#1Ashtead group Powering the platform Nine month results 2 March 2021 THER TOURD YET SUNBELT. RENTALS FOR THE POLICE SUNBELL#22 LEGAL 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. Nine month results 31 January 2021 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 36-39 of the Group's Annual Report and Accounts for the year ended 30 April 2020 and in the unaudited results for the third quarter ended 31 January 2021 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.#33 HIGHLIGHTS ■ Continue to deliver for all our stakeholders: our people; our customers; our investors; and our communities ▪ A market leading performance demonstrating the benefits of the successful execution of our long-term strategy ■ Encouraging sequential momentum in general tool and ongoing growth in specialty ▪ Record nine month free cash flow of £1,059m (2020: £363m) I ▪ Reduced debt and lowered leverage¹ to 1.6 times net debt to EBITDA, towards the lower end of our target range Ashtead group 17 greenfields opened in North America ▪ We now expect full year results ahead of our previous expectations 1 Excluding the impact of IFRS 16 Nine month results 31 January 2021#44 2020/21 OUTLOOK Rental revenue ¹ Capital expenditure (gross)² ● Nine month results 31 January 2021 ● ● ● US Canada UK Group Free cash flow ² 1 Represents year-over-year rental revenue growth. Canada includes full year impact of William F. White. 2 Stated at £1 = $1.32 and £1 = C$1.73 Previous guidance¹ -4% to -7% +15% to +20% +15% to +20% -3% to -7% £650m £700m - Greater than £1.2 billion Current guidance¹ C. -4% Ashtead group +15% to +20% +15% to +20% C. -4% c. £700m c. £ 1.2 billion#55 Michael Pratt Financial review Nine month results 31 January 2021 * SUMBELY US Navy Amphibious Ship, San Diego SHIRRELT SUNBELT HT Ashtead group#66 GROUP (£m) Revenue of which rental Operating costs EBITDA Depreciation Operating profit Net interest Profit before amortisation and tax Earnings per share Margins EBITDA - Operating profit The results in the table above are the Group's underlying results and are stated before exceptional items and intangible amortisation 1 At constant exchange rates Nine month results 31 January 2021 2021 3,760 3,375 (2,010) 1,750 (832) 918 (155) 763 127.2p 47% 24% Nine months 2020 3,928 3,568 (2,017) 1,911 (797) 1,114 (167) 947 154.3p 49% 28% Ashtead group Change¹ -2% -3% 2% -6% 6% -16% -5% -18% -15%#77 US ($m) Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the US's underlying results and are stated before intangible amortisation Nine month results 31 January 2021 2021 4,034 3,703 (2,043) 1,991 (886) 1,105 49% 27% 18% Nine months 2020 4,280 3,920 (2,091) 2,189 (850) 1,339 51% 31% 23% Ashtead group Change -6% -6% -2% -9% 4% -17%#88 CANADA (C$m) Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins - EBITDA - Operating profit Legacy Nine month results 31 January 2021 277 236 (156) 121 (69) 52 44% 19% 2021 Return on investment The results in the table above are Canada's underlying results and are stated before intangible amortisation nm - not meaningful WFW 80 74 (47) 33 (21) 12 41% 14% Nine months As reported 357 310 (203) 154 (90) 64 43% 18% 9% 2020 321 273 (190) 131 (73) 58 41% 18% 12% Ashtead group Change 11% 13% 7% 17% 22% 11%#99 UK (£m) Revenue of which rental Operating costs EBITDA Depreciation Operating profit Margins EBITDA Operating profit Return on investment The results in the table above are the UK's underlying results and are stated before intangible amortisation Nine month results 31 January 2021 2021 444 341 (308) 136 (97) 39 31% 9% 6% Nine months 2020 365 316 (244) 121 (83) 38 33% 10% 7% Ashtead group Change 22% 8% 27% 12% 16% 3%#1010 CASH FLOW (£m) EBITDA before exceptional items Cash conversion ratio ¹ Cash inflow from operations² Replacement and non-rental capital expenditure Rental equipment and