Trading Statement

19 December 2011

Aggreko plc

PRE-CLOSE TRADING UPDATE

·; Strong fourth quarter, with underlying revenues expected to be up at least 22% year-on-year.

·; Profit before Tax and Amortisation for 2011 is expected to be around £324m.

·; Underlying trading profits for 2011 expected to be up about 25%.

·; Strong order intake in International Power Projects; we now anticipate around 1,200MW of new orders in 2011.

·; Planning to invest £320m in fleet in 2012.

Overview

Aggreko plc, the world leader in the provision of temporary power and temperature control solutions, is today issuing the following trading update for the year ending 31st December 2011. In the statement below, references to "underlying" revenues and trading profits mean revenues and trading profits adjusted, where appropriate, for currency movements, pass through fuel and major sporting events in 2010 and 2011(1).

On an underlying basis we expect that Group revenues for 2011 will be up at least 20% and trading profits by around 25%. Reported Group revenues for the year are expected to be in the region of £1.4 billion (up 13%), and profit before tax and amortisation is expected to be around £324 million (up 5%), which is slightly ahead of previous guidance.

We expect to end the year with net debt of around £400 million, an increase of some £270 million over the prior year, with the main drivers being the very high levels of fleet investment and the return of capital to shareholders of £148 million completed in July of this year. Fleet capital expenditure in 2011 is now expected to be around £395 million, which is 2.3 times fleet depreciation.

Underlying revenues in our International Power Projects business are expected to grow by about 24% in the fourth quarter, with growth for the year as a whole also expected to be around 24%. Underlying trading margins in International Power Projects have remained strong in the fourth quarter and for the full year are anticipated to be slightly ahead of 2010. We anticipate that order intake for the year will be around 1,200 MW and we expect to close out the year with at least 20% more capacity on hire than at the end of 2010.

In the Local business, the strong year-on-year growth rates seen in the third quarter have continued in the fourth quarter. We expect underlying revenues in the quarter to be around 20% higher than in 2010, and the growth rate for the year as a whole to be at a similar level. Europe and Middle East are expected to grow revenues in the quarter by about 20%, North America by a little more than 10%, and Aggreko International's Local business by around 40%. Underlying trading margins in the quarter are expected to be slightly higher than last year and in the year as a whole are expected to be similar to 2010.

Taxation

The UK Finance Act 2011 introduced legislation exempting the profits of foreign branches of UK resident companies from UK corporation tax; this is applicable to a significant portion of our International Power Projects business. The impact of this exemption will be, first, that in 2011 there will be a release to the income statement of a previously created deferred tax liability of around £28 million which will no longer crystallise. Given its size and nature, this release will be treated as an exceptional item; on a pre-exceptional basis we expect the Group full year effective tax rate for 2011 to be 28.5%, in line with previous guidance. Second, starting in 2012, there will be an on-going reduction of around three percentage points in the Group's effective tax rate. The exact amount of the reduction each year will be subject to the mix of countries where International Power Projects operates and the tax regime in those countries.

Outlook

We will start 2012 in a strong position, with at least 20% more on hire in International Power Projects than at the start of 2011, and with good momentum in the Local business. In 2012, the Local business will benefit from our contract to supply temporary power for the London Olympics, for which we have already committed significant resources. We therefore expect, absent any major change in the macro-economic environment, to deliver strong growth in the first half of 2012. We are more cautious about the second half of 2012, when any downturn in economic activity is more likely to be felt by our businesses, and comparatives will be tougher.

In terms of the rate of investment in the business, we are seeing encouraging results from our investment in our Local businesses in developing markets, and plan to continue to expand our network and reach in countries with high rates of GDP growth. In terms of fleet investment, we intend to further expand our fleet capacity and we currently plan to spend around £320 million on fleet in 2012, or 1.6 times fleet depreciation. However, as we have demonstrated in the past, we can adjust capital spending rapidly, and we will manage the rate of fleet investment through the course of the year in the light of demand.

Overall, we expect to deliver further growth in 2012, but much will depend on the economic environment. Preliminary Results will be announced on 9th March 2012.

Rupert Soames, Chief Executive, said: "We have had a very successful year in 2011 and have grown our business significantly at the same time as returning capital to shareholders. As we enter 2012, demand for temporary power remains strong and we will continue to invest in the expansion of our fleet and our global network of service centres".

ENDS

Enquiries to:

Rupert Soames / Angus Cockburn

Aggreko plc

Tel. 0141 225 5900

Neil Bennett / Tom Eckersley

Maitland

Tel: 020 7379 5151

1 "Major sporting events" comprise in 2010 the FIFA World Cup, the Vancouver Winter Olympics and the Asian Games which together accounted for around £87 million of revenue, as well as a small amount of revenue from the Asian Games and the London Olympics which arose in 2011.