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Third Quarter 2018Investor Conference Call

26 November 2018

2

Safe Harbor

Basis of PresentationUnless otherwise noted or unless the context otherwise requires, all references to “we,” “us,” “our,” “AS,” “Algeco,” the “Group” and the “Company” refer to Algeco Global S.à r.l., a limited liability company incorporated under the laws of Luxembourg, together with its subsidiaries. As used in this presentation, “Europe” means our operations within various countries in Europe, “Asia Pacific” or “APAC” means Australia, New Zealand, and China, and “North America” means the United States (“US”) and Canada. Unless otherwise noted or unless the context otherwise requires, all amounts are presented in Euros (“EUR€”).

Use of Non-GAAP Financial MeasuresThis presentation includes certain financial measures not calculated and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), including, but not limited to, EBITDA, Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing our financial condition and results. Therefore, these measures should not be considered in isolation or as alternatives to net income, cash flow from operations or other measures of profitability, liquidity or performance under GAAP. These measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of each non-GAAP financial measure to the most comparable GAAP financial measure is included in an appendix to this presentation.

Use of Constant Currency ResultsWe believe that currency exchange rates are an important factor in understanding period-to-period comparisons of our financial results. Accordingly, we present financial results on a constant currency basis in addition to our reported actual currency results. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. Unless stated otherwise, in this presentation, we calculate constant currency results by calculating prior year results using current-year currency exchange rates. We generally refer to such amounts as excluding or adjusting for the impact of foreign currency or being on a constant currency basis. These constant currency results should be considered in addition to, as opposed to as a substitute for, our actual currency results. Constant currency results, as we present them, may not be comparable to similarly titled measures used by other companies and are not measures of performance presented in accordance with GAAP.

3

Safe Harbor

Forward-Looking StatementsThis presentation contains forward-looking statements, which reflect industry outlook, our expectations regarding our future growth, results of operations, operational and financial performance, liquidity and capital resources, capital expenditures and investments, strategic transactions, business prospects and opportunities, challenges and future events. All statements other than statements of historical fact are forward-looking statements. Words such as, but not limited to, “anticipate,” “continue,” “estimate,” “expect,” “may,” “might,” “will,” “project,” “should,” “would,” “believe,” “intend,” “continue,” “could,” “currently,” “plan,” “predict,” and negatives of these words and similar expressions are intended to identify forward-looking statements. In particular, statements about our expectations, beliefs, plans, objectives, assumptions or future events or performance contained in this presentation are forward-looking statements. Although the forward-looking statements contained in this presentation reflect management’s current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results or events may differ materially from those stated in or implied by these forward-looking statements.

A number of factors could cause actual results, performance, events or achievements to differ materially from the results expressed or implied in the forward-looking statements. Readers should not place undue reliance on the forward-looking statements. Forward-looking statements necessarily involve significant known and unknown risks, assumptions and uncertainties that may cause our actual results, performance, events and achievements in the future periods to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that the results performance, events or achievements contemplated in the forward-looking statements will be realized.

We cannot assure you that forward-looking statements will prove to be accurate, as actual actions, results and future events could differ materially from those anticipated or implied by such statements. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. These forward-looking statements are made only as of the date of this presentation and, except as required by law, we undertake no obligation, and specifically decline any obligation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This presentation should be read together with our December 31, 2017 and September 30, 2018 consolidated financial statements and the notes thereto and our managements discussion and analysis of financial condition and results of operations covering our results presented in such financial statements and the risk factors described therein.

Note Regarding Parent Entity Financial Statements and Reconciliations.As permitted by the indentures governing Algeco Global Finance plc’s €600,000,000 6 1/2% Senior Secured Fixed Rate Notes due 2023, $520,000,000 8% Senior Secured Fixed Rate Notes due 2023 and €150,000,000 Senior Secured Floating Rate Notes due 2023 (the “Senior Secured Notes”) and Algeco Global Finance 2 plc’s $305,000,000 10% Senior Notes due 2023 (the “Senior Notes” and, together with the Senior Secured Notes, the “Notes”), Algeco Investments B.V. has elected to provide in this report consolidated financial information of Algeco Global S.àr.l., as a parent entity, in lieu of consolidated financial statements of Algeco Investments B.V.

4

Introduction & Recent Events

As of September 1 2018, Andrew Tyler assumed the role of Group Chief Executive Officer; Andrew is the former chief executive of Northrop Grumman’s European business and also previously served as Chief Operating Officer at the U.K. Ministry of Defense, where he was responsible for their €18 billion per annum procurement, asset management, and support business

On November 13, 2018, Algeco agreed to sell Target Lodgings, its North American Remote Accommodation business, to Platinum Eagle for $820 million (€708 million(2)) of which it is expected that $562 million (€486m(2)) will be paid in cash and the remainder stock.

The sale is in line with Algeco’s strategy to focus on its core modular solutions business

The pro-forma net leverage after the proceeds of the sale reduces from 5.6x to 4.2x

To assist with understanding the Group performance we have quoted pro-forma figures in this presentation without the results of Target Lodgings wherever relevant.

