#1REAILS 86 americOLD. INVESTOR PRESENTATION Spring 2021 GIBBS#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 the following: uncertainties and risks related to public health crises, including the ongoing COVID-19 pandemic; adverse economic or real estate developments in our geographic markets or the temperature-controlled warehouse industry; general economic conditions; risks associated with the ownership of real estate and temperature-controlled warehouses in particular; acquisition risks, including the failure to identify or complete attractive acquisitions or the failure of acquisitions to perform in accordance with projections and to realize anticipated cost savings and revenue improvements; our failure to realize the intended benefits from our recent acquisitions, including the Agro acquisition, and including synergies, or disruptions to our plans and operations or unknown or contingent liabilities related to our recent acquisitions; 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; a failure of our information technology systems, cybersecurity attacks or a breach of our information security systems, networks or processes could cause business disruptions or loss of confidential information; risks related to privacy and data security concerns, and data collection and transfer restrictions and related foreign regulations; defaults or non-renewals of significant customer contracts, including as a result of the 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 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; 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; 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 applicable governmental regulations and tax legislation, including in the international markets; additional risks with respect to the addition of European operations and properties; 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 employment related litigation; liabilities as a result of our participation in multi-employer pension plans; losses in excess of our insurance coverage; the potential liabilities, costs and regulatory impacts associated with our in-house trucking services and the potential disruptions associated with the use of third-party trucking service providers to provide transportation services to our customers; 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, of our common shares; the potential dilutive effect of our common share offerings; and risks related to any forward sale agreement, including the 2018 forward sale agreement, the 2020 ATM forward sale agreements and the 2020 forward sale agreements, or collectively, our forward sale agreements, 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 document include, among others, statements about our expected acquisition and 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, 2020, 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 Total Capacity 238 181 owned (¹), 1.4bn cubic feet / 46mm square feet 48 capital/ operating leased, 9 managed Financial Highlights $11.4bn Total Enterprise Value (4) $9.0bn Equity Market Cap (4) $531.3mn LTM PF Core EBITDA (5) Average Facility Size 5.9mm cubic feet/195K square feet $0.84 4020 Annualized Dividend per Share 2.3%/5.6% FY 2020 SS Revenue/NOI Growth Rate (6) Note: Figures as of December 31, 2020, unless otherwise indicated. (1) Includes 14 ground leased assets (6) (2) 2020 IARW North American Top 25 List (June 2020), per GCCA website. U.S. only. Capacity from 2020 GCCA Global Cold Storage Capacity Report (August 2020) (7) (3) Figures exclude Agro Merchants Group portfolio (4) Based on COLD share price of $35.04 as of February 26, 2021 (8) (5) As of December 31, 2020, amount includes eight months of Core EBITDA from the Caspers and AM-C Warehouse acquisitions, ten months of Core EBITDA from the Halls acquisition, and twelve months of Countries of Operation Estimate of U.S. Market Share Number of Customers Number of Pallet Positions U.S., Ireland, U.K., Netherlands, Poland, Austria, Spain, Portugal, Australia, New Zealand, Argentina, Canada, Chile, Brazil 21% (2) ~2,500 (3) ~4.1mm (3) FY 2020 Segment Breakdown (7) Revenue Warehouse Contribution / NOI (8) Warehouse 78% FY 2020 TOTAL REVENUE 94% FY 2020 TOTAL 15% $1,983mm Third-Party Managed CONTRIBUTION (NOI) $551mm 7% 3% 2% Transportation Third-Party Managed Transportation Core EBITDA from the Agro acquisition prior to Americold's ownership of the respective acquired entities Represents share of Revenues and NOI from Global Warehouse Segment; Same store Revenue and NOI growth rates on a constant currency basis Excludes quarry business. Revenue and Total Contribution (NOI) does not include properties acquired from Agro Merchants Group 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 americOLD.