#120 49 CAPITAL MARKETS DAY April 20, 2021 P185 6 16066 EVA 111. 1. SUN ANA Ashtead group SUNBELT RENTALS SUNBELT. RENTALS#2PRESENTERS BRENDAN HORGAN ANTHONY MILLER 2 ANDY WRIGHT ¤ SUMBELI O SUMBELY Capital Markets Day 2021 MICHAEL PRATT SUNBELT DOUGLAS MCLUCKIE SUNDEER JOHN WASHBURN BRAD LULL b SUNBELT CHERYL BLACK JP SAINI SUNRELT SUNBELT FRANCIS HASSIS SUNRELT KURT KENKEL ¤ SUMBELT KATY LOVERING SUNBELT SUNBELT. RENTALS#33 SUNBELT RENTALS Capital Markets Day 2021 Harrison UNBELT RENTALS SUNP REN HISTORY OF STRATEGIC PLANS & PROJECT 2021 OVERVIEW SUNBELT. RENTALS#4A DECADE OF STRATEGIC PLANNING & EXECUTION 4 Post Financial Crisis • Existing location investment unlocking latent capacity • Clear early mover benefit • Step change in rental penetration following recession • Reinvigorated greenfield program • Advanced Specialty focus APRIL 2011 Group revenue FY11 £949M Capital Markets Day 2021 Project 2021 • 5-year US growth plan • Continued expansion with focus on advancing clusters • Specialty business growth • Greenfield pace accelerated • Increased bolt-on M&A • First time we shared specific internal strategy with capital markets APRIL 2016 Group revenue FY16 £2,546M Next Strategic Plan • US, Canada & UK alignment • Focus on growth and expansion • Sustainability of business model • Advancing Environmental, Social and Governance (ESG) • Next leg of structural change; increasing rental penetration APRIL 2021 Group revenue FY21 ~£4,900M SUNBELT. RENTALS#5A LOOKBACK AT PROJECT 2021 DELIVERED A BROAD FOUNDATION TO BUILD UPON 2021 OBJECTIVES 5 1 Investment in existing locations 2 3 4 5 6 Growth through well-understood location expansion strategy Enter geographies without prior presence Establish a platform for our Specialty business lines Strategic drive to advance market clusters Diversify and broaden end-markets Capital Markets Day 2021 NORTH AMERICA SUCCESSES 29% of rental revenue growth came from locations in existence in FY16 71% of rental revenue growth driven by greenfield and bolt-ons (428 locations added during FY17-FY21) Entered 41 new Designated Market Areas (DMAs) Established a framework for our 9 Specialty business lines while more than doubling Specialty rental revenue 58% of rental revenue came from clustered markets in FY21 (vs 21% in FY16) Reduced our reliance on construction creating larger addressable market in lower penetrated, less cyclical areas. Success best demonstrated through the COVID-19 period SUNBELT. RENTALS#6GROWTH DELIVERED THROUGH A MIX OF EXISTING LOCATIONS, GREENFIELDS & BOLT-ONS NORTH AMERICA TOTAL RENTAL REVENUE FROM FY16 TO FY21¹ ($B) 6 2.9 FY16 29% Existing locations 34% Capital Markets Day 2021 Greenfields ¹All FY21 references throughout presentation defined as LTM January 31, 2021 37% Bolt-ons 5.1 FY21 NORTH AMERICA LOCATIONS April 2016² FY17-FY21 Greenfields FY17-FY21 Bolt-ons April 2021 GT 372 104 118 594 2 Net of closures subsequent to April 2016 Specialty 136 139 67 342 Total 508 243 185 936 SUNBELT. RENTALS#7GEOGRAPHIC EXPANSION INTO NEW DMAS ENTERING MARKETS WITH GREAT GROWTH POTENTIAL 8 7 of 41 New DMAs entered with locations 87 Locations opened in the 41 previously unoccupied DMAS $3.3B Addressable rental market in newly entered DMAS¹ ¹ IHS Markit (February 2021) Capital Markets Day 2021 MAP OF DMAS WITH NEW SUNBELT RENTALS PRESENCE FROM FY16-21 O OO SUNBELT. RENTALS#8WE INVESTED IN OUR SPECIALTY BUSINESS RESULTING IN A STEP CHANGE TO THE PLATFORM TOTAL NORTH AMERICA SPECIALTY RENTAL REVENUE, $M 8 606 FY16 +19% CAGR Capital Markets Day 2021 1,423 FY21 PROJECT 2021 SPECIALTY OVERVIEW 290 9 distinct Specialty business lines 342 Specialty locations in North America Rental revenue of $1.4B 111 Distinct and resourced platform SUNBELT. RENTALS#9PROVEN METHOD OF GREENFIELD EXPANSION FY17-FY21 Total 9 Capital Markets Day 2021 a North America greenfield openings 128 243 371 Average greenfield openings per year 26 49 FY21 rental revenue $638M $754M $1,392M • Understood, tried and tested process • Notable increase in pace of openings during Project 2021 • Only company deploying routine and scale to organic strategy Low risk, high reward venture Would amount to 4th largest rental company in North America SUNBELT. RENTALS#10ADVANCED OUR MARKET CLUSTERS INCREASED FROM 6 TO 31 OF THE TOP 100 US MARKETS NORTH AMERICA MARKET BY DMA 10 Rental markets Rental market % Cluster definition Clusters Capital Markets Day 2021 Top 25 57% >15 13 markets 26-50 19% >10 8 markets US 51-100 16% >4 100-210 8% >1 10 markets 13 markets Top 5 46% >10 1 markets AMPLE RUNWAY FOR GROWTH REMAINS CANADA 6-10 25% >7 1 markets 11-55 29% >1 4 markets SUNBELT. RENTALS#11BENEFITS OF CLUSTERED MARKETS ARE DEMONSTRABLE THE STRATEGY 11 Broaden customer base Larger addressable market Capital Markets Day 2021 REVENUE COMPOSITION GT 30% Clustered DMAS Specialty 70% 20% 80% Non-Clustered DMAS CLUSTER VS. NON-CLUSTER Metric / KPI Active customer count Revenue Time utilization Rate achievement EBITA margin Comparison to similar sized non-clustered markets¹ 1 Based on LTM-December 2019 (US only) 2.2x customers 15% more revenue per customer 2.2% higher 2.3% higher 4.5% higher or 160 bp improvement We call this cluster economics SUNBELT. RENTALS#1212 Capital Markets Day 2021 SO WHAT'S NEXT? SUNBELT RENTALS#1313 SUNBELT 3.0 Capital Markets Day 2021 GROWTH Ample paths to market • Highly fragmented industry • Structural tail winds Significant white space to develop ● Tout ● RESILIENCE Broad and diverse end markets ● A ● Strength of balance sheet Organizational scale and platform • Free cash flow optionality SUNBELT. RENTALS#14SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: 14 Underpinned by Cultural elements: 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 3 4 Capital Markets Day 2021 AMPLIFY SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Invest in our people Advance our clustered market approach through a proven