In line with the changes made in Q2 2018, the reporting currency continues to be in Euro1

(1) Following the divestiture of Williams Scotsman International Inc., the majority of our revenues are earned in euros and, subsequent to the issuance of the Notes, our funding is principally in euros. As a result, as of June 30, 2018 we are presenting the results in euros. For additional reference, we have also posted a version of the Q1 2018 Investor presentation in euros to the investor page of our website

(2) EUR:USD 0.8639

Source: Company information and third party industry reports.(1) Based on installed fleet.(2) For outsourced Remote Accommodation Solutions. Based on installed fleet.(3) Assuming 25 years useful economic life.

Enhanced IRRincl. VAPS 360°

Enhanced IRRincl. VAPS 360°

>37,000 Customers>37,000 Customers

> 25% IRR per annum(3)> 25% IRR per annum(3)

Leading Position in North America and APAC for selected

markets (2)

(Pro-forma: N. America divested)

Leading Position in North America and APAC for selected

markets (2)

(Pro-forma: N. America divested)

>4x larger than #2 player in Europe (1)

>4x larger than #2 player in Europe (1)

~241,000 Modular Units

~15,800 Rooms(Pro-forma: ~3,400 Rooms)

~241,000 Modular Units

~15,800 Rooms(Pro-forma: ~3,400 Rooms)

~€2.0bnFleet Gross Book Value

(Pro-forma: ~€1.7bn)

~€2.0bnFleet Gross Book Value

(Pro-forma: ~€1.7bn)

Leader in European modular space

business solutions (1)

Leader in European modular space

business solutions (1)

5

Algeco at a Glance

Pro-formaEnergy and

Natural Resources

16%

Public Administration

24%Industries

and Services

31%

Construction 29%

Company Snapshot

6

Well-Diversified Business

Adj EBITDA By Geography (3)

Global Presence

(1) Based on LTM Q3 2018 Leasing & Services Revenue(2) Based on LTM Q3 2018 Total Pro-forma Revenue(3) Based on LTM Q3 2018 Adj. Pro-forma EBITDA before headquarter costs and intercompany eliminations

Global presence – operations in Europe, North America & APAC

providing a compelling mix of Modular Space and Remote Accommodation

Business Solutions

(Pro-forma: The North American segment will have been fully disposed of)

Comprehensive footprint – 162 branches and 23 camps in 24 countries

(Pro-forma: 162 branches and 7 camps in 22 countries)

Diverse and recurring customer base – top 20 customers account for

~27% (1) of leasing & services revenue with an average tenure of 5 years

(Pro-forma: Top 20 customers account for ~19% of leasing & services)

Europe

Market Leader with a Diverse Revenue Base

Revenue By End-Market (2)

North America

25%

Asia Pacific 9%

Europe 66%

North America

Asia Pacific

8%

22%

36%

34%

Pro-forma

88%

12%

7

Strategic Priorities

Manage capital aggressively

Invest in markets and sectors demonstrating organic growth at good returns

In markets that have weak economies, constrain capital investment, and generate free cash flow

Revenue

Profitability

Capital Discipline

Salesforce effectiveness including bringing out of term pricing in line with market rates

Increase utilization globally, and where needed, redeploy fleet to optimize unit returns

Continue focus on managing costs and improving efficiencies

Optimize pricing globally and increase the amount and percentage of revenue contribution from value added products and services (“VAPS 360°”)

Increase Leasing & Services revenue in all markets

8

Agenda

I) Q3 2018 Financial Results

II) Closing Comments

III) Questions & Answers

9

Q3 2018 and YTD Sep18 Highlights

Q3 Adjusted EBITDA of €90.6m at Reported FX rates (Pro-forma: €66.2m)

Adj. EBITDA at Constant Currency FX up €27.5m or 43.6% from Q3 2017 (Pro-forma €17.5m or 36.0%)

Adj. EBITDA at Reported FX up €27.4m or 43.2% from Q3 2017 (Pro-forma €17.2m or 35.1%)

Q3 Adjusted EBITDA includes €2.8m of non-recurring project costs related to the Touax integration and other discrete projects that will be completed this year.

Excluding these projects, Q3 Underlying EBITDA would have been €93.4m and up €30.3m or 48.0% over Q3 2017 (at Constant Currency) (Pro-forma €69.0m and up €20.3m or 41.8%)

Q3

Hig

hlig

hts

YTD Sep Adjusted EBITDA of €217.5m at Reported FX rates (Pro-forma €157.5m)

Adj. EBITDA at Constant Currency FX up €55.2m or 34.8% from YTD Sep 2017 (Pro-forma €31.0m or 24.5%)

Adj. EBITDA at Reported FX up €52.1m or 31.5% from YTD Sep 2017 (Pro-forma €30.3m or 23.8%)

YTD Sep Adjusted EBITDA includes €12.6m of non-recurring project costs

Excluding these projects, YTD Sep Underlying EBITDA would have been €230.1m and up €67.8m or 41.8% over YTD Sep 2017 (at Constant Currency) (Pro-forma €170.1m and up €43.6m or 34.4%)

YT

D S

ep H

igh

light

s

Underlying EBITDA growth is tracking in line with the Feb-18 Offer Memorandum

Group Pro-forma1

Overall Q3 revenue up ~21% over prior year driven by increased Modular Space and Sales growth in Europe and higher Remote Accommodations in North America.

