Completion of Refinancing

Ashtead Group PLC
03 August 2005



                               ASHTEAD GROUP PLC

                           COMPLETION OF REFINANCING

Ashtead Group plc, the international equipment rental group serving the
construction, industrial and homeowner markets, announced a refinancing on 7
July 2005 and the Company is pleased to announce its completion today. The
refinancing included:

1. the raising of approximately £70 million before expenses through the
   Placing and Open Offer of approximately 73.4 million New Ordinary Shares at 
   95.5 pence per share; and

2. the raising of $250 million (approximately £142 million), before
   expenses, by the issue of New Senior Loan Notes, which carry an interest 
   rate of 8 5/8 % and will be repayable in full in August 2015.

Dealings in the New Ordinary Shares have now commenced. Following the Placing
and Open Offer a total of 400.2 million Ordinary Shares are in issue.

From the proceeds of the refinancing, Ashtead has now repaid the Convertible
Loan Note at a discount of approximately 11% and will redeem £42 million of the
existing Senior Loan Notes, which carry interest at a rate of 12%.

Together these transactions have:

   • further de-leveraged the balance sheet and reduce borrowing costs;
   • further extended the average debt maturity to approximately 7 years;
   • avoided the potential dilution to existing shareholders which would
     occur if the Convertible Loan Note were to convert into equity;
   • broadened the investor base; and
   • facilitated the payment of dividends in the future.

The Board believes that the stronger capital base created by the refinancing
will also provide significantly greater flexibility in developing the Group 
over the coming years.

George Burnett, Chief Executive said:

'We are particularly pleased to have received such a strong vote of confidence
from both debt and equity investors.'

'The successful conclusion of the refinancing means Ashtead is now well placed
to take full advantage of continuing strong market conditions and also to 
resume the payment of dividends. We look forward to reporting further progress 
in the coming year.'

Terms used in this Announcement shall have the same meanings as set out in the
Prospectus dated 7 July 2005.

Contacts:

Ashtead Group plc                                                 
Cob Stenham                 Non-executive chairman                020 7299 5562
George Burnett              Chief Executive Officer             ) 01372 362300
Ian Robson                  Finance Director                    )

JPMorgan Cazenove Limited                                         020 7588 2828
(Financial adviser, sponsor, joint broker and joint bookrunner)
Julian Oakley
Dermot McKechnie

Evolution Securities Limited                                      020 7071 4300
(Joint broker, joint bookrunner and joint underwriter)
Steve Roberts
Stuart Andrews
                                                            
The Maitland Consultancy
Brian Hudspith                                                    020 7379 5151
Emma Burdett




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