Algeco Scheme of Arrangement to Implement PIK Restructuring Sanctioned by the High Court

BALTIMORE, MD--(Marketwired - Jun 23, 2017) - Algeco/Scotsman Holding S.à r.l. ("AS Holding" and together with its subsidiaries, the "Algeco Group")), the leading global business services provider of modular space, secure portable storage solutions and remote workforce accommodations, today announced that its subsidiary, Algeco Scotsman PIK S.A. ("AS PIKCo"), has completed a restructuring of AS PIKCo's $400,000,000 PIK loan facility (the "PIK Loan") on the terms of the previously announced exchange offer (the "PIK Restructuring") and implemented pursuant to an English scheme of arrangement commenced on May 8, 2017. The High Court in London sanctioned the scheme of arrangement following a hearing on 22 June 2017 and the effective date of the scheme occurred on June 23, 2017. AS PIKCo received support for the English scheme of arrangement from PIK Loan lenders representing approximately 98.97% of the outstanding principal amount of the PIK Loan. For more information regarding the terms of the PIK Restructuring and the scheme of arrangement, please refer to the announcements made by the Algeco Group on February 3, 2017 (re-issued on February 17, 2017) and March 22, 2017.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. In particular, this announcement is not an offer of securities for sale in the United States. The new securities to be issued in connection with the Exchange Offer have not been approved or recommended by any U.S. federal, state or foreign jurisdiction or regulatory authority. Furthermore, those authorities have not been requested to confirm the accuracy or adequacy of the Offering Memorandum. Any representation to the contrary is a criminal offence. The new securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state or foreign securities laws. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act. Accordingly, the new securities will be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under the U.S. Securities Act and other applicable securities laws, pursuant to registration or exemption therefrom. Eligible holders of the PIK Loans should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time.

Cautionary Notice Regarding Forward Looking Statements

This press release includes forward-looking statements within the meaning of the securities laws of certain applicable jurisdictions, which reflect the Algeco Group's expectations regarding its future operational and financial performance. By their nature, the forward-looking events described in this press release may not be accurate or occur at all. Accordingly, you should not place undue reliance on these forward-looking statements, which speak only as of the date on which the statements were made. Although any forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and upon assumptions which management believes to be reasonable, actual results may differ materially from those stated in or implied by these forward-looking statements. A number of factors could cause actual results, performance or achievements to differ materially from the results expressed or implied in any forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on any forward-looking statements. Except as required by law, we undertakes 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.

About Algeco Scotsman

Algeco Scotsman is the leading global business services provider focused on modular space, secure portable storage solutions, and remote workforce accommodation management. Headquartered in Baltimore, Algeco Scotsman has operations in 25 countries with a modular fleet of approximately 274,000 units. The company operates as Williams Scotsman and Target Logistics in North America, Algeco in Europe, Elliott in the United Kingdom, Ausco in Australia, Portacom in New Zealand, and Algeco Chengdong in China.