Ashtead Group Investor Day

Responsible 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

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