Third Quarter 2017 Investor Conference Call · Adj. EBITDA at CC FX down ($5.1m) from Q3 2016 Adj. EBITDA at Act FX down ($2.7m) from Q3 2016 Q3 Adjusted EBITDA decline at CC FX driven

Third Quarter 2017Investor Conference Call

DRAFT 5

November 30, 2017

Q3 2017 Investor Call 2

Safe HarborBasis of PresentationUnless otherwise noted or unless the context otherwise requires, all references to “we,” “us,” “our,” “AS,” the “Group” and the “Company” refer to Algeco Scotsman Global S.à r.l., a limited liability company incorporated under the laws of Luxembourg, together with its subsidiaries. As used in this presentation, “Americas” means the United States, Canada, Mexico, and “Asia Pacific” means Australia, New Zealand, and China. Unless otherwise noted or unless the context otherwise requires, all amounts are presented in U.S. dollars (“US$”).

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 current-year results using prior-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.


Safe HarborForward-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,” “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, 2016 and September 30, 2017 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.


Q3 2017 Highlights

� Q3 Adjusted EBITDA of $104.1m at Constant Currency FX and $106.5m at Actual FX

� Adj. EBITDA at CC FX down ($5.1m) from Q3 2016

� Adj. EBITDA at Act FX down ($2.7m) from Q3 2016

� Q3 Adjusted EBITDA decline at CC FX driven by the following factors:

� Q3 2017 Australia New Sales cost over-runs ~($2m)

� Q3 2016 oil and gas related contract off-rent in Alaska ~($3m)

� Q4 2016 South Texas Family Residential Center contract extension ~($10m)

� Sale of AS North America modular space and portable storage operations (“Williams Scotsman”)

closed on November 29th, 2017


Clear Global LeadershipLeading global business services provider of modular space and secure portable storage solutions

� Market leader in all major markets within our operating

regions:

� Americas - #1 / #2

� Asia Pacific (Aus/NZ) - #1

� Europe - #1 / #2

� Branch / depot locations globally: 236

� Countries with physical presence: 25

� Modular and storage fleet units: ~276,000

� Fully managed remote accommodation ~11,400

rooms:


Diverse Footprint and End Markets

� Broad geographic, end-market and

customer diversity

� The Commercial / Industrial sector

represents our strongest market,

while the contribution from the Oil &

Gas sector has begun to stabilize

� Diverse customer base

- Approximately 60,000 customers

- Top 20 customers ~18% of

Leasing and Services revenue

� Long contract periods

- Average modular lease duration:

~26 months

Europe45%

Asia Pacific18%

Americas37%

22%

20%

8%13%

11%

13%

9%4%

Commercial/Industrial Services/Other

Oil & Gas Manufacturing

Infrastructure/Residential Government

Education Mining

LTM Q3 2017 Revenue Mix – Geographic LTM Q3 2017 Revenue Mix – Sector

8%

22%

4%

13%

9%

11%

13%

20%


Agenda

I) Q3 Highlights

II) Financial Results

III) Algeco Scotsman Pro Forma

IV) Questions & Answers


Q3 2017 Highlights

� Continued managing capital aggressively

� Q3 2017 Gross CapEx increased ~$9m driven by increased investment in the U.S. and

France; partially offset by reduced spend in Germany

� Overall Q3 revenue up ~2% driven by increased Modular Space growth in Europe, Asia

Pacific, and the U.S. excluding Alaska (“Core U.S.”); partially offset by lower New Sales

in Europe and Australia, and decreased N.A. Remote Accommodations (Target Logistics)

� Modular Space pricing up versus prior year as increases in Europe and Core U.S. were

partially offset by energy sector related declines in Australia and Canada

� VAPS revenue grew ~9% to ~$53m and VAPS revenue per unit grew by ~7%

Capital Discipline

� Utilization increased 130bps from prior year to 79.0% driven by increases in France, the

