Membership 54% 18% 28% Bank Captive Independent & Mult Line

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1 Membership Bank Captive Independent & Mult Line 54% 18% 28%

2 Business Fixed Investment & Equipment Financing Volume ($ Billions)

3 New Business by Equipment Type Source: 2012 SEFA

4 $14.0 $12.0 $10.0 $8.0 $6.0 $4.0 $2.0 $0.0 $7.3 $5.7 $5.7 $7.1 Recent Trends New Business Volume $10.8 $11.5 $8.0 $8.2 $7.6 $6.8 $6.0 $6.2 $6.6 $6.9 $6.1 $6.2 $6.4 $5.9 $5.1 $5.0 $4.7 $6.8 $7.5 $7.5 $8.6 $7.2 Billions (US$) Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 MLFI Cumulative YTD Comparison (2012/2013): 2012: $43.8 ($B) 2013: $ 48.2 ($B) % chg: 10.1%

5 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Recent Trends Aging of Receivables Over 30 Days 2.7% 2.8% 2.7% 2.7% 2.5% 2.5% 2.5% 2.4% 2.3% 2.2% 2.0% 2.1% 2.2% 1.9% 1.9% 2.0% 1.8% 1.8% 2.0% 2.0% 2.0% 1.7% 1.6% 1.6% 1.4% 1.5% Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

6 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% 0.0% 1.1% 0.7% 0.6% 0.9% Recent Trends Average Losses (Charge offs) 0.7% 0.7% 0.7% 0.7% 0.6% 0.6% 0.6% 0.5% 0.5% 0.5% 0.5% 0.5% 0.4% 0.4% 0.4% 0.3% 0.4% 0.3% 0.3% 0.3% 0.3% 0.3% Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13

7 Key Metrics Through the Cycle 6.0% 5.0% Aging of Receivables & Charge-offs 4.0% 3.0% 2.0% 1.0% 0.0% 1Q06 4Q06 2Q07 4Q07 2Q08 4Q08 2Q09 4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 $30.0 $25.0 $20.0 $15.0 $10.0 $5.0 $0.0 NBV (US $B) Aging of Receivables (30+) Charge offs New Business Volume (US $B)

8 LEASING INDUSTRY AND MANAGED PROGRAMS Paritosh K. Choksi Executive Vice President & Chief Operating Officer ATEL Capital Group, LLC October 8, 2013

9 CAPTIVE LEASING COMPANY Regional Footprint Need to Set up infrastructure Asset management expertise Equipment servicing and remarketing capabilities Equipment valuation Repossession Accounting and Operations Capabilities Payment of sales and property tax FASB13 Lease accounting software 2

10 ATEL INSTITUTIONAL PROGRAMS Diversification, Diversification, Diversification By geography By industry By asset class No Need to set up infrastructure Alternative to bond investment 3

11 ATEL PROFILE Over $2 billion of equipment leased to primarily Fortune 1000, investment grade U.S. corporations Over $250 million in growth capital loans to top tier venture backed companies Over $500 million in private portfolio leasing transactions Currently managing over $600 million of leased assets Full service asset management capabilities Experienced and stable management team Over 16 years average tenure with ATEL Over 30 years average industry experience Team of 85 professionals in San Francisco with offices in Denver, and sales branches nationwide 4

12 WHAT IS GROWTH CAPITAL? Growth Capital Short-Term generally 24 to 42 months Historical Interest Rates 12% to 18% Secured Loans Collateralized by Equipment or Blanket Liens Equity Enhancement Warrants to Purchase Stock 4% - 6% of Loan Amount Direct Equity Purchases in Private Equity Rounds 5

