Notice on Forward Looking Statements

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2 Notice on Forward Looking Statements This presentation contains certain forward-looking statements (as such term is defined in Section 21E of the Securities Exchange Act of 1934, as amended), which reflect management s current views with respect to certain future events and performance, including, in particular, statements regarding: future operating or financial results; time charters; industry fundamentals, including estimated supply and demand for containerships; ship operating expenses; estimated operating results and guidance for the quarter ending June 30, 2017; expansion of our business and growth opportunities; future contracted revenues; vessel deliveries and vessel financing arrangements, including expected financing; our capital requirements; and our access to capital and financial strength and flexibility. Although these statements are based upon assumptions we believe to be reasonable, they are subject to risks and uncertainties. These risks and uncertainties include, but are not limited to: the availability to us of containership acquisition or construction opportunities; the availability and cost to us of financing, including to refinance existing debt and to pursue growth opportunities; general market conditions and shipping market trends, including chartering rates, scrapping rates and newbuild orders, and the sustainability of any recent rate improvements or other signs of a potential market recovery; conditions in the containership market; increased operating expenses; our future cash flows and our ability to make dividend and other payments; the time that it may take to construct new ships; Seaspan s continued ability to enter into primarily long-term, fixed-rate time charters with customers; changes in governmental rules and regulations or actions taken by regulatory authorities; the financial condition of shipyards, charterers, lenders, refund guarantors and other counterparties and their ability to perform their obligations under their agreements with us; the potential for newbuilding delivery delays; the potential for early termination of longterm contracts and our potential inability to renew or replace long-term contracts; changes in accounting rules or treatment; working capital needs; our ability to maintain our reputation as a leading containership owner and operator; and other factors detailed from time to time in Seaspan s periodic reports and filings with the Securities and Exchange Commission, including Seaspan s Annual Report on Form 20-F for the year ended December 31, We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. Please refer to the earnings release for descriptions and reconciliations of non-gaap financial measures such as cash available for distribution to common shareholders, normalized net earnings, normalized earnings per share and adjusted EBITDA, which earnings release is available on our website at 2 2

3 Q1 Highlights Improving Market Conditions Freight Market Shanghai Container Freight Index up over 70% since April 2016 Higher than expected cargo volumes from Europe to Asia Charter Market Increases in charter rates across all vessel sizes over the last month Panamax charter rates crossed $10,000/day Continued Focus on Key Operating and Financial Metrics Q normalized EPS of $0.15 Ship opex continue to decline Poised to capitalize on improving market fundamentals with strong foundation of long-term contracts 3 3

4 Q1 Financial Snapshot Dollar amounts in millions, except per share amounts 3 Months Ended March 31 INCOME STATEMENT Revenue $201.3 $215.5 Ship operating expenses $45.6 $47.6 G&A $7.5 $7.8 Operating leases $26.5 $14.9 EARNINGS Normalized net earnings 1 $31.8 $46.0 Normalized EPS, diluted 1 $0.15 $0.33 CASH FLOW Adjusted EBITDA 1 $119.3 $163.7 Cash available for distribution to common shareholders 1 $60.3 $100.5 BALANCE SHEET Mar 31, 2017 Dec 31, 2016 Cash and cash equivalents, and short-term investments $295.7 $368.3 Total borrowings $3,299.8 $3,402.2 Shareholders equity $1,758.9 $1,747.2 Net Debt to Equity Ratio 1.7x 1.7x (1) Adjusted EBITDA, cash available for distribution to common shareholders, normalized net earnings and normalized EPS, diluted are non-gaap measures. Please refer to the appendices at the back of this presentation or our earnings release that is available on our website at for definitions of these terms and reconciliations of such measures to measures under GAAP. 4 4

5 2016-Apr 2016-May 2016-Jun 2016-Jul 2016-Aug 2016-Sep 2016-Oct 2016-Nov 2016-Dec 2017-Jan 2017-Feb 2017-Mar 2017-Apr Customer Fundamentals Improving Freight Rates and Cargo Volumes Rising SCFI up over 70% since April 2016: Shanghai Europe: + 220% Shanghai Southeast Asia: + 114% Global container throughput is expected to grow by 3% - 4% in ,3 COSCO, MOL and other liners forecasting profitable 2017 amid strong freight rates and cargo volumes 1,200 1, SHANGHAI CONTAINER FREIGHT INDEX 1,2 Managing Containership Supply Newbuild ordering negligible: GLOBAL CONTAINER SHIPPING DEMAND-SUPPLY GROWTH ⁴ YTD 2017 ~45,000 TEU 2 Scrapping continuing with ~210,000 TEU scrapped YTD in Deferral of existing orderbook Market moving toward overall balance (1) Clarksons Research April 2017 (2) Alphaliner Monthly Monitor April 2017 (3) Clarksons Research Vol 19, No. 3 (4) J.P. Morgan Research March 2017; Sources: Clarksons, Alphaliner, World Bank, J.P. Morgan Economics and J.P. Morgan estimates. Supply growth is based on end fleet at beginning of year and scheduled deliveries during the year. 5 5