Modular Space pricing down ~2% versus prior year as increases in Asia Pacific were offset by a decrease in Europe associated with dilution from the inclusion of Touax related units; excluding Touax related units, pricing would have increased ~4%

VAPS 360° revenue grew ~18% over prior year to ~ €39m as VAPS revenue per unit decreased by ~2% primarily driven by the inclusion of Touax related units; excluding the Touax units, VAPS 360° revenue per unit would have increased ~11%

+14.6% over Q3-17

No change

No change

Utilization decreased 50bps from prior year to 81.5% as a 120bps increase in Asia Pacific was offset by an 80bps decline in Europe (mainly in Germany and the UK)

SG&A increased €9.4m versus prior year due to the non-recurring project costs, the inclusion of Touax, volume related increases in Europe and duplication of head office costs as we transitioned to London from Baltimore.

Adj. EBITDA increased €27.5m over prior year driven by higher Modular Space and Sales volume in Europe, increased N.A. Remote Accommodations volume, and higher margins in Asia Pacific; partially offset by increased SG&A

No change

+€8.0m over Q3-17

+€17.5m over Q3-17 (+36%)

10

Q3 2018 Highlights

Revenue

Profitability

(1) Pro-forma represents the Group excluding Target Lodgings

Capital discipline and cash generation

11

€’m YTDSep-17

YTDSep-18

Cashimpact

Underlying EBITDA 127 170 +43

Net Capex (98) (79) +19

EBITDA - Capex 29 91 +62

Conversion % 23% 54%

€’m YTDSep-17

YTDSep-18

Cashimpact

Underlying EBITDA 165 230 +65

Net Capex (103) (131) -28

EBITDA - Capex 62 99 +37

Conversion % 38% 43%

Strong cash conversation with a €43m increase in EBITDA delivered with €19m less capex

Europe and APAC have been less capex intensive than North America in 2018

We continue to manage capital aggressively

Q3 2018 and YTD Sep-18 net capex higher than prior year by €11m and €28m respectively with investment in North America remote accommodation projects more than offsetting lower capex in Europe and APAC

We have more than doubled cash conversion in YTD Sep-18 compared to YTD Sep-17 on a pro-forma basis

Group Pro-forma(excl. North America)

Key

12

LTM EBITDA (in € at Reported Currency)

(€ in millions)

(2)

(1) LTM Sep-18 Underlying EBITDA is defined as LTM Sep-18 Adjusted EBITDA excluding the €12.7m million of YTD 2018 non-recurring project costs in Europe (2) Run-Rate Adjusted EBITDA as calculated and presented in the final notes offering memorandum

Tracking as planned towards the LTM Sep-17 Run-Rate Adj EBITDA presented in the notes offering memorandumon both a Group and pro-forma basis

(1)

Pro-forma

Target

Group

13

Modular Space – Group Avg. Rental Rate

€ 144 € 147 € 146

€ 147 € 146

€ 148 € 149 € 147

€ 141

€ 145 € 147

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

€ 160

Q1 Q2 Q3 Q4

2016 2017 2018

Average Modular Monthly Rental Rate

€ 55

€ 61

€ 66 € 64

€ 57

€ 66 € 67

€ 60

€ 54

€ 61 € 65

€ -

€ 20

€ 40

€ 60

€ 80

Q1 Q2 Q3 Q4

2016 2017 2018

Average VAPS 360° Revenue Per Unit

All quarters presented in € at Q3 2018 Reported FX Rates

2018 decrease in Avg. Monthly Rental Rate and VAPS 360° Revenue per Unit driven by the inclusion of Touax related units in Europe. Excluding Touax ARR continues to increasePro-forma: No change (Target does not have a modular space business)

14

Modular Space – Europe Avg. Rental Rate

€ 135 € 138 € 138 € 140

€ 138 € 141 € 141

€ 138 € 139 € 143

€ 146

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

Q1 Q2 Q3 Q4

2016 2017 2018

Average Modular Monthly Rental Rate

€ 52 € 58

€ 61 € 61 € 53

€ 64 € 66 € 62 € 63

€ 71 € 74

€ 20

€ 40

€ 60

€ 80

Q1 Q2 Q3 Q4

2016 2017 2018

Average VAPS 360° Revenue Per Unit

Europe excl. Touax (1) Europe excl. Touax (1)

(1) As we are currently in the process of integrating the Touax fleet on a country by country basis, the Europe excluding Touax #’s are estimates

