Q1 FY19 ResultsInvestor Conference Call

29 May 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, “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 profit before 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 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 year ended 31 December 2017. 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 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 31 March 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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Creating smart places for people to live, work and

learn

Stayover living space inAustralia

MOD accommodation for returning troops

Refugee homes in Germany

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Creating smart places for people to live, work and

learn

Office space for Jaguar Land Rover in Slovakia

Temporary store forTesco in UK

Media centre for international sporting event

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Creating smart places for people to live, work and

learn

Kindergarten in Germany Flexible collegeaccommodation

Early years learning centre in Spain

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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 Mar-19

Q1 Performance highlights

Maintain strong cash conversion

• LTM Mar-19: 54% cash conversion(2)

• Q1 FY19: 60% cash conversion(2)

Financial position

• €434m cash on balance sheet and €77m ABL availability

• Pro-forma net leverage 4.7x(3)

Q1 FY19 organic growth

• €4m (+8%) EBITDA growth to €48m pre IFRS 16 (reported EBITDA +€3m (+5%) to €57m)

o +3% revenue growth

o Lease revenue per unit grew 6%(€12 per month)

o Stable GM% and EBITDA margin

(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 and pro-forma for settlement of an earn-out (see slide 23).

€270mUnderlying

Geographic and sector diversity

• France, ENSE and APAC performing in line with expectations

• Implementation of UK transformation programme underway

• Refocus on delivery of commercial synergies from Touax acquisition in Germany

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Summary P&L – Q1 FY19 Underlying EBITDA €4m (+8%) higher than Q1 FY18 (pre IFRS 16)

• Constant currency impact in Q1 of less than €1m EBITDA (results presented at actual forex).

• Total revenue grew by €6m (2.8%)

• Modular space leasing marginally up on prior year with revenue per unit growth of 6.1% (comprising 1.9% ARR and 17.1% VAPS) offset by 4.8% fewer units on rent.

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

• Sales revenue grew €11m (23.6%) mainly in the UK.

• SG&A in line with the prior year.

• GM% and EBITDA% both consistent with the prior year.

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

€'m Q1 FY18 Q1 FY19 Q-o-Q Q-o-Q %

- Modular Space Leasing 117 118 1 0.4% - Delivery & Installation 39 35 (4) -10.8% - Remote Accommodations 8 6 (2) -21.1%Leasing & Services Revenue 165 159 (5) -3.3%

- New Units 46 56 10 22.7% - Rental Units 2 3 1 40.7%Sales Revenue 48 60 11 23.6%

Total Revenue 213 219 6 2.8%

Cost of Sales (107) (111) (4) 3.4%Gross Profit 106 108 2 2.2%

SG&A (52) (52) 0 -0.5%Underlying EBITDA 54 57 3 4.9%

Impact of IFRS 16 (10) (9) 1 -9.0%Underlying EBITDA pre IFRS 16 44 48 4 8.0%

GM% 49.7% 49.4% -0.3pptUnderlying EBITDA % 25.3% 25.8% 0.5ppt

Units on Rent 194 185 (9) -4.8%Utilisation 80.1% 79.2% -0.9pptAverage Rental Rate 142 145 3 1.9%VAPS revenue per unit 56 65 10 17.1%

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In Q1 FY19 revenue increased by €6m (+2.8%) and lease revenue per unit was 6.1% higher than the prior year

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

Q-on-Q+€6m (+2.8%)

Q-on-Q +€12 (+6.1%)ARR: +€3 (+1.9%)

VAPS: +€10 (+17.1%)

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Underlying LTM EBITDA pre IFRS 16 grew by €47m (+25%) to €233m between Q1 FY18 and Q1 FY19

Note: Underlying EBITDA at actual forex ratesQ-on-Q

Pre IFRS 16: +€4m (+8.0%)Reported: +€3m (+4.9%)

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Q1 EBITDA increase driven by Europe trading

Europe +€3m

Note: Actual forex rates

The Corporate head office cost is consistent with prior year

UK has felt 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. Organic growth offset by the timing of two large mobile camp returns

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

Europe

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Europe – 3% revenue growth and a 7% EBITDA increase

• Revenue growth in UK, France and ENSE

• 10,000 fewer units on rent from UK, France and Germany

• Lease revenue per unit increased in all regions

• GM% 130bps lower mainly due to a minor revenue mix shift towards sales

• €2m investment in SG&A to support growth initiatives

• €3m (+7%) EBITDA growth

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

Note: Actual forex rates

16

Europe – Revenue per unit on rent grew 8% and utilisation was steady at 80%, but UoR reduced by 10k

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

• APAC Q1 FY19 revenue was lower than Q1 FY18

• This was mainly due to off-hires of two large Australian mobile camps in Q4 FY18

• APAC excluding Australian mobile camps grew ARR and VAPS per unit

• EBITDA before IFRS 16 was flat at €7m but marginally declined on a reported basis

• New Zealand and China both grew UoR, ARR, VAPS and EBITDA

• Lower growth capex due to dynamic allocation strategy

Note: Actual forex rates

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APAC – UoR and utilisation broadly steady

Note: Actual forex rates

Mix effects of China’s growth and the end of large mobile camp

projects

In Q1 FY19 APAC excluding Australia Mobile Camps increased ARR and VAPS per unit by €2 and €5 per month respectively over the prior year.

