INVESTOR PRESENTATION February 2019 1 DISCLAIMER Forward-Looking - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION

February 2019

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DISCLAIMER

Forward-Looking Statements Certain statements in this presentation, other than purely historical information, 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,” "intend," “predict,” "plan," "believe," "project," "anticipate," "will," "may," "would," “think,” “seek,” “potential” and similar statements of a future or forward-looking nature may be used to identify forward- looking statements. 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: 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 for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of their businesses; 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; disruption to our operations from failure of or attacks on our information technology systems; disruption to

• ur 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 on businesses imposed by the terms of our debt agreements; changes in the tax laws in the United States and other countries; and other risks and uncertainties, including those listed under the caption “Risk Factors” in the prospectus supplement dated November 14, 2018 and in our Annual Report on Form 10-K for the year ended December 31, 2017 and our Quarterly Reports on Form 10-Q for the quarter ended September 30, 2018, or other comments we 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. 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 business 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 not U.S. generally accepted accounting (“GAAP”)

• measures. Please refer to the Appendix hereto for a reconciliation of such non-GAAP measures to their most comparable GAAP measures.

Triton has filed a shelf registration statement (including a prospectus) with the SEC for the offering to which this presentation relates. Before you invest in any securities of Triton, you should read the prospectus in that registration statement and any other documents Triton has filed with the SEC for more complete information about Triton and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov.

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OVERVIEW

 Triton International (“Triton”) is the largest intermodal container leasing company in the world » Created in July 2016 through the merger of two long-term industry leaders, Triton Container International Limited and TAL International Group, Inc. » Own over 6 million twenty-foot equivalent units (“TEU”) of containers, and have total assets in excess of $10 billion as of 12/31/18 » NYSE-listed with a market capitalization of $2.7 billion as of February 19 and a corporate family rating from S&P of BB+ with a positive outlook  Triton has significant advantages » Scale, capability and cost leadership » Deep customer relationships » Well-structured long-term lease portfolio  Triton has a long track record of strong financial performance » Market leading returns » Stable cash flow generation supporting dividends and asset growth

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CORPORATE SNAPSHOT

Long-Term Value Creation (1)

1 2 3 4 5 6 7 8

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

CEU (Millions)

Leading Position in Consolidating Industry Strong Financial Performance Steady Fleet Growth

Triton 27%

Florens 18% Textainer 16% Seaco 12% Beacon 6% CAI 6% SeaCube 6% Other 9%

Source: Drewry Container Census & Lease Industry Annual Report 2018/19, based on fleet size in TEU at end-2017; figures exclude containers owned by shipping lines and other.

CAGR: 8.2%

$0 $20 $40 $60 $80 $100 $120 0.0% 2.5% 5.0% 7.5% 10.0% 12.5% 15.0% 17.5% 20.0% Q1 '18 Q2 '18 Q3 '18 Q4 '18 Adjusted Net Income ($ in MM) ROE Adjusted Net Income ROE $- $10 $20 $30 $40 $50 $60

Q4 '06 Q4 '07 Q4 '08 Q4 '09 Q4 '10 Q4 '11 Q4 '12 Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18

$ Per Share

Book Value Per Share Adjusted Tangible Book Value Cumulative Dividends Per Share

(1) Adjusted tangible book value defined as Shareholders Equity, less Goodwill plus Net Deferred Tax Liability

plus Net Swap Liability, before purchase accounting adjustments.

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TRITON CONTAINER FLEET AND LEASE PORTFOLIO

Lease Portfolio (NBV) Container Fleet % of Revenue Q4 2018 Triton Position(1) Drys 67% #1 Refrigerated 26% #1 Core Specials 4% #1 Chassis and Specialty Products 3% Top 5

3.4% 5.1% 75.3% 72.8% 8.3% 12.2% 13.0% 9.9% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Dec-17 Dec-18 Service Leases Long-Term Expired Lease (Units On-Hire) Long-Term Lease Finance Lease

(1) Source: Drewry Container Census & Lease Industry Annual Report 2018/19, IICL and ITCO.