13 WHAT IS GROWTH CAPITAL? Venture Capitalists Objectives Provide Funding in Exchange for Ownership (equity dilution) Typically have a 5 to 10 year Funding Commitment Are Looking for Significant Equity Upside Home Runs Expect a Certain Number of Failures ATEL Growth Capital Objectives Provide Short-Term, Secured Loans to pre-ipo Companies with Top-Tier VC Funding Negotiate High Interest Rates on Short-Term Loans Loans Include Warrants and equity participation rights as part of Loan Terms Minimize default rate 6

14 WORKING WITH THE BEST VENTURE CAPITAL FIRMS* *No indication of future participation 7

15 ATEL ADVANTAGE Decline in Venture Funds Raised by VCs Attractive Entry Points CREATES Challenged IPO Market Conservative Approach Attractive Yields Positive Risk/Reward Increase in Deal Flow ATEL ADVANTAGE EXPERIENCED MANAGEMENT TEAM EXTENSIVE RELATIONSHIP NETWORK DEMONSTRATED TRACK RECORD OF SUCCESS 8

16 STRUCTURED TO LIMIT DOWNSIDE Structured to Limit Downside Rapid Cash Recovery on Short-Term Loans Collateralized by Equipment or Blanket Liens Senior Creditor Extensive, High Quality Due Diligence 9

17 ecoatm A CASE STUDY 10 Automated electronic recycling company focused on cell phones and tablets $3MM equipment financing loan Loan Term: 3 years Interest Rate on Loan: 15.01% Loan payoff 10 months: Total payment including pre-pay pay penalty $3.6MM IRR without warrant: 36% Company acquired of $350MM 5.5% warrant coverage Warrant proceeds $410.7K 60% + IRR to date

18 ATEL GROWTH CAPITAL TRACK RECORD Venture Capital Venture Capital Market of $25 Billion Venture Financing ATEL Ventures has financed $260 million in secured financing to 92 emerging growth companies Strong Track Record Historical IRR of 15.85% excluding warrant proceeds based on completed and matured transactions since 2003 High Exit Rate 36% exit rate (IPOs and acquisitions) Low Default Net default loss rate of 1.11% over the past 10 years 3 Yr Treasury Rates 0.66% 11

19 ATEL GROWTH CAPITAL DIVERSIFICATION ATEL s Originations/Diversification by Industry 7% Internet Products & Services 16% 34% Life Sciences 22% Hardware & Peripheral Devices 22% Clean Technology Software 12

20 EXITS IN 2012 AND 2013 Venture backed initial public offerings (IPO) have been on a rebound since 2010 and Q saw the strongest opening quarter for IPOs in five years. IPOs have historically represented the best exit strategy for warrant holders. IPOs on ATEL Portfolio Neophotonics Corporation (ticker: NPTN) IPO in Feb Enphase Energy, Inc. (ticker: ENPH) IPO in April 2012 M&A transactions on ATEL Portfolio EcoATM was purchased by Outerwall (NASDAQ: OUTR) in late July 2013 Complete Genomics was acquired in late March 2013 by a Chinese firm MiaSole was acquired in Q by Chinese firm Hanenergy. Axial Biotech, Inc. sold the bulk of its portfolio to Transgenomics in Sep

21 SELECTED GROWTH CAPITAL PORTFOLIO COMPANIES Clean Tech Hardware & Peripheral Internet Products & Services Life Sciences Software IPO or Acquisition 14

22 LEASING TRACK RECORD Leasing Industry Participate in the U.S. equipment finance market with an annual funded volume of over $725 billion of new transactions Representative Leases Primarily operating leases with investment grade U.S. corporations collateralized by business critical equipment Portfolio Return ATEL Funds weighted average gross IRR of 10.89% over the past 13 yrs* Alpha Outperform weighted average treasury by 649 basis points *Performance of completed transactions from 1999 through 6/30/