U.K., and Asia Pacific

� SG&A increased $4.3m driven by Europe (investment in shared services infrastructure)

and the U.S. (volume related); partially offset by reductions in Corporate

� Adj. EBITDA declined ($5.1m) as increased Core U.S. and Europe Modular Space were

offset by lower N.A. Remote Accommodations, lower Australia New Sales margins, and

higher SG&A

Revenue

Profitability


Modular Space – Avg. Rental Rate

$227 $227 $224

$219 $218 $219 $218

$215 $214

$219 $219

$150

$170

$190

$210

$230

Q1 Q2 Q3 Q4

2015 2016 2017

Average Modular Monthly Rental Rate

$55 $60

$64 $64 $66

$72 $77

$72 $73

$79 $82

$(10)

$10

$30

$50

$70

$90

Q1 Q2 Q3 Q4

2015 2016 2017

Average Incremental VAPS Impact

All quarters presented in US$ at Q3 2017 Reported FX Rates


72.1%

72.9%

73.9%

75.0%75.1%

77.0%

77.7%77.3%

76.0%

77.6%

79.0%

70%

72%

74%

76%

78%

80%

Q1 Q2 Q3 Q4

2015 2016 2017

213.4 213.7 215.4

212.1

208.0

211.7

213.5

211.6

207.9

212.8

217.9

190

195

200

205

210

215

220

Q1 Q2 Q3 Q4

2015 2016 2017

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

Modular Space – Utilization (Units in 000’s)


Remote Accommodations

Average Daily Rate Average Rooms on Rent (1)

(1) (Rooms in 000’s)

5.3 5.7

6.5

5.8

4.9 4.7 4.7 4.5 4.6

5.2

5.9

0

1

2

3

4

5

6

7

Q1 Q2 Q3 Q4

2015 2016 2017

$100

$109 $109

$101$106 $108 $107

$86$82

$86 $86

$0

$20

$40

$60

$80

$100

$120

Q1 Q2 Q3 Q4

2015 2016 2017

All quarters presented in US$ at Q3 2017 Reported FX Rates


Q3 2017 Financials (in US$ at Constant Currency)

Q3

($ in millions) 2016 2017 Y-o-Y Y-o-Y %

- Modular Space Leasing $188.9 $197.7 $8.8 4.7%

- Modular Space Delivery & Install $69.8 $74.4 $4.6 6.6%

- Remote Accommodations $48.4 $46.2 ($2.2) (4.5%)

Leasing & Services Revenue $307.1 $318.3 $11.2 3.7%

- New Units $85.5 $78.6 ($6.9) (8.1%)

- Rental Units $8.2 $10.1 $1.9 22.7%

Sales Revenue $93.8 $88.7 ($5.0) (5.4%)

Total Revenue $400.9 $407.1 $6.2 1.5%

Adjusted Gross Profit (1) $193.7 $192.9 ($0.8) (0.4%)

Adjusted Gross Profit % (1) 48.3% 47.4% (90bps)

SG&A (2) $84.5 $88.8 ($4.3) (5.1%)

Adjusted EBITDA $109.2 $104.1 ($5.1) (4.7%)

Adjusted EBITDA % 27.2% 25.6% (170bps)

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

� Leasing & Services revenue was up

$11.2m due to increased Modular Space

in Europe, Asia Pacific and the U.S.;

partially offset by decreased N.A. Remote

Accommodations

� New Units Sales decreased $6.9m driven

by declines in Europe (less Asylum

related volume) and Australia; Rental

Units Sales increased $1.9m due to the

timing of U.S. sales

� Adjusted Gross Profit % decreased 90bps

driven by Australia, Canada, and N.A.

Remote Accommodations

� SG&A increased $4.3m driven by Europe

and the U.S.; partially offset by savings in

Corporate

� Adj. EBITDA decreased $5.1m driven by

lower N.A. Remote Accommodations

margins, decreased Australia New Sales

margins, and higher SG&A


Adj. EBITDA – YTD Sept 2017 vs. 2016(US$ in millions @ Constant Currency)

$316

$267$274

3011 9

7

15

$0

$50

$100

$150

$200

$250

$300

$350

YTD Sept2016

Q4'16 STFRCContract Ext.

