#1United Rentals QUnited Rentals Work UnitedⓇ Investor Day MAY 31, 2023 Bobical nited Rent E32 © 2023 United Rentals, Inc. All rights reserved.#2Welcome & Opening Remarks Elizabeth Grenfell VP and Head of Investor Relations O United Rentals JLG LIFT BELERENID#3Safe Harbor Unless otherwise specified, the information in this presentation, including forward-looking statements is as of our Investor Day presentation held on May 31, 2023. We make no commitment to update any such information contained in this presentation. Certain statements in this presentation are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, known as the PSLRA. These statements can generally be identified by the use of forward-looking terminology such as "believe," "expect," "may," "will," "should," "seek," "on-track," "plan," "project," "forecast," "intend" or "anticipate," or the negative thereof or comparable terminology, or by discussions of vision, strategy, outlook, targets or goals (including but not limited to our environmental and social goals). These statements are based on current plans, estimates and projections, and, therefore, you should not place undue reliance on them. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Factors that could cause actual results to differ materially from those projected include, but are not limited to, the following: (1) the impact of global economic conditions (including inflation, increased interest rates, supply chain constraints, potential trade wars and sanctions and other measures imposed in response to the ongoing conflict in Ukraine) and public health crises and epidemics on us, our customers and our suppliers, in the United States and the rest of the world; (2) declines in construction or industrial activity, which could adversely impact our revenues and, because many of our costs are fixed, our profitability; (3) rates we charge and time utilization we achieve being less than anticipated; (4) changes in customer, fleet, geographic and segment mix; (5) excess fleet in the equipment rental industry; (6) inability to benefit from government spending, including spending associated with infrastructure projects; (7) trends in oil and natural gas, including significant increases in the prices of oil or natural gas, could adversely affect the demand for our services and products; (8) competition from existing and new competitors; (9) the cyclical nature of the industry in which we operate and the industries of our customers, such as those in the construction industry; (10) costs we incur being more than anticipated, including as a result of inflation, and the inability to realize expected savings in the amounts or time frames planned; (11) our significant indebtedness, which requires us to use a substantial portion of our cash flow for debt service and can constrain our flexibility in responding to unanticipated or adverse business conditions; (12) inability to refinance our indebtedness on terms that are favorable to us, including as a result of volatility and uncertainty in capital markets or increases in interest rates, or at all; (13) incurrence of additional debt, which could exacerbate the risks associated with our current level of indebtedness; (14) noncompliance with financial or other covenants in our debt agreements, which could result in our lenders terminating the agreements and requiring us to repay outstanding borrowings; (15) restrictive covenants and the amount of borrowings permitted under our debt instruments, which can limit our financial and operational flexibility; (16) inability to access the capital that our businesses or growth plans may require, including as a result of uncertainty in capital or other financial markets; (17) the possibility that companies that we have acquired or may acquire could have undiscovered liabilities, or that companies or assets that we have acquired or may acquire could involve other unexpected costs, may strain our management capabilities, or may be difficult to integrate, and that we may not realize the expected benefits from an acquisition over the timeframe we expect, or at all; (18) incurrence of impairment charges; (19) fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated; (20) our charter provisions as well as provisions of certain debt agreements and our significant indebtedness may have the effect of making more difficult or otherwise discouraging, delaying or deterring a takeover or other change of control of us; (21) inability to manage credit risk adequately or to collect on contracts with a large number of customers; (22) turnover in our management team and inability to attract and retain key personnel, as well as loss, absenteeism or the inability of employees to work or perform key functions in light of public health crises or epidemics; (23) inability to obtain equipment and other supplies for our business from our key suppliers on acceptable terms or at all, as a result of supply chain disruptions, insolvency, financial difficulties or other factors; (24) increases in our maintenance and replacement costs and/or decreases in the residual value of our equipment; (25) inability to sell our new or used fleet in the amounts, or at the prices, we expect; (26) risks related to security breaches, cybersecurity attacks, failure to protect personal information, compliance with data protection laws and other significant disruptions in our information technology systems; (27) risks related to climate change and climate change regulation; (28) risks related to our ability to meet our environmental and social goals, including our greenhouse gas intensity reduction goal; (29) the fact that our holding company structure requires us to depend in part on distributions from subsidiaries and such distributions could be limited by contractual or legal restrictions; (30) shortfalls in our insurance coverage; (31) increases in our loss reserves to address business operations or other claims and any claims that exceed our established levels of reserves; (32) incurrence of additional expenses (including indemnification obligations) and other costs in connection with litigation, regulatory and investigatory matters; (33) the costs of complying with environmental, safety and foreign laws and regulations, as well as other risks associated with non- U.S. operations, including currency exchange risk, and tariffs; (34) the outcome or other potential consequences of regulatory matters and commercial litigation; (35) labor shortages and/or disputes, work stoppages or other labor difficulties, which may impact our productivity and increase our costs, and changes in law that could affect our labor relations or operations generally; and (36) the effect of changes in tax law. For a more complete description of these and other possible risks and uncertainties, please refer to our Annual Report on Form 10-K for the year ended December 31, 2022, as well as to our subsequent filings with the SEC. The forward-looking statements contained herein speak only as of the date hereof, and we make no commitment to update or publicly release any revisions to forward-looking statements in order to reflect new information or subsequent events, circumstances or changes in expectations. Note: This presentation provides information about free cash flow, EBITDA, adjusted EBITDA and adjusted EPS, which are non-GAAP financial measures. This presentation includes a reconciliation between free cash flow and GAAP cash from operations, a reconciliation between both adjusted EBITDA and EBITDA, on the one hand, and GAAP net income, on the other hand, a reconciliation between both adjusted EBITDA and EBITDA, on the one hand, and GAAP cash from operations, on the other hand, a reconciliation between adjusted EPS and GAAP EPS and a reconciliation between forward-looking free cash flow and forward-looking GAAP cash from operations. Information reconciling forward-looking adjusted EBITDA to GAAP financial measures is unavailable to the company without unreasonable effort. The company is not able to provide reconciliations of forward-looking adjusted EBITDA to GAAP financial measures because certain items required for such reconciliations are outside of the company's control and/or cannot be reasonably predicted, such as the provision for income taxes. Preparation of such reconciliations would require a forward-looking balance sheet, statement of income and statement of cash flow, prepared in accordance with GAAP, and such forward-looking financial statements are unavailable to the company without unreasonable effort (as specified in the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K). The company provides a range for its adjusted EBITDA forecast that it believes will be achieved, however it cannot accurately predict all the components of the adjusted EBITDA calculation. The methodologies, assumptions, and estimates underlying our sustainability-related strategy and analysis (including those related to our environmental emissions reduction goals) continue to develop and remain subject to evolution over time. As a result, information disclosed in this presentation might differ from those contained in our past disclosures, and we may include information in future disclosures that differs from those contained in this presentation. We undertake no obligation to update any statement contained in this presentation or our past disclosures, unless required by law. In addition, this presentation contains or relies upon certain third-party data that has not been independently verified. Such data could be inaccurate, unreliable, inadequate, or incomplete for many reasons, including, but not limited to, the methodology by which such sources obtained their data (which may differ from those used by us) and the inability to verify information due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties. In addition, we do not know all of the assumptions that were used in preparing such data. ● United Rentals® Work United® 2023 Investor Day | 3#4Today's Agenda 1:00 PM Welcome & Opening Remarks Elizabeth Grenfell | VP and Head of Investor Relations A Differentiated, Resilient Model to Compound Returns Matt Flannery | President and CEO Differentiation through Culture & Sustainability Craig Pintoff | EVP and CAO Differentiation through Health & Safety Cristina Madry | VP - Health, Safety, and Employee Relations Differentiation through Sustainability Joli Gross | SVP - General Counsel and Head of Sustainability Differentiation through Customer Solutions and Active Fleet Management 2:10 PM Differentiation through Operations Excellence Erin Neumann | VP - Operations Excellence Break Differentiation through Commercial Excellence Mike Durand | SVP - Sales and Operations Differentiation through Disciplined Financial Outperformance Ted Grace | EVP and CFO Closing Remarks Matt Flannery | President and CEO 3:00 PM Q&A Session Dale Asplund | EVP and COO ● United Rentals® Work United® 2023 Investor Day | 4#5A Differentiated, Resilient Model to Compound Returns Matt Flannery President and CEO SBON CASE 24 Unite#6Key Messages 1 Market leader with size, scale, and strategy to sustain meaningful competitive advantages \ / / / / / / / / / / / 2 Relentless focus on the customer, fueling deep and lasting relationships 3 Proven ability to win through excellence in people, process, and technology 4 Resilient business model underpinned by diverse portfolio, growing end-market demand, strong cash flow generation, and ample financial flexibility 5 Clear path to achieve targets and compound shareholder value by balancing top-line growth, margin improvement, and prudent capital allocation ● United Rentals® Work United® 2023 Investor Day | 6#7United Rentals at a Glance (NYSE: URI) #1 Market Share(1) Other 66% Herc 4% Sunbelt 13% United Rentals 17% 1997 Founded Stamford, CT Headquarters $ $20B Fleet Size(3) 25,000+ Employees(3) ~$24B Market Cap(4) 1,525 Global Branch Locations (3) $11.6B 2022 total revenue $5.6B (+19.8% YoY) 2022 adjusted EBITDA (2) (+27.3% YoY) 48.3% 2022 adjusted EBITDA Margin (2) M® ~4,700 Equipment Categories(3) Market Leader in an Industry Where Size and Scale Are Differentiators 1,465 North American Locations (3) (1) North America market share is based on 2022 actual or estimated rental revenues (for United Rentals, including the standalone, pre-acquisition revenue of Ahern Rentals) and American Rental Association ("ARA") industry estimates. (2) Adjusted EBITDA is a non-GAAP measure. Adjusted EBITDA margin represents adjusted EBITDA divided by total revenue. