#14561 TCN 345327 4561 TO 345334 4561 TOR 45144 461 T TRITON INVESTOR PRESENTATION TCN365279 4561 TC M529 1561 TOM CASING WALL August 2021 TC 365329 4561 TCN345290 1561 TOW M5S TCU 365330 2 TOW 345211 4561 4561 451 461 www TEE#2DISCLAIMERS Forward-Looking Statements T TRITON 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 + 2#3HIGHLIGHTS Triton International is the largest intermodal container leasing company in the world T TRITON >> Own 7.0 million twenty-foot equivalent units ("TEU”) of containers; estimated leasing share close to 30% >> Lease our containers to global shipping lines on operating leases Triton has significant competitive advantages and a long track record of strong financial performance >> Scale, cost and capability leadership >> Well-structured long-term lease portfolio >> Long-term average ROE in upper teens >> Over $1.3 billion in cash flow before capex supports asset growth, dividends and share repurchases Triton is driving exceptional performance during current surge in trade >> Q2 adjusted EPS of $2.14 per share, up 12.0% from Q1; Q2 annualized return on equity of 26.6% » Container demand driven by combination of strong trade volumes and significant logistical disruptions >> Strong capex program providing critical support to customers and locking-in 25%+ growth for 2021 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 + 3#4T #1 POSITION IN KEY PRODUCT LINES AND STRONG LEASE PORTFOLIO TRITON Lease Portfolio (NBV) % of Revenue Triton 100% Container Fleet H1 2021 Position (1) 6.6% 90% 4.9% 9.7% 12.7% 80% 70% Drys 70% #1 60% 50% 80.5% 40% 76.9% 自尊自 30% Refrigerated TRITON 23% #1 20% 10% 0% 3.8% Jun-20 4.9% Jun-21 Core Specials Chassis and Specialty Products 4% #1 n 3% Top 5 (1) Source: Drewry Container Census & Lease Industry Annual Report 2020/21, IICL and ITCO. + Service Leases Long-Term Expired Lease (Units On-Hire) Long-Term Lease Finance Lease Large Majority of Containers On Long-Term and Finance Leases with Average Remaining Duration of 55 Months as of 6/30/2021 4#5STRONG POSITION IN GROWING MARKET Share of Leasing Other SeaCube 9% 5% Seaco 11% Beacon + CAI 14% Triton 28% Florens 17% Textainer 16% Source: Drewry Container Census & Lease Industry Annual Report 2020/21, based on fleet size in TEU at end-2019; figures exclude containers owned by shipping lines and other. Total Fleet Market Share Shipping Lines. 49% + TRITON Growing Leasing Share of Container Fleet TEU (MM) 60 60 50 40 40 60% 50% 40% 30 30% 20 20% Triton 14% Florens 9% 10 Textainer 8% Beacon + CAI 0 7% Other Lessors 5% Seaco 5% SeaCube 2% I Global Container Fleet Leasing Share 10% 0% Source: Drewry Container Census & Lease Industry Annual Report 2020/21, based on fleet size in TEU at end-2019; Shipping Lines share includes containers owned by other transport operators. + Sources: Drewry Container Census & Lease Industry Annual Reports and Container Equipment Forecasters. 