€ 135 € 138 € 138 € 140 € 138 € 141 € 141

€ 138 € 133

€ 137 € 137

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

Q1 Q2 Q3 Q4

2016 2017 2018

€ 52

€ 58 € 61 € 61

€ 53

€ 64 € 66

€ 59 € 53

€ 60 € 65

€ 20

€ 40

€ 60

€ 80

Q1 Q2 Q3 Q4

2016 2017 2018

Europe Europe


15

Modular Space – Asia Pacific Avg. Rental Rate

Average Modular Monthly Rental Rate Average VAPS 360° Revenue Per Unit

€ 254 € 253

€ 242 € 236

€ 280

€ 264

€ 241 € 241 € 240

€ 246 € 256

€ 100

€ 150

€ 200

€ 250

€ 300

Q1 Q2 Q3 Q4

2016 2017 2018

€ 95

€ 105 € 108 € 107

€ 100

€ 83 € 80

€ 73

€ 66 € 69 € 71

€ 30

€ 50

€ 70

€ 90

€ 110

€ 130

Q1 Q2 Q3 Q4

2016 2017 2018

Asia Pacific Asia Pacific


16

Modular Space – Group Utilization

75.7%

79.5%

80.3%

79.5%

78.5%

80.6%

82.0%81.5%

80.0%

81.2% 81.5%

70%

72%

74%

76%

78%

80%

82%

84%

Q1 Q2 Q3 Q4

2016 2017 2018

153.0

157.5 159.1 156.9 154.9

159.8 164.2

172.5

195.3 197.7 196.8

130

140

150

160

170

180

190

200

Q1 Q2 Q3 Q4

2016 2017 2018

Avg. Modular Fleet Utilization % Avg. Modular UoR (# of Units) (1)

(1) (Units in 000’s)

17

Modular Space – Europe Utilization

Avg. Modular Fleet Utilization % Avg. Modular UoR (# of Units)

78.1%

80.8%81.5%

80.3%79.1%

81.2%82.5% 82.0%

81.0%

82.1% 82.0%

73%

75%

77%

79%

81%

83%

Q1 Q2 Q3 Q4

2016 2017 2018

141.8

145.5 146.9 144.2

141.7

145.9 149.5 149.1

146.2 148.7 149.0

120

130

140

150

Q1 Q2 Q3 Q4

2016 2017 2018

Europe excl. Touax (1) Europe excl. Touax (1)


78.1%

80.8%81.5%

80.3%79.1%

81.2%

82.5%81.9%

80.3%

81.4% 81.8%

75%

77%

79%

81%

83%

85%

Q1 Q2 Q3 Q4

2016 2017 2018

141.8 145.5 146.9 144.2 141.7 145.9

149.5

157.7

180.5 182.5 181.5

130

140

150

160

170

180

190

200

Q1 Q2 Q3 Q4

2016 2017 2018

Europe Europe

18

Modular Space – Asia Pacific Utilization

Avg. Modular Fleet Utilization % Avg. Modular UoR (# of Units)

63.0%

66.7%68.7%

70.7%72.1%

75.2%77.1% 77.4%77.0% 78.4% 78.3%

50%

55%

60%

65%

70%

75%

80%

Q1 Q2 Q3 Q4

2016 2017 2018

11.2 11.9 12.3 12.7 13.1 13.9

14.7 14.8 14.8 15.2 15.3

-

4

8

12

16

Q1 Q2 Q3 Q4

2016 2017 2018


19

Remote Accommodation

Average Daily Rate Average Rooms on Rent (1)

(1) (Rooms in 000’s)

€ 100 € 101 € 98

€ 76€ 71 € 73 € 75 € 74€ 73 € 77 € 82

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

€ 120

€ 140

Q1 Q2 Q3 Q4

2016 2017 2018

3.8 3.5 3.5 3.43.54.0

4.54.85.0

5.6

6.7

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4

2016 2017 2018

North America North America


1.1 1.1 1.2 1.1 1.1 1.2

1.4 1.4 1.3 1.5 1.5

0.0

0.5

1.0

1.5

2.0

Q1 Q2 Q3 Q4

2016 2017 2018

€ 60€ 67

€ 74€ 68

€ 62

€ 74€ 65 € 63€ 67

€ 81

€ 70

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

Q1 Q2 Q3 Q42016 2017 2018


Pro-forma: We will only have Remote Accommodation in APAC

20

Q3 2018 Financials - Group (in € at Constant Currency)

Q3

(€ in millions) 2017 2018 Y-o-Y Y-o-Y %

- Modular Space Leasing €107.3 €127.1 €19.9 18.5%

- Modular Space Delivery & Install €43.2 €45.3 €2.1 4.9%

- Remote Accommodations €39.5 €61.7 €22.3 56.5%

Leasing & Services Revenue €189.9 €234.2 €44.3 23.3%

- New Units €59.8 €62.6 €2.8 4.7%

- Rental Units €2.9 €7.7 €4.7 160.1%

Sales Revenue €62.7 €70.3 €7.5 12.0%

Total Revenue €252.6 €304.4 €51.8 20.5%

Adjusted Gross Profit (1) €116.0 €152.9 €36.9 31.8%

Adjusted Gross Profit % (1) 45.9% 50.2% 430bps

SG&A (2) €52.9 €62.3 (€9.4) (17.8%)

Adjusted EBITDA €63.1 €90.6 €27.5 43.6%

Adjusted EBITDA % 25.0% 29.8% 480bps

Group results, i.e. including Target Logistics(1) Excludes depreciation on rental equipment(2) Excludes sponsor fees and other non-recurring items

Leasing & Services revenue was up €44.3m due to increased Modular Space in Europe and higher Remote Accommodations in N.A.

New Units & Rental Units Sales increased €2.8m and €4.7m, respectively, due to increased volume in Europe, partially offset by lower activity in Asia Pacific in line with our strategy to rebalance this business.

Adjusted Gross Profit % increased 430bps driven by profitability improvements in all three business segments

SG&A increased €9.4m due to the €2.8m non-recurring project costs in Europe, the inclusion of Touax, and volume related increases in Europe & N.A.

