Q2 FY19 ResultsInvestor Conference Call

22 August 2019

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Safe Harbor

Basis of PresentationUnless otherwise noted or unless the context otherwise requires, all references to “we,” “us,” “our,” “Algeco,” the “Group” and the “Company” refer to Algeco Investments 2 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 and “Asia Pacific” or “APAC” means Australia, New Zealand, and China. Unless otherwise noted or unless the context otherwise requires, all amounts are presented in Euros (“€”).

Use of Non-GAAP Financial MeasuresThis presentation includes certain financial measures not calculated and presented in accordance with International Financial Reporting Standards (“IFRS”), including, but not limited to, EBITDA, Underlying EBITDA, and certain ratios and other metrics derived therefrom. These non-GAAP (‘Generally Accepted Accounting Principles’) financial measures are not measures of financial performance in accordance with GAAP or IFRS 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 substitutes to net profit, cash flow from operations or other measures of profitability, liquidity or performance under GAAP or IFRS. These measures may not be comparable to similarly-titled measures used by other companies. A reconciliation of Underlying EBITDA to net profit (loss) tax 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, in certain places 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 or IFRS.

Note Regarding Parent Entity Financial Statements and Reconciliations.As permitted by the indentures governing Algeco Global Finance plc’s €685,000,000 6 1/2% Senior Secured Fixed Rate Notes due 2023, $520,000,000 8% Senior Secured Fixed Rate Notes due 2023 and €190,000,000 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 Investments 2 S.à r.l., as a parent entity, in lieu of consolidated financial statements of Algeco Investments B.V. There are no material EBITDA or operating profit differences between the consolidated financial statements of Algeco Investments 2 S.à r.l. and Algeco Investments B.V.

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Safe Harbor

Reconciliation from US GAAP to IFRSThe Group’s consolidated financial information presented in this report are presented in accordance with IFRS and reflect the application of IFRS for all periods presented. The Group’s consolidated financial statements were previously prepared in accordance with US GAAP until the quarter ended 30 September 2018. The reconciliations for the first time adoption of IFRS are set out in note 25 to our 31 December 2018 consolidated financial statements.

Disposal of Target LodgingsOn 15 March 2019, the Group disposed of Target Lodging and its subsidiaries (“Target”, our former US remote accommodation division). Unless otherwise indicated, all financial information is presented pro-forma for the sale, with Target presented as a discontinued operation.

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 30 June 2019 consolidated financial statements and the notes thereto, and the risk factors described therein.

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Creating smart placesfor people to live, work

and learn

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Our growth strategy

Turbo-charge our core

Expand selectively into adjacent products and services

Build our geographicalpresence

Our core business model

Capital allocation and performance management

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EBITDA by SBULTM Jun-19

• France, ENSE and APAC continue to perform in line with expectations, Germany has stabilised and UK transformation programme is ongoing

FY19 Q2 Performance highlights(1)

Maintain strong cash conversion

• LTM Jun-19: 54% cash conversion(2)

• YTD Q2 FY19: 52% cash conversion(2)

Financial position

• €532m total liquidity comprising €460m cash on balance sheet and €72m ABL availability

• Net leverage 4.6x(3)

Q2 FY19 organic EBITDA growth

• €2m (+4.5%) EBITDA growth to €55m pre IFRS 16 (reported EBITDA +€1m (+2.2%) to €63m)

• +4% revenue per unit on rent

• Margin improvement of +2ppt GM% and +2ppt EBITDA margin

• Unit on rent growth over Q1 FY19

(1) Presented in IFRS at actual forex rates. All EBITDA figures are Underlying EBITDA before Non-Recurring Project costs(2) (EBITDA – Net Capex) / EBITDA(3) Net of cash and liquid securities using Underlying EBITDA before IFRS 16

Sector diversity

LTM Q2 Revenue by customer sector

€272mUnderlying

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Q2 EBITDA increase driven by Europe trading

Europe +€1m

Note: Actual forex rates, Underlying EBITDA as reported under IFRS

The Corporate head office cost is marginally below prior year

UK continues to feel the impact of Brexit delays on the construction sector

ENSE has grown in the majority of its markets and has benefited from fleet transferred from Germany and France

APAC performance is flat before IFRS 16

Germany continues to grow the premium end of the market but has experienced competition in the Construction sector

France continues to perform well, particularly in the major cities.