5#6TRITON'S SCALE PROVIDES COST AND CAPABILITY ADVANTAGES + TRITON Triton leased containers from 356 locations in 90 different countries and sold containers from 350 locations in 89 different countries (1) Leasing + Sales Leasing Sales Triton Office (2) S&A as a Percent of Leasing Revenue (3) 10% CAI 8% + Tex 6% 4% 2% (1) During the 3 years ended June 30, 2021. (2) Includes Triton agents. (3) Based on FY 2020 financials of a limited number of competitors with publicly- reported financial results. CAI for container leasing segment only. + 6#7$B, Seasonally Adjusted 700 600 500 400 300 200 100 May-92 May-99- May-00 May-98- May-97 May-93 May-94 May-95 May-96 May-01 US Retail Inventories Source: Bloomberg. May-02 % Change vs Dec. 2019 25% 20% 15% 10% 5% 0% H -5% -10% -15% do -20% -25% INCREASED GOODS CONSUMPTION DRIVING GROWTH IN TRADE Goods Consumption Up Significantly T TRITON Global Trade Volumes Strong Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 US PCE: Goods Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 US PCE: Services Retail Inventories Historically Low May-09- May-10 May-03 May-04 May-05 May-06 May-07 May-08 May-11 May-12 May-13 May-14 May-15 May-16 May-17 May-18 US Retail Sales US Inventory/Sales May-19 May-20 May-21 ++ لللا May-21 Jun-21 15.0 Throughput (TEU Millions) 2.0x 1.8x 1.6x 1.4x 5.0 1.2x 1.0x 0.8x 0.6x 0.4x 0.0 0.2x 0.0x 20.0 25.0 CNY Jan 25th 5% 10.0 Apr '20 Jun '20 Jul '20 Aug '20 May '20 Top 10 Global Ports Throughput Source: Alphaliner Monthly Monitor. Sep '20 Oct '20 Nov '20 Dec '20 Jan '21 Feb '21 Mar '21 Apr '21 YoY Change May '21 7 -5% -10% -15% 0% 10% CNY Feb 12th 30% 15% YoY Change 20% 25%#8Rate (Indexed) 100% 95% 90% 85% 80% 75% 70% TRITON'S KEY OPERATING METRICS VERY STRONG Q4'08 Q4'09 Q4'10 Q4'11 Q4'12 Ending Quarterly Utilization (CEU) Jun. 30: 99.5% Q4'13 Q4'14 Q4'15 Q4'16 Q4'17 Q4'18 Q4'19 Q4'20 Q2 '21 Trend of Leasing Transactions – New Dry Containers 1.8 300 Q2 avg. term = 14 years 1.6 Q1 avg. term = 10 years 250 1.4 200 1.2 1.0 0.8 TEU (000) 150 100 0.6 0.4 0.2 Q4'16 Q1 '17 Q2 '17 Q3 '17 Q4'17 Q1 '18 Q2'18 Q3 '18 Note: Bubble size represents new dry container leasing transactions in CEUs by quarter. T Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2'20 Q3 '20 Q4'20 Q1'21 Q2'21 50 Jun-16 TEU (000) T TRITON Dry Container Pick-up / Drop-off Activity (TEU) (1) 500 400 300 200 100 0 (100) - (200) Q4' 08 Q4' 09 Q4' 10 Q4'11 (1) Excludes Sale-leaseback equipment. Pick-Ups Q4' 12 Q4' 13 Q4' 14 Q4' 15 OQ4' 16 Q4'17 Dry Depot Lease Inventory Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Asia Americas Europe Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 8 Q4'18 Q4' 19 Q4' 20 Q2'21#950 40 30 20 10 0 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 60 Jun-19 Sep-19 70 Dec-19 Mar-20 Jun-20 HIGH IRR INVESTMENTS AND EXTENDED LEASE DURATIONS BUILDING TRITON LONG-TERM VALUE Large block of 2021 investments will underpin long-term profitability >> $3.4 billion of committed investments have already locked-in over 25% asset growth » Average lease duration for 2021 investments 13 years; high lifetime equity IRR's driven by strong demand and "inventory profits" due to steady increase in container prices ► Triton also focused on increasing lease durations for existing containers ▸ Expectations for future profitability meaningfully higher and range of likely performance tighter Months of Average Remaining Lease Duration Dry Lifecycle Leases as a Percent of Long Term Leases Note: Long term and finance leases only. Sep-21E based on forecasted lease outs in Q3. + Sep-20 Dec-20 Mar-21 Jun-21 Sep-21E 60% 50% 40% 30% 20% 10% 0% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Note: Excludes sale-leaseback equipment. Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 9#10CREDIT PROFILE OF MAJOR SHIPPING LINES FUNDAMENTALLY IMPROVED T TRITON Exceptional financial performance by major shipping lines positively changing long term outlook >> All major liners reporting record profitability » Expect major lines to significantly delever in 2021 Financial Performance of a Sample of Shipping Lines ($MM) Annualized EBITDA / Shipping Line 2019 2020 Q1 Annualized EBITDA EBITDA EBITDA Total Debt & Lease Liabilities 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 Source: Company reported data. EBITDA is a non-GAAP financial measure and definitions may vary. See Non-GAAP Financial Information in the Appendix. ► 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 + 10 10#11EXCEPTIONAL CURRENT FINANCIAL PERFORMANCE (*) T TRITON (In thousands, except earnings per share) Q2 '21 Q1'21 % Change Q2 '20 % Change Total leasing revenues Trading margin Net gain on sale of leasing equipment Depreciation and amortization Interest and debt expense $ 369,784 $ 346,743 6.6% $ 321,397 15.1% 10,726 31,391 8,141 31.8% 2,020 431.0% 21,967 42.9% 4,537 591.9% 154,056 143,307 7.5% 133,292 15.6% 60,004 54,623 9.9% 66,874 (10.3%) Total ownership costs Direct operating expenses Administrative expenses Provision (reversal) for doubtful accounts Other (income) expense, net Adjusted pretax income (1) 214,060 197,930 8.1% 200,166 6.9% 6,337 9,370 (32.4%) 29,619 (78.6%) 22,979 20,921 9.8% 20,472 12.2% (26) (2,464) (98.9%) 374 (107.0%) (261) (481) (45.7%) 36 (825.0%) 168,812 151,575 11.4% 77,287 118.4% Income tax expense Adjusted net income 14,110 12,380 14.0% 6,772 108.4% (1)(2) $ Less: dividend on preferred shares Adjusted net income attributable to common shareholders (1)(2) $ 154,702 $ 139,195 10,513 144,189 $ 128,682 11.1% $ 70,515 119.4% 10,513 0.0% 10,513 0.0% 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% (*) 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. + 11#12ATTRACTIVE REFINANCING AND TRANSITION TO INVESTMENT GRADE TRITON 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#13Adjusted EPS $10.00 7 Triton Container Fleet (CEU MM) 21 2006 2007 6543 2008 2009 2010 2011 9 8 00 2012 POWERFUL LONG TERM VALUE CREATION Steady Fleet Growth (1) CAGR: 7.9% (1) 2021E based on orders placed year to date less forecasted disposals. Long-Term Growth in EPS (4)(5) $9.00 $8.00 CAGR: 12.5% $7.00 $6.00 $5.00 $4.00 $3.00 $2.00 $1.00 $0.00 2006 2007 2008 2009 2010 2011 (4) 2016 Adjusted EPS excludes $30MM pretax impact from the Hanjin bankruptcy. (5) See Non-GAAP Financial Information in the Appendix. 2012 2013 2014 2015 2016 2017 2018 2019 2020 Q2'21 Ann. 2013 2014 2015 2016 2017 2018 2019 2020 $ Per Share 2021E $60 $50 $40 $30 $20 $10 $1,500 $1,250 $1,000 $750 $500 $MM $250 $0 T TRITON Strong, Stable Cash Flow Before Capex (2)(3) (2) See Non-GAAP Financial Information in the Appendix. (3) Reflects purchase accounting adjustments for 2017-2021. $70 Steady Value Creation (6) Cumulative Dividends Per Share Adjusted Tangible Book Value Per Share Book Value Per Share 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 + (6) 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. 