#1JLG United Rentals Third Quarter 2022 Investor Presentation Managing Key Value Drivers to Maximize Full Cycle Returns United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. JLG LIFT United Rentals 800S 10242440 ✪ → fin#2Introductory Information Unless otherwise specified, the information in this presentation, including forward-looking statements, is as of our most recent earnings call held on October 27, 2022. 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 cyclical nature of our business, which is highly sensitive to North American construction and industrial activities; if construction or industrial activity decline, our revenues and, because many of our costs are fixed, our profitability may be adversely affected; (2) 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, such as the coronavirus (COVID-19), on us, our customers and our suppliers, in the United States and the rest of the world; (3) uncertainty regarding the ongoing impact of existing and emerging variant strains of COVID-19 on global economic conditions, and regarding the length of time it will take for the COVID-19 pandemic to ultimately subside or become viewed as endemic. Uncertainty remains regarding the effectiveness of vaccines against COVID-19 (including against emerging variant strains), and the time it will take for the pandemic to subside will also be impacted by measures that may in the future be implemented to protect public health; (4) rates we charge and time utilization we achieve being less than anticipated; (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) 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; (10) 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; (11) the 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; (12) the incurrence of additional debt, which could exacerbate the risks associated with our current level of indebtedness; (13) 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; (14) restrictive covenants and amount of borrowings permitted in our debt instruments, which can limit our financial and operational flexibility; (15) 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; (16) the possibility that companies that we have acquired or may acquire could have undiscovered liabilities or involve other unexpected costs, may strain our management capabilities or may be difficult to integrate; (17) the incurrence of impairment charges; (18) fluctuations in the price of our common stock and inability to complete stock repurchases in the time frame and/or on the terms anticipated; (19) 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; (20) inability to manage credit risk adequately or to collect on contracts with a large number of customers; (21) 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 (including COVID-19); (22) 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; (23) increases in our maintenance and replacement costs and/or decreases in the residual value of our equipment; (24) inability to sell our new or used fleet in the amounts, or at the prices, we expect; (25) 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; (26) risks related to climate change and climate change regulation; (27) risks related to our ability to meet our environmental and social goals, including our greenhouse gas intensity reduction goal; (28) 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; (29) shortfalls in our insurance coverage; (30) increases in our loss reserves to address business operations or other claims and any claims that exceed our established levels of reserves; (31) incurrence of additional expenses (including indemnification obligations) and other costs in connection with litigation, regulatory and investigatory matters; (32) 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; (33) the outcome or other potential consequences of regulatory matters and commercial litigation; (34) labor shortages and/or disputes, work stoppages or other labor difficulties, which may impact our productivity, and potential enactment of new legislation or other changes in law affecting our labor relations or operations generally; and (35) 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, 2021, 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. 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. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 2#3United Rentals 800-UR-RENTS Contents 1. Introduction 2. End-Market Overview 3. Company Overview 4. Summary of Key Financial Data 5. Appendix United Rentals® 3 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved.