Second Quarter 2018Investor Conference Call

August 29, 2018

2

Safe Harbor

Basis of Presentation

Unless 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 Measures

This 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 Results

We 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 Statements

This 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 June 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 Q2 2018, we have officially changed our reporting currency from USD to euros, and as such, all

company materials going forward will be presented 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 website1

� As of September 1 2018, Andrew Tyler, currently President of our European operations will be assuming 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

(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.

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°

>35,000 Customers

>35,000 Customers

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

Leading Position in North

America and APAC for selected markets (2)

Leading Position in North

America and APAC for selected markets (2)

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

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

~243,000 Modular Units

~12,100 Rooms

~243,000 Modular Units

~12,100 Rooms

~€2.0bnFleet Gross Book Value

~€2.0bnFleet Gross Book Value

Leader in European modular space

business solutions (1)

Leader in European modular space

business solutions (1)

5

Algeco at a Glance

Company Snapshot

6

Well-Diversified Business

Adj EBITDA By Geography (3)

Global Presence

(1) Based on LTM Q2 2018 Leasing & Services Revenue(2) Based on LTM Q2 2018 Total Revenue(3) Based on LTM Q2 2018 Adj. 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

� Comprehensive footprint – 163 branches and 22 camps in 24 countries

� Diverse and recurring customer base – top 20 customers account for

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

EuropeNorth America

Asia Pacific

Market Leader with a Diverse Revenue Base

Energy and Natural

Resources15%

Public Administration

24%

Industries and Services

31%

Construction 30%

Revenue By End-Market (2)

North America 24%

Asia Pacific 8%Europe

68%

7

Strategic Priorities

� Manage capital aggressively

� Invest in markets demonstrating organic growth

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

Revenue � 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

Profitability

Capital Discipline

� Bring 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

8

Agenda

I) Q2 2018 Financial Results

II) Closing Comments

III) Questions & Answers

9

Q2 2018 Highlights

� Q2 Adjusted EBITDA of €70.0m at Reported FX rates

� Adj. EBITDA at Constant Currency FX up €14.7m or 26.6% from Q2 2017

� Adj. EBITDA at Reported FX up €13.0m or 22.8% from Q2 2017

� Q2 Adjusted EBITDA includes €4.4m of non-recurring project costs related to the Touax integration and other

discrete projects that will be completed this year

� Excluding these projects, Q2 Underlying EBITDA would have been €74.4m and up €19.1m or 34.5% over Q2 2017 (at Constant Currency)

� H1 Adjusted EBITDA of €126.9m at Reported FX rates

� Adj. EBITDA at Constant Currency FX up €28.0m or 28.3% from H1 2017

� Adj. EBITDA at Reported FX up €24.6m or 24.1% from H1 2017

� H1 Adjusted EBITDA includes €9.9m of non-recurring project costs

� Excluding these projects, H1 Underlying EBITDA would have been €136.8m and up €37.9m or 38.3% over H1 2017 (at Constant Currency)

Adjusted EBITDA growth and run-rate are tracking as expected

10

Q2 2018 Highlights

� Continued managing capital aggressively

� Q2 2018 Gross CapEx increased ~ €3m and Net CapEx increased ~ €3m versus prior year

driven by North America camp expansions in the U.S. Permian Basin and increased fleet

purchases in Asia Pacific; partially offset by reduced investment in Europe

� Overall Q2 revenue up ~22% over prior year driven by increased Modular Space and New

Sales growth in Europe and higher Remote Accommodations in both N.A. and Asia Pacific

� Modular Space pricing down ~2% versus prior year as increases in Asia Pacific were offset by a

decrease in Europe associated with the inclusion of Touax related units; excluding Touax related

units, pricing would have increased ~3%

� VAPS 360° revenue grew ~16% to ~ €36m over prior year as VAPS revenue per unit decreased

by ~5% primarily driven by the inclusion of Touax related units; excluding the Touax units, VAPS

360° revenue per unit would have increased ~11%

Capital Discipline

� Utilization increased 60bps from prior year to 81.2% driven by increases in Asia Pacific