#5Largest Fully Integrated Network of Temperature-Controlled Warehouses An indispensable component of food infrastructure from "farm to fork" americOLO® 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. McCain Smithfield LambWestone DANONE WAVE 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 Select Customers CONAGRA BRANDS. Woolworths H-E-B Wakefern FOOD CORP. DANONE WAVE % of Contribution (1) 94% Warehouse ΝΟΙ Third-Party Managed Warehouse (Storage and Handling) Transportation G Tradewater Distribution Facility - Atlanta, GA Management of customer-owned warehouses Warehouse management services provided at customer- owned facilities Operating costs passed through to customers ■ 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 General Mills Making Food People Love McCain Ocean Spray Smithfield Kraft Heinz Kroger LambWeston Woolworths GROCERYOUTLET WHOLE bargain market Wakefern FOOD CORP. FOODS MARKET Woolworths Unilever USDA White Castle INNOVASIAN. Note: Figures exclude Agro Merchants Group portfolio. (1) LTM figures as of December 31, 2020 and excludes the quarry business segment 2% Third-Party Managed 3% Transportation 4 americOLD.#7Strategically Located, "Mission-Critical" Temperature-Controlled Warehouses OR WA CA NV Strategic locations and extensive geographic presence provide an integrated warehouse network that is fundamental to customers' ability to optimize their distribution networks AB BC SK MB Distribution Public ID PE ON QC NB MN MT ND ME NS UK VT Netherlands SD WY WI MI NY NH MA CT PA NE IA OH IN UT CO AZ NM Production Advantaged Facility Leased Third-Party Managed # of Facilities Square Feet (000s) Cubic Feet (mm) DC WV St VA KS KY MO NC TN OK SC AR MS GA AL TX LA FL Chile Spain Portugal Austria Poland Australia Argentina New Zealand North America 194 Europe 26 Asia-Pacific (1) 15 South America 3 40,833 3,352 1,853 434 1,212.7 111.2 70.0 17.3 5 Note: Americold portfolio figures as of December 31, 2020. Figures do not include Americold's Brazilian JV investments in SuperFrio and Comfrio Soluções Logística. Figures include ambient facility, except for cubic feet metric (1) 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 25.2% 1,392 1 Lineage Logistics 7.0% Market Share Cubic Ft (mm) 1,789 2 21.4% 1,182 2 5.6% (3) 1,411 (3) americoLD americoLD. 3 US Cold Storage, Inc. 6.8% 374 3 US Cold Storage, Inc. 1.5% 374 NewCold Advanced Cold 4 Interstate Warehousing, Inc. 2.1% 116 4 0.8% 195 Logistics 5 Burris Logistics 1.4% 75 5 Nichirei Logistics Group, Inc. 0.7% 183 NewCold Advanced Cold 6 0.9% 48 6 Kloosterboer B.V. 0.7% 171 Logistics 7 Hanson Logistics 0.8% 44 7 VersaCold Logistics Services 0.5% 123 8 Holt Logistics Corp. 0.6% 35 8 Interstate Warehousing, Inc. 0.5% 116 9 MTC Logistics 0.5% 25 9 Frialsa Frigorificos 0.4% 106 Midwest Refrigerated 10 0.4% 23 10 VX Cold Chain Logistics 0.4% 97 Services TOTAL (4) 60.1% 3,314 TOTAL (4) 18.0% 4,565 (1) Note: Americold portfolio figures provided by the Company as of December 31, 2020. Figures may not sum due to rounding 2020 IARW North American Top 25 List (June 2020), per GCCA website. U.S. only. Total capacity from 2020 GCCA Global Cold Storage Capacity Report (August 2020) (2) (3) 2020 IARW Global Top 25 List (July 2020), per GCCA website. Total capacity from 2020 GCCA Global Cold Storage Capacity Report (August 2020) Figures do not include Americold's Brazilian JV investments in SuperFrio and Comfrio Soluções Logística (4) The remaining 39.9% and 82.0% of the U.S. and global markets consist of 2.2bn cubic feet and ~20.8bn cubic feet, respectively 6 americOLD.