#186 INVESTOR PRESENTATION americOLD. Summer 2020#2Disclaimer This presentation contains statements about future events and expectations that constitute forward-looking statements. Forward-looking statements are based on our beliefs, assumptions and expectations of our future financial and operating performance and growth plans, taking into account the information currently available to us. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results to differ materially from the expectations of future results we express or imply in any forward-looking statements, and you should not place undue reliance on such statements. Factors that could contribute to these differences include adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; uncertainties and risks related to natural disasters, global climate change and public health crises, including the recent and ongoing COVID-19 pandemic; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; defaults or non-renewals of contracts with customers; potential bankruptcy or insolvency of our customers; or the inability of our customers to otherwise perform under their contracts, including as a result of the recent and ongoing COVID-19 pandemic; uncertainty of revenues, given the nature of our customer contracts; increased interest rates and operating costs, including as a result of the recent and ongoing COVID-19 pandemic; our failure to obtain necessary outside financing; risks related to, or restrictions contained in, our debt financings; decreased storage rates or increased vacancy rates; risks related to current and potential international operations and properties; our failure to realize the intended benefits from our recent acquisitions, including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; our failure to successfully integrate and operate acquired or developed properties or businesses, including but not limited to: Cloverleaf Cold Storage, Lanier Cold Storage, MHW Group Inc., Nova Cold Logistics, Newport Cold Storage and PortFresh Holdings, LLC; acquisition risks, including the failure of such acquisitions to perform in accordance with projections; risks related to expansions of existing properties and developments of new properties, including failure to meet budgeted or stabilized returns within expected time frames, or at all, in respect thereof; difficulties in expanding our operations into new markets, including international markets; risks related to the partial ownership of properties, including as a result of our lack of control over such investments and the failure of such entities to perform in accordance with projections; our failure to maintain our status as a REIT; our operating partnership's failure to qualify as a partnership for federal income tax purposes; possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently or previously owned by us; financial market fluctuations; actions by our competitors and their increasing ability to compete with us; labor and power costs; changes in real estate and zoning laws and increases in real property tax rates; the competitive environment in which we operate; our relationship with our employees, including the occurrence of any work stoppages or any disputes under our collective bargaining agreements and employee related litigation; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the cost and time requirements as a result of our operation as a publicly traded REIT; changes in foreign currency exchange rates; the impact of anti-takeover provisions in our constituent documents and under Maryland law, which could make an acquisition of us more difficult, limit attempts by our shareholders to replace our trustees and affect the price of our common shares of beneficial interest, $0.01 par value per share, or our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreement, including the forward sale agreement we entered into with an affiliate of BofA Securities, Inc. in September 2018, as amended, or the 2018 forward sale agreement, including substantial dilution to our earnings per share or substantial cash payment obligations. Words such as "anticipates," "believes," "continues," "estimates," "expects," "goal," "objectives," "intends," "may," "opportunity," "plans," "potential," "near- term," "long-term," "projections," "assumptions," "projects," "guidance," "forecasts," "outlook," "target," "trends," "should," "could," "would," "will" and similar expressions are intended to identify such forward-looking statements. Examples of forward-looking statements included in this presentation include, among others, statements about our expected expansion and development pipeline and our targeted return on invested capital on expansion and development opportunities. We qualify any forward-looking statements entirely by these cautionary factors. Other risks, uncertainties and factors, including those discussed under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019 and our other reports filed with the Securities and Exchange Commission, could cause our actual results to differ materially from those projected in any forward-looking statements we make. We assume no obligation to update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. americOLD.