� SG&A increased €13.9m versus prior year due to the non-recurring project costs in Europe, the

inclusion of Touax, higher Corporate costs (driven by ~ €1.5m of refinancing related professional

fees), and volume related increases in Asia Pacific

� Adj. EBITDA increased €14.7m over prior year driven by higher Modular Space and New Sales

volume in Europe, increased N.A. Remote Accommodations volume, and higher margins in Asia

Pacific; partially offset by increased SG&A

Revenue

Profitability

11

Modular Space – Group Avg. Rental Rate

€ 144 € 147 € 147 € 148

€ 146 € 149 € 150

€ 147 € 142

€ 146

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

€ 160

€ 170

Q1 Q2 Q3 Q4

2016 2017 2018

Average Modular Monthly Rental Rate

€ 54

€ 61 € 65 € 64

€ 59 € 64 € 66

€ 62

€ 55

€ 61

€ -

€ 20

€ 40

€ 60

€ 80

€ 100

Q1 Q2 Q3 Q4

2016 2017 2018

Average VAPS 360° Revenue Per Unit

All quarters presented in € at Q2 2018 Reported FX Rates

Q2 2018 decrease in Avg. Monthly Rental Rate and VAPS 360° Revenue per Unit driven by the inclusion of Touax related units in Europe

12

Modular Space – Europe Avg. Rental Rate

€ 135 € 138 € 138

€ 140 € 138

€ 141 € 142 € 140 € 140 € 144

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

Q1 Q2 Q3 Q4

2016 2017 2018

Average Modular Monthly Rental Rate

€ 52

€ 57 € 62 € 61

€ 56 € 63 € 65

€ 60 € 63

€ 72

€ 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 € 142 € 138

€ 134 € 138

€ 100

€ 110

€ 120

€ 130

€ 140

€ 150

Q1 Q2 Q3 Q4

2016 2017 2018

€ 52

€ 57 € 62 € 61

€ 56

€ 63 € 65 € 61

€ 54

€ 61

€ 20

€ 40

€ 60

€ 80

Q1 Q2 Q3 Q4

2016 2017 2018

Europe Europe

All quarters presented in € at Q2 2018 Reported FX Rates

13

Modular Space – Asia Pacific Avg. Rental Rate

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

€ 259 € 258 € 246 € 240 € 228 € 230 € 230

€ 237 € 242 € 250

€ 100

€ 150

€ 200

€ 250

€ 300

Q1 Q2 Q3 Q4

2016 2017 2018

€ 90 € 100 € 102 € 101 € 102

€ 85 € 81

€ 73 € 71 € 75

€ 30

€ 50

€ 70

€ 90

€ 110

€ 130

Q1 Q2 Q3 Q4

2016 2017 2018

Asia Pacific Asia Pacific

All quarters presented in € at Q2 2018 Reported FX Rates

14

Modular Space – Group Utilization

75.7%

79.5%

80.3%

79.5%78.5%

80.6%

82.0%81.5%

80.0%

81.2%

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

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)

Excluding the Touax related units in Europe, Avg Modular UoR would have increased ~2,800 units over Q2 2017

15

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%

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

120

130

140

150

Q1 Q2 Q3 Q4

2016 2017 2018

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

78.1%

80.8%81.5%

80.3%

79.1%

81.2%

82.5%81.9%

80.3%

81.4%

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

130

140

150

160

170

180

190

200

Q1 Q2 Q3 Q4

2016 2017 2018

Europe Europe

16

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%

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

-

4

8

12

16

Q1 Q2 Q3 Q4

2016 2017 2018

Asia Pacific Asia Pacific

17

Remote Accommodations

Average Daily Rate Average Rooms on Rent (1)

(1) (Rooms in 000’s)

4.9 4.7 4.7 4.5 4.6

5.2

5.9 6.2 6.3

7.0

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4

2016 2017 2018

€ 86 € 88 € 87

€ 70€ 68

€ 72 € 71 € 70€ 70

€ 77

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

Q1 Q2 Q3 Q4

2016 2017 2018

Q2 2018 increases in Average Daily Rate and Rooms on Rent were driven by higher demand in both North America (U.S. Permian Basin) and Asia Pacific (Australia)

