Q1 2015
Investor Presentation
Legal Disclaimer
This presentation contains "for ward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.
All statements contained in this presentation that do not relate to matters of historical facts should be considered forward-looking
statements, including statements regarding our expectations regarding growth of our end-markets; projected U.S. construction
growth rate and spending and projected U.S. rental industry revenue growth rate; estimated exposure to oil and gas; our business
strategy, including our plan to identify new customers, equipment demand opportunities, greenfield opportunities, and investment and
divestiture opportunities; our 2015 outlook, including without limitation, statements regarding our forecasted revenue, Adjusted
EBITDA, our expected rental rates, time utilization and net capital expenditures; and guidance regarding our 2016 target leverage
ratio. We use words such as "will," "expect," "believe," "continue," "estimate," "intend," "target" and other similar expressions to
identify some but not all forward-looking statements. Forward-looking statements involve estimates and uncertainties that could
cause actual results to differ materially from those expressed in the forward-looking statements.
The forward-looking statements contained in this presentation are based on assumptions that we have made in light of our industry
experience and our perceptions of historical trends, current conditions, expected future developments and other important factors we
believe are appropriate under the circumstances. As you read and consider this presentation, you should understand that these
statements are not guarantees of performance or results. They involve risks, uncertainties (many of which are beyond our control)
and assumptions. Although we believe that these forward-looking statements are based on reasonable assumptions, you should be
aware that many important factors could affect our actual operating and financial performance and cause our performance to differ
materially from the performance anticipated in the forward-looking statements. We believe these important factors include, but are
not limited to, the important factors described under the captions "Risk Factors" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in the Company's annual report on Form 10-K for the fiscal year ended December 31,
2014 filed with the Securities and Exchange Commission ("SEC") on March 13, 2005 and similar disclosures in subsequent reports
filed with the SEC, which could cause actual results to differ materially from those indicated by the forward-looking statements made
in this presentation. Should one or more of these risks or uncertainties materialize, or should any of these assumptions prove
incorrect, our actual operating and financial performance may vary in material respects from the performance projected in these
forward-looking statements.
Further, any forward-looking statement speaks only as of the date on which it is made, and except as required by law, we undertake
no obligation to update any forward-looking statement contained in this presentation to reflect events or circumstances after the date
on which it is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New important factors that
could cause our business not to develop as we expect emerge from time to time, and it is not possible for us to predict all of them.
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”), this
presentation contains the non-US GAAP financial measures EBITDA and Adjusted EBITDA. The reasons for the use of these
measures, a reconciliation of these measures to the most directly comparable US GAAP measures and other information relating to
these measures are included in the appendix to this presentation.
2
Graham Hood
Chief Executive Officer
Company At a Glance
Leading Regional Rental
Equipment Provider
Sunbelt Region
+14,000 (1)
Focus area
Customers served
Differentiated Emphasis on
Earthmoving Equipment
~$741 million (2)
~53% (2)
Original Equipment Cost (“OEC”)
Of OEC focused on earthmoving category
Key End-Markets
~6% (3)
Well Positioned in
Key End-Markets
Compelling
Financial Performance
Proven Management Team with
Deep Roots in Rental
Infrastructure, Non-Residential
Construction, Municipal, Oil & Gas
Residential Construction
~27% (4)
Expected weighted average CAGR of key
end-markets through 2018
~46% (4)
Adjusted EBITDA CAGR from 2011
to March 31, 2015
Adjusted EBITDA margin
>1,070 full-time employees (2)
~17 years
Located in 64 branches and the Company
headquarters
Average tenure Regional VP’s have with
Neff Rental
Notes:
(1) Company data for the last tw elve months ending March 31, 2015
(2) As of March 31, 2015
(3) Includes infrastructure, non-residential construction, oil and gas, municipal and residential construction end-markets
(4) For a reconciliation of net income to Adjusted EBITDA, see page 16
4
Business Strategy
Focus on Premium
Customer Service
Emphasis on Active
Asset Management
Focus on
Growing Markets
Capitalize on
Operating Leverage
Ability to Generate
Free Cash Flow

Continue to deliver best-in-class service and support to our long-standing customer base