Capex, cash flow and debt

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Net maintenance capex is in line with the prior year and previous guidance of €60-70m per annum

Note: Results at actual forex rates.Q1 FY18 capex in the financial statements of €31m includes Target Lodging

Q1 FY18 Net Capex Q1 FY19 Net Capex

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Cash conversion improved to 54% in LTM Mar-19 and60% in Q1 FY19

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

YTD Mar-18 Cash impact YTD Mar-19

Underlying EBITDA €44m €48m

Net Capex (€21m) (€19m)

EBITDA - Capex €23m €28m

Cash conversion % 53% 60%

+€4m

+€1m

+€5m

EBITDA –Maintenance Capex €32m €36m

Cash conversion % 73% 75%

+€4m

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Pro-forma net leverage at 31 March 2019 is 4.7x

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

• ABL availability as of 31 March 2019 was approximately €77m

Note: - The table presents gross debt repayable (see reconciliation to net borrowings in the financial statements) and EBITDA before IFRS 16.- Actual net leverage was 4.3x at 31 Mar-19- Platinum Eagle equity is the value at 31 March 2019, pro-forma for the transfer of a portion of our shares in Target Hospitality Corp to satisfy

an earn-out obligation between Algeco Holding S.à r.l. and the prior owners of Target which was triggered by the Target disposal.- Pro-forma net leverage before liquid securities is 5.3x

€'m31 Mar-19Pro-forma

Asset Based Loan Revolver (L+275) 868.0% $ Senior Secured FXN 443E + 6.25% € Senior Secured FRN 1906.5% € Senior Secured FXN 685Total Senior Secured Debt 1,40410.0% $ Senior Unsecured FXN 245Other debt 12Gross total debt 1,660Cash and Cash Equivalents (434)Equity in Platinum Eagle (136)Total Net Debt 1,090

LTM Mar-19 Underlying EBITDA pre IFRS 16 233Net leverage 4.7x

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

€960m

Corporate Headquarters

Operational Headquarters

Depot

Assembly Facility

Key

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Algeco’s Core Business Model

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Constant currency – between Q1 FY18 and Q1 FY19 forex movements contributed less than €1m to EBITDA & revenue

Note: EBITDA is before IFRS 16

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

RevenueUK 40 46 14% 40 46 15% 0France 54 56 4% 54 56 4% 0Germany 36 30 -15% 36 30 -15% 0ENSE 38 41 8% 38 41 8% 0Europe eliminations -4 -2 -53% -4 -2 -53% 0APAC 51 49 -4% 50 49 -4% 0Group revenue 214 219 2% 213 219 3% 1

EBITDAUK 7 6 -13% 7 6 -13% 0France 15 18 22% 15 18 22% 0Germany 12 11 -11% 12 11 -11% 0ENSE 9 11 27% 9 11 29% 0APAC 7 7 -5% 7 7 -4% 0Corporate -6 -6 -5% -6 -6 -7% 0Underlying EBITDA 44 48 8% 44 48 8% 0

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 29,635 71% 180 26,060 71% 179France 56,269 83% 136 53,724 82% 145Germany 40,718 82% 133 37,892 80% 137ENSE 53,908 82% 106 53,808 81% 110Europe 180,530 80% 134 171,484 80% 137

Fleet StatisticsYTD Mar-18 YTD Mar-19

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Note: Actual forex rates

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

• Occupancy increased in Q1 FY19 because the camp that was used for a short term contract at the end of FY18 was mothballed again (i.e. removed from available rooms)

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

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Underlying EBITDA to profit before tax reconciliation

3 months ended 31 March 2019

€m

3 months ended 31 March 2018

€m Net profit (loss) 5 (7) Net income from discontinued operations (19) (2) Income tax expense 3 3 Finance expense, net 38 68 Currency gains, net (14) (40) Depreciation and amortisation 34 33 EBITDA 47 55 Share-based payments 2 (1) Touax integration costs 1 - Restructuring 7 - Total separately disclosed items 10 (1) Underlying EBITDA 57 54 Impact of IFRS 16 9 10 Underlying EBITDA excluding IFRS 16 impact 48 44

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Gross Debt to Total Borrowings reconciliation

€m Q1 FY19 Notes

Gross total debt 1,660 Net debt analysis in this presentation

Deferred issue costs (51)

Lease liability (IFRS 16) 93

Total borrowings, net 1,702 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 €9m of finance leases included within other debt in Total Gross Debt

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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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