#41 Introduction United Rentals WARNING United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. ✪ o fin#5United Rentals GEHL Maximizing value creation across the cycle by balancing growth, margins and free cash flow to drive returns JLG Aggressive management of key value drivers within our control KAY 5126-2386 LOA 5#6Company overview Other 71% #1 Market Share (1) • 2021 total revenue $9.72 billion (+13.9% Y/Y) • 2021 adjusted EBITDA (2) $4.41 billion (+12.3% Y/Y; 45.4% margin) 1,343 locations across North America (3) • 1,198 branches in the U.S.; locations in 49 of 50 states United Rentals 15% • 145 branches in Canada; locations in all 10 provinces Sunbelt 11% HRI 3% . • 13 European branches in France, Germany, the United Kingdom, the Netherlands and Belgium 27 branches in Australia 19 branches in New Zealand $17.4B of fleet comprised of 890,000 units (4) Highly diversified product and end-market mix Team of approximately 22,100 employees (5) United Rentals is the North American equipment rental leader (1) (2) North American market share is based on 2021 rental revenues and American Rental Association ("ARA") industry estimates. Adjusted EBITDA is a non-GAAP measure. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP (3) (4) As of September 30, 2022. Total branch count 1,402, including the foreign locations noted. As of September 30, 2022. Average fleet age 54.1 months. measures. (5) As of September 30, 2022. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 6#7Our customers and the benefits of renting vs. owning Residential construction Customer Mix* Why Customers Rent Instead of Buy Multi-Family 4% Industrial & Other • Power / Utilities Manufacturing • Downstream . Verticals 50% Metals & Mining Non-residential 46% • construction . Private non-res • Public non-res Infrastructure Construction & MRO • Chemicals Food & beverage Pulp & paper Oil & gas Disaster response Entertainment • Conserve capital / focus on core business • • The right equipment for any job/availability Reliability/reduce downtime Control expenses and inventory Outsourced maintenance (labor) • Outsourced pick-up/delivery (labor) Save on storage/warehousing 24/7 customer care/support Save on disposable costs • • Biotech & Pharma Manage risks: regulatory, obsolesce, etc. Despite diverse needs, customers derive many benefits from renting *Note: Based on 2021 full-year rental revenue. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 7#8Branch locations (1) (2) NT YT BC Canada MT OR ID W NV UT SK MMB NM 0 SD NE MN ed States Mexico Hudson Bay ON Gulf of Mexico QC North American branch count 1,343(1) • General Rentals: 873 locations Specialty: 470 locations (2) Largest U.S. states by number of locations • Texas: 165 California: 117 Florida: 82 • Louisiana: 51 Georgia: 47 Largest, broadest and most diverse footprint in North America As of September 30, 2022, 1,343 locations in North America, 13 in Europe, 27 in Australia and 19 in New Zealand, total global branch count of 1,402. Specialty branch count presented above includes Tools and Reliable Onsite Services branches that are part of our General Rentals reporting segment. Global branch count of 529, including 13 in Europe, 27 in Australia and 19 in New Zealand. United Rentals | United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 8#9Diverse end-market exposure Residential Construction Food Processing Mining Airports Solar Hospitals Commercial Construction Government Facilites Distribution Centers T Power Generation Emergency Response Bridges & Highways Industrial Manufacturing Shipping Upstream Wind Oil & Gas Oil & Gas Transmission ECS Sports & Entertainment Downstream Oil & Gas Utilities Colleges Shopping Data Centers Power Transmission ■ Infrastructure ■ Non-Res Construction ■ Residential ■ Downstream O&G 2021 Revenue by Vertical ■ Midstream O&G *Note: Based on 2021 rental revenue. Broad customer base helps reduce full-cycle volatility United Rentals 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. ■ Upstream O&G ■ Chemicals ■ Industrial Manufacturing ■ Metals & Minerals ■ Consumer Related 9#10A decade of continued financial improvement... Total Revenue Adjusted EBITDA(1) Adjusted EPS(1) $11,000M $10,000M $5,000M $25 CAGR $4,500M CAGR $9,000M 14.0% $4,000M 16.9% $20 CAGR 28.0% $8,000M $3,500M $7,000M $3,000M $15 $6,000M $2,500M $5,000M $2,000M $10 $4,000M $3,000M $1,500M $2,000M $1,000M $5 $1,000M $0 $500M $0 $0 2011 2016 2021 2011 2016 2021 2011 Strong revenue growth Trailing 5-year CAGR: +11.0% Trailing 10-year CAGR: +14.0% Improved diversification • Increased industrial exposure • Increased non-cyclical specialty exposure 2016 2021 Powerful EBITDA growth Trailing 5-year CAGR: +9.9% Trailing 10-year CAGR: +16.9% Sharply higher margins Adj. EBITDA margins up ~1,300 bps vs. 2008 (2) Adj. EBITDA margins up ~1,900 bps vs 2009 (3) Significant EPS growth Trailing 5-year CAGR: URI +20.6% vs. +12.1% for the S&P 500 over the same period with less relative volatility over the same period Trailing 10-year CAGR: URI +28.0% vs. +7.6% for the S&P 500 over the same period with less relative volatility over the same period Ongoing transformation of the company's financial performance Notes: (1) Adjusted EBITDA and Adjusted EPS are non-GAAP measures. Adjusted EBITDA margin represents adjusted EBITDA divided by total revenue. