Investor Presentaiton

TARGET HOSPITALITY Top Tier Financial Metrics Support Premium Valuation Achieving Best-in-Class Operating Margins Generating Significant Discretionary Cash Flow Margin Profile, Cash Flow and Diversified Customer Base Supports Multiple Expansion LTM Adjusted Gross Profit Margin (1) Current EV to Adjusted EBITDA(2)(3) 60% 50% 40% Average 28% 30% 20% 10% 1 12.0x 53% 10.0x 8.0x Average 8.4x 7.0x 6.0x 4.0x 2.0x 0% 0.0x VSEC VEC ABM DXT CVEO BV DSEY FTDR TH VEC CVEO DXT TH BV VSEC ABM FTDR DSEY Investor Presentation | 20 (1) For the twelve months ended December 31, 2021. Represents trailing twelve months gross profit adjusted for non-cash depreciation and amortization expense divided by trailing twelve months revenue. Adjusted Gross Profit Margin is a non-GAAP measure; see appendix for a reconciliation to GAAP measures. (2) Represents current EV divided by Bloomberg consensus estimates of next four quarters of Adjusted EBITDA as of April 4, 2022. For illustrative purposes only. Such outcomes are not guaranteed and are subject to certain uncertainties beyond the Company's control. The Company does not intend to update as circumstances change. (3) 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

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