other disposal proceeds received Interest and tax paid Cash inflow before discretionary expenditure Growth capital expenditure Exceptional costs Free cash flow Business acquisitions Dividends paid Purchase of own shares by the Company / ESOT Decrease/(increase) in net debt Nine month results 31 January 2021 Nine months 2021 1,750 99% 1,736 (516) 225 (365) 1,080 (21) 1,059 (18) (150) (13) 878 2020 1,911 96% 1,829 (676) 173 (239) 1,087 Ashtead group LTM January 2021 2,214 106% 2,338 (698) 310 (435) 1,515 (712) (12) 363 (407) (154) (394) (592) 1,156 1 Cash inflow from operations as a percentage of EBITDA 2 Before fleet changes and exceptional items (26) 1,489 (65) (182) (86)#1111 NET DEBT AND LEVERAGE (£m) Net debt at 30 April Impact of transition to IFRS 16 Opening debt including IFRS 16 Translation impact Opening debt at closing exchange rates Change from cash flows New lease liabilities Lease liabilities acquired Borrowings acquired Deferred debt raising cost amortisation Net debt at period end Comprising: First lien senior secured bank debt Senior notes Lease obligations Cash in hand Net debt to EBITDA leverage¹ (excl. IFRS 16) (x) Net debt to EBITDA leverage¹ (incl. IFRS 16) (x) Nine month results 31 January 2021 2021 5,363 5,363 (324) 5,039 (878) 108 7 4,276 1,026 2,162 1,103 (15) 4,276 1.6 2.1 2020 3,745 883 4,628 (64) 4,564 592 190 74 15 8 5,443 2,123 2,249 1,089 (18) 5,443 1.9 2.3 3.0 2.5 2.0 1.5 2.6 2.2 Leverage (excluding impact of IFRS 16) 2.0 2.0 £m 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 1.9 1.7 Fleet cost At constant exchange rates (January 2021) 2012 2013 2014 2015 2016 2017 2018 2019 1.6 Fleet OLV 1.9 £1.7bn Net debt 1.9 Ashtead group 2020 1.6 2021 1 At January 2021 exchange rates#1212 Brendan Horgan Operational review Nine month results 31 January 2021 FREN main entry 5000 E-commerce distribution centre THE Ashtead group SUNBELT W003#1313 US CURRENT TRADING General tool Specialty ■ " Oil and gas Rental revenue Q1 -9% Total Rental only revenue presented on a billing day basis +6% -62% -8% Nine month results 31 January 2021 Q2 -7% +18% -53% -3% Q3 -4% +6% -40% -3% Nine months Q2 impacted favourably by active hurricane season -7% ▪ Encouraging sequential momentum in general tool and ongoing growth in specialty; both market leading positions +10% -51% -5% Demonstrates increased diversity of our end markets and power of cross selling between general tool and specialty Rates again remain constant through this period adding to stability across the industry Feb Mar Apr Feb Mar May Apr May Sunbelt US: fleet on rent Jun Jul Jun Aug Sep Oct Nov 2019/20 Specialty: fleet on rent 2020/21 Jul Aug Sep Oct. Nov 2019/20 2020/21 Dec Ashtead group Jan Dec Jan Feb Feb#1414 US CONSTRUCTION MARKET OUTLOOK 210 190 170 150 130 110 90 70 50 Dodge construction starts Indexed: 2000=100 2005 2007 2009 2011 Source: Dodge Data & Analytics (February 2021) 2013 2016 2015 2017 Market ($bn) 1,211 1,266 1,307 1,307 Market growth +7% +4% +3% - % Source: Dodge Data & Analytics (January 2021) 2016 +4% +4% Construction put in place 2017 2018 2019 2020 2021 2022 Rental market forecast Market growth Source: IHS Markit (February 2021) Nine month results 31 January 2021 2019 2021 2023 2017 2018 2019 2020 2021 2022 +8% +6% -12% +2% +11% 2023 1,300 1,248 1,316 1,424 -1% -4% +5% +8% 2025 2023 +5% Ashtead group ■ Construction starts / put in place forecasts largely consistent with prior guidance; 2020 supported by better than expected residential ▪ Non-residential put in place forecast to decline 7% in 2021; returning to growth in 2022 ■ Construction forecasts continue to solidify - no contemplation of significant infrastructure package in any forecast. Customers favouring OPEX vs. CAPEX continues to drive structural shift#15DISCIPLINED INDUSTRY SUPPLY MANAGEMENT Industry fleet 9% larger year-over-year 15 