1

THIRD QUARTER 2020INVESTOR CONFERENCE CALL

October 23, 2020

2

DISCLAIMER

Forward-Looking Statements

Certain statements in this presentation, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, future costs, prospects, plans and objectives of management are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words ”expect,” “estimate,” “anticipate,” “predict,” "believe," “think,” “plan,” “will,” “should,” “intend,” “seek,” “potential” and similar expressions and variations are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond our control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; customers' decisions to buy rather than lease containers; dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of Triton’s businesses; decreases in the demand for international trade; disruption to our operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars and tariffs; disruption to our operations from failure of or attacks on our information technology systems; disruption to our operations as a result of natural disasters, compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of our debt agreements; changes in the tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those listed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 (the “Form 10-K”) or other reports we file with the United States Securities and Exchange Commission.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors in our Form 10-K. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, us or our businesses or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain financial measures presented in this presentation are identified as not being prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the Appendix hereto for a reconciliation of such non-GAAP measures to their most comparable GAAP measures.

3

HIGHLIGHTS

Triton’s performance inflected upwards in the third quarter

» Adjusted EPS $1.14, an increase of 32.6% from the second quarter

» Annualized return on equity of 15.8%

Trade volumes have rebounded sharply, creating a shortage of containers

Q3 ABS issuance has further strengthened our balance sheet and profitability

» Issued $2.3 billion of ABS at a weighted average rate of 2.2%

» Most of proceeds used to refinance higher cost debt; expect $25 million of savings over the next year

We are carrying strong momentum into the end of the year

» Customers expect container shortages to last at least into early 2021

» Expect Adjusted EPS to increase in the range of 25% from the third to the fourth quarter

Raised quarterly dividend from $0.52 to $0.57 per common share, an increase of nearly 10%

4

CURRENT MARKET OVERVIEW

The market and our performance inflected upwards in the third quarter

» Trade volumes rebounded strongly as lockdowns in the U.S. and Europe eased

» Most shipping lines facing significant container shortages

» We have used our extensive supply capability to secure sizable bookings for new and used containers

– Utilization has rebounded quickly to 97.6% as of October 16

– We have booked over 500,000 TEU of new containers onto attractive long-term leases

» Container manufacturers now quoting roughly $2,500 for new 20’ dry containers

» Used container sales volumes increased to a record level in Q3; prices are starting to increase quickly

Customer financial performance better than expected and payment performance strong

» Shipping lines reduced vessel capacity in first half of 2020 in response to decreased trade volumes, and major shipping lines boosted profitability from first half of last year

» Shipping line performance expected to be very strong in second half of 2020 due to rebound in trade volumes, high freight rates and low fuel costs

» Shipping industry managing COVID-19 pandemic much better than previous down-cycles

Our solid performance through the trade wars and COVID-19 lockdowns and rapid upward inflection in Q3 highlight the resilience of our business model

» High quality long-term lease portfolio limits off-hires and exposure to weak markets

» Cost and capability advantages drive outperformance vs. peers, protecting ROE through down cycle

» Short order cycle for containers allows global fleet to rebalance quickly

5

CONTAINER PORT THROUGHPUT REBOUNDED TOPRE-PANDEMIC LEVELS

Top 10 Global Ports

Source: Alphaliner Monthly Monitor.

(15.0%)

(10.0%)

(5.0%)

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5.0%

10.0%

15.0%

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25.0

Yo

Y C

han

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Thro

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pu

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illio

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Throughput YoY Change

CNYFeb 5th

CNYJan 25th

6

(100,000)

(50,000)

0

50,000

100,000

150,000

200,000

250,000

300,000

Pick-Ups Drop-Offs Net

70%

75%

80%

85%

90%

95%

100%

Ending Quarterly Utilization (CEU)

TRITON’S KEY OPERATING METRICS INFLECTED IN Q3

Ending Quarterly Utilization (CEU) Dry Container Pick-up / Drop-off Activity (Units) (1)

Trend of Leasing Transactions – New Dry Containers Dry Depot Lease Inventory in Asia(1) Excludes Sale-leaseback units.

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50

100

150

200

250

TE

U (

00

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Unbooked Asia Dry Inventory Booked Asia Dry Inventory

-

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1.0

1.5

2.0

2.5

Rat

e (I

nd

exe

d)

Note: Bubble size represents new dry container leasing transactions in TEUs by quarter.