#3Key Investment Highlights Important First Mover Advantage as the Only Publicly Traded REIT Focused on Temperature- Controlled Warehouses Global Market Leader with Integrated Network of Strategically-Located, High-Quality, "Mission- Critical" Warehouses Infrastructure Supported by Best-in-Class IT and Operating Platforms Provides a Significant Competitive Advantage Strong and Stable Food Industry Fundamentals Drive Growing Demand for Our Business Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Investment Grade, Flexible Balance Sheet Positioned for Growth 1 americOLD.#4Company Snapshot World's largest publicly traded REIT focused on the ownership, operation, development and acquisition of temperature-controlled warehouses Portfolio Overview Warehouses Ownership Type 183 147 owned (1), 25 capital/ operating leased, 11 managed Financial Highlights +|+ Total Capacity Average Facility Size Countries of Operation Estimate of U.S. Market Share Number of Customers Number of Pallet Positions 1.1bn cubic feet / 45mm square feet 6mm cubic feet / 253K square feet U.S., Australia, New Zealand, 27% (2) ~2,600 ~4.0mm Argentina, Canada and Brazil $8.6bn Total Enterprise Value (3) $6.8bn Equity Market Cap (3) $0.33 1020 AFFO per Share $0.84 1020 Annualized Dividend per Share 6.8%/11.1% 1Q20 SS Revenue / NOI Growth Rate (4) Note: Figures as of March 31, 2020, unless otherwise indicated (1) (2) IARW Top Companies in USA and North America, February 2020 and USDA Capacity of Refrigerated Warehouses, January 2020 Includes seven ground leased assets (3) Based on COLD share price as of May 12, 2020 (4) (5) Same store revenue and NOI growth rates on a constant currency basis Excludes quarry business LTM 3/31/20 Segment Breakdown (5) Warehouse Revenue Contribution / NOI (6) Warehouse 94% 79% LTM 3/31/20 TOTAL REVENUE 14% $1,866mm Third-Party Managed LTM 3/31/20 TOTAL CONTRIBUTION (NOI) $550mm 8% Transportation (6) Segment contribution refers to segment's revenues less segment specific operating expenses (excludes any depreciation, depletion and amortization, impairment charges and corporate level SG&A). Contribution for our warehouse segment equates to net operating income ("NOI") 2% 3% Third-Party Managed Transportation 2 americOLD.#5Largest Fully Integrated Network of Temperature-Controlled Warehouses An indispensable component of food infrastructure from "farm to fork" americOLD REALTY TRUST e-Commerce Fulfillment SAFEWAY Delhi, LA LaPorte, TX Atlanta, GA Phoenix, AZ Farm Production Advantaged Warehouse Public Warehouse Distribution Center Retail Distribution Center Supermarket Food Producers CONAGRA BRANDS. DANONE WAVE McCain Smithfield Lamb Westone Kraft Heinz Fork Americold Realty Trust Food Distribution + Retailers Unilever Gouldsboro Distribution Center Gouldsboro, PA S SAFEWAY. SPROUTS FARMERS MARKET Woolworths Wakefern FOOD CORP GROCERYOUTLET bargain market Kroger H-E-B 3 americOLD.#6Integrated Operations Overview Real estate value is driven by the critical nature of our infrastructure, strategic locations and integrated, full-service strategy Segment Overview Mission-critical, temperature-controlled real estate infrastructure generates rent and storage income Comprehensive value-add services Strategic locations, network breadth, scale, reliable temperature integrity and best-in-class customer IT interface distinguish our warehouses from our competitors Tradewater Distribution Facility - Atlanta, GA Select Customers CONAGRA™ BRANDS. Woolworths H-E-B Wakefern FOOD CORP. DANONE WAVE General Mills Making Food McCain Ocean Spray Smithfield Kraft Heinz % of Contribution (1) 94% Warehouse ΝΟΙ Transportation Third-Party Managed Warehouse (Storage and Handling) Management of customer-owned warehouses Kroger Warehouse management services provided at customer- owned facilities Lamb Weston Operating costs passed through to customers Woolworths Asset-light consolidation, management and brokerage services Complements warehouse segment Enhances customer retention and drives warehouse storage and occupancy Supplementary offering that improves supply chain efficiency and reduces cost by leveraging Americold's scale (1) LTM figures as of March 31, 2020 and excludes the quarry business segment 2% Third-Party Managed Sobeys + GROCERYOUTLET WHOLE bargain market Wakefern FOOD CORP. FOODS® MARKET 3% Woolworths Unilever USDA White Castle INNOVASIAN. Transportation 4 americOLD.