Fould, Pereire & Associés

MARCH 3, 2004

THE ALGECO OPPORTUNITY

 Algeco overview
Business overview Share price performance since IPO (€)

 Algeco’s principal line of business is the design, manufacture, 140 Algeco SBF rebased to Algeco
rent, and sale of Modular Buildings in Europe
120
 #1 position in Europe and #2 globally with a #1 position in
France, Germany, Spain, Portugal and #2 in Italy 100
105%
 The second line of business is pallet rental (La Palette Rouge) 80
 #2 position in France, Iberia and Benelux 60 32%
 The rental of tanker rail cars and special containers business has 40
been sold for €1.2mm to VTG Lehnkering in January 2003, but 20
will still generate revenues for Algeco until 2008
0
 Algeco has a total of 4,778,000 shares (fully diluted)
19/09/97 30/04/99 08/12/00 19/07/02 27/02/04

Sales and EBITA distribution 2002 Management

Sales by product EBITA

Management board (Directoire)
Railcar & container Pallet rental Railcar & container Pallet rental
rental 3.4% 15.4% rental 4.6% 9.3% Chief Executive Officer Jean SUAUDEAU
Chief Financial Officer Louis GODINOT
Modular Constructions Central Europe Raymond BRET
P R O F I L E

Modular Transport & Logistics Manfred MIEHE

constructions
81.2% (1/3 sales, Modular Constructions France Bertrand QUENOT
2/3 rent)
Modular Modular Constructions South Europe Jaime SUGRANES
constructions
86.1% Pallet Rental Torsten WOLF
B U S I N E S S

Total: €395mm Total: €65.3mm

Supervisory board (Conseil de Surveillance)
1999A 2000A 2001A 2002A 2003E 2004E 2005E Jean-Marie THOMINE-DESMAZURES (Chairman)

Sales 250 329 404 395 376 400 433 Michael BEHRENDT (Vice Chairman) Jean-Pierre LABRUYERE
growth % 10.0% 31.4% 22.9% (2.1%) (4.8%) 6.4% 8.3% Günther CASJENS Jacques LOPPION
Joachim EILERT Patrick MERMILLIOD
% EBITDA margin¹ 35% 32% 32% 32% 31% 32% 32%
AL G E C O

Klaus-Juergen JUHNKE VTG France (Heinrich SIKORA)

Capex % of sales 27% 30% 26% 24% 17% 17% 20%
Source: Company information, JPMorgan estimates, Datastream as of February 27, 2004
¹ Adjusted EBITDA calculated as EBITA + Depreciation Fould, Pereire & Associés
 Algeco — Modular construction
Business description Selected financials (€ mm)

 Algeco is the European market leader for modular constructions with a fleet 2001A 2002A 2003A H1-02 H1-03
comprising 104,000 units in 2002 at a utilisation rate of 79% Sales 1 343 321 3104 149 154
 Algeco is the #1 player in the French and German markets - France, Germany growth % 2 21% (7)% (3%) (12)% 3%
and the UK accounting for three-fourths of the European market
EBITA 67 56 27 21
 Algeco’s manufacturing facilities are based on designing and assembling modular margin % 19% 18% 18% 14%
buildings and are highly flexible
CAPEX 70 51 26 8
 Buildings or modules are either sold (30%) or leased (70%)
% of sales 20% 16% 18% 5%
 Between end of 1998 and end 2002, number of units grew from 63,000 to Source: Company information
104,000 (13.4% CAGR)

Sales breakdown 2002 Competitive positioning

Est. Est. market size

By geography By client market (thousands of
Position share modules) Competitors
Corporate
Building & Civil France #1 46% 120  Yves Cougnaud (10%)
events
Southern Europe Engineering 5%  Touax (7.5%)
17% 25%  Loxam (<4.5%)
Company
offices Germany #1 26% 80  GE Capital3 (22.5%)
50%  Ela (11%)
P R O F I L E

Spain #1 50% 34  Dragados (25%)

Central Europe France
17%  Wyron, Normetal
66%
UK N/A 0% 100  Portakabin (20%)
Local  Elliott (Davis Group) (20%)
Authority  Ravo Kabin (10%)
Offices 20%
 GE Capital (10%)
B U S I N E S S

Total 27% 390 Also #1 in Portugal and #2 in Italy

Total: €320.8mm Europe

Source: Company information, broker reports Source: Broker reports

¹ H1-03 includes €8.8 mm from sale and leaseback to investor, on a like for like basis sales were down 9.7%
AL G E C O

