Update of Current Position

Ashtead Group PLC
13 March 2003


ASHTEAD GROUP PLC 

UPDATE OF CURRENT POSITION

The Board of Ashtead Group plc announced on Monday, 10 March 2003 that there had
been a failure to reconcile properly certain balance sheet accounts at the
group's US subsidiary, Sunbelt Rentals Inc. Since then the Board has been
reviewing whether this has an impact on its banking arrangements. As accounting
investigations are ongoing, the Company is unable to provide definitively the
usual representations and warranties required in connection with the rollover
today of advances under its senior bank facility. Consequently, an event of
default will subsist under that facility from later today.

In the light of the above a meeting of the bank group will be called at the end
of next week to review the position, with a view to developing a proposal to
resolve the situation. In the meantime, the Company has decided for the time
being not to make the interest payments due today under the senior bank
facility.

The Directors have continued to keep a tight rein on capital expenditure and to
keep the Group's costs under control. As a result, the Group remains strongly
cash generative producing net free cash flow (after capital expenditure and
interest charges) in the third quarter.

A further announcement will be made in due course.



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