Confidential

Q2 2014FINANCIAL RESULTS

28th August 2014

www.loxamgroup.com

Confidential 1

Contents

Q2 2014 Highlights

Business overview

2014 roadmap

Q2 2014 Financial results

Q&A

Confidential

Q2 2014 HIGHLIGHTS

Confidential 3

H1 2014 Adj. EBITDA (€m)

H1 2014 Revenues (€m)

H1 2014 : Good performance

% margin

28.0%

+5.3%

28.4%

377391

H1 2013 H1 2014

+3.9%

105111

H1 2013 H1 2014

Q2 2014 Adj. EBITDA (€m)

Q2 2014 Revenues (€m)

-1.7%

% margin

32.2%

-2.6%

31.9%

66 64

Q2 2013 Q2 2014

205 202

Q2 2013 Q2 2014

Confidential 4

Q2 2014 revenues down in France following municipal elections

4

3%

-3% -3%-5%

-16%

-6%

3%2%

8%

-6%

9%

-2%

1%

-4%-6%

1%

-1%

4% 3% 3%4%

-3%

-8%-7%

-12%

2%

5% 6%

15%

0%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14

Generalist France Specialist France International

Revenue Quarterly Change (Y to Y) Like-for-Like

Confidential 5

Q2 2014 EBITDA in line with revenues trend

5

6%

-3%

0%

-25%

-44%

-9%

1%

7%

21%

-5%

23%

-10%-5%

-20% -20%

0%-5%

7%

0%

3%

32%

8%

-1%

-13%

-43%

-9%-14%

-1%

26%

-9%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14

Generalist France Specialist France International

Adj. EBITDA Quarterly Change (Y to Y) Like-for-Like

Confidential

BUSINESS OVERVIEW

Confidential 7

Generalist France : Further consolidation of branc hes

Civil engineering market down

Q2 Revenues : 131m€ / Decrease of 6% vs Q2 2013

Q2 EBITDA : 43m€ / EBITDA margin : 32%, Flat vs Q2 2013

Consolidation of 12 branches during Q2

Number of employees at the end of June : 3122 (-2,5% vs Dec. 2013)

66%

Confidential 8

Specialist France : Good resilience in Q2

Resilient finishing works market

Q2 Revenues : 35m€ / Up by 3% vs Q2 2013

Q2 EBITDA : 13m€ / Up by 3% / Q2 EBITDA margin : 35%, Flat vs Q2 2013

Opening of one module branch

8

17%

Confidential 9

International: Growth thanks to Dansklift acquisition (in Dec. 2013)

Flat Q2 2014 like-for-like

Q2 Revenues : 35m€ / Up by +14% vs Q2 2013

Q2 EBITDA margin at 25%

Branch opening : 5 planned in H2 2014

9

17%

2014 Vs 2013 Like-for-like

Revenues EBITDA

Q2 2014 -0,9% -9,4%

H1 2014 +5,7% +1,1%

Confidential 10

• Acquisition of Workx in July 2014

o General plant

o 41 branches

o Fleet of 20,000+ machines

o 280 employees

• Strategic interest

o National coverage

Loxam becomes n °2 player in the Netherlands thanks to Workx acquisi tion

Key financials (In m€) (1) 2012 2013

Revenue 33.9 34.7

EBITDA 7.1 8.1

EBITDA (%) 21.0% 23.4%

Loxam generalist branches

Loxam specialist branches

(1) Source : Company filings

Workx branches

Confidential 11

Early commitment of capex

11

Gross fleet Capex H1 2014: €150m

FY 2014 capex : Around 200m€

Disposal of equipment : In line with technical retirement model34

63

86

150

0

20

40

60

80

100

120

140

160

H1 2013 H1 2014

Gross book value of disposed fleet equipment

Fleet Capex

m€

Gross Fleet Capex and Disposals (€m)

Confidential

Q2 2014 FINANCIAL RESULTS

Confidential 13

(a) Adjusted EBITDA and Adjusted EBIT exclude non-recurring costs. These adjustments amounted to €5.2 m in H1 2013, 0 in H1 2014; and 0 in Q2 2013 and Q2 2014. 13

(€m) Q2 2013 Q2 2014 Var. H1 2013 H1 2014 Var.

