#1TRITON 13: Investor Presentation TRITON TRITON February 2023 + TRITON#2Disclaimers 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: 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; our customers' decisions to buy rather than lease containers; increases in the cost of repairing and storing our off-hire containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; the impact of COVID-19 or future global pandemics on our business and financial results; risks resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties, tariffs or geo-political conflict; risks stemming from the international nature of our business, including global and regional economic conditions, including inflation and attempts to control inflation, and geopolitical risks such as the ongoing war in Ukraine; extensive competition in the container leasing industry; decreases in demand for international trade; disruption to our operations from failures 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 anti-corruption; the availability and cost of capital; restrictions imposed by the terms of our debt agreements; changes in tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our most recent Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in any subsequent documents filed or to be filed with the SEC by Triton from time to time. 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. 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. + TRITON 2#3A TRITON Triton Overview FATTON TRAD BETONA &#4Company Overview Triton International is the largest intermodal container leasing company in the world • Number one in all major product lines • Number one supplier to most global shipping lines Triton derives multiple benefits from leadership position. • Cost and capability advantages; customer supply preference • Ability to outgrow and out-earn smaller peers Triton has a long track record of strong financial performance 8% average annual growth in assets and 17% average ROE since 2006 Annualized TSR of 14.7% since TAL's IPO in 2005(1) Triton rated BBB- by S&P Global and Fitch Triton's long term outlook meaningfully boosted by durable business enhancements (1) TSR calculated through 2/24/23. + TRITON 4#5Strong Fundamentals Attractive Market • • • • Clear Leader • • Outstanding Financial Performance Strong Cash Flow Strategic Capital Management + TRITON Long-term asset growth well above U.S. GDP growth High ROE supported by operational value-add and leadership advantages Short order cycle for containers; limited risk of sustained excess capacity Ideal leasing asset Leading position drives cost, capability and IRR advantages Number one third-party supplier to seven of the top ten global shipping lines Estimate 2021-2022 deal share above 40% . Long track record of outstanding results • • • • Exceptional recent performance - 2022 annualized ROE of 28.4% Expect cash flow, profitability and ROE to remain at very high levels Well structured long term lease portfolio Generating over $1.6 billion in cash flow before capital spending Underpins financial stability and provides many levers to create shareholder value Flexibly allocate capital between investment, share buybacks and other priorities Mainly focused on value-added fleet growth in 2021 Repurchased nearly 14% of shares outstanding in 2022 Increased quarterly dividend in November 2022 for third consecutive year 5#6Durable Business Enhancements ~50% Growth in REA per share in last 2 years Extended Lease Durations Steep Drop in Financing Cost • Triton purchased $4.9 billion of containers since Q3'20 Locked-in multi-year benefit with long duration, high IRR leases Further secures scale advantages and position as "go-to" supplier Reduced share count by ~14% in 2022 12.5 year average lease duration for 2021-2022 containers Almost 60% of containers on life-cycle lease Average remaining lease duration now 6.3 years based on net book value (7.3 years including typical build down period) Refinanced >$10 billion of long-term debt in 2020 and 2021 Locked in low financing cost through focus on long-term fixed-rate debt 88% of debt fixed or hedged; locks-in substantial expansion of leasing margin Investment Grade Rating