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures. (2) Reflects change/ improvement since peak of the last cycle relative to 2021. (3) Reflects change/ improvement since trough of the last cycle relative to 2021. United Rentals 9 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2022 United Rentals, Inc. All rights reserved. 10#11...that has ultimately been reflected in free cash flow 2011-2021 Average Free Cash Flow Conversion: 118% (2) Free Cash Flow ($M) $2,600 $2,400 $2,200 $2,000 Average FCF as % of EBITDA(1): 31.1% $1,800 $1,600 $1,400 $1,200 Average FCF as % of $1,000 EBITDA(1): 20.4% $800 $600 $400 $200 $0 ($200) 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Durable Free Cash Flow generated throughout the cycle (1) Free Cash Flow (FCF) and EBITDA are non-GAAP financial measures. See the Appendix for reconciliations to the most comparable GAAP measures for 2008-2021. (2) Reflects average annual free cash flow, excluding the impact of merger and restructuring payments, relative to reported net income with 2017 net income adjusted to exclude tax reform benefits. United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 11#12Driving and extending our competitive advantages Company transformed to be considerably more profitable and efficient Operations, technology and culture differentiate us, and make us far more agile Diversified end-market exposure across customers, verticals and geographies • Strong balance sheet and robust cash generation with disciplined approach to smart capital allocation provide powerful optionality Focused on balancing growth, margins, returns and FCF to maximize long-term value creation for our shareholders $ Leverage powerful cash flow; deliver industry leading returns 1 Maximize revenue potential with current & new customers Leverage growth through efficiency and productivity initiatives Operating model supports self-reinforcing growth, margins, returns and cash generation United Rentals 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 12#132 End-market overview United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. → → fin#14U.S. equipment rental industry overview Combined U.S. General Rental and Construction & Industrial Equipment Rental Market Size ($bn) Growth of the U.S. equipment rental market has sharply outpaced underlying private non-res activity $55 24-year 10-year $50 CAGR CAGR 4.9% 5.0% $45 Peak-to- Peak CAGR 3.3% $40 $35 $30 $25 $20 $15 $10 $5 $0 United Rentals® 350% 300% 250% 200% 150% 100% 50% 0% Indexed growth: US Equipment Rental Market Indexed growth: Total US Non-Res Construction 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Largest players capturing a growing share of the U.S. equipment rental market Top 10 U.S. Rental Companies as % of Total Industry Revenues 45% 40% 40% 38% 36% 35% 32% 30% 30% 26% 27% 27% 25% 22% 23% 24% 20% 20% 15% 10% Equipment rental value proposition continues to drive secular penetration Sources: Company reports, ARA, RER, and U.S. Census Bureau (based on most current data available). United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 14#15$3,000 $2,500 1964 1965 1966 1967 1968 $3,500 1969 1970 $4,000 $4,500 $5,000 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 $5,500 1981 1982 1983 1984 $6,000 Real total U.S. construction spending per capita Real total U.S. construction spend per capita 10-year avg 20-year avg 30-year avg - 40-year avg $6,500 1985 1986 1987 1988 1989 1990 1991 1992 Adjusted for inflation and population growth, total U.S. construction investment is only back to its long-term averages after more than a decade of meaningful under-investment particularly in non-residential assets Sources: U.S. Census Bureau, ENR (based on most current data available). United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 15 2014 2015 2016 2017 2018 2019 2020 2021#1631 LL Company overview DEW THE RIGHT TOOLS, RIGHT NOW. Power up your productivity with an on-site Mobile Tool Room. UnitedRentals.com 800.URRENTS United O'Rentals 7001 SOLUTIONS 5595 United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. United Rentals 1-800-UR-RENTS USDOT 899748 → → fin#17Core values provide the foundation of our culture A Passion for People Build a diverse workplace that challenges all employees to grow professionally and embrace teamwork. Visible Leadership Lead by example in every business decision and action, with a sense of humility and responsibility. Customer-Driven Support the best interests of our customers and develop better ways for them to succeed at their jobs. Safety First