23 INDUSTRY AVERAGE LOSSES BY QUARTER Average losses steadily increased from 2Q 07 and peaked in 4Q 09 Losses have steadily declined since 4Q 09 AVERAGE LOSSES 2.50% 2.00% 1.50% 1.00% 2.24% 2.10% 1.99% 1.70% 1.79% 1.67% 1.46% 1.50% 1.33% 1.13% 1.07% 1.07% 0.96% 0.98% 0.90% 0.83% 0.81% 0.82% 0.73% 0.70% 0.50% 0.00% 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 Average Losses Average Losses are annualized actual losses (charge-offs) as a percentage of average net receivables SOURCE: Equipment Leasing and Finance Association 16

24 ATEL LOSSES Zero losses from 2007 December 2011 Portfolio has a weighted average credit rating of Baa2 (Moody s) Historical default rate of 0.04% per annum vs. an industry average of 0.8% (over 20 times better than industry average) 17

25 ATEL ADVANTAGE REPRESENTATIVE CUSTOMERS 18

26 LEASE TRANSACTION PROCESS STEP 1 STEP 2 STEP 3 STEP 4 STEP 5 Lessee chooses equipment from vendor Lessee & ATEL negotiate and agree on terms of a lease contract Vendor delivers equipment to lessee ATEL purchases the equipment from vendor after equipment is delivered and a lease is signed Lessee pays the monthly lease rental payments to ATEL 19 NOTE: At end-of-lease, Lessee has the option of: purchasing the equipment or renewing the lease or returning the equipment

27 ATEL ADVANTAGE ASSET MANAGEMENT Eleven professionals committed to Lease and Asset Management ATEL has developed a comprehensive set of relationships with vendors appraisers, brokers, and other third-parties to value, release and remarket its equipment Rigorous due diligence process with expertise in equipment valuation and remarketing Lease structuring expertise and established relationships with many end users and remarketing facilitators Actual residual realization averaged 35% over booked residual since inception Asset Management philosophy: RENEW, RENEW, RENEW 20

28 ATEL ADVANTAGE ASSET MANAGEMENT Outstanding Asset Retention ATEL s Remarketing Philosophy: High Retention of Equipment at Lease Maturity 100% 90.0% 75% Short-Term Renewals (less than 12 mo.): 20.2% 50% Long-Term Renewals (more than 12 mo.): 30.6% Purchased by Lessee: 39.2% 25% 0% RETAINED 10.0% RETURNED EQUIPMENT Returned to ATEL: 10.0% This chart illustrates the decision exercised by ATEL lessees at the original lease maturity date 21

29 TRACK RECORD REALIZED RETURNS REPRESENTATIVE TRANSACTIONS LESSEE: UNION PACIFIC RAILROAD COMPANY CREDIT RATING: A+ EQUIPMENT TYPE: Refrigerated Boxcar COST: $15,308,805 WEIGHTED AVERAGE TERM: 70 months GROSS RENT RECEIVED: $11,245,658 SALE PROCEEDS: $12,902,386 TOTAL PAYMENTS: $24,148,044 WEIGHTED AVERAGE IRR: 12.25% WEIGHTED AVERAGE LIKE TERM TREASURIES: 6.27% SPREAD OVER WEIGHTED AVERAGE LIKE TERM TREASURIES: 5.98% 22

30 TRACK RECORD - GROSS RETURN & SPREAD ANALYSIS ATEL Cash Distribution, Capital Equipment & Institutional Funds Return & Spread Analysis for Leases Funded & Completed from 1999 to 2011 Weighted Average IRR 12.00% Weighted Average Like Term Treasuries 4.63% Spread over Like Term Treasuries 7.37% Average Term 53 months Total Equipment Price $372.2MM Rents Collected $298.0MM Sales Proceeds Collected $227.5MM Total Payments Collected as Multiple of Purchase Price 1.4x 23

31 ATEL OFFERINGS Customize portfolio for an investment of $20MM in Growth Capital Loans Operating Lease portfolio with investment grade companies as lessees 24

32 THANK YOU Paritosh K. Choksi Executive Vice President & Chief Operating Officer ATEL Capital Group, LLC October 8, 2013