playbook to meet demand and enable increased rental penetration in North America while optimizing our operational network in the UK Drive accelerated growth through recently realized Specialty scale, unique cross-selling capabilities, and demand in the early phases of rental penetration Make the move from industry-leading technology platform, to a leader among the broader industrial and service sector; further improving our customer value proposition and capture the benefits of scale across the Group Embracing responsible sustainability and success for our people, our customers, our communities and our investors; while unlocking structural benefits ESG will bring to rental across the Group Consistent application of our capital allocation policy to optimize capital deployment for the benefit of all stakeholders Entrepreneurialism with scale Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#15SUNBELT 3.0 - MORE THAN GROWTH AND EXPANSION PURPOSE FOR ALL OUR STAKEHOLDERS OUR PEOPLE 15 Ď SUNBE Capital Markets Day 2021 KRK OUR INVESTORS exo OUR CUSTOMERS NAXXXXXXXXXXXXXX XX Best Choce XXXXXXXXXX GREEN BE OUR COMMUNITIES WHOLF KERE SUNBELT SUMBENT RENTALS SUNBELT. RENTALS PUMP & POWER SERICES SUNBELT. RENTALS#1616 Capital Markets Day 2021 AMBITION WITH PURPOSE. SAFETY OCALITY JEAVIFORK SUNBELT 3.0 SUNBELT RENTALS#17IMPROVING OUR LOCATION NETWORK FROM A POSITION OF STRENGTH April 2021 Total: 936 17 Capital Markets Day 2021 CVT SUNBELT. RENTALS#18LOCATION GROWTH DURING 3.0 CLEARLY DEFINED April 2021 936 Sunbelt 3.0 - May 2021 - April 2024 +298 April 2024 1,234 18 Capital Markets Day 2021 April 2021 Sunbelt 3.0 - May 2021 - April 2024 SUNBELT. RENTALS#19ROGERS CENTRE TOGETHER 19 Capital Markets Day 2021 SUNBELT RENTALS 00-667-9328 8042 LS JLG GROW GENERAL TOOL & ADVANCE OUR CLUSTERS BRAD LULL SUNBELT. RENTALS#20SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: Underpinned by Cultural elements: 20 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS Capital Markets Day 2021 2 3 4 5 AMPLIFY SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Invest in our people Advance our clustered market approach through a proven playbook to meet demand and enable increased rental penetration in North America while optimizing our operational network in the UK North America Fleet investment to fuel existing location growth and share gains Greenfield openings Bolt-on M&A • Leverage cluster economics ● ● ● Entrepreneurialism with scale UK • Optimize network to drive scale and efficiency • Regionalize logistics and assets • Drive operational excellence Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#21GENERAL TOOL HAS DELIVERED STRONG GROWTH & RETURNS WHILE OUTPERFORMING THE MARKET Over the last 5 years GT has driven growth ... 63% Of North America rental revenue growth 10% CAGR from FY16 - FY21 1. 20% Return on investment ...and has outperformed¹ 5x US rental market growth 4x US construction industry growth GT remains a significant driver of performance through 3.0 Rental market growth calculated based on IHS Markit data and construction market growth based on Dodge Data & Analytics from FY16-FY21 21 Capital Markets Day 2021 BELTINTA SUMP GTH-5519 SUNBELT. RENTALS#22GT GROWTH AND PERFORMANCE IMPROVEMENTS WILL CONTINUE THROUGH EXISTING LOCATION AND GREENFIELD GROWTH Existing location focus is key... 9% rental revenue CAGR forecast during 3.0 of which: 22 55% will come from existing locations; and 45% will be generated by greenfield openings Capital Markets Day 2021 ...to achieve operational improvements Latent capacity • Recently opened locations below levels of maturity $11 ooo A $ Fleet • Investing growth capital expenditure in existing locations will fuel revenue growth through FY24 Leverage cluster economics • Order capture Broaden end markets and increase customer base • Time utilization Dollar utilization ● Rate • Rental rate improvement SUNBELT. RENTALS#23NORTH AMERICA GREENFIELDS ESSENTIAL COMPONENT OF 3.0 STRATEGY 23 Expansion strategy C 126 GT greenfield locations planned with precision Capital Markets Day 2021 Designed with experience and analytics • Sunbelt market share Proximity analysis to existing locations • Population statistics Rental market forecast Targeted at zip code level • Construction outlook ● ● ● ● Competitive positioning Square footage under roof Sequence of openings Customer analytics SUNBELT. RENTALS#24OUR ANALYTICAL PROCESS A DEEPER LOOK 24 19 S Current market share ES GO Construction starts Capital Markets Day 2021 te 888 Millions of dollars of fleet accessible per capita 881 Customer-base statistics A Millions of dollars of fleet per sq ft under roof $ Revenue generated via complementary GT and Specialty businesses SUNBELT. RENTALS#25TARGETED GEOGRAPHICAL GROWTH GREENFIELD VS. BOLT-ON CONSIDERATIONS 25 MARKET SIZE LARGE SMALL Greenfields Capital Markets Day 2021 Greenfields HIGH Bolt-ons SUNBELT MARKET SHARE Greenfields Greenfields + Bolt-ons + Bolt-ons LOW SUNBELT. RENTALS#26EFFICIENT GREENFIELD PROCESS OUR PROVEN PLAYBOOK 26 Centralized resources to support greenfield opening plan; enables field operations to focus on existing locations Learning & Development We will set a pace of 2 locations per week during 3.0 Capital Markets Day 2021 Fleet Business Development od Human Resources וייו O Technology Real Estate Marketing SUNBELT. RENTALS#27GENERAL TOOL - US CURRENT FOOTPRINT 27 WEST 240 APRIL 2021 LOCATION COUNT Capital Markets Day 2021 EAST 294 APRIL 2021 LOCATION COUNT SUNBELT. RENTALS#28OPPORTUNITY REMAINS IN THE EAST WE WILL CONTINUE TO ADVANCE OUR CLUSTERS 28 Capital Markets Day 2021 GREENFIELD LOCATIONS 294 41 APRIL 2021 335 APRIL 2024 57% Of existing location US GT rental revenue growth is expected to be in the East 29 to 41 Markets advanced to cluster status during 3.0 13% Current market share 16 Markets with current share greater than 20%; with further growth potential SUNBELT. RENTALS#29BALTIMORE | 26TH LARGEST US RENTAL MARKET ADVANCING CLUSTERED MARKETS MAKING INFORMED DECISIONS Fleet/Capita $57 Locations Market share Cluster status Rental revenue 29 FY16 9 17% Partial Capital Markets Day 2021 $60M TF Unique active accounts 33,449 FY21 14 23% Clustered $103M 3.0 16 24% Clustered ~$120M SUNBELT RENTALS LIFTLE#30BOSTON | 9TH LARGEST US RENTAL MARKET ADVANCING CLUSTERED MARKETS MAKING INFORMED DECISIONS Fleet/Capita $30 Locations Market share Cluster status Rental revenue FY16 9 6% Partial 30 Capital Markets Day 2021 $56M Unique active accounts 35,657 FY21 16 11% Clustered $107M 3.0 24 13% Clustered ~$154M Tocht! TI XEN $ SUNBELT RENTALS#31CONTINUE BUILDING OUR PRESENCE IN THE WEST STRENGTHEN NATIONAL COVERAGE 31 GREENFIELD LOCATIONS 240 59 APRIL 2021 Capital Markets Day 2021 299 APRIL 2024 59% Of US GT greenfield rental revenue growth is expected to come from the West 15 to 26 Markets advanced to cluster status by the end of 3.0 9% Current market share 50% Of addressable rental market is in this geography; ample opportunity for growth SUNBELT. RENTALS#32LOS ANGELES | 2ND LARGEST US RENTAL MARKET ADVANCING CLUSTERED MARKETS MAKING INFORMED DECISIONS Fleet/Capita $21 Locations Market share Cluster status Rental revenue FY16 13 5% Partial 32 Capital Markets Day 2021 $83M Unique active accounts 19,934 FY21 27 8% Clustered $198M 3.0 33 9% Clustered ~$260M + SUNBELT RENTALS#33GENERAL TOOL GROWTH IN CANADA DURING 3.0 BRINGING SHARE TO CURRENT US LEVEL 33 43% GT LOCATION GROWTH 60 APRIL 2021 Capital Markets Day 2021 86 APRIL 2024 26 GT greenfield openings 59% Canadian rental revenue growth from greenfield openings ~C$500M GT revenue by the end of 3.0; 22% CAGR 10% Projected market share at the end of 3.0 when combined with Canadian Specialty business lines SUNBELT. RENTALS#34411 TORONTO | LARGEST RENTAL MARKET IN CANADA ADVANCING CLUSTERED MARKETS MAKING INFORMED DECISIONS Fleet/Capita C$16 Locations Market share Cluster status Rental revenue 34 FY16 Capital Markets Day 2021 Unique active accounts 10,177 FY21 10 6% Partial C$59M 3.0 13 7% Clustered ~C$90M GALLER ****** SUNBELT RENTALS#35CONTINUING TO ADVANCE OUR CLUSTERS THROUGH 3.0 35 Rental markets Rental market % Cluster definition Clusters Top 25 Capital Markets Day 2021 57% >15 19 markets 26-50 19% >10 11 markets US AMPLE EXPANSION OPPORTUNITIES REMAIN 51-100 16% >4 19 markets 100-210 8% >1 18 markets Top 5 46% >10 2 markets 49 of the top 100 US markets clustered 4 of the top 10 Canadian markets clustered CANADA 6-10 25% >7 2 markets 11-55 29% >1 8 markets SUNBELT. RENTALS#36GROWING GENERAL TOOL THROUGHOUT 3.0 Leverage cluster economics 36 Capital Markets Day 2021 CO 126 GT greenfield locations Loc Do ↑OG Broaden customer base 990 DO 오 Larger addressable market ↑↑↑ Drive rental penetration SUNBELT. RENTALS#3737 ZIN EZETZ SGM T237-яро аион са озтяоячиг YquoЯq 33АT HI NAV Capital Markets Day 2021 Ritlas Copco QAS 150 SUNBELT RENTALS SUNBELT RENTALS AMPLIFYING SPECIALTY FRANCIS HASSIS SUNBELT. RENTALS#38SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: 38 Underpinned by Cultural elements: 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 5 Capital Markets Day 2021 SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Invest in our people Drive accelerated growth by leveraging recently realized Specialty scale, unique cross-selling capabilities, and demand in the early phases of rental penetration North America ● • Fleet investment to enable existing location growth Greenfield openings • Bolt-on M&A • Scaling less developed business lines ● • Identify and develop white space opportunities Entrepreneurialism with scale UK • Targeted fleet investment • Accelerate Specialty growth through cross-selling • Identify and develop white space opportunities Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#39OUR SPECIALTY CHARTER AND CURRENT SPECIALTY BUSINESS LINES A product and service which intuitively lends itself to a degree of rental penetration when a reliable alternative to ownership is available through rental. Sunbelt Rentals focuses on products with comparably low rental penetration in predominately non-construction facing markets 39 Capital Markets Day 2021 White space: undiscovered areas remain Scaffold Services Power & HVAC Climate Control & Air Quality Flooring Solutions Lighting, Grip & Studio Shoring Solutions Industrial Tool Ground Protection Pump Solutions SUNBELT. RENTALS#40THE PLATFORM IS MORE THAN WHAT MEETS THE EYE 40 Our people Leveraging our GT business Customer relationships Entrepreneurial spirit Capital Markets Day 2021 OCV DO OG :J. THE POWER OF SUNBELT 30 O Fo וייו I EXX D Technology Physical assets Brick & mortar Delivery and service network SUNBELT. RENTALS#41DEDICATED RESOURCES TO ADVANCE OUR SPECIALTY BUSINESS LINES 41 Capital Markets Day 2021 Regional Managers Technicians Sales Branch Managers Drivers (8 Vice President THE POWER OF SUNBELT 0-0-0 Strategic sales Subject matter experts in each business line allow our team to: • Delight our customers • Drive rental penetration Create solutions • Deliver product & application knowledge SUNBELT. RENTALS#4242 C 20 Capital Markets Day 2021 075 2050 WHERE DOES SPECIALTY GO FROM HERE? 2010 054 SUNBELT RENTALS POWER & HVAC SERVICES 146 OSA N 059 Roverge PE BOD 062 063 ERY 064 065 066 067 SUNBELT RENTALS 068#43ENTERING 3.0 WITH MOMENTUM AND FOUNDATION Track record of strong growth... NORTH AMERICA SPECIALTY RENTAL REVENUE, $M 43 $606 FY16 32% Existing locations Capital Markets Day 2021 +19% CAGR 37% Greenfields 31% Bolt-ons $1,423 FY21 >> ...to amplify from here BUSINESS LINES Specialty Power & HVAC Climate Control & Air Quality Scaffold Services Pump Solutions Flooring Solutions Lighting, Grip and Studio Industrial Tool Shoring Solutions Ground Protection Total FY21 539 233 227 98 85 69 62 58 53 $1.4bn Locations 79 880888 28 20 55 6 31 28 7 342 SUNBELT. RENTALS#44SPECIALTY MARKET