INVESTOR PRESENTATION November 2017 1
DISCLAIMER Forward-Looking Statements Certain statements in this presentation, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton International Limited s ( Triton ) 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: failure to realize the anticipated benefits of the merger transaction, including as a result of a delay or difficulty in integrating the businesses of Triton Container International Limited ( TCIL ) and TAL International Group Inc. ( TAL ); uncertainty as to the long-term value of Triton International Limited's common shares; the expected amount and timing of cost savings and operating synergies resulting from the transaction; 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; their customers' decisions to buy rather than lease containers; their dependence on a limited number of customers for a substantial portion of their revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of their businesses; decreases in the demand for international trade; disruption to their operations resulting from the political and economic policies of foreign countries, particularly China; disruption to their operations from failures of or attacks on their information technology systems; their compliance with laws and regulations related to security, anti-terrorism, environmental protection and corruption; their ability to obtain sufficient capital to support their growth; restrictions on their businesses imposed by the terms of their debt agreements; and other risks and uncertainties, including those risk factors set forth in the section entitled Item 1A "Risk Factors" beginning on page 14 of Triton International Limited s Annual Report on Form 10-K for the year ended December 31, 2016, as updated from time to time by Triton International Limited s Quarterly Reports on Form 10-Q or other comments of Triton International Limited on 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. 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 Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. 2
OVERVIEW OF TRITON INTERNATIONAL Triton is the largest container leasing company in the world» Created in July 2016 through the merger of two long-term industry leaders, Triton Container International Limited ( TCIL ) and TAL International Group Inc. ( TAL )» Fleet includes 5.5 million twenty-foot equivalent units ( TEU ) of containers; leasing market share of 26%» NYSE-listed, with a market cap of $3.5bn as of Nov. 9, 2017 and approximately $9.4bn in total assets as of September 30, 2017 Significant scale, cost and capability advantages Long history of strong performance and attractive shareholder returns Currently benefitting from highly favorable market conditions and unique opportunity to drive value-adding growth Leasing Share (1) Attractive Shareholder Returns (2) CAI 6% Seacube 6% Beacon 5% Other 11% Triton 26% Total Return for Shareholders 5 Year Since IPO in Oct 2005 Cumulative 95.4% 397.0% CAGR 14.3% 14.2% Seaco 12% Florens 18% Textainer 16% (1) Source: Drewry Container Census & Lease Industry Annual Report 2017, based on fleet size in TEU at end-2016; figures exclude containers owned by shipping lines and other. 3 (2) Source: FactSet; As of November 8, 2017. Assumes dividends are re-invested. Based on TAL shares prior to merger.
TRITON CONTAINER FLEET AND LEASE PORTFOLIO Container Fleet % of Revenue Triton YTD Sep-2017 Position (1) Drys 62% #1 Refrigerated 30% #1 Specials 5% #1 Chassis 2% #4 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% The Large Majority of Triton s Containers Are On-hire Under Multi-year Long-term Leases 0% Lease Portfolio As of September 30, 2017 14.7% 13.4% 9.5% 9.4% 70.7% 71.8% 5.1% 5.4% CEU Service Leases NBV Long-Term Expired Lease (Units on Hire) Long-Term Lease Finance lease Tanks 1% #5 Average remaining duration of long-term & finance leases was approximately 40 months as of September 30, 2017 (1) Source: Drewry Container Census & Lease Industry Annual Report 2017, IICL and ITCO. 4
