americOLD Global Market Leadership and Growth Strategy

Economic 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.

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