Transformed Customer Credit Profiles + TRITON • • • • Corporate debt ratings upgraded to BBB- by Fitch and S&P in October 2021 Transitioned debt structure to primarily unsecured investment grade financing Providing financing cost and efficiency advantages Shipping lines generated extraordinarily high profitability in the last two years Many shipping lines in net cash position Should lead to benign credit environment for many years even with normalization in freight rates 6#7#1 Position in Key Product Lines & Strong Lease Portfolio REVENUE BY PRODUCT LEASE PORTFOLIO (NBV) Container Fleet Drys Refrigerated Core Specials Chassis & Specialty Products TRITON TRITON % of Rev Triton 2022 Position 100% 2.9% 3.5% 4.2% -2.6% 90% 6.2% 5.0% 80% 70% 73.8% #1 60% 50% 73.6% 72.8% 87.4% 88.2% 40% 19.1% #1 30% 20% 10% 13.8% 15.4% 0% 3.8% #1 Dec-21 Dec-22 3.3% Top 5 Finance Lease ■Expired LTL, non-sale age ■Service Leases ■Long-Term Lease (LTL) Expired LTL, sale age Source: Drewry Container Census & Lease Industry Annual Report 2022/23, IICL and ITCO. + TRITON Average Remaining Duration of 76 Months by NBV as of 12/31/2022(1) (1) Includes long term and finance leases only. 7#8Leading Position in Consolidating Market Triton over 60% larger than closest competitor and increasing share organically Industry consolidating due to multiple benefits from scale Competitive stability reflects high barriers to successful entry and advantages for market leaders LESSOR % OF LEASING FLEET Other 13% Triton 14% Seacube 6% Cronos 5% 2010 Seaco 7% Beacon 2% CAI 6% Dong Fang Florens 13% 3% Other 10% Seacube 5% Triton 28% TAL 11% Seaco 10% 2021 Textainer 18% CAI + Beacon 15% Textainer 17% Florens 15% Source: Drewry Container Census & Lease Industry Annual Report 2022/23 and earlier editions of the same report. Market share is based on year-end fleet size in TEU. Figures exclude containers owned by shipping lines and other transport operators. + TRITON 8#9CEU (MM) Triton's Scale Provides Cost & Service Advantages Triton leased containers from 205 locations in 55 different countries and sold containers from 357 locations in 91 different countries (1) Leasing + Sales Leasing Sales Triton Office (2) S&A AS A PERCENT OF LEASING REVENUE (3) 10 8 6 2 0 2007 2012 ང 2017 2022 Triton Fleet S&A/Leasing Revenue 15% 10% 5% 0% (1) During the 3 years ended December 31, 2022. (2) Includes exclusive Triton agents. (3) S&A/Leasing Revenue based on TAL standalone in 2007 and 2012 and TRTN in 2017 and 2022.#10Leading Position with Top Shipping Lines GLOBAL SHIPPING LINES TRITON IS THE PREFERRED SUPPLIER Triton estimates that it is the #1 third-party supplier to: 4 of the top 5 carriers 7 of the top 10 carriers Estimate deal share over 40% in 2021-2022 Top 10 customers have leased containers from Triton for over 30 years on average Typically maintain largest inventory of ready- to-lease new equipment in the industry Vessel TEU Vessel (Millions) Share Total Assets (Q3'22) m SC MEDITERRANEAN SHIPPING COMPANY 4.6 17.4% Private MAERSK 4.2 16.0% $89B CMA CGM 3.4 12.9% $73B COSCO 2.9 10.9% $77B SHIPPING Hapag-Lloyd 1.8 6.8% $38B 1.7 6.3% $28B 長榮海運 EVERGREEN MARINE CORP. ONE 1.5 5.8% Private JV (1) HMM 0.8 3.1% $21B HYUNDAI MERCHANT MARINE CO., LTD. M YANG MING 0.7 2.7% $16B *** 0.5 2.0% $12B ZIM Top 10 Carriers 22.1 83.9% (1) ONE is a joint venture of the container businesses of the three largest shipping conglomerates in Japan. Source: Alphaliner Monthly Monitor (January 2023), Bloomberg, and Company data. + TRITON 10 10#11Long-Term Market Growth GLOBAL CONTAINER FLEET 60 50 50 60% 40 50% 5.0% CAGR 30 20 10 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Global Container Fleet Leasing Share Source: Drewry Container Census & Lease Industry Annual Reports and Container Equipment Forecasters. + TRITON 40% 30% 20% 10% 0% CUSTOMERS INCREASING USE OF LEASING Leasing companies have purchased >55% of new containers over the last five years (1) • Leased containers ~50% of total Leasing attractive to customers due to: . Just-in-time access Increased fleet flexibility Ability to redirect capital for ships and terminals Efficient form of asset finance (1) Excludes non-leasing and non-shipping purchasers. 