Adj. EBITDA increased €27.5m driven by both Modular Space and Sales growth in Europe, increased North America Remote Accommodations volume, and higher margins in Asia Pacific; partially offset by increased SG&A

21

Europe Overview (in € at Constant Currency)

Q3 2017 Q3 2018

Average Modular Units on Rent (#) 149,485 181,488

Average Modular Utilization 83% 82%

Avg. Modular Monthly Rental Rate (€) at CCQ3 2018 Excl. Touax(1) 141

137146

Avg. VAPS Revenue Per Unit (€) at CC Q3 2018 Excl. Touax(1) 66

6574

Economic conditions positive; France strong growth from infrastructure projects, Germany steady growth, ENSE growing due to Southern and Eastern Europe, and UK growing despite Brexit uncertainty

Revenue Leasing & Services revenue increased €19.4m

driven by the inclusion of Touax, and higher units on rent and VAPS 360° volume throughout most of Europe

Avg. Rental Rates were negatively impacted by the inclusion of Touax units; excluding Touaxunits, rates would have increased ~2% driven by higher rates in the majority of European countries

New Sales and Rental Sales increased €4.2m and €6.1m, respectively, driven by higher volumes in the major countries

Adjusted EBITDA Increased €13.0m driven by increased Modular

Space and Sales volumes across most of Europe; partially offset by higher SG&A associated with the inclusion of Touax, non-recurring integration and project costs, and volume-related increases

CapEx Minor increase driven by increased fleet

investments in Germany & ENSE, partially offset by a decrease in U.K. spend

34.2 35.7

€ 0

€ 25

€ 50

Q3 2017 Q3 2018

CapEx

169.0 198.8

€ 0

€ 110

€ 220

Q3 2017 Q3 2018

Revenue

50.8

63.8

€ 0

€ 35

€ 70

Q3 2017 Q3 2018

Adjusted EBITDA


22

Europe Segments (in € at Constant Currency)

(€ in millions)

(1) As of Q1 2018, we have consolidated both the U.S. and Europe corporate costs centers into a new corporate entity, and as such, we have adjusted historical Europe and Corporate figures to reflect this change(2) NRP costs are planned and expected non-recurring project costs related to the Touax integration and other discrete projects that will be completed by year end(3) Total Revenue is shown net of intercompany eliminations

RevenueAdj.

EBITDAGross CapEX Revenue

Adj. EBITDA

Gross CapEX

UK 51.4 10.5 8.8 54.2 11.0 5.8 France 54.4 17.3 15.2 66.1 25.6 14.9 Germany 34.6 12.6 6.3 37.3 14.9 8.1 Eastern Northern Southern Europe ("ENSE") 39.4 10.4 3.9 49.5 15.0 6.9

Europe - Underlying 170.4 50.8 34.2 201.6 66.6 35.7

Non-Recurring Project Costs ("NRP") (2)(2.8)

Europe - Total (3)169.0€ 50.8€ 34.2€ 198.8€ 63.8€ 35.7€

Avg UoR Avg. Util % ARR (€) Avg UoR Avg. Util % ARR (€)UK 31,639 75% 179 28,265 68% 185 France 45,111 86% 142 56,985 86% 139 Germany 31,427 84% 144 40,210 84% 137 Eastern Northern Southern Europe ("ENSE") 41,318 83% 111 56,028 85% 113

Europe - Total 149,495 83% €141 181,488 82% €137

Financial Metrics (1)

Q3 2017 Q3 2018

Fleet Statistics (1)

Q3 2017 Q3 2018

23

Europe Q3 2018 EBITDA Growth (in € at Constant Currency)

(€ in millions)

€50.8

€66.6 €63.8

€8.4

€4.7 €2.2

€0.5

€2.8

€-

€10.0

€20.0

€30.0

€40.0

€50.0

€60.0

€70.0

Q3 2017 Adj.EBITDA

France ENSE Germany UK Q3 2018Underlying

EBITDA

NRP Costs Q3 2018 Adj.EBITDA

4.4

8.8

€ 0

€ 5

€ 10

Q3 2017 Q3 2018

Adjusted EBITDA

24

Asia Pacific Overview (in € at Constant Currency)

Q3 2017 Q3 2018

Average Modular Units on Rent (#) 14,680 15,342

Average Modular Utilization 77% 78%

Avg. Modular Monthly Rental Rate (€) at CC 241 256

Avg. Remote Accom Rooms on Rent (#) 1,376 1,484

Avg. Remote Accom Utilization 48% 45%

Avg. Remote Accom Daily Rate (€) at CC 65 70

Energy and natural resources sector showing positive signs, new sales business stabilizing, China growing

Revenue Leasing & Services revenue increased €3.8m

driven by higher Modular Space leasing revenue (€1.5m) and higher delivery and installation (€1.0m) revenue associated with the unit on rent growth

Remote Accommodations Revenue also increased (€1.3m) driven by both higher volume and Avg. Daily Rates

Units on Rent are increasing in all regions (Australia, New Zealand, and China); higher rental rates driven by continued recovery in Australia

New Sales and Rental Unit Sales revenues were essentially flat

Adjusted EBITDA Increased € 4.4m driven by increased Modular

Space and Remote Accommodations volumes in Australia and higher gross profit margins across all categories; partially offset by increased SG&A

CapEx Continued moderate fleet investments. Decrease

driven by reduction in China spend.

