Pricing of High Yield Bond

Ashtead Group PLC
08 April 2004


                               ASHTEAD GROUP PLC

                           PRICING OF HIGH YIELD BOND


Ashtead Group plc is pleased to confirm that the High Yield Bond offering it
announced on 29 March 2004 for which Citigroup and Banc of America Securities
Limited had been appointed joint underwriters and managers, has now been priced
at a coupon of 12%, raising £120m.

The Company expects closing and funding of the offering to occur, subject to
customary conditions, on or about 16 April 2004.  As agreed with the Group's
existing senior debt providers, the net proceeds of the offering will be
principally applied to reduce the balance outstanding under the Group's existing
committed senior secured debt facilities of US$200m (£110.5m).

On closing of the transaction the Company's existing senior debt providers have
committed to extend the maturity of their remaining facilities to 30 September
2007.  The weighted average maturity of the Company's debt facilities would then
be approximately five years and the weighted average interest rate payable under
those facilities would be approximately 7%.

The notes have been offered only to qualified institutional buyers in the United
States under Rule 144A under the Securities Act of 1933, as amended (the
'Securities Act'), and certain investors outside of the United States in
reliance on Regulation S under the Securities Act.  The notes have not been
registered under the Securities Act or any state securities laws and may not be
offered or sold in the United States absent registration or an applicable
exemption from the registration requirements of the Securities Act and
applicable state securities laws.

This press release does not and will not constitute an offer to sell or the
solicitation of an offer to buy the notes.

Application will be made to the UK Listing Authority for the Bonds to be listed
in London.



Contacts:



Cob Stenham               Chairman                      )          020 7299 5562
George Burnett            Chief Executive               )          01372 362300
Ian Robson                Finance Director              )          01372 362300



David Trenchard           Tulchan Communications                   020 7353 4200




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