Target Hospitality Investor Presentation — November 2021

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Investor Presentation

November 2021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 turnouttobewrong .Please read Target Hospitality’s annual, quarterly andcurrent reports filed withtheSecurities and

Exchange Commission under theSecurities Exchange Actof1934 ,asamended, including itsthird quarter 2021 Form 10-Qfiled onNovember 12,2021 and2020

Form 10-K/Afiled onMay 24,2021 foradditional 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 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 historical non-GAAP financial measures including EBITDA, Adjusted EBITDA ,Discretionary Cash Flow andDiscretionary Cash Flow Yield .

Reconciliations ofthese historical measures tothemost directly comparable GAAP financial measures arecontained herein. This presentation also contains forward-

looking non-GAAP financial measures including Adjusted EBITDA andDiscretionary Cash Flow.Reconciliations ofthese forward -looking measures totheir most

directly comparable GAAP financial measures areunavailable toTarget Hospitality without unreasonable effort .Wecannot provide reconciliations offorward -looking

Adjusted EBITDA orDiscretionary Cash Flow 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 with GAAP, andsuch forward -looking financial statements areunavailable touswithout

unreasonable effort .Although weprovide arange ofAdjusted EBITDA andDiscretionary Cash Flow thatwebelieve willbeachieved, wecannot accurately predict