Target Hospitality Investor Presentation — June 2019

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Investor Presentation

June 2019Disclaimer

Cautionary 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 21,2019 andfirstquarter 2019 Form 10-Qforadditional 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 or

implied inanyforward- looking statements .AllofTarget Hospitality’s forward- looking statements, whether written ororal, areexpressly qualified bythese cautionary statements andanyother

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

circumstances after thedate hereof .

Non-GAAP Financial Measures

This presentation contains non-GAAP financial measures including EBITDA, Adjusted EBITDA, Netdebt, Adjusted diluted earnings pershare, andAdjusted freecash flow.Reconciliations ofthese

measures tothemost directly comparable GAAP financial measures totheextent available without unreasonable effort arecontained herein. Totheextent required, statements disclosing the

definitions, utility andpurposes ofthese measures aresetforth inourearnings press release forthefirstquarter 2019, which isavailable onourwebsite freeofcharge, www .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