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures. (3) As of March 31, 2023. (4) As of May 19, 2023. United Rentals® Work United® 2023 Investor Day | 7#8Continuing our Strategic Journey 1997-2008 ☑ Become a Market Leader Executed ~250 acquisitions to strengthen North American presence Saw strong tailwinds from residential construction boom 2009-2013 ม Transform the Core Improved returns through financial and operating discipline Focused on national accounts and customer branch operations - Operation United RSC Acquired and integrated RSC Equipment Rental G 2014-2022 Grow the Core Continued build-up of GenRent platform Expanded specialty and adjacent product lines to offer one-stop shop for customers Developed services businesses and solutions to improve value prop Extended digital capabilities to better serve customers and drive internal efficiency History of Strategic Execution 2023 & BEYOND Leverage and Extend Competitive Advantages Building a Better Future Together Being the Best Partner for Safety, Productivity, and Sustainability United Rentals® Work United® 2023 Investor Day |#9Our Purpose, Vision, and Values Purpose Build a better future together Values Vision To be the best partner for worksite safety, productivity, and sustainability ா +1+1 Safety First Visible Leadership Customer- Driven Absolute Integrity Community- Minded Continuous Sustainability Innovation Passion for People United in Our Commitment to Customers, Communities, and Each Other United Rentals® Work United® 2023 Investor Day | 9#10Firm Commitment to Sustainability Leadership Environmental Stewardship • Manage our use of resources carefully and always consider the impact our operations have on the environment Social Impact • Dedicated to supporting our customers, employees, and the communities where we live and work, amplifying the positive impact our company and team can bring Corporate Governance • Committed to governing our organization using the highest standards of ethics and business integrity Sustainability is Rooted in Our Culture and Supports Our Customers' Success United Rentals® Work United® 2023 Investor Day | 10#11Go-to-Market Framework Grow... with Existing Products and Customers Deepen... Penetration with New Customers & Verticals United Expand... into Adjacent Products and Markets United Rentals® Work United® Multiple Avenues for Growth Grow Organically (CapEx) and Expand through M&A 2023 Investor Day | 11#12How We Win | Our Competitive Advantages Creating Layers of Value Around the Customer Relationship One-stop Shop Worksite Performance Customer Experience Rental Execution مدا Enabled by... Breadth of Solutions to Meet Customer Needs Technology to Drive Seamless Experiences Data & Insights to Foster Worksite Performance M Deep Expertise Backed by People- Focused Culture Note: Headcount as of March 31, 2023. United Rentals® Customers Tailored Go-to-Market Models to Serve Customers of All Sizes Extending Our Leadership Position Supported by Our Team of 25,000+ Work United® 2023 Investor Day | 12#13Uniquely Positioned with Scale, Expertise, and Technology Strong and Resilient Key Account Model... ...Positions us for Emerging Industry Trends Tailored Go-to-Market Models to Serve Customers of All Sizes + + + ୩ Broad Geographic Presence Shift from Owning to Renting Growing Demand for Specialized Solutions Record Levels of Investment Deep National Account Relationships Dedicated Cross-sell Specialty Support ● United Rentals® Work United® JCB TANV United Rentals 2023 Investor Day | 13#14Strong Demand Tailwinds TIIT Infrastructure Bill Investments to modernize and upgrade U.S. infrastructure • Electric Vehicle Investment Semiconductor Manufacturing North America LNG Inflation Reduction Act Ongoing modernization of . Onshoring of the U.S. Auto / Electric $500B+ Vehicle industry $300B semiconductor manufacturing capacity $200B Development of Liquified Natural Gas infrastructure (LNG) • Multiple investments in $100B+ clean energy and manufacturing ~$1T+ Over 5 Years Over 5-10 Years Over 5-10 Years Over 5-10 Years Over 10-20 Years 2023 Investor Day | 14 Expected Investments of $2T+ Should Generate Significant Revenue Tailwind for Industry United Rentals® Work United®#15Experienced Leadership with a Track Record of Success Matt Flannery President and CEO Joined: 1998 Dale Asplund EVP and COO 1998 Craig Pintoff EVP and CAO 2003 Erin Neumann VP Operations Excellence 2017 Cristina Madry VP Health, Safety and Employee Relations 2013 - Joli Gross SVP General Counsel and Head of Sustainability 2002 Mike Durand SVP Sales and Operations 2002 Ted Grace EVP and CFO 2016 Note: CAO: Chief Administrative Officer (1) As of March, 31, 2023. United Rentals® Team of 25,000+(1) Continues to Lead the Way Work United® 2023 Investor Day | 15#16Our Work United Value Creation Framework Maximize Profitable Revenue Growth WORLD-CLASS EXECUTION RENTAL STRONG FOUNDATIONAL VALUES WORKSITE PERFORMANCE Safety | Sustainability | Productivity Prudently Allocate Cash Flows Customers PEOPLE Employees ONE-STOP SHOP 1 +0000 vivi CUSTOMER EXPERIENCE People Process | Technology Drive Efficiency & Productivity Safety First Visible Leadership Customer- Driven Absolute Integrity Community- Continuous Minded Innovation Sustainability Passion for People ● United Rentals® Work United® 2023 Investor Day | 16#17Differentiation through Culture & Sustainability JCB ELECTRIC Craig Pintoff EVP and CAO ED HTD-5#18Key Messages 1 2 3 4 Industry leader in sustainability focused on doing well by doing good [ [ [ [ [ [ [ [ [ [ [ T Purpose-led and values-driven culture enabling us to be a company of choice for industry talent Unwavering focus on health and safety as a driver of operational efficiency and worksite productivity Proud steward of environmental resources delivering eco-friendly solutions for our customers, communities, and planet ● United Rentals® Work United® 2023 Investor Day | 18#19United Rentals is a Company of Choice U.S. DEPART * Strong Performer Commercial and Professional Services Benchmark (1) Outstanding customer service in an industry where talent can make a meaningful difference Best-in-class employee retention due to brand and employee referrals as our #1 source for talent Proven integrator of talent in M&A to realize growth synergies * glassdoor BEST PLACES TO WORK 2013 Forbes 2022 AMERICA'S BEST LARGE EMPLOYERS TOP WORK PLACES 2023 SAFETY 9.2/10 DIVERSITY & INCLUSION 8.7/10 ENGAGEMENT 8.5/10 HEALTH & WELLBEING 8.4/10 Top Decile Performance Across Core Performance Categories(1) |||| HIRE OF LABOR Vets GOLD 2022 AWARD POWERED BY STATISTA USA Investing in Our People so We Are at Our Best for the Customer (1) Performance measured against other companies in the Commercial and Professional Services Benchmark. This benchmark was created by Workday Peakon, our employee experience survey provider, and includes ~170 companies whose workers work in similar environments. United Rentals® Work United® 2023 Investor Day | 19#20Passion for People is a Differentiator • • Despite headlines around the Great Resignation, URI voluntary turnover improved to 13.1% in 2022 from 13.5% in 2021 URI retention rate is significantly better than our industry Retaining talent and leveraging brand to attract new team members enables us to scale and meet significant demand • DE&I program designed to enable employees from all cultures, backgrounds, experiences, and perspectives to thrive United Rentals (1) At year-end 2022. Building a Strong, Diverse Workforce Driven by High Level of Employee Referrals United Rentals® Work United® 6,000+ New Hires in 2022 30%+ New Hires from Referrals ~25,000 Total Employees (1) 2023 Investor Day | 20#21Talent Development is a Strategic Focus Challenge Actions Taken O United Rentals 800-UR-RENTS Results 1-800 U Industry has historically faced challenges sourcing skilled Created largest skilled labor Invested in infrastructure to labor program and pipeline in our industry support these initiatives . • Activated multiple talent pools Entry-level branch employees Military transition High school and tech school grads Skilled Labor Strategy Starts with Internal Development 500+ employees in our technician development pipeline AED FOUNDATION Constracting Paths to Opportunity United Rentals® Work United® 2023 Investor Day | 21#22Empowerment Enables World-class Customer Service When our employees are at their best - healthy, safe, engaged, and empowered- they can provide world-class customer service Our people tell us they feel appreciated and the work they do matters... Investing In Our Team to Drive Greater Alignment and Ownership Mentality SURVEY QUESTION Meaningful Work "I see how my work contributes to positive outcomes for customers or people I provide services to." 8.9 out of 10 on employee experience survey · • 0.8 points above benchmark • In top 5% of Commercial and Professional Services Peer Group(1) All Company Stock Grants in 2014 | 2017 | 2020 | 2022 Investment in Our People is an Investment in Our Customers and Business (1) Performance measured against other companies in the Commercial and Professional Services Benchmark. This benchmark was created by Workday Peakon, our employee experience survey provider, and includes 170 companies whose workers work in similar environments. United Rentals® Work United® 2023 Investor Day | 22#23Differentiation through Health & Safety Cristina Madry VP – Health, Safety, - and Employee Relations#24Health & Safety at United: Driving Our Reputation as an Industry Leader We do safety right Our numbers show it, customers confirm it, and employees feel it 370M+ Miles Driven(1) ~25% TRIR Reduction in Acquired Companies (2) We've made significant strides in employee safety and productivity...and we're not done yet Total Recordable Incident Rate (TRIR) i On our journey to zero i injuries, long-term goal to reduce our TRIR to 0.40 by 2030 I ⇓ 40% ~300K 0.79 0.76 0.67 In Preventable Auto Accidents (3) Near Miss, Good Catch, Stop Work (1) 2021 0.40 (4) 2022 2023 YTD 2030E ~60% Better versus Benchmark Group (5) Providing Our Employees and Customers a Safe and Healthy Workplace (1) In 2022. (2) Within 36 months of acquisition. (3) In last 36 months from 2019 to 2022. (4) Through April 30, 2023. (5) Benchmark group comprised of companies using same NAICS code, which companies are primarily engaged in renting or leasing non-consumer products, such as manufacturing equipment or service industry machinery. United Rentals® Work United® 2023 Investor Day | 24#25Helping Employees be United4Safety United Rentals JLG LIFT Situation While on site to pick up equipment, a URI employee witnessed unsafe... operation of a boom lift S Action United Rentals Result Employee was empowered with - and exercised - STOP WORK AUTHORITY ✓ Potentially dangerous outcome avoided Commitment to Safety Culture reinforced Safety continues to receive the highest ranking in employee experience survey "I have never seen another company/competitor or customer that cares about safety like we do." "This is something that is taught on day one with United. Safety is at the forefront of everything that we do at United." "Safety is the reason I enjoy working here." United4Safety Program Enhances Employee Efficiency and Effectiveness United Rentals® Work United® 2023 Investor Day | 25#26United Academy Deepens Relationships with Customers Background of Program Connecting United Academy's robust offerings of courses and trainings with largest equipment rental fleet and sales selection in the world United Rentals provides everything the customer needs to operate a safe and efficient jobsite Program Benefits Key element in our value proposition Cross-sell opportunities Deeper customer penetration and stickiness Competitive differentiation " You are the best in your space, and we want to be trained by the best" - Blue Ridge Power United Rentals 5510 Cumulative Participants 535K 204K 133K 71K 29K 435K 357K 299K 2015 2016 2017 2018 2019 2020 2021 2022 ~535K Individuals Trained through United Academy One-stop Shop for Best-in-Class Solutions and Training United Rentals® Work United® 2023 Investor Day | 26#27Health & Safety Key Takeaways 1 2 3 Recognized industry leader in employee health and safety Safety enhances employee efficiency and effectiveness Internal efforts lead to external results - a clear competitive advantage ● United Rentals® Work United® 2023 Investor Day | 27#28Differentiation through Sustainability Leadership Joli Gross SVP - General Counsel and Head of Sustainability United Hentals ELECTRIC 505.20 United Rentals D-FT#29Sustainability Highlights Setting Industry Pace with Environmental Goals THE JUST 100 Continue momentum around flagship goal of 35% GHG emissions reduction by 2030(1) Divert 70% of waste from landfills by 2025 BEST MANAGED COMPANIES Complete lighting retrofit at 95% of North American operations by 2025(2) THE WALL STREET JOURNAL. 