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM Jun-21 Q2 Ann. 2019 2020 Q2'21 13 Adj. TBV: $39.90 GAAP BVPS: $32.23#14Appendix T TRITON#15EQUITY CASH FLOW Typical Prioritization of Cash Flow ($000, except per share amounts) Cash flow before capex Q2 Annualized 1,437,592 1. Maintain ability to service customers/replacement capex¹ Cash flow after replacement capex Steady-state cash flow yield² 804,396 633,196 18.1% 2. Pay common dividend of $2.28 per share³ Dividend yield² 153,658 4.4% Cash flow after replacement capex and regular dividend 479,538 Capital Allocation Options 3A. Growth capex at constant leverage 4 - Levered growth in revenue earning assets - Potential REA growth 1,918,151 18.3% 3B. Share repurchase 479,538 - Percent of outstanding shares at current price 13.7% 3C. Additional dividends 479,538 - Potential additional per share distribution $7.12 (1) Represents depreciation, NBV of disposals, and principal payments on finance leases. (2) Based on closing stock price of $51.94 on 8/2/21. (3) Reflects annualized second quarter dividend. (4) Based on 75% debt to revenue earning assets. T T TRITON 15#16Total CEUs LONG TERM LEASE EXPIRATIONS (*) 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 Dry • Curr. 2021 2022 2023 2024 2025 2026 2027 2028 Exp Percent of Fleet 4.0% 1.0% 4.6% 5.9% 2.7% 5.3% 4.1% LTL Expired LTL Avg. rate by year *Excludes Sale Age Equipment 0.8% 2.1% 200 700,000 175 25 25 50 50 75 15 100 125 150 CEU Rate Index (CEU Spot Rate = 100) Total CEUs 0 Expired with Drop Limitations CEU Spot Rate 600,000 500,000 T TRITON Refrigerated 200 175 150 125 400,000 100 300,000 200,000 100,000 0 Curr. 2021 2022 2023 2024 2025 2026 2027 2028 75 50 25 Exp Percent of Fleet 2.2% 0.6% 1.5% 2.2% 1.8% 1.1% 1.6% 0.5% 0.8% I LTL Expired with Drop Limitations Spot Rate + Expired LTL Avg. rate by year Spot Rate Index (Spot Rate = 100) 16#17ADJUSTED TANGIBLE BOOK VALUE PER SHARE AS OF 06/30/21 T TRITON (In thousands, except per share amounts) Total assets Total liabilities Preferred shareholders' equity Common shareholders' equity Total equity Total liabilities and equity Common shares outstanding Book value per share Reconciliation to adjusted tangible book value Common shareholders' equity Less: Goodwill Plus: Net deferred tax liability Plus: Net swap liability Adjusted tangible book value Adjusted tangible book value per share + Purchase Combined Accounting Consolidated $ 11,434,068 $ (98,710) $ 8,660,205 555,000 (51,924) 11,335,358 8,608,281 555,000 2,172,077 2,218,863 (46,786) 2,773,863 (46,786) 2,727,077 $ 11,434,068 $ (98,710) $ 11,335,358 67,394 $32.23 $ 2,218,863 (15,969) $ 409,119 77,048 2,689,061 $39.90 17#18RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION T TRITON (In thousands) Income before income taxes Q2 annualized 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 1,719,660 Major cash in flows Interest and debt expense Preferred stock dividends Cash flow before capex + 240,016 42,052 $ 1,437,592 18#19CONSOLIDATED STATEMENTS OF INCOME T TRITON (In thousands, except earnings per share) Total leasing revenues Trading margin Net gain on sale of leasing equipment Depreciation and amortization Interest and debt expenses Total ownership costs Direct operating expenses Administrative expenses Provision for doubtful accounts Other (income) expense, net Debt termination expense Total operating and other costs Income before income taxes Income tax expense Q2 '21 $ 369,784 $ 346,743 Q1'21 % Change Q2 '20 % Change 6.6% $ 321,397 15.1% 10,726 31,391 8,141 31.8% 2,020 431.0% 21,967 42.9% 4,537 591.9% 154,056 143,307 7.5% 133,292 15.6% 