#9Highly Diversified Business Model Produces Stable Cash Flows Diversification helps reduce revenue volatility associated with seasonality and changing commodity trends Pro Forma Commodity (1) Global Geographic Diversity (2) Global Warehouse U.S. Warehouse 28% Potatoes Dairy South America <1% Other 8% 8% Fruits & Vegetables Asia-Pacific 13% 10% FY 2020 WAREHOUSE REVENUE Central United States 6% 84% 2% Canada Pork 6% Poultry 14% FY 2020 3% Bakery WAREHOUSE 3% REVENUE Beef 2% 2% Distributors (5) Pro Forma Warehouse Type Seafood Packaged Foods (3) 16% 22% Retail (4) Distribution Distribution Production Advantaged 23% FY 2020 WAREHOUSE REVENUE 48% 52% ~76% of Revenue from Food Manufacturers and ~22% from Retailers 24% Public Warehouse 1% Note: Figures may not sum due to rounding. (1) (2) (3) December 31, 2020 LTM Revenue and NOI pro forma 2019 and 2020 acquisitions, exclusive of Agro Merchants Group Diversification based on warehouse segment revenues for the twelve months ended December 31, 2020 Packaged food reflects a broad variety of temperature-controlled meals and foodstuffs (4) Retail reflects a broad variety of product types from retail customers (5) Distributors reflects a broad variety of product types from distribution customers Facility Leased Southeast 27% FY 2020 TOTAL U.S. WAREHOUSE REVENUE 21% West 24% East (1) FY 2020 WAREHOUSE CONTRIBUTION (NOI) Production Advantaged 28% 23% 1% Public Warehouse Facility Leased 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 (1) Unilever SCHWAN'S COMPANY General Mills Making Food Smithfield McCain Kraft Heinz Ocean Spray DANONE ONE PLANET. ONE HEALTH PERDUE. CONAGRA Nestle Lamb Weston BRANDS. BEYOND MEAT JBS T Tyson Representative Retailers/Distributors (1) coles Wakefern FOOD CORP® Woolworths GROCERYOUTLET bargain market SPROUTS Top 25 Customers Have been with Americold for an average of 30+ years 12 customers are investment grade (2) 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 Walmart Kroger Note: Excludes properties acquired from Agro Merchants Group. FARMERS MARKET Smart&Final. 48% utilize transportation and consolidation services 25 largest customers account for approximately 55% (3) of warehouse revenues, with no customer generating more than 8% (3) of revenues 8 (1) (2) Not all customers shown are in COLD's top 25 largest customers in the warehouse segment Represents long-term issuer ratings as of 4Q20 (3) Based on LTM warehouse revenues as of December 31, 2020. Figures pro forma for the acquisition of Caspers and AM-C Warehouse, including 4 month of COLD ownership and the 8 months of prior ownership, americOLD. and the acquisition of Halls, including 2 months of COLD ownership and 10 months of prior ownership#11- Economic Occupancy Driving Improved Returns Americold's commercialization practices support our customers and improve our quality of earnings Economic Occupancy Network Average Economic & Physical Occupancy Trend Significantly increased fixed commitment contracts in our portfolio 1Q 2Q 3Q 4Q Annual 80% 79% 81% 77% 77% 78% 81% 79% 77% 84%83% ニニコーーイ 79% 80%80%79% 75% -- 78% 76% 75% 76% 81%82%81%80% 74% 76% 74% 73% 71% 77% 77% 77% 75% 76% 78% 77% 76% 72% 72% 70% 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 '16 '17 '18 '19'20 16 '17 '18 '19'20 '16 17 '18 '19'20 '16 '17 18 '19'20 Note: Dotted lines represent incremental average economic occupancy percentage Illustrative Economic Occupancy (1) 10,000 '16 '17 '18 19 '20 Warehouse Pallets 9,000 9,000 X X X X X Currently Occupied Economic Occupancy: 8,500 Contractually 8,000 X X Reserved Pallets 8,800 8,500 8,300 8,300 7,850 7,600 7,350 7,100 7,000 7,000 7,000 6,800 Physical Occupancy Х X X Х 6,000 (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: 41% of warehouse rent and storage revenues (1) and 46% of total warehouse segment revenues (2) Total Warehouse Rent & Storage Revenue $0.64bn $0.66bn $0.67bn $0.69bn $0.61bn $0.61bn $0.62bn $0.51bn $0.52bn 62% 60% 59% 60% 59% 58% 59% 57% 57% ■ 6-year weighted average stated term (3) 43% 43% 38% 40% 41% 40% 41% 42% 41% 4Q18 2Q19 1Q19 (4) 3Q19 (4) 4Q19 (4) 1Q20 (4) 2Q20 (4) 3Q20 (4) 4Q20 (4) Other Rent & Storage Revenue Annualized Committed Rent & Storage Revenue (1) Total Warehouse Segment Revenue $1.43bn $1.44bn $1.47bn $1.51bn $1.52bn $1.54bn $1.64bn $1.17bn $1.18bn 54% 55% 55% 54% 55% 55% 53% 55% 51% 2-year weighted average remaining