51.1 53.4

€ 0

€ 40

€ 80

Q3 2017 Q3 2018

Revenue

3.92.2

€ 0

€ 5

€ 10

Q3 2017 Q3 2018

CapEx

25

North America Overview (in € at Constant Currency)

Q3 2017 Q3 2018

Avg. Remote Accom Rooms on Rent (#) 4,479 6,711

Avg. Remote Accom Utilization 56% 71%

Avg. Remote Accom Daily Rate (€) at CC 75 82

Improving oil and gas sector demand driving growth and increased investment

Revenue Remote Accommodations revenue increased

€21.0m driven by increases in core oil and gas related camps, camp expansions, and the inclusion of Iron Horse Ranch. Partially offset by non-recurrence of Q3 2017 €1.3m used sale

The impact of the Q4 2016 South Texas Family Residential Center contract extension are now behind us, and earnings are currently expected to remain stable

Remote Accommodations Avg. Rooms on Rent and Daily Rate increases due to higher oil and gas related demand in the U.S. Permian Basis and related camp expansions and new camp openings

Adjusted EBITDA Increased €10.0m driven by higher oil and gas

related Remote Accommodations volume; partially offset by volume related SG&A increases (€1.4m)

CapEx Increase driven by growth CapEx investment for

camp expansions in the U.S. Permian Basin (Texas)

32.5

52.2

€ 0

€ 30

€ 60

Q3 2017 Q3 2018

Revenue

14.5

24.5

€ 0

€ 15

€ 30

Q3 2017 Q3 2018

Adjusted EBITDA

2.3

17.3

€ 0

€ 15

€ 30

Q3 2017 Q3 2018

CapEx

26

Algeco YTD Sep 2018 EBITDA Growth (in € at Constant Currency)

(€ in millions)

€162.3

€229.9 €217.5

€24.2 €14.0

€13.5 €11.1

€5.1 €2.7

€3.0 €12.7

€-

€50.0

€100.0

€150.0

€200.0

€250.0

YTD Sep2017 Adj.EBITDA

NorthAmerica

France APAC ENSE Germany UK Corporate YTD Sep2018

UnderlyingEBITDA

NRPCosts


Pro-forma: YTD Underlying EBITDA increased by €43.7m (34.5%) from €126.5m in YTD Sep-17 to €170.2m in YTD Sep-18

YTD Underlying EBITDA increased by €67.6m (41.7%) from €162.3m in YTD Sep-17 to €229.9m in YTD Sep-18

27

Disciplined Capital Management

Q3 Capital Expenditure by Region

Group Pro-forma

(1.6)(7.7)

34.2 35.7

2.3

17.3

3.9

2.2

0.3

1.0

Corporate

Asia Pacific

North America

Europe

€39.1m Net CapEx €48.5m€40.7m Gross CapEx €56.2m

Group

Q3 2018 Gross CapEx was up ~€15.5m or ~38% and Net CapEx was up ~€9.4m or ~24% driven by:

Increased remote accommodation investments in N.A. for new camps and camp expansions driven by oil & gas sector demand

Europe and APAC gross capex broadly flat

Capital investments are supported by long term customer contracts

YTD 2018 net capex was up €27.9m (27%) due to N.A. remote accommodation investment

Pro-forma

Q3 2018 Gross CapEx was up ~€0.5m or ~13% driven by increased investment in Germany & ENSE, offset by a reduction in both the U.K. and Asia Pacific

Q3 2018 Net CapEx was down ~(€5.7m) or ~(15%) driven by the higher rental unit sales in Europe.

YTD 2018 net capex was €19.2m down (19.6%) due to optimization of spend in Europe following the Touax acquisition.

Gross CapEx:

Net

Net

Q3 2017 Q3 2018

(€ in millions at Constant Currency)

(1.1) (7.3)

34.2 35.7

3.9 2.2

0.3 1.0Net

Net

Q3 2017 Q3 2018


9m YTD€102.9m Net CapEx €130.8m€111.7m Gross CapEx €142.8m


Group Pro-forma

28

YTD Sep 2018 Growth vs. Maintenance Capital Expenditures

(€ in millions at Reported FX Rates)

YTD Sep-18 maintenance capex includes investment to upgrade Touax units in order to deliver higher future rental rates with better returns than purchasing new units

Maintenance CapEx

North America includes €48.8m of growth capex for demand-driven Target Lodging camp

expansions in the U.S. Permian Basin

30 Sep-18Actual

Target disposal

proceeds

Disposed TL balances

Use of proceeds

Pro-forma for Target

Disposal

Asset Based Loan Revolver (L+275) 152 - - (80) 72

8.0% $ Senior Secured FXN 437 - - - 437

E + 6.25% € Senior Secured FRN 146 - - - 146

6.5% € Senior Secured FXN 582 - - - 582

Other senior secured debt 111 - (5) - 105

Total Senior Secured Debt 1,427 - (5) (80) 1,342

10.0% $ Senior Unsecured FXN 255 - - - 255

Other debt 31 - - (31) 0

Gross total debt 1,713 - (5) (111) 1,597

Cash and Cash Equivalents (43) (486) 2 119 (407)

Equity in Platinum Eagle - (223) - - (223)

