#1H NYC 2018 Capital Markets Day April 19, 2018 Ast Ashtead group#2Legal Notice This presentation has been prepared to inform investors and prospective investors in the secondary markets about the Group and does not constitute an offer of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Ashtead Group plc or any of its subsidiary companies. The presentation contains forward looking statements which are necessarily subject to risks and uncertainties because they relate to future events. Our business and operations are subject to a variety of risks and uncertainties, many of which are beyond our control and, consequently, actual results may differ materially from those projected by any forward looking statements. Ashtead group Some of the factors which may adversely impact some of these forward looking statements are discussed in the Principal Risks and Uncertainties section on pages 34-37 of the Group's Annual Report and Accounts for the year ended 30 April 2017 and in the unaudited results for the third quarter ended 31 January 2018 under "Current trading and outlook" and "Principal risks and uncertainties". Both these reports may be viewed on the Group's website at www.ashtead-group.com This presentation contains supplemental non-GAAP financial and operating information which the Group believes provides valuable insight into the performance of the business. Whilst this information is considered as important, it should be viewed as supplemental to the Group's financial results prepared in accordance with International Financial Reporting Standards and not as a substitute for them. 2#3Today's Agenda ● ● ● ● ● 2021 Update Our Markets Geographic Channel Breadth - Platform Development Financial Update Q&A Ashtead group 3#4Agenda & Introductions Introductions Geoff Drabble Brendan Horgan Michael Pratt Brad Lull John Washburn Ashtead group 4#5Ashtead group 2021 Update#6Project 2021 | Physical & Financial Plan 2016 Capital Markets Day Project 2021 Rollout London, UK 354 Additional Locations By 2021 2021 plan did not detail Canada 329 U.S. locations | 25 Canadian locations | Plan inclusive of Canada now 900 locations de EA Ashtead group General Tool & Specialty Branches Greenfields & Bolt-ons Highly Focused on Clustered & Larger Markets Financial Elements 6#7Project 2021 | Location Progress 102 General Tool 2021 Plan Composition of Growth 97 Greenfield 67 Specialty 169 of 354 Progress to Plan 169 Total 72 Bolt-on 2021 2020 2019 2018 2017 2016 Time 900 Ashtead group -715 Locations 546 7#8Location Growth from May 1, 2016 Cas Growth Original Footprint ■ ■ 169 locations added Ashtead group Further advancing clusters Large market progress Broadening and deepening customer reach Notable growth in Canada 8#9Canada | Progress & Possibilities Bolster General Tool market share Plan Taking Shape Growth since May 1, 2016 13 35 Greenfields Bolt-ons Real Growth Opportunity Ahead Augment with Specialty businesses Diversify end markets Ashtead group#10Significant Progress in Largest Markets USA Canada Market Band 1 - 25 Total Locations 26 - 50 51 - 100 101 - 210 1 - 10 11 - 25 26 - 76 Location Additions 62 29 24 13 27 5 9 169 Ashtead group 71% of U.S. Locations Added in Top 50 Markets 66% of Canadian Locations Added in Top 10 Markets 10#11Cluster Market Progress Rental Markets Addressable Market Cluster Definition May 1, 2016 Today Top 25 57% >10 9 14 26-50 19% >7 10 11 USA 51-100 15% >4 3 CO 6 101-210 9% >1 10 14 1-10 