Q2'16 Non-Recurring

Items

Q3'16 AlaskaContract Off-

Rent

PF YTD Sept2016

Aus. NewSales Project

Loss

OrganicGrowth

YTD Sept2017


Europe Overview (at Constant Currency)

Q3 2016 Q3 2017

Average Modular Units on Rent (#) 146,863 149,485

Average Modular Utilization 81% 82%

Avg. Modular Monthly Rental Rate ($) at CC 156 160

(US$ in millions)Economic conditions positive

Revenue� Leasing & Services revenue increased $6.1m

driven by increased units on rent and better rental rates in France, Germany and Spain; as well as higher VAPS volume throughout Europe

� Sales revenue decreased $3.8m due to lower New Sales volume in Germany compared to higher levels in 2016 (asylum related)

Adjusted EBITDA� Declined $0.2m due to increased SG&A

(~$3.8m); partially offset by increased Modular Space margins across most of Europe

� In anticipation of the Williams Scotsman sale, we have increased investment in our European Corporate infrastructure; this investment is driving the year-over-year increase in SG&A

CapEx� Increased investment in France and continued

investment in other countries to support increasing utilization

41.7 39.9

$0

$25

$50

Q3 2016 Q3 2017

CapEx

189.2 191.4

$0

$110

$220

Q3 2016 Q3 2017

Revenue

54.5 54.3

$0

$35

$70

Q3 2016 Q3 2017

Adjusted EBITDA


Europe Adj. EBITDA – YTD Sept 2017 vs. 2016

$148

$140$143

8

13

16

$0

$20

$40

$60

$80

$100

$120

$140

$160

YTD Sept 2016 Q2'16 Non-Recurring item

(German Contract)

PF YTD Sept 2016 SG&A Organic Growth YTD Sept 2017

(US$ in millions @ Constant Currency)


Americas Overview (at Constant Currency)

Q3 2016 Q3 2017




Avg. Remote Accom Rooms on Rent (#) 3,502 4,479

Avg. Remote Accom Utilization 47% 57%

Avg. Remote Accom Daily Rate ($) at CC 114 87

Core U.S. growing, Mexico stable, Canada still affected by oil and gas

Revenue � Modular Space revenue increased $4.2m driven by

higher pricing and VAPS in Core U.S. (excl. Alaska), Rental Unit Sales increased $2.8m; lower Remote Accommodations revenue ($3.1m)

� Continued growth in the Core U.S. Modular Space primarily offset by lower pricing in Canada and Alaska (oil & gas driven)

� Remote Accommodations Rooms on Rent (“RoR”) increase due to higher oil and gas related utilization; lower Avg. Daily Rate driven by the new terms of the South Texas Family Residential Center contract extension

Adjusted EBITDA� Decreased $5.3m driven by reduced Remote

Accommodations margins in the U.S., lower Modular Space volume in Canada and Alaska, and increased SG&A in the U.S.

CapEx� Increase driven by U.S. fleet refurbishment and

VAPS spend; N.A. Remote Accom. camp expansion in Permian Basin (Texas)

(US$ in millions)

150.0 153.5

$0

$100

$200

Q3 2016 Q3 2017

Revenue

54.2 48.9

$0

$40

$80

Q3 2016 Q3 2017

Adjusted EBITDA

19.0 28.9

$0

$25

$50

Q3 2016 Q3 2017

CapEx


Target Logistics (N.A. Remote Accom.)(US$ in millions)

($10)($10)

($10) ($2)

$23$24

$22

$18

$12

$14

$17

$0

$5

$10

$15

$20

$25

$30

$35

Adjusted EBITDA

TL Adj. EBITDA Proforma STFR Contract Extension

The South Texas Family Residential Center contract extension was signed in October 2016


Asia Pacific Overview (at Constant Currency)

Q3 2016 Q3 2017




Avg. Remote Accom Rooms on Rent (#) 1,175 1,376

Avg. Remote Accom Utilization 39% 48%

Avg. Remote Accom Daily Rate ($) at CC 84 78

Energy and natural resources sector remains slow, but diversification in other sectors helping to stabilize business

Revenue� Leasing & Services revenue increased $4.1m

due to higher Modular Space Revenue ($3.2m) and increased Remote Accommodations ($0.9m) Revenue