Remain focused on our technical edge with respect to earthmoving equipment

Rigorous use of CRM and national account program to further penetrate our current customer base and
identify new customer opportunities

Utilize real time data to improve rental rates and identify equipment demand opportunities

Maintain rigorous repair and maintenance program to increase time utilization and equipment longevity

Disciplined fleet
fleet investment
investment and
anddivestiture
divestiturestrategy
strategydriven
drivenbyby
ROIbenchmarks
benchmarksand
andreal
realtime
timemarket
market
ROIC
demand
dynamicsdynamics

Remain committed to our focused position in the Sunbelt region of the United States

Continue to exploit
exploit and
and develop
develop opportunities
opportunitiesininthe
theinfrastructure,
infrastructure,non-residential
non-residentialconstruction,
construction, oil and
gas,
municipal
and residential
residential
construction,
and oilconstruction
and gas endend-markets
markets

Take advantage of our current branch network and clustering strategy to add incremental fleet to our
current footprint

Identify and evaluate one to three greenfield opportunities that meet our stringent return criteria and fit
well within our current branch network. Announced opening of new Baltimore branch in January 2015.




Maintain operational flexibility to generate significant cash flow through various business cycles
Maintain operational flexibility to generate significant cash flow through all types of business cycles
Rely on our disciplined growth strategy and fleet investment criteria to make capital investment
Rely on disciplined growth strategy to make feet investments that meet our stringent return criteria
decisions


Divest fleet when deemed appropriate and when secondary equipment market demand is robust
5
U.S. Equipment Rental Market Overview
Why Our Customers Choose to Rent vs. Own

Control expenses and conserve capital

Access to the right equipment for the job
ABI in Perspective
(1)
70
Expansion
24/7 Customer care

Eliminate the need for long-term maintenance

Minimize need for storage and transportation

Technical expertise and advice is available
Expansion
50
Contraction

Expansion
60
40
Pent-up Demand
30
Mar-97
U.S. Construction Spending vs. U.S. Rental Industry Revenues
Mar-00
Mar-03
Mar-06
Mar-09
Mar-12
(2)(3)
U.S. Rental Industry Revenues
$Bn
Total U.S. Construction Spending
$Bn
$1,500
$90
1,264
$1,250
1,104
$500
1,167 1,152
632
689
745
803
840
848
1,119
1,068
991
$1,000
$750
Mar-15
903
891
806
31
28
26
25
25
24
22
18
17
1997A
1999A
2001A
2003A
2005A
35
37
788
36
28
27
29
861
31
911
33
973
36
1,350
1,193
$70
1,046
$50
38
41
45
48
51
$30
$10
2007A
2009A
Total U.S. Construction Spending
2011A
2013A
U.S. Rental Industry Revenues
Notes:
(1)
Architectural Billings Index (“ABI”) data as of March 2015
(2)
1997–2019 FMI Construction Outlook as of Q1 2015
(3)
1997–2019 Total U.S. Rental Market Revenue data from IHS Global Insights report as of May 2015
6
2015E
2017E
2019E
Diversified Footprint and End-Markets
Neff Regions and Expected Rental Revenue Growth Rates
(1)
Rental Revenues by End-Market
Other
17%
14%
(2)
Infrastructure
27%
Municipal
10%
6%
10%
6%
8%
8%
5%
10%
4%
Residential
11%
8%
7%
9%
8%
Non-Residential
Construction
23%
12%
Oil & Gas
12%
Sunbelt Region Overview

Key attributes of the Sunbelt region include:
 Favorable climate conditions limit seasonality and facilitate year-round construction activity
 Historically, higher than average equipment rental revenue growth rates when compared to other states outside of the Sunbelt
region (3)
 Branch proximity within the region allows Neff to deploy equipment seamlessly across different areas to drive rate and ROI
Notes:
(1)
Forecasted 2015 Grow th rate data from IHS Global Insights report as of May 2015
(2)
Company data for Q1 2015
(3)
1997–2014 Total U.S. Rental Market Revenue data by state, from IHS Global Insights report as of May 2015
7
The Impact of Oil and Gas
Rental Revenue
Time Utilization
($MM)
($MM)
$100.0
74.0%
72.4%
+7.3%
$75.0
$69.1
$74.1
+7.6%
70.0%
$59.0
$63.4
$50.0
68.3%
67.6%
65.2%
66.0%
63.7%
63.4%
+5.5%
$25.0
62.0%
$10.1
$-
Total
Neff Excl. O&G
$10.7
Oil & Gas
58.0%
(1)
Q1 2014
Total Neff
Neff Excl. O&G
Oil & Gas (1)
Q1 2015
Oil & Gas Highlights