All quarters presented in € at Q2 2018 Reported FX Rates

1.1 1.11.2

1.11.11.2

1.4 1.41.3

1.5

0

1

2

Q1 Q2 Q3 Q4

2016 2017 2018

18

Remote Accommodations

Average Daily Rate Average Rooms on Rent (1)

(1) (Rooms in 000’s)

€ 95 € 96 € 93

€ 72€ 70 € 71 € 73 € 73€ 71 € 75

-€ 10

€ 10

€ 30

€ 50

€ 70

€ 90

€ 110

€ 130

€ 150

Q1 Q2 Q3 Q4

2016 2017 2018

3.83.5 3.5 3.43.5

4.04.5

4.85.05.6

0

1

2

3

4

5

6

Q1 Q2 Q3 Q4

2016 2017 2018

€ 57€ 64

€ 71€ 65€ 63

€ 75€ 66 € 63€ 68

€ 82

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

Q1 Q2 Q3 Q4

2016 2017 2018

North America North America

Asia PacificAsia Pacific

All quarters presented in € at Q2 2018 Reported FX Rates

19

Q2 2018 Financials (in € at Constant Currency)

Q2

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

- Modular Space Leasing €104.8 €126.0 €21.2 20.2%

- Modular Space Delivery & Install €38.9 €37.9 (€1.0) (2.6%)

- Remote Accommodations €34.6 €48.8 €14.2 41.0%

Leasing & Services Revenue €178.2 €212.7 €34.5 19.4%

- New Units €47.1 €62.3 €15.2 32.2%

- Rental Units €2.1 €1.9 (€0.2) (9.5%)

Sales Revenue €49.2 €64.1 €14.9 30.3%

Total Revenue €227.4 €276.8 €49.4 21.7%

Adjusted Gross Profit (1) €109.5 €137.6 €28.1 25.6%

Adjusted Gross Profit % (1) 48.2% 49.5% 130bps

SG&A (2) €53.7 €67.6 (€13.9) (25.9%)

Adjusted EBITDA €55.3 €70.0 €14.7 26.6%

Adjusted EBITDA % 24.3% 25.3% 100bps

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

� Leasing & Services revenue was up

€34.5m due to increased Modular Space

in Europe and higher Remote

Accommodations in both North America

and Asia Pacific

� New Units Sales increased €15.2m due to

increased volume in Europe; Rental Units

Sales were essentially flat

� Adjusted Gross Profit % increased 130bps

driven by Asia Pacific and North America

� SG&A increased €13.9m due to the €4.4m

non-recurring project costs in Europe, the

inclusion of Touax, higher Corporate

costs, and volume related increases in

Asia Pacific

� Adj. EBITDA increased €14.7m driven by

both Modular Space and New Sales

growth in Europe, increased North

America Remote Accommodations

volume, and higher margins in Asia

Pacific; partially offset by increased SG&A

20

Europe Overview (in € at Constant Currency)

Q2 2017 Q2 2018Q2 2018

Excl. Touax(1)

Average Modular Units on Rent (#) 145,859 182,508 148,694

Average Modular Utilization 81% 81% 82%

Avg. Modular Monthly Rental Rate (€) at CC 141 138 144

Avg. VAPS Revenue Per Unit (€) at CC 63 61 72

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 €20.2m

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 revenue increased €15.1m driven by higher volumes in France, Germany, and the U.K

Adjusted EBITDA� Increased €4.5m driven by increased Modular

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

CapEx� Decrease primarily a result of the inclusion of

recently acquired Touax units; otherwise, stable investment in most countries

34.425.2

€ 0

€ 25

€ 50

Q2 2017 Q2 2018

CapEx

147.7 183.0

€ 0

€ 110

€ 220

Q2 2017 Q2 2018

Revenue

45.0 49.5

€ 0

€ 30

€ 60

Q2 2017 Q2 2018

Adjusted EBITDA

(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

21

Europe Segments (in € at Constant Currency)

(€ in millions)

(1) As we are still finalizing our external reporting segments, the above results by segment are preliminary and subject to change; additionally, 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

Revenue

Adj.