#7Strategically Located, "Mission-Critical" Temperature-Controlled Warehouses WA Strategic locations and extensive geographic presence provide an integrated warehouse network that is fundamental to customers' ability to optimize their distribution networks BC AB SK MB OR ID CA ➤ MT PE NB ON QC NS Australia ND MN WI SD MI WY ME VT ΝΗ MA .. NY RI CT PA NE IA NJ IN OH DE IL MD WV S VA - KS DC MO KY NC ●● TN NV UT CO AZ OK NM Distribution Public Production Advantaged A⚫ AR SC GA MS AL TX LA FL New Zealand Argentina Facility Leased Third-Party Managed United States (1) Canada Australia (1) New Zealand Argentina (1) # of Facilities 161 7 6 7 2 Square Feet (000s) 42,207 471 1,644 516 232 Cubic Feet (mm) 992.4 39.8 47.6 20.4 9.7 5 Note: Americold portfolio figures as of March 31, 2020 (1) Figures include ambient facility, except for cubic feet metric americOLD.#8A Global Market Leader in Temperature-Controlled Warehousing Our position as a global market leader allows us to realize economies of scale, reduce operating costs and lower our overall cost of capital. Ideally positioned to compete for customers and external growth opportunities U.S. Market (1) Global Market (2) Rank Company Market Share Cubic Ft (mm) Rank Company 1 Lineage Logistics 30.1% 1,097 1 Lineage Logistics 6.9% Market Share Cubic Ft (mm) 1,504 2 27.2% 992 2 5.1% (4) 1,110 (4) americoLD americoLD 3 US Cold Storage, Inc. 10.2% 372 3 US Cold Storage, Inc. 1.7% 372 4 AGRO Merchants Group 3.3% 120 4 AGRO Merchants Group 1.3% 274 NewCold Advanced Cold 5 Interstate Warehousing, Inc. 3.2% 116 5 0.9% 195 Logistics 6 Burris Logistics 2.1% 75 6 Nichirei Logistics Group, Inc. 0.9% 191 7 Henningsen Cold Storage Co. 1.8% 65 7 ས Kloosterboer B.V. 0.8% 171 NewCold Advanced Cold 8 1.3% 48 8 VersaCold Logistics Services 0.6% 123 Logistics 9 Hanson Logistics 1.2% 44 9 Interstate Warehousing, Inc. 0.5% 116 10 Holt Logistics Corp. 1.0% 35 10 Frialsa Frigorificos 0.5% 106 TOTAL (3) 81.2% 2,964 TOTAL (3) 19.1% 4,161 Note: Americold portfolio figures provided by the Company as of March 31, 2020. As of January 2018, USDA has changed the definition surrounding the capacity of domestic refrigerated warehouses. Warehouses must meet additional criteria to be included in the publication. Figures may not sum due to rounding (1) (2) IARW Top Companies in USA and North America, February 2020 and USDA Capacity of Refrigerated Warehouses, January 2020 GCCA and IARW Global Top 25 Companies, December 2019 (3) (4) The remaining 18.8% and 80.9% of the U.S. and global markets consist of ~686mm cubic feet and ~17.6bn cubic feet, respectively Figures do not include SuperFrio JV investment in Brazil 6 americOLD.#9Highly Diversified Business Model Produces Stable Cash Flows Diversification helps reduce revenue volatility associated with seasonality and changing commodity trends Pro Forma Global Geographic Diversity (1) Pro Forma Commodity (1) Global Warehouse U.S. Warehouse LTM 3/31/20 TOTAL U.S. WAREHOUSE REVENUE Dairy Pork Potatoes Argentina Canada 8% 7% 9% Fruits & Vegetables New Zealand <1% 2% 2% United States Central 28% Australia 11% 6% LTM 3/31/20 WAREHOUSE REVENUE 85% Other 5% Poultry 15% LTM 3/31/20 25% East 4% Bakery WAREHOUSE 3% REVENUE Beef 2% 2% Distributors (4) Pro Forma Warehouse Type (1) Seafood 17% 22% Packaged Foods (3) Retail (2) Distribution Distribution Production Advantaged 24% 53% LTM 3/31/20 WAREHOUSE REVENUE ~76% of Revenue from Food Manufacturers and ~22% from Retailers 22% Public Warehouse 1% Facility Leased 47% LTM 3/31/20 WAREHOUSE CONTRIBUTION (NOI) Southeast 26% 21% West Production Advantaged 29% 23% 1% Public Warehouse Facility Leased Note: Figures may not sum due to rounding. Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership (1) Diversification based on warehouse segment revenues for the twelve months ended March 31, 2020 (2) Retail reflects a broad variety of product types from retail customers (3) Packaged food reflects a broad variety of temperature-controlled meals and foodstuffs (4) Distributors reflects a broad variety of product types from distribution customers 7 americOLD.