July 27, 2021 – Triton International Limited (NYSE: TRTN) ("Triton")

Highlights:

• Net income attributable to common shareholders for the three months ended June 30, 2021 was $54.7 million or $0.81 per diluted share, which includes $89.9 million of make-whole and other debt termination costs primarily related to the prepayment of $821.0 million of senior secured institutional notes.
• Adjusted net income was $144.2 million or $2.14 per diluted share, an increase of 148.8% from the second quarter of 2020 and 12.0% from the first quarter of 2021.
• Trade volumes and container demand continued to be exceptionally strong in the second quarter. We placed over 400,000 TEU of new containers on-hire during the quarter and utilization increased to 99.5% as of June 30, 2021.
• As of July 23, 2021, Triton has purchased over $3.4 billion of new containers for delivery in 2021, most of which have already been committed to high value, long duration leases.
• Triton issued $1.7 billion of senior secured investment grade bonds during the quarter at an average effective interest rate of 2.2%.
• Triton's Board of Directors announced a quarterly dividend of $0.57 per common share payable on September 23, 2021 to shareholders of record as of September 9, 2021.

Financial Results

The following table summarizes Triton’s selected key financial information for the three and six months ended June 30, 2021 and 2020 and the three months ended March 31, 2021.

Operating Performance

"Triton achieved record performance again in the second quarter of 2021," commented Brian M. Sondey, Chief Executive Officer of Triton. "We generated $2.14 of Adjusted earnings per share in the second quarter, an increase of 12.0% from the first quarter. We also achieved an annualized Return on equity of 26.6%."

"Triton's outstanding results in the second quarter reflect our success in capturing the many opportunities presented by the current very strong market conditions. Trade volumes remain strong and we continue to see incremental demand for containers due to operational disruptions that are slowing our customers' container turn-times. Our utilization increased to 99.5% as of June 30, 2021 and currently stands at 99.6%. New container prices and market lease rates increased further in the second quarter. Container factories are currently quoting over $3,800 for a new 20' dry container, and market lease rates for new containers are significantly higher than the average rates in our lease portfolio. Our average selling prices for used dry containers continued to increase as well, allowing us to generate significantly higher than expected disposal gains in the second quarter despite low disposal volumes."

"Triton is investing heavily in new containers to support our customers. Shipping lines continue to rely on the leasing market to fulfill a large portion of their container requirements, and Triton has secured a meaningful share of leasing transactions due to our industry-leading supply capability and our strong reputation for reliability. Triton has purchased over $3.4 billion of containers for delivery in 2021. Over $1.8 billion of these containers were delivered through the end of the second quarter. Most of the containers not yet delivered are pre-committed to attractive long-term leases. We estimate that our existing orders would translate to over 25% asset growth for Triton in 2021."

"Triton is highly focused on locking-in durable improvements to our business. The average lease duration for containers ordered in 2021 is 13 years. The overall average remaining duration of our long-term lease portfolio has extended to 55 months, and we expect it to extend further as the substantial amount of new containers we have ordered and pre-committed to lease are produced and go on-hire. The very large block of new containers on attractively priced long-term leases and extended lease durations for our container fleet will provide strong foundations to our profitability and cash flow for years to come."

"We also continue to significantly improve the profile of our capital structure. In March 2021, our corporate credit rating was upgraded to BBB- by S&P Global Ratings, reflecting our strong market and financial position. In the second quarter, we issued $1.7 billion of investment grade senior secured notes and prepaid $821.0 million of senior secured institutional notes with substantially higher interest rates. We incurred $89.9 million of make-whole fees and other debt termination costs primarily related to these prepayments, but we will recapture the vast majority of these fees through lower interest expense over the next several years. These prepayments will also facilitate a faster transition of our capital structure toward investment grade unsecured bonds, which should provide further cost and flexibility benefits and extend the advantages we have in our market."

Outlook

Mr. Sondey continued, "Market conditions remain very favorable as we head into the second half of the year. Trade volumes remain strong, operational disruptions continue to drive incremental demand for containers, and we typically experience peak dry container demand in the third quarter as retailers stock up for the back-to-school and holiday seasons. While we anticipate some shift in consumption patterns back to services and experiences as COVID-19 vaccinations are rolled out globally, economists are generally projecting a strong bounce to global GDP which typically supports growth in trade. We also have significant operational momentum with approximately 400,000 TEU of new containers pre-booked for pick-up in the third and fourth quarters."

"We expect our Adjusted EPS will increase from the second to the third quarter of 2021. We expect our leasing margin will increase significantly in the third quarter due to strong ongoing pick up activity and as we benefit from a full quarter of revenue from the large number of containers picked-up during the second quarter. We will also benefit from a lower average effective interest rate resulting from the prepayment of institutional notes. We expect our disposal volumes will decrease further due to very low container drop-off volumes, and we continue to anticipate this will lead to a decrease in our disposal gains from the current extraordinary levels, although it is also possible that further increases in used container selling prices could continue to offset the impact of decreasing volumes. Overall, we expect our profitability and cash flows will remain at very high levels for the foreseeable future due to the durable benefits from our strong leasing activity this year and we expect our net book value per share will increase rapidly due to our strong Return on equity."

Dividends

Triton’s Board of Directors has approved and declared a $0.57 per share quarterly cash dividend on its issued and outstanding common shares, payable on September 23, 2021 to shareholders of record at the close of business on September 9, 2021.

The Company's Board of Directors also approved and declared a cash dividend payable on September 14, 2021 to holders of record at the close of business on September 7, 2021 on its issued and outstanding preferred shares as follows:

Investors’ Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Tuesday, July 27, 2021 to discuss its second quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.9 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Utilization, Fleet, and Leasing Revenue Information

The following table summarizes the equipment fleet utilization for the periods indicated:

The following table summarizes the equipment fleet as of June 30, 2021, December 31, 2020 and June 30, 2020 (in units, TEUs and CEUs):

The following table summarizes our leasing revenue for the periods indicated (in thousands):

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, 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," "seek," "believe," "project," "predict," "anticipate," "potential," "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's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in demand for international trade; disruption to our operations 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 and tariffs; 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 corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; the achievement of our capital structure plans and related timing; 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 Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 16, 2021, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC 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. 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.

-Financial Tables Follow-

Use of Non-GAAP Financial Items

We use the terms "Adjusted net income" and Return on equity throughout this press release.

Adjusted net income and Return on equity are not items 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.

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 our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and

• is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

We have provided a reconciliation of net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to Adjusted net income in the table below for the three months ended June 30, 2021, March 31, 2021, and June 30, 2020 and for the six months ended June 30, 2021 and June 30, 2020.

Additionally, the calculation for 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.

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