EBITDA

Gross

CapEX Revenue

Adj.

EBITDA

Gross

CapEX

UK 44.4 8.6 10.8 46.0 9.5 4.4

France 48.0 14.1 15.9 60.3 17.7 11.1

Germany 30.5 13.8 3.3 38.8 15.0 5.5

Eastern Northern Southern Europe ("ENSE") 34.3 8.4 4.4 43.4 11.7 4.2

Europe - Underlying 147.7 45.0 34.4 183.0 53.9 25.2

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

Touax Integration - - - - (2.3) -

Discrete Projects - - - - (2.1) -

Europe - Total (3)

147.7€ 45.0€ 34.4€ 183.0€ 49.5€ 25.2€

Avg UoR Avg. Util % ARR (€) Avg UoR Avg. Util % ARR (€)

UK 30,954 74% 180 28,954 70% 186

France 43,716 85% 141 57,735 85% 140

Germany 31,280 84% 142 40,571 83% 135

Eastern Northern Southern Europe ("ENSE") 39,909 82% 109 55,248 84% 111

Europe - Total 145,859 81% €141 182,508 81% €138

Financial Metrics (1)

Fleet Statistics (1)

Q2 2017

Q2 2017 Q2 2018

Q2 2018

22

Europe Q2 2018 EBITDA Growth (in € at Constant Currency)

(€ in millions)

€ 45.0

€ 3.6€ 3.2

€ 1.1 € 0.9 € 53.9

€ 4.4

€ 49.5

€ -

€ 10

€ 20

€ 30

€ 40

€ 50

€ 60

Q2 2017Adj. EBITDA

France ENSE Germany UK Q2 2018Underlying

EBITDA

NRP Costs Q2 2018Adj. EBITDA

23

North America Overview (in € at Constant Currency)

Q2 2017 Q2 2018

Avg. Remote Accom Rooms on Rent (#) 3,980 5,553

Avg. Remote Accom Utilization 52% 66%

Avg. Remote Accom Daily Rate (€) at CC 71 75

Improving oil and gas sector demand driving growth and increased investment

Revenue � Remote Accommodations revenue increased

€11.9m driven by increases in core oil and gas related camps, camp expansions, and the inclusion of Iron Horse Ranch

� 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 €8.9m driven by higher oil and gas

related Remote Accommodations volume; partially offset by volume related SG&A increases (€0.3m)

CapEx� Increase driven by growth CapEx investment for

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

26.1

38.0

€ 0

€ 25

€ 50

Q2 2017 Q2 2018

Revenue

11.3

20.2

€ 0

€ 12

€ 24

Q2 2017 Q2 2018

Adjusted EBITDA

1.8

15.0

€ 0

€ 15

€ 30

Q2 2017 Q2 2018

CapEx

4.3

7.7

€ 0

€ 5

€ 10

Q2 2017 Q2 2018

Adjusted EBITDA

24

Asia Pacific Overview (in € at Constant Currency)

Q2 2017 Q2 2018

Average Modular Units on Rent (#) 13,946 15,194

Average Modular Utilization 75% 78%

Avg. Modular Monthly Rental Rate (€) at CC 230 250

Avg. Remote Accom Rooms on Rent (#) 1,248 1,450

Avg. Remote Accom Utilization 43% 49%

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

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

Revenue� Leasing & Services revenue increased €2.3m due

to higher Remote Accommodations (€2.3m) Revenue due to both higher volume and Avg. Daily Rates

� Modular Space revenue was flat as increased leasing revenue (€1.4m) was offset by lower delivery and installation volume (€1.5m)

� 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 € 3.4m driven by increased Remote

Accommodations volume in Australia and higher profit margins across all categories; partially offset by increased SG&A