2022 BEST-MANAGED COMPANIES AMERICA'S MOST RESPONSIBLE COMPANIES 2022 Newsweek statista Continue to Lead the Way in Sustainability and Corporate Stewardship (1) Our climate impact goal is to reduce GHG emissions intensity across Scopes 1, 2 and third-party hauling within Scope 3 by 35% by 2030, compared to a 2018 baseline. (2) Percentage based on footprint as of June 30, 2022 and does not include locations we have acquired since then or may acquire in the future. United Rentals® Work United® 2023 Investor Day | 29#30Accelerating Toward Our Long-term Goals and Aspirations Significant Progress in Recent Years ... ...As We Continued to Reduce GHG Emissions Intensity 27% (1) of rental fleet electric or hybrid and growing GHG Intensity 65 I GHG intensity (MT CO2e/$M revenue) GHG intensity (% reduction from 2018) 0% -5% Diverted 43% of our waste from landfills and growing 60 -10% 55 -15% Working on enhancing our TCFD (2) responses Sustainability Steering Committee driving progress toward ESG goals Upgraded to "AA" level ESG rating by MSCI -20% 50 -25% 45 -30% 40 -35% 40 -40% 35 -45% 30 # -50% Ranked 1st Tier on CPA-Zicklin Index with an overall score of 98.6 2018 2019 2020 2021 2022 2030E Helping Build a Better Future for All Stakeholders (1) Percent electric and hybrid based on July 20, 2022 number of units in classes that are motorized (excludes non-motorized and hand tools). (2) TCFD: Task Force on Climate-Related Financial Disclosures. United Rentals® Work United® 2023 Investor Day | 30#31Rental Drives Green Benefits Reducing Total Equipment Needs + Reducing Emissions Intensity of Equipment Acquired Equipment Utilization Boost Equipment acquired via M&A often sees a usage boost adding to "high equipment utilization" benefit High Equipment Utilization Rental asset can fill role of multiple customer owned assets lowering total equipment needs Utilization Fuel Efficiency Short equipment replacement cycles drive down fleet age and drive up fuel efficiency Low Emission Inventory Electric and transition fuel assets boost our customers access to low emission alternatives Utilization +5% vs. acquired companies +20% vs. non-rental equipment 4-5 years Younger equipment vs. non-rental equipment +5-10% Share of fleet electric/hybrid vs. non-rental equipment Reducing Total Need for Equipment Manufacturing and Providing Access to Carbon Efficient Equipment United Rentals® Work United® 2023 Investor Day | 31#32Rental Model Drives Substantial Green Benefits Reducing Total Equipment Needs Due to URI's existence and operation... 400,000 Fewer pieces of equipment needed today(1) Reducing Emissions Intensity of Equipment By having a younger, greener fleet, URI drives a benefit of... 600-675K MT CO2e saved annually Including... Non-vehicle equipment Aerial work platforms Tools & accessories Jobsite & storage Heavy-duty D) = 10,000 Equivalent to... 87K 86K O O O 83K 71K The emissions of 140,000 passenger vehicles driven for a year(2) 54K vehicles Light-duty Ooooo OOOOO ooooo 27K = 10,000 Vehicles (1) Due to utilization rates of URI portfolio today versus ownership and use by private end users. (2) Based on United States Environmental Protection Agency's estimation that the average annual carbon dioxide emissions of a typical passenger vehicle is 4.6 metric tons. ● United Rentals® Work United® I 2023 Investor Day | 32#33Sustainability Expertise Wins in the Marketplace Background Large general contractor (GC) awarded multi-year, $1B contract to build Midwest data center GC goals include reducing GHG emissions and water consumption and completing 1K+ Green Building projects Unique URI Solution • • • . Equipped GC with 150 F-150 Lightnings, battery cubes, and skid steer mounted charger array Provided hydrogen generator to charge equipment / vehicles and reduce scope I and II emissions Utilized technology to manage heat needed for lunch tents to reduce GHGs Enabled Total Control to evaluate costs and environmental benefits of sustainable equipment Key Results nited Rentals Opportunity to provide additional eco-friendly equipment, including electric UTVs (¹) and F-150 Lightnings Exposure to other large construction companies that are partnered with customer Helping customers measure, track, and reduce their GHG emissions Providing Solutions Directly Linked to Customer Sustainability Outcomes (1) UTV: Utility Task Vehicle United Rentals® Work United® 2023 Investor Day | 33#34Sustainability Key Takeaways 1 2 3 4 Strengthening our long-standing reputation as an industry leader in sustainability Reducing GHG emissions from our non-rental fleets, buildings, and operations Helping customers meet environmental stewardship goals through innovative solutions Capitalizing on first- mover advantage to accelerate positive momentum ● United Rentals® Work United® 2023 Investor Day | 34#35Culture & Sustainability Summary Craig Pintoff EVP and CAO ELECTRIC JCB CL#36Culture & Sustainability Summary 1 2 3 4 Industry leader in sustainability, focused on doing well by doing good Purpose-led and values-driven culture enables us to be a company of choice for industry talent Unwavering focus on health and safety as a driver of operational efficiency and worksite productivity Proud steward of environmental resources delivering eco-friendly solutions for our customers, communities, and planet ● United Rentals® Work United® 2023 Investor Day | 36#37Differentiation through Customer Solutions and Active Fleet Management Dale Asplund EVP and COO CASE CASE United Rentals United Rentals#38Key Messages 1 Creating sustainable competitive differentiation by combining unmatched size, scale, and expertise to deliver a best-in-class customer experience 2 Enabling operations excellence by uniquely leveraging technology and data analytics to enhance the customer experience, productivity, and efficiency 3 Optimizing asset values and capital returns through industry-leading fleet management capabilities ● United Rentals® Work United® 2023 Investor Day | 38#39Proven Model for Winning in the Marketplace Maximize Profitable Revenue WORLD-CLASS RENTAL EXECUTION Growth WORKSITE PERFORMANCE Safety Sustainability | Productivity Prudently Allocate Cash Flows Customers PEOPLE Employees ONE-STOP SHOP People | Process | Technology CUSTOMER EXPERIENCE Drive Efficiency & Productivity Clear Strategy to Compound Returns by Delivering Value to Customers and Driving Operations Excellence United Rentals® Work United® 2023 Investor Day | 39#40o o Industry Leader, Delivering High-quality Experiences at Scale A Typical Day at United Rentals... Operations Excellence While we are sitting in this meeting, our 1UR platform of people, processes, and tools are working hard to enable further business growth by delivering a consistent, quality experience Customers United Rentals Equipment 40K Phone Calls 15K Customer Visits 18K Customer Notifications 四四 41M Equipment Telematics Data Points 34K Pickups and Deliveries 16K Inspections Transactions 12K Order Lines 30K Invoices 147K Web Connections Improving Our Processes through Operations Excellence and Technology United Rentals® Work United® 2023 Investor Day | 40#41Customers Know We Have the Resources They Need Industry-leading Fleet $20B; 1M units ■ Aerial ■ Forklifts ■ Dirt ■Trucks ■ Power ■Fluid ■Mobile Storage ■Compressors ■Lighting ■ Other Enabling Profitable Growth at Scale Solutions • Holistic product set, serving the most diverse customer base in the industry Comprehensive array of Specialty solutions meeting the needs of complex customers Expertise • Proven vertical specialization • Unique data and insights to inform customer decisions Productive and efficient operating model Largest Operational Footprint in the Industry with Multiple Capabilities to Serve Customer and Market Needs United Rentals® Note: Fleet data as March 31, 2023. Work United® 2023 Investor Day | 41#421 Geographic Breadth and Flexibility to Provide a One-stop Shop for Customers Industry's Most Expansive Branch Network Optimizing Location Strategy Improving our operating footprint to enable faster response time Enhancing operating processes to allow greater face-time with customers Expanding Specialty locations to bring advanced solutions and expertise to more customers. 1,525 Global Branch Locations (1) North America (2) 1,465 Aus./NZ Europe 46 14 Specialty Business 542 Global Branch Locations (1,2) 27.8% 10-Year Revenue CAGR (3) Largest Network to Better Serve Customers (1) As of March 31, 2023. (2) 983 GenRent branches + 482 Specialty branches. Specialty branch counts (482 in North America and 542 globally) include Tools and Reliable Onsite Services branches that are part of our General Rentals reporting segment. (3) 2012-2022 CAGR. Revenue includes 1) Specialty reporting segment (comprised of our Fluid Solutions, Fluid Solutions Europe, Trench Safety, Power & HVAC, Mobile Storage and Mobile Storage International regions) and 2) Reliable Onsite Services and Tools revenues, which are included in our General Rentals reporting segment. United Rentals® Work United® 2023 Investor Day | 42#43Leveraging Branch Connectivity to Maximize Network Effects Optimizing Teams and Functions to Best Serve Customers Before Better serve customers with individual stores $5M $15M $13M After Compete and serve customers as one network of stores Strengthening Value Proposition Offering a one-stop shop for sustainable solutions and expertise Winning with targeted customers by delivering a superior experience $5M $50M $7M $25M $8M $22M $150M Centralized Functions in Major Metros Enable Greater Resource Availability and More Efficient Utilization ● United Rentals® Work United® 2023 Investor Day | 43#44Growing Specialty Solutions to Meet Customer Demand While Expanding Profitability Trench Safety Excavation support solutions, confined space entry equipment, and customer training Used for construction, utility installs, manhole work, and other underground applications Portable Storage & Modular Space United Rentals United Rentals 800-UR-RENTS • 800-UR-RENTS Portable storage, mobile offices, and modular space solutions United Rental 800-UR-REN United Rentals 800-UR-RENTS O United Rentals Power & HVAC • • Complete solutions for mobile power and air flow Used for disaster response, plant shutdowns, commercial renovations, and seasonal climate control Onsite Services • Plastic bathroom facilities, luxury restroom trailers, sinks, and showers Core rental item used across all types of special events, construction sites, and industrial projects THE FO • Core rental item used across all types of industrial and construction sites, commercial applications, and many other end-markets Fluid Solutions Full range of equipment to contain, transfer, and treat fluids Used by municipalities, industrial plants, and mining, construction, municipal, and agri-business customers Tool Solutions . Tool trailers stocked with hosting, torquing, pipe fitting, and air tools Used for refinery and other industrial needs and at large construction sites Aggressive Expansion in Specialty Solutions Competitively Differentiates Us United Rentals® Work United® 2023 Investor Day | 44#45Elevating Worksite Performance through Greater Customer Control Online Rental Proactively Addressing Needs... Simplicity and ease of placing an order Mobile App Quick and convenient capabilities and information from anywhere ...Drives Positive Business Impacts(1) 57% Growth in Digital Users 37% Growth in Self-service Pick Ups 97% Growth in Online Payments 55% Growth in Online Field Service Requests Total Control®Ⓡ Comprehensive visibility into workflows, enabling safety, sustainability, and productivity Direct Integration Leveraging data and technology to drive better engagement and outcomes (1) YoY as of March 31, 2023. Leveraging Technology to Drive