXPIRATIONS (*)

Dry

Percent of Fleet 4.0% 1.0% 4.6% 5.9% 2.7% 5.3% 4.1% 0.8% 2.1%

Refrigerated

Percent of Fleet 2.2% 0.6% 1.5% 2.2% 1.8% 1.1% 1.6% 0.5% 0.8%

* Excludes Sale Age Equipment

18

ADJUSTED TANGIBLE BOOK VALUE PER SHARE AS OF 06/30/21

(In thousands, except per share amounts)Combined

Purchase

Accounting ConsolidatedTotal assets 11,434,068$ (98,710)$ 11,335,358$

Total liabilities 8,660,205 (51,924) 8,608,281

Preferred shareholders' equity 555,000 555,000

Common shareholders' equity 2,218,863 (46,786) 2,172,077

Total equity 2,773,863 (46,786) 2,727,077

Total liabilities and equity 11,434,068$ (98,710)$ 11,335,358$

Common shares outstanding 67,394

Book value per share $32.23

Reconciliation to adjusted tangible book value

Common shareholders' equity 2,218,863$

Less: Goodwill (15,969)

Plus: Net deferred tax liability 409,119

Plus: Net swap liability 77,048

Adjusted tangible book value 2,689,061$

Adjusted tangible book value per share $39.90

19

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands) Q2

annualized

Income before income taxes 675,248

Interest and debt expense 240,016

Depreciation and amortization 616,224

Adjusted EBITDA 1,531,488

Principal payments on finance leases 57,032

NBV of container disposals 131,140

Major cash in flows 1,719,660

Interest and debt expense 240,016

Preferred stock dividends 42,052

Cash flow before capex 1,437,592$

20

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share) Q2 '21 Q1 '21 % Change Q2 '20 % Change

Total leasing revenues 369,784$ 346,743$ 6.6% 321,397$ 15.1%

Trading margin 10,726 8,141 31.8% 2,020 431.0%

Net gain on sale of leasing equipment 31,391 21,967 42.9% 4,537 591.9%

Depreciation and amortization 154,056 143,307 7.5% 133,292 15.6%

Interest and debt expenses 60,004 54,623 9.9% 66,874 (10.3%)

Total ownership costs 214,060 197,930 8.1% 200,166 6.9%

Direct operating expenses 6,337 9,370 (32.4%) 29,619 (78.6%)

Administrative expenses 22,979 20,921 9.8% 20,472 12.2%

Provision for doubtful accounts (26) (2,464) (98.9%) 374 (107.0%)

Other (income) expense, net (261) (481) (45.7%) 36 (825.0%)

Debt termination expense 89,863 - N/A - N/A

Total operating and other costs 118,892 27,346 334.8% 50,501 135.4%

Income before income taxes 78,949 151,575 (47.9%) 77,287 2.2%

Income tax expense 13,732 11,737 17.0% 6,699 105.0%

Net income 65,217$ 139,838$ (53.4%) 70,588$ (7.6%)

Less: dividend on preferred shares 10,512 10,513 0.0% 10,513 0.0%

Net Income attributable to common shareholders 54,705$ 129,325$ (57.7%) 60,075$ (8.9%)

Net income per common share - Diluted 0.81$ 1.92$ (57.8%) 0.86$ (5.8%)

21

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(1) Annualized Adjusted net income was calculated based on calendar days per quarter.(2) Average Shareholders' equity was calculated using the quarter’s beginning and ending Shareholder’s equity for the three-month ended periods. Average

Shareholders’ equity for the full year was calculated using the ending Shareholder’s equity for each quarter and the previous year-end. Average shareholders’ equity excludes preferred shares.

(In thousands, except earnings per share)

Q2 '20 Q3 '20 Q4 '20 2020 Total Q1 '21 Q2 '21

Net income attributable to common shareholders 60,075$ 45,946$ 115,185$ 288,417$ 129,325$ 54,705$

Add (subtract):

Debt termination expense & unrealized (gain) loss on derivative

instruments, net12 21,140 358 21,804 - 89,485

State and other income tax adjustments (85) 2,341 (866) 1,390 - -

Tax adjustments related to intra-entity asset transfer - 8,629 - 8,629 - -

Tax benefit from vesting of restricted shares - - (390) (643) -

Adjusted net income attributable to common shareholders 60,002$ 78,056$ 114,677$ 319,850$ 128,682$ 144,190$

Adjusted net income per common share - Diluted 0.86$ 1.14$ 1.70$ 4.61$ 1.91$ 2.14$

Q2 '20 Q3 '20 Q4 '20 2020 Total Q1 '21 Q2 '21

Adjusted net income 60,002$ 78,056$ 114,677$ 319,850$ 128,682$ 144,190$

Annualized adjusted net income (1)

240,667 309,679 454,969 319,850 521,877 578,345

Beginning Shareholders' equity 1,995,250 1,953,950 1,963,889 2,127,237 2,010,948 2,169,318

Ending Shareholders' equity 1,953,950 1,963,889 2,010,948 2,010,948 2,169,318 2,172,077

Average common shareholders' equity (2)1,974,600$ 1,958,920$ 1,987,419$ 2,010,255$ 2,090,133$ 2,170,698$

Return on equity 12.2% 15.8% 22.9% 15.9% 25.0% 26.6%

22

NON-GAAP FINANCIAL INFORMATION

We use the terms "Adjusted net income," “Adjusted EPS,” “Return on equity,” “cash flow before capex” and other non-GAAP financial measures throughout this presentation. These items are not presented in accordance with U.S. GAAP and should not be considered as alternatives to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income or cash flow from operations.

Adjusted net income is adjusted for certain items management believes are not representative of our operating performance. Adjusted net income is defined as net income attributable to common shareholders excluding debt termination expenses net of tax, unrealized gains and losses on derivative instruments net of tax, and foreign and other income tax adjustments.

We believe that Adjusted net income is useful to an investor in evaluating our operating performance because this item:

• is widely used by securities analysts and investors to measure a company's operating performance;

• helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of certain non-routine events which we do not expect to occur in the future; and

• is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

We have provided a reconciliation of net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to Adjusted net income in the tables below for the periods presented.

Return on equity is adjusted annualized earnings divided by average shareholders' equity. Management utilizes return on equity in evaluating how much profit the Company generates on the shareholders' equity in the Company and believes it is useful for comparing the profitability of companies in the same industry.

Cash Flow Before CapEx is defined as Adjusted net income plus depreciation and amortization, taxes, principal payments on finance leases and NBV of container disposals.

Certain forward-looking information included in this presentation is provided only on a non-GAAP basis without a reconciliation of these measures to the mostly directly comparable GAAP measure due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. These items depend on highly variable factors, many of which may not be in our control, and which could vary significantly from future GAAP financial results.

Additionally, throughout this presentation, the combined financial information from 2016 and prior periods does not reflect results on a GAAP basis. GAAP financial statements reflect only the TAL operations prior to the merger of TCIL and TAL on July 12, 2016, and can be found in the Company’s 10-Q and 10-K filings.

This presentation also includes non-GAAP financial measures, including EBITDA, as reported by other companies. These non-GAAP measures have been derived from those companies’ public reports and should not be considered as substitutes for other financial data prepared and reported in accordance with their respective governing accounting standards. In addition, the calculation of EBITDA as reported by each company may differ.