64% >7 1 Expanding Our Clusters Creates Greater Opportunities Canada 11-25 22% >4 0 Ashtead group 26-76 14% >1 2 11#12Project 2021 | Financial Progress Year 2017 2018 YTD 2019 2020 2021 CAGR Total Rental Revenue Growth 2021 Plan ~10% Actual 12% 20% 16% Ashtead group 12#13Ashtead group How We View Markets Geographically#14Our View of a Market | Expansion Strategy Large Market Size Small High Greenfields # Greenfields $ Target Bolt-ons Sunbelt Market Share Greenfields H Greenfields Ashtead group $ Target Bolt-ons $ Target Bolt-ons Low 14#15Where We Invested In Our Growth Large Market Size Small High 00 Sunbelt Market Share မိန်း CO Bolt-on Greenfield Boxg Ashtead group Low 15#16New York City | Largest U.S. Rental Market ■ ■ ■ ■ PRIDE EQUIPMENT CORP. Foundation for growing cluster Step change in market share 40 years of customer relationships Broad general equipment and specialty cross-selling opportunities Hii Greenfields === Greenfields Pe Ante Wwwik Indoned Porgand Keyp $ Target Bolt-ons FE Greenfields ==== Greenfields Ashtead group Target Bolt-ons GT $ Target Bolt-ons Specialty Pride 16#17Los Angeles | 2nd Largest U.S. Rental Market ■ " ■ Ventura RENTAL CENTER OBLE IRON Arsenal Equipment Rentals Collection of bolt-ons enhance coverage in key market Strong legacy leadership & sales team Established anchor AWP location ing Greenfields Greenfields $ Target Bolt-ons CHAPE HE FE Greenfields ==== Greenfields Ashtead group Target Bolt-ons $ Target Bolt-ons GT Specialty Ventura Noble Arsenal 17#18Atlanta | 10th Largest U.S. Rental Market ■ Nickell Rental W G A Bolt-ons complimented existing coverage Strong legacy leadership and sales team Convenience and cross-selling opportunities with new customer base Greenfields Greenfields Carrollton ALT Dallas Douglasville Hogansvle Greenville Marietta Dun Smyma Mableton O East P Union City $ Target Bolt-ons Fayetteville chtree City N Zebulon Tucker Lawrenceville Redan MeDonough 401 Bufogl Bareville Logan Munda Jackson Wieder Monroe Social Cinde Monticello Olan National Forest Peda WINK Commer Jefferson Watkin Lat GT EEE Greenfields ==== Greenfields Specialty Nickell West GA Ashtead group $ Target Bolt-ons $ Target Bolt-ons 18#19St. Louis | 27th Largest U.S. Rental Market ■ ■ ■ RGR Leading independent provider Key coverage in "gateway" market Strong legacy leadership team Karvester lacobs Greenfields larkson Valley svile Greenfields Chettedeld Hine Ballwin St Charles S Maryland Heights Creve Coeur Valley Park Des Peres dgeto Town and Frontenac Country Fento $ Target Bolt-ons St A Brecken ge Hill Olivette Kirkwood Florissant Calverton Park Ladue Ferguson Cool Valley Jennings St John Normandy Overland Webster Gro Dellwood Pagedale Richmond Heights Rock HMaplewood Black Jack Spanish Lake Oland Marlborough Crestwood Sappington Lakeshine Affton University City Clayton Concord Green Park Castle Point Pine Lawn Welliton Glasgow Viage Bellefontaine Neighbors Lemay Cavery www Granite City Cahokis Madison Venice D Tillman Didenburg Poag m Pontoon Beach Alorton Centreville Famont City Washington Park Caseyville Avery H EEE Greenfields Greenfields Gien Carbon ==== Maryvi Ashtead group $ Target Bolt-ons GT $ Target Bolt-ons Specialty RGR 19#20Demonstrating Our Range of End Markets Ashtead group ****** WIFI/#21Anytown, USA Live Demo SUNBELT Hospital Facility Maintenance and Contingency Plans SUNBELT Data Center Commercial Construction and Facility Maintenance SUNBELT EAREMARK Industrial/ Manufacturing Facility Ashtead group Plant Shutdowns/Turnarounds and Capital Improvements 21#22Square Foot Under Roof | New Dimension to Consider Rental Markets Sq. Ft Under Roof Sq. Ft Under Roof (% of Total) Top 25 51B 59% 26-50 18B 20% USA 51-100 12B 14% 101-210 6B 7% Total 87B Ashtead group Not new to us Exponential growth potential for rental Sunbelt leading the charge Product line and capabilities essential 22#23■ So What Does This Mean? | Square Footage Under Roof Rental Opportunity $4 MRO p/Sq Ft 87B Sq Ft Under Roof Building Services Commercial Cleaning Electrical & Lighting ~2-3% MRO Rental Spend ■ $7-10B Addressable Market HVAC & Mechanical Property Management ■ Remediation & Restoration Rental Penetration (%) 2000 Rental Penetration Overstated Market Share Overstated 55% 2018 Sunbelt 8% Ashtead group 23#24Development of a Clustered Market | End Market Composition Early Kansas City Mid-Term Los Angeles Progression of Cluster Construction Non-Construction Mature Tampa Ashtead group 24#25Profile of Clustered Market | Maturity Makes The Difference Profile Mature Mid-Term Early Top 100 Markets Non-Construction +60% 40% 20% EBITA 41% 35% 32% ROI 29% 22% 19% ■ Platform for increased throughput Broadens end market Ashtead group Catalyst for rental penetration Better financial returns 25#26Our Thinking of Markets & Clusters Has Evolved Rental Markets 2016 Cluster Definition Today Cluster Definition Top 25 >10 >15 Addressable Markets 26-50 >7 >10 ■ ■ ■ USA 51-100 >4 >4 101-210 >1 >1 1-10 >7 >7 Canada 11-25 >4 >4 Greater location opportunity within cluster Significance of non-construction sq. ft. under roof Understanding the potential of our cluster market platform Ashtead group 26-76 >1 >1 26#27Climate Control Case Study Ashtead group#28Climate Control | Timeline 2012 Locations: 15 Strategy Takes Shape Added 7 Greenfields Expanded coverage across the U.S. 2013 Locations: 22 Market Entry April 2012 - Acquired Topp Portable Air (15 locations) 2014 Locations: 43 Opened 8 Greenfields and acquired a single location Air Systems 2015 Locations: 52 Established Western Presence Opened 7 Greenfields and added 14 Bolt-Ons from Atlas 2016 Locations: 58 Added R&R Product Line Expanded presence into Vancouver Added 4 Greenfields 2017 Locations: 62 Opened 3 Greenfields and added 3 locations from acquisition Ashtead group 2018 Locations: 65 Significant pipeline of Greenfields and Acquisitions remain 28#29Climate Control | Market Detail Locations Top 25 Top 50 Current 65 25 Markets 33 Locations 44 Markets 53 Locations O ●000 Ashtead group 29#30Climate Control | Market Detail Locations Top 25 Top 50 Current 65 25 Markets 33 Locations 44 Markets 53 Locations Opportunity 120 25 Markets 50 Locations 50 Markets 85 Locations C O Market Opportunities Today's Footprint ● Ashtead group 30#31Climate Control 200 ■ Ashtead group Significant room for growth Leverage cluster platform Small portion of business tied to construction ▪ Diversifies end markets for general tool business 31#32Flooring Solutions Case Study Ashtead group 0 SAINEE TENWANT GG-7X FL. EL 338#33Flooring Solutions | Timeline Market Entry July 2015 - Opened first location and partnership with OEM Opened 5 more locations before the close of the year 2015 Locations: 6 2016 Locations: 14 14 Total Locations Opened 8 Greenfields and entered 4 of the Top 5 Markets 25 Total Locations Added 11 Greenfields. Expanded footprint to the Western part of the country 2017 