60,004 54,623 9.9% 66,874 (10.3%) 214,060 197,930 8.1% 200,166 6.9% 6,337 9,370 (32.4%) 29,619 (78.6%) 22,979 20,921 9.8% 20,472 12.2% (26) (2,464) (98.9%) 374 (107.0%) (261) (481) (45.7%) 36 (825.0%) 89,863 N/A N/A 118,892 27,346 334.8% 50,501 135.4% 78,949 151,575 (47.9%) 77,287 2.2% 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 10,513 10,513 0.0% 10,513 0.0% Net Income attributable to common shareholders $ 54,704 $ 129,325 (57.7%) $ 60,075 (8.9%) Net income per common share - Diluted $ 0.81 $ 1.92 (57.8%) $ 0.86 (5.8%) + 19#20RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION T TRITON (In thousands, except earnings per share) Net income attributable to common shareholders Add (subtract): Debt termination expense & unrealized (gain) loss on derivative instruments, net State and other income tax adjustments Q2'20 Q3'20 $ 60,075 $ 45,946 $ Q4'20 115,185 $ 2020 Total Q1'21 Q2'21 288,417 $ 129,325 $ 54,704 12 21,140 358 21,804 89,485 (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 $ 144,189 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 (1) Annualized adjusted net income Beginning Shareholders' equity Ending Shareholders' equity Average common shareholders' equity (2) Return on equity $ 60,002 $ 78,056 $ 114,677 $ 319,850 $ 128,682 $ 144,189 240,667 309,679 454,969 319,850 521,877 578,340 1,995,250 1,953,950 1,963,889 1,953,950 1,963,889 2,010,948 2,127,237 2,010,948 2,010,948 2,169,318 $ 1,974,600 $ 1,958,920 $ 1,987,419 $ 2,010,255 2,169,318 2,172,077 $ 2,090,133 $ 2,170,698 12.2% 15.8% 22.9% 15.9% 25.0% 26.6% (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. + 20 20#21RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION 2006 2007 2008 2009 2010 T TRITON 2011 2012 2013 Net income per common share - Diluted Add (subtract): Debt termination expense & unrealized (gain) loss on derivative instruments, net $ 1.26 $ 1.16 $ 1.09 $ 2.30 $ 1.88 $ 3.34 $ 3.87 $ 4.25 0.21 0.54 1.05 (1.02) 0.29 0.56 0.05 (0.10) Transaction and other (income) costs Insurance recovery income State and other income tax adjustments Tax adjustments related to intra-entity asset transfer One-time tax benefit related to U.S statutory rate reduction Gain on sale of building Tax benefit from vesting of restricted shares Adjusted net income per common share - Diluted $ 1.47 $ 1.70 $ 2.14 $ 1.28 $ 2.17 $ 3.90 $ 3.92 $ 4.15 2014 2015 2016 2017 2018 2019 2020 Net income per common share - Diluted $ 3.68 $ 2.67 $ (0.16) $ 4.53 $ 4.34 $ 4.53 $ 4.17 Add (subtract): Debt termination expense & unrealized (gain) loss on derivative instruments, net 0.12 0.02 (0.05) 0.06 0.07 0.07 0.32 Transaction and other (income) costs 0.15 1.28 0.10 Insurance recovery income (0.07) (0.01) (0.01) (0.01) 0.02 0.31 0.13 (1.83) (0.20) State and other income tax adjustments Tax adjustments related to intra-entity asset transfer One-time tax benefit related to U.S statutory rate reduction Gain on sale of building Tax benefit from vesting of restricted shares Adjusted net income per common share - Diluted (0.03) (0.01) $ 3.80 $ 2.84 $ 1.07 $ 2.78 $ 4.52 $ 4.57 $ 4.61 Notes: 2006-2015 is TAL standalone adjusted EPS. 2016-2020 is TRTN adjusted EPS and excludes transaction costs associated with the merger between Triton and TAL in 2016. + 21#22NON-GAAP FINANCIAL INFORMATION T TRITON 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. + 22