2 Year on year growth

3 Worldwide market leader. In Europe, also leader in Benelux (market comparable in size to Germany)

4 Adjusted for sale and lease back revenues for Modular Constructions (€19.2mm in 2003)

Fould, Pereire & Associés

 Algeco — Pallet (La Palette Rouge)
Business description Selected financials (€ mm)

 Founded in 1992 and acquired in 1997 by Preussag, La Palette Rouge 2001A 2002A 2003A H1-02 H1-03
(LPR) provides pallet rental and pallet fleet management services with Sales 47 61 66 29 35
a focus on FMCG (fast-moving consumer goods) growth %1 30% (9%) 28% 22%
 Products comprise wooden standard pallets, FRAICH pallets and
EBITA 4 6 3 1
boxes (fruit), plastic pallet (hygiene), paperboard pallets and
special pallets margin % 8% 10% 9% 2%

 LPR can assume the full range of services that come with the rental CAPEX 36 44 33 27
of pallets % of sales 78% 72% 115% 76%
 Over the last 5 years the company has pursued an aggressive growth
strategy resulting in negative historical cash flows

Source: Company information

Pallet rental market 2002 Recent development

 Algeco - is positioned second in the Units % LPR sales within Algeco

French market 2002
French pallet rental market with a 12.6%
Logipal 5%
market share of estimated 20 %

 Algeco’s market share in the Algeco 20%

Iberian Peninsula is also estimated 13.2mm
P R O F I L E

at 20%
18.5%
 Algeco is the challenger on the
2.5 mm 5.9%
European pallet rental market with Chep 75%
an estimated 11 % market share
Pallet turnover: 215mm p.a 1998 H2-2003
1998 2002
B U S I N E S S

Source: Company information, broker report Source: Company information

AL G E C O

¹ Year on year growth

Fould, Pereire & Associés

 Main business plan assumptions — Base case
Key historical financials (€mm) Modular Constructions — Base case assumptions

1995 1996 1997 1998 1999 2000 2001 2002 2003  European market growth of 5% p.a.
construction
Revenues 129 158 175 200 213 284 343 321 310  Algeco 2014E market share of 27% (stable)
Modular

% growth 12% 22% 10% 15% 7% 33% 21% (6%) (3%)

 Other drivers of modules portfolio
EBITDA² - - - - - - 107 98 -
% margin - - - - - - 31% 31% -  Sales growth of new modular buildings: 5% (7% in 2005E to 2007F)

Capex - - - 39 49 71 70 51 -  Sales of second hand modules: 6% of total portfolio

% of sales - - - 19% 23% 25% 20% 16% -
 Utilization rate 2003E: 80%, 2004E: 81% and 2005F onwards: 82%

 Prices growing up with inflation (2%)

1995 1996 1997 1998 1999 2000 2001 2002 2003

Revenues - - 4 14 24 31 47 61 66
 Capex
La Palette

% growth - - - 241% 73% 30% 53% 30% 90%  Maintenance capex: 7-8% of Rentals revenues
Rouge

EBITDA² - - - - - - 20 24 -  Cost of new module: €3,500

% margin - - - - - - 43% 40% -
 Target EBITDA margin of 33% by 2010F
Capex - - - - - 18 36 44 -
% of sales - - - - - 58% 78% 72% -
La Palette Rouge — Base case assumptions

1995 1996 1997 1998 1999 2000 2001 2002 2003  Analysis of 2 main markets: France and Spain
1
Revenues 142 171 192 227 250 328 403 395 376  Market growth of 1% p.a.
P R O F I L E

% growth 11% 20% 12% 19% 10% 31% 23% (2%) (5%)
 2014F externalisation rate of 55%
Group Algeco

EBITDA² - 52 64 76 88 105 128 125 -

 Algeco’s market share of 21% in 2014F
% margin - 31% 34% 33% 35% 32% 32% 32% -
 Other pallet revenues growth of 2% p.a.
Depreciation - 27 32 34 41 46 57 60 -
% of sales - 16% 17% 15% 16% 14% 14% 15% -
 Stable nber of rotation per year. Prices growing up with inflation (2%)
B U S I N E S S

EBITA 17 26 33 42 47 59 71 65 -  Capex 2003E of €10 per pallet

% margin 12% 15% 17% 18% 19% 18% 18% 17% -  Renewal capex from 4% in 2003E to 10% by 2009F
Capex 28 37 37 58 69 100 107 95 -  Target EBITA margin 2010F of 18%. EBITDA margin stable afterwards
% of sales 19% 22% 19% 26% 28% 31% 27% 24% -
AL G E C O