Locations: 25 2018 Locations: 26 Ashtead group Poised for Success Achieved coverage in Top 10 markets; robust greenfield pipeline 33#34Flooring Solutions | Market Detail Locations Top 25 Top 50 Current 26 19 Markets 19 Locations 26 Markets 26 Locations Ashtead group 34#35Flooring Solutions | Market Detail Locations Top 25 Top 50 Current 26 19 Markets 19 Locations 26 Markets 26 Locations Opportunity 70 25 Markets 30 Locations 50 Markets 55 Locations Market Opportunities Today's Footprint Ashtead group 35#36Flooring Solutions O BIVAL ■ ■ Ashtead group Significant room for growth Leverage cluster platform Small portion of business tied to construction Diversifies end markets for general tool business 36#37Key Enablers Platform, Technology & Systems Ashtead group Robert SUNBELT#38You Need the Platform Range of Products & Services General Tools Air Compressors & ● . ● ● Availability e Accessories Compaction & Earth Moving Climate Control Services Power & HVAC Pump Solutions Remediation & Restoration ● ● ● ● Reliability SUNBELT RENTALS Network Logistics Brick & Mortar Customers Our People Clusters ● ● ● Ease QUICK RENT L Technology to Simplify CommandCenter Accelerate MSP VDOS Enables Ashtead group Pace of Expansion Market Penetration Emergency Response Designed Solutions Serve Diverse End Markets 38#39Tools & Technology Live Demo Tea Shop Fit Out 5 at VE Town (O The YOAS AVENT Building Fes Appl OF THE AMERICAS 0 The M Museurn... FPEN AVE NEW YORK NY for the The New York Historical Society Museum 4th Floor.... 120 CENTRAL PARKY NEW YORK, NY NCASSE Mumput 44TH SE The Premier Hotel (Cellar A.... 325 44 LARST NEW YORK NYA The Rose Buiding (Jullard School(21st & 22nd Fl Alts) snarest ST esc tab caps lock West New York 1 1 n Q No Guttenberg Fore a 2 A W 10 11 AM Accelerate Z S # 3 E X @N $ 4 D R C Shapeshifted as Brandon O'Connor TIAN commandee <<- 15 Les F % 5 T V A 6 G 57 B & 7 H 2 U 8 J FREI AFTENCARIN 1 N M ( 9 K 19 O < 0 cmid SET & MUNITE P > F10 • ; opti CFT. { [ ? 1 + } J 12 424 2012 (41 Rates PC 540 Suggested (Optimal Book Select Account TORAT NUW Optimal Balanced A delete 4000W NARROW HORIZONTAL MAST LIGHT TOWER 3105 $156 $166 $140 T retur 5415 8300 $415 2245 MA $770 $/36 $770 3025 Ashtead group 39#40Tools and Technologies to Simplify commandcENTER™ Command Center & Command Center Mobile $ MSP Whe Accelerate VDOS Market Intelligence Ashtead group Creating AVAILABILITY RELIABILITY EASE . for Our Customers Digital Tools Enable Operating Efficiency Sales Productivity Customer Insights 40#41Financial Update Ashtead group SUR RENT SUNBELT#42Markets Remain Supportive Construction Non-Construction Source: US Census Bureau ■ ■ ■ ■ ■ ■ ■ Ashtead group Dodge construction starts remain strong Significant backlog remains Further opportunities from tax reform and infrastructure plans GDP growth rates 2.9% Consumer confidence highest since January 2004 Unemployment rate 4.1% Strong growth in disposable personal income 87B square footage under roof 42#43Direction of Travel | Organic Growth (£m) Total rental revenue Total revenue EBITDA EBITA At Constant Currency Growth of 7 - 10% Q3-LTM £m 3,347 3,646 1,723 1,041 Ashtead group 2021 £m 4,200 - 4,350 4,600 - 4,700 2,200 2,300 1,250 - 1,350 43#44Project 2021 | Margin Evolution as Stores Mature Store vintage Mature stores (up to FY11) Initial openings (FY12-FY16) Recent openings (FY17-FY18²) Future openings (FY19-FY21) Central and overheads As reported ¹ EBITA margins