CONTAINER LEASING OVERVIEW Overview Container Ownership (1) Container Attributes Containers are the primary means by which goods are shipped internationally Total Worldwide Container Fleet: 37.9 million TEU in 2016 Standard sizes that allow for intermodal transport by ship, rail and truck Leasing provides operating flexibility to shipping lines, as well as an alternative source of equipment financing 58% 49% Long-lived assets, lasting 12 to 16 years or more in the marine environment» Sold for storage or one-way shipments Excellent leasing asset Strong Market Fundamentals Low risk of technology obsolescence» Maintains utility through full useful life Naturally resilient through the cycle» Short-ordering cycle, long-term leases Favorable sales dynamics 42% 51% 2010 2016 Shipping Lines and Other Container Lessors Leases Primarily long-term operating leases, typically with an initial duration of 3 to 8 years Also provide short-term operating leases and finance leases Redelivery parameters lead to additional onhire time after lease expiration» Reliable access to large stocks of containers most critical buying factor High barriers to entry» High requisite minimum efficient operating scale (1) Source: Drewry Container Census & Lease Industry Annual Report 2017, based on fleet size in TEU. 5
MARKET OPPORTUNITY FOR TRITON Highly Favorable Market Conditions......Creating Meaningful Opportunities for Triton Accelerated growth in global containerized trade Leasing demand very strong Profitability recovering rapidly Tight supply of containers New investment returns highly attractive» Currently targeting high-teens lifetime IRRs (1) Increased reliance on leasing» Strong lease structuring provides downside protection Average duration over 6 years Reduced investment from competitors Nearly 100% of containers required to be redelivered to demand locations Lease rates for Drys above portfolio average Triton share of new container transactions in range of 50% (2) during 2017» Building long-tail of enhanced profitability and cash flow» Further separating Triton s market position and performance from peers (1) Based on internal pricing model and management assumptions. Returns dependent on estimated S&A allocations and future performance compared to current expectations. (2) Sources: Management estimates based on commonly used informal surveys by factory suppliers and inspectors. 6
China Dry Van New Production Inventory (TEU) Triton s Asia Inventory (TEU) Growth Rate Avg. 20DC New Build Price MARKET CONDITIONS REMAIN FAVORABLE Global GDP and Container Trade Growth New Container Prices 20% $3,000 15% 10% 5% 0% (5%) (10%) $2,500 $2,000 $1,500 $1,000 $500 $0 nm Container Trade Growth Global GDP Growth Avg. 20DC New Build Price Sources: Container Trade Growth: Alphaliner Monthly Monitor, September 2017. GDP Growth: International Monetary Fund, October 2017 World Economic Outlook Update and earlier editions of the same report. New Dry Factory Inventory Sources: Drewry Container Census & Lease Industry Annual Report 2017, except for YTD-2017 and Oct-17 which are from Triton International. Triton s Dry Depot Lease Inventory in Asia 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 250,000 200,000 150,000 100,000 50,000 - Shipping Inventory Leasing Inventory Sources: Shipping and Leasing Factory Inventory estimates provided by commonly used informal surveys by factory inspectors. 7 Unbooked Asia Dry Inventory Source: Internal container management reports. Booked Asia Dry Inventory
KEY OPERATING METRICS STRONG Ending Quarterly Utilization (CEU) Overall Lease Rate Index (CEU) 100% Ending Quarterly Utilization (CEU) 120% Overall Lease Rate Index (CEU) 99% 98% 97% 96% 95% 94% 93% 92% 115% 110% 105% 100% 95% 90% 85% 80% 75% 91% 70% Dry Container Pick-up / Drop-off Activity (Units) (1) Used Dry Container Sales Price Index (2) 225,000 200,000 175,000 150,000 125,000 100,000 75,000 50,000 25,000 0 (25,000) (50,000) (75,000) (100,000) Dry Container Pick-up / Drop-off Activity (Units) 250% 225% 200% 175% 150% 125% 100% 75% 50% Used Dry Container Sales Price Index (1) (1) Excludes Sale/Leaseback Pick-ups Drop-offs Net 20' Price Index 40'HC Price Index (2) Excludes sale of new equipment 8
