INVESTOR PRESENTATION May 2020 1
DISCLAIMER 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; 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 Triton’s 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, including but not limited to the impact of trade wars 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; 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, 2019 (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. 2
OVERVIEW Triton International (“Triton”) is the largest intermodal container leasing company in the world » Industry leader for many years, with origins dating back to 1963 » Own over 6 million twenty-foot equivalent units (“TEU”) of containers; total assets over $9.8 billion » NYSE-listed with a market capitalization of $2.1 billion as of 5/4/20 » S&P rating of BB+ for corporate family, BBB- for secured debt and A for ABS notes Triton has significant competitive 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 » Strong and stable cash flow to support dividends, stock buybacks and asset growth The COVID-19 pandemic has significantly impacted global shipping, but Triton is well positioned to manage through the current challenges and Triton’s performance has been holding up well 3
TRITON CONTAINER FLEET AND LEASE PORTFOLIO Lease Portfolio (NBV) % of Revenue Triton 100% 7.4% 7.6% Position (1) Container Fleet Q1 2020 90% 14.0% 15.7% 80% 70% Drys 67% #1 60% 50% 73.5% 71.2% 40% 30% Refrigerated 25% #1 20% 10% 5.1% 5.5% 0% Mar-19 Mar-20 Service Leases Core Specials 5% #1 Long-Term Expired Lease (Units On-Hire) Long-Term Lease Finance Lease Chassis and 3% Top 5 Specialty Products Large Majority of Containers On Long-Term and Finance Leases with Average Remaining Duration of 48 Months as of 3/31/20 (1) Source: Drewry Container Census & Lease Industry Annual Report 2018/19, IICL and ITCO. 4
CORPORATE SNAPSHOT Leading Position in Consolidating Industry Multiple Drivers of Organic Growth Market Other 10% Share 9% Strong Secular Trends Gains SeaCube for the Industry Triton 5% 28% Product Line Beacon 7% Extensions Sale- CAI Leasebacks Shift from 7% Ownership To Leasing Seaco 11% Florens Global 17% Trade Growth Textainer 16% Source: Drewry Container Census & Lease Industry Annual Report 2019/20, based on fleet size in TEU at Triton Upside Opportunities end-2018; figures exclude containers owned by shipping lines and other. Long-Term Value Creation (1) Triton’s Steady Fleet Growth 8 $70 CAGR: 8.0% Triton Container Fleet, CEU in MM 7 $60 6 $50 $ Per Share 5 $40 Adj. 4 TBV: $30 $36.61 3 $20 2 GAAP BVPS: $10 $28.11 1 0 $- Q1 '06 Q1 '07 Q1 '08 Q1 '09 Q1 '10 Q1 '11 Q1 '12 Q1 '13 Q1 '14 Q1 '15 Q1 '16 Q1 '17 Q1 '18 Q1 '19 Q1 '20 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 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 5 Net Swap Liability, before purchase accounting adjustments. For periods prior to Q3 2016, reflects TAL only.
CURRENT MARKET OVERVIEW COVID-19 shocks having a large impact on trade volumes » China export volumes hit by economic shutdown in Q1 » Expect impact in Q2 to be even larger Our utilization has so far held up well – 95.1% as of April 30 » Lease portfolio provides strong protections from temporary market changes » Operational challenges slowing flow of containers and customers holding containers for eventual recovery » Demand for refrigerated containers less impacted Current outlook is uncertain » Drop-off volumes remain moderate, but may come under more pressure » Credit risk is elevated » Expect profitability to decrease from the first to second quarter of 2020 » Trajectory of performance in second half depends on timing and shape of global recovery Triton is in strong shape to manage through the current challenges and benefit from the eventual recovery » Long-term contracts support strong and stable cash flow » Leverage well below typical levels and significant liquidity available » Ready to supply large numbers of containers from key demand locations when trade recovers 6
MARKET CONDITIONS Global GDP and Container Trade Growth World Container Fleet and Leasing Share 15% 50 60% 10% 50% 40 Leasing Company (%) Growth Rate 5% 40% TEU (MM) 30 0% 30% Demand 20 (5%) 20% 10 (10%) 10% 0 0% Container Trade Growth Global GDP Growth Sources: Container Trade Growth 2005-2016: Alphaliner Monthly Monitor – April 2020. Container Trade Growth 2017-2020E: average of estimates from Alphaliner Monthly Monitor – April Leasing Company Owned Shipping Line Owned Leasing (%) 2020 and Clarksons Container Intelligence Monthly – April 2020. GDP Growth: International Monetary Fund, April 2020 World Economic Outlook Update. Source : Drewry Container Census & Lease Industry Annual Report 2019/20. New Dry Container Production New Dry Factory Inventory 2016 (A) : 1.46M TEU 1.2 1,200,000 China Dry Van New Production 2017 (A) : 2.94M TEU 1.0 1,000,000 2018 (A) : 3.54M TEU 2019 (A) : 1.88M TEU TEU (in Millions) Inventory (TEU) 0.8 800,000 2020 (E) : 2.00M TEU 0.6 600,000 Supply 0.4 400,000 0.2 200,000 0.0 0 Leasing Shipping Estimated Quarterly Disposals Shipping Inventory Leasing Inventory Source: Drewry Annual Report and data from internal sources Excludes non-leasing and non-shipping Sources: Shipping and Leasing Factory Inventory estimates provided by commonly used informal surveys by factory inspectors. 7
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