Total Net Debt 1,671 (708) (3) 8 967

LTM Sep-17 PF Run Rate EBITDA 298 (70) - - 228

Net leverage 5.6x 4.2x

29

Algeco – Net Debt Structure after Target Disposal

As of 30 September 2018 (€ in millions at Reported FX Rates)

ABL availability as of 30 September 2018 was approximately €117m

9m 30 September 2018 actual cash interest expense was approximately €102m

Algeco will de-lever from 5.6x net leverage to 4.2x net leverage

(1) EUR:USD 0.8639(2) The balance sheet of Target Lodgings at 30 September 2018 included €5m of debt and €2m of cash(3) Payment of €80m of ABL facility, €31m factoring facility and €8m assumed deal fees

(2)(1)

(3)

30

Key Credit Highlights

Global Presence with Significant Scale Advantages1

Attractive Returns on Long-Lived Assets4

Hard-to-Replicate Network Footprint2

Growing High-Margin Service Offering5

Favourable Growth Trajectory in Europe7

Resilient Cash Generation with Flexible Capex6

Recurring and Diverse Revenue and Profit Streams3

31

Questions & Answers

32

Appendix

33

Q3 2018 Financials – Pro-forma (in € at Constant Currency)

Q3






- New Units €59.8 €62.6 €2.8 4.7%

- Rental Units €1.6 €7.7 €6.0 368.1%

Sales Revenue €61.4 €70.3 €8.9 14.4%

Total Revenue €220.1 €252.2 €32.1 14.6%



SG&A (2) €50.0 €58.0 (€8.0) (15.9%)

Adjusted EBITDA €48.7 €66.2 €17.5 36.0%

Adjusted EBITDA % 22.1% 26.2% 410bps

(1) Excludes depreciation on rental equipment(2) Excludes sponsor fees and other non-recurring items

Leasing & Services revenue was up €23.3m due to increased Modular Space in Europe and Asia Pacific, and higher remote accommodations in Asia Pacific driven by an increase in rooms on rent

New Units & Rental Units Sales increased €2.8m and €6.0m, respectively, due to increased volume in Europe, partially offset by lower activity in Asia Pacific in line with our strategy to rebalance this business.

Adjusted Gross Profit % increased 440bps driven by profitability improvements in all both Europe and Asia Pacific

SG&A increased €8.0m due to the €2.8m non-recurring project costs in Europe, the inclusion of Touax, and volume related increases in Europe.

Adj. EBITDA increased €17.5m driven by both Modular Space and Sales growth in Europe and higher margins in Asia Pacific; partially offset by increased SG&A

34

YTD 2018 Financials – Pro-forma (in € at Constant Currency)

YTD Sept 2018






- New Units €148.5 €170.9 €22.3 15.1%

- Rental Units €7.2 €12.0 €4.8 66.1%

Sales Revenue €155.7 €182.8 €27.1 17.4%

Total Revenue €604.7 €704.2 €99.5 16.5%



SG&A (2) €148.2 €183.3 (€35.1) (23.7%)

Adjusted EBITDA €126.5 €157.5 €31.0 24.5%

Adjusted EBITDA % 20.9% 22.4% 1.4%

(1) Excludes depreciation on rental equipment(2) Excludes sponsor fees and other non-recurring items

Leasing & Services revenue was up €72.4m due to increased Modular Space activity in Europe and Asia Pacific, and higher remote accommodations in Asia Pacific driven by an increase in rooms on rent

New Units & Rental Units sales increased €22.3m and €4.8m, respectively, due to increased volume in Europe, partially offset by planned lower activity in Asia Pacific

Adjusted Gross Profit % increased 130bps driven by profitability improvements in both Europe and Asia Pacific

SG&A increased €35.1m due to the €12.7m non-recurring project costs in Europe, the inclusion of Touax, higher Corporate costs, and volume related increases in Asia Pacific

Adj. EBITDA increased €31.0m driven by both Modular Space and New Sales growth in Europe, and higher margins in Asia Pacific; partially offset by increased SG&A

35

Algeco YTD Sep 2018 EBITDA Growth – Pro-forma(in € at Constant Currency)

(€ in millions)

€126.5

€169.9

€157.5

€14.0

€13.5

€11.1 €5.1 €2.7 €3.0

€12.7

€-

€20.0

€40.0

€60.0

€80.0

€100.0

€120.0

€140.0

€160.0

€180.0

€200.0


France APAC ENSE Germany UK Corporate YTD Sep2018

UnderlyingEBITDA

NRP Costs YTD Sep2018 Adj.EBITDA

36

Foreign Exchange Exposure

Local to EUR€ Q3 2017 Q 2018 % ChgUSD 0.852 0.860 1%AUD 0.672 0.629 (6%)GBP 1.115 1.121 1%

€ millions EBITDAGross Capex Net

USD 0.2 (0.0) 0.1 AUD (0.3) 0.2 (0.1) GBP 0.0 (0.0) 0.0

Other (0.1) 0.0 (0.0)

Total (0.2) 0.2 0.0

Avg. Reported FX Rates

Q3 FX impact by currency

37

Quarterly Financial Highlights (in € at Actual Currency FX)

(€ in millions)