#10Long Standing Relationships with Top 25 Customers Scope and scale of network coupled with long-standing relationships position us to grow market share organically and through acquisitions Representative Food Producers / CPG Companies Unilever DANONE WAVE SCHWAN'S COMPANY PERDUE. Lamb Weston General Mills Making Food Smithfield McCain Kraft Heinz Ocean Spray CONAGRA BRANDS+ Nestle JBS Representative Retailers/Distributors coles Walmart Wakefern FOOD CORP.® Woolworths > Kroger BEYOND MEAT T Tyson GROCERYOUTLET bargain market SPROUTS FARMERS MARKET Smart&Final. Top 25 Customers Have been with Americold for an average of 30+ years 13 customers are investment grade (1) 100% utilize multiple facilities 100% utilize technology integration 92% utilize value-add services 88% utilize committed contracts or leases 60% are in fully dedicated sites 48% utilize transportation and consolidation services (1) (2) Represents long-term issuer ratings as of 1Q20 25 largest customers account for approximately 58% (2) of warehouse revenues, with no customer generating more than 8% (2) of revenues Based on LTM warehouse revenues as of March 31, 2020. Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership americOLD 8#11Economic Occupancy Driving Improved Returns Implementation of our standard underwriting procedures has contributed to consistent occupancy growth over the last three years Economic Occupancy Significantly increased fixed commitment contracts in our portfolio Economic occupancy reflects the aggregate number of physically occupied pallets and any additional pallets otherwise contractually committed for a given period, without duplication Physical Occupancy Typical optimal physical occupancy is ~85% to maximize four-wall cash flow/NOI Varies based on several factors, including intended customer base, throughput maximization, seasonality and leased but unoccupied pallets Network Average Economic & Physical Occupancy Trend 80% 80% 1Q 2Q 3Q 4Q Annual 84% 83% 80% 79% 81% 81% 79% 77% 77% 81% 82% 81% 80% 76% 78% 77% 76% 75% 78% 76% 75% 76% 74% 76% 74% 73% 77% 77% 77% 75% C '16 '17 '18 '19 '20 16 '17 '18 '19 '16 17 '18 '19 '16 '17 18 '19 '16 '17 '18 19 Note: Dotted lines represent incremental average economic occupancy percentage Illustrative Economic Occupancy (1) Warehouse Pallets 10,000 9,000 9,000 X X X X Currently Occupied Economic Occupancy: 8,500 Х Xi ☐ Contractually Reserved Pallets 8,000 8,800 8,500 8,300 8,300 7,850 7,600 7,350 7,100 7,000 7,000 6,800 7,000 X X Physical Occupancy 6,000 X X X X (1) Example assumes 10,000 pallet positions and is for illustrative purposes only 5,000 January February March April May June July August September October November December 9 americOLD.#12Growing Committed Revenue in Warehouse Portfolio Significant improvement transitioning from as-utilized, on demand contracts to fixed storage committed contracts and leases ■ Fixed storage committed contracts and leases currently represent: 40% of warehouse rent and storage revenues (1) and 45% of total warehouse segment revenues (2) ■ 6-year weighted average stated term (3) 3-year weighted average remaining term (3) ■ As of March 31, 2020, we had entered into at least one fixed commitment contract or lease with 22 of our top 25 warehouse customers ■ The scope and breadth of our network positions us to continue to increase our fixed storage commitments ■ Our recent acquisitions have a lower percentage of fixed commitment contracts as a percent of rent and storage revenue. We view this as an opportunity as we bring these acquisitions onto Americold's commercialization standards Rent & Storage Warehouse Revenue $0.64bn $0.61bn $0.61bn $0.62bn $0.51bn $0.51bn $0.51bn $0.51bn $0.52bn 62% 60% 59% 60% 61% 60% 58% 57% 57% 39% 40% 42% 43% 43% 38% 40% 41% 40% 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 (4) 3Q19 (4) 4Q19 (4) 1Q20 (4) Other Rent & Storage Revenue Annualized Committed Rent & Storage Revenue (1) Total Warehouse Segment Revenue $1.43bn $1.44bn $1.47bn $1.51bn $1.15bn $1.16bn $1.17bn $1.17bn $1.18bn 55% 55% 54% 55% 57% 56% 56% 55% 51% 43% 44% 44% 45% 49% 45% 45% 46% 45% Other Warehouse Segment Revenue 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 (4) 3Q19 (4) 4Q19 (4) 1Q20 (4) (1) (2) (3) (4) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of March 31, 2020 Based on total warehouse segment revenue generated by contracts with fixed storage commitments and leases for the quarter ended March 31, 2019 Represents weighted average term for contracts featuring fixed storage commitments and leases as of March 31, 2020 Warehouse Segment Revenue Generated by Fixed Commitment Contracts or Leases (2) 10 Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership americOLD.