Large Majority of Containers On Long-Term and Finance Leases with Average Remaining Duration of 47 Months as of 12/31/18

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OPERATING PERFORMANCE

 Triton’s operating performance was strong in 2018 » Container demand supported by solid trade growth and increased reliance on leasing » Utilization averaged 98.6% » Average used dry container sale prices increased 21%  We achieved another successful year of value-added investment and growth » Purchased $1.5 billion of containers for delivery in 2018, leading to 8.8% growth in revenue earning assets » Average initial lease duration for new containers approximately 7 years  Leasing activity slowed in Q4, though our utilization still very high » Experiencing net drop-offs as shipping lines seek to reduce container capacity during slow season » New container prices have dropped to low $1,700 range reflecting a decrease in steel prices and aggressive manufacturer competition for limited number of slow-season orders » Lease portfolio provides strong protection against seasonal and cyclically slow periods, and utilization remains well over 97%  Expecting market conditions to remain generally favorable in 2019 » Most customers and market forecasters expecting trade growth to remain solid » We expect our customers to continue to rely heavily on leasing » Supply of used leasing containers remains very low even in middle of slow season

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CONTAINERIZED TRADE GROWTH PROJECTED TO REMAIN SOLID

Sources: Container Trade Growth 2014-2016: Alphaliner Monthly Monitor – January 2019. Container Trade Growth 2017-2019E: average of estimates from Alphaliner Monthly Monitor – January 2019 and Clarksons Container Intelligence Monthly – December 2018. GDP Growth: International Monetary Fund, January 2019 World Economic Outlook Update.

0% 2% 4% 6% 8% 2012 2013 2014 2015 2016 2017 2018 2019E Growth Rate Container Trade Growth Global GDP Growth

Global GDP and Trade Growth

Far East‐Eur 20% Far East‐N. Am 17% Middle East/India 12% Latin America 13% Intra‐Far East 13% Sub‐Saharan Africa 8% Intra‐Europe 4% Eur‐N. Am 4% ANZ/Oceania 4% Unassigned and Idle 5%

Vessel Capacity by Trade Lane

U.S.-China trade actions could impact subset of Transpacific trade Some portion of reduced U.S.-China bilateral trade would be re-routed, rather than eliminated

Source: Alphaliner Monthly Monitor – January 2019.

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CONVERSION TO LEASING GENERATES INCREMENTAL DEMAND

0% 10% 20% 30% 40% 50% 60% 10 20 30 40 50 Leasing Company (%) TEU (MM) Leasing Company Owned Shipping Line Owned Leasing (%)

Source: Drewry Container Census & Lease Industry Annual Report 2018/19 and Triton management estimates.

World Container Fleet and Leasing Share

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90% 92% 94% 96% 98% 100%

Ending Quarterly Utilization (CEU)

40% 60% 80% 100% 120%

Overall Lease Rate Index (CEU)

(100,000) (50,000) 50,000 100,000 150,000 200,000 250,000

Dry Container Pick-up / Drop-off Activity (Units) (excluding Sale Leaseback)

Pick-Ups Drop-Offs Net

50% 60% 70% 80% 90% 100% 110% 120% 130% 140% 150%

Used Dry Container Sales Price Index (1)

20' Price Index 40'HC Price Index

TRITON’S KEY OPERATING METRICS

Ending Quarterly Utilization (CEU) Dry Lease Rate Index (CEU)

Dry Container Pick-up / Drop-off Activity (Units) (1)

Used Dry Container Sales Price Index

(1) Excludes Sale-leaseback units.

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SUPPLY CONDITIONS WELL CONTROLLED

200,000 400,000 600,000 800,000 1,000,000 1,200,000 China Dry Van New Production Inventory (TEU) Shipping Inventory Leasing Inventory

New Dry Factory Inventory Triton’s Dry Depot Lease Inventory in Asia

Sources: Shipping and Leasing Factory Inventory estimates provided by commonly used informal surveys by factory inspectors. Source: Internal container management reports.