Efficiency Across the Procure-to-Pay Process ● United Rentals® Work United® United Rentals United Rentals BMR.RENTS rely Is. 2023 Investor Day | 45#46Leading the Way with Technology and Data Technology embedded throughout the rental lifecycle to drive better experiences . Employees and customers equipped with digital tools Formerly manual processes now enabled by apps and automation Decision making and operational performance enhanced by data analytics URI App Unique Apps Fuel Efficiency and Automation Across a Suite of Once Manual Processes 1 2 Logistics/Staging Apps Route and load optimization; sales support Order placement, pricing, and availability Transaction Seamless, Management Apps Digital and automated payment options Customized, 6 3 Delivery App Consistent Experiences Driver productivity Ready United Rentals 00 Inspection App Inspection and 5 4 Pickup App Return processing for associates repair for technicians Execution on Technology Investments Enabling Growth and Efficiency United Rentals® Work United® 2023 Investor Day | 46#47Harnessing Power of Data Analytics to Enhance Business Performance Data-driven Insight Translate data to help improve performance and decision making Operational Intelligence Leverage operating intel to increase employee productivity and capacity Capital Efficiency Utilize proprietary knowledge to optimize pricing and fleet management Modern Approach to Harnessing Powerful Datasets Internal Data Operations Financials • Employees United Rentals • External Data Telematics • Credit History • Market Data Planning Phone Calls • Sales Force Automated Decision Making • Enhanced Equipment Sourcing Dynamic Equipment Assignment • Real-time Pricing • Proactive Equipment Maintenance Leveraging Insights for Optimal Decisioning and Resource Allocation United Rentals® Work United® 2023 Investor Day | 47#48Optimizing Returns through Active Fleet Management High Demand Low Low Harnessing Data to Strategically Manage Fleet Continuously Optimizing Outcomes Rate Opportunity Zone Fleet Transfer/ Reduction Zone Returns Fleet Investment Zone Sales Penetration Zone Optimizing the Fleet to Provide Highest Returns United Rentals® Work United® Right Fleet Right Time Right Price Deeper Customer Relationships High 2023 Investor Day | 48#49Analytical Approach to Partnerships Reputation to Optimize TCO(1) with Vendors JOHN DEERE Cummins JLG + Insights to Promptly Identify Critical Needs MQ TOYOTA MULTIQUIP + Scale to Attract Strategic Suppliers = || Continuously Buying the Right Fleet to Maximize Returns WACKER NEUSON DOOSAN Genie. Ditch Witch CASE UCB SKYJACK. TAKEUCHII CONSTRUCTION Capitalizing on Data and Strategic Relationships for Active Fleet Management (1) TCO: Total Cost of Ownership ● United Rentals® Work United® 2023 Investor Day | 49#50Proprietary Expertise Drives Smarter Purchases Illustrative Examples of Comprehensive Fleet Purchase Evaluation Acquisition cost Maintenance cost over life (parts) Maintenance cost over life (labor) Brand 1 Brand 2 Brand 3 $115 $126 $125 $10 $3 $12 $7 $7 $8 Resale value after $82 $80 $79 7 years (retail) United Re $65 Total cost of ownership $53 $54 -20% Lower TCO for Brands 1 & 2 vs. Brand 3 Note: All prices in thousands of dollars United Rentals® Driving Returns by Optimizing Total Cost of Ownership Work United® 2023 Investor Day | 50#51Disposing of Assets at the Right Time and Price to Ensure We Optimize Fleet Value Selling at the Right Time... Key decision drivers: · Target rental useful life • Future repair and maintenance costs • Residual value • Availability of new fleet • • • ...at the Right Price Utilize retail channel vs. wholesale for price maximization Review market pricing data for initial pricing indication Apply value premium based on strong service reputation Maximizing Returns through Proactive Asset Disposition Strategy United Rentals® Work United® United Rentals 800JR.RENTS Safer 11 2023 Investor Day | 51#52Key Takeaways 1 2 3 Creating sustainable competitive differentiation by combining unmatched size, scale, and expertise to deliver a best-in- class customer experience Enabling operations excellence by uniquely leveraging technology and data analytics to enhance the customer experience, productivity, and efficiency Optimizing asset values and capital returns through industry-leading fleet management capabilities ● United Rentals® Work United® 2023 Investor Day | 52#53Differentiation through Operations Excellence Erin Neumann VP - Operations Excellence United Rentals Customer Equipment Solutions USDOT 899748 United Rentals.com#54Key Messages 1 Embedding operations excellence to drive a seamless customer experience 2 Leveraging scale to enable flexibility and resilience 3 Powering productivity and capacity through technology to better serve customers ● United Rentals® Work United® 2023 Investor Day | 54#55Powering the Customer Experience through Operations Excellence Maximize Profitable Revenue WORLD-CLASS RENTAL EXECUTION Growth STRONG FOUNDATIONAL VALUES WORKSITE PERFORMANCE Safety | Sustainability | Productivity Prudently Allocate Cash Flows 3 Customers PEOPLE Employees ONE-STOP SHOP titi People | Process | Technology CUSTOMER EXPERIENCE Drive Efficiency & Productivity Safety First Visible Leadership Customer- Driven Absolute Integrity Community- Continuous Minded Innovation Sustainability Passion for People ● United Rentals® Work United® 2023 Investor Day | 55#56Thousands of Opportunities to Impact the Customer Experience Customer Moments of Truth in One Week at United... ос Reinforcing Our Brand and Value Proposition BEST-IN-CLASS Executing on Operations at Scale Requires Excellence in... 8 200K Phone Calls I 80K Units Made Ready 170K Pickups and Deliveries 2.3K On-Job Service Techs NPS(1): ~75 Greater than leading consumer product and retail companies 1 People Process Technology Operations Excellence Focuses on Creating Efficiency Across Activities (1) NPS: Net Promoter Score; data for full year 2022. United Rentals® Work United® \1/ H /|\ 2023 Investor Day | 56#57Investments in Our People Are Powering Our Path Forward 2023 All-Employee Workshop Full-day workshop for all team members Explore how we can elevate the customer experience Build trust among the team to set up future success "It was an enjoyable day with co-workers all striving to continue being world class service providers." QUR Customer Day Semi-annual event held on same day across Company • Host 1,200+ customers for conversations about their experiences Strengthens our customers' confidence in local teams We Know What's Most Important to Our Customers Fleet Quality & Availability Responsiveness / On Time Customer Service Pricing 10% Account Administration (billing, etc.) 3% Creating Focus on Customer Moments and Alignment Across the Organization United Rentals® Work United® 45% 42% 2023 Investor Day | 57#58Local Commitment, Supported by Enterprise Resources Certified 5S Specialists Located throughout Our Footprint + Local resources supporting branch- level assessments On-the-ground experts looking for opportunities to continuously improve Committed to 5S Approach Dedicated Enterprise Resources Process owners and subject matter experts focused on cross-enterprise opportunities Dedicated team solving complex operational challenges Sort | Straighten | Shine | Standardize | Sustain Leveraging a Dedicated Team to Drive Company-wide Operations Excellence and Innovation United Rentals® Work United® 2023 Investor Day | 58#59Enhancing Business Processes for Impact and Efficiency A Standardization of Processes 800 Kaizen Events Held Annually Avg. GenRent OEC Per Branch(1) ($M) $17.1 -45% Increase $11.8 2012 1Q'23 100% of Locations Have Quarterly Self-assessment Widely Recognized Best Practices Implemented Across Footprint Global Branch Count(2) -82% Increase 836 2012 1,525 1Q'23 Clear Initiatives to Elevate Customer Experience with Greater Efficiency OEC: Original Equipment Cost. (1) Inflation Adjusted. (2) Inclusive of acquired branches; GenRent plus Specialty. United Rentals® Work United® கு 2023 Investor Day | 59#60Leveraging Technology to Optimize the Customer Experience Technology helps us get the work done... ...while Operations Excellence helps us get the work done better KNOWNTURN TO HIM MOH Seamless, Customized, D Consistent Experiences United Hentals • Optimize logistics (improved route/load planning) Accelerate turnaround (yard returns & inspections) Leverage decision tools (fleet sourcing, pricing recommendations) Optimization of people, process, and technology creates capacity to serve customers more effectively Employing Tools and Software to Create Capacity and Drive Stronger Business Results United Rentals® Work United® 2023 Investor Day | 60#61Winning with Operations Excellence LLL M Increasing Our Responsiveness Expanding Fleet Availability Improving Efficiency and Capacity Enhancing Scalability and Flexibility Enabling Value Creation for Our Customers United Rentals® Work United® United Rentals 800.UR.RENTS Safety 1st 2023 Investor Day | 61#62Differentiation through Commercial Excellence Mike Durand SVP - Sales and Operations#63Key Messages 1 Clear growth initiatives to continue positive momentum across products, markets, and verticals 2 Uniquely solving customer problems to capture greater share among local regional players while maintaining leadership in national accounts 3 Aggressive growth in Specialty through competitive differentiation and deeper customer penetration 4 Well-positioned to capitalize on key demand tailwinds across our customer base ● United Rentals® Work United® 2023 Investor Day | 63#64Well-Positioned to Drive Growth Across Products, Markets, and Verticals Concentrated in Growth Markets (1) Full Solutions General Rental Trucks • Flooring & Facility Solutions Specialty • Fluid Solutions Power & HVAC Reliable Onsite Services • Tool Solutions Trench Safety Mobile Storage Services Customer Equipment Solutions United Academy Focused Verticals 983 GenRent Branches • 482(¹) . Specialty Branches 1,465 North American Branches 60 . International Branches • • · . Chemical Data Centers Downstream O&G Emergency Response Industrial Manufacturing Infrastructure Non-res Construction • Power • • Renewable Energy Sports & Entertainment Warehousing & Storage Creating Value by Matching Customer Needs with Products and Services Leveraging Scale Across Our Portfolio (1) As of March 31, 2023. Specialty branch count 1) includes Tools and Reliable Onsite Services branches that are part of our General Rentals reporting segment and 2) does not include international branches. United Rentals® Work United® 2023 Investor Day | 64#65Sales Coverage Model Captures Opportunities at Scale Targeted Large National Accounts Verticals and Other Local Accounts / Jobsites Core Accounts Account Managers & Outside Sales Reps Regional Product Call Center Development Managers Reps Mobile App + Digital Channels Enhanced sales coverage model ensures the right resources are aligned to the right clients and channels Key Benefits of Enhanced Coverage Model Grow revenue with existing customers in National Accounts and targeted verticals Deepen penetration through more frequent interactions with sales reps and account managers Expand access to local customers through more efficient sales operations Capture share with local accounts Leverage online/digital channels for high- volume, low-touch interactions Clear Coverage Responsibilities to Align with Exceptional Sales Expertise United Rentals® Work United® 2023 Investor Day | 65#66GenRent Growing, Deepening, and Expanding Our One-stop Shop through Industry-Leading Specialty Solutions Offerings Comprehensive Suite of Solutions... ...Drives Deeper Customer Relationships Specialty Cross-Sell Results: Large Utility Client Specialty Fluid Solutions Power & HVAC Trench Safety Mobile Storage Onsite Services Tool Solutions 11% of Total Revenue General Rental Solutions $11M Specialty GenRent 2020 Specialty Solutions Drive Cross-sell Opportunities and Growth (1) TTM: Trailing Twelve Months, as of April 2023. ● United Rentals® Work United® $41M Specialty 58% of Total Revenue GenRent 2023 TTM (1) 2023 Investor Day | 66#67Specialty Provides Strong Growth Opportunities Specialty Revenue (1) ($M) 2012-2022 CAGR: 27.8% $2,692 $2,165 $2,089 $1,720 $1,254 $931 $1,021 $823 $471 $297 $3,445 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 7.2% 9.5% 14.5% 16.0% 17.7% 18.9% 