Mar Apr May Jun Industry time utilisation -4% year-over-year in early March Mar Source: Rouse Analytics (February 2021) Apr May Industry fleet (OEC) Jul Jun Aug 2020/21 Industry time utilisation -17% year- over-year at trough Jul Aug -2020/21 Sep Source: Rouse Analytics (February 2021) Nine month results 31 January 2021 Oct Industry time utilisation Sep Industry fleet 5% smaller year-over-year 2019/20 Nov Oct 2019/20 Dec Nov Jan Industry time utilisation approaching prior year levels Dec Jan Feb Feb ▪ Clear indication of industry discipline managing supply ■ Ashtead group Contributing to ongoing resilience in rental rates industry-wide ■ Second hand values remain healthy; with recent sales showing positive momentum ▪ Indicates improved starting point for 2021#1616 CANADA CURRENT TRADING ■ ▪ Recent activity levels affected by latest Ontario lockdown. I ■ ■ Continued market outperformance I Growth in our specialty businesses Lighting, grip and studio experiencing increase in demand Runway for growth remains strong throughout the markets Advancing the Power of Sunbelt across our Canadian footprint Canadian building permit values 2019 2020 102,864 Market (C$bn) Market growth +3% Source: Dodge Data & Analytics (December 2020) 95,955 -7% Nine month results ¦ 31 January 2021 2021 2022 2023 2024 88,297 95,971 101,022 104,267 +3% -8% +9% +5% Feb Mar Apr Fleet on rent (excluding William F. White) May Jun Jul Aug Sep Oct Nov Rental market (C$bn) Industry rental revenue Source: IHS Markit (February 2021) 2019/20 Canadian rental market forecasts 2019 2020/21 7.1 +2% 2020 2021 6.2 -12% 6.7 +7% Ashtead group Dec Jan 2022 7.1 +7% Feb 2023 7.6 +6%#1717 UK CURRENT TRADING " " I H ■ Strong revenue recovery with rental revenue at prior year levels excluding DoH activity Significant market outperformance driven by: Project Unify deliverables COVID-19 response efforts Share gains in construction rental space Important long-term customer renewals completed HS2 and UK government infrastructure activity increasing Business poised to improve market position following Project Unify and continuing investment in rental fleet Enhanced go-to-market proposition through renting the whole product range Strong free cash flow Nine month results 31 January 2021 Feb Mar Apr May Jun Fleet on rent Jul Aug 2019/20 Sep Oct Nov UK industry forecast 2018 2019 2020/21 Construction industry nil% Source: Construction Products Association (Winter 2020/21) +2% Ashtead group Dec Jan 2020 2021 -14% +14% Feb 2022 +5%#1818 INITIAL GROUP FLEET PLAN FOR 2021/22 US ($m) Canada (C$m) UK (£m) Group (£m) - rental fleet non-rental fleet rental fleet non-rental fleet - rental fleet non-rental fleet Capital plan (gross) Disposal proceeds Capital plan (net) Nine month results 31 January 2021 2020 1,452 234 1,686 116 12 128 57 17 74 1,483 (281) 1,202 2021 Nine months Actual 425 69 494 57 11 68 84 14 98 518 (209) 309 2021 Full year Revised plan¹ 525-575 95 620 - 670 70 - 75 10 80 - 85 130-140 20 150 - 160 670 - 720 (250) 420 - 470 Ashtead group 2022 Full year Initial guidance² 1,100 1,300 300 1,400 1,600 230 - 270 25 255 - 295 110-120 40 150 160 1,300 1,470 (270) 1,030 - 1,200 1 Stated at £1 = $1.32 and £1 = C$1.73 2 Stated at £1 = $1.40 and £1 = C$1.75#1919 CAPITAL ALLOCATION 1. Organic growth 2. Bolt-on acquisitions. 