CAI International : Q4 2020 Earnings Presentation

Fourth Quarter & Full Year 2020 Earnings

Presentation

Q4 Financial Highlights - Continuing Operations

Strategic Priorities - Q4 2020 - CAI Overdelivered

Return-focused strategy: Target mid-to-high teens ROE

• • 21.2% - Q4 ROE from continuing operations

• • Leased $154 million in new long-dated leases at mid-teen to low 20% ROE's - average lease tenor ~ 11 years

Capital allocation: Create value with significant free cash flow

• • 20% increase in quarterly dividends to $0.30 per share

• • Beginning Q4 2020, repurchased 639,000 shares (3.6% of outstanding shares(1))

• • Successful exit of Logistics and Rail businesses to simplify and optimize free cash flow

Operating execution: Industry-leading container utilization

• • 99.3% average Q4 CEU utilization

• • 99.6% ending Q4 and 99.7% current CEU utilization

(1) - Based on Q3 2020 ending share count

2020 in Review - Positioned to Drive Returns in 2021

Successfully navigated COVID challenges

• • Invested heavily in the 2nd half of 2020 at attractive returns

  • • $300 million new long-term leases

  • • ~9-year average lease tenor

  • • Mid teen to low 20% ROE

Significant funding cost reduction with fixed rates over next 5+ years

• • Average cash funding cost at end of Q4 2020 = 2.25% - 38% lower than Q4 2019 = $24.1 million in annual interest savings(1)

• • 83% of debt is fixed - with locked in rates including:

  • • 5-year swap on $500 million of RCF debt @1.79%

  • • $743 million ABS Securitization - 5-year WAL @ 2.27%

Exited non-core businesses

• • Sold our Logistics business in August 2020

• • Sold our Rail business in December 2020

CAI is well positioned for 2021 with a high level of locked-in long-term cash flow, low funding costs and industry leading operating efficiency

(1) - Based on 12/31/2020 Funded Debt