21.4% 23.2% 24.5% 27.7% Specialty % of Total Revenue 29.6% Specialty Represented -30% of Total Revenue in 2022 (1) Data includes Specialty reporting segment (comprised of our Fluid Solutions, Fluid Solutions Europe, Trench Safety, Power & HVAC, Mobile Storage and Mobile Storage International regions and Reliable Onsite Services and Tools revenues, which are included in our General Rentals reporting segment. United Rentals® Work United® 2023 Investor Day | 67#68Uniquely Positioned to Serve National Accounts and Capitalize on Key Demand Tailwinds Sustainable Commercial Advantages Ability to Provide Solutions to Large, Complex Projects Infrastructure Bill Electric Vehicle Investment $300B Semiconductor Manufacturing $200B North America LNG $100B+ Comprehensive GenRent and Specialty solutions to provide one-stop shopping experience Premier brand with resources and focus to acquire large, profitable national accounts Scale, footprint, and fleet architecture advantages $500B+ Strong public sector and private sector experience Unique digital capabilities and expertise, including telematics- enabled technology Inflation Reduction Act ~$1T+ History of working with leading automotive OEMs Specialty solutions to support complex projects Deep experience with upstream and midstream projects Breadth and depth of expertise across multiple verticals Why We Win Industry Leading Brand and Capabilities to Drive Growth from Mega-project Spending United Rentals® Work United® 2023 Investor Day | 68#69Multiple Expansion Opportunities to Fuel Long-term, Above-Market Growth Well-positioned to Continue Positive Momentum Products O CASE 58ON JLE LIF 65-894 Markets Verticals Rentals You're building the future We're true to isoto United Rentals United Rentals UnitedRentals.com Driving deeper customer ✓ penetration through new and adjacent products Scaling local market ✓ : capabilities to complement National Account strength Increasing wallet ✓ share through entire product offerings Selectively pursuing international growth in attractive markets M SA B00UFLRENTS Developing new verticals with strong growth profiles Focusing on underserved verticals across account base Strategy and Model Uniquely Position Us to Capture Additional Whitespace Opportunities United Rentals® Work United® 86100 2023 Investor Day | 69#70Key Takeaways 1 2 3 4 Clear growth initiatives to continue positive momentum across products, markets, and verticals Uniquely solving customer problems to capture greater share among local regional players while maintaining leadership in national accounts Aggressive growth in Specialty through competitive differentiation and deeper customer penetration Well-positioned to capitalize on key demand tailwinds across our customer base ● United Rentals® Work United® 2023 Investor Day | 70#71Differentiation through Disciplined Financial Outperformance Ted Grace EVP and CFO JCB UT e 0507-42 1-800-UR-RENTS www.tedrentals.com#72Key Messages 1 Well-positioned for multi-year demand tailwind from public and private investment in infrastructure and industrial manufacturing through our strategies and competitive advantages 2 Focus on operational efficiencies supports improvements in full-cycle margins and returns 3 4 Strong profitability and disciplined capital management support strong, consistent cash generation Flexible business model and strong balance sheet support business in all operating environments 5 Clear strategy to compound shareholder value by balancing growth, margins, returns, free cash flow, and prudent capital allocation United Rentals® Work United® 2023 Investor Day | 72#73Consistent Value Creation Framework Maximize Profitable Revenue WORLD-CLASS RENTAL EXECUTION Growth WORKSITE PERFORMANCE Safety | Sustainability | Productivity Prudently Allocate Cash Flows Customers PEOPLE Employees ONE-STOP SHOP People | Process | Technology CUSTOMER EXPERIENCE Drive Efficiency & Productivity Balanced Focus on Growth, Margins, Returns, Cash Generation, and Capital Allocation to Drive Shareholder Value United Rentals® Work United® 2023 Investor Day | 73#74Strong Track Record of Powerful Financial Performance Total Revenue ($M) +11.9% +11.0% 5-Year CAGR 10-Year CAGR Adjusted EBITDA (1) ($M) +12.2% +12.2% 5-Year CAGR 10-Year CAGR Adjusted EPS (1,2) +25.1% +24.1% 5-Year CAGR 10-Year CAGR $15,000 $10,000 $5,000 $6,000 $4,000 $2,000 vs. +11.6% for the S&P 500 vs. +8.0% for the S&P 500 $35 $30 $25 $20 $15 $10 $5 $0 $0 $0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 Strong Growth and Margins Have Driven Powerful Earnings Growth Over the Last Decade (1) Adjusted EBITDA and Adjusted EPS are non-GAAP measures. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures. (2) 2017 Adjusted EPS excludes a one-time benefit from the Tax Cuts and Jobs Act (the "Tax Act") of $8.05. Periods subsequent to 2017 reflect a reduction in the U.S. federal corporate statutory rate from 35% to 21% as a result of the Tax Act. United Rentals® Work United® 2023 Investor Day | 74#75Growth: Strategy Supports Meaningful Outperformance of Industry Growth Drivers 300% 250% --Indexed Growth: URI Rental Revenue (11.2% CAGR) -Indexed Growth: NAM Industry ex-URI (3.8% CAGR) 200% 150% 100% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 URI Has Grown ~3x the Industry Rate Over the Last Decade Sources: Company data, American Rental Association. Note: Reflects indexed growth for the North American industry ex-URI North America rental revenue based on ARA data vs. URI North America rental revenue. United Rentals® Work United® ✓ Smart M&A ✓ Secular shift towards rental over ownership ✓ Increased cross-selling to capture wallet share and maximize cyclical growth ✓ Evolution of sales strategies and asset base to better serve customers ✓ Differentiation through new technologies and accelerated innovation 2023 Investor Day | 75#76Profitability: Focus on Efficiency Supports Improved Margins 50% 40% 30% 20% 10% Key Drivers of Margin Gains Strong Fixed-Cost Absorption 25% • Cyclical leverage (e.g., SG&A) ● M&A cost synergies 20% 15% 10% 5% Increased Operational Efficiency • Process improvements (e.g., LEAN) Technology investments (e.g., logistics, telematics, CORE, etc.) Improved Mix Shift towards higher margin Specialty • Improved segment/end-market mix De-emphasis of low margin/return businesses • Enhanced Used Equipment Strategies 0% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Adj. EBITDA Margin (L) Net Income Margin (R) Industry Leading Margins Driven by Scale and Focus on Efficiency Note: Adjusted EBITDA is a non-GAAP measure. Net income margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue. See the tables provided elsewhere in this presentation for adjusted EBITDA reconciliations to the most comparable GAAP measures. Note: 2017 net income margin excludes one-time benefit from the Tax Act. ● United Rentals® Work United® 2023 Investor Day | 76#77Returns: Higher Profitability and Focus on Capital Efficiency Supports ROIC 14% 12% 10% 8% 7.6% 6% 4% 2% 510 bps improvement 12.7% 0% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Pa Key Return Drivers Increased Profitability Positive Fleet Productivity Aggressive Fleet Management Smart Capital Allocation Record Return on Invested Capital in 2022 Sources: Company data. ROIC metric uses after-tax operating income for the trailing 12 months divided by average stockholders' equity, debt, and deferred taxes, net of average cash. To mitigate the volatility related to fluctuations in the company's tax rate from period to period, the U.S. federal corporate statutory tax rate of 21% was used to calculate after-tax operating income for 2018-2022 and 35% for 2013-2017 United Rentals® Work United® 2023 Investor Day | 77#78Cash Flow: Strong and Resilient Free Cash Flow Generation Cumulative FCF Last 5-years (2) $8.7B $2,500 $2,000 Cumulative FCF Last 10-years (3) $12.8B 10-Year Average Cash Conversion (4) 132% 10-Year Average FCF Margin (5) 16.3% $2,454 $1,500 $1,592 $1,768 $1,527 $1,334 $1,195 $1,000 $983 $924 $500 $574 $421 $0 (6) (6) (6) 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Free Cash Flow(1) ($M) Durable Free Cash Flow Provides Significant Financial Flexibility and Optionality for Value Creation (1) Free cash flow is a non-GAAP financial measure. See reconciliation to the most comparable GAAP measure provided elsewhere. Free cash flow presented on this page excludes the impact of merger and restructuring payments. Cash conversion noted for the 10-year average excludes a one-time tax benefit in 2017. (2) Reflects 5-year period from 2018 to 2022, excluding merger and restructuring related payments. (3) Reflects 10-year period from 2013 to 2022, excluding merger and restructuring related payments. (4) Cash conversion is calculated as free cash flow divided by net income. (5) Free cash flow margin is calculated as free cash flow divided by total revenue. (6) 2020 reflects a -$1.2 billion year-over-year decrease in net rental capital expenditures, while 2021 reflects a -$1.9 billion year-over-year increase in net rental capital expenditures. 2022 net rental capital expenditures exceeded 2021 levels. ● United Rentals® Work United® 2023 Investor Day | 78#79Growth: URI vs. S&P 500 Industrials FY13-FY22 CAGR Total Revenue Growth Diluted EPS Growth FY22 Y/Y % Change FY13-FY22 CAGR 1st 26.2% 10.0% 19.8% Quartile 1st Quartile FY22 Y/Y % Change 55.7% 2nd Quartile 2nd 5.2% Quartile 10.9% 10.5% United 3rd 13.8% Rentals 1-800-UR-RENTS Quartile 3rd 4th Quartile Quartile 4th Quartile URI S&P 500 Industrials Median 81 st Percentile 86th Percentile 95th Percentile 90th Percentile Note: Data provided for S&P 500 Industrials sector is based on information sourced from NASDAQ. Percentiles based on same data. United Rentals® Work United® Power & HVAC UnedFals on URENTS 2023 Investor Day | 79#80Profitability: URI vs. S&P 500 Industrials Operating FY13-FY22 Income Margin FY22 FY13-FY22 AVG Net Income Margin AVG 23.9% 1st Quartile FY22 27.8% 1st Quartile 18.1% 12.7% 2nd Quartile 2nd Quartile 13.1% 14.4% 9.3% 11.0% 3rd 3rd Quartile Quartile 90th Percentile 4th Quartile 89th 4th Quartile URI S&P 500 Industrials Median Percentile 73rd Percentile 83rd Percentile Note: Data provided for S&P 500 Industrials sector is based on information sourced from NASDAQ. Percentiles based on same data. United Rentals® Work United® Wat JCB wwww.amiserentals.com 88 2023 Investor Day | 80#81Returns: URI vs. S&P 500 Industrials FY13-FY22 AVG ROIC (1) ROE (2) FY22 FY22 FY13-FY22 AVG 1st Quartile 1st Quartile 38.5% 2nd Quartile 12.6% 35.4% 2nd Quartile 10.6% 9.1% 11.5% 22.3% 25.8% 3rd 3rd Quartile 4th Quartile Quartile 4th Quartile URI S&P 500 Industrials Median 37th Percentile 57th Percentile 81st Percentile 72nd Percentile (1) To maintain comparability across constituents, ROIC for URI and the S&P 500 Industrials sector is sourced from Bloomberg, using Bloomberg's definition of "ROIC," which is defined as net operating profit after- tax divided by average debt, equity, allowance for doubtful accounts, deferred tax liabilities and accrued income taxes. Bloomberg's definition of ROIC differs from URI's definition of ROIC, so URI's ROIC presented on this page is different than URI's ROIC presented elsewhere. ROIC percentiles are also based on information sourced from Bloomberg. (2) To maintain comparability across constituents, ROE for URI and the S&P 500 Industrials sector is sourced from NASDAQ, using NASDAQ's definition of ROE, which is defined as GAAP net income divided by average equity of common shares. ROE percentiles are also based on information sourced from NASDAQ. ● United Rentals® Work United® 10339316 2023 Investor Day | 81#82Cash Flow: URI vs. S&P 500 Industrials FY13-FY22 AVG FCF Margin FY22 FY13-FY22 AVG Cash Conversion (1) FY22 1st Quartile 132.4% 1st Quartile 15.6% 14.9% 2nd Quartile 2nd Quartile 10.2% 9.3% 101.8% 84.8% 3rd 3rd Quartile Quartile 82.3% 4th Quartile 4th Quartile URI S&P 500 Industrials Median TRENCH SAFET Rentals United United Renta CH SA 79th Percentile 76th Percentile 93rd Percentile 46th Percentile (1) Free cash flow margin is calculated as free cash flow divided by total revenue. Cash conversion is calculated as free cash flow divided by net income. Free cash flow used in the charts above is defined as cash flow from operating activities less total, net, capital expenditures, which differs from URI's definition of free cash flow in order