Target Hospitality Investor Presentation — December 2019

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Investor Presentation

December 2019Disclaimer

Investor Presentation | 2Cautionary Statement Regarding Forward -Looking Statements

This presentation contains statements reflecting assumptions, expectations, projections, intentions orbeliefs about future events thatareintended as“forward -looking statements .”Youcanidentify

these statements bythefactthatthey donotrelate strictly tohistorical orcurrent facts .Management cautions thatanyorallofTarget Hospitality’s forward- looking statements may turnouttobe

wrong. Please read Target Hospitality’s annual, quarterly andcurrent reports filed withtheSecurities andExchange Commission under theSecurities Exchange Actof1934, asamended, including

Platinum Eagle Acquisition Corp. ’s2018 Form 10-Kfiled onFebruary 28,2019, Form 8-Kfiled onMarch 21,2018, andfirst, second andthird quarter 2019 Form 10-Qsforadditional information

about therisks, uncertainties andother factors affecting these forward- looking statements andTarget Hospitality generally .Target Hospitality’s actual future results may vary materially from those

expressed orimplied inanyforward- looking statements .AllofTarget Hospitality’s forward- looking statements, whether written ororal, areexpressly qualified bythese cautionary statements and

anyother cautionary statements thatmay accompany such forward- looking statements .Inaddition, Target Hospitality disclaims anyobligation toupdate anyforward- looking statements toreflect

events orcircumstances after thedate hereof .

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, andAdjusted freecash flow.Reconciliations ofthese historical measures

tothemost directly comparable GAAP financial measures arecontained herein. Totheextent required, statements disclosing thedefinitions, utility andpurposes ofthese measures aresetforth in

ourearnings press release forthethird quarter 2019, which isavailable onourwebsite freeofcharge atwww .TargetHospitality .com.

Information reconciling forward- looking Adjusted EBITDA toGAAP financial measures isunavailable toTarget Hospitality without unreasonable effort .Wecannot provide reconciliations offorward -

looking Adjusted EBITDA toGAAP financial measures because certain items required forsuch reconciliations areoutside ofourcontrol and/or cannot bereasonably predicted, such astheprovision

forincome taxes .Preparation ofsuch reconciliations would require aforward- looking balance sheet, statement ofincome andstatement ofcash flow, prepared inaccordance withGAAP, andsuch

forward- looking financial statements areunavailable touswithout unreasonable effort .Although weprovide arange ofAdjusted EBITDA thatwebelieve willbeachieved, wecannot accurately