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Summary P&L – Q2 FY19 Underlying EBITDA €2m (+4.5%) higher than Q2 FY18 (pre IFRS 16)

• Q2 FY19 underlying EBITDA increased by €2m (4.5%) over the prior year before IFRS 16.

• Units on rent grew over Q1 FY19 but from a lower opening position than last year so the adverse variance to FY18 remains

• Total revenue was €12m (5.2%) below Q2 FY18

• Modular space leasing marginally down on prior year with revenue per unit growth of 4.0% (1.8% average price and 9.2% VAPS) more than offsetting 5.7% fewer units on rent

• There was a large short term remote accommodation project in the prior year

• Sales revenue was €6m (10%) lower mainly due to timing of projects (YTD broadly flat)

• GM% was 2.0ppt higher than Q2 FY18.

• SG&A was €3m (5.3%) below the prior year.

• EBITDA% was 2.0ppt higher than Q2 FY18.Note: Presented at actual forex rates (constant current impact <€1m)Underlying EBITDA is before non-recurring project costs

€'m Q2 FY18 Q2 FY19 Q-o-Q Q-o-Q %

- Modular Space Leasing 126 124 (2) -1.5% - Delivery & Installation 38 38 (0) -0.9% - Remote Accommodations 11 7 (4) -34.1%Leasing & Services Revenue 175 169 (6) -3.4%

- New Units 62 57 (6) -9.0% - Rental Units 2 1 (1) -50.8%Sales Revenue 64 58 (6) -10.1%

Total Revenue 239 226 (12) -5.2%

Cost of Sales (122) (111) 11 -8.9%Gross Profit 117 115 (2) -1.3%

SG&A (55) (52) 3 -5.3%Underlying EBITDA 62 63 1 2.2%

Impact of IFRS 16 (10) (9) 1 -10.2%Underlying EBITDA pre IFRS 16 52 55 2 4.5%

GM% 48.9% 50.9% 2.0pptUnderlying EBITDA % 25.9% 28.0% 2.0ppt

Units on Rent 197 185 (11) -5.7%Utilisation 81% 80% -1ppt

Average Rental Rate 146 149 3 1.8%VAPS revenue per unit 63 68 6 9.2%Revenue per unit 209 217 8 4.0%

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Lease revenue per unit was 4.0% higher than the prior year

Note: Actual forex rates Note: Q4 FY17 to Q4 FY18 excluding Touax

Q-on-Q(€12m) (5.2%)

Q-on-Q +€8 (+4.0%)ARR: +€3 (+1.8%)VAPS: +€6 (+9.2%)

Europe

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Europe – €1m (2%) EBITDA increase in Q2 FY19

• Revenue growth in UK and ENSE

• 1,400 growth in units on rent over Q1 FY19 but 11,000 fewer units on rent compared to Q2 FY18 from UK, France and Germany

• Lease revenue per unit increased in all regions

• GM% 80bps higher mainly due to price and VAPS penetration increases

• €2m investment in SG&A including sales force recruitment

• Additional refurbishment capex investment to refurbish older units including Touax and those transferred to ENSE from France and Germany to generate higher future returns

Note: Actual forex rates, Underlying EBITDA as reported under IFRS

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Europe – Revenue per unit on rent grew 5% and utilisation was steady at 80%

Note: Actual forex rates

APAC

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APAC – EBITDA constant before IFRS16. Organic growth in core leasing business offset by mobile camp off-hires

• EBITDA before IFRS 16 was flat at €8m but marginally declined on a reported basis (before roundings)

• APAC Q2 FY19 revenue was lower than Q2 FY18

• Timing of new sales contracts, off-hires of two large Australian mobile camps in Q4 FY18 and a large short term remote accommodation project in 2018

• APAC excluding Australian mobile camps grew lease revenue per unit by 1%

• New Zealand grew UoR, ARR, VAPS and EBITDA

• China slowed due to delays in government spending. New sales office opened to diversify geographies

• Lower growth capex due to dynamic allocation strategy

Note: Actual forex rates, Underlying EBITDA as reported under IFRS

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APAC – UoR, utilisation and income per unit broadly steady

Note: Actual forex rates

+€2 (1%)ARR €2 (1%)

VAPS +€0 (0%)

Note: ARR and VAPS are presented excluding mobile camps that are low volume but high value and so the mix effect distorts underlying trends

Capex, cash flow and debt

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YTD Jun-19 maintenance capex included ongoing refurbishment and upgrade of ex-Touax units