to maintain comparability across constituents. Data and percentiles shown on this page are based on information sourced from NASDAQ. ● United Rentals® Work United 個 ed als FETY United als 2023 Investor Day | 82#83Valuation: URI vs. S&P 500 Industrials FY13-FY22 AVG NTM Enterprise Value/ EBITDA FY22 AVG FY13-FY22 AVG NTM Price/ Earnings (1) FY22 AVG 1st Quartile 1st Quartile 2nd 2nd Quartile Quartile 11.4x 12.3x 21.8x 20.0x 3rd 3rd Quartile Quartile 4th 5.4x Quartile 5.7x 15.3x United 4th Quartile 13.8x Fantal's S URI S&P 500 Industrials Median Bottom Bottom Quartile Quartile Bottom Quartile Bottom Quartile (1) NTM EV/EBITDA calculated as enterprise value divided by next-twelve-month EBITDA. NTM Price/Earnings calculated as share price divided by next-twelve-months diluted earnings per share. Data provided for URI and S&P 500 Industrials sector based on information sourced from NASDAQ and Bloomberg. Percentiles based on same data sets. United Rentals® Work United® 2023 Investor Day | 83#84Financial Strength: Aggressively Managing the Balance Sheet Leverage Ratio(1) Capital Allocation Strategy Supports Strong Balance Sheet 3.6x (4) (3) 3.0x 3.0x 2.9x 2.8x 2.9x 2.7x 2012 2013 2014 2015 2016 Prudent Financial Leverage 2017 2018 2.6x (5) 2.4x 2.2x 2.0x 1.6x 2019 2020 2021 2022 2023F Aggressive Balance Sheet and Liquidity Management Liquidity and Maturity Management • Targeted full-cycle leverage ratio: 2.0-3.0x . Ensure sufficient liquidity to support business • Ensure access to diverse funding sources • Manage debt maturities to minimize risks • 3.0x 2.0x Thoughtful Capital Allocation Balance the deployment of excess free cash flow to support shareholder value Dividends vs. Repurchases vs. Net Debt Support funding needs in all environments Current Leverage Strategy Provides a Solid Foundation for Capital Deployment and Value Creation (1) Leverage Ratio calculated as net debt divided by LTM adjusted EBITDA. (2) Pro Forma assumes RSC acquisition occurred on January 1, 2012. (3) Reflects leverage as reported, which includes borrowings related to the acquisitions of both NES and Neff without full-year benefits of EBITDA contribution. (4) Reflects leverage as reported, which includes borrowings related to the acquisitions of both Baker and BlueLine without full-year benefits of EBITDA contribution. (5) Reflects leverage as reported, which includes borrowings related to the acquisition of General Finance without full-year benefits of EBITDA contribution. (6) Reflects leverage as reported, which includes borrowings related to the acquisition of Ahern without full-year benefits of EBITDA contribution. (7) Based on implied mid-point of 2023 guidance. United Rentals® Work United® 2023 Investor Day | 84#85Financial Strength: Ensuring Flexibility & Optionality $M $6,000 No Long-term Note Maturities Until 2027 $5,500 $5,000 $4,000 $3,000 $2,000 $1,100 $955 $1,000 $100 Repurchase Facility $220 unused $880 Used A/R Facility Term Loan B $0 2023 2024 2025 2026 $2,336 Unused ABL Facility Total Liquidity of $2.655B(1) Fixed vs. Floating Ratio: 68%/32% $1,914 Used ABL Facility(2) $1,673 $1,500 $1,500 $1,100 $750 3.875% SSN $750 4.00% SUN $750 4.875% SUN(3) 6% SSN $500 5.5% SUN $750 3.875% SUN 5.25% SUN 3.750% SUN 2027 2028 2029 2030 2031 2032 SUN: Senior Unsecured Notes SSN: Senior Secured Notes Aggressive Management of Long-term Maturity Towers Note: As of March 31, 2023. SSN = Senior Secured Notes. SUN = Senior Unsecured Notes. (1) Includes total cash, cash equivalents and availability under ABL and A/R facilities as of March 31, 2023. (2) Includes $67M in Letters of Credit. (3) Comprised of two separate 4.875% notes, a note with $1.669B principal amount and a note with $4M principal amount. United Rentals® Work United® 2023 Investor Day | 85#86Prudent Capital Deployment Execution with Clear Priorities Organic Growth Invest in Growth . • Continued investment in GenRent and Specialty to support customers Targeting 40+ specialty cold-starts in 2023 vs. 35 in 2022 M&A Return Excess Cash to Investors Dividends • Initiated dividend program in 1Q2023 . • Current quarterly dividend of $1.48; initial annualized yield of 1.5% Current yield 1.7% (1) Share Repurchases . Focus on risk-adjusted returns across both GenRent and Specialty . Current authorization: $1.25B share repurchase program • Supports our "Grow, Deepen and Expand" strategy • 2023 Plan: Expect to repurchase $1.0B of common shares Balance sheet provides the flexibility to pursue strategic opportunities • Since 2012, the company has returned approximately $5.0B of excess cash to shareholders via share repurchases, reducing its outstanding share count by ~40% at an internal rate of return of over 20% (2) Disciplined Capital Allocation Approach Drives Outsized Shareholder Returns (1) Based on URI closing share price on May 19, 2023. (2) Reflects period between 2012 and through 2022. United Rentals® Work United® 2023 Investor Day | 86#87Proven Ability to Create Value Through M&A RSC Equipment Rental 2012 GenRent National Pump & Compressor Rental Sales Service 2014/Specialty NES Rentals 2017 GenRent Key Acquisitions NEFF RENTAL 2017 GenRent BAKER CORP AUBURN - BlueLine GeneralFINANCE Rental 2018 GenRent SPICE 1959 ANER RENTALS Positions URI as leader in North American rental industry Expand offerings in higher margin/ return assets Strengthened aerial capabilities; added two-way cross-sell opportunities 2018/Specialty Strategic Value New capabilities in infrastructure; added two-way cross-sell opportunities Expand offerings in higher return assets Financial Benefit Bolstered NA rental position; increased local and mid-sized presence 2021/Specialty Expanded offering; differentiated ability to provide one-stop shopping 2022 GenRent Bolstered NA rental position; increased local and mid-sized presence $40M $35M $19M $200M of cost synergies Delivered on growth thesis; capitalize on cross-sell opportunity of revenue synergies of cost synergies, $35M of cost synergies, $15M of cost synergies, $60M $45M $35M of cost synergies, $17M of cost synergies, $65M $40M of cost synergies, $60M of revenue synergies of revenue synergies of revenue synergies of revenue synergies of revenue synergies Cultural Alignment M&A is a Core Competency that Benefits Both Customers and Shareholders Note: Financial benefits are not exhaustive and exclude the net present value of related tax benefits. Cost and revenue synergies reflect targeted levels. United Rentals® Work United® 2023 Investor Day | 87#88Key Takeaways 1 2 3 4 5 Well-positioned for multi-year demand tailwind from public and private investment in infrastructure and industrial manufacturing through our strategies and competitive advantages Focus on operational efficiencies supports improvements in full-cycle margins and returns Strong profitability and disciplined capital management support strong, consistent cash generation Flexible business model and strong balance sheet support business in all operating environments Clear strategy to compound shareholder value by balancing growth, margins, returns, free cash flow and prudent capital allocation ● United Rentals® Work United® 2023 Investor Day | 88#89Reiterating 2023 Outlook CASE United Rentals® DEERE 318G Total Revenue YoY% Growth Adjusted EBITDA(1) Adjusted EBITDA Margin (1) Net Rental Capital Expenditures Net Cash Provided by Operating Activities Free Cash Flow(1,2) FCF Margin (% of Revenue) $13.7B-$14.2B ~20% at mid-point $6.6B-$6.85B ~48% at mid-point $2.0B-$2.25B, after gross purchases of $3.3B-$3.55B $4.4B-$4.8B $2.1B-$2.35B ~16% at mid-point 2023 On Track for Another Year of Strong Results Across Growth, Profitability, Free Cash Flow, and Returns (1) Adjusted EBITDA and Free Cash Flow are non-GAAP measures. Adjusted EBITDA margin represents adjusted EBITDA divided by total revenue. See the table provided elsewhere in this presentation for a reconciliation of forecasted Free Cash Flow to the most comparable GAAP measure. Information reconciling forecasted adjusted EBITDA to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed in the "Safe Harbor" slide. 2) Excludes aggregate merger and restructuring related payments. FCF outlook assumptions include 2023 cash taxes of $565M and cash interest of $600M. Work United® 2023 Investor Day | 89#90Closing Remarks Matt Flannery President and Chief Executive Officer SBON CASE 24 Unite#91Compounding Value with Significant Opportunity Ahead Maximize e Profitable Revenue ( WORLD-CLASS RENTAL EXECUTION Growth 1 Market leader with size and scale to sustain meaningful competitive advantages WORKSITE PERFORMANCE Safety | Sustainability | Productivity Prudently Allocate Cash Flows Customers PEOPLE Employees ONE-STOP SHOP United Rentals® People | Process | Technology CUSTOMER EXPERIENCE Drive Efficiency & Productivity Work United® 2 Relentless focus on the customer, fueling deep and lasting relationships 3 Proven ability to win through excellence in people, process, and technology 4 5 Resilient business model, underpinned by diverse portfolio, growing end-market demand, strong cash flow generation, and ample financial flexibility Clear strategy to achieve targets and compound shareholder value by balancing top-line growth, margin improvement, and prudent capital allocation 2023 Investor Day | 91#92New 2028 Aspirational Targets ~$20B Total Revenue ~$7B Specialty Revenue ~$10B Adjusted EBITDA United Rentals 15%+ Return on Invested Capital United Rentals 500 UR RENTS • Key Assumptions • Continued long-term growth in non- residential construction, including support from key tailwinds across North America infrastructure and reindustrialization and industrial activity. Continued end-market outgrowth by URI supported by our competitive advantages, Grow, Deepen, and Expand strategy, vertical strategies and weighting, secular penetration and acquisitions. Ongoing margin expansion driven by our focus on operational efficiency with targeted • adjusted EBITDA flow-through of 50-60% across the cycle. Continued focus on driving healthy fleet productivity and capital efficiency to support higher returns on invested capital and strong free cash generation. Remain Confident in our Ability to Drive Profitable Growth Long Term Note: Information reconciling the aspirational target for Adj. EBITDA to the most comparable GAAP financial measures is unavailable to the company without unreasonable effort, as discussed in the "Safe Harbor" slide. Adj. EBITDA flowthrough is calculated as the YOY change in adjusted EBITDA divided by the YOY change in total revenue." United Rentals® Work United® 2023 Investor Day | 92#93Appendix United Rentals® Work United® 2023 Investor Day | 93#94Historical Adjusted Earnings Per Share GAAP Reconciliation Adjusted EPS (earnings per share) is a non-GAAP measure that reflects diluted earnings per share excluding the impact of the special items described below. Management believes that adjusted EPS provides useful information concerning future profitability. However, adjusted EPS is not a measure of financial performance under GAAP. Accordingly, adjusted EPS should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between diluted earnings (loss) per share and adjusted EPS. Diluted earnings per share (EPS) EPS adjustments (after-tax): Merger related costs (1) 2012 $ 0.79 2013 $ 3.64 2014 $ 5.15 2015 $ 6.07 2016 $ 6.45 2017 2018 $ 15.73 $ 13.12 2019 2020 2021 15.11 $ 12.20 $ 19.04 2022 $ 29.65 0.72 0.05 Merger related intangible asset amortization (2) 0.74 0.94 0.06 1.10 (0.17) 1.15 0.36 0.32 0.01 0.03 1.12 1.15 1.76 2.48 2.22 1.98 1.79 Impact on depreciation related to acquired fleet and property and equipment (3) Impact of the fair value mark-up of acquired fleet (4) 0.24 (0.03) (0.04) (0.03) (0.02) 0.25 0.21 0.19 0.05 0.19 0.39 0.08 0.16 0.56 0.25 0.59 0.59 0.72 0.51 0.38 0.29 Pre-close RSC merger related interest expense (5) 0.19 Impact on interest expense related to fair value adjustment of acquired RSC indebtedness (6) (0.03) (0.04) (0.03) (0.02) (0.01) - Restructuring charge (7) 0.64 Asset impairment charge (8) 0.10 0.07 (0.01) 0.04 0.02 0.11 0.36 0.28 0.18 0.18 0.02 0.03 0.01 I 0.05 0.37 0.14 0.03 (Gain) loss on extinguishment of debt securities, including subordinated convertible debentures, and amendments of debt facilities (9) 0.45 0.02 0.46 0.78 0.70 0.39 0.58 1.88 0.31 0.18 Gain on sale of software subsidiary (10) (0.05) Total EPS adjustments $ 2.97 $ 