* As of Q1 2018, we have consolidated both the U.S. and Europe corporate costs centers and we have adjusted historical figures to reflect this change; by YE 2018, all corporate costs will reside in Europe

Revenue 1Q17 2Q17 3Q17 4Q17 FY 2017 1Q18 2Q18 3Q18

Europe 130.8 148.6 168.8 169.8 618.0 162.3 183.0 198.8

North America 25.0 28.3 32.2 32.7 118.2 31.4 38.0 52.2

Asia Pacific 60.0 57.9 54.6 58.5 230.9 50.9 55.8 53.4

Algeco Global 215.6€ 234.7€ 255.4€ 261.5€ 967.1€ 244.7€ 276.7€ 304.4€

Adj. EBITDA 1Q17 2Q17 3Q17 4Q17 FY 2017 1Q18 2Q18 3Q18

Europe 38.0 45.2 50.8 48.8 182.8 40.6 49.5 63.8

North America 11.2 12.7 14.3 16.6 54.8 15.3 20.2 24.5

Asia Pacific 1.5 4.7 4.7 5.1 16.0 7.1 7.7 8.8

Corporate* (5.6) (5.6) (6.5) (6.0) (23.9) (6.2) (7.5) (6.4)

Algeco Global 45.2€ 57.0€ 63.3€ 64.5€ 229.9€ 56.9€ 70.0€ 90.6€

CAPEX 1Q17 2Q17 3Q17 4Q17 FY 2017 1Q18 2Q18 3Q18

Europe 23.8 34.3 34.2 21.0 113.3 17.2 25.2 35.7

North America 2.1 1.8 2.2 9.2 15.3 19.4 15.0 17.3

Asia Pacific 3.0 4.0 4.1 4.5 15.6 5.1 3.9 2.2

Corporate* 0.6 1.2 0.3 0.6 2.8 0.5 0.3 0.6

Algeco Global 29.6€ 41.3€ 40.9€ 35.3€ 147.0€ 42.2€ 44.3€ 55.8€

38

Quarterly Modular Fleet Statistics (in € at Reported Currency FX)

1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018

EuropeAvg. Units on Rent 141,742 145,859 149,485 157,709 148,905 180,548 182,508 181,488 Avg. Total Fleet 179,183 179,605 181,086 192,575 183,739 224,888 224,186 221,946 Avg. Utilization % 79.1% 81.2% 82.5% 81.9% 81.0% 80.3% 81.4% 81.8%ARR (€) 139 142 141 138 140 134 138 137 VAPS ARR (€) 56 64 65 61 60 53 60 65

Asia-PacificAvg. Units on Rent 13,148 13,946 14,680 14,807 14,116 14,777 15,194 15,342 Avg. Total Fleet 18,243 18,555 19,032 19,120 18,727 19,189 19,372 19,581 Avg. Utilization % 72.1% 75.2% 77.1% 77.4% 75.4% 77.0% 78.4% 78.3%ARR (€) 257 249 243 244 248 244 250 256 VAPS ARR (€) 113 91 85 76 91 67 69 71

Algeco GroupAvg. Units on Rent 154,890 159,805 164,165 172,516 163,021 195,325 197,701 196,829 Avg. Total Fleet 197,426 198,160 200,118 211,694 202,466 244,077 243,557 241,527 Avg. Utilization % 78.5% 80.6% 82.0% 81.5% 80.5% 80.0% 81.2% 81.5%ARR (€) 149 151 150 149 150 142 146 147 VAPS ARR (€) 61 66 67 61 64 54 61 65

39

Quarterly R.A. Fleet Statistics (in € at Reported Currency FX)

1Q 2017 2Q 2017 3Q 2017 4Q 2017 FY 2017 1Q 2018 2Q 2018 3Q 2018

Asia-PacificAvg RoR 1,132 1,248 1,376 1,379 1,273 1,331 1,450 1,484 Avg Available Rooms 2,909 2,884 2,879 2,881 2,890 2,884 2,982 3,308 Avg. Occupancy % 39% 43% 48% 48% 44% 46% 49% 45%Avg. Total Rooms 2,958 2,933 2,931 2,933 2,940 2,933 3,042 3,369 Avg. Daily Rate (€) 70 80 69 65 72 68 82 70

Target LogisticsAvg RoR 3,517 3,980 4,479 4,841 4,197 4,967 5,553 6,711 Avg Available Rooms 7,376 7,709 7,921 8,348 7,844 8,378 8,448 9,504 Avg. Occupancy % 48% 52% 57% 58% 54% 59% 66% 71%Avg. Total Rooms 7,556 7,899 8,118 8,557 8,038 8,614 8,745 9,750 Avg. Daily Rate (€) 78 77 74 73 75 69 75 83

Algeco GroupAvg RoR 4,649 5,228 5,855 6,220 5,470 6,298 7,003 8,195 Avg Available Rooms 10,285 10,593 10,800 11,229 10,734 11,262 11,429 12,812 Avg. Occupancy % 45% 49% 54% 55% 51% 56% 61% 64%Avg. Total Rooms 10,514 10,832 11,049 11,490 10,978 11,547 11,787 13,119 Avg. Daily Rate (€) 76 78 73 71 75 69 77 82

DRAFT 5

Algeco 2nd Floor, 12 Berkeley Street, London, W1J 8DT

www.algeco.com

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