Act, and require others to act, in a manner that puts the safety of our employees, customers and communities first. Sustainability Engage in practices that lead to positive change by encouraging social accountability and environmental responsibility. Ⓡ United Rentals Absolute Integrity Always do the right thing, honor commitments and ensure appropriate corporate governance. Continuous Innovation Contribute to a culture of innovative thinking that empowers employees to improve quality, efficiency and customer service. Community-Minded Be an outstanding corporate citizen and a good neighbor in every sense by being helpful, respectful, law-abiding and friendly. Building a better future is our commitment to the people and communities we serve United Rentals® For additional details please see our 2021 Corporate Responsibility Report that can be found at www.ur.com. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 17#18Strategic evolution over 20+ years 1997-2008 Become a market leader URI 1997: Founded / IPO United Rentals, Inc. ✓ 1998-2001: Becomes the largest equipment rental company in North America through ~250 acquisitions 2009-2013 Optimize scale, diversify, and drive profitable growth United Rentals 2009: Increased focus on customer service and improving returns through financial and operating discipline 2009-2011: Introduction of Operation United; focused on process improvements to streamline branch operations & logistics RSC 2012-2013: Acquisition and integration of RSC 2002-2008: Strong organic growth in powerful up cycle Equipment Rental 2014-present Building on and transforming the Core NES Rentals NEFE BlueLine Rental BAKER.DEP United Academy' O CAMBIUM Continued build-up of GenRent platform Increased focus on Specialty business to increase returns and reduce volatility through cross-selling Development of services businesses and solutions to increase relevance to customers and competitive differentiation Launch of digital capabilities to better serve customers and support internal efficiency United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 18#19Long-term growth and margin opportunities Revenue Related Capitalize on ongoing secular shift towards rental over ownership Leverage cross-selling to capture more wallet share and maximize cyclical growth Evolve sales strategies and asset base to better serve customers and capture secular opportunities (infrastructure, digital, etc.) Differentiate services through new technologies and accelerated innovation Smart M&A Cost and Margin Related Further leveraging of LEAN • • Optimization of operating costs Continual improvement of labor productivity Fixed cost leverage via organic and M&A growth Mix shift as Specialty outpaces total growth Product and customer mix Further leveraging of technology and systems Optimizing growth and margins to maximize long-term value creation United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 19#20Competitive positioning aided by structural advantages Size, Breadth and Diversity of Fleet ㅈㄱ Benefits of Scale, Scope & Diversification XX Investments in Technology © Strong Balance Sheet + Cash Flow Strong Culture Focused on Employees, Customers & Shareholders Proven Management Team Focus on driving and extending our leadership position United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 20#21Online digital strategy and results: 2021 Increase Demand Through + Digital Marketplace Enhance the Customer Experience + Extend Service offerings United Rentals Equipment Branches Solutions Services Company Your Job Starts Here Q Search equipment, solutions Enter a location (required) Popular Equipment Types My Equipment United Rentals United Rentals My Branches North Kansas City, M Chat New My Account VVLYM or 30-33 Create or Profile • Generate awareness and interest • . Acquire new customers • • Capture demand through online digital transactions UR.com revenue increase of ~35% YOY in 2021 Access real-time account and equipment GPS information Desktop access through Total Control® and mobile access through the United Rentals Mobile app Customers who represent ~60% of revenue engaged digitally in Q4 2021 United Rentals 9 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. • • United Academy Sean this code to view training records ID: 1559779 UAC: 7gBM9H BARRY DRISCOLL unitedacademy.ur.com Conduct Safety training through United Academy (UA) Service owned fleet with Customer Equipment Services (CES) UA and/or CES are used by customers who represent ~70% of revenue 21 24#22Enhance customer experience: Digital Tools Total Control® United Rentals Rental Fleet Management platform which enables: • Open and close rental contracts View invoices and pay bills . Locate GPS enabled equipment Customize alerts to proactively manage utilization Customize reports and KPIs On