Leasing Revenue ($ in MM) Revenue Earning Assets ($ in MM) ($ in MM) QUARTERLY FINANCIAL PERFORMANCE (1) Leasing Revenue and Revenue Earning Assets (2) Adjusted Pre-Tax Income $400 $10,000 $100 $300 $7,500 $75 $50 $200 $5,000 $25 $100 $2,500 $- $- $- $(25) Leasing Revenue Revenue Earning Assets (Avg.) Gain (Loss) on Sale Adjusted Pre-Tax Income Excluding Gain (Loss) on Sale (1) The combined financial information from Q3 2016 and prior periods does not reflect results on a GAAP basis. GAAP financial statements reflect only the TCIL operations prior to the merger on July 12, 2016, and can be found in the Company s 10-Q and 10-K filings. (2) Revenue Earning Assets includes the NBV of leasing equipment, equipment held for sale, and the net investment in finance leases. Excludes purchase accounting adjustments. The amount represents the average balance at the beginning and end of the period presented. 9
CONSOLIDATED STATEMENTS OF ADJUSTED NET INCOME (Dollars in thousands, except earnings per share) Q3 '17 Q2 '17 Inc / (Dec) % Change Total leasing revenue $ 302,120 $ 281,939 $ 20,181 7.2% Trading margin 1,369 1,328 41 3.1% Gain on sale of leasing equipment 10,263 9,639 624 6.5% Depreciation and amortization 128,581 124,091 4,490 3.6% Interest and debt expenses 73,815 71,060 2,755 3.9% Total ownership costs 202,396 195,151 7,245 3.7% Direct operating expenses 13,833 15,609 (1,776) (11.4%) Administrative expenses 21,233 22,068 (835) (3.8%) Bad debt expense (benefit) 783 (113) 896 (792.9%) Other expense (income), net 164 (974) 1,138 (116.8%) Income attributable to noncontrolling interest 2,390 2,343 47 2.0% Adjusted pre-tax income (A) $ 72,953 $ 58,822 $ 14,131 24.0% Estimated taxes 11,845 11,802 43 0.4% Adjusted net income $ 61,108 $ 47,020 $ 14,088 30.0% Adjusted pre-tax income per share $ 0.96 $ 0.79 $ 0.17 21.5% Adjusted net income per share $ 0.81 $ 0.63 $ 0.17 27.3% (A) Adjusted pre-tax income excludes transaction costs, write-off of deferred financing costs and net unrealized loss or gains on interest rate swaps. 10
TEU Picked-Up Leasing Market Share (Est.) AGGRESSIVE INVESTMENT BUILDING LONG-TERM VALUE Triton s New Dry Container Pick-Ups 300,000 100% 250,000 80% Lease Economics Expected returns on post-merger investments have been highly attractive, and have also been well-structured with most only allowing returns to China 200,000 150,000 100,000 60% 40% Attractive investment returns:» Expect 15% - 20%+ lifetime equity IRRs» High current period accounting profitability 50,000 20% - 0% New TEU Picked-Up Estimated Supply Share of New Leasing Containers Source: Triton estimates. 11 Note: Expected returns based on current lease economics and Triton s assumptions for releasing and disposals. Assumes 75% debt / assets
($ in MM) Triton Target Leve l Textainer CAI SIGNIFICANT BENEFITS OF THE MERGER Merger Generating Operating Advantages Merger integration mostly completed» Significant annual S&A cost savings anticipated Benefitting from increased competitive distance» Strong supply capability» Scale and cost advantages Cost Comparison to Peers Upon Realization of Synergies 12% 10% 8% 6% 4% 2% S&A as % of Leasing Revenue (1) Triton Target Level (2) Textainer CAI Capital Expenditures Since June 30, 2016 (3)» Greater access to capital across multiple funding channels $2,500 $2,000 Triton» Preferred supplier status and strong reputation for reliability $1,500 $1,000 $500 Textainer CAI (1) Triton Target Level calculated based on target level of S&A after integration savings are fully realized. Textainer based on financials for the quarter ended September 30, 2017 and includes short-term and long-term incentive compensation expense. CAI container leasing segment data shown for full year 2016, the most recent segment disclosure available. (2) Based on the quarter ending September 30, 2017, Triton s S&A to Leasing Revenue was 7.0%. (3) Calculated as the sum of cash paid for containers as reported in the cash flow statements of quarterly earnings filings plus the equipment purchases payables at September 30, 2017 and the total container purchase commitments at September 30, 2017. For CAI, data includes both container and rail segments except for purchase commitments, which is container only. 12 $0 Triton Textainer CAI