� Sales revenue decreased $3.6m due to lower volume in Australia partially offset by increased volume in New Zealand and China

Adjusted EBITDA � Declined $0.3m driven by lower New Sales

margins in Australia (additional ~$2m loss on project discussed in Q1); partially offset by increased Leasing and Services volume across Asia Pacific, and higher New Sales margins in New Zealand

CapEx� Increase driven by investment in New

Zealand and China; continued minimal levels of CapEx investment in Asia Pacific as market continues to recover

61.7 62.1

$0

$40

$80

Q3 2016 Q3 2017

Revenue

5.7 5.4

$0

$5

$10

Q3 2016 Q3 2017

Adjusted EBITDA

3.64.7

$0

$5

$10

Q3 2016 Q3 2017

CapEx

(US$ in millions)


Disciplined Capital Management – Q3

Capital Expenditure by Region

(8.2) (10.1)

41.7 39.9

19.028.9

3.6

4.70.0

0.0

Corporate

Asia Pacific

Americas

Europe

Global proceedsfrom Used UnitSales

Net CapEx: $ 56.1m

Gross CapEx: $ 64.3m

Net CapEx: $ 63.4m

Gross CapEx: $ 73.5m

� Gross CapEx up ~$9m or ~14%, driven by

the following:

� Increased new modular fleet, VAPS, and refurbishment investment in the U.S. and France to support growing markets and utilization

� N.A. Remote Accommodations camp expansion in the Permian Basin (Texas)

� Partially offset by reduced investment in Germany as compared to elevated capex in 2016 (asylum related)

� Capital investments are supported by long

term customer contracts

Gross CapEx:

Net

Net

Q3 2016 Q3 2017

(US$ in millions at Constant Currency)


Net Debt Structure

Net LeverageRatio

Cash and Cash Equivalents $ (65)

Asset Based Loan Revolver (ABL) (L+375) 866

Other Debt, including Capital Leases 202

Senior Secured Notes (8.5/9.0%) 1,495

Total Net Senior Secured Debt 2,497 6.96x

Senior Unsecured Notes (10.75%) 745 2.08x

Total Net Debt $ 3,242 9.03x

LTM 9/30/17 Adjusted EBITDA $ 359

Adjusted EBITDA / Interest Expense 1.4x

• ABL availability as of September 30, 2017 was approximately $30m after consideration of the $30m excess availability requirement

• Annual cash interest expense of approximately $250m

As of September 30, 2017(US$ in millions at Reported Currency)


ABL Borrowing Base(US$ in millions at Reported Currency)

63%

� ABL borrowing base contains certain assets

of the U.S., Canada, U.K., Australia, and

New Zealand

� ABL advance rates are assessed semi-

annually

� Q3 2017 improvement driven by increases

in the U.S. and U.K.; favorable FX rate

impact

� Continued investment in the U.S. offsetting

reduced spend in Canada and Australia

72% 72% 71%

$925 $942 $948

$0

$200

$400

$600

$800

$1,000

$1,200

Mar 31, 2017 Jun 30, 2017 Sep 30, 2017

US Non-U.S.


Recent Events

Acquisitions

� By the end of 2017: Two planned acquisitions are expected to be integrated into the AS group

� Iron Horse Ranch: industry leader in workforce housing for the oil and gas and construction industries, operates 6 facilities in North America with ~1,000 beds

� Touax Modular Division Europe (“White Horse”): Europe’s second largest supplier of modular buildings (after AS) which operates a young fleet of ~45,000 units

TDR Support� As part of its ongoing support, following the WSI completion TDR made a $250 million equity

contribution to New Algeco Scotsman, in the form of existing debt of Algeco Scotsman with this debt to be equitized in full

SUN Agreement

� In addition to its $250 million equity contribution mentioned above, TDR Capital entered into an agreement with certain holders of the Senior Unsecured Notes (“SUN”) to purchase $125 million of Senior Unsecured Notes to facilitate further balance sheet optimization

� Algeco Scotsman continues to make significant progress towards optimizing its balance sheet, most recently with the sale of Williams Scotsman.

