Investor Presentaiton

Efficient Capital Deployment Drives Returns TARGET HOSPITALITY Target's efficient operating structure and unique capabilities, create a highly scalable business model, providing the foundation to meet increasing customer demand with little incremental capital High quality contracts support meaningful cash generation, coupled with minimal capital spending, results in industry leading Return on Invested Capital These attributes, along with minimal projected near-term capital spending, should continue to support strong returns and meaningful cash generation $ in millions $700 $600 $500 $400 $300 $200 $100 $0 Q1 '19 Q2 '19 Q3 '19 Q4 '19 Q1'20 Q2 '20 Q3 '20 Q4'20 Q1'21 Q2 '21 Q3 '21 Q4'21 2022 *+ ■Cumulative Capital Spending ■Cumulative Adj. EBITDA(1) (*) 2022 projected Adj. EBITDA and total capital spending outlook imply performance in-line with the preliminary full-year 2022 financial outlook as provided on March 10, 2022 (+) Information reconciling forward-looking Adjusted EBITDA to GAAP financial measures is unavailable to the Company without unreasonable effort, and therefore, no reconciliation to the most comparable GAAP measures is provided for the 2021 outlook (1) Adjusted EBITDA is a non-GAAP financial measure; see appendix for a reconciliation to GAAP measures Investor Presentation | 19

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