• 50,000

100,000 150,000 200,000 250,000 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Triton’s Asia Inventory (TEU) Unbooked Asia Dry Inventory Booked Asia Dry Inventory

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ATTRACTIVE FUNDAMENTALS REINFORCED BY TRITON ADVANTAGES

 Strong organic growth » Natural exposure to high-growth emerging economies » Trade growth > GDP growth most years  Short production timeline limits risk of excess capacity  Assets preserve value as they age » Limited risk of technological

• bsolescence

» Limited age discrimination » Deep resale market for older containers with strong value retention  Favorable selling dynamics

Triton Advantages Attractive Market Fundamentals

 Cost advantage from scale » SG&A ratio well below public peers  Most extensive and reliable supply capability » Favored supplier status with major lines » Ability to win more than fair share of

• pportunities and some pricing and

structuring flexibility  Most extensive marketing and operations infrastructure » High average sale age » High lifetime utilization » Premium used container selling prices  Access to efficient financing through cycle » Ability to take full advantage of market upswings

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CUSTOMER CONSOLIDATION FAVORS LARGEST SUPPLIERS

Note: Solid line indicates merger recently completed.

Market Dominated by Mega Carriers And Triton Is the Preferred Supplier

 Triton estimates that it has a #1 position with: » Each of the top 5 carriers » 8 of the top 10 carriers  Top 10 customers have leased containers from the Company for over 30 years on average  Relationships at multiple levels and regions with our customers

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SCALE AND GROWTH ADVANTAGES

Triton Textainer CAI 2% 4% 6% 8% 10% Triton Textainer CAI

(1)

Based on financials for the third quarter 2018 of a limited number of competitors with publicly-reported financial results. Textainer includes short- term and long-term incentive compensation expense and excludes costs associated with departing senior executives. CAI for container leasing segment

• nly.

S&A as a Percent of Leasing Revenue (1)

Scale Advantage Leads to Lowest Unit Costs Multiple Drivers of Organic Growth

US GDP Global GDP Global Trade Growth Increased Containerization Product Line Extensions Market Share Gains Shift from Ownership To Leasing Sale- Leasebacks

10%

Triton Upside Opportunities Strong Secular Trends for the Industry

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CONSOLIDATED STATEMENTS OF ADJUSTED NET INCOME

(Dollars in 000's, except earnings per share)

Q4 '18 Q4 '17 2018 2017 QoQ YoY Total leasing revenues 355,357 $ 313,856 $ 1,350,303 $ 1,163,517 $ 13.2% 16.1% Trading margin 6,126 1,095 18,921 4,184 459.5% 352.2% Net gain on sale of leasing equipment 7,999 10,749 35,377 35,812 (25.6%) (1.2%) Depreciation and amortization 139,474 130,168 545,138 500,720 7.1% 8.9% Interest and debt expenses 85,380 74,269 320,659 283,247 15.0% 13.2% Total ownership costs 224,854 204,437 865,797 783,967 10.0% 10.4% Direct operating expenses 15,594 11,495 48,326 62,891 35.7% (23.2%) Administrative expenses 19,712 21,341 80,033 87,609 (7.6%) (8.6%) Provision / (benefit) for doubtful accounts (782) 2,103 (231) 3,347 (137.2%) (106.9%) Other (income) / expense, net (1,540) (1,085) (2,292) (2,637) 41.9% (13.1%) Income attributable to noncontrolling interests 1,868 2,503 7,117 8,928 (25.4%) (20.3%) Adjusted Pretax Income (1) 109,776 $ 84,906 $ 405,851 $ 259,408 $ 29.3% 56.5% Estimated Taxes 10,337 16,567 42,858 47,516 (37.6%) (9.8%) Adjusted Net Income (1) 99,439 $ 68,339 $ 362,993 $ 211,892 $ 45.5% 71.3% Adjusted net income per common share 1.25 $ 0.85 $ 4.52 $ 2.78 $ 47.1% 62.6% Weighted average numbers of common shares outstanding - diluted 79,741 80,556 80,364 76,188 (1.0%) 5.5% Return on equity 17.7% 13.6% 16.7% 11.8% % Change (1) Excludes transaction costs, debt termination expense, gain on sale of building and net unrealized loss or gains on interest rate swaps.

