Textainer Completes Innovative $600,000,000 Financing

Hamilton, Bermuda, December 5, 2001 - Textainer Marine Containers Limited (TMCL) and Textainer Limited (TL), the two financing arms of the Textainer group, completed three separate financings totaling nearly $600,000,000.

TMCL issued two series of notes, Series 2001-1 and Series 2000-1, using a master indenture structure. The Series 2001-1 notes are floating rate term notes totaling $300,000,000. These notes are guaranteed by MBIA Insurance Corporation and thus received "AAA"/"Aaa" ratings by Standard & Poor's Ratings Services and Moody's Investor Service, Inc., respectively. Wachovia Securities was the lead underwriter and Fleet Securities, Inc acted as co-lead underwriter. The notes were fully subscribed and were placed in a private offering with various institutional investors. The proceeds of the notes were used primarily to repay outstanding indebtedness. While the notes may be repaid earlier, the expected final payment date is November 2011 and the legal final payment date is November 2016. Wachovia, Fleet and Wells Fargo Bank have also provided TMCL with interest rate swaps to mitigate the risk of fluctuations in the floating rate index.

TMCL also re-issued the Series 2000-1 notes. These notes, structured by Wachovia and Fleet, provide funding of up to $250,000,000. Drawdowns under these notes will be used to purchase additional marine cargo containers over the coming years. TMCL expects to refinance these notes within two years by issuing a new series of term notes under the master indenture.

Security for both the Series 2001-1 and Series 2000-1 notes consists primarily of a fleet of intermodal marine cargo containers on lease to various ocean-going shipping lines and an interest in the associated leases.

TL entered into a $45,000,000 revolving credit facility. The revolver was syndicated among Fleet, Wells Fargo and Fortis Bank, with Fleet acting as agent. The revolver will be used primarily for general corporate purposes.

Textainer was founded in 1979 and is in the business of leasing standard dry freight marine cargo containers to ocean-going shipping lines. It is the world's largest lessor of standard dry freight marine cargo containers, with a fleet of almost one million twenty foot equivalent units (TEU). Textainer has been the industry's most reliable supplier of containers due to its consistent new-building program, which has averaged 75,000 TEU per year for the last ten years. Over 300 customers, including virtually all of the leading international shipping lines, are served by Textainer's offices and depots in more than 140 locations around the world.