the go functionality: View equipment catalogue and pricing • View upcoming deliveries. Mobile App · View current contracts, extend rentals, or call off rent • Locate GPS enabled equipment and view utilization Easily locate branches and contact information GENERATOR 250-299 KVA Hours Used Digital tools provide 24x7 account access wherever customers work United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. www 22 22#23Telematics & FAST Telematics & Related Technologies ■Internal Benefits: - Performance monitoring and service alerts More efficient location and pick-up capabilities Overtime and revenue recovery ■ Customer Benefits: Field Automation Systems & Technologies (FAST) ■ Internal Benefits: - Increased driver and dispatcher productivity - Improved fleet efficiency - Reduced fuel consumption - Safety benefits - Environmental benefits Visibility into equipment utilization Ability to more easily locate equipment Billing and account access Fuel alerts Using technology to drive greater efficiencies and improve customer experience United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 23 23#24Investing in Specialty solutions to complement GenRent THE RIGHT TOOLL OR 2K United Rentals Trench Safety Excavation support solutions, confined space entry equipment and customer training • Used for construction, utility installs, manhole work, and other underground applications Power & HVAC Fluid Solutions Complete solutions for mobile power and air flow Used for disaster response, plant shut downs, commercial renovations, and seasonal climate control 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 Onsite Services Tool trailers stocked with hoisting, torqueing, pipe fitting, and air tools Used during refinery and other industrial shutdowns, and also at large construction sites Plastic port-a- potties, luxury restroom trailers, sinks, and showers Core rental item used across all types of special events, construction sites, and industrial projects Portable Storage & Modular Space Portable storage, mobile offices, and modular space solutions Core rental item used across all types of industrial and construction sites, commercial applications, and many other end- markets Aggressive growth in Specialty competitively differentiates our product and solution offering to customers, improves full-cycle returns, and helps reduce business volatility United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 24#25Specialty provides strong growth opportunities Specialty Revenue (1) millions $2,750 $2,692 $2,500 2012-2021 CAGR: 27.8% $2,250 $2,165 $2,089 $2,000 $1,720 $1,750 $1,500 $1,254 $1,250 $1,021 $931 $1,000 $823 $750 $471 $500 $297 $250 $0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Specialty as % of Total Rev: 7.2% 9.5% 14.5% 16.0% 17.7% 18.9% 21.4% 23.2% 24.5% 27.7% Specialty represented almost 28% of total revenue in 2021 at ~$2.7 billion (1) Tool Solutions was added in 2013, Fluid Solutions was added in April 2014 and Mobile Storage was added in May 2021. Note: Data 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® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 25#26• Long-term capital allocation strategy Manage Leverage Target leverage range over the cycle of 2.0x-3.0x. Net leverage (1,2): 1.9x • Total liquidity (2): $2.843 billion . • Next long-term note maturity: 2027 (1) (2) Credit ratings (3): • S&P: BB+/Stable • Moody's: Ba1/Stable Invest in Growth Organic • Continued organic investments to support growth and boost productivity. Opened 30 specialty branches in 2021 vs. 15 in 2020 and ~30 in both 2018-2019, targeting ~36 openings in 2022. • M&A ⚫ Balance sheet strategy creates flexibility to pursue strategic assets as opportunities arise. Specialty: National Pump, BakerCorp, and General Finance to augment Specialty. GenRent: NES, Neff, and BlueLine to support "grow the core" strategy. Return Excess Cash to Investors On January 25, 2022, our Board of Directors authorized a $1 billion share repurchase program, which commenced in the first quarter of 2022. We completed the program in the third quarter of 2022. On October 24, 2022, our Board of Directors authorized a new $1.25 billion share repurchase program, which is expected to commence in the fourth quarter of 2022 and be completed by the end of 2023. Since 2012, United Rentals has returned approximately $5 billion to shareholders, representing 40% of total issued shares. Leverage ratio calculated as net debt divided by LTM adjusted EBITDA. Net debt calculated as the balance sheet value of debt less cash and cash equivalents. As of September 30, 2022. (3) As of October 24, 2022. Disciplined, prudent, efficient, and opportunistic approach to capital allocation United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 26#27M&A strategy: Disciplined and opportunistic Strategic