CapEx� Continued stable CapEx investment in Australia,

New Zealand, and China as market continues to recover

53.6 55.8

€ 0

€ 40

€ 80

Q2 2017 Q2 2018

Revenue

3.9 3.9

€ 0

€ 5

€ 10

Q2 2017 Q2 2018

CapEx

25

Algeco H1 2018 EBITDA Growth (in € at Constant Currency)

(€ in millions)

€98.9

€136.7

€126.9

€17.0

€14.9

€9.2

€3.3

€9.9

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

€ 120

€ 140

€ 160

YTD Jun 2017Adj. EBITDA

Europe(Underlying)

North America Asia Pacific Corporate YTD Jun 2018Underlying

EBITDA

NRP Costs YTD Jun 2018Adj. EBITDA

26

Europe H1 2018 EBITDA Growth (in € at Constant Currency)

(€ in millions)

€83.1

€100.1

€90.3 €7.1

€4.8 €2.9

€2.2

€9.9

€ 0

€ 20

€ 40

€ 60

€ 80

€ 100

€ 120

YTD Jun 2017Adj. EBITDA

ENSE France Germany UK YTD Jun 2018Underlying

EBITDA

NRP Costs YTD Jun 2018Adj. EBITDA

27

Adjusted EBITDA (in € at Reported Currency)

(€ in millions)

€ 215 € 222€ 230

€ 242€ 255

€ 265

€ 298

€ 0

€ 50

€ 100

€ 150

€ 200

€ 250

€ 300

€ 350

LTM 9/30/17 LTM 11/30/17 FY 17 LTM 3/31/18 LTM 6/30/18 LTM 6/30/18Underlying

LTM 9/30/17Run-Rate(per OM)

(2)

(1) LTM 6/30/18 Underlying EBITDA is defined as LTM 6/30/18 Adjusted EBITDA excluding the €9.9m 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

Currently tracking as planned towards the LTM 9-30-17 Run-Rate Adj EBITDA presented in the notes offering memorandum

(1)

28

Disciplined Capital Management

Capital Expenditure by Region

(2.1) (1.9)

34.4

25.2

1.8 15.0

3.9

3.91.2

0.3Corporate

Asia Pacific

North America

Europe

Global proceedsfrom Used UnitSales

Net CapEx: €39.2m

Gross CapEx: €41.3m

Net CapEx: €42.4m

Gross CapEx: €44.3m

� Q2 2018 Gross CapEx was up ~€3m or ~7% and

Net CapEx was up ~€3m or ~8% driven by the

following:

� North America Remote Accommodations camp expansions in the Permian Basin (Texas)

� Increased new modular fleet investment in Asia Pacific driven by continued increasing utilization in Australia and New Zealand

� Decreased investment in Europe primarily a result of the inclusion of recently acquired Touax units; otherwise, stable investment in most countries to support increasing utilization

� Capital investments are supported by long term

customer contracts

Gross CapEx:

NetNet

Q2 2017 Q2 2018

(€ in millions at Constant Currency)

29

H1 2018 Growth vs. Maintenance Capital Expenditures

(€ in millions at Reported FX Rates)

€31.3 €35.5

€31.2

€82.2

€2.2 €2.0

€4.3

€51.0

€ 0

€ 10

€ 20

€ 30

€ 40

€ 50

€ 60

€ 70

€ 80

€ 90

Europe Asia-Pacific North America GrossMaintenance

CapEx

Used SalesProceeds

NetMaintenance

CapEx

Growth CapEx TotalNet CapEx

~€32m of Growth CapEx is primarily attributable

to demand-driven Target Lodging camp

expansions in the U.S. Permian Basin

Maintenance CapEx

Annualizing the €31.2m of H1 net maintenance CapEx results in annual net maintenance CapEx in line with the $73m (€61m) average annual maintenance CapEx referenced in the offering memorandum1

(1) Refers to pages 116-117 of the final offering memorandum; the €61m is converted using the H1 average USD/EUR FX rate

30

Algeco – Net Debt Structure

• ABL availability as of June 30, 2018 was approximately €98m• Annual cash interest expense as of June 30, 2018 is approximately €110m

6-30-18

Cash and Cash Equivalents (85)