Revenue 205 202 -1.7% 377 391 +3.9%

Adj. EBITDA (a) 66 64 -2.6% 105 111 +5.3%

Margin 32% 32% 28% 28%

Adj. EBIT (a) 34 25 -25.3% 38 36 -6.1%

Margin 16% 12% 10% 9%

Net income 14 9 -33.3% 5 8 +57,7%

Margin 7% 5% 1% 2%

H1 2014 : Good performance, in line with expectatio ns

Confidential 14

Stability of working capital requirement

14

88

64 6067

96103

7380 80

(21)(17) (31)

(30) (42)(32) (21)

(56)(55)

-60

-40

-20

0

20

40

60

80

100

June 12 Sept. 12 Dec. 12 March 13 June 13 Sept. 13 Dec. 13 March 14 June 14

WCR relating to income tax / business operations WCR relating to fixed assets

QUARTERLY WORKING CAPITAL REQUIREMENT€

WCR relating to business and income tax

Confidential 15

Working capital requirement maintained at a low lev el

15

67

47

2937

54

71

52

25 25

8%

6%

3%

5%

7%

9%

6%

3% 3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

0

10

20

30

40

50

60

70

80

90

June 12 Sept. 12 Dec. 12 March 13 June 13 Sept. 13 Dec.13 March 14 june 14

WORKING CAPITAL REQUIREMENTS WCR in % of turnover rolling 12 months basis (right hand scale)

QUARTERLY WORKING CAPITAL REQUIREMENT

%

€m

June 12 June 13 June 14

Confidential 16

Capex in H1 drives down free cash-flow

16

(€m) Q2 2013 Q2 2014 H1 2013 H1 2014

EBITDA before capital gains on fleetdisposal

63 57 93 99

Proceeds from disposals of fixed assets 5 9 9 17

Gross capital expenditure (55) (86) (92) (157)

Financial income and expense (12) (10) (22) (20)

Change in working capital requirement (17) 1 (25) 28

Free cash flow (21) (34) (42) (39)

Dividends (5) (5) (5) (5)

Acquisitions - - - (22)

Change in net debt (26) (39) (47) (66)

Confidential 17

Leverage ratio at 3.6x at the end of June

17

501 459 475393

211 211

388366

413

391

379471

6

2

22

45

83

117

117

300

300

960

-19 -25-63 -62 -150

-210 -200

3,8x 3,5x3,0x

2,8x3,4x

3,6x 3,6x

-250

-150

-50

50

150

250

350

450

550

650

750

850

950

1050

1150

1250

2009 2010 2011 2012 2013 June 2014 Pro Forma after

refinancing

Syndicated facilities Bilaterals Finance leases

High Yield Notes Other financial debt cash and cash equivalent

Leverage Ratio (Net debt / Adj. EBITDA)

Gross debt and cash evolution€m

2020

Confidential 18

Debt maturity profile improved after July refinanci ng

18

47 72 9263

140 109

8454

20 1

15

30 30

2316

3

300

H2 2014 2015 2016 2017 2018 2019 2020

Syndicated facilities Bilaterals Finance leases HY Notes

Debt maturity profile before refinancing (in €m)

15 30 3023 16 3

300

410

250

H2 2014 2015 2016 2017 2018 2019 2020 2021 2022

Finance leases Existing Notes New senior secured notes New senior subordinated notes

Debt maturity profile after refinancing (in €m)

48 7

Confidential

2014 ROADMAP

Confidential 20

European construction markets – 2014 Forecasts for U K revised upwards

20

-1.5% -1.2%France

+1.2% +0.3%Belgium +2.7% +2.9%

Germany

-6.7% -5.0%Spain

+9.8% +9.7%Ireland

+2.4% +4.4%

UnitedKingdom

+3.6% +2.0%Switzerland

+0.4% -0.7%Netherlands

+3.3% +2.5%Denmark

Norway+3.6% +0.4%

+/-%Old 2014 forecastForecast Euroconstruct - Dec. 2013

Revised 2014 ForecastForecast Euroconstruct - June 2014

+/-%

Construction markets - Evolution between 2013 and 20 14 (In %)

Confidential 21

2014 roadmap

- Streamlining of network: 50 mergers planned in 2014- Cost review (Business Units / HQ)

- France : No recovery is expected before the end of 2015- International: Recovery forecasts maintained for 2014

Market environment

- Rejuvenation of the fleet- Disposal of assets : on-going review to sell older assets

Fleet

- Continue international expansion through: - External growth - Opening of new branches

International expansion

French Network

Confidential

Confidential

Q&A