11#12Triton Container Fleet (CEU MM) + ст 6 1 2 7 8 2006 2007 2008 2009 9 Additional Growth Drivers for Triton TRITON'S STEADY FLEET GROWTH 7.3% CAGR 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TRITON MULTIPLE DRIVERS OF GROWTH 10% Industry Drivers Sale- Global Shift from Leasebacks Ownership To Leasing Trade Growth M&A Market Share Gains Product Line Extensions Triton Upside Opportunities 12#13Unique Market Position Drives Superior Returns SOURCES OF ADVANTAGE SUPERIOR ROE OVER MULTIPLE TIME FRAMES 30% 25% Leading market position 20% Sustainable Triton advantage Best t customer value prop proposition TRITON Lowest cost cost operator 15% 10% 5% 0% LTM 5Yr 10Yr ■TRTN Container Leasing ■Railcar Leasing ■Commercial Finance Aircraft Leasing Notes: Container Leasing: TGH; Railcar Leasing: GATX; Commercial Finance: ARCC and FSK; Aircraft leasing AL and AER. TRTN ROE is based on TAL financials prior to the 2016 merger. See Non-GAAP Financial Information in the Appendix for additional information. Source: Bloomberg and Company data. 13 13#14$10 $- 2006 2007 $ Per Share CEU (MM) 18765432- 2006 2007 2008 2009 2010 2011 2012 $90 $80 NET BOOK VALUE & DIVIDENDS (4) ■Cumulative Dividends Per Share Adjusted Tangible Book Value Per Share $70 ■Book Value Per Share $60 $50 $40 $30 $20 2008 2009 2010 2011 2012 2013 2014 2015 (4) Adjusted tangible book value is a Non-GAAP financial measure. See Non-GAAP Financial Information in the Appendix. The chart reflects TAL standalone for Q2 2016 and prior periods. + TRITON 2016 2017 2018 2019 2020 2021 2022 Adj. TBV: $48.83 GAAP BVPS: $43.50 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Indexed Return Since IPO (5) Source: Bloomberg, as of 02/24/23. 0 800 600 400 200 Oct-05 Oct-06 Oct-07 Oct-08 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 14 9 Long Track Record of Value Creation FLEET GROWTH CASH FLOW BEFORE CAPEX (1)(2)(3) $MM $1,750 $1,500 $1,250 $1,000 $750 $500 $250 60 $0 2006 2007 2008 2009 2010 2011 2012 (1) See Non-GAAP Financial Information in the Appendix. (2) Reflects purchase accounting adjustments for 2017-2022. (3) 2022 excludes $109MM of non-recurring cash flows. TOTAL SHAREHOLDER RETURN (5) 1,200 1,000 TRTN (988% Total Return; 14.7% Annualized) S&P 500 (375% Total Return; 9.4% Annualized) Oct-19 Oct-20 Oct-21 Oct-22 Feb-23 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022#15Triton's ESG Strategic Framework Environmental Social Minimizing environmental 4 Investing in our human capital 7 impacts Promoting 5 Managing 2 environmental diversity, equity and inclusion 8 risks Aligning Supporting local communities 3 sustainable development goals with customers/ stakeholders + TRITON Governance 10 Maintaining effective Board leadership Fostering a culture of transparency and ethical behaviour Cultivating a strong IT and control environment Running the business with a long term view 15#16TRITON HA ១ TRITON Current Market Update CORTEN STEEL CONTAINER SUPER HEAVY 200 TRITON#17Highlights • Triton's fourth quarter results provide a strong finish to an outstanding year • Q4 Adjusted net income per share $2.76, down 4.2% from Q3; Q4 annualized Adjusted return on equity 25.4% Includes $0.13 benefit from non-recurring items ⚫ FY 2022 Adjusted net income per share $11.32, up 23.6% from 2021; 2022 Adjusted return on equity 28.4% • Market conditions slow after two years of exceptional container demand Trade volumes down and logistical bottlenecks easing • • Shipping lines focusing on efficiency and increasing pace of container drop offs Our utilization is decreasing, but remains high at 97.6% as of February 8, 2023 Strong ongoing profitability supported by durable enhancements to our business • Large block of 2021 containers on high value, long duration leases • Increased lease protection and duration across the portfolio; nearly 60% of CEU on lifecycle leases • Low cost financing locked-in through long-term, fixed-rate debt Triton using strong cash flow to drive shareholder value even while container investment limited • Pivoted from aggressive fleet investment and growth in 2021 to share repurchases in 2022 • Repurchased 9.1 million shares in 2022, or 13.8% of shares