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CONSOLIDATED BALANCE SHEET

(Dollars in 000's) Dec-18 Dec-17 ASSETS: Leasing equipment, net of accumulated depreciation 8,923,451 $ 8,364,484 $ Net investment in finance leases 478,065 295,891 Equipment held for sale 66,453 43,195 Revenue earning assets 9,467,969 8,703,570 Cash and cash equivalents 48,950 132,031 Restricted cash 110,589 94,140 Accounts receivable, net of allowances 264,382 199,876 Goodwill 236,665 236,665 Lease intangibles, net of accumulated amortization 92,925 154,376 Other assets 35,068 49,591 Fair value of derivative instruments 13,923 7,376 Total assets 10,270,471 $ 9,577,625 $ LIABILITIES AND STOCKHOLDERS' EQUITY: Equipment purchases payable 22,392 $ 128,133 $ Fair value of derivative instruments 10,966 2,503 Accounts payable and other accrued expenses 99,349 109,999 Net deferred income tax liability 281,346 215,439 Debt, net of unamortized debt costs 7,529,432 6,911,725 Total liabilities 7,943,485 7,367,799 Total shareholders' equity 2,205,473 2,076,284 Non-controlling interests 121,513 133,542 Total liabilities and equity 10,270,471 $ 9,577,625 $

Consolidated

16 $0 $250 $500 $750 $1,000 $1,250 $1,500

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

($MM) Cash Flow Before CapEx

STRONG AND STABLE CASH FLOW DRIVES VALUE AND FINANCIAL STABILITY

(4) 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)(3)

(1) See Footnote 1 in the Appendix. (2) See Footnote 2 in the Appendix (3) Reflects purchase accounting adjustments for 2017 and Q4 2018 annualized only.

Net Debt as % of REA (Q4’07 – Q4’18) (4)

60% 70% 80% 90% 100% Q4 '07 Q4 '08 Q4 '09 Q4 '10 Q4 '11 Q4 '12 Q4 '13 Q4 '14 Q4 '15 Q4 '16 Q4 '17 Q4 '18 Net Debt as % of REA

Financial Crisis Surplus Period

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CONSERVATIVE CAPITAL STRUCTURE

High Percentage of Fixed-rate Debt (1) Staggered Maturity Profile (1,5) Conservative Financing Strategy

(1) As of 12/31/18, $ in millions. (2) Balances gross of debt discounts at issuance. (3) Weighted by expected swap notional and principal balances at the end of each month. (4) Rate excludes the impact of debt discount amortization, deferred financing cost amortization and purchase accounting adjustments. (5) See Footnote 2 in the Appendix.

 Minimal interest rate risk

» 81% of total debt either fixed rate or swapped to fixed » Average remaining duration of fixed rate debt of ~4.1 years (includes swaps), which exceeds average lease duration

 Low refinancing risk

» Focus on long duration debt » Well-staggered debt maturities » Cash flows before capex sufficient to meet near-term debt repayments, even with no roll-over

 Access to multiple funding sources

» Utilize ABS, bank and private placement markets to diversify debt sources » Raised over $3.1 billion in 2018

 Intend to focus efforts to position for upgrade to investment grade

» S&P revised outlook to Positive from Stable » Would provide access to additional deep funding sources, further differentiating ourselves from other container lessors

Fixed / Hedged Balance(2) Average Life (yrs)(3) Average Rate(4) Fixed Rate $4,598 3.9 4.24% Hedged Floating Rate 1,566 4.4 3.96% Total Fixed / Hedged 6,164 4.1 4.17% Unhedged Floating Rate 1,432 4.23% Total Debt 7,596 4.18% % of Debt Fixed / Hedged 81.2% $- $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2019 2020 2021 2022 2023 Principal Payments '18 Cash Flow Before CapEx