� The effect of the William Scotsman sale along with the planned acquisitions of the Touax Modular Solutions and Iron Horse Ranch is that Algeco Scotsman will have (i) significantly less debt and (ii) earnings that can support its streamlined balance sheet.


Algeco Scotsman Pro Forma


Algeco Scotsman Pro Forma (“Algeco”)

� Algeco is still a market leading business service provider, focused on providing modular space and secure storage

solutions

� Clear market leader in Europe & Asia Pacific, with #1 or #2 positions in all key markets

� Algeco Europe has the largest installed fleet base enjoying market leading scale and density (4x larger than its

closest competitor), while Remote Accommodation has strong positions in its chosen US and Australian markets

� Modular fleet of ~201,000 units and a Remote Accommodation fleet of ~11,400 rooms with a GBV of ~$1.9Bn; pro forma to include Touax and IHR, it would be a modular fleet of ~246,000 units and Remote Accommodation fleet of ~12,400 rooms with a total GBV of ~$2.4Bn

� Diverse and recurring customer base - ~37.6k customers; top 20 customers account for ~27% of revenue; average

tenure of 5 years

� Superior scale facilitates industry leading leasing unit economics

� Contracted and visible earnings - average contract Modular Fleet Unit duration of ~24 months in Europe and ~22

months in Asia Pacific


Algeco OverviewGeographical Footprint

Algeco Europe

APAC

Target Logistics Algeco EuropeRevenue: $669mEBITDA: $178m

Rest of World (“RoW”) Revenue: $391mEBITDA: $79m

Target LogisticsRevenue: $128mEBITDA: $61m

APACRevenue: $263mEBITDA: $18m

AlgecoRevenue: $1,060m

EBITDA: $240m

Organizational Structure (1)

Well-Diversified Revenue Split (1)

By End MarketBy Geography

AS CorporateEBITDA: ($17m)

France 20%

Germany 13%

UK 19%

APAC 25%

US 12%

Other 11% Commercial /

Industrial 21%

Residential / Infrastructure

10%

Oil & Gas 9%

Mining 5%Manufacturing 12%

Government 17%

Education7%

Services / Other 19%

US$ in millions at Reported FX Rates

(1) As of LTM Q3 2017

(1) As of LTM Q3 2017


Algeco – Strategic Priorities

� Manage capital aggressively

� Invest in markets demonstrating organic growth

� In markets that have weak economies, we are constraining capital investment

Revenue

� Optimize pricing (rental rates) globally and increase the amount and percentage of

revenue contribution from value added products and services (“VAPS”)

� Increase Leasing & Services revenue in target markets – France, U.K., Germany, Target

Logistics, Australia, and New Zealand

Profitability

Capital Discipline

� Continue to regionalize

� Increase utilization globally

� Continue focus on managing costs and improving efficiencies


Europe – Key Initiatives

UtilizationUtilization

PricingPricing

VAPSVAPS

ObjectiveObjective LeversLeversFinancial ImpactFinancial Impact

RevenueRevenue Margin (%)Margin (%)

✓✓✓✓ ✓✓✓✓

✓✓✓✓

Optimize utilization levels with

minimal capex

More sophisticated approach to

pricing

Increasing and standardizing penetration across end

markets

� Business units not allocated additional capex until they deliver higher than 85% utilization rates, driving up EBITDA Margins

� Continued focus on moving aging units to growing regions such as Eastern Europe, extending life and leading to continued average unit utilization rate increase

� Ability to influence market spot rates owing to size and customer know-how

� Pricing incentives on longer term contracts ensures visibility of future revenues and optimizes utilization

� Increased pricing on shorter contracts results in higher upfront value

� Equipment and Fire Accessories management are the two main revenue streams

� Algeco has made VAPS a clear part of its development strategy with all key priority zones intensifying their commercial efforts

� Transfer of best practice across countries to drive converging penetration rates

✓✓✓✓ ✓✓✓✓✓✓✓✓

✓✓✓✓✓✓✓✓✓✓✓✓✓✓✓✓


€ 141€ 152

€ 164

0

50

100

150

200

FY 2014 FY 2015 FY 2016

European Leader in Modular Space Solutions

Unmatched Footprint and Density

Leader with Established European Brand and Strong Legacy of Innovation

� Specialty rental services market leader providing modular space and portable storage solutions across 18 European countries

