Highly Diversified Business Model Produces Stable Cash Flows

- 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.

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