3. Returns to shareholders Nine month results 31 January 2021 ■ Fleet investment supporting growth opportunities and COVID-19 response ▪ Greenfield openings resumed in the first quarter with 17 in North America year-to-date ▪ 25-30 greenfields planned in North America for 2020/21 Full-year capital expenditure expected to be c. £700m Ashtead group ▪ Bolt-on activity resumed in February with a good pipeline Opportunities assessed based on strategic business rationale, timing, capital allocation priorities and leverage ▪ Interim dividend of 7.15p per share paid in February Ongoing review of share buyback programme: resumption will be based on market visibility, capital allocation priorities and leverage I#2020 SUMMARY ▪ A market leading performance delivering for all our stakeholders ■ ▪ Sunbelt UK's Project Unify progressing as planned, setting course for an improved, sustainable business. ■ Strength of the model and breadth of markets demonstrated with growth in specialty and resiliency in general tool Ashtead group Well-placed to strengthen our market positions in all geographies despite broader economic and construction market uncertainty Long runway for growth taking advantage of structural change and continuing development of our diverse end markets Strong free cash flow deployed in accordance with our capital allocation priorities and leverage towards the lower end of our target range As a result, the Board looks to the future with confidence Nine month results 31 January 2021#2121 Appendices Nine month results 31 January 2021 Ganle 101 Pine cone harvesting, Georgia#2222 DIVISIONAL PERFORMANCE - Q3 US ($m) Canada (C$m) US (£m) UK Canada (£m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US - UK Canada 2021 1,287 136 Net financing costs Profit before exceptional items, amortisation and tax - Group Nine month results 31 January 2021 955 172 79 1,206 Revenue 2020 Change¹ 1,392 120 1,067 109 71 1,247 -8% 13% -10% 57% 12% n/a -3% 2021 618 61 458 50 35 (4) 539 48% 29% 45% 45% EBITDA 2020 Change¹ 687 -10% 46 32% 526 35 27 (4) 584 49% 32% 38% 47% -13% 40% 31% -9% -8% 2021 324 31 239 19 18 (4) 272 (47) 225 (15) 210 (50) 160 25% 11% 22% 23% Profit 2020 Change¹ 392 -17% 17 79% 299 8 10 (4) 313 (56) 257 (32) 225 (57) 168 Ashtead group 28% 7% 14% 25% 1 -20% 142% 78% -9% -13% -16% -12% -54% -7% -13% -4% As reported#2323 DIVISIONAL PERFORMANCE - LTM US ($m) Canada (C$m) US (£m) UK Canada (£m) Group central costs Amortisation and exceptional items Profit before taxation Taxation Profit after taxation Margins - US - UK Canada 2021 5,244 456 Net financing costs Profit before exceptional items, amortisation and tax - Group Nine month results 31 January 2021 4,072 548 265 4,885 Revenue 5,510 2020 Change¹ -5% 12% 408 4,313 480 241 5,034 -6% 14% 10% -3% 2021 2,523 180 1,959 163 104 (12) 2,214 48% 30% 39% 45% EBITDA 2020 Change¹ 2,766 160 2,166 158 94 (16) 2,402 50% 33% 39% 48% -9% 13% -10% 3% 10% -30% -8% 2021 1,326 61 1,029 37 35 (12) 1,089 (212) 877 (63) 814 (201) 613 25% 7% 13% 22% Profit 2020 Change¹ 1,674 -21% 65 -7% 1,311 45 39 (17) 1,378 (209) 1,169 (75) 1,094 (278) 816 Ashtead group 30% 9% 16% 27% 1 -22% -18% -9% -28% -21% 1% -25% -16% -26% -28% -25% As reported#2424 US FLEET PROFILE $12bn $10bn $8bn $6bn $4bn $2bn $bn 2013 and prior 2014 Sunbelt US rental fleet 2015 Nine month results 31 January 2021 2016 2017 2018 2019 2020 Total Smooth fleet profile ■ Ashtead group ▪ Benefits of prolonged cycle and our growth strategy Strong position providing optionality through the cycle Flexibility to turn replacement into growth. Strengthens partnership with suppliers through predictability#2525 ROBUST AND FLEXIBLE DEBT STRUCTURE £4,000m £3,000m £2,000m £1,000m £m 2020 2021 2022 Drawn Debt maturity Dec 2024 Aug Aug Aug May Nov 2023 2025 2026 2027 2028 2029 ABL $600m $600m $600m $600m $600m Incremental facility (maturing April 2021) Undrawn Nine month results 31 January 2021 ■ ■ ■ Facilities committed for average of 5 years at a weighted average cost of less than 4% Fixed / floating external borrowings ratio: 68% / 32% Ashtead group ▪ No financial monitoring covenants whilst availability exceeds $460m (January 2021: $3,342m) Investment grade credit ratings#26CASH FLOW FUNDS ALL FLEET INVESTMENT (£m) EBITDA before exceptional items EBITDA margin Cash inflow from operations before fleet changes and exceptionals Cash conversion ratio