outstanding, while decreasing leverage Conditions remain challenging at start of 2023, but expect our financial performance will remain strong Expect Q1 EPS will decrease from Q4 due to soft conditions, negative seasonality and fewer days • Durable enhancements to lease portfolio and capital structure will sustain high level of profitability TRITON 17#18Key Operating Metrics MONTHLY UTILIZATION (CEU) 100% 95% 90% 85% 80% 75% 70% LIFECYCLE LEASES (1)(2) 70% 60% Sale Age at Expiration (CEU) Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Jan-23 Mar-19 Jun-19 Sep-19 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Dec-16 DRY CONTAINER PICK-UP/DROP-OFF ACTIVITY (TEU) (3) Off-Hires Net 300,000 On-Hires 250,000 200,000 150,000 100,000 50,000 0 (50,000) Jun-20 Sep-20 Dec-20 Mar-21 Jun-19 Sep-19 Dec-19 Mar-20 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Dec-16 (3) Excludes sale-leaseback equipment. Includes finance leases. + TRITON Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Jan-23 Per Diem Index 50% 40% 30% 20% 10% 0% Dec-16 Mar-17 Jun-17 Sep-17 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 (1) Includes all equipment and lease types. (2) Lifecycle leases structured so that containers will be sale age at lease expiration. Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 TREND OF LEASING TRANSACTIONS - NEW DRY CONTAINERS (4) 1.8 1.6 1.4 208 1.2 1.0 0.8 0.6 0.4 0.2 0.0 = = © =g g སྒྱུ སྶུ 9 (4) Bubble size represents new dry container leasing transactions in approximate dollar value by quarter. 18#19Freight Rates and Container Prices Have Returned to Prepandemic Levels NEW BOX PRICES CONTAINER SPOT FREIGHT RATES $4,500 $4,000 $16,000 $14,000 WCI Shanghai to Rotterdam WCI Shanghai to Los Angeles $3,500 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 7.0 MM TEU 6.5 6.0 5.5 5.0 Dec-19 Mar-20 Jun-20 Source: Clarksons Research. Sep-20 Dec-20 + TRITON 7.5 Source: Bloomberg. CONTAINERSHIPS IN PORT (GLOBAL EXCL. CHINA) Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jan-23 $3,000 $2,500 $2,000 $1,500 $1,000 $500 $0 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 DISPOSAL PRICES (1) Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Jan-23 300 250 200 150 100 50 'g 20' Wtd Avg Price (Indexed) 40' HC Wtd Avg Price (Indexed) Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jan-23 Dec-12 Jun-13 Jun-14 Dec-15 (1) Disposal price indices represent a weighted average of container sales prices in the Americas, Europe, and Asia Pacific rather than the actual sales mix in any given month. The indices remove the impact of geographic mix shifts to provide a more accurate representation of price trends. Excludes sales of new equipment. 8,0 Jun-19 Dec-19 Dec-21 Un-22 Dec-22 19#20TEU (000) 100 50 Dec-16 Dec-17 Jun-16 Jun-17 TRITON 300 250 200 150 0.0% Dec-10 Dec-11 3.0% 2.0% 1.0% Dec-12 Dec-13 Dec-14 Dec-15 TRITON'S USED CONTAINER DEPOT STOCKS INCREASING BUT STILL LOW Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 my New Container Production Decreasing In Response to Slower Demand TOTAL NEW CONTAINER INVENTORY BACK TOWARDS NORMAL RANGE 5.0% 4.0% ANNUAL NEW CONTAINER PRODUCTION 6 5 4 6% fleet growth 3 4% fleet growth 2% fleet growth Dec-21 Dec-22 % of Total Dry Standard Container Fleet Sources: Drewry Annual report and commonly used informal surveys by factory inspectors. ■Est. Replacement Range ■ Production Source: Drewry Annual Report and data from internal sources. Excludes non-leasing and non- shipping purchasers. 6% 2.0 5% 1.5 4% 3% 2% % of Dry TEU TEU (MM) 1.0 0.5 1% 0.0 0% ■ Est. Replacement Range ■Production Source: Drewry Annual Report and data from internal sources. Excludes non-leasing and non- shipping purchasers. 