Current Rate

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CONTAINER SUPPLY CONSTRAINED AND BOX PRICES HIGHER

New Dry Factory Inventory Container Price Minus Steel Input Cost

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200

400

600

800

1,000

1,200

Ch

ina

Dry

Van

New

Pro

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ctio

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tory

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Shipping Inventory Leasing Inventory

Sep. 30th Inventory:Lessors 196kLines 94kTotal 290k

$1,324

$-

$500

$1,000

$1,500

$2,000

$2,500

$3,000

20DC Price Margin

Current Box Price: $2,500Current Steel Price $588/Ton

8

CUSTOMER FINANCIAL PERFORMANCE STRONG DUE TOHIGH FREIGHT RATES AND LOW FUEL PRICES

Container Spot Shipping Freight Rates and Fuel Cost

Source: Bloomberg. Freight rates are for a 40’ dry container. Bunker fuel is 380 cst prior to Jan. 1, 2020 and VLSFO thereafter. VLSFO is very-low sulfur fuel oil that complies with the new IMO 2020 regulations and trades at a premium to regular 380 cst bunker fuel.

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

$4,000

Bunker Fuel ($/mt) China - US West Coast China - Northern Europe

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CONSOLIDATED STATEMENTS OF ADJUSTED NET INCOME (*)

(*) 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, tax related to intra-entity asset transfer and tax benefit from vesting of restricted shares.

(In thousands, except earnings per share) Q3 '20 Q2 '20 % Change Q3 '19 % Change

Total leasing revenues 327,757$ 321,397$ 2.0% 336,668$ (2.6%)

Trading margin 3,869 2,020 91.5% 4,150 (6.8%)

Net gain on sale of leasing equipment 10,737 4,537 136.7% 6,196 73.3%

Depreciation and amortization 136,248 133,292 2.2% 133,367 2.2%

Interest and debt expense 62,776 66,885 (6.1%) 76,862 (18.3%)

Total ownership costs 199,024 200,177 (0.6%) 210,229 (5.3%)

Direct operating expenses 25,992 29,619 (12.2%) 20,457 27.1%

Administrative expenses 21,395 20,472 4.5% 18,496 15.7%

Provision (reversal) for doubtful accounts (45) 374 (112.0%) 126 (135.7%)

Other (income) expense, net (631) 36 (1852.8%) (116) 444.0%

Adjusted pretax income (1)

96,628 77,276 25.0% 97,822 (1.2%)

Income tax expense 8,060 6,761 19.2% 8,165 (1.3%)

Adjusted net income before preferred dividends (1)(2)

88,568$ 70,515$ 25.6% 89,657$ (1.2%)

Less: dividend on preferred shares 10,512 10,513 (0.0%) 4,708 123.3%

Adjusted net income (1)(2)

78,056$ 60,002$ 30.1% 84,950$ (8.1%)

Adjusted net income per common share 1.14$ 0.86$ 32.6% 1.16$ (1.7%)

Weighted average number of common shares outstanding - diluted 68,582 69,536 (1.4%) 73,249 (6.4%)

Return on equity 15.8% 12.2% 16.1%

10

PROFITABILITY DRIVERS

Revenue earning assets down 3.6%

Leasing revenue down 2.6%

UTE averaged 96.1%, down 0.6%

Direct opex increased $5.5 million, primarily due to higher storage costs and redeliveries

Gain on sale and trading margin up by $4.3 million due to increases in dry container prices and disposal volumes

Fleet Size

Utilization

Disposal Activity

Credit

Sequential ChangeQ3 2020 vs Q2 2020

Change from Prior Year Quarter Q3 2020 vs Q3 2019

Revenue earning assets down 0.5%

Leasing revenue up 2.0%

UTE averaged 96.1%, up 1.1%. UTE 97.4% as of 9/30/2020

Direct opex decreased $3.6 million, primarily due to lower storage costs and redeliveries

Gain on sale and trading margin up by $8.0 million due to increases in dry container prices and disposal volumes

Customer payment performance strong

No material credit charges

Customer payment performance strong

No material credit charges

Share Count

Weighted average diluted shares outstanding down 6.4% due to share repurchases

Weighted average diluted shares outstanding down 1.4% due to share repurchases

68.6 million diluted shares outstanding as of 9/30/2020

11

FINANCIAL POSITION HAS CONTINUED TO STRENGTHEN

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$1,750

Rem 2020 2021 2022 2023 2024

($M

M)

Principal Debt Obligations CF before Capex LTM 9/30/20

Liquidity as of 9/30/20

Cash Flow Coverage

Leverage at an all-time low

Exceptionally strong liquidity

Well structured debt profile with no significant maturity cliffs

Cash flows in excess of principal payments through 2022

Recent ABS issuances expected to produce over $25 million of annualized interest expense savings