#13Warehouse Financial Summary Warehouse Revenue ($mm) 2015A-LTM 3/31/20 CAGR $1,469 $1,377 Actual $ Constant Currency (1) $1,146 $1,177 $1,057 $1,081 $850 $795 $588 $604 $644 $662 Warehouse Services 9.1% 9.8% $469 $477 $502 $515 $583 $618 Rent & Storage 6.7% 7.7% 2015A 2016A 2017A Rent & Storage 2018A 2019A LTM 3/31/20 Total 8.0% 8.9% Warehouse Services Warehouse NOI ($mm) Contribution (NOI) Margin 29.1% 29.1% 30.4% 31.8% 2015A - LTM 3/31/20 CAGR 32.5% 32.9% $484 Actual $ Constant Currency (1) $448 $71 $375 $61 $348 $308 $314 $37 $24 Warehouse Services 46.8% 45.1% $14 $11 $412 $387 $294 $303 $324 $338 Rent & Storage 8.3% 9.0% Total 11.2% 11.7% 2015A 2016A 2017A 2018A 2019A LTM 3/31/20 Rent & Storage Warehouse Services Margin expansion has been driven by improved commercialization and customer mix, contractual rate increases, occupancy growth and operational improvements (1) On a constant currency basis relative to fiscal year 2015 foreign currency exchange rates 11 americOLD.#14Substantially All Warehouse NOI Driven by Rental & Storage Revenue Revenues Rent & Storage + Warehouse Services $0.42 $0.58 = Total Warehouse Commentary REIT: Rent & Storage $1.00 TRS: Warehouse Services Expenses Power Other ($0.06) Facility ($0.08) ($0.06) Power and utilities ($0.08) Costs Labor ($0.44) ($0.44) Other Services Costs - ($0.09) ($0.09) Real Estate Related Costs: facility maintenance, property taxes, insurance, rent, security, sanitation, etc. Direct labor, overtime, contract labor, indirect labor, workers' compensation and benefits MHE (1), warehouse operations and warehouse administration (pallets, shrink wrap, OS&D and D&D (2)) ION juv Margin: $0.28 67% $0.05 $0.33 + 8% = || 33% WAREHOUSE % WH Total: 85% 15% 100% 12 Note: Based on LTM warehouse segment as of March 31, 2020. Future results may vary. Figures may not sum due to rounding Material Handling Equipment (1) (2) OS&D and D&D refer to Over Short & Damaged and Detentioned & Demurrage, respectively americOLD.#15Positioned for Multiple Avenues of Growth Global warehouse network, operating systems, scalable information technology platform and economies of scale provide a significant advantage over competitors with respect to organic and external growth opportunities Organic Growth Opportunities Development and Redevelopment External Growth and Expansion Opportunities Focused and Disciplined Strategy to Expand Portfolio 6 7 Industry Consolidation Geographic Expansion into New Markets 8 Global Food Producers Outsourcing & Sale-Leaseback Opportunities 9 Expand Presence in Other Temperature Sensitive Products in the Cold Chain 1 Proactive Asset Management "Same Store" Warehouse Rate Escalations / Occupancy Increases 2 Underwriting & Contract Standardization 3 Operational Efficiencies & Cost Containment 4 Customer-Specific Build-to-Suit & Market-Driven Development 5 Redevelopment & Existing Site Expansion Signifies COLD has and continues to capitalize on growth opportunities 13 americOLD.#16Organic Growth Initiatives Have Driven Same Store Growth Same store performance is the culmination of replacing legacy customer agreements with new contracts implementing our Commercial Business Rules, active asset management and leveraging integrated network, scale and market position Same Store Warehouse Revenue Growth Expected to range between 2% - 4% on a constant currency basis Total Same Store Warehouse NOI Growth Actual $ Growth % 1.6% 3.2% 6.1% 2.9% 1.9% 5.0% Constant Currency $ Growth % 5.8% 4.9% 4.1% 3.9% 3.5% 2015 2016 2017 2018 6.8% 2019 YTD'20 YTD Same Store Portfolio (1) Non-Same 3% Store 18% 31 TOTAL COLD WAREHOUSE FACILITIES Expected to range 100 - 200 bps higher than associated SS revenue Actual $ Growth % 3.2% 2.1% 9.8% 6.9% 3.9% 9.8% Constant Currency $ Growth % 6.1% 2.9% 2015 2016 9.5% 7.4% 5.1% 11.1% 2017 2018 2019 YTD'20 Same Store NOI Margin Legacy COLD Same Store Acquired Non-Same Store 63.0% 64.5% 65.5% 66.2% 67.0% 68.8% SS Rent & Legacy COLD Non-Same Store Storage 29.5% 29.8% 30.9% 32.1% 32.6% 33.3% Total SS Warehouse 172 Same Store 136 2.5% 2.0% 4.0% 5.8% 6.9% 6.4% 79% SS Warehouse Services 2015 2016 2017 2018 2019 YTD'20 Note: Figures as of March 31, 2020, unless otherwise indicated Note: Constant currency growth represents year-over-year growth based on the same foreign exchange rates relative to the comparable prior year period Note: NOI growth represents year-over-year growth to the comparable prior period (1) Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership 14 americOLD.