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WELL-POSITIONED TO CREATE LONG-TERM VALUE

 Naturally resilient market with favorable supply / demand and pricing dynamics  Scale, cost, supply capability, and global marketing and

• perating advantages drive outperformance

 Favorable market dynamics and Triton outperformance sustain high investment ROEs  Numerous market and Triton-specific growth levers support

• rganic growth at a multiple of global GDP growth

 Underpins shareholder returns and provides financial stability

Attractive Market Fundamentals Significant Competitive Advantages Compelling Growth Prospects High Investment Returns Strong, Stable Cash Flow

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Appendix

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STRONG INTERNAL CASH FLOWS

Internal cash flows, at constant leverage, support high levels of growth

($ in 000's, except per share data)

2018 Actual

Adjusted EBITDA $1,271,648 Principal payments on finance leases 64,372 NBV of container disposals 127,879 Major cash in flows 1,463,899 Interest and debt expense 320,659 Cash flow before capex $1,143,240 Replacement capex (1) 737,389 Equity cash flow 405,851 Per share $5.05 Cash flow yield (2) 15.2% Annualized dividends per share $2.08 Dividends $167,157 Dividend yield (2) 6.2% Cash flow for growth capex $238,694 Leverage on growth capex 75.0% Asset growth potential at constant leverage ($) $954,776 Asset growth potential at constant leverage (%) 10.1% (1) Represents depreciation, NBV of disposals and principal payments on finance leases (2) Based on closing stock price of $33.30 on 2/12/2019

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LEASE EXPIRATION ANALYSIS

Dry Refrigerated

Percent of Total Fleet 7.9% 4.4% 3.0% 2.5% 5.3% 5.9% Percent of Fleet 2.6% 1.2% 2.0% 1.6% 1.9% 1.4%

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$587 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 Feb-08 May-08 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May-10 Aug-10 Nov-10 Feb-11 May-11 Aug-11 Nov-11 Feb-12 May-12 Aug-12 Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19

Container Price Minus Steel Input Cost

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14 Feb-15 Feb-16 Feb-17 Feb-18 Feb-19

20DC Price vs. Steel Input Cost

20DC Price Steel Cost

FACTORY MARGINS, AFTER STEEL COSTS

Current 20’ Dry Newbuild Price: $1,725 2 Tons per 20’ Container @ $569/ton of HRC: $1,138 Newbuild Price Less Steel: $587

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CONSOLIDATED STATEMENTS OF INCOME

(Dollars in 000's, except earnings per share)

Q4 '18 Q4 '17 2018 2017 Total Leasing Revenues 355,357 $

313,856 $ 1,350,303 $ 1,163,517 $

Trading Margin 6,126

1,095 18,921 4,184

Net gain on sale of leasing equipment 7,999

10,749 35,377 35,812

Net gain on sale of building

• 20,953
• Depreciation and amortization

139,474

130,168 545,138 500,720

Interest and debt expenses 85,380

74,269 320,659 283,247

Total ownership costs 224,854

204,437 865,797 783,967

Direct Operating Expenses 15,594 11,495 48,326 62,891 Administrative expenses 19,712

21,341 80,033 87,609

Transaction Cost and other costs 116 5,932 88 9,272 Provision / (benefit) for doubtful accounts (782) 2,103 (231) 3,347 Insurance recovery income

• (6,764)
• (6,764)

Other (income) / expense, net (1,540) (1,085) (2,292) (2,637) Debt termination expense and unrealized (gain) loss on swaps, net 5,644 1,540 6,520 5,576 Total operating and other costs 38,744 34,562 132,444 159,294 Income before income taxes 105,884 $ 86,701 $ 427,313 $ 260,252 $ Income tax expense (benefit) 34,459 (122,962) 70,641 (93,274) Net income 71,425 $ 209,663 $ 356,672 $ 353,526 $ Less: income attributable to noncontrolling interests 1,868 2,503 7,117 8,928 Net Income attributable to shareholders 69,557 $ 207,160 $ 349,555 $ 344,598 $ Net income per common share - diluted 0.87 $ 2.57 $ 4.35 $ 4.52 $

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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, and the ending Shareholder’s equity from each quarter in the current year and December 31 of the previous year for the twelve-month ended periods.