SIZING, RENTAL PENETRATION & SHARE REVENUE WILL GROW BY $1B IN 3.0 WITH AMPLE OPPORTUNITY BEYOND CURRENT, PROJECTED AND ILLUSTRATIVE RENTAL BY BUSINESS LINE, $M FY21 total rental Incremental projected FY24 total rental via existing locations and greenfields Incremental illustrative Sunbelt potential total rental Power & HVAC Climate Control & Air Quality Scaffold Services Pump Solutions Flooring Solutions Shoring Solutions Industrial Tool Lighting, Grip & Studio Ground Protection H!! 0 200 600 ¹ Market size and rental penetration levels indicated herein validated by Verify Markets 2 Scaffold Services rental penetration not meaningful 44 Capital Markets Day 2021 1000 1400 1800 2200 RENTAL PENETRATION¹ Now 5% 6% nm² 25% 2% 27% 7% 35% 32% Future MARKET SHARE 45% 40% Now 15% 13% 20% 20% 15% 25% nm² 11% 25% 35% 5% 20% 20% 45% 25% 40% 4% 20% 20% 5% 10% Future 5% 6% 10% 15% 10% Current rental penetration for all of Specialty ~$2.4B Specialty revenue in FY24 $6B+ Revenue potential at more mature rental penetration levels and market share gains SUNBELT. RENTALS#45GROWTH THROUGH EXISTING LOCATIONS AND GREENFIELD OPENINGS Existing location rental revenue growth by division ~$700M In increased annual rental revenue through 3.0 from the existing 342 locations 45 Capital Markets Day 2021 • Locations established in their markets • Latent capacity present in recent openings • Ongoing rental penetration ● Cross selling & national customer coverage Greenfields will be a significant contributor 172 Greenfield locations are planned, with 102 coming from Climate Control, Flooring, and Power & HVAC 54% Of all Specialty greenfields will be located in top 25 DMAS ~$300M In expected uplift in rental revenue through greenfields During Project 2021, an average of 27 Specialty greenfield locations were opened per year, compared to an average of 57 locations per year planned for 3.0 SUNBELT. RENTALS#46BUSINESS DEVELOPMENT AND WHITE SPACE R&D PIPELINE OF FUTURE OPPORTUNITY ● ● ● 46 Broad based team with culture of identifying rental product ideas in keeping with Specialty charter Routine concept sessions Process of sizing OEM landscape Pilot programs Culture encourages ideas from all levels. of the organization; entrepreneurialism with scale Leading to adjacent product additions to existing Specialty business lines OR in some cases newly formed Specialty businesses Capital Markets Day 2021 PRODUCT INNOVATION PIPELINE Scaffold Services Power & HVAC Climate Control & Air Quality Folds into one of our established business lines Lighting, Grip & Studio Industrial Tool Flooring Solutions Pump Solutions Ground Protection Shoring Solutions 4 Pilots undertaken to assess viability White Space SUNBELT. RENTALS#47AMPLIFYING SPECIALTY THROUGHOUT 3.0 47 Increase rental penetration via reliable alternative to ownership Capital Markets Day 2021 Scale less- developed Specialty businesses ESG a structural tailwind - 990 DO Larger addressable market Leveraging the Power of Sunbelt SUNBELT. RENTALS#4848 Capital Markets Day 2021 SUNBELT RENTALS SUNBE RENTALS Ⓡ SUNBELT RENTALS UK ANDY WRIGHT SUNBELT. RENTALS#49YEAR ONE COURSE CORRECTION FOR THE FUTURE SHARED VISION, MISSION AND CORE VALUES 49 Capital Markets Day 2021 Project Unify Project Unify • Intensive review process • Collaborative approach ● Long lasting and sustainable cultural change Business turnaround ● • Course correct declining business Removal of silos ● ● Joined up approach Leverage business advantages 4 ● ● Re-invented business Re-branded • Re-focused • Re-energized Building a business to be proud of • COVID-19 response • Unique service delivery Strategy in action ● SUNBELT. RENTALS#50MAKING IT HAPPEN - SUNBELT 3.0 50 IMPROVE AND GROW GENERAL TOOL Drive improved performance • Optimize network Efficient use of assets Embed quality across the organization More from less Capital Markets Day 2021 AMPLIFY SPECIALTY Build on current momentum • Leverage customer base through improved cross selling • Optimize existing facilities White space development EASE OF DOING BUSINESS General Tool & Specialty - a unique group of complementary businesses SUNBELT. RENTALS#51SUNBELT RENTALS UK 3.0 - WE PLAN TO DELIVER 51 9 Organic growth focused Capital Markets Day 2021 0000 Enhanced and sustained margins Strong free cash flow Sustainable returns 12-14% Rol Three-year transformational plan SUNBELT. RENTALS#52LOAOL TERBAR 52 Capital Markets Day 2021 Mercedes-Benz Stadium FALA TOYOTA SUNBELT RENTALS KIGGING (KTORKI NOEL LESLEY EVENT SERVICES ✪ SUNBELT OUR END MARKETS & OUR CUSTOMERS JOHN WASHBURN SUNBELT. RENTALS#53ANYTOWN NORTH AMERICA 53 XXXXX ww Capital Markets Day 2021 Bo A 3350 ABLEK ABRAK ***** HS SE 88 St BAN ● • Broad and diverse end markets • Wide range of unique product categories ('SKUs') ● Individual products have many applications SUNBELT. RENTALS#54DIVERSE END MARKETS UTILIZING PRODUCT DIVERSITY IN APPLICATIONS • Hospitals Hotels & resorts ● • Community events • Data centers Concerts & festivals Schools & universities Facilities maintenance • Air quality Remediation services Government services ● ● Solar farms • Property management • Restaurants • Military services ● Automotive manufacturing • Municipals • Shipyards Food & beverage Disaster response ● ● • Warehousing Cold storage ● • Pipelines • Utility Power Waste management ● Amusement parks Assisted living care Mass transit systems ● • Chemical processing • LNG terminals ● ● ● Biotech • Airports Traffic controls/Safety ● ● 54 Capital Markets Day 2021 • Landscaping • Live sporting events • Zoos and wildlife venues • Farms and livestock • Forestry • Wind farms Communications • Motion picture & film • Museum, galleries, gardens • Retail Contingency power • Pharmaceutical • Pulp & paper mills • Agriculture • Water treatment ● • Textile & mills Ports Janitorial • Telecom • Golf courses • Sewer treatment • Refineries • Distribution & fulfilment • Mining • Security services • Business continuity • Cannabis industry • Power plants • Wineries • Industrial coatings • Places of worship Petroleum refining ● Non-residential Construction E SUNBELT RENTALS Maintenance, Repair & Operations D Infrastructure 00001 Greater than 50% of revenue comes from non-construction markets Sowet Response 0 VSUNBELT RENT 8042 SUNBELT RENTALS#55CROSS SELLING CUSTOMERS DESIRE A WIDE RANGE OF SOLUTIONS 55 odd Capital Markets Day 2021 72% of revenue comes from customers that rent from General Tool and one or more Specialty business lines 39% of revenue comes from customers who rent from General Tool and three or more Specialty business lines î segees $47 spent with Specialty businesses for every $100 spent by customers with General Tool INCENTIVES HELP DRIVE THE POWER OF SUNBELT designed to encourage cross selling, rewarding both order capture and order fulfilment SUNBELT. RENTALS#56M 56 Capital Markets Day 2021 SUNBELT. RENTALS THE DIFFERENCE BETWEEN ORDINARY CUSTOMER SERVICE AND OUR STANDARD FOR CUSTOMER EXPERIENCE IS MORE COMPLEX THAN ONE MAY THINK... SUNBELT. RENTALS#57ENABLING THE CUSTOMER EXPERIENCE DELIGHTING OUR CUSTOMERS People ● • Customer centric ● ● ● ● ● . ● Process Customer specific preference/ process Operational procedures Greenfield openings Acquisition integration ● Safety always culture ● 57 Experienced leadership Skilled trade professionals: Commercially licensed drivers - Certified technicians Sales force capabilities Product and application expertise Customer relationships Requisite safety and operator training Asset maintenance Optimized logistics Capital Markets Day 2021 ០០០ Physical assets Clustered markets Brick & mortar facilities Diverse rental product range Transportation vehicles ● ● ● ● Technology ● ● ● ● ● Service vehicles Historical customer transaction data . ERP Internet of Things Industry leading technology stack Leveraging intellectual capital Mobile applications Web solutions Dynamic pricing • CRM Omni-channel experience Logistics, warehousing & inventory management 30 The Perfect Rental™ ● Availability, Reliability and Ease Professional & friendly interaction • Right equipment for the application Delivered on time Easy & efficient omni-channel experience Smartly dispatched ● ● No breakdown in first 48 hours • Optimized pricing Proactive telematics notifications ● Safety for our people, our customers & our communities ● ● Sustainable process The Sunbelt Promise If it's not perfect, we make it right! CO SUNBELT. RENTALS#5858 Capital Markets Day 2021 ENHANCE TECHNOLOGY JP SAINI KATY LOVERING SUNBELT. RENTALS#59SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: Underpinned by Cultural elements: 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 AMPLIFY 3 4 59 Capital Markets Day 2021 SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Invest in our people Make the move from industry-leading technology platform, to a leader among the broader industrial and service sector; further improving our customer value proposition and capture the benefits of scale across the Group ● ● Leverage experience, culture and data Sustainable & scalable • Technology driven ecosystem • Advance omni-channel ecommerce • Improve further our customer value proposition of Availability, Reliability and Ease ● Migration towards a group-wide platform with common applications Entrepreneurialism with scale Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#6060 Capital Markets Day 2021 WHEN WE FOCUS ON POSITIVE IMPACTS TO OUR CUSTOMERS... WE CAN CONFIDENTLY EXPECT POSITIVE BUSINESS OUTCOMES TO FOLLOW. V SUNBELT. RENTALS#61ROBUST TECH STACK SUPPORTING PROPRIETARY SYSTEMS POWERING THE PERFECT RENTAL 61 HIGH LOW Leveraging our intellectual property Proprietary Sunbelt Rentals solutions VDOS Platforms twilio TWILIO thingworx MuleSoft Wwynne I Marketo Capital Markets Day 2021 Chronos Network & security SendGrid okta zscaler rAe Data & analytics denodo CROWDSTRIKE Command Center 000 SQL DataRobot paloalto MSP IBM Planning Analytics OCTOPAI :::Log Rhythm Hybrid cloud infrastructure aws Azure vmware citrix. XLR8 thycotic CISCO Meraki CIS. NUTAND Que f5 rubrik SUNBELT. RENTALS#62OUR WEALTH OF DATA POSITIONS US TO INNOVATE THE CUSTOMER EXPERIENCE 20 YEARS of customer data 30M contracts 7M customers 936M days on rent US only 62 Capital Markets Day 2021 50M invoices 1.2M assets rented $40B+ revenue SUNBELT RENTALS 4 SUNBELT. RENTALS#63OUR TECHNOLOGY FOCUS CENTERS ON CONTINUOUS IMPROVEMENT DELIVERY OVER THE COURSE OF 3.0 CUSTOMER EXPERIENCE ORDER CAPTURE AND FULFILLMENT DYNAMIC PRICING 63 Capital Markets Day 2021 DOD M • Enabling The Perfect Rental™ • Support an omni-channel experience Predictive analytics will aid customer experience ● • Creating a larger funnel ● Process optimization ● • Optimizing based on customer history • Incorporating multiple data insights SUNBELT. RENTALS#6464 000 ECU Capital Markets Day 2021 jii TELEMATICS MQ WHISPE SUNBER HARNESSING TECHNOLOGY THROUGH OPERATIONAL EXCELLENCE KATY LOVERING SUNBELT. RENTALS#65SAYING "YES" WITH INCREASED CONFIDENCE RELATIONSHIPS MATTER AND SO DOES TIME IN THIS INDUSTRY 65 OUR CHALLENGE X Hesitant promises Time inefficiency >65% of Sunbelt orders placed today are for delivery within 24 hours Capital Markets Day 2021 000 Optimizing order capture SUNBELT OUR GOAL Enable our sales force to say "YES" with confidence SUNBELT. RENTALS#66OUR SOLUTION: CHRONOS POWERING THE PERFECT RENTAL A proprietary sourcing engine Cloud-based, custom software product ● • Developed 200+ logic rules based on different variables and situations ● Created automated workflows connected to and powering our point of sales and logistics systems • Takes away uncertainty around inventory available to promise • Adding confidence to our "yes" 66 Capital Markets Day 2021 TM OC Customer Sunbelt Rentals 000 1 2 3 4 22 What is your project? What equipment do you need? Where do you need it? When do you