Note: Results at actual forex rates.Net maintenance capex is in line with the prior year and previous guidance of €60-70m per annumYTD Jun-19 net capex in the financial statements includes pre disposal Target Lodging capex of €8m

YTD Jun-18 Net Capex YTD Jun-19 Net Capex

Growth capex mainly premium units and VAPS

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Cash conversion was stable at 52% in YTD Jun-19 and 54% in LTM Jun-19

Note: Cash conversion = (Underlying EBITDA – net capex) / Underlying EBITDA (before non-cash IFRS 16 adjustments)Results at actual forex rates

YTD Jun-18 Cash impact YTD Jun-19

Underlying EBITDA €96m €102m

Net Capex (€49m) (€49m)

Underlying EBITDA – Net Capex €48m €53m

Cash conversion % 50% 52%

+€6m

+€5m

EBITDA –Maintenance Capex €67m €69m

Cash conversion % 70% 67%

+€2m

(€1m)

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Net leverage at 30 June 2019 is 4.6x, down from 6.2x a year ago

• €532m total liquidity at 30 June 2019

• €460m of cash includes €367m of net proceeds from the Target Disposal

• €72m ABL availability as of 30 June 2019

• Pro-forma annual cash interest cost is c.€110m (all USD interest payments are hedged)

• Net leverage using EBITDA under IFRS is 4.0x

Note: - The table presents gross debt repayable (see reconciliation to net borrowings in the appendix) and Underlying EBITDA before IFRS 16.- Target Hospitality equity is the value at 30 June 2019- Net leverage before liquid securities is 5.2x

€'m30 Jun-19

ActualAsset Based Loan Revolver (L+275) 768.0% $ Senior Secured FXN 439E + 6.25% € Senior Secured FRN 1906.5% € Senior Secured FXN 685Total Senior Secured Debt 1,39010.0% $ Senior Unsecured FXN 245Other debt (excl. IFRS 16 lease liabilities) 40Gross total debt 1,675Cash and Cash Equivalents (460)Equity in Target Hospitality (125)Total Net Debt 1,090

LTM Jun-19 Underlying EBITDA pre IFRS 16 235Net leverage 4.6x

Questions & Answers QUESTIONS & ANSWERS

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Appendix

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Leading business services company specialising in modular space

• Operations in 22 countries in Europe & Asia Pacific

• 160 depots and branches including 11 design and assembly facilities

• Fleet of c. 240,000 modular units• Providing a ‘mission critical’ service to a

client base that is well-diversified by sector as well as geography

€948m

Corporate Headquarters

Operational Headquarters

Depot

Assembly Facility

Key

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Algeco’s Core Business Model

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Summary P&L – YTD Q2 FY19 Underlying EBITDA €5m (+5.5%) higher than YTD Q2 FY18 (pre IFRS 16)

• Constant currency impact in Jun YTD of €1m EBITDA (results presented at actual forex).

• Total revenue decreased by €6m (1.4%)

• Modular space leasing marginally up on prior year with revenue per unit growth of 5.0% (comprising 1.8% ARR and 12.8% VAPS) offset by 5.2% fewer units on rent.

• Delivery & installation revenue lower due to fewer deliveries, albeit with little gross margin impact.

• Sales revenue grew €5m (4.3%) mainly in the UK.

• SG&A €3m (2.9%) lower than the prior year.

• GM% 0.9ppt higher than the prior year.

• EBITDA% 1.3ppt higher than the prior year.

Note: Actual forex ratesUnderlying EBITDA is before non-recurring project costs

€'mYTD Jun-

18YTD Jun-

19Y-o-Y Y-o-Y %

- Modular Space Leasing 244 242 (1) -0,6% - Delivery & Installation 77 72 (5) -5,9% - Remote Accommodations 19 14 (5) -28,5%Leasing & Services Revenue 339 328 (11) -3,3%

- New Units 108 113 5 4,5% - Rental Units 4 4 0 0,1%Sales Revenue 113 117 5 4,3%

Total Revenue 452 446 (6) -1,4%

Cost of Sales (229) (222) 7 -3,2%Gross Profit 223 224 1 0,4%

SG&A (107) (104) 3 -2,9%Underlying EBITDA 116 120 4 3,5%

Impact of IFRS 16 (19) (18) 2 -9,5%Underlying EBITDA pre IFRS 16 96 102 6 6,1%

GM% 49,3% 50,2% 0.9pptUnderlying EBITDA % 25,6% 26,9% 1.3ppt

Units on Rent 195 185 (10) -5,2%Utilisation 81% 80% -1ppt

Average Rental Rate 144 147 3 1,8%VAPS revenue per unit 59 67 8 12,8%Revenue per unit 203 213 10 5,0%

