A rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time. This announcement is confidential and for your information only and is not intended to be distributed to or reviewed by anyone other than you. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities of Ashtead Group, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification of such securities under the securities law of any such jurisdiction. If a transaction follows, it will be made to eligible investors only by means of an offering memorandum. Any securities referenced herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption thereunder. When available, a copy of the offering memorandum and any preliminary and final term sheet relating to such transaction may be obtained by eligible investors by contacting Ashtead Group or the initial purchasers of that offering. Eligible investors are advised to obtain a copy of the offering memorandum and each such term sheet and to carefully review the information contained or incorporated by reference therein before making any investment decision.

Ashtead is a public limited company incorporated under the laws of England and Wales and its stock is publicly traded on the London Stock Exchange (LSE: AHT).  The Company is one of the largest international equipment rental companies, with a network of 1,307 stores in the United States ("US"), Canada and the United Kingdom ("UK") as of October 31, 2022. Ashtead conducts its equipment rental operations across all markets under the name "Sunbelt Rentals".

This communication is directed only to, and is only directed at, persons who (i) are outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended or superseded, the "Financial Promotion Order"), (iii) are high net worth entities or other persons falling within Article 49(2)(a) to (d) of the Financial Promotion Order, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (as amended)) in connection with the issue or sale of any Notes may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons").  This communication is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons.  Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.