2 1 2010 2011 2012 2013 2014 2015 2016 2017 QUARTERLY NEW CONTAINER PRODUCTION 2018 2019 2020 2021 2022 20 20#21Consolidated Statement of Adjusted Net income(*) (In thousands, except earnings per share) Q4'22 Total leasing revenues Depreciation and amortization $ 416,307 $ Q3 '22 424,683 % Change 2022 2021 (2.0%) $1,679,686 $1,533,880 % Change 9.5% 154,661 158,538 Interest and debt expense Total ownership costs Gross margin 59,798 57,124 (2.4%) 634,837 4.7% 226,091 626,240 1.4% 222,024 1.8% 214,459 215,662 (0.6%) 860,928 848,264 1.5% 201,848 209,021 (3.4%) 818,758 685,616 19.4% Direct operating expenses 18,238 10,525 73.3% 42,381 26,860 57.8% Administrative expenses 23,996 22,747 5.5% 93,011 89,319 4.1% Provision (reversal) for doubtful accounts and other (income) expense (3,039) (767) 296.2% (4,284) (3,854) 11.2% Leasing margin 162,653 176,516 (7.9%) 687,650 573,291 19.9% Trading margin 1,781 3,680 (51.6%) 16,004 34,099 (53.1%) Net gain on sale of leasing equipment 25,156 26,468 (5.0%) 115,665 107,060 8.0% Adjusted pretax income Income tax expense (1) 189,590 Adjusted net income (1)(2) $ Less: dividend on preferred shares Adjusted net income attributable to common shareholders (1)(2) $ 206,664 15,889 17,140 173,701 $ 189,524 13,028 13,028 160,673 $ 176,496 (8.3%) 819,319 714,450 14.7% (7.3%) 64,361 54,528 18.0% 52,112 (8.3%) $ 754,958 $ 659,922 0.0% (9.0%) $ 14.4% 45,740 13.9% 702,846 $ 614,182 14.4% Adjusted net income per common share $ 2.76 $ 2.88 (4.2%) $ 11.32 $ 9.16 23.6% Weighted average number of common shares outstanding - diluted 58,225 61,364 (5.1%) 62,100 67,068 (7.4%) Return on equity 25.4% 27.5% 28.4% 28.1% (*) Adjusted net income is a non-GAAP financial measure. See Non-GAAP Financial Information in the Appendix. (1) Excludes debt termination expense and unrealized (gain) loss on derivative instruments. (2) Excludes state and other income tax adjustments. + TRITON 21#22Profitability Drivers Fleet Size Utilization Operating Expense Interest Expense Disposal Activity Unusual items Share Repurchases • • Sequential Change: Q4 2022 vs Q3 2022 Average revenue earning assets down 1.7% Average utilization down by 0.7% to 98.4% Increased to $18.2 million, up from $10.5 million Effective interest rate up 0.17% to 2.87% Gain on sale and trading margin down but still very high $3 million benefit from credit recoveries $4.8 million gains from lease buyout transactions Share count down due to continued share repurchase activity • Year-over-Year Change: FY 2022 vs FY 2021 Average revenue earning assets up 11.5% Average utilization down by 0.3% to 99.1% Increased to $42.4 million, up from $26.9 million Effective interest rate down 0.26% to 2.65% due to 2021 refinancing at lower rates Gain on sale and trading margin down as used container disposal prices decreased, partially offset by increase in disposal volume Net $3 million benefit from credit recoveries $11.6 million gains from lease buyout transactions Share count down due to continued share repurchase activity Outlook for Q1'23 Expect fleet size will decrease slightly Average utilization expected to decrease slightly but should remain very high Continue to increase as utilization softens Expect effective interest rate to increase on portion of debt that is unhedged Expect disposal gains to decrease as sale prices moderate None expected Expect share count to decrease further due to ongoing repurchases TRITON 22 22#23$MM Sustainable Profitability STRONG LEASING MARGIN EXPANSION SUSTAINED BY EXTENDED LEASE DURATIONS (1)(2) 100 $800 45% 90 80 40% 70 $700 60 35% $600 Months 50 40 30 20 30% Average Remaining Lease Duration (based on NBV) Including Expected Build-Down Period 10 $500 25% $400 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 CEU NBV % of Units on Long-Term and Finance Leases as of 12/31/22 81% 88% 20% AND LOW COST FIXED RATE DEBT STRUCTURE $300 15% $200 $100 10% 5% $0 0% 2017 2018 2019 Leasing Margin TRITON 2020 2021 2022 -Leasing Margin % Average Effective Interest Rate 5.0% 6 4.5% 5 4.0% 3.5% 4 3.0% 2.5% 3 88% of total debt is 2.0% fixed or hedged as 2 1.5% of 12/31/22 1.0% 1 0.5% 0.0% 0 2017 2018 2019 2020 2021 2022 Avg. Eff. Interest Rate (1) Includes long term and finance leases only. Wtd. Avg. Term (2) Build down refers to average time to return containers after lease expiration. Years 23 23#24Lease Portfolio More Resilient HIGHER TROUGH UTILIZATION... 