exclude central cost 2 Represents LTM to 31 January 2018 EBITA margin %¹ 2016 39 30 N/A N/A 36 (5) 31 2018² 40 36 32 N/A 38 (7) 31 ■ Ashtead group Stores continue to improve margin through time Scale of new stores creates short-term drag effect on reported margins Investment in central overheads to support growth - will leverage over time 44#45Ashtead The Key Remains The Cash & The Opportunity For Further EPS Enhancement group (£m) Based on three year organic growth Group EBITDA margin Group EBITA margin Three year capital expenditure spend Amount available for M&A and share buybacks ¹Assuming EBITDA to net debt ratio of 2.0 times Forecast Assumption 7-10% 47-48% 29-30% c. £3bn c. £3.5bn¹ 45#46Capital Allocation Policy Clear Priorities ■ ■ Organic fleet growth ■ Same-store I Greenfields Bolt-on acquisitions Returns to shareholders ■ Progressive dividend policy Share buybacks Third quarter results - January 31, 2018 Consistently Applied £859m on capital expenditure £315m on Bolt-ons £100m on spent on share buybacks under programme previously announced; minimum of £500m and up to £1bn Ashtead group 46#47How Will We Deploy Further £3.5bn 100% M&A If you assume average transactions of: 2.5 times revenue - 5.5 times EBITDA - 10 times EBITA Initially acquired: - £1.4bn revenue - £0.6bn EBITDA - £0.35bn EBITA => 8-10% per annum + Track record of significant growth post acquisition EPS Enhancement per annum through to 2021 Likely Path Capital Allocation 8 - 10% 100% Share Buybacks => 8-10% per annum Organic Growth 7 - 10% Total Ashtead group 15-20% 47#48Responsible Growth Supported by Strong Balance Sheet £m 6,000 5,000 4,000 3,000 2,000 1,000 0 £2,500m £2,000m £1,500m £1,000m £500m £m Fleet Cost Undrawn Drawn Fleet OLV 2017 2018 2019 2020 2021 £1.5bn Net Debt Jul 2023 Oct Aug 2026 Aug 2022 2024 2025 2027 ABL $500m $600m $600m 3.5 3.0 2.5 2.0 1.5 1.0 3.3 2.9 2.6 Leverage 2.2 At January 2018 constant exchange rates 2.0 2.0 1.9 1.7 Ashtead group 2010 2011 2012 2013 2014 2015 2016 2017 Debt facilities committed for average of 6 years Average cost of debt c.4% Target Range 1.6 ▪ No amortisation ▪ No financial monitoring covenants whilst availability exceeds $310m (January 2018: $1,124m) 2018 48#49Wrap Up Ashtead group George SUNBELT. RENTALS#50Conclusions ▪ We are executing well on the plan ▪ Greater opportunities than originally anticipated ▪ Cluster concentration ▪ End market expansion ▪ Canada ▪ All supported by physical and technical platform Strong Margins = Significant cash generation ■ ■ Further organic growth 15-20% EPS growth per annum through to 2021 ▪ Further bolt-ons ▪ Returns to shareholders ▪ Will maintain leverage discipline and continue to grow responsibly Ashtead group 50#51Ashtead group Q & A#52Breakout Sessions ■ ■ ■ Innovation Creating Ease for our customers Digitally empowering our sales force Leveraging real-time information in our suite of tactical and strategic tools ■ ■ Market Analytics Uncovering new opportunities within our broad range of end markets Understanding where and how our growth will occur through analytics Ashtead group Facility Maintenance ▪ 87B square feet under roof of opportunities ▪ When construction ends, facility maintenance begins 52#53Breakout Leaders a Kirby Miner Marccus Rubenstein Bill Moertel Adam Camhi Dean Moore Holly Price 2 Ryan Scutt John Murray Eric Hornyak Walter Hoehn Dustin Thompson Ray Campbell Ashtead group Kelly Unterreiner 53#54Ashtead group Thank You