Direct Oil & Gas revenues are approximately 67% of revenues in our Oil & Gas branches

Weather impact on time utilization was bigger than Oil and Gas impact. Oil & Gas branches had bigger drop due to relative
strength in 2014.

Rental revenue increased by 5.5% in Q1 2015; Oil & Gas revenues still up in Q1 due to impact from growth during 2014

Approximately $14 million of rental fleet came off rent on Oil & Gas stores in Q1 with $7 million transferred and $3 million sold

No indication of the contagion to any non-Oil & Gas branches in Texas; market is absorbing transferred fleet and maintaining high
levels of utilization.
Notes:
(1)
Total rental revenues from Oil and gas locations
8
Fleet Overview
Neff’s Fleet in Focus as of March 31, 2015

OEC of ~$741 million

Neff has invested over $600 million in its fleet since 2011 (1)

Average age of Neff’s fleet has been reduced from ~55
months in 2011 to ~44 months as of March 31, 2015
Fleet Breakdown (% of OEC) as of March 31, 2015
Concrete /
Compaction,
5.7%
Trucks, 5.2%
Aerial, 13.2%
 Average age of Earthmoving fleet: ~34 months

Other, 5.5%
Earthmoving,
53.2%
Fleet includes ~13,900 units of equipment, of which over
5,200 are earthmoving related
Material
Handling,
17.2%
Why Earthmoving?

Utilized at the initial stages of the construction process, and throughout the duration of most construction projects

Large and active end-markets (e.g., infrastructure, non-residential, residential, and oil & gas) and these customer bases require
significant earthmoving assets

Customers value and want specialized earthmoving expertise – every project is different and requires the right combination of
equipment, implements, and advice

Earthmoving penetration is relatively low at ~51%. With aerial and material handling at ~95% and ~85% rental penetration,
respectively, we believe the future growth in industry penetration will likely come from the earthmoving category

Earthmoving equipment retains a strong resale value and has a highly liquid secondary market
Note:
(1) Defined as rental fleet purchases from January 2011 to March 2015
9
Mark Irion
Chief Financial Officer
Q1 2015 Results
3-Months Ended March 31, 2015 – Year over Year Analysis
3-Months Ended
March 31, 2014
3-Months Ended
March 31, 2015
%∆
$77.7
$84.1
+8.2%
$69.1
$74.1
+7.3%
$34.8
$39.0
+12.2%
44.7%
46.4%
+170 bps
$33.4
$42.5
+27.2%
3-Months Ended
March 31, 2014
3-Months Ended
March 31, 2015
%∆
Average OEC
$630.3
$722.2
+14.6%
Time Utilization
68.3%
63.7%
(460 bps)
Weighted Average Rental Rate Growth
7.2%
3.8%
(340 bps)
45
44
1 month younger
Key Financial Metrics
($ in m illions)
Total Revenues
Rental Revenues
Adjusted EBITDA
(1)
Adjusted EBITDA Margin (1)
Net Capital Expenditures
Select Operating Metrics
($ in m illions)
Fleet Age (in months)
Note:
(1) For a reconciliation of net income to Adjusted EBITDA, see page 16
11
Debt and Liquidity Considerations
Summary Overview

Total debt of $733.0MM as of March 31, 2015



Current Debt Profile
$733.0
Debt net of $2.2MM OID is $730.8MM
Total leverage of 3.8x based on TTM Q1 2015 Adjusted
EBITDA of $190.4MM