OUR SCALE AND CAPABILITY ADVANTAGES Unrivaled global operating infrastructure and cost advantages lead to higher lifetime value» Extensive local marketing presence drives small-batch on-hires of used containers» Global operations coverage tightly manages our depot network to control quality and cost» Dedicated in-house technical team provides on-site quality control for container production» Leading team of container re-sale specialists allows Triton to sell in more locations and for better prices» Scale advantages give us lowest unit-level SG&A costs and leverage with vendors 2017 year-to-date global operating statistics:» Operate through 24 offices in 15 countries» Leased used containers to 244 customers from 52 countries» Sold containers to 1366 customers from 77 countries» Work with over 130 third-party logistics providers to efficiently move 47,000 containers to better locations» Average age of dry containers sold over 14 years 13
SUPPLIER OF CHOICE TO WORLD S LARGEST SHIPPING LINES Triton is the World s Leading Supplier Top Global Shipping Lines Triton estimates that it has a #1 position with (1) :» Each of the top 5 carriers» 8 of the top 10 carriers (2) (2) (2) Top 10 customers have leased containers from the Company for over 30 years on average (2) (2) (1) Carriers with announced but uncompleted acquisitions counted separately. (2) Acquisition or merger completed or in process. Dashed lines indicate acquisition or merger is currently in process; solid lines indicate completion. 14
DEBT PROFILE Focused on long-term fixed-rate financing to match-fund our assets» Minimize re-financing risk» Lock-in spread on fixed rate, long-term lease portfolio Raised total new financing of over $3.5 billion in 2017» Accessed multiple sources of funding, including term ABS, private placements and banks Total debt of ~$6.9 billion, with average remaining duration of fixed rate debt of 4.2 years (includes swaps)» 89% of total debt either fixed rate or swapped to fixed» 100bps increase in LIBOR would result in $9.3 million of additional annual interest expense Triton International Debt Maturity Schedule as of 9/30/2017 ($ in 000) Principal Payments Outstanding 2017 2018 2019 2020 2021 2022 & Thereafter Institutional Notes 2,388,857 7,857 182,800 240,643 315,243 296,171 1,346,143 ABS Term Notes 2,457,017 72,091 340,187 286,416 289,238 288,139 1,180,946 Term Loan Facilities 1,752,443 51,840 207,370 629,512 340,892 246,430 276,400 Asset-Backed Warehouse Facilities 45,000 0 0 0 1,125 4,500 39,375 Revolving Credit Facilities 115,000 0 0 0 50,000 0 65,000 Capital Lease Obligations 113,317 9,908 27,883 8,045 8,284 8,640 50,557 Total Required Principal Payments 6,871,635 141,696 758,240 1,164,615 1,004,782 843,880 2,958,421 DFCs, Debt Discount + purchase price debt adj. (81,470) Total Debt, net of adjustments 6,790,164 15
CONCLUSIONS Triton is taking advantage of favorable market conditions to achieve excellent performance» Adjusted pre-tax income up 24% from second quarter» Key operating metrics strong» Building a long tail of enhanced earnings and cash flow through our high investment share Triton has further strengthened our competitive position» Continue to have significant scale, cost and capability advantages» Reinforcing key customer relationships by providing critically needed container capacity» Raised $192.9 million of net proceeds through common share offering to support ongoing investment and growth Expect market conditions to remain generally favorable and expect our Adjusted pre-tax income will increase from the third to fourth quarter of 2017 16
Appendix
LONG-TERM LEASE EXPIRATIONS Dry Refrigerated Note: MCEU Market Cost Equivalent Unit reflects an adjustment to CEU levels to reflect current reefer prices. Excludes dry and reefer containers that will be 13 years or older upon expiration. 18