#17Historic Same Store Seasonality Trend Same store metrics show consistent seasonal trends Key Quarterly Drivers Quarterly Same Store Revenue (% of Annual) (1) First/Second Quarter Timing of Easter moves between Q1 and Q2 ■ On average Q1 and Q2 are relatively consistent Third Quarter ■ The harvest ramp coupled with holiday season inventory build often drives Q3 revenue growth Q3 (mid/late summer) is the hottest weather quarter which negatively impacts NOI due to increased power expense Fourth Quarter ■ Peak holiday season drives higher volumes ■ Power expense moderates back to average levels (1) Reflects 2019 same store pool shown on a constant currency basis relative to 2018 foreign currency exchange rates 26% 26% 25% 25% 24% 25% 25% 24% Q1 Q2 Q3 Q4 2018 Revenue 2019 Revenue Quarterly Same Store NOI (% of Annual) (1) 28% 27% 25% 25% 25% 24% 24% 23% Q1 Q2 22 Q3 Q4 2018 NOI 2019 NOI 15 americOLD.#18Growth Strategy - Expansion and Development Middleboro, MA Completed Rochelle, IL Since 2018 Chesapeake, VA North Little Rock, AR Columbus, OH 29.3mm Cu Ft ~110,000 Pallets Incurred Cost $165mm Expansion and Development Opportunities (1) Atlanta, GA Under Construction Plainville, CT Savannah, GA Lancaster, PA Auckland, New Zealand 61.2mm Cu Ft ~183,000 Pallets Current Expansion and Development Pipeline (3) Estimated Investment $1bn+ Includes both customer-specific and market-demand Estimated Costs (2) ~$568mm 2 Expansions/3 New Builds 760+ acres of excess developable land In current portfolio Expansion Opportunities Customer- Specific Market- Demand Existing Sites + for Future Expansion Expect to initiate on average 2 to 3 expansion / development opportunities annually, with aggregate invested capital of $75 million to $200 million (1) (2) As of March 31, 2020; no assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate Reflects management's estimate of cost of completion as of March 31, 2020 (3) 16 These future pipeline opportunities are at various stages of discussion and consideration and, based on historical experiences, many of them may not be pursued or completed as contemplated or at all americOLD.#19Development of Two Automated Facilities for Ahold Delhaize Development Overview ■ COLD entered into a definitive development agreement with Ahold Delhaize USA ("ADUSA") to build two automated, retail fulfillment centers that will serve ~750 stores in the Northeast and Mid-Atlantic US - - Upon completion, ADUSA will become a top 25 customer Ahold Delhaize is the 2nd largest grocer in the world with strong investment grade ratings (S&P: BBB / Moody's: Baa1) ~$325mm of total development capital investment (1) ■ Construction is commencing in 2Q20 and is expected to fully stabilize in 2H23 Strategic Rationale Provides long-term infrastructure for a top grocer in the US Ahold Delhaize Ahold Delhaize Dedicated Facility Lancaster, PA americold Supports ADUSA's strong same store growth rate 20-year commitment with highly attractive returns - 10-12% expected stabilized NOI ROIC for both sites Grocery retail remains mission-critical in a post COVID-19 world Key Facility Statistics Facilities Plainville, CT and Lancaster, PA Total Cubic Feet ~23.5mm cubic feet Total Pallet Positions ~59K pallet positions Clear Height ~130 feet Job Creation 200+ PA VA MD New Ahold Delhaize Facilities Existing COLD Warehouse Facilities Note: No assurance can be given that the actual cost or completion dates of any expansions or developments will not exceed our estimate, or that targeted returns will be achieved Funded through ~$135mm of net proceeds from the settlement of forward equity issued in September 2018, revolver availability and cash on hand (1) CT 17 americOLD.#20Acquisition of Nova Cold Logistics Transaction Overview With the addition of facilities located in Toronto, Calgary and Halifax, the acquisition of Nova Cold Logistics establishes Americold's platform in Canada In January 2020, COLD closed on the acquisition of Nova Cold Logistics from Brookfield Business Partners for ~CAD $339mm Newly constructed facilities - built between 2004 through 2018 with eight acres of adjoining land available for expansion Located in attractive markets offering national coverage to growing customer demand Significant overlap of diverse, blue chip customers ■ Potential synergies to be achieved through COLD's commercialization platform and the Americold Operating System Facilities at a Glance Facilities Toronto Calgary Halifax (2) BC AB ON Nova Cold Logistics Calgary, Alberta NS Cubic Feet ~23.5mm cubic feet Nova Cold Logistics Existing COLD Managed Facilities Pallet Positions ~81K pallet positions 18 americOLD.