INVESTOR UPDATE

INVESTOR RELATIONS

May 2023

© Black Diamond Group Ltd. All Rights Reserved

investor@blackdiamondgroup.com

Forward Looking Statements

This presentation contains forward-looking statements. The use of the words "anticipate", "continue", "estimate", "expect", "will", "project", "should", "believe", "intend" and similar expressions identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Management believes the expectations reflected in those forward- looking statements are reasonable but cannot give any assurance these expectations will prove to be correct. Additional information on risk factors that could affect Black Diamond's operations and financial results are included in Black Diamond's annual information form for the year ended December 31, 2022 and other reports on file with the Canadian Securities Regulatory Authorities which can be accessed on SEDAR. Readers are cautioned not to place undue reliance on these forward-looking statements. Furthermore, the forward-looking statements contained in this presentation are made as at the date of this presentation and Black Diamond does not undertake any obligation to update or revise any of the forward-looking statements, except as may be required by applicable securities laws.

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Introduction

Black Diamond Group rents and sells modular space and

workforce accommodation solutions to customers in Canada, the United States and Australia. We serve diverse sectors including construction, education, engineering, resources, financial institutions, military, and government.

Ticker

TSX:BDI

Insider Ownership

24%

Shares Outstanding

60.6 mm

52 Wk Range

$3.10 - $7.29

Market Cap (05/02/2023)

$434 mm

Enterprise Value1

$643 mm

1 - Enterprise Value is a non-GAAP financial measure. Refer to the Non-GAAP & Supplementary Financial Measures section for more information.

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© Black Diamond Group Ltd. All Rights Reserved

Black Diamond Investment Attributes

Stability through diversification by asset, industry, & geography

Predictable, profitable growth through fleet additions, average rental rate increases, & VAPS

Value creation through compounding free cashflows into low maintenance, high return, long-lived assets

  • Contracted rental revenue for assets on rent for MSS was $98 mm at March 31, 2023
  • Avg duration of MSS lease portfolio is ~51 months
  • Thousands of customers across diverse industries and geographies
  • MSS rental fleet CAGR of 17% since Q1/16
  • MSS quarterly rental revenue run rate CAGR of 19% since Q1/16
  • Dividend re-started in 2021 and has since been increased 60% (through two increases)
  • LodgeLink platform is scaling quickly and is tracking in-line with the "rule of 40"
  • Asset Based Lending facility provides flexible, low-cost debt to fund growth with considerable available liquidity
  • Approximately $498 mm of quality assets on the balance sheet
  • Ability to compound over time with long-lived assets
  • Attractive unit economics

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Unit Economics Example1

Utilization

Lifetime Return on

Annualized Return

Initial Investment

on Initial Investment

85%

525%

17%

75%

475%

15%

65%

425%

13%

Lifetime return on initial investment

525%

Practical Asset

Life

30+ Years

Rental Revenue ($)

$0

Used assets are occasionally sold at premium to NBV

Initial contracts terms often cover initial payback

Typical asset yields payback in ~ 5 years

Lifetime potential excess rental

revenue

Payback Period

~ 5 Years

Average

Capitalized R&M

5%

Utilization

85%

1

10

20

30

Age in Years

1- Illustrative example of typical asset life-cycle returns

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Disclaimer

Black Diamond Group Ltd. published this content on 10 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 May 2023 14:40:07 UTC.