Ashtead Group Investor Day

Project 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

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