#21Acquisition of Newport-St. Paul Cold Storage The acquisition of Newport Cold Storage strengthens Americold's presence in the St. Paul - Minneapolis region Transaction Overview ■ In January 2020, COLD announced the acquisition of Newport-St. Paul Cold Storage for ~$57mm - Site offers three acres of adjoining land available for expansion Strategically located on Highway 494 in St. Paul, Minnesota – facility is located ~5 miles from COLD's St. Paul Facility and ~7 miles from COLD's Eagan facility on the banks of the Mississippi River Expands relationship with existing customers and provides access to new high-quality customers ■ Potential synergies to be achieved through COLD's commercialization platform and the Americold Operating System Facility at a Glance Location St. Paul, MN MN Newport Cold Storage St. Paul, Minnesota Cubic Feet ~6.1mm cubic feet Newport Cold Storage Existing COLD Warehouse Facilities Pallet Positions ~26K pallet positions 19 americOLD.#22Brazil Joint Venture Transaction Overview ■ COLD purchased a 15% stake in SuperFrio, the second largest cold storage operator in Brazil, with ~10% market share (1), for ~$26.5mm (based on exchange rate at closing) Closed in March 2020 COLD is committed to fund an additional $22mm over the next two years ■ SuperFrio has a professional management team with a demonstrated track record of operating, acquiring & integrating and ground-up development SuperFrio is owned by Patria, a Brazilian private equity firm, which is affiliated with Blackstone ■ JV allows COLD to gain exposure and experience in Brazil Facilities at a Glance Facilities 16 facilities across Sao Paulo, Parana and Santa Catarina Cubic Feet ~35.1mm cubic feet Pallet Positions (1) Based on Company estimates ~151K pallet positions SuperFrio LOGÍSTICA FRIGORIFICADA Liquidation/Governance Starting in 2023, COLD has the right, but not the obligation to purchase the remainder of the business ■ COLD will have 1 of 5 board seats 20 americOLD#23Flexible Balance Sheet Positioned for Growth Capitalization ($ in millions) Share Price (as of 5/12/2020) Fully Diluted Shares Outstanding Equity Market Capitalization Debt As of 3/31/20 Debt Profile Investment grade ratings: Baa3 (Moody's), BBB (Fitch / DBRS Morningstar) $33.32 205.161 $6,836 Senior Unsecured Revolver ($800mm Capacity) $- Senior Unsecured Term Loan A-1 425 Debt Type $459 Secured 23% Rate Type (4) $277 Floating 14% Senior Unsecured Term Loan A-2 177 Series A 4.68% Unsecured Notes due 2026 200 Series B 4.86% Unsecured Notes due 2029 400 77% 86% Series C 4.10% Unsecured Notes due 2030 350 $1,552 2013 Mortgage Loans 282 Unsecured Sale Leaseback Financing Obligations 115 $1,734 Fixed Capitalized Lease Obligations Total Debt Less: Cash and Cash Equivalents Net Debt Total Enterprise Value ("TEV") Leverage Metrics Net Debt/PF LTM Core EBITDA (1) 62 $2,011 Debt Maturity (5) (263) $1,748 % of Debt 15% 33% 11% 22% 19% $8,584 Maturing Net Debt / TEV 4.2x 20.4% Undrawn Revolver (6) Unsecured Term Loan A-2 Liquidity Significant Liquidity: ~$1.2bn (2) $800mm Undrawn Senior Unsecured Revolving Credit Facility Interest Rate: L + 85 bps Unsecured Term Loan A-1 $800 Cash $263 Series A 4.68% Unsecured Notes 22% Series B 4.86% Unsecured Notes TOTAL LIQUIDITY $1.2bn 11% 66% 2018 Forward Proceeds (3) $135 Series C 4.10% Unsecured Notes $177 2013 Mortgage Loans Minimal near-term debt maturities Revolver Availability $777 $282 $425 $200 $400 $350 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Thereafter Note: Dollars in millions except per share figures. Figures based on company filings as of March 31, 2020. Capitalization excludes net proceeds from forward equity issued in September 2018 with an outstanding settlement date of no later than September 2020. The Company may settle the forward shares by issuing new shares or may instead elect to cash settle or net share settle all or a portion of the forward shares. Figures may not sum due to rounding (1) (2) (3) (4) (5) Figures pro forma for the acquisition of Cloverleaf and Lanier, including 11 months of COLD ownership and 1 months of prior ownership, the acquisition of MHW Group, including 4.5 months of COLD ownership and 7.5 months of prior ownership and the acquisition of Nova Cold Logistics and Newport Cold Storage, including 3 months of COLD