term (3) ■ As of December 31, 2020, we had entered into at least one fixed commitment contract or lease with 22 of our top 25 warehouse customers ■ The scope and breadth of our network positions us to continue to increase our fixed storage commitments ■ Our recent acquisitions have a lower percentage of fixed commitment contracts as a percent of rent and storage revenue. We view this as an opportunity as we bring these acquisitions onto Americold's commercialization standards 4Q18 45% 49% 45% 45% 46% 45% 45% 47% 46% 1Q19 2Q19 (4) 3Q19 (4) 4Q19 (4) Other Warehouse Segment Revenue 1Q20 (4) 2Q20 (4) 3Q20 (4) 4Q20 (4) Note: All figures exclude revenue for properties acquired from Agro Merchants Group. Warehouse Segment Revenue Generated by Fixed Commitment Contracts or Leases (2) (1) (2) (3) (4) Based on the annual committed rent and storage revenues attributable to fixed storage commitment contracts and leases as of December 31, 2020 Based on total warehouse segment revenue generated by contracts with fixed storage commitments and leases for the quarter ended December 31, 2020 Represents weighted average term for contracts featuring fixed storage commitments and leases as of December 31, 2020 10 Figures pro forma for the acquisition of Caspers and AM-C Warehouse, including 4 month of COLD ownership and the 8 months of prior ownership, the acquisition of Halls, including 2 months of COLD ownership and 10 months of prior ownership americOLD.#13Warehouse Financial Summary Contribution (NOI) Margin Warehouse Revenue ($mm) 2015A-2020A CAGR $1,549 $1,377 Actual $ Constant Currency (1) $1,146 $1,177 $1,057 $1,081 $883 $795 Warehouse Services 8.5% 8.8% $588 $604 $644 $662 $469 $477 $502 $515 $583 $666 Rent & Storage 7.3% 7.4% 2015A 2016A 2017A Rent & Storage 2018A 2019A 2020A Total 7.9% 8.2% Warehouse Services Warehouse NOI ($mm) 2015A-2020A CAGR 29.1% 29.1% 30.4% 31.8% 32.5% 33.6% $520 Constant Actual $ Currency (1) $448 $82 $375 $61 $348 $308 $314 $37 Warehouse Services 42.4% 43.7% $24 $14 $11 $438 $387 $294 $303 $324 $338 Rent & Storage 8.3% 8.5% Total 11.1% 11.4% 2015A 2016A 2017A 2018A 2019A 2020A Rent & Storage Warehouse Services Margin expansion has been driven by improved commercialization and customer mix, contractual rate increases, occupancy growth and operational improvements Note: All figures exclude revenue for properties acquired from Agro Merchants Group. (1) On a constant currency basis relative to fiscal year 2015 foreign currency exchange rates 11 americOLD.#14Expenses Substantially All Warehouse NOI Driven by Rental & Storage Revenue Revenues Rent & Storage + Warehouse Services $0.43 Power ($0.06) $0.57 || Total Warehouse Commentary REIT: Rent & Storage $1.00 TRS: Warehouse Services ($0.06) Power and utilities Other Facility ($0.09) ($0.09) Costs Labor ($0.44) ($0.44) Real Estate Related Costs: facility maintenance, property taxes, insurance, rent, security, sanitation, etc. Direct labor, overtime, contract labor, indirect labor, workers' compensation and benefits Other Services Costs - ($0.08) ($0.08) MHE (1), warehouse operations (pallets, shrink wrap, OS&D and D&D (2)) PPE and warehouse administration Margin: % WH Total: 84% $0.28 66% $0.05 $0.34 + 9% = 34% WAREHOUSE 16% 100% 12 Note: Based on LTM warehouse segment as of December 31, 2020. Future results may vary. Figures may not sum due to rounding (1) Material Handling Equipment (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 $ 1.6% 3.2% 6.1% 2.9% 1.9% 1.9% Growth % Constant Currency $ Growth % Expected to range 100 - 200 bps higher than associated SS revenue Actual $ Growth % 3.2% 2.1% 9.8% 6.9% 3.9% 5.3% 5.8% 4.9% 4.1% 3.9% 3.5% Constant 2.3% Currency $ Growth % 2015 2016 2017 2018 2020 Same Store Portfolio 3% Non-Same Store 2019 2020 6.1% 2.9% 9.5% 7.4% 5.1% 5.6% 2015 2016 2017 2018 2019 2020 Same Store NOI Margin Legacy COLD Same Store Acquired Non-Same Store 63.0% 64.5% 65.5% 66.2% 67.0% 66.8% SS Rent & Legacy COLD Non-Same Store Storage 38% 88 TOTAL COLD WAREHOUSE FACILITIES 29.5% 29.8% 30.9% 32.1% 32.6% 34.1% Total SS Warehouse 229 135 59% Same Store 9.3% 2.5% 2.0% 4.0% 5.8% 6.9% SS Warehouse Services 2015 2016 2017 2018 2019 2020 Note: Figures as of December 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 14 americOLD.