� Clear EU No 1: >4x size of No2

� 67 branches across Europe (+21 branches from Touax across eight countries) & a diverse customer base

� ~182,000 modular space and storage units (+ ~45,000 from Touax)

� ~€161m (~$178m in USD) LTM Q3 2017 EBITDA (~27% margin);

2017 includes ~€3m of one-time project related G&A costs

Stable and Resilient EBITDA Growth (1)

Diversified European End-Market Exposure

Broad End-Market Exposure

Minimizing Impact of Cyclicality

#1

#2

Present

Legend

Government 15%

Education 3%

Services / Other 30%

Manufacturing 17%

Commercial / Industrial 22%

Residential / Infrastructure 10%

Oil & Gas 3%

(1)(All years in € millions at LTM Q3 2017 Reported FX Rates)

€m


Touax - OverviewDiversified Gross Profit Breakdown (2016)

Compelling Synergy Rationale

Company and Transaction Overview

Transaction Summary

Company Description

� Acquisition of all shares in Touax Solutions Modulaires

� €165m (~US$195m) consideration payable

� Launched in 1973 within the Touax Group

� Provider of modular building solutions to clients in construction, industry & services and administration

� Operates a fleet of ~45k units in eight countries

Lease & Services

70%

Sales30%

Commercial conversion driving profitability upside

Tangible cost synergies through footprint and

headcount optimisation

1Further synergies through rollout of VAPS proposition

and pricing discipline

Strong cash generation and deleveraging thanks to different capital structure

2 3

France16%

Germany49%

Poland19%

Benelux5%

Czech Republic

9%

Other2%


Rest of World – Key Initiatives

Expand VAPS penetration and increase pricing in Asia-Pacific Modular Space business

Refocus Australia New Sales business on simple, repeatable business

Continue to diversify into new growth sectors (sports, education, healthcare, government, etc.)

Increase pricing and utilization across existing lodges

Drive benefits of a “lodge network” with customers

1

2

4

6

5

Remote AccommRemote Accomm

APAC Modular Space

APAC Modular Space

Realise opex-related operational improvement savings3


31%

16%

4%

23%

5%

21%

Oil and Gas

Mining

RoW – Market Leader in Chosen MarketsDescription

� Market leader with established brands in the U.S., Australia, andNew Zealand

� ~$79m LTM Q3 2017 EBITDA (20% margin)

� Remote Accommodation: ~11,400 Total RA rooms (8,500 in NA and 2,900 in Australia)

� Asia-Pacific Modular Space: 25 locations in Australia (16), New Zealand (8), and China (1)

� Asia-Pacific Modular Space ~19,000 modular space units

� Diverse customer base and end market exposure

(2) Relative size vs #2, estimated based on fleet size

= Algeco Position

= Relative Geographic Share (2)

Broad-Based Geographic Footprint

APAC

3x

#1

1x

#1

#1

2x

Americas

Diverse End-Market Exposure

APACTarget Logistics

Stable Revenue Trends(1)

$m

51%

49%

Oil and Gas

Government

Commercial / Industrial

Residential / Infrastructure

Government

Education

(1)(All years in USD millions at LTM Q3 2017 Reported FX Rates)

$398 $388 $384 $391

$0

$100

$200

$300

$400

$500

FY 2014 Fy 2015 FY 2016 LTM Q3 2017


54.6% 54.8% 49.7% 48.6%

34.4% 37.0% 42.6% 43.5%

11.1% 8.2% 7.8% 7.9%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

FY13A FY14A FY15A FY16A

Midland Basin Delaware Basin Other

Iron Horse Ranch - OverviewCompany and Deal Overview

Transaction Summary

Company Description

� Total Purchase Price of $37.4M

� A subsidiary of TDR Capital LLP acquired all the assets, and assumed certain liabilities of IHR on July 31, 2017

� IHR owns six lodges with 1,000 beds, including four lodges in the Permian Basin and two lodges in the Eagle Ford Basin