EQUITY CASH FLOW ANALYSIS ($ in 000) LTM 9/30/2017 Q3 17 Annualized Normalized EBITDA 963,033 1,111,612 Principal Payments on F/L 61,481 60,772 NBV of Container Disposals 167,093 154,000 Major Cash In Flows 1,191,607 1,326,384 Interest Expense 271,536 295,181 Cash flow before capex 920,071 1,031,203 Replacement capex * 719,133 729,096 Steady-state Cash flow 200,938 302,107 per share $2.69 $3.76 Dividends per share $1.80 $1.80 Dividends $134,381 $144,625 Equity Cash Flow Available to Fund Growth Capex $66,557 $157,483 Leverage on Growth Capex 75.0% 75.0% Asset Growth Potential at Constant Leverage ($) $266,229 $629,930 Asset Growth Potential at Constant Leverage (%) 3.3% 7.4% * represents depreciation, NBV of disposals and principal payments on finance leases. 19
Average Annual Return on Assets (EBIT / Total Assets) Average Annual Return on Assets (EBIT / Total Assets) SECTOR LEADING PERFORMANCE 10 Year 5 Year Average Annual Growth in Revenue Earning Assets 2007-2016 Average Annual Growth in Revenue Earning Assets 2012-2016 -5% 0% 5% 10% 15% 8% 7% Rental Companies Triton -10% -5% 0% 5% 10% 15% 8% Triton Rental 7% Companies 6% 5% Containership Chartering Railcar Leasing Aircraft Leasing (1) 6% 5% Containership Chartering Railcar Leasing Aircraft Leasing (1) 4% 4% 3% 3% 2% 2% 1% 1% 0% -1% Commercial Finance Container Shipping 0% -1% Commercial Finance Container Shipping -2% -2% Triton: Reflects combined financials for TAL and TCIL; Aircraft Leasing: Aercap, Aircastle, FLY, Airlease; Containership Chartering: SSW, DAC, CMRE; Container Shipping: NOL, NYK, Kline, MOL, OOCL; Rental Companies: H&E Equipment, McGrath, Mobile Mini, Ryder, URI; Commercial Finance: CIT Group, Marlin, Newstar Financial; Railcar Leasing: GATX (1) REA growth excludes AerCap acquisition of ILFC from AIG in 2014 20
CONSOLIDATED BALANCE SHEET AS OF SEPTEMBER 30, 2017 (dollars in thousands) 21 Combined Purchase Accounting Consolidated ASSETS: Leasing equipment, net of accumulated depreciation $ 8,768,972 $ (644,009) $ 8,124,963 Net investments in finance leases, net of allowances 309,542 162 309,704 Equipment held for sale 54,605 (2,318) 52,287 Revenue earning assets 9,133,119 (646,165) 8,486,954 Cash and cash equivalents (includes restricted cash) 230,471-230,471 Accounts receivable, net of allowances 197,225-197,225 Lease intangibles, net of accumulated amortization - 177,229 177,229 Goodwill 74,523 162,142 236,665 Other assets 56,893 (3,223) 53,670 Total assets $ 9,692,231 $ (310,017) $ 9,382,214 LIABILITIES AND SHAREHOLDERS' EQUITY: Equipment purchases payable $ 94,052 $ - $ 94,052 Fair value of derivative instruments 9,078-9,078 Accounts payable and other accrued expenses 119,260 (2,411) 116,849 Deferred income tax liability 516,058 (179,671) 336,387 Debt, net of unamortized deferred financing costs 6,808,589 (18,425) 6,790,164 Total liabilities 7,547,037 (200,507) 7,346,530 Shareholders' equity 2,009,538 (109,510) 1,900,028 Non-controlling interests 135,656-135,656 Total equity 2,145,194 (109,510) 2,035,684 Total liabilities and shareholders' equity $ 9,692,231 $ (310,017) $ 9,382,214 Net debt (Total debt plus EPP less cash) 6,728,397 6,696,436 Net debt to revenue earning assets 73.7% 78.9%
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION Three Months Ended, June 30, Sept 30, Dec 31, Mar 31, June 30, Sept 30, Dec 31, Mar 31, June 30, Sept 30, (Dollars in thousands) 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 Income (loss) before income taxes $ 41,327 $ 26,092 $ 18,864 $ 11,057 $ 8,847 $ (56,848) $ 31,113 $ 43,445 $ 59,497 $ 70,609 Add: Write-off of deferred financing costs - - 1,170-141 - - - 43 4,073 Unrealized loss (gain) on derivative instruments, net (2,059) 4,159 (3,593) 4,596 4,133 (3,487) (9,648) (1,498) 789 629 Transaction costs 4,173 2,429 9,800 3,411 3,537 59,570 399 2,472 836 32 Less: income attributable to NCI 3,740 4,822 5,052 1,323 1,481 2,082 2,846 1,692 2,343 2,390 Adjusted pre-tax income (loss) (A) 39,701 27,858 21,189 17,741 15,177 (2,847) 19,018 42,727 58,822 72,953 Add: TAL adjusted pre-tax income - pre-merger 41,763 36,355 25,895 14,580 3,217 - - - - - Adjusted pre-tax income (loss) attributable to shareholders $ 81,464 $ 64,213 $ 47,084 $ 32,321 $ 18,394 $ (2,847) $ 19,018 $ 42,727 $ 58,822 $ 72,953 (A) Represents TCIL stand-alone for periods June 30, 2016 and prior. 22