need it? Chronos decision engine [*}} DO D SUNBELT. RENTALS#67A LOOK INTO CHRONOS LOGIC 67 DO CUSTOMER NEEDS Capital Markets Day 2021 te ALTERNATIVE INVENTORY SUGGESTIONS D TIME NEEDED WHAT? 33 79 DO0 WHERE? ORDER CAPTURED EXX EWP EWP OPERATIONAL SYSTEMS WHEN? FULFILLMENT OPTIMIZATION AVAILABLE TO PROMISE ORDER INQUIRY Pie ▪▪▪ CHRONOS makes decision based on data and routes order to optimal location SUNBELT. RENTALS#68CHRONOS IN ACTION Pilot Market Testing 2 mature cluster markets Results • 2.1% increase in utilization YoY in the pilot ● kets Outperformed our control groups in utilization by ● 1.9% ● Enhanced order capture ● • Saved our sales force and customers time • Improved cluster economics 30 locations 68 Capital Markets Day 2021 $444M in OEC 75% 10% 15% Chronos Today Operational in North America locations Available to promise inventory - book it! Requires inventory action Requires manual intervention 85% 6% 9% ● Continual improvements in ATP due to enhancements making Chronos smarter and more flexible SUNBELT. RENTALS#69CHRONOS: CONTINUOUS IMPROVEMENT IMPROVING EFFICIENCY AND EASE PROCUREMENT OPPORTUNITIES (SUPPLY CHAIN) SERVICE OPERATIONS LOGISTICS RESOURCES 69 Capital Markets Day 2021 00 OCV OC √²50 • Automated equipment and parts ordering based on real time need • Flexibility in final mile of new rental asset delivery ● • Remote fleet assistance powered by Chronos and Internet of Things ● Smart technician assignment and "just in time" workflow assistance Automated manifest generation Load optimization - 3D visualization and planning • Agile capacity and workforce planning SUNBELT. RENTALS#70CUSTOMER FOCUS, TECHNOLOGY DEVELOPED, OP-EX IMPLEMENTED TECHNOLOGY ENHANCEMENT TARGETS FOR 3.0 PERIOD 70 Capital Markets Day 2021 il! 8 Increase order capture Q Improve time utilization M Enhance dynamic pricing to drive improved rate SUNBELT. RENTALS#7171 Capital Markets Day 2021 RENTALS ENVIRONMENTAL SOCIAL & GOVERNANCE ANTHONY MILLER DOUGLAS MCLUCKIE CHERYL BLACK SUNBELT. RENTALS#72SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: 72 Underpinned by Cultural elements: 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS Capital Markets Day 2021 2 3 4 5 AMPLIFY SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Invest in our people Embracing responsible sustainability and success for our people, our customers, our communities and our investors; while unlocking structural benefits ESG will bring to rental across the Group Environmental: Reduce use of raw materials and embedded carbon through increased rental Intensity reduction target Science-based targets ● ● ● We believe rental is essential to environmental progress Entrepreneurialism with scale Social: • Safety always Focus on the success of our stakeholders our people, our customers, our communities & our investors ● • Foster an engaged & inclusive workforce Career development Governance: Strong board leadership • Culture of doing the right thing Operate with the highest ethical standards ● • Sustainable for the long term Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#73ENVIRONMENTAL BENEFITS OF RENTAL VS. OWNERSHIP 73 Supply Chain ● • World class OEMs • Responsible sourcing ● • Latest engine emission technology ● • Partners in innovation • Augment internal combustion with non- fossil fuel engines Capital Markets Day 2021 DOO Operations ● • Consistent utilization ● Maintained to OEM standards by skilled technicians • Compliant with ● environmental regulations • Optimized transportation routes Customer Use Improved efficiency •Right equipment for the job ● • Leverage telematics to optimize usage Maintenance needs No need for transportation or storage ● ● End of Rental Life ● ● ge · Life extension through refurbishing and routine maintenance Our used asset sales replace others' older, less environmentally friendly assets Reinvest in new and emerging technologies that address carbon reduction SUNBELT. RENTALS#74BENEFITS OF INCREASING RENTAL PENETRATION A CASE STUDY IN REDUCED CARBON JCB 2.5 Ton Mini Excavator Built to Sunbelt Rentals specifications Born: May 1, 2016 Birthplace: Pooler, GA Delivered to: Sunbelt Rentals Branch, Birmingham, AL Serviced and maintained by network of trained technicians Current utilization: 57% ● ● ● ● ● 74 TEG Capital Markets Day 2021 This single rental asset replaces the need for 10 owned assets saving the equivalent of 32,500kg equivalent to the annual emissions of SEVEN We have 11,000 mini excavators, saving the equivalent of the annual emissions of 77,000 of embodied CO₂ FOCUS ON CARBON REDUCTION WILL BE A CATALYST FOR INCREASED RENTAL PENETRATION passenger vehicles passenger vehicles Based on European Rental Association Life Cycle Assessment SUNBELT. RENTALS#75ENVIRONMENTAL - CARBON INTENSITY LONG-TERM COMMITMENT 75 BY 2030, REDUCE OUR CARBON INTENSITY 35% Capital Markets Day 2021 AX-92379 60 SHARET BONNEET 35 30 X SUNBELT. RENTALS#7676 SUNBELT RENTALS Capital Markets Day 2021 SUNBELT RENTALS SOLAR CHARGING STATION 16 D a Greener SOLAR SE CHARGING STATION OUR ENVIRONMENTAL ROADMAP DOUGLAS McLUCKIE SUNBELT. RENTALS#77ENVIRONMENTAL ROADMAP INITIATIVES ON THE PATH TO 35X30 NEAR TERM: 3.0 PERIOD TARGET: 15% BY 2024 1 77 Greener vehicle transition 2 Route optimization and dynamic telematics 3 Capital Markets Day 2021 Scope 3 emissions mapping 4 Assessment of science- based targets 5 Real estate and facility standards MEDIUM TERM 6 Retrofit of heating and hot water infrastructure Step change in service/sales vehicle procurement 1 8 Increase use of onsite renewable energy generation LONG TERM GOAL: 35% BY 2030 Migration to alternative energy for HGVs/tractors 9 All new vehicles use alternative energy sources 10 Completion of retrofit of heating and hot water infrastructure 11 35 30 X CONTINUOUS INNOVATION OF RENTAL FLEET TO REFLECT LATEST ENVIRONMENT STANDARDS MINIMIZING OUR CARBON FOOTPRINT SUNBELT. RENTALS#78AREAS OF ENVIRONMENTAL