Recent ABS Financings

Closing Date Amount ($MM) All-in Yield

August 26, 2020 313 2.17%

September 21, 2020 1,366 2.19%

September 21, 2020 634 2.13%

2,313 2.17%

ABS Refinanced Amount ($MM) Wt Avg Coupon

Triton Container Finance VI 1,159 3.88%

TAL Advantage V /VI 611 3.73%

1,770 3.83%

New Offerings

ABS Called in September

($ in mm)

LTM operating cash flow plus proceeds from the sale of leasing equipment 1,202$

Cash on hand 173$

Maximum remaining borrowing capacity under revolvers 1,449$

Sources of liquidity 2,824$

Next twelve months:

Principal repayment obligations (652)$

Equipment purchase payable and commitments (650)$

Major cash obligations (1,302)$

Excess sources 1,523$

Coverage of major cash obligations 217%

12

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STABLE CASH FLOWS AND STEADY SHAREHOLDER VALUE CREATION

Steady Value Creation (5)

(4) All periods exclude purchase accounting adjustments. Net Debt defined as Total Debt plus Equipment Purchases Payable less Cash and Restricted Cash.

Cash Flow Before Capex (1)(2)(3)

(1) See Footnote 1 in the Appendix. (2) See Footnote 2 in the Appendix(3) Reflects purchase accounting adjustments for 2017 – YTD 2020

Net Debt as % of REA (4)

60%

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100%

Q3

'08

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Net

Deb

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FinancialCrisis

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Q3'06

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$ P

er S

har

e

(5) 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.

GAAPBVPS:$28.63

Adj.TBV:

$37.41

Cumulative Dividends Per Share

Adjusted Tangible Book Value Per Share

Book Value Per Share

Industrial & Commodity Recession

Trade War / COVID-19 /

Pref. Issuance

13

Q4 FINANCIAL EXPECTATIONS

Q4 Adjusted EPS Expected to Exceed 2018 Peak

0.0%

2.5%

5.0%

7.5%

10.0%

12.5%

15.0%

17.5%

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Q1 '18 Q2 '18 Q3 '18 Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2'20 Q3'20 Q4LowerCase

Q4UpperCaseAdj EPS Adj ROE

14

OUTLOOK AND CONCLUSIONS

Triton used strong market conditions to drive a significant increase in Q3 performance

» Utilization up sharply, reached 97.6% as of October 16

» Booked more than 500,000 TEU of new containers onto attractive long-term leases

» Q3 EPS $1.14, an increase of 32.6% from Q2; annualized return on equity of 15.8%

Market conditions expected to remain strong into at least early next year, and we expect our operating and financial performance to improve further

» Key operating metrics still increasing

» We continue to win a large share of new leasing transactions

» Expect EPS to increase in the range of 25% from Q3 to Q4

We expect our profitability will remain at a high level in 2021, and we have increased our dividend nearly 10% to $0.57 per share

15

Appendix

16

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except earnings per share) Q3 '20 Q2 '20 Q3 '19

Total leasing revenues 327,757$ 321,397$ 336,668$

Trading margin 3,869 2,020 4,150

Net gain on sale of leasing equipment 10,737 4,537 6,196

Depreciation and amortization 136,248 133,292 133,367

Interest and debt expenses 62,776 66,885 76,862

Total ownership costs 199,024 200,177 210,229

Direct operating expenses 25,992 29,619 20,457

Administrative expenses 21,395 20,472 18,496

Provision for doubtful accounts (45) 374 126

Other (income) expense, net (631) 36 (116)

Unrealized loss (gain) on swaps and debt termination expense 24,345 (11) 2,374

Total operating and other costs 71,056 50,490 41,337

Income before income taxes 72,283 77,287 95,448

Income tax expense 15,825 6,699 4,845

Net income 56,458$ 70,588$ 90,603$

Less: dividend on preferred shares 10,512 10,513 4,708

Net Income attributable to common shareholders 45,946$ 60,075$ 85,895$

Net income per common share - Diluted 0.67$ 0.86$ 1.17$

17

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(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.