6 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Charter Market Conditions Seaspan Set to Benefit from Improvements Panamax Market Rates and asset values are showing signs of recovery Spot rates crossed $10,000/day Secondhand asset values improving from lows in Nov/Dec 2016 TC Rate ($/day) $14,000 $12,000 $10,000 $8,000 $6,000 SPOT RATES Orderbook negligible $4,000 10,000 TEU Update 4400 TEU¹ 5600 TEU² Strong demand for 10,000+ TEU vessels All Seaspan vessels currently employed Two 10,000 TEU newbuilds deferred until 2018, with Seaspan option to deliver earlier (1) Clarksons Research April 2017, and recent market fixtures. (2) Alphaliner Monthly Monitor January 2016 to April

7 Seaspan Remains Focused on Cost Control $8,000 SHIP OPERATING COST PER OWNERSHIP DAY $7,500 $7,000 $6,500 $6,000 $5,500 $5,000 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Operating costs continue to decline 7 7

8 Forward Guidance Key Financial Items for Q Estimated as at April 27, 2017, in $millions Q Revenue $203 - $207 Ship Operating Expense $46 - $49 Operating Lease Expense $27 - $29 Depreciation & Amortization $49 - $51 G&A $7 - $8 Interest Expense at the Hedged Rate $37 - $39 *Note: All estimates are approximate, based on current information, and are subject to change. 8 8

9 Key Priorities Capitalize on leadership position Continue to strengthen balance sheet Opportunistically pursue vessel acquisitions Enhance long-term contract backlog Creatively pursue partnering opportunities Continue to provide best-in-class operations with a focus on cost management 9 9

10 Appendix April 06, 2017 CSCL Long Beach Arriving at the Port of Vancouver 10 10

11 Appendix A: Reconciliation of GAAP to Non-GAAP Measures: Adjusted EBITDA Adjusted EBITDA (millions of USD) Quarter Ended March Net earnings $40.0 $7.1 Adjust: Interest expense and amortization of deferred financing fees Interest income (1.2) (3.1) Undrawn credit facility fees Depreciation and amortization Share-based compensation Gain on sales (3) Expenses related to customer bankruptcy (4) Amortization of deferred gain (5) (4.9) (3.9) Bareboat charter adjustment, net (2) Change in fair value of financial instruments (1) Adjusted EBITDA $119.3 $163.7 Please see Appendix E for Notes to Non-GAAP Financial Measures

12 Appendix B: Reconciliation of GAAP to Non-GAAP Measures: Cash Available for Distribution to Common Shareholders Cash Available for Distribution to Common Shareholders (millions of USD) Quarter Ended March Net earnings $40.0 $7.1 Add: Depreciation and amortization Interest expense and amortization of deferred financing fees Share-based compensation Change in fair value of financial instruments (1) Bareboat charter adjustment, net (2) Gain on sales (3) Expenses related to customer bankruptcy (4) Less: Amortization of deferred gain (5) (4.9) (3.9) Dry-dock reserve adjustment (5.3) (5.8) Preferred share dividends paid (16.1) (13.2) Net cash flows before interest payments Less: Interest expense at the hedged rate (6) (38.2) (46.8) Cash available for distribution to common shareholders $60.3 $100.5 Please see Appendix E for Notes to Non-GAAP Financial Measures

13 Appendix C: Reconciliation of GAAP to Non-GAAP Measures: Normalized Net Earnings Normalized Net Earnings (millions of USD) Quarter Ended March Net earnings $40.0 $7.1 Adjust: Interest expense, excluding amortization of deferred financing fees Expenses related to customer bankruptcy (4) Change in fair value of financial instruments (1) Interest expense at the hedged rate (6) (38.2) (46.8) Write-off of vessel equipment (7) Normalized net earnings $31.8 $46.0 Please see Appendix E for Notes to Non-GAAP Financial Measures

14 Appendix D: Reconciliation of GAAP to Non-GAAP Measures: Normalized Net Earnings and Normalized Net Earnings per Share Normalized Net Earnings and Normalized Net Earnings per Share (millions of USD, except share and per share amounts) Quarter Ended March Normalized net earnings $31.8 $46.0 Less preferred share dividends: Series C (including amortization of issuance costs) Series D Series E Series F Series G Series H Total preferred share dividends Normalized net earnings attributable to common shareholders $15.7 $32.7 Weighted average number of shares used to compute earnings per share Reported, basic Share-based compensation Reported and normalized, diluted (8) Earnings (loss) per share: Reported, basic and diluted $0.22 $(0.06) Normalized, diluted $0.15 $0.33 Please see Appendix E for Notes to Non-GAAP Financial Measures