ABL leverage: 1.3x

Second lien leverage: 2.5x
479.0
Second Lien Term Loan @
L + 625 bps (1% LIBOR Floor)
254.0
ABL @ L + 250 bps
Availability of $167.2MM on the ABL at March 31, 2015
Debt Maturity Profile
$425.0
$479.0
2nd Lien
Term Loan
ABL
2015
12
2016
2017
2018
2019
2020
2021
Key Financial Metrics
Revenues
Adj. EBITDA
($MM)
($MM)
(1)
$225.0
$400.0
$300.0
$200.0
$100.0
$0.0
244.8
10.5
36.9
197.4
291.0
11.5
44.8
234.6
327.2
12.7
33.5
378.3
13.3
35.9
372.0
13.4
34.5
$90.0
329.1
324.1
190.4
2014
TTM Q1 2015
150.8
$135.0
281.0
186.1
$180.0
119.9
86.7
$45.0
2011
2012
Rental Revenues
Adj. EBITDA Margin
2013
Equipment Sales
2014
$0.0
TTM Q1 2015
2011
2012
2013
Parts & Service
(1)
Net Capital Expenditures
($MM)
(%)
$150.0
60.0
136.8
50.0
50.0
125.9
50.3
$125.0
46.1
122.8
127.7
41.2
40.0
$100.0
35.4
81.3
$75.0
30.0
20.0
$50.0
2011
2012
2013
2014
Note:
(1) For a reconciliation of net income to Adjusted EBITDA, see page 16
TTM Q1 2015
13
2011
2012
2013
2014
TTM Q1 2015
2015 Full Year Guidance
Current Guidance
Previous Guidance

