Target Hospitality Investor Presentation — September 2022

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September 2022Investor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 its2021 Form 10-Kfiled onMarch 11,2021, firstquarter 2022 Form 10-Q

filedonMay 10,2022, andsecond quarter 2022 Form 10-QfiledonAugust 9,2022, 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 inany

forward -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 historical non-GAAP financial measures including EBITDA ,Adjusted EBITDA ,Adjusted Gross Profit andAdjusted Gross Profit margin .

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

looking non-GAAP financial measures Adjusted EBITDA, Discretionary Cash Flow andDiscretionary Cash Flow Yield .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 and Discretionary 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 willbe