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Constant currency – from Q2 FY18 to Q2 FY19 forex contributed €1m to revenue and less than €1m to EBITDA

Note: EBITDA is before IFRS 16

CurrencyQ2 18 Q2 19 Growth% Q2 18 Q2 19 Growth% impact

RevenueUK 46 48 4% 46 48 4% 0France 60 57 -6% 60 57 -6% 0Germany 39 34 -13% 39 34 -13% 0ENSE 43 47 8% 43 47 8% 0Europe eliminations -6 -5 -5% -6 -5 -5% 0APAC 56 47 -15% 55 47 -14% 1Group revenue 238 226 -5% 237 226 -5% 1

EBITDAUK 9 6 -32% 9 6 -32% 0France 17 21 22% 17 21 22% 0Germany 14 12 -16% 14 12 -16% 0ENSE 12 14 18% 12 14 18% 0APAC 8 8 5% 8 8 7% 0Corporate -8 -6 15% -8 -6 17% 0Underlying EBITDA 52 55 5% 52 55 5% 0

Actual forex rates Constant currency rates

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Constant currency – from YTD Q2 FY18 to YTD Q2 FY19 forex contributed €2m to revenue and €1m to EBITDA

Note: EBITDA is before IFRS 16

CurrencyYTD Jun-18 YTD Jun-19 Growth% YTD Jun-18 YTD Jun-19 Growth% impact

RevenueUK 86 93 9% 86 93 8% 0France 114 112 -1% 114 112 -1% 0Germany 74 64 -14% 74 64 -14% 0ENSE 82 88 8% 81 88 8% 0Europe eliminations -10 -7 -26% -10 -7 -26% 0APAC 107 96 -10% 105 96 -9% 1Group revenue 452 446 -1% 450 445 -1% 2

EBITDAUK 16 12 -23% 16 12 -23% 0France 32 40 23% 32 40 23% 0Germany 26 23 -13% 26 23 -13% 0ENSE 21 25 18% 21 25 19% 0APAC 15 15 0% 15 15 2% 0Corporate -13 -12 7% -14 -12 14% 1Underlying EBITDA 97 102 6% 96 102 7% 1

Actual forex rates Constant currency rates

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Europe fleet statistics

Note: Actual forex rates

€'m Avg. UoR Util. % ARR Avg. UoR Util. % ARRUK 28,954 71% 180 25,636 71% 179France 57,735 83% 136 53,697 82% 145Germany 40,571 82% 133 37,992 80% 137ENSE 55,248 82% 106 54,720 81% 110Europe 182,508 80% 134 172,044 80% 137

Fleet StatisticsQ2 FY18 Q2 FY19

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Note: Actual forex rates

• Camps supporting the East Coast coking coal mines are stable.

• Capacity increased in Q3 FY18 when a camp was reactivated for short term contracts that have now come to an end.

APAC - Remote Accommodation is less than 4% of Group revenue

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Gross Debt to Total Borrowings reconciliation

€m Q2 FY19 Notes

Gross total debt 1,675 Net debt analysis in this presentation

Deferred issue costs (48)

Lease liability (IFRS 16) 83

Hedge 41

Total borrowings, gross 1,751 Financial statements

Issue costs are capitalised, netted off the principle balance and amortised over the length of the debt in the accounts

Operating lease liability calculated for IFRS 16 which is in addition to €7m of finance leases included within other debt in Total Gross Debt

Gain on foreign exchange hedge on the principal values of the hedged portion of the USD bonds

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Optimise current fleet

Opportunistic Debt

repaymentNew units

Disciplined accretive

M&A

Considered versus other returns if economically rational

Strengthen position in existing markets

Cost synergies

Commercial synergies

Adjacent products & services

SBUs compete for capital

Only considered if the demand can’t be met by refurbishing and/or relocating existing fleet.

Maintenance / refurbishment only performed when the unit is required for a contract

Geographic redeployment

Capital is allocated dynamically to maximise returns. The priority is to deleverage through growth or debt repayment

Growth investment

Cash generated by operations

Debt servicing

Interest payments

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