Total revenue range: $390MM to $400MM

Total revenue range: $390MM to $410MM

Adjusted EBITDA: $200MM to $205MM

Adjusted EBITDA: $200MM to $210MM

Y-o-Y Rental rate increase: ~4.5%

Y-o-Y Rental rate increase: ~4.5%

Time utilization: ~66%

Time utilization: ~69%

Net capital expenditures: $125MM to $135MM

Net capital expenditures: $125MM to $135MM

Target leverage by end of 2016: 2.5x to 3.5x

Target leverage by end of 2016: 2.5x to 3.5x
14
Appendix
Reconciliation of Net Income to Adjusted EBITDA
EBITDA represents net income plus interest expense, provision for taxes, depreciation of rental equipment, other depreciation and amortization and
amortization of debt issue costs. Adjusted EBITDA represents EBITDA further adjusted to give effect to non-cash and other items that we do not
consider to be indicative of future performance. Adjusted EBITDA is not a measure of performance in accordance with US GAAP and should not be
considered as an alternative to net income or operating cash flows determined in accordance with US GAAP. Additionally, Adjusted EBITDA is not
intended to be a measure of cash flow for management's discretionary use, as it excludes certain cash requirements such as interest payments, tax
payments and debt service requirements. Management believes that EBITDA and Adjusted EBITDA in this presentation is appropriate because
securities analysts, investors and other interested parties use these non-US GAAP financial measures as important measures of assessing our
operating performance across periods on a consistent basis. Adjusted EBITDA has limitations as an analytical tool and should not be considered in
isolation or as a substitute for analysis of our results as reported under US GAAP. The table below provides a reconciliation between net income and
EBITDA and Adjusted EBITDA.
Reconciliation of Net (loss) income
Three Months Ended
to Adjusted EBITDA
March 31,
Year Ended December 31,
$ 000’s
2011
Net (loss) income
$
Interest expense
2012
(36,783) $
16,524
Provision for income taxes
17,508
2013
$
23,221
40,493
2014
$
24,598
15,808
2014
$
40,481
5,458
2015
$
6,803
3,328
10,514
785
159
471
(5,359)
119
245
Depreciation of rental equipment
84,438
66,017
70,768
73,274
18,187
19,514
Other depreciation and amortization
11,937
9,041
8,968
9,591
2,246
2,461
1,164
1,461
1,929
3,061
1,327
371
Amortization of debt issue costs
EBITDA
$
Loss on extinguishment of debt
Transaction bonus
(1)
(2)
Rental split expense
(3)
Equity based compensation
(4)
Adjustment to tax receivable agreement
Other
(5)
Adjusted EBITDA
78,065
$
$
147,227
$
136,856
$
34,140
$
36,433
-
-
-
20,241
-
-
-
-
-
24,506
-
-
1,750
932
2,343
3,658
350
804
1,891
1,478
1,224
883
263
352
-
-
-
-
-
521
4,957
$
117,407
86,663
102
$
119,919
$
150,794
$
186,144
$
34,753
888
$
38,998
Notes:
(1) Represents expenses and realized losses that w ere incurred in connection w ith the redemption of our Senior Secured Notes and prepayment of a portion of our Second Lien Loan.
(2) Represents the payments to certain members of management and independent members of the board of directors in connection w ith the Refinancing.
(3) Represents cash payments made to suppliers of equipment in connection with rental splits, whic h payments are credited against the purchase pric e of the applicable equipment if Neff
Holdings elects to purchase that equipment.
(4) Represents non-cash equity-based compensation expense recorded in the periods presented in accordance with US GAAP.
(5) For 2011, represents expenses, realized gains and losses that were incurred in connection w ith the Chapter 11 Bankruptcy Proceedings. For 2012, represents (i) the adjustment of
certain interest rate sw aps to fair value and (ii) loss on interest rate sw aps. For, 2015, represents unrealized loss on interest rate sw ap.
16
Other Financial Data and Operating Data
Other Financial Data and Operating Data
Three Months Ended
Year Ended December 31,
$ in millions
Capital Expenditures
Purchases of rental equipment
Purchases of property and equipment
Proceeds from sales of rental equipment
Proceeds from sales of property and equipment
Net Capital Expenditures
OEC of used equipment sales
Growth rental capex
Gross rental capex
Other Operating Data
Average OEC
Fleet age in months (as of period end)
Weighted average rental rate growth
Time utilization
March 31,
2011
2012
2013
$
108,606 $
9,592
(34,653)
(2,281)
81,264 $
159,192 $
11,556
(41,731)
(3,097)
125,920 $
144,483 $
11,852
(30,976)
(2,511)
122,848 $
149,174
13,018
(31,620)
(2,859)
127,713
$
81,780
26,826
108,606
95,888
63,304
159,192
69,834
74,649
144,483
69,605
79,569
149,174
$
$
$
470,638 $
55
8.3%
65.0%
$
527,266 $
48
6.5%
68.7%
17
2014
$
606,624 $
46
6.4%
70.9%
688,733
45
6.6%
69.7%
2014
$
2015
$
30,956 $
7,733
(4,650)
(677)
33,362 $
45,888
3,345
(6,316)
(471)
42,446
$
9,829
21,127
30,956
14,432
31,456
45,888
$
$
630,301 $
45
7.2%
68.3%
722,215
44
3.8%
63.7%
Glossary of Terms

Net Capital Expenditures: Purchases of rental and non-rental equipment less proceeds from the sale of rental and non-rental
equipment.

Time Utilization: The daily average OEC of equipment on rent, divided by the OEC of all equipment in the rental fleet during the
relevant period.

EBITDA and Adjusted EBITDA: EBITDA represents net income plus interest expense, provision for taxes, depreciation of rental
equipment, other depreciation and amortization and amortization of debt issue costs. Adjusted EBITDA represents EBITDA further
adjusted to give effect to non-cash and other items that we do not consider to be indicative of future performance.

Fleet Age: The OEC weighted age of the entire fleet, excluding the benefit of refurbishments.

OEC: The first cost of acquiring the equipment, or in the case of used equipment purchases and rental splits, an estimate of the first
cost that would have been paid to acquire the equipment if it had been purchased new in its year of manufacture, as the daily average
OEC of equipment on rent, divided by the OEC of all equipment in the rental fleet during the relevant period.

Weighted Average Rental Rate Growth: The percentage change in the rate/price that is charged for equipment on rent. Overall
company rental rates change based on a combination of pricing, fleet composition and term of rental. This metric is used to evaluate
rate changes both year-over-year and sequentially (typically quarter-over-quarter). Rental rate changes are calculated based on the
year-over-year or sequential variance in average contract rates, weighted by the prior period revenue mix.

Return on invested capital (ROIC): is a profitability ratio used to assess the company’s efficiency at allocating the capital under its
control to profitable investments; calculated as annualized net operating profit after tax (NOPAT) divided by the year-over-year
average of the invested capital accounts.
18