Replacement capital expenditure Disposal proceeds Interest and tax Cash flow before discretionary items Growth capital expenditure Exceptional costs Free cash flow Business acquisitions Cash flow available to equity holders Dividends paid Share issues/returns 26 LTM Jan-21 2020 2019 2018 2017 2016 2015 2,214 2,376 2,107 1,733 1,504 1,178 908 45% 47% 47% 47% 47% 46% 45% 1,681 1,444 1,071 91% 96% (527) (562) 161 180 (151) (85) 927 604 2,338 106% (698) 310 (435) 1,515 (26) (716) (1,031) (706) (12) (25) 1,489 (65) 1,424 (182) (86) 1,156 2,430 2,043 102% 97% 97% (858) (642) (517) 259 192 161 (311) (194) (208) 1,520 1,399 1,117 Nine month results 31 January 2021 792 (453) 339 (608) (466) (475) (187) (164) (141) (168) (282) (314) (862) (672) 368 386 319 (421) (68) (591) (359) (223) 27 (102) (136) 841 93% (349) 103 (95) 500 (588) (68) (88) (242) (330) (116) (82) (61) (55) (12) (21) (273) (230) (412) 2014 685 42% 646 94% (335) 102 (56) 357 2013 2012 2011 381 284 34% 30% 519 38% 501 97% (329) 96 (48) 220 365 280 96% 99% (272) (203) 90 60 (57) (71) 126 (406) (254) (135) (2) (16) (3) (51) (50) (12) (103) (34) (22) (154) (84) (34) (41) (20) (15) (23) (10) (4) (218) (114) (53) 66 19 (15) 2010 255 30% 4 266 (12) 54 (35) (1) 200 104% 104% (43) (236) 31 92 (54) (64) 166 (8) 192 191 (13) 2009 2008 356 30% 364 33% 178 374 (9) 157 89 246 (13) (16) 217 356 94% (231) 93 (83) 135 Ashtead group 2007 310 35% 319 97% (245) 78 (69) 83 (63) (120) (10) (69) 5 (49) (6) (327) (1) (376) (10) (7) (24) 144 (35) (239) 2006 2005 225 35% 170 32% 215 96% (167) 50 (41) 57 (63) (20) (26) (44) (70) (2) 165 97% (101) 36 (31) 69 (10) (6) 53 1 54 69 (3) 54#2727 $3,342M OF AVAILABILITY AT 31 JANUARY 2021 Book value ■ £6,475m (April 20: £7,360m) £665m £5,453m Rental fleet and vehicles Calculation: Inventory 50% of book value Receivables 85% of net eligible receivables Fleet and vehicles - 85% of net appraised market value of eligible equipment Receivables ■Inventory Borrowing base reflects July 2020 asset values Nine month results 31 January 2021 Borrowing base £4,698 m (April 20: £5,532m) £544m £4,127m Other PPE Borrowing base covers today's net ABL outstandings 4.5x Senior debt Availability of £2,434m ($3,342m) £1,084m ($1,488m) of net ABL outstandings, including letters of credit of £38m (Apr 20- £1,956m) Ashtead group#2828 DEBT AND COVENANTS Debt Ratings Availability Fixed charge coverage covenant Nine month results 31 January 2021 Facility $4.6bn first lien revolver* $600m senior notes $600m senior notes $600m senior notes $600m senior notes $600m senior notes Corporate family Second lien ■ H Interest rate LIBOR + 125-175 bps ■ 4.125% Greater than 1.0x at January 2021 * Pro-rata draws under incremental $500m at LIBOR +225bps 5.250% 4.375% 4.000% 4.250% S&P BBB- BBB- Covenants are not measured if availability is greater than $460 million December 2023 August 2025 August 2026 August 2027 May 2028 November 2029 Moody's Baa3 Maturity Baa3 Ashtead group Fitch BBB- BBB- EBITDA less net cash capex to interest paid, tax paid, dividends paid and debt amortisation must equal or exceed 1.0x#29INCREASED FOOTPRINT AND MARKET SHARE 29 QUO April 2012 April 2012 Location growth May 2012 to April 2020 Nine month results 31 January 2021 D April 2020 100 Ashtead group 0% 10% 15% Source: IHS Markit / ARA: State of the Equipment Rental Industry, April 2020 and management estimates#3030 DIVERSE SPECIALTY MARKETS AND APPLICATIONS | POWER & HVAC H ■ ■ I ■ ■ Utility power H SONBELT Serving national protein processor Meeting USDA air quality conditions Supporting 11 facilities; desiccant dehumidification, chillers and air conditioners Nine month results 31 January 2021 Supporting major utility provider Contingency, response and replacement grid power Public safety power shut-off (PSPS') 140MW of portable power Food and beverage ■ ■ ■ W Telecom F00- National