15 Appendix E: Notes to Non-GAAP Financial Measures (1) Change in fair value of financial instruments includes realized and unrealized losses (gains) on Seaspan s interest rate swaps, unrealized losses (gains) on Seaspan s foreign currency forward contracts and unrealized losses (gains) on interest rate swaps included in equity income on investment. (2) In the second half of 2011, Seaspan entered into agreements to bareboat charter four 4800 TEU vessels to MSC Mediterranean Shipping Company S.A. ( MSC ) for a five-year term, beginning from vessel delivery dates that occurred in Upon delivery of the vessels to MSC, the transactions were accounted for as sales-type leases. The vessels were disposed of and a gross investment in lease was recorded, which is being amortized to income through revenue. The bareboat charter adjustment in the applicable non-gaap measures is included to reverse the GAAP accounting treatment and reflect the transaction as if the vessels had not been disposed of. Therefore, the bareboat charter fees are added back and the interest income from leasing, which is recorded in revenue, is deducted resulting in a net bareboat charter adjustment. During the fourth quarter of 2016, Seaspan sold these vessels to MSC pursuant to the agreements entered into in (3) The gain on sale relates to the proceeds received in excess of vessel cost upon the sale and leaseback transaction of one TEU vessel during the quarter ended March 31, Under this transaction, Seaspan sold the vessel to a special purpose company and is leasing the vessel back. For accounting purposes, the gain is deferred and amortized as a reduction of operating lease expense over the term of the lease. (4) Expenses related to customer bankruptcy primarily relates to costs and expenses related to the Hanjin bankruptcy in As of September 1, 2016, after Hanjin declared bankruptcy, no revenue was recognized on the Hanjin charters. (5) As of March 31, 2017, ten vessels have been sold and leased back by Seaspan. For GAAP accounting purposes, the gain on sales was deferred and is being amortized as a reduction of operating lease expense over the term of the lease. (6) Interest expense at the hedged rate is calculated as the interest incurred on operating debt at the fixed rate on the related interest rate swaps plus the applicable margin on the related variable rate credit facilities and leases, on an accrual basis. Interest expense on fixed rate borrowings is calculated using the effective interest rate. (7) Commencing in May 2015, Seaspan installed upgrades on certain of its vessels to enhance fuel efficiency. As a result, Seaspan incurred noncash write-offs related to the original vessel equipment of $6.8 million for the quarter ended March 31, These write-offs are included in depreciation and amortization expense. The costs of the vessel upgrades are recoverable from the charterer. (8) Seaspan s shares of common stock issuable upon conversion of its convertible Series F preferred shares are not included in the computation of diluted earnings per share because their effect is anti-dilutive for the period

16 Appendix F: Description of Non-GAAP Measures Adjusted EBITDA is defined as net earnings adjusted for interest expense and amortization of deferred financing fees, interest income, undrawn credit facility fees, depreciation and amortization, share-based compensation, gain on sales, expenses related to customer bankruptcy, amortization of deferred gain, bareboat charter adjustment, change in fair value of financial instruments and certain other items that Seaspan believes are not representative of its operating performance. Adjusted EBITDA provides useful information to investors in assessing Seaspan s results of operations. Seaspan believes that this measure is useful in assessing performance and highlighting trends on an overall basis. Seaspan also believes that this measure can be useful in comparing its results with those of other companies, even though other companies may not calculate this measure in the same way as Seaspan. The GAAP measure most directly comparable to Adjusted EBITDA is net earnings. Adjusted EBITDA is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan s performance required to be reported by GAAP. Cash available for distribution to common shareholders is defined as net earnings adjusted for depreciation and amortization, interest expense and amortization of deferred financing fees, share-based compensation, change in fair value of financial instruments, bareboat charter adjustment, gain on sale, expenses related to customer bankruptcy, amortization of deferred gain, dry-dock reserve adjustment, cash dividends paid on preferred shares, interest expense at the hedged rate and certain other items that Seaspan believes are not representative of its operating performance. Cash available for distribution to common shareholders is a non-gaap measure used to assist in evaluating Seaspan s ability to make quarterly cash dividends before reserves for replacement capital expenditures. Cash available for distribution to common shareholders is not defined by GAAP and should not be considered as an alternative to net earnings or any other indicator of Seaspan s performance required to be reported by GAAP. In addition, this measure may not be comparable to similar measures presented by other companies. Normalized net earnings is defined as net earnings adjusted for interest expense, excluding amortization of deferred financing fees, expenses related to customer bankruptcy, change in fair value of financial instruments, interest expense at the hedged rate, write-off of vessel equipment and certain other items Seaspan believes affect the comparability of operating results. Normalized net earnings is a useful measure because it excludes those items that Seaspan believes are not representative of its operating performance. Normalized net earnings and normalized earnings per share are not defined by GAAP and should not be considered as an alternative to net earnings, earnings per share or any other indicator of Seaspan s performance required to be reported by GAAP. In addition, this measure may not be comparable to similar measures presented by other companies