1.27 Adjusted EPS $ 3.76 $ 4.91 $ 1.76 $ 6.91 $ 1.95 $ 8.02 $ 2.20 $ 2.91 $ 3.14 4.41 $ 8.65 2017 Tax Act impact (11) $ 18.64 $ 16.26 $ 8.05 $ 19.52 $ 5.24 $ 3.02 $ 17.44 $ 22.06 $ 32.50 2.85 Total revenues ($M) (12) $ 4,117 $ 4,955 $ 5,685 $ 5,817 $ 5,762 $ 6,641 $ 8,047 $ 9,351 $ 8,530 $ 9,716 $ 11,642 ● United Rentals® Work United® 2023 Investor Day | 94#95Historical Adjusted Earnings Per Share GAAP Reconciliation (cont'd) (1) We have made a number of acquisitions in the past and may continue to make acquisitions in the future. Merger related costs only include costs associated with major acquisitions that significantly impacted our operations (the "major acquisitions," each of which had annual revenues of over $200 million prior to acquisition). (2) Reflects the amortization of the intangible assets acquired in the major acquisitions. (3) Reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment. (4) Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold. (5) In March 2012, we issued $2.825 billion of debt in connection with the RSC acquisition. The pre-close RSC merger related interest expense reflects the interest expense recorded on this debt prior to the acquisition of RSC on April 30, 2012. (6) Reflects a reduction of interest expense associated with the fair value mark-up of debt acquired in the RSC acquisition. (7) Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. In the first quarter of 2023, we initiated a restructuring program following the closing of the Ahern Rentals acquisition, which is our only open restructuring program as of March 31, 2023. We have cumulatively incurred total restructuring charges of $353 million under our restructuring programs. (8) Primarily reflects write-offs of leasehold improvements and other fixed assets. (9) Reflects gains/losses on the extinguishment of certain debt securities, including subordinated convertible debentures, and write-offs of debt issuance costs associated with amendments to our debt facilities. In 2013, we retired all outstanding subordinated convertible debentures. (10) Reflects a gain recognized upon the sale of a former subsidiary that developed and marketed software. (11) The Tax Cuts and Jobs Act (the "Tax Act"), which was enacted in December 2017, reduced the U.S. federal corporate statutory tax rate from 35% to 21%. The benefit in 2017 reflects an aggregate benefit of $689 million, or $8.05 per diluted share, reflecting 1) a one-time non-cash tax benefit reflecting the revaluation of our net deferred tax liability using a U.S. federal corporate statutory tax rate of 21% and 2) a one-time transition tax on our unremitted foreign earnings and profits. Periods subsequent to 2017 reflect the lower 21% U. S. federal corporate statutory tax rate. (12) Total revenue is provided for context. ● United Rentals® Work United® 2023 Investor Day | 95#96Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) EBITDA represents the sum of net income (loss), loss on discontinued operations, net of tax, provision (benefit) for income taxes, interest expense, subordinated convertible debentures, net, depreciation of rental equipment, and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the adjusting items (determined at the time of the historic reporting) discussed below. These items are excluded from adjusted EBITDA internally when evaluating our operating performance and for strategic planning and forecasting purposes, and allow investors to make a more meaningful comparison between our core business operating results over different periods of time, as well as with those of other similar companies. The net income and adjusted EBITDA margins represent net income or adjusted EBITDA divided by total revenue. Management believes that EBITDA and adjusted EBITDA, when viewed with the Company's results under GAAP and the accompanying reconciliations, provide useful information about operating performance and period-over-period growth, and provide additional information that is useful for evaluating the operating performance of our core business without regard to potential distortions. Additionally, management believes that EBITDA and adjusted EBITDA help investors gain an understanding of the factors and trends affecting our ongoing cash earnings, from which capital investments are made and debt is serviced. The tables below provide 1) a reconciliation between net income and EBITDA and adjusted EBITDA and 2) a reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA. 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income (loss) $ 75 $ 387 $ 540 $ 585 566 $ 1,346 $ 1,096 $ 1,174 $ 890 $ 1,386 $ 2,105 Provision (benefit) for income taxes 13 218 310 378 343 (298) 380 340 249 460 697 Interest expense, net 512 475 555 567 511 464 481 648 669 424 445 Interest expense-subordinated convertible debentures, net (1) 4 3 Depreciation of rental equipment 699 852 921 976 990 1,124 1,363 1,631 1,601 1,611 1,853 Non-rental depreciation and amortization 198 246 273 268 255 259 308 407 387 372 364 EBITDA 1,501 2,181 2,599 2,774 2,665 2,895 3,628 4,200 3,796 4,253 5,464 Merger related costs (2) 111 9 11 (26) 50 36 1 --- 3 Restructuring charge (3) 99 12 (1) 6 14 50 31 18 17 2 Impact of the fair value mark-up of acquired fleet (4) 37 44 35 29 35 82 66 75 49 37 (Gain) loss on sale of software subsidiary (5) (8) 1 --- --- Stock compensation expense, net (6) 32 46 74 49 45 87 102 61 70 119 INN --- 27 127 Adjusted EBITDA Net income (loss) margin Adjusted EBITDA margin $ 1,772 $ 2,293 $ 2,718 $ 2,832 $ 2,759 $ 3,164 $ 3,863 $ 4,355 $ 3,932 $ 1.8% 7.8% 9.5% 10.1% 9.8% 20.3% 13.6% 12.6% 10.4% 43.0% 46.3% 47.8% 48.7% 47.9% 47.6% 48.0% 46.6% 46.1% 4,414 14.3% 45.4% $ 5,618 18.1% 48.3% ● United Rentals® Work United® 2023 Investor Day | 96#97Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont'd) We define "free cash flow" as net cash provided by operating activities less purchases of, and plus proceeds from, equipment and intangible assets. The equipment and intangible asset purchases and proceeds are included in cash flows from investing activities. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow. 2012 2013 2014 Net cash provided by operating activities $ 721 $ 1,551 $ 1,801 2015 2016 $1,987 $ 1,941 2017 2018 2019 2020 2021 2022 $ 2,209 $ 2,853 $ 3,024 $ 2,658 3,689 $4,433 Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA: Amortization of deferred financing costs and original issue discounts (23) (21) (17) (10) Gain on sales of rental equipment 125 176 229 227 (Loss) gain on sales of non-rental equipment 2 6 11 8 Insurance proceeds on damaged equipment (7) 8 Gain (loss) on sale of software subsidiary (5) 8 (1) Merger related costs (2) (111) (9) (11) 26 Restructuring charge (3) (99) (12) 1 (6 Stock compensation expense, net (6) (32) (46) (74) (49 Gain (loss) on extinguishment of debt securities, and amendments of debt facilities (72) (1) (80 (123) Loss on retirement of subordinated convertible debentures (1) (2) Excess tax benefits from share-based payment arrangements (8) Changes in assets and liabilities | 5 571 31 182 194 Cash paid for interest, including subordinated convertible debentures (1) Cash paid (received) for income taxes, net 371 461 457 447 40 48 100 60 EBITDA Add back: Merger related costs (2) Restructuring charge (3) Stock compensation expense, net (6) 1,501 2,181 2,599 2,774 111 99 32 Impact of the fair value mark-up of acquired fleet (4) 37 (Gain) loss on sale of software subsidiary (5) Adjusted EBITDA (8) 22611 9 11 (26) (1) 6 46 74 49 44 35 29 ©ཙཽ ༄།|ཙུ@€ |33 |98 (9) (9) (12) (15) 204 220 278 313 4 4 6 6 12 21 22 24 (50) (36) (1) (14) (50) (31) (18) (45) (87) (102) (61) (101) (54) 58 101 129 124 170 415 357 455 581 ཙྱཿལླུ¥ ||E€@ |L ུg°ཟླ།།ྱསྐྱེ།|༄a (14) (13) (13) 332 431 566 8 10 9 40 25 32 (17) (2) (70) (119) (127) (61) (183) (30) (17) 241 (328) (151) 483 391 406 99 205 71 238 318 202 326 2,665 2,895 3,628 4,200 3,796 4,253 5,464 14 45 35 88881 50 36 1 31 18 87 102 61 82 66 75 I⪜e ༄ce 17 32 70 119 127 49 37 27 - $ 1,772 $2,293 $ 2,718 $ 2,832 $ 2,759 $ 3,164 $3,863 $ 4,355 $ 3,932 $ 4,414 $5,618 United Rentals® Work United® 2023 Investor Day | 97#98Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont'd) (1) In 2013, we retired all outstanding subordinated convertible debentures. (2) We have made a number of acquisitions in the past and may continue to make acquisitions in the future. Merger related costs only include costs associated with the major acquisitions that significantly impacted our operations (the "major acquisitions," each of which had annual revenues of over $200 million prior to acquisition). (3) Primarily reflects severance and branch closure charges associated with our restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. The designated restructuring programs generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition, and result in significant costs that we would not normally incur absent a major acquisition or other triggering event that results in the initiation of a restructuring program. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. In the first quarter of 2023, we initiated a restructuring program following the closing of the Ahern Rentals acquisition, which is our only open restructuring program as of March 31, 2023. We have cumulatively incurred total restructuring charges of $353 million under our restructuring programs. (4) Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold. (5) Reflects a gain recognized upon the sale of a former subsidiary that developed and marketed software. (6) Represents non-cash, share-based payments associated with the granting of equity instruments. (7) In 2018, we adopted accounting guidance that addressed the cash flow presentation for proceeds from the settlement of insurance claims. Adoption of this guidance decreased net cash provided by operating activities, relative to previously reported amounts, but did not change EBITDA or adjusted EBITDA for 2017, 2016 and 2015 in the table above. The information required to determine the amount of insurance proceeds for periods prior to 2015 is unavailable without unreasonable effort. The insurance proceeds do not impact EBITDA or adjusted EBITDA. (8) The excess tax benefits from share-based payment arrangements result from stock-based compensation windfall deductions in excess of the amounts reported for financial reporting purposes. We adopted accounting guidance in 2017 that changed the cash flow presentation of excess tax benefits from share-based payment arrangements. In the table above, the excess tax benefits from share-based payment arrangements for periods after 2016 are presented as a component of net cash provided by operating activities, while, for 2015 and 2016, they are presented as a separate line item. ● United Rentals® Work United® 2023 Investor Day | 98#99Historical Free Cash Flow GAAP Reconciliation ($M) We define "free cash flow" as net cash provided by operating activities less purchases of, and plus proceeds from, equipment and intangible assets, and plus excess tax benefits from share-based payment arrangements. The equipment and intangible asset purchases and proceeds are included in cash flows from investing activities. Management believes that free cash flow provides useful additional information concerning cash flow available to meet future debt service obligations and working capital requirements. However, free cash flow is not a measure of financial performance or liquidity under GAAP. Accordingly, free cash flow should not be considered an alternative to net income or cash flow from operating activities as an indicator of operating performance or liquidity. The table below provides a reconciliation between net cash provided by operating activities and free cash flow. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net cash provided by operating activities 1,551 $ 1,801 $ 1,987 1,941 $ 2,209 $ 2,853 $ 3,024 2,658 3,689 $4,433 Purchases of rental equipment (1,580) (1,701) (1,534) (1,246) (1,769) (2,106) (2,132) (961) (2,998) (3,436) Purchases of non-rental equipment and intangible assets (104) (120) (102) (93) (120) (185) (218) (197) (200) (254) Proceeds from sales of rental equipment 490 544 538 496 550 664 831 858 968 965 Proceeds from sales of non-rental equipment 26 33 17 14 16 Insurance proceeds from damaged equipment (1) 8 12 21 22 23 37 42 30 24 22 24 40 25 32 Excess tax benefits from share-based payment arrangements (2) Free cash flow Merger and restructuring related payments included in free cash flow (3) ― — 5 58 ― 383 $ 557 919 $ 1,182 $ 907 $ 1,271 $ 1,566 2,440 $ 1,514 $ 1,764 38 38 17 5 13 76 63 26 14 13 4 Free cash flow excluding merger and restructuring related payments (3) Operating cash flow margin Free cash flow margin(3) 421 $ 574 $ 924 $ 1,195 $ 983 $ 1,334 $ 1,592 $ 2,454 $ 1,527 $1,768 31.3 % 31.7 % 8.5 % 10.1 % 34.2 % 33.7 15.9 % % 33.3 % 35.5 20.7 % 14.8 % % 32.3 16.6 % 17.0 % 31.2 % 38.0% 38.1% % 28.8 % 15.7% 15.2% 1 In 2018, we adopted accounting guidance that addressed the cash flow presentation for proceeds from the settlement of insurance claims. Adoption of this guidance decreased net cash provided by operating activities, relative to previously reported amounts, but did not change free cash flow, for 2017, 2016 and 2015 in the table above. The information required to determine the amount of insurance proceeds for periods prior to 2015 is unavailable without unreasonable effort. The adoption of this accounting guidance did not impact free cash flow, as the reduction to net cash provided by operating activities was offset by the increase in insurance proceeds from damaged equiment. 2 The excess tax benefits from share-based payment arrangements result from stock-based compensation windfall deductions in excess of the amounts reported for financial reporting purposes. We adopted accounting guidance in 2017 that changed the cash flow presentation of excess tax benefits from share-based payment arrangements. In the table above, the excess tax benefits from share-based payment arrangements for periods after 2016 are presented as a component of net cash provided by operating activities, while, for 2016 and prior, they are presented as a separate line item. Because we historically included the excess tax benefits from share based payment arrangements in the free cash flow calculation, the adoption of this guidance did not change the calculation of free cash flow. 3 Merger and restructuring related payments were first reported for 2012. The information required to determine the amount of merger and restructuring related payments for periods prior to 2012 is unavailable without unreasonable effort. United Rentals® Work United® 2023 Investor Day | 99#100Free Cash Flow GAAP Reconciliation ($M) The table below provides a reconciliation between 2023 forecasted net cash provided by operating activities and free cash flow. Net cash provided by operating activities Purchases of rental equipment Proceeds from sales of rental equipment Purchases of non-rental equipment and intangible assets, net of proceeds from sales and insurance proceeds from damaged equipment Free cash flow (excluding the impact of merger and restructuring related payments) $4,400-$4,800 $(3,300)-$(3,550) $1,200-$1,400 $(200)-$(300) $2,100-$2,350 ● United Rentals® Work United® 2023 Investor Day | 100#101Speaker Bios United Rentals® Work United® 2023 Investor Day | 101#102Speaker Bios MATT FLANNERY President and Chief Executive Officer Mr. Flannery was appointed to the position of Chief Executive Officer of United Rentals, and was elected as a director of the Company, in May 2019, while remaining as President, a position he has held since March 2018. From April 2012 until March 2018, he was Executive Vice President and Chief Operating Officer. Mr. Flannery has extensive experience in all areas of the Company's operations, having previously served as Executive Vice President- Operations and Sales, Senior Vice President-Operations East and in two regional vice president roles in aerial operations. Mr. Flannery has also served as a district manager, district sales manager, and branch manager of the Company. Mr. Flannery joined the Company in 1998 as part of the Company's acquisition of Connecticut-based McClinch Equipment. Mr. Flannery graduated from Hofstra University. Mr. Flannery has over three decades of sales, management, and operations experience in the rental industry, including a number of senior management positions with the Company. He has extensive experience and knowledge in all areas of the Company's operations and of the competitive environment in which the Company operates. Further, he has demonstrated strategic, operational, and financial acumen that the Board believes has been of significant value to the Company. ● United Rentals® Work United® 2023 Investor Day | 102#103Speaker Bios DALE ASPLUND Executive Vice President and Chief Operating Officer Dale Asplund was promoted to Executive Vice President and Chief Operating Officer in May 2019, after previously serving as Executive Vice President Business Services and Chief Information Officer since January 2017. He previously served as Senior Vice President-Business Services and Chief Information Officer since April 2012 and Senior Vice President Business Services since 2011. Joining the Company in 1998, he has held various senior positions that included responsibility for supply chain, fleet management, and shared services. Mr. Asplund previously worked for United Waste Systems, Inc. as a divisional manager. ● United Rentals® Work United® 2023 Investor Day | 103#104Speaker Bios TED GRACE Executive Vice President and Chief Financial Officer William "Ted" Grace was appointed Executive Vice President and Chief Financial Officer of United Rentals in November 2022, after having served as the Company's Interim Chief Financial Officer since July 2022. In his current role, Mr. Grace is responsible for oversight of the Company's accounting, treasury, risk management, and financial planning and analysis departments. He previously served as the Company's Vice President of Investor Relations since joining the Company in 2016, with responsibility for managing all aspects of communications between the Company's leadership, its investors, and the broader financial community. Since joining the Company, he has been an integral member of the senior corporate finance leadership team, contributing across financial planning and analysis, capital markets, mergers and acquisitions, and capital allocation. Prior to joining the Company, Mr. Grace spent over 20 years in financial services, most recently as a research analyst at Susquehanna International Group covering the industrial machinery and building materials sectors. He previously held the same responsibilities at Avondale Partners and Goldman Sachs & Co. Earlier in his career, he served in the investment banking departments of predecessor organizations at Bank of America and JPMorgan Chase & Co. Mr. Grace holds BA degrees in economics and political science from Bucknell University and an M.B.A. from Cornell University. ● United Rentals® Work United® 2023 Investor Day | 104#105Speaker Bios CRAIG PINTOFF Executive Vice President and Chief Administrative Officer Craig A. Pintoff was promoted to Executive Vice President - Chief Administrative and Legal Officer in March 2017, with responsibility for leading the Company's legal and human resources functions, after previously serving as Senior Vice President, General Counsel and Human Resources since January 2016. Mr. Pintoff has led the United Rentals human resources team since 2005, first as Vice President, then, from April 2011 to March 2017, as Senior Vice President, and since March 2017, as Executive Vice President. He joined United Rentals in 2003 as Director-Legal Affairs. Prior to joining the Company, Mr. Pintoff was Chief Benefits and Employment Counsel for Crompton Corporation in Connecticut. Previously, he was an attorney for White & Case LLP in Manhattan. Mr. Pintoff holds a Juris Doctor from the Columbia Law School and an LL.M. from the New York University School of Law. ● United Rentals® Work United® 2023 Investor Day | 105#106Speaker Bios MIKE DURAND Senior Vice President - Sales and Operations Michael Durand was appointed Senior Vice President - Sales and Operations in 2020, having previously served as Senior Vice President - Operations since 2015. In his current role, Mr. Durand is responsible for various facets of the Company's operations, including sales strategy, sales operations, national accounts, operations strategy, operational excellence, and fleet maintenance. Mr. Durand has held various sales leadership and field management roles since joining the Company in 2002, including branch manager, district manager, and regional sales and marketing director for the Northwest Region. He was appointed to lead the company's Pacific West Region in 2013 and subsequently named Senior Vice President, Operations in the West Division in 2015. Prior to joining the Company, Mr. Durand spent several years in sales and operations leadership roles with other industrial companies. He holds a BA in Geology from Lawrence University. ● United Rentals® Work United® 2023 Investor Day | 106#107Speaker Bios JOLI GROSS Senior Vice President - General Counsel and Head of Sustainability Joli Gross was promoted to Senior Vice President, General Counsel and Corporate Secretary in 2017. In her current role, Ms. Gross leads the Company's governance and environmental functions and is executive sponsor of Planet United, the Company's employee resource group focused on sustainability. From 2002 through 2017, Ms. Gross held various other positions in United Rentals' legal department. Prior to joining the Company, she was an associate with the law firm of Day, Berry & Howard, specializing in commercial real estate and contracts, and an associate with Edwards & Angell, specializing in civil litigation. Ms. Gross holds a Juris Doctor from the New England School of Law, a Bachelor of Arts from Boston University, and a Certificate in Business Excellence from the Columbia University Business School. Since August 2021, Ms. Gross has served as a director of GXO Logistics and is the chair of GXO's Nominating, Corporate Governance and Sustainability Committee. Additionally, Ms. Gross serves on the board of Family Centers, a nonprofit organization offering education, health and human services to children, adults, and families in Fairfield County, Connecticut. ● United Rentals® Work United® 2023 Investor Day | 107#108Speaker Bios CRISTINA MADRY Vice President - Health, Safety and Employee Relations Cristina Madry was promoted to Vice President, Health, Safety & Employee Relations in 2020. In this role, Ms. Madry leads the Company's Health & Safety function. Ms. Madry is responsible for cultivating a world class safety culture at United Rentals and developing the Company's comprehensive United4Safety Strategy. Consistent with the Company's holistic view of Health & Safety, Ms. Madry also has integrated responsibility for employee relations and corporate security. From 2013 to 2020, Ms. Madry held the position of Director, Legal Affairs with a focus on supporting the Company's Human Resources and Safety functions. Prior to joining United Rentals, Ms. Madry worked at the U.S. Department of Labor and Jackson Lewis, P.C., a national law firm representing management exclusively in workplace matters. Ms. Madry earned a bachelor's degree in Labor & Industrial Relations from The Pennsylvania State University with additional certification in Business Spanish and holds a Juris Doctor from The University of Connecticut School of Law. ● United Rentals® Work United® 2023 Investor Day | 108#109Speaker Bios ERIN NEUMANN Vice President - Operations Excellence Erin Neumann was promoted to Vice President of Operations Excellence in June of 2022. In her current role, she supports the branch network through continuous improvement and automation of critical maintenance and logistics processes. Ms. Neumann joined United Rentals as a Director of Operations Excellence in 2017 and led multiple customer service and operations efficiency initiatives across the organization. Prior to joining the Company, Ms. Neumann specialized in Lean Manufacturing and Strategy in the Aerospace & Defense sector. She served both public and private sector clients as a management consultant at Kearney in Washington, D.C. From 2007 through 2014, she held various roles at the former United Technologies subsidiaries Raytheon Technologies, Pratt & Whitney, and Sikorsky Aircraft. Ms. Neumann holds a Master's in Business Administration from NYU Stern and a Bachelors of Business Administration from Loyola University Maryland. ● United Rentals® Work United® 2023 Investor Day | 109