FOCUS TRANSPORTATION FACILITIES WE OPERATE SUPPLY CHAIN RENTAL FLEET 78 Capital Markets Day 2021 (8 • Reduce tailpipe emissions Route optimization Vehicle telematics ● Sustainable energy Waste • Water usage ● ● • Packaging Supply chain efficiencies Partners in innovation ● ● ● ● ● Highest emission standards Advancing rental penetration Partnering to introduce alternative energy solutions to our customers SUNBELT. RENTALS#79Thank Yo or Bust 79 RISK TORESEEN CRICE COVERAG Capital Markets Day 2021 4 0 OUR PEOPLE & OUR COMMUNITIES CHERYL BLACK SUNBELT. RENTALS#80SOCIAL 80 ww.sunentals.co. Ď SUNBELT SUNRELE POWER weruiSunbelt Capital Markets Day 2021 POWER SUNBELT TOGETHER, WE MAKE IT H Ď SUNBEL #MakeltHappe #SunbeltRentalsUK #MakeltHappen #PowerOfSunbelt OUR PEOPLE SUNBELT OUR SUNBELT RENTALS COMMUNITIES 11 SUNBELT RENTALS SUNBELT. RENTALS#81SUPPORTING OUR TEAM MEMBERS DURING THE PANDEMIC At the outset of COVID-19, we quickly outlined and communicated to our team members that our core focus as a business was to deliver for all our stakeholders 81 Capital Markets Day 2021 OUR PEOPLE 888 ㅇㅁㅁ O DO 100 E • No pandemic related layoffs or redundancies Created Special Paid Time Off policy: - Paid $7M+ to ~5,700 teammates for 300,000+ hours in the US and Canada - Paid a further £4M+ to ~2,300 teammates in the UK $14M appreciation bonuses paid to 12,500 US, UK and Canadian skilled trade teammates OUR COMMUNITIES 8 2 A Od • As an essential service provider, we supported our customers in an uninterrupted manner • First responder participation for testing sites, natural disaster response and vaccination sites • Continued to support our philanthropic focus SUNBELT. RENTALS#82ENGAGEMENT SURVEY 2020 RESULTS people service, fun great focused environment sunbelt team busy motivating open focused 82 oriented place innovative driven employees work family team hard open rewarding people service company culture environment rewarding family growth Supportive helpful teamwork job teamwork respectful reliable integrity a supportive job friendly challenging caring family m motivating happen caring. customer helpful respect Capital Markets Day 2021 driven employees re place fair Growth challenging busy innovative customer strong caring great sunbelt busy company culture fair safety challenging strong positive teamwork good oriented professional honest work fast 9 good safe, supportive quality committed team hard reliable UK RESULTS 80% engagement score 72% participation rate NORTH AMERICA RESULTS 89% engagement score 88% participation rate SUNBELT. RENTALS#83OUR ONGOING COMMITMENT OUR PEOPLE Commitment to Safety Continue to make the health and safety of our team members our top priority Employee engagement Enhance communication and further build trust Diversity & Inclusion Respecting collective experiences & unique perspectives D&I employee taskforce Leading Wage ● ● 83 Continually elevating pay to lead our broader industry Real Living Wage employer in the UK Capital Markets Day 2021 Brian Chis 10339 OUR COMMUNITIES Military Veterans Programs Focus on hiring veterans ● Philanthropy Emergency response Restoring communities ● O Habitat for HumanityⓇ GARY SINISE FOUNDATION. SUNBELT RENT 8042 Prince's Trust SUNBELT. RENTALS#84ESG TARGETS FOR 3.0 84 1 Continuously improving safety performance in keeping with our culture Capital Markets Day 2021 M Carbon intensity reduction of 15% by 2024 and 35% by 2030 1 Group sustainability report to be published by April 2022 including a roadmap to science-based targets >85% engagement rate across the Group SUNBELT. RENTALS#8585 Capital Markets Day 2021 HISTORY OF BOLT-ON PERFORMANCE KURT KENKEL SUNBELT. RENTALS#86OUR BOLT-ON STRATEGY A RICH HISTORY OF ACQUISITIONS April 2016 April 2021 loadbanks OF AMERICA EQUIPMENT RENT TEMPAIR HVAC RENTAL SOLUTIONS BJ'S RENTALS PRIDE EQUIPMENT CORP. 86 Capital Markets Day 2021 INTERSTATE AERIALS Wi KING EQUIPMENT ASSOCIATED Aer C We believe ourselves to be the buyer of choice CRS CONTRACTORS RENTAL SUPPLY mabey W I↑ OCU OC Businesses selected to align with our growth roadmap Leaders in their products and geography We value prospective businesses on fit, people, reputation, customer opportunities, and fleet Revenue synergy approach 40+ owners remain with Sunbelt Rentals ranging from Business Development to Senior VP SUNBELT. RENTALS#87STRONG TRACK RECORD OF BOLT-ON PERFORMANCE INTEGRAL TO 3.0 Purchase price <$100m >$100m NORTH AMERICA ACQUISITIONS SINCE 2011 # of acquisitions Combined purchase price¹ 87 96 Capital Markets Day 2021 7 ¹ Purchase price excludes acquired receivables collected on behalf of the vendor 103 1,551 1,287 Revenue from these bolt-ons generated 25% of North America TTM revenues 2,838 EBITDA multiple 5.2 6.1 5.5 5.5x Average EBITDA multiple paid 2.1x Average revenue 1.5x Average equipment cost 73 OF 103 deals were not in a process 2014 First entered Canada via bolt-on (14 of 103 deals in Canada) SUNBELT. RENTALS#88HOW THIS MATERIALIZES OVER TIME LET US TAKE A DEEPER DIVE Fiscal year 2012 2013 2014 2015 2016 2017 2018 2019 2020 # of acquisitions 88 1 5 9 16 8 11 15 21 17 103 NORTH AMERICA ACQUISITIONS SINCE 2011 Purchase price¹ ($m) Purchase price to FY21 revenue² Revenue synergies achieved over time lead to attractive returns Capital Markets Day 2021 34 58 86 342 80 469 471 755 543 2,838 1.20X RO1² 2.35X 25% excl. GW 19% incl. GW 20% excl.GW 11% incl. GW ¹ Purchase price excludes acquired receivables collected on behalf of the vendor 2 Excluding acquired locations merged subsequently with other locations Increased pace of acquisitions with growing capabilities Disciplined return standards SUNBELT. RENTALS#89AMPLE RUNWAY REMAINS FOR BOLT-ON ACTIVITY ACQUISITION LANDSCAPE TARGET LANDSCAPE, SEGMENTED BY REVENUE AND BUSINESS LINE 89 GENERAL TOOL SPECIALTY BUSINESS LINES Capital Markets Day 2021 <$50M 1,500+ 100+ $50-150M $150M+ ~25 ~25 ~7 >10 ● Cluster analysis