#17Historic Same Store Seasonality Trend Prior to Covid-19, same store metrics show consistent seasonal trends Key Quarterly Drivers Quarterly Same Store Revenue (% of Annual) First/Second Quarter ■ Surge in 1Q 2020 due to COVID 24% 24% 25% 24% 24% 24% 25% 25% 25% 26% 26% 26% 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 Q1 2018 Revenue 22 Q2 Q3 Q4 2019 Revenue 2020 Revenue Quarterly Same Store NOI (% of Annual) Fourth Quarter ■ Peak holiday season drives higher volumes ■ Power expense moderates back to average levels 27% 28% 28% 24% 23% 24% 24% 25% 23% 25% 24% 25% Q1 Q2 Q3 Q4 2018 NOI 2019 NOI 2020 NOI 15 americOLD.#18Growth Strategy - Expansion and Development Middleboro, MA Completed Since 2018 Rochelle, IL Columbus, OH Chesapeake, VA North Little Rock, AR 44.1mm Cu Ft ~147,000 Pallets Incurred Cost ~$237mm Savannah, GA Expansion and Development Opportunities (1) Atlanta, GA Under Construction Auckland, New Zealand Russellville, AR Plainville, CT Lancaster, PA Calgary, Canada 62.1mm Cu Ft ~199,000 Pallets Total Estimated Costs (2) ~$607mm 7 Expansions Current Expansion and Development Pipeline (3) Lurgan, Northern Ireland Estimated Investment $1bn+ Includes both customer-specific and market-demand Expansion Opportunities Customer- Specific Market- Demand + Existing Sites for Future Expansion 760+ acres of excess Expected to initiate $175 million to $300 million of new development starts annually developable land In current portfolio (1) (2) As of December 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 December 31, 2020 (3) 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 16 americOLD.#19Acquisition of Agro Merchants Group The acquisition of Agro provides Americold with a strategic presence throughout Europe and complementary operations in other global geographies Transaction Overview ■ In December 2020, COLD completed the acquisition of Agro Merchants Group for ~$1.7bn at an in-place net entry NOI yield of ~6.5% Agro represents a unique opportunity to acquire an institutional- quality global portfolio that facilitates COLD's strategic entry into Europe and adds complementary locations in the US, South America and Australia Agro was the fourth largest temperature-controlled warehouse company globally, the third largest in Europe, and the fourth largest in the United States Agro at a Glance Charlotte, NC Pedricktown, NJ (2) Vineland, NJ Carson, CA Nashville Benson, NC AGRO Agro Merchants Valencia Valencia, Spain Goldsboro, NC Lumberton, NC Lurgan (3) Charleston, SC Savannah, GA Monaghan (2) Whitchurch (2) Barneveld (2) Dublin Gdansk/ Gdynia Westend Rotterdam Urk (2) Maasvlakte Vienna Forest, MS Hattiesburg, MS Oxford, AL Atlanta, GA (3) Total Facilities Countries Refrigerated Cubic Feet Customers 46 (1) 10 ~236mm cubic feet (1) Santiago, CL (1) Excludes minority stake in Comfrio Soluções Logística, Brazil joint-venture 2,900+ Barcelona (2) Porto/Leixoes Valencia Lisbon Sines Algeciras Brisbane (2) United States Europe Rest of World JV Investment 17 americOLD.#20Acquisition of Hall's Warehouse Transaction Overview The acquisition of Hall's strengthens Americold's presence in the Northeastern U.S. ■ In November 2020, COLD closed on the acquisition Hall's Warehouse for ~$480mm at an in-place net entry NOI yield of ~6.3% ■ Leading integrated platform provides temperature controlled storage and logistics solutions for food manufacturers and retail customers 8 distribution centers Strategically located in the heart of the Northeast Corridor - All sites under 30 miles from the Port of Newark in New Jersey All sites within 15 miles of each other 30% of U.S. population within a day's drive 78 Hall's at a Glance Location New Jersey Cubic Feet ~58mm cubic feet Pallet Positions ~200K pallet positions Somerset Plainfield Union Middlesex 287 Edison Piscataway New Brunswick wwwww Hall's Warehouse Middlesex 18 americOLD.