ownership and 9 months of prior ownership Figure reflects cash, forward proceeds and the capacity available under the Senior Unsecured Revolving Credit Facility less ~$23mm in letters of credit Assumes the issuance of "6mm common shares upon the full physical settlement of the 2018 forward sale agreement Reflects impact of swap agreement effective January 31, 2019 on $100mm of the Unsecured Term Loan principal at a rate of 2.48% and swap agreement effective August 15, 2019 on $225mm of the Unsecured Term Loan principal at a rate of 1.30% Reflects the principal due each period and does not adjust for amortization of principal balances (6) Revolver maturity date assumes the exercise of two six month extension options americOLD. 21#24Strategic Investment Approach to Maintain a High-Quality Portfolio Capital expenditures ensure that our temperature-controlled warehouses meet the "mission-critical" role they serve in the cold chain As a % of Total Warehouse NOI before R&M Expense 2017A Total Spend $103mm 13.1% 12.4% 1.0% 0.5% 11.0% 2018A Total Spend $96mm 12.3% 10.3% 0.7% 7.8% 0.7% 7.6% 8.8% 5.4% Recurring Capex (Capitalized) (1) R&M (2) Expense (Expensed - P/L) 4.6% Recurring R&M (1) Capex (Capitalized) (2) Expense (Expensed P/L) Real Estate Personal Property Information Technology 2019A Total Spend $115mm 11.8% 11.0% 0.8% 0.9% 10.1% Recurring Capex (Capitalized) 6.6% 4.4% (1) R&M Expense (2) (Expensed - P/L) Note: Dollars in millions. Figures may not sum due to rounding (1) (2) Recurring capital expenditures are incurred to extend the life of, and provide future economic benefit from, our existing temperature-controlled warehouse network and its existing supporting personal property and information technology systems. Examples include replacing roof and refrigeration equipment, re-racking warehouses and implementing energy efficient projects. Personal property capital expenditures include material handling equipment (e.g. fork lifts and pallet jacks) and related batteries. Information technology expenditures include expenditures on existing servers, networking equipment and current software Repairs and maintenance expense includes costs of normal maintenance and repairs and minor replacements that do not materially extend the life of the property or provide future economic benefits. Examples include ordinary repair and maintenance on roofs, racking, walls, doors, parking lots and refrigeration equipment. Personal property expense includes ordinary repair and maintenance expenses on material handling equipment (e.g. fork lifts and pallet jacks) and related batteries 22 americOLD#25Commitment to Environmental, Social and Governance Initiatives Environmental Social Commitment to energy excellence and efficiency Recognized under the Global Cold Chain Alliance's (GCCA) new Energy Excellence Recognition Program with Gold and Silver certifications at 132 facilities Completed LED lighting conversions at 48 facilities since 2011 Noteworthy fast door implementation savings Food Logistics magazine's Top Green Service provider for last three years Social initiatives Serve the public good by maintaining the integrity of the food supply and reducing waste Corporate contributions / support to charities aligned with our core beliefs and focus, such as Feed the Children and HeroBox 2019 ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT Awards & Recognition GLOBAL COLD CHAIN ALLIANCE® AL COLD CHAM ENERGY EXCELLENCE Shareholder-friendly corporate governance Eight of nine board members independent All committees comprised of independents Gender diversity at board level Cannot opt into MUTA without shareholder vote No poison pill Governance Non-classified board Shareholder "Say on Pay" Food Logistics Charitable Organizations FEED CHILDRENⓇ HEROBOX® COLD HANDS WARM Associates HEART Community Customers 23 americOLD.#26Conclusion Important First Mover Advantage as the Only Publicly Traded REIT Focused on Temperature- Controlled Warehouses Global Market Leader with Integrated Network of Strategically-Located, High-Quality, "Mission- Critical" Warehouses Infrastructure Supported by Best-in-Class IT and Operating Platforms Provides a Significant Competitive Advantage Strong and Stable Food Industry Fundamentals Drive Growing Demand for Our Business Experienced Management Team, Alignment of Interest and Best-In-Class Corporate Governance Substantial Internal and External Growth Opportunities Expected to Drive Attractive Risk-Adjusted Returns Investment Grade, Flexible Balance Sheet Positioned for Growth 24 americOLD.