100% 95% 90% Hanjin 85% bankruptcy 80% 75% 70% 65% 60% 55% 50% Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-15 Dec-16 Dec-14 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Ending Quarterly Utilization (CEU) -Trailing 5Y Average TRITON Dec-22 % of CEU AS FLEET MIX IMPROVES 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 ■Currently Offhire ■Expired Non-Sale Age Leases ■Not Expired Leases or Expired Sale Age Leases Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 24 24 88.2%#25$MM Robust Capital Structure DIVERSIFIED CAPITAL STACK (1) CASH FLOW COVERAGE 12,000 11,000 10,000 9,000 Unsecured Debt 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 ■Senior Unsecured Notes ■Term Loan and Revolver ABS Notes and Warehouse ■Preferred Stock Secured ■Common Equity Debt Equity $MM Net Debt as % of Revenue Earnings Assets $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 $0 2023 Principal Debt Obligations 2024 2025 2026 2027 2022 Cash Flow Before Capex (excluding certain items) NET DEBT AS % OF REA (3)(4) 90% Financial Crisis 80% 70% 60% Industrial & Commodity Recession Trade War / COVID-19/ Pref. Issuance ND/REA ND/REA Excl. Prepayments 12/31/2022 (1) Triton is currently rated BBB- by S&P Global Ratings and Fitch. The Senior Unsecured Notes, Term Loan and Revolver become unsecured on Oct. 14, 2021. Senior Unsecured Notes have bullet maturities ranging from 2023 to 2032. + TRITON Q3 '08 Q3 '09 Q3 '12 (2) All periods exclude purchase accounting adjustments. Net Debt defined as Total Debt plus Equipment Purchases Payable less Cash and Restricted Cash. (3) Lease prepayments reduce reported Net Debt, resulting in a decrease in leverage. ND/REA Excl. Prepayments adds back 75% of deferred revenues to adjust for these prepayments. 25 25#26Translating Strong Profitability Into Rapid Value Creation TYPICAL PRIORITIZATION OF CASH FLOW ($MM, except per share amounts) FY2022 Cash flow before capex (1) $1,607 1. Maintain ability to service customers/replacement capex (2) Cash flow after replacement capex -$900 ~$705 Steady-state cash flow yield (3) 18.2% 2. Pay common dividend of $2.80 per share (4) -$160 Dividend yield(3) 4.1% Cash flow after replacement capex and regular dividend ~$545 Capital Allocation Options 3A. Growth capex at constant leverage - Levered growth in revenue earning assets (5) - Potential REA growth 3B. Share repurchase - Percent of outstanding shares at current price 3C. Additional dividends - Potential additional per share distribution ~$2,180 19.3% ~$545 14.1% ~$545 $9.58 REA per Share Dec '20 $134 Dec '21 $179 Dec '22 $199 % Chg 49% TRITON (1) Excludes certain items. Cash flow before capex is a Non-GAAP financial measure. See Non-GAAP Financial Information in the Appendix. (2) Approximates depreciation, NBV of disposals, and principal payments on finance leases. (3) Based on closing stock price of $68.11 on 2/24/23. (4) Reflects annualized fourth quarter dividend. (5) Based on 75% debt to revenue earning assets. 26 26#27TRITON Outlook Expect Adjusted EPS will decrease from Q4 2022 to Q1 2023 . Negative seasonality adds to market pressure on utilization and disposal prices ⚫ First quarter has fewest number of days • Gain on a sizable lease prepayment and loss reversals added $0.13 in Q4. Not expecting benefits to re-occur in Q1 However, expect our profitability will remain high and expect pressure will ease as year progresses • Pace of off-hires should slow as seasonality improves and as excess container stocks shrink • Used container sale prices starting to approach normal ratio vs. new container prices • Expect continued benefit from share repurchases Trajectory after Q1 will depend on how market evolves Adjusted EPS $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22 Q1'23E Q2'23E Q3'23E Q4'23E } Expected Range 27 27#28Conclusions Q4 2022 financial results provide a strong finish to an outstanding year Market conditions challenging, but Triton will continue to build shareholder value quickly Have significant market advantages and have made durable enhancements to our business Expect financial performance will remain strong • Expect we will continue to repurchase shares while container investment limited Triton will be ready and well positioned to capitalize on market inflection Container supply/demand typically rebalance quickly due to short order cycle and sale of older assets Customers rely on leasing to manage market turns; Triton is the "Go To" supplier • Often have best