cellular network providers Prime power supply during planned and unplanned outages Ongoing tower backup and replacement power 1,770 portable generators deployed Distribution & fulfillment Major eCommerce retailer Seasonal HVAC and requisite power Serving 225 locations III Markets Hospitals Hotels & resorts Community events Data centres Concerts & festivals Schools & universities Facilities maintenance Air quality Remediation services Government services Solar farms Property management Restaurants Military services Automotive manufacturing Municipalities /// 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 Landscaping Live sporting events Shipyards Ashtead group Zoos and wildlife venues Farms and livestock Forestry Wind farms Communications Motion pictures & film Museums, galleries, gardens Retail Contingency power Pharmaceutical Pulp & paper mills Agriculture Mining Water treatment Textile & mills Ports Janitorial /// Telecom Golf courses Sewer treatment Refineries /// Distribution & fulfillment Mining Security services Business continuity Cannabis industry Power plants Wineries Industrial coatings Places of worship Petroleum refining Railway#3131 DIVERSE SPECIALTY MARKETS AND APPLICATIONS | SCAFFOLD ■ I Disaster recovery - tornado ■ Disaster response for Tier 1 automotive supplier; created temporary enclosure to maintain operations 90 truckloads of scaffold 6 months continual work Pharmaceutical Pharmaceutical manufacturing plant Provided system scaffold for capital project 30 truckloads of scaffold 85,000 labour hours safely worked Nine month results 31 January 2021 ■ ■ Shipyards Department of Defense Temporary access and stair towers Maintenance and repair of vessels 35,000 labour hours safely worked LNG terminals Erection and dismantling of system scaffold Multi-year LNG terminal project upcoming 1.5x larger than any project in our history /// Markets Hospitals Hotels & resorts Community events Data centres Concerts & festivals Schools & universities Facilities maintenance Air quality Remediation services Government services Solar farms Property management Restaurants Military services Automotive manufacturing Municipalities 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 Landscaping Live sporting events /// Shipyards Ashtead group Zoos and wildlife venues Farms and livestock Forestry Wind farms Communications Motion pictures & film Museums, galleries, gardens Retail Contingency power /// Pharmaceutical Pulp & paper mills Agriculture Mining Water treatment Textile & mills Ports Janitorial Telecom Golf courses Sewer treatment Refineries Distribution & fulfillment Mining Security services Business continuity Cannabis industry Power plants Wineries Industrial coatings Places of worship Petroleum refining Railway#3232 DIVERSE SPECIALTY MARKETS AND APPLICATIONS | FLOORING H ■ ■ I ■ Retail H Major national retailer Everyday cleaning of locations Rental as alternative to ownership allows for sustainable uptime 185 locations serviced ■ OPEX vs. CAPEX Cooperative purchasing model favours rental Delivered +1,600 assets from 170 specialty locations Nine month results 31 January 2021 Municipalities ■ ■ ■ W ■ Janitorial Large national building service contractor New definition of clean Reliable alternative to ownership -200 units averaging 308 days on rent Transportation American MENGVIA ~20K airports across North America Everyday cleaning of terminals and runways Clean and disinfecting protocols new norm Flexibility of rental to match demand /// Markets Hospitals Hotels & resorts Community events Data centres Concerts & festivals Schools & universities Facilities maintenance Air quality Remediation services Government services Solar farms Property management Restaurants Ashtead group Zoos and wildlife venues Farms and livestock Forestry Wind farms Communications Motion pictures & film Museums, galleries, gardens /// Retail Contingency power Pharmaceutical Pulp & paper mills Agriculture Military services Mining Automotive manufacturing Water treatment /// Municipalities Textile & mills Food & beverage Disaster response Ports III Janitorial Telecom Warehousing Cold storage Pipelines Golf courses Sewer treatment Utility power Waste management Amusement parks Assisted living care Mass transit systems Chemical processing LNG terminals Biotech /// Airports Traffic controls/Safety Landscaping Live sporting events Shipyards Refineries Distribution & fulfillment Mining Security services Business continuity Cannabis industry Power plants Wineries Industrial coatings Places of worship Petroleum refining Railway#3333 DIVERSE SPECIALTY MARKETS AND APPLICATIONS | CLIMATE CONTROL M ■ ■ ■ ■ T ||| Predmet PUSIAIS LARGE ■ Hospitals Serving three regional health care networks - permanent and overflow health care facilities Indoor air quality management, temporary heating and cooling 1,500 tons of cooling, 6m BTUs of heat, 500 medical grade air scrubbers Retail VISION 1 Comment Sty Pancy Inte Nine month results 31 January 2021 D National wireless retailer; 8,000 locations Portable temporary cooling solutions +100 locations serviced, early in contract ■ ■ W Schools & universities IN DEVILS Indoor air quality management Classrooms, dormitories, nurse stations Serving +100 educational institutions 1,600 portable air scrubbers Live sporting events Major league "Bubble Sports" Professional athlete training facility Large scale temporary cooling /// Markets /// Hospitals Hotels & resorts Community events Data centres Concerts & festivals /// Schools & universities Facilities maintenance Air quality Remediation services Government services Solar farms Property management Restaurants Ashtead group Zoos and wildlife venues Farms and livestock Forestry Wind farms Communications Motion pictures & film Museums, galleries, gardens /// Retail Contingency power Pharmaceutical Pulp & paper mills Agriculture Mining Military services Water treatment Ports Janitorial Telecom Automotive manufacturing Textile & mills Municipalities 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 Landscaping /// Live sporting events Shipyards Golf courses Sewer treatment Refineries Distribution & fulfillment Mining Security services Business continuity Cannabis industry Power plants Wineries Industrial coatings Places of worship Petroleum refining Railway#3434 CONTINUING OPPORTUNITY TO BUILD OUT FURTHER CLUSTERS Rental markets Rental market % Cluster definition Clusters Top 25 59% >15 13 markets Ample expansion opportunities remain Nine month results 31 January 2021 26-50 ■ ■ 18% 8 markets >10 USA 51-100 15% >4 9 markets 100-210 8% >1 14 markets Only 30 of the top 100 US markets clustered Only 2 of the top 25 Canadian markets clustered Top 10 65% >10 2 markets Canada 11-25 21% >4 0 Ashtead group 26-76 14% >1 2 markets#3535 US MARKET SHARE ■ 66% 2010 Nine month results 31 January 2021 5% 4% 3% 3% 6% 13% 47% Expect the large to get larger with the top 100 sharing 60-70% of the market 2020 14% 19% 10% 3% 7% Ashtead group United Rentals ■Sunbelt RSC Herc Rentals I Top 4-10 Top 11-100 Others#3636 IMPORTANT TO NOT LOSE SIGHT OF THROUGH THE CYCLE KEY METRICS % 20 18 16 15 14 12 10 8 9 4 2 13 14 10 2006 2007 2008 2009 5 LO Group Rol 7 12 16 19 19 19 Cost of capital 17 2010 2011 2012 2013 2014 2015 2016 2017 2018 Nine month results | 31 January 2021 18 18 15 2019 2020 % 50 45 40 35 30 25 20 15 10 5 35 35 Group EBITDA margin 38 33 30 30 34 38 42 45 46 47 47 47 47 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 d 200 180 160 140 120 100 08 60 40 20 11 10 == 9007 9 - 2007 Group underlying EPS 2008 G 15 = = 6007 12 Ο 4 17 31 47 63 85 Ashtead group 104 174 175 128 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020