#21Russellville, AR Expansion for Conagra Brands The Russellville highly automated expansion is an opportunity to provide mission critical, long-term infrastructure for a top tier strategic customer Transaction Overview ■ COLD is expanding its Russellville, Arkansas facility for a total of ~$84mm in a dedicated build for Conagra Brands Construction expected to start in Q4 2020 and is expected to fully stabilize in Q1 2024 CONAGRA BRANDS. - Expected to generate stabilized NOI ROIC of ~10%-12% Duncan - CAG is a top tier strategic customer Conagra Brands (NYSE: CAG) is one of North America's leading branded food companies Hines slim Jim earth balance gardein - CAG is rated BBB-/Baa3/BBB by S&P, Moody's, Fitch (1) COLD has served CAG for decades in multiple locations Marie Callender's BIRDS EYE Healthy Choice Reddi Vlasic Wip ANGIE'S BOOM CHICKA POP Frontera Hunts Orville edenbacher udis Gluten Free DUKE'S PAM Expansion at a Glance Clear Height ~130 feet Cubic Feet ~13mm cubic feet Pallet Positions ~42K pallet positions (1) Ratings as of December 31, 2020 americOLO CONAGRA ameriCOLD 19 americOLD.#22Flexible Balance Sheet Positioned for Growth As of 12/31/2020 Pro Forma Real Estate Debt Maturity (1) Total Debt Profile % of Debt Investment grade ratings: Baa3 (Moody's), BBB (Fitch / DBRS Morningstar) 11% 13% 8% 16% 14% 20% 17% Maturing 2013 Mortgage Loans Debt Type Rate Type Undrawn Revolver (2) $588 Secured $321 Floating 12% 21% Unsecured Term Loan A-1 Unsecured Term Loan A-2 (CAD Denominated) ■Series A 4.68% Unsecured Notes $2,188 Unsecured ■Series B 4.86% Unsecured Notes $1,000 Series C 4.10% Unsecured Notes ■Series D 1.62% Unsecured Notes ■Series E 1.65% Unsecured Notes $125 $277 $196 $200 79% Liquidity Significant Liquidity: ~$1.7bn (3) - $1,000mm (4) Undrawn 88% $2,454 Fixed Senior Unsecured Revolving Credit Facility 2018 Forward 56% Proceeds $489 $400 $428 $350 Interest Rate: L + 85 bps Minimal near-term debt maturities $130(5) 7% TOTAL LIQUIDITY $1.7bn 2020 Forward Proceeds 15% (6) 21% $262 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 Note: Dollars in millions except per share figures. Figures based on company filings as of 12/31/2020. Figures pro forma for partial repayment of Term Loan A Facility Tranche A-1 and increased borrowing capacity of Revolver in January 2021. The Company may settle the forwards 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) (6) Reflects the principal due each period and does not adjust for amortization of principal balances. Balances denominated in foreign currencies have been translated to USD Revolver maturity date assumes the exercise of two six month extension options Figure reflects cash, forward proceeds and the capacity available under the Senior Unsecured Revolving Credit Facility less $22mm in letters of credit. Also excludes $50mm from cash balance for AGRO FIRPTA hold back On January 29, 2021, the Company repaid $200 million USD of the Term Loan A Facility Tranche A-1 using cash on the balance sheet and increased the borrowing capacity of Revolver from $800 million to $1 billion Assumes the issuance of "6.0mm common shares upon the full physical settlement of the 2018 forward sale agreement Assumes the issuance of ~7.2mm common shares upon the full physical settlement of the 2020 forward sale agreements Cash $371 Revolver Availability $978 20 americOLD.#23Strategic 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 2018A Total Spend $96mm 10.3% 0.7% 0.7% 8.8% 12.3% 7.6% 4.6% 2019A Total Spend $115mm 2020A Total Spend $123mm 11.8% 11.0% 11.3% 0.8% 0.9% 0.8% 0.8% 10.0% 10.1% 6.6% 4.4% 9.7% 5.2% 4.8% Recurring Capex (1) (Capitalized) R&M Expense (2) (Expensed - P/L) Recurring Capex (1) (Capitalized) R&M Real Estate Personal Property Expense (2) (Expensed - P/L) Information Technology Recurring Capex (1) (Capitalized) R&M Expense (Expensed - P/L) (2) 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. Maintenance capital expenditures do not include acquisition costs contemplated when underwriting the purchase of a building or costs which are incurred to bring a building up to Americold's operating standards 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 21 americOLD.#24Commitment 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 161 facilities Completed LED lighting conversions at 116 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 EPICULE Awards & Recognition GLOBAL COLD CHAIN ALLIANCE® GLOBAL ALLIANC 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 22 americOLD.#25Conclusion 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 23 americOLD.