� The IHR acquisition helps maintain TL as the United States leader in workforce accommodations

� Permian has historically been resilient to low oil prices, and even during low-oil prices many customers were investing in the Permian

Shift in Activity to Delaware Basin (c.900bps since 2013)

Exposure to Fastest Growing Region in the US

IHR Location

TL Location


Algeco – Net Debt Structure

9-30-17

WS Sale & TDR Debt

EquitzationPro Forma

9-30-17

Cash and Cash Equivalents $ (65) (385) (450)

Asset Based Loan Revolver (ABL) (L+375) 866 (670) 196

Other Debt, including Capital Leases 202 (45) 157

Senior Secured Notes (8.5/9.0%) 1,495 (106) 1,389

Total Net Senior Secured Debt 2,497 (1,206) 1,291

Senior Unsecured Notes (10.75%) 745 (144) 601

Total Net Debt $ 3,242 $ (1,350) $ 1,892

LTM 9/30/17 Adjusted EBITDA $ 359 $ (119) $ 240

As of September 30, 2017(US$ in millions at Reported Currency)

The above excludes any pro forma impact from the Touax and IHR acquisitions


Summary of Key Credit Highlights

Clear Market Leader with Unparalleled Scale and Diversification

Diverse Product Offering, End-Markets and Customer Base

Attractive Returns on Long-Lived Assets

Defensive Position with High Barriers to Entry

Fully Integrated Service Offering

Resilient and Robust Cash Generation, with Capex Flexibility

Strong Macro Tailwinds Underpinning Growth

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5

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7


Questions & Answers

Appendix

36


Q3 Financials (in US$ at Reported Currency FX)

Q3

($ in millions) 2016 2017 Y-o-Y Y-o-Y %

- Modular Space Leasing $188.9 $202.5 $13.6 7.2%

- Modular Space Delivery & Install $69.8 $76.3 $6.5 9.3%

- Remote Accommodations $48.4 $46.7 ($1.7) (3.6%)

Leasing & Services Revenue $307.1 $325.5 $18.4 6.0%

- New Units $85.5 $80.6 ($4.9) (5.8%)

- Rental Units $8.2 $10.2 $2.0 23.8%

Sales Revenue $93.8 $90.8 ($3.0) (3.2%)

Total Revenue $400.9 $416.3 $15.4 3.8%

Adjusted Gross Profit (1) $193.7 $197.4 $3.7 1.9%

Adjusted Gross Profit % (1) 48.3% 47.4% (90bps)

SG&A (2) $84.5 $90.9 ($6.4) (7.5%)

Adjusted EBITDA $109.2 $106.5 ($2.7) (2.4%)

Adjusted EBITDA % 27.2% 25.6% (160bps)

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


Foreign Exchange Exposure

Local to US$ Q3 2016 Q3 2017 % Chg

EUR 1.12 1.17 5%

AUD 0.76 0.79 4%

CAD 0.77 0.80 4%

GBP 1.31 1.31 (0%)

US$ millions EBITDA

Gross

Capex Net

EUR 2.0 (0.5) 1.4

AUD 0.1 (0.1) (0.0)

CAD 0.1 (0.0) 0.0

GBP (0.0) 0.1 0.0

Other 0.4 (0.1) 0.3

Total 2.4$ (0.7)$ 1.7$

Avg. Reported FX Rates

Q3 FX Impact by Currency


Quarterly Highlights (in US$ at Reported Currency FX)

($ in millions)

Revenue 1Q16 2Q16 3Q16 4Q16 FY 2016 1Q17 2Q17 3Q17

Europe 158.9 195.6 189.2 167.9 711.6 139.3 163.6 198.2

Americas 143.6 151.6 150.0 135.3 580.4 126.0 141.1 154.0

Asia Pacific 42.2 51.2 61.7 71.7 226.7 63.9 63.6 64.0

AS Total 344.3$ 398.3$ 400.9$ 374.8$ 1,518.3$ 329.2$ 368.3$ 416.3$

Adj. EBITDA 1Q16 2Q16 3Q16 4Q16 FY 2016 1Q17 2Q17 3Q17

Europe 37.1 56.0 54.5 36.8 184.4 37.5 47.6 56.5

Americas 53.1 62.8 54.2 50.0 220.1 38.4 42.9 49.0

Asia Pacific 5.0 5.5 5.7 5.4 21.5 1.6 5.1 5.5

Corporate Exp (6.5) (5.7) (5.2) (5.9) (23.3) (2.9) (4.0) (4.5)