Asset Based Loan Revolver (ABL) (L+275) 165

Other Debt, including Capital Leases 132

Senior Secured Notes (6.5/8.0/FRN%) 1,213

Total Net Senior Secured Debt 1,425

Senior Notes (10.00%) 245

Total Net Debt €1,651

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

� Completed balance sheet

refinancing in Q1 2018

31

Key Credit Highlights

Global Presence with Significant Scale Advantages

1

Attractive Returns on Long-Lived Assets

4

Hard-to-Replicate Network Footprint

2

Growing High-Margin Service Offering

5

Favourable Growth Trajectory in Europe

7

Resilient Cash Generation with Flexible Capex

6

Recurring and Diverse Revenue and Profit Streams

3

32

Closing Comments

� Touax integration update

� Legal mergers complete in Germany, Poland, Czech Republic, Benelux� New organization structure established in France, Germany, Spain, Poland, Czech Republic, and

Benelux� Back office merged in Germany, Spain, Poland, Czech Republic, Benelux� Sales force merged in France, Germany, Spain, Poland, Czech republic, Benelux� IT integration complete in France, Germany, Spain, Poland, Czech republic, Benelux� In France, discussions to merge the legal entities are in progress with the works council

� Intended US GAAP to IFRS conversion

� US GAAP to IFRS conversion intended for Q4 results including a possible reassessment and alignment of depreciation policies

� 2018 focus and expectations

� London head office fully operational� Asset optimization program commenced� Pricing project addressing opportunities� VAPs project continuing focus on increased penetration� Data management team established

33

Questions & Answers

34

Appendix

35

Foreign Exchange Exposure

Local to EUR€ Q2 2017 Q2 2018 % Chg

USD 0.91 0.84 (8%)

AUD 0.66 0.64 (4%)

GBP 1.16 1.14 (2%)

EUR€ millions EBITDA

Gross

Capex Net

USD (1.4) 0.1 (1.3)

AUD (0.4) 0.0 (0.4)

GBP (0.2) 0.1 (0.1)

Other 0.3 (0.1) 0.2

Total (1.6) 0.0 (1.6)

Avg. Reported FX Rates

Q2 FX Impact by Currency

36

Q2 2018 Financials (in € at Reported Currency FX)

Q2

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

- Modular Space Leasing €106.3 €126.0 €19.7 18.5%

- Modular Space Delivery & Install €40.0 €37.9 (€2.1) (5.3%)

- Remote Accommodations €37.4 €48.8 €11.4 30.4%

Leasing & Services Revenue €183.7 €212.7 €29.0 15.8%

- New Units €49.1 €62.3 €13.1 26.8%

- Rental Units €2.1 €1.9 (€0.2) (11.7%)

Sales Revenue €51.2 €64.1 €12.9 25.2%

Total Revenue €234.9 €276.8 €41.9 17.8%

Adjusted Gross Profit (1) €112.3 €137.6 €25.3 22.5%

Adjusted Gross Profit % (1) 47.8% 49.5% 170bps

SG&A (2) €55.3 €67.6 (€12.3) (22.2%)

Adjusted EBITDA €57.0 €70.0 €13.0 22.8%

Adjusted EBITDA % 24.3% 25.3% 100bps

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

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

Europe 130.8 148.6 168.8 169.8 618.0 162.3 183.0

North America 25.0 28.3 32.2 32.7 118.2 31.4 38.0

Asia Pacific 60.0 57.9 54.6 58.5 230.9 50.9 55.8

Algeco Global 215.6€ 234.9€ 255.4€ 261.5€ 967.1€ 244.7€ 276.8€

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

Europe 38.0 45.2 50.8 48.8 182.8 40.6 49.5

North America 11.2 12.7 14.3 16.6 54.8 15.3 20.2

Asia Pacific 1.5 4.7 4.7 5.1 16.0 7.1 7.7

Corporate* (5.6) (5.6) (6.5) (6.0) (23.7) (6.4) (7.5)