investment periods in early stages of market upturn TRITON 28#29TRITON Appendix#30Attractive Fundamentals Reinforced by Triton Advantages ATTRACTIVE MARKET FUNDAMENTALS Strong organic growth across the cycle • Natural exposure to high-growth emerging economies • Trade growth > Global GDP growth most years • Increasing share for leasing over the long term Short production timeline limits risk of excess capacity Assets preserve value as they age ⚫ Limited risk of technological obsolescence ⚫ Limited age discrimination Deep resale market for older containers with strong value retention Favorable selling dynamics • Operational value-add supports pricing • Containers essential to liners' revenue but not meaningful to cost TRITON ADVANTAGES Strong balance sheet Investment grade balance sheet with leverage in line with historical averages Cost advantage from scale • S&A ratio below public peer Extensive and reliable supply capability ⚫ Favored supplier status with major lines . Ability to win more than fair share of opportunities and some pricing and structuring flexibility Broad marketing and operations infrastructure . High lifetime utilization High average sale age • Premium used container selling prices + TRITON 30 50#31Total CEUs Long Term Lease Expirations (CEU)(1)(2) DRY 500,000 400,000 150 125 100 300,000 75 200,000 100,000 50 25 Spot Rate Index (Used Spot Rate = 100) Total CEUs REFRIGERATED 500,000 150 400,000 300,000 200,000 100,000 0 0 0 0 Currently 2023 2024 2025 2026 2027 Expired Currently 2023 Expired 2024 2025 2026 2027 Percent of Fleet 1.9% 3.8% 1.9% 4.7% 3.5% 0.7% Percent of Fleet 0.4% 1.6% 2.1% 1.0% 1.3% 0.3% Expired with Drop Limitations LTL Expired with Drop Limitations LTL Expired LTL Avg. Rate by Year Used CEU Spot Rate Expired LTL Avg Rate by Year Used Spot Rate (1) Excludes sale age units and lifecycle leases. (2) Used spot rate is the estimated market rate for leases on used equipment. + TRITON 125 100 75 50 25 31 Spot Rate Index (Used Spot Rate = 100)#32Consolidated Statement of Income (In thousands, except earnings per share) Q4'22 Total leasing revenues 416,307 $ Trading margin 1,781 Q3 '22 424,683 3,680 % Change 2022 2021 % Change (2.0%) $1,679,686 $1,533,880 9.5% (51.6%) 16,004 34,099 (53.1%) Net gain on sale of leasing equipment 25,156 26,468 (5.0%) 115,665 107,060 8.0% Depreciation and amortization 154,661 158,538 (2.4%) 634,837 626,240 1.4% Interest and debt expense 59,798 57,124 4.7% 226,091 222,024 1.8% Total ownership costs 214,459 215,662 (0.6%) 860,928 848,264 1.5% Direct operating expenses 18,238 10,525 73.3% 42,381 26,860 57.8% Administrative expenses 23,996 22,747 5.5% 93,011 89,319 4.1% Provision (reversal) for doubtful accounts (2,998) (123) 2337.4% (3,102) (2,475) 25.3% Other (income) expense, net (41) (644) (93.6%) (1,182) (1,379) (14.3%) Unrealized (gain) loss on derivative instruments, net (23) 19 (221.1%) (343) N/A Debt termination expense 80 190 (57.9%) 1,933 133,853 (98.6%) Total operating and other costs 39,252 32,714 20.0% 132,698 246,178 (46.1%) Income before income taxes 189,533 206,455 (8.2%) 817,729 580,597 40.8% Income tax expense Net income 24,325 16,618 46.4% 70,807 50,357 40.6% 165,208 189,837 (13.0%) $ 746,922 $ 530,240 40.9% Less: dividend on preferred shares 13,028 13,028 Net Income attributable to common shareholders $ 152,180 $ 176,809 Net income per common share - Diluted $ 2.61 $ 2.88 0.0% (13.9%) $ (9.4%) $ 52,112 694,810 $ 11.19 $ 45,740 13.9% 484,500 43.4% 7.22 55.0% TRITON 32 32#33Non-GAAP Financial Information We use the terms "Adjusted net income," "Adjusted EPS," "Adjusted return on equity," "cash flow before capex", "Adjusted tangible book value per share" 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, cash flow from operations or common shareholders' equity. These measures may not be comparable to similarly titled measures used by other companies. 