Source: Company data, JPMorgan estimates

1 Including railcar business revenues

² Adjusted EBITDA calculated as EBITA + Depreciation

Fould, Pereire & Associés

 N

Base Case Business Plan

2002 2003E 2004E 2005F 2006F 2007F 2008F 2009F 2010F 2011F 2012F 2013F 2014F
Rentals of MC 221 218 230 247 264 283 302 321 340 359 377 397 415
Sales of MC 100 92 97 106 116 126 135 145 155 166 178 191 204
Total Revenues 321 310 327 353 380 410 438 466 495 525 555 587 619
Modular % growth (3.4%) 5.5% 7.8% 7.8% 7.8% 6.8% 6.4% 6.4% 6.0% 5.7% 5.7% 5.4%
Construction EBITDA1 98 95 101 110 120 131 141 152 164 173 183 194 204
% margin 30% 30% 31% 31% 32% 32% 32% 33% 33% 33% 33% 33% 33%
Capex 51 49 48 63 66 70 69 72 76 74 77 80 77
% sales 16% 16% 15% 18% 17% 17% 16% 16% 15% 14% 14% 14% 12%

Revenues 61 66 73 81 90 99 110 122 130 139 149 159 170

% growth 9.0% 10.5% 10.6% 10.7% 10.8% 10.9% 11.0% 6.8% 6.8% 6.8% 6.8% 6.8%
EBITDA1 24 21 25 28 31 34 41 50 56 60 64 68 73
LPR
% margin 40% 32% 35% 34% 34% 35% 38% 41% 43% 43% 43% 43% 43%
Capex 44 15 20 24 28 34 40 47 40 43 46 49 52
% sales 72% 22% 27% 29% 32% 34% 36% 39% 31% 31% 31% 31% 31%

Revenues – total2 395 376 400 433 470 509 548 588 626 665 704 746 788
% growth (4.8%) 6.4% 8.3% 8.3% 8.4% 7.6% 7.4% 6.5% 6.2% 5.9% 5.9% 5.7%
EBITDA – total3 125 118 127 139 151 166 184 202 220 233 247 262 277
% margin 32% 31% 32% 32% 32% 33% 34% 34% 35% 35% 35% 35% 35%
Capex – total 95 64 68 86 94 104 109 119 116 117 123 129 130
Total² % of sales 24% 17% 17% 20% 20% 20% 20% 20% 19% 18% 17% 17% 16%
Change
 in NWI (9) 3 0 (1) (0) (0) (5) (5) (5) (5) (5) (5) (5)

CF bef. Taxes4 20 57 59 52 57 62 70 78 99 112 120 128 143

P R O F I L E

% growth 180% 3% (13%) 9% 10% 12% 12% 28% 13% 7% 7% 11%

% of sales 5% 15% 15% 12% 12% 12% 13% 13% 16% 17% 17% 17% 18%

Current trading

 Sale — 2003E reported on February 9th, 2004  Although those sales figures were higher than expected, Algeco still announces a
B U S I N E S S

 Above expectations — Adjusted sales decreasing only by 1.4% decrease in margins and consolidated profit for the full year 2003
 Negative drivers : soft investment market and pressure on prices
 Anticipated full recovery only by 2005

Source: JPMorgan estimates

¹ Adjusted EBITDA calculated as EBITA + Depreciation
AL G E C O

² Including €13mm of revenues from railcar business in 2002

3 Including €3.0mm of EBITDA from the railcar business in 2002
4 CF = EBITDA - Capex -  Working Capital

Fould, Pereire & Associés

 Shareholders — Capital and Voting rights
Top 30 shareholders Geographic breakdown of holders
% of
Owner Country Equity % capital % voting rights¹
Hapag Lloyd AG (TUI) Germany 53.5%
Hapag Lloyd Holding France SAS (TUI) Germany 13.5%
French
Credit Agricole Asset Management France 1.9% Institutions Public
Morgan Stanley Investment Management United Kingdom 1.7% 15.7% 30.01%
Hapag Lloyd Hapag Lloyd
Columbia Wanger Asset Management United States 1.1% Foreign AG (TUI Group) AG (TUI Group)
BFT Gestion S.A. France 1.0% Institutions 53.5% 46.51%
12.2%
Sanpaolo Asset Management France 0.8%
Etoile Gestion France 0.7%
Invesco Asset Management Limit United Kingdom 0.7% European
Nordea Investment Funds S.A. Luxembourg 0.6% Individuals
5.1%
Natexis Asset Management France 0.5% Hapag Lloyd
Hapag Lloyd
Pioneer Investment Management Ireland 0.5% Holding France
Holding France
SAS (TUI Group)
MMA Finance France 0.5% SAS (TUI Group)
23.46%
BNP Paribas Asset Management S France 0.4% 13.5%
Groupama Asset Management France 0.4%
AN AL Y SI S