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

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

Europe 23.8 34.3 34.2 21.0 113.3 17.2 25.2

North America 2.1 1.8 2.2 9.2 15.3 19.4 15.0

Asia Pacific 3.0 4.0 4.1 4.5 15.6 5.1 3.9

Corporate* 0.6 1.2 0.3 0.6 2.8 0.5 0.3

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

38

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

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

Europe

Avg. Units on Rent 141,742 145,859 149,485 157,709 148,905 180,548 182,508

Avg. Total Fleet 179,183 179,605 181,086 192,575 183,739 224,888 224,186

Avg. Utilization % 79.1% 81.2% 82.5% 81.9% 81.0% 80.3% 81.4%

ARR (€) 139 142 141 138 140 134 138

VAPS ARR (€) 56 64 65 61 60 53 61

Asia-Pacific

Avg. Units on Rent 13,148 13,946 14,680 14,807 14,116 14,777 15,194

Avg. Total Fleet 18,243 18,555 19,032 19,120 18,727 19,189 19,372

Avg. Utilization % 72.1% 75.2% 77.1% 77.4% 75.4% 77.0% 78.4%

ARR (€) 257 249 243 244 248 244 250

VAPS ARR (€) 113 91 85 76 91 67 69

Algeco Global

Avg. Units on Rent 154,890 159,805 164,165 172,516 163,021 195,325 197,701

Avg. Total Fleet 197,426 198,160 200,118 211,694 202,466 244,077 243,557

Avg. Utilization % 78.5% 80.6% 82.0% 81.5% 80.5% 80.0% 81.2%

ARR (€) 149 151 150 149 150 142 146

VAPS ARR (€) 61 66 67 61 64 54 61

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

Asia-Pacific

Avg RoR 1,132 1,248 1,376 1,379 1,273 1,331 1,450

Avg Available Rooms 2,909 2,884 2,879 2,881 2,890 2,884 2,982

Avg. Occupancy % 39% 43% 48% 48% 44% 46% 49%

Avg. Total Rooms 2,958 2,933 2,931 2,933 2,940 2,933 3,042

Avg. Daily Rate (€) 70 80 69 65 72 68 82

Target Logistics

Avg RoR 3,517 3,980 4,479 4,841 4,197 4,967 5,553

Avg Available Rooms 7,376 7,709 7,921 8,348 7,844 8,378 8,448

Avg. Occupancy % 48% 52% 57% 58% 54% 59% 66%

Avg. Total Rooms 7,556 7,899 8,118 8,557 8,038 8,614 8,745

Avg. Daily Rate (€) 78 77 74 73 75 69 75

Algeco Global

Avg RoR 4,649 5,228 5,855 6,220 5,470 6,298 7,003

Avg Available Rooms 10,285 10,593 10,800 11,229 10,734 11,262 11,429

Avg. Occupancy % 45% 49% 54% 55% 51% 56% 61%

Avg. Total Rooms 10,514 10,832 11,049 11,490 10,978 11,547 11,787

Avg. Daily Rate (€) 76 78 73 71 75 69 77

40

Reconciliation of Adjusted EBITDA

(€ in millions at Reported Currency FX)

Q2 2017 Q2 2018 LTM Q2 2018

Net income before taxes 13.4 (14.8) 32.4

Interest expense, net 44.7 33.2 153.4

Depreciation and amortization 32.5 34.2 142.5

EBITDA 90.6 52.6 328.3

Currency (gains), net (40.1) 15.9 (68.2)

Gain on extinguishment of debt - - (37.6)

Restructuring costs 1.0 4.4 18.9

Sponsor management fees 1.5 - (2.9)

Acquisition costs 1.5 - 5.7

Other (income) expense 2.5 (2.9) 10.5

Adjusted EBITDA 57.0€ 70.0€ 254.7€

Algeco Group Adjusted EBITDA

41

Reconciliation of Adjusted Gross Profit

(€ in millions at Reported Currency FX)

Q2 2017 Q2 2018

Gross Profit 84.8 107.9

Depreciation of Rental Equipment 27.5 29.7

Adjusted Gross Profit 112.3 137.6

Algeco Global Gross Profit

DRAFT 5

Algeco

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www.algecoscotsman.com