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. Adjusted 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 (excluding certain items) is defined as income before income taxes plus unrealized (gain) loss on derivative instruments, net, debt termination expense, depreciation and amortization, principal payments on finance leases and NBV of container disposals less cash taxes, preferred stock dividends, and other non-recurring adjustments that we believe investors should consider in evaluating our cash flow results. Management utilizes this measure when analyzing financial performance and making operating and strategic decisions. Adjusted tangible book value per share is defined as shareholders equity, less goodwill and net swap assets plus net deferred tax liability, before purchase accounting adjustments. Management utilizes this measure when analyzing financial performance and making operating and strategic decisions. We have provided a reconciliation of the non-GAAP financial measures used in this presentation on the following pages. 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. TRITON 33 33#34Reconciliation of Non-GAAP Financial Measures: Adjusted Net Income and Adjusted Return on Equity (In thousands, except earnings per share) Net income attributable to common shareholders Add (subtract): Q1'21 $ 129,325 $ Q2 '21 54,704 $ Q3 '21 Q4'21 123,045 $ 177,426 $ 2021 Total 484,500 $ Q1'22 181,230 $ Q2'22 184,591 $ Q3 '22 176,809 $ Q4'22 152,180 $ 2022 Total 694,810 Debt termination expense & unrealized loss (gain) on derivative 89,485 instruments, net State and other income tax adjustments 41,214 (496) 1,119 131,818 (403) 1,443 197 49 1,286 (957) (1,453) (510) 8,551 8,041 Tax benefit from vesting of restricted shares Adjusted net income $ (643) 128,682 (40) (683) $ Adjusted net income per common share - Diluted $ 1.91 $ 144,189 $ 2.14 $ 163,763 $ 177,548 $ 2.43 $ 2.67 $ 614,182 9.16 $ $ (1,184) 179,643 $ 2.76 $ (107) (1,291) 186,034 $ 2.92 $ 176,496 $ 2.88 $ 160,673 $ 702,846 2.76 $ 11.32 Q1'21 Q2'21 Q3 '21 Q4'21 2021 Total Q1'22 Q2'22 Q3'22 Q4'22 2022 Total Adjusted net income $ 128,682 $ 144,189 $ 163,763 $ 177,548 $ 614,182 $ 179,643 $ Annualized Adjusted net income (1) 521,877 578,340 649,712 704,402 614,182 728,552 186,034 $ 746,180 176,496 $ 160,673 $ 702,846 700,229 637,453 702,846 Beginning Shareholders' equity 2,010,948 2,169,318 2,172,077 2,248,870 Ending Shareholders' equity 2,169,318 2,172,077 2,248,870 2,334,712 (2)(3) Average Shareholders' equity $ 2,090,133 $ 2,170,698 $ 2,210,474 $ 2,291,791 2,010,948 2,334,712 $ 2,187,185 2,334,712 2,470,554 2,544,300 2,543,921 2,470,554 2,544,300 2,543,921 2,474,363 2,334,712 2,474,363 $ 2,402,633 $ 2,507,427 $2,544,111 $ 2,509,142 $ 2,473,570 Adjusted return on equity 25.0% 26.6% 29.4% 30.7% 28.1% 30.3% 29.8% 27.5% 25.4% 28.4% (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 Shareholders' equity from each quarter in the current year and December 31 of the previous year for the twelve-month ended periods. (2) Average shareholders' equity was adjusted to exclude preferred shares. TRITON 34#35Reconciliation of Non-GAAP Financial Measures: Cash Flow Before Capex (Excluding Certain Items) (In thousands) FY2022 Income (loss) before income taxes 817,729 Add: Unrealized loss (gain) on derivative instruments, net (343) Debt termination expense 1,933 Adjusted income before income taxes 819,319 Interest and debt expense 226,091 Depreciation and amortization 634,837 Adjusted EBITDA 1,680,247 Principal payments on finance leases 180,075 NBV of container disposals 181,072 Non-recurring cash flows (1) (109,201) Major cash in flows 1,932,193 Deduct: Interest and debt expense 226,091 Cash taxes paid 47,010 Preferred stock dividends 52,112 Cash flow before capex (excluding certain items) $ 1,606,980 TRITON (1) Includes non-recurring earnings and cash flows from large buyouts of finance leases and leases with purchase options. 35 55#36Reconciliation of Non-GAAP Financial Measures: Adjusted Tangible Book Value per Share(*) (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: Net swap assets Plus: Net deferred tax liability Adjusted tangible book value Adjusted tangible book value per share (As of 12/31/22. TRITON Combined Purchase Accounting $ 12,092,405 16,853 $ 8,940,573 (35,678) Consolidated 12,109,258 8,904,895 730,000 730,000 2,421,832 52,531 2,474,363 3,151,832 52,531 3,204,363 12,092,405 16,853 12,109,258 56,888 Ꭿ 2,421,832 (113,877) 447,106 2,755,061 $48.43 $43.50 36 36