reflects robust GT opportunity ● Specialty expansion focus (existing & white space) Estimated relevant 1,500 American Rental Association companies outside RER 100 • Average bolt-on is $10M of acquisition revenue Average Specialty business line bolt-on is $16M acquisition revenue SUNBELT. RENTALS#9090 Capital Markets Day 2021 NBELT. stadium HOW IT ALL COMES TOGETHER BRENDAN HORGAN MICHAEL PRATT SUNBELT. RENTALS#91SUNBELT 3.0 STRATEGY POWERED BY 5 ACTIONABLE COMPONENTS Actionable components: Underpinned by Cultural elements: 91 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS Capital Markets Day 2021 2 3 4 5 AMPLIFY SPECIALTY ADVANCE TECHNOLOGY LEAD WITH ESG DYNAMIC CAPITAL ALLOCATION Invest in our people Consistent application of our capital allocation policy to optimize capital deployment for the benefit of all stakeholders Allocation priorities: Organic growth investment in existing locations and Greenfields ● ● ● Bolt-on M&A Returns to shareholders: Progressive dividend policy Buy backs to maintain debt to EBITDA within target leverage range of 1.5x to 2x EBITDA (pre IFRS 16) Free cash flow from operations will fund 100% of ambitious 3.0 organic growth plans; leaving significant capacity for bolt-ons and returns to shareholders Entrepreneurialism with scale Bringing Availability, Reliability, and Ease to our customers SUNBELT. RENTALS#92ECONOMIC BACKDROP TO 3.0 92 ● ● Interest rates increase moderately over the period • Moderate inflation of 2% -3% US GDP growth ahead of long-term rate at 3%-5% ● US job market adds back all the jobs lost during the pandemic by the end of 2023 Capital Markets Day 2021 SUNBELT SHIRB ALE wwwwwwww NBELT VTALE SUNBELT 4 SUNBELT. RENTALS#93US CONSTRUCTION MARKET OUTLOOK DODGE CONSTRUCTION STARTS (INDEXED: 2000=100) 210 190 170 150 130 110 90 70 50 2005 2007 2009 Source: Dodge Data & Analytics (February 2021) CONSTRUCTION PUT-IN-PLACE 2016 Markets ($bn) 1,224 Market growth +7% Source: Dodge Data & Analytics (March 2021) RENTAL MARKET FORECAST 2016 +4% Market growth Source: IHS Markit (February 2021) 93 Capital Markets Day 2021 2011 2017 1,280 +5% 2017 +4% 2013 2018 1,333 +4% 2018 +8% 2015 2019 1,365 +2% 2019 +6% 2017 2020 1,430 +5% 2020 -12% 2019 2021 1,397 -2% 2021 +2% 2021 2022 1,459 +4% 2022 +11% 2023 2023 1,578 +8% 2023 +5% 2025 2024 1,666 +6% 2024 +3% Construction starts return to pre-COVID-19 levels in 2022 Non-residential put-in-place construction declines 10% in 2021 before returning to pre-COVID-19 levels in 2023 Forecasts do not include significant new infrastructure expenditure Rental market forecast to grow at 5% CAGR between 2021 and 2024 SUNBELT. RENTALS#94DIRECTION OF TRAVEL - ORGANIC GROWTH ASSUMPTIONS Based on three year organic rental revenue CAGR US Canada 94 UK Group US drop through Group EBITDA margin Group operating profit margin Three year capital expenditure spend Capital Markets Day 2021 ASSUMPTIONS 9 - 11% 20 - 25% 0 - 3% 9-11% mid-50s 47 - 49% 26 - 28% ~£5.5B ● US rental revenue growth of twice the rate of the rental market Canadian rental revenue growth reflects geographic expansion and Specialty growth UK growth rate reflects high base point due to COVID-19 support Drop through improves during period Strong margins Return on investment back to prior peak levels SUNBELT. RENTALS#95DIRECTION OF TRAVEL - ORGANIC GROWTH Total rental revenue Total revenue EBITDA Operating profit EPS CAGR3 Cumulative amount available for further organic growth, bolt-ons and buybacks¹ ¹ Assuming net debt to EBITDA of 1.75 times (excluding IFRS 16) 2 Assuming exchange rates of $1.37 and C$1.75 is equivalent to £1 3 Excludes any further capital allocation activities 95 Capital Markets Day 2021 LTM JAN 2021 (£M) 4,413 4,885 2,214 1,089 FY24 (EM)² 5,600 - 5,800 6,200 - 6,400 2,900 3,100 1,600 - 1,800 ~15% ~£3B SUNBELT. RENTALS#96CAPITAL ALLOCATION CONSISTENTLY APPLIED POLICY CONTINUES CLEAR PRIORITIES Organic fleet growth Same-store • Greenfields Bolt-on acquisitions Returns to shareholders Progressive dividend policy Share buybacks ● 96 Capital Markets Day 2021 >>> APPLICATION THROUGH PROJECT 2021 £6.1B on capital expenditure £1.8B on bolt-ons • £790M paid in dividends ● • £1.1B spent on share buybacks UNDERPINNED BY NET DEBT TO EBITDA LEVERAGE OF 1.5 TO 2.0 TIMES SUNBELT. RENTALS#97HOW CAN WE DEPLOY A FURTHER £3B? If you assume average transactions of: • 2.5 times revenue 5.5 times EBITDA ● 100% BOLT-ONS ● Initially acquired: £1.2B revenue • £545M EBITDA £300M EBITA ● 10 times EBITA 97 + Track record of significant growth post acquisition 4%+ EPS enhancement per annum Capital Markets Day 2021 100% SHARE BUYBACKS If you assume an average purchase price of £55 per share Buyback 55 million shares or 12% of share capital 2% to 3% EPS enhancement per annum DEPLOYMENT WILL BE A MIX OF FURTHER ORGANIC GROWTH, BOLT-ONS AND BUYBACKS CONTRIBUTING - 3 TO 4% EPS ENHANCEMENT PER ANNUM SUNBELT. RENTALS#98WE LIFT OUR LONG TERM MARKET SHARE TARGET • 20% market share in North America We have experienced no limiting factors in geographies where we remain below our current average ● ● ● Continue to outpace market in areas with share at or above 20% ESG: a catalyst for further structural change Scale very much has its advantages The economics of this business and increasing expectations from customers indicate the big will continue to get bigger 98 Capital Markets Day 2021 SUNBELT. RENTALS#99OUR PLAN IS CLEAR 1 GROW GENERAL TOOL & ADVANCE OUR CLUSTERS 2 3 ADVANCE AMPLIFY SPECIALTY TECHNOLOGY 4 LEAD 99 WITH ESG 5 DYNAMIC CAPITAL ALLOCATION Capital Markets Day 2021 We believe this is a compelling opportunity for all our stakeholders SUNBELT. RENTALS#100100 Capital Markets Day 2021 AMBITION WITH PURPOSE. SAFETY OCALITY JEAVIFORK SUNBELT 3.0 SUNBELT RENTALS#101101 Capital Markets Day 2021 Q&A US: +1 646-813-7960 UK: +44 33 0606 1122 CAN: +1 877-216-7005 Room Number: 386225 Participant Pin: 1856 SUNBELT. RENTALS