Robeco Groep N.V. Netherlands 0.4%

Generali Finances S.A. France 0.3%
Aviva Gestion d'actifs France 0.3%
Comments
HSBC Private Bank France France 0.2%
Deutsche Asset Management France France 0.2%  TUI informed the market of its intention to dispose its 67.0%
OBC Gestion France 0.1%
SCOR Gestion Financiere France 0.1%  Disposal of shares would mean losing of double voting rights
VAL U AT I O N

Euronova Asset Management Limited United Kingdom 0.1%  Hapag Lloyd Holding France seems to hold only Algeco shares
Cpr Asset Management France 0.1%
Credit Lyonnais Asset Management France 0.1%  Institutional shareholders are likely to behave rationally and
Banque Syz & Co. S.A. Switzerland 0.1% dispose
Dimensional Fund Advisors, Inc United States 0.0%
Credit Du Nord S.A. (France) France 0.0%  95% risk lies particularly with private individuals that might
Credit Mutuel Finance France 0.0% have invested above offer price, might not be aware of the
P R E LI M I N AR Y

G.P.K. Finance France 0.0%

offer and are often not aware of offer mechanics
Total for 30 Owners 79.7%

Source: Shareworld, Company information, AMF and Euronext Paris as of January 2004
¹ As of March 2003

Fould, Pereire & Associés

 Premium analysis — Selection of French Garanties de Cours
and OPAS

 Selection of 20 garanties de cours (GC) and 8 OPAS1 since 1999

 They are representative of offers done by shareholders having control of the target company prior to
offer
 18 of these transactions have been followed by a squeeze-out2

1 day 1 month 6 months

25.8% 26.6%
24.9%
23.4%
19.8% 20.3%
18.1% 18.0% 18.8%
AN AL Y SI S
VAL U AT I O N

Average Median Median if Average Median Median if Average Median Median if

deal followed deal followed deal followed
by squeeze- by squeeze- by squeeze-
out out out
P R E LI M I N AR Y

1 Offre Public d’Achat Simplifiée — Simplified Cash offer

2 Not always immediately after initial offer

Fould, Pereire & Associés

 N

Share price performance

IPO was completed on September 19, 1997 at €42.7 per share (€)

Performance 1 year 3 years 5 years Since IPO Algeco

140 Algeco 26% (9%) 33% 105% € 100
15% premium to Feb 27 price
SBF 250 32% (29%) 0% 32% 41% premium to Jan 20 price

120

100
Price at February 27, 2004 (€87.3,
23% premium to Jan 20 price)

80
AN AL Y SI S

60
Price at January
20, 2004 (€71.1)
40
VAL U AT I O N

21/01/04:
TUI announces its intention to dispose of its 67%
stake in Algeco
20
19/09/97 10/07/98 30/04/99 18/02/00 08/12/00 28/09/01 19/07/02 09/05/03 27/02/04

Source: Datastream as of February 27, 2004

P R E LI M I N AR Y

Fould, Pereire & Associés

 Algeco — historical multiples
FV/LTM adjusted EBITDA1 FV/LTM EBITA

FV/LTM EBITDA Period averages FV/LTM EBITA Period averages:

(x) To June 1999 4.7 (x) To June 1999 8.8

Jul 1999 - Jun 2000 4.4 Jul 1999 - Jun 2000 8.1
Jul 2000 -2001 5.0 Jul 2000 to 2001 9.0
8 2002 to date 4.3 14 2002 to date 8.3
Current 4.6 Current 9.1

7
12

6
LTM rolling average
LTM rolling average 10

5
Average:
Average: 8.6x
4.6x 8
AN AL Y S I S

6
3
MU L T I P L E S

2 4
22/09/97 27/10/98 02/12/99 06/01/01 11/02/02 19/03/03 23/04/04 22/09/97 27/10/98 02/12/99 06/01/01 11/02/02 19/03/03 23/04/04

Source: Company filings, Datastream, JPMorgan

HI S T O R I C AL

¹ Adjusted EBITDA = Reported EBITDA + other operating revenues and charges

Fould, Pereire & Associés36