(In thousands, except earnings per share)

Q1 '19 Q2 '19 Q3 '19 Q4 '19 2019 Total Q1 '20 Q2 '20 Q3 '20

Net income attributable to common shareholders 91,914$ 84,071$ 85,895$ 77,161$ 339,041$ 67,211$ 60,075$ 45,946$

Add (subtract):

Debt termination expense & unrealized (gain) loss on derivative

instruments, net903 1,872 1,958 435 5,168 294 12 21,140

State and other income tax adjustments - 414 (931) - (517) - (85) 2,341

Tax adjustments related to intra-entity asset transfer - - - - - - - 8,629

Tax benefit from vesting of restricted shares - - (1,972) (65) (2,037) (390) - -

Adjusted net income attributable to common shareholders 92,817$ 86,357$ 84,950$ 77,531$ 341,655$ 67,115$ 60,002$ 78,056$

Adjusted net income per common share - Diluted 1.19$ 1.15$ 1.16$ 1.07$ 4.57$ 0.93$ 0.86$ 1.14$

Q1 '19 Q2 '19 Q3 '19 Q4 '19 2019 Total Q1 '20 Q2 '20 Q3 '20

Adjusted net income 92,817$ 86,357$ 84,950$ 77,531$ 341,655$ 67,115$ 60,002$ 78,056$

Annualized adjusted net income (1)

376,425 346,377 337,030 307,596 341,655 269,198 240,667 309,679

Average common shareholders' equity (2)

2,184,361$ 2,135,817$ 2,092,294$ 2,102,608$ 2,136,109$ 2,061,244$ 1,974,600$ 1,958,920$

Return on equity 17.2% 16.2% 16.1% 14.6% 16.0% 13.1% 12.2% 15.8%

18

ADJUSTED TANGIBLE BOOK VALUE PER SHARE AS OF 9/30/20

(In thousands, except per share amounts)Combined

Purchase

Accounting Consolidated

Total assets 9,775,603$ (150,928)$ 9,624,675$

Total liabilities 7,164,915 (59,129) 7,105,786

Preferred shareholders' equity 555,000 - 555,000

Common shareholders' equity 2,055,688 (91,799) 1,963,889

Total equity 2,610,688 (91,799) 2,518,889

Total liabilities and equity 9,775,603$ (150,928)$ 9,624,675$

Common shares outstanding 68,607

Book value per share $28.63

Reconciliation to adjusted tangible book value

Common shareholders' equity 2,055,688$

Less: Goodwill (23,953)

Plus: Net deferred tax liability 380,527

Plus: Net swap liability 154,603

Adjusted tangible book value 2,566,864$

Adjusted tangible book value per share $37.41

19

LONG TERM LEASE EXPIRATIONS (*)

Dry

Percent of Fleet 5.6% 1.3% 2.2% 5.2% 6.4% 2.8%

Refrigerated

Percent of Fleet 2.4% 0.4% 2.3% 1.7% 2.1% 1.9%

(*) Excludes sale-age equipment

20

EQUITY CASH FLOW AFTER MAINTAINING FLEET SIZE (*)

(*) Assumes constant leverage

(In thousands, except per share amounts) LTM Sep 30, 2020

Adjusted EBITDA $1,153,996

Principal payments on finance leases 80,636

NBV of container disposals 212,874

Major cash in flows 1,447,506

Interest and debt expense 271,092

Annual preferred stock dividends 42,052

Cash flow before capex 1,134,362

Replacement capex (1) 828,552

Steady-state cash flow $305,810

Per share $4.46

Yield (2) 12.2%

Common dividends $156,424

Per share (3) $2.28

Yield (2) 6.2%

Cash flow available as return of capital or for equity component of growth capex $149,386

(1) Represents depreciation, NBV of disposals and principal payments on finance leases

(2) Based on closing stock price of $36.57 on 10/21/2020

(3) Annualized fourth quarter dividend

21

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

(In thousands) LTM

September 30,

2020

Income before income taxes 322,735

Add:

Unrealized loss on derivative instruments 636

Debt termination expense 24,491

Adjusted pre-tax income 347,862

Interest and debt expense 271,092

Depreciation and amortization 535,042

Adjusted EBITDA 1,153,996

Principal payments on finance leases 80,636

NBV of container disposals 212,874

Major cash in flows 1,447,506

Interest and debt expense 271,092

Preferred stock dividends (*) 42,052

Cash flow before capex 1,134,362$

(*) Annual dividend payment on preferred equity Series A of $86.25M @ 8.5%,

Series B of $143.75M @ 8.0%, Series C of $175M @ 7.375% and Series D of

$150M @ 6.875%

22

FOOTNOTES

1. The combined financial information from 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. Cash Flow Before CapEx is defined as Adjusted EBITDA plus principal payments on finance leases and NBV of container disposals less interest and debt expense, realized (gain) loss on derivative instruments, and annualized preferred stock dividends. Adjusted EBITDA is defined as net income before income taxes, gain on sale of building, insurance proceeds, transaction costs, income attributable to noncontrolling interest, net (gain)/loss on derivative instruments, debt termination expense, interest and debt expense, and depreciation and amortization.