(Dollars in 000's, except earnings per share) Q1 '17 Q2 '17 Q3 '17 Q4 '17 2017 Total Q1 '18 Q2 '18 Q3 '18 Q4 '18 2018 Total Net income attributable to shareholders 34,611 $ 45,671 $ 57,156 $ 207,160 $ 344,598 $ 80,892 $ 104,870 $ 94,236 $ 69,557 $ 349,555 $ Add (subtract): W/off of DFC & unrealized (gain) loss on derivative instruments, net (1,252) 706 3,892 1,243 4,589 (1,052) 347 1,483 5,050 5,828 Transaction and other costs (income) 2,066 643 60 4,862 7,631 (26) (1) 2 104 79 Insurance recovery income

• (5,567)

(5,567)

• Foreign income tax adjustments
• (393)
• (393)
• (881)
• (881)

Tax adjustments related to intra-entity asset transfer

• 24,728

24,728 One-time tax benefit related to U.S statutory rate reduction

• (139,359)

(139,359)

• Gain on sale of building
• (16,316)
• (16,316)

Adjusted net income 35,425 $ 47,020 $ 60,715 $ 68,339 $ 211,499 $ 79,814 $ 88,900 $ 94,840 $ 99,439 $ 362,993 $ Adjusted net income per share - Diluted 0.48 $ 0.63 $ 0.80 $ 0.85 $ 2.78 $ 0.99 $ 1.10 $ 1.17 $ 1.25 $ 4.52 $ Q1 '17 Q2 '17 Q3 '17 Q4 '17 2017 Total Q1 '18 Q2 '18 Q3 '18 Q4 '18 2018 Total Adjusted net income 35,425 $ 47,020 $ 60,715 $ 68,339 $ 211,499 $ 79,814 $ 88,900 $ 94,840 $ 99,439 $ 362,993 $ Annualized Adjusted net income (1) 143,668 188,597 240,880 271,128 211,499 323,690 356,577 376,267 394,513 362,993 Average Shareholders' equity (2) 1,668,079 $ 1,678,198 $ 1,791,749 $ 1,988,156 $ 1,799,188 $ 2,104,895 $ 2,168,053 $ 2,230,042 $ 2,230,590 $ 2,174,714 $ Return on equity 8.6% 11.2% 13.4% 13.6% 11.8% 15.4% 16.4% 16.9% 17.7% 16.7%

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RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(Dollars in thousands)

2018 Income before income taxes $427,313 Add (subtract): Unrealized loss on derivative instruments 430 Gain on sale of building (20,953) Debt termination expense 6,090 Transaction and other costs 88 Less: Income attributable to non-controlling interest 7,117 Adjusted pre-tax income 405,851 Interest and debt expense 320,659 Depreciation and amortization 545,138 Adjusted EBITDA 1,271,648 Principal payments on finance leases 64,372 NBV of container disposals 127,879 Major cash in flows 1,463,899 Interest and debt expense 320,659 Cash flow before capex $1,143,240

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FOOTNOTES

• 1. The combined financial information from 2016 and prior periods does not reflect results on a GAAP basis. GAAP financial

statements reflect only the TCIL operations prior to the merger on July 12, 2016, and can be found in the Company’s 10-Q and 10-K filings.

• 2. Cash Flow Before CapEx defined as Adjusted EBITDA (defined as net income before interest and debt expense, income tax

expense and depreciation and amortization, and excludes transaction costs, net loss (gain) on interest rate swaps, insurance proceeds, gain on sale of building and the write-off of deferred financing costs) less interest and debt costs plus NBV of disposals and principal payments on finance leases.