AS Total 88.6$ 118.7$ 109.2$ 86.3$ 402.8$ 74.6$ 91.6$ 106.5$

CAPEX 1Q16 2Q16 3Q16 4Q16 FY 2016 1Q17 2Q17 3Q17

Europe 15.2 21.0 41.7 38.0 115.7 26.0 39.1 40.4

Americas 13.2 16.9 19.0 22.2 71.3 25.6 30.6 29.0

Asia Pacific 2.5 2.8 3.6 4.4 13.3 3.2 4.4 4.8

Corporate Exp 0.1 0.0 0.0 0.0 0.1 - - -

AS Total 30.9$ 40.7$ 64.3$ 64.6$ 200.5$ 54.8$ 74.1$ 74.2$


Modular Space – Avg. Rental Rate*All quarters presented in US$ at Reported FX Rates

* As of Q2 2016, we have reclassified a portion of Europe revenues originally included in ARR to VAPS, and the resulting

impact lowers ARR and increases VAPS; as a result, we have retroactively adjusted the historical figures to reflect these

changes as well – only the Europe and AS Total calculations are affected

1Q15 2Q15 3Q15 4Q15 FY 2015 1Q16 2Q16 3Q16 4Q16 FY 2016 1Q17 2Q17 3Q17

Europe 159 162 163 157 160 155 161 156 152 156 148 156 166

Americas 361 358 342 348 353 348 352 349 328 344 334 348 348

Asia Pacific 402 392 357 313 367 293 301 294 283 293 273 274 286

AS Total $230 $230 $223 $217 $226 $214 $218 $213 $205 $213 $204 $211 $219


Fleet Statistics (in US$ at Reported Currency FX)

Region 3Q16 3Q17 3Q16 3Q17

Europe 156$ 166$

Americas 349$ 348$ 114$ 87$

Asia Pacific 294$ 286$ 84$ 82$

AS Total 213$ 219$ 106$ 86$

Modular Avg Monthly

Rental Rate

Remote Accom Avg

Daily Rental Rate


Reconciliation of Adjusted EBITDA(US$ in millions at Reported Currency)

Q3 2016 Q3 2017 FY 2016 LTM Q3 2017

Net income (loss) before taxes 2.6$ 21.0$ (243.6)$ (129.1)$

Interest expense, net 50.7 59.3 202.7 222.6

Depreciation and amortization 60.7 56.1 233.5 219.8

EBITDA 114.0 136.5 192.6 313.3

Currency (gains) losses, net (2.9) (40.3) 119.5 (49.4)

Change in fair value of contingent considerations (4.6) - (4.6) -

Loss on sale of business 0.9 - 2.5 1.6

Goodwill and other impairment charges - - 74.5 74.5

Restructuring costs 0.5 2.1 2.8 4.4

Sponsor management fees 1.9 1.7 6.9 6.1

Other (income) expense (0.5) 6.6 8.6 9.0

Adjusted EBITDA 109.2$ 106.5$ 402.8$ 359.4$

Algeco Scotsman Adjusted EBITDA


Reconciliation of Adjusted Gross Profit(US$ in millions at Reported Currency)

Q3 2016 Q3 2017

Gross Profit 140.2$ 148.5$

Depreciation of Rental Equipment 53.5 48.9

Adjusted Gross Profit 193.7$ 197.4$

Algeco Scotsman Adjusted Gross Profit

DRAFT 5

Algeco Scotsman901 S. Bond Street, Suite 600, Baltimore MD 21231

www.algecoscotsman.com

Third Quarter 2017 Investor Conference Call · Adj. EBITDA at CC FX down ($5.1m) from Q3 2016 Adj. EBITDA at Act FX down ($2.7m) from Q3 2016 Q3 Adjusted EBITDA decline at CC FX driven

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