Proactively supports growth in attractive markets Difficult to replicate organically Financial • Invest capital at attractive returns over cycle • • Revenue growth Margin opportunities Cultural Safety Talent Ethics and integrity • Access to new customers • Manage leverage . Management philosophy . • Enhance cross-selling Internal Rate of Return • Best practice adoption • ROIC . Geographic coverage • Customer focus Community • Volatility · Diversification Proven integration capabilities are a key advantage in realizing greater value from M&A United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 27 27#28Record of value creation through M&A RSC (2012) Size: $4.2B transaction value (cash and stock) Type: 'Grow-the- core' gen rent acquisition Rationale: Positions URI as leader in North American rental industry Value: Targeted $200M cost savings from branch consolidation and overhead rationalization Exceeded initial cost savings estimates - Raised target to $230M - $250M • • • National Pump (2014) Size: $780M transaction value (cash) Type: Specialty adjacency in the pump rental sector Rationale: Expand offerings in higher margin / return assets Value: Delivered on growth thesis by capitalizing on cross-selling opportunity Secured foothold in energy-related end markets Strongly diversified into core construction and industrial markets • NES (2017) Size: $965M transaction value (cash) Type: 'Grow-the- • core' gen rent acquisition Rationale: Strengthened aerial capabilities and added two-way cross-selling opportunities Value: Targeted $40M cost savings and $35M of revenue cross-sell opportunity Neff Rentals (2017) Size: $1.3B transaction value (cash) Type: 'Grow-the- core' gen rent acquisition Rationale: Introduced new dirt capabilities and expertise in infrastructure; provided two-way cross-selling opportunities Value: Targeted $35M cost savings and $15M of revenue cross-sell opportunity • BakerCorp (2018) Size: $720M transaction value (cash) Type: Specialty adjacency in the fluid control sector Rationale: Expand offerings in higher return and lower volatility assets Value: Targeted $19M cost savings and $60M of cross- sell revenue opportunity BlueLine (2018) Size: $2.1B transaction value (cash) Type: 'Grow-the- core' gen rent acquisition Rationale: Bolstered URI's position as a leader in the North American rental industry while also adding to presence with local and mid- sized customer segment Value: Targeted $45M cost savings and $35M of cross- sell revenue opportunity General Finance (2021) Size: $1.0B transaction value (cash) Type: Specialty adjacency in the mobile storage and portable office sector Rationale: Expanded product and solution offering via higher return and lower volatility assets while further differentiating URI's ability to provide one-stop shopping Value: Targeted $17M cost savings and $65M of revenue synergies With 20+ years of execution experience for ~300 transactions, team has successfully integrated assets in different environments and across the spectrum from bolt-ons to transformational United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 28#29ESG Highlights: Environmental Emissions Selected Highlights ✔ Progress against existing goal: 9% reduction in greenhouse gas (GHG) emissions intensity in 2021 vs. 2018 baseline, toward our goal of 35% reduction by 2030 Continued to invest in low- and zero-emissions equipment and vehicles for our rental and non-rental fleets, and engage with manufacturers and customers about related opportunities ✓ Approximately 27%* of rental fleet is electric or hybrid, with the intent of growing this proportion ✓ Benefits of both route and load optimization for deliveries, as well as telematics ✓ Customer-facing consumption management tools and new customer-facing estimated GHG and engine emissions reporting tool in Total Control® *as of 7/20/22 and based on number of units in classes that are motorized (excludes non-motorized and hand tools) Energy ✓ New goal: 95%** of North American locations will have lighting retrofit completed by 2025 ✓ Energy management across entire branch network ✓ Purchased 25,000MWh of renewable energy credits in 2021 **based on footprint as of 6/30/22, does not include locations we may acquire in the future Waste ✔ New goal: divert 70% of our waste from landfills by 2025 42.5% of our waste was diverted from landfills in 2021 Other ✓ Created Sustainability Steering Committee to drive progress toward our environmental goals; committee comprised of leaders from facilities, fleet, environmental, legal, tax, human resources, digital, marketing, strategy and sales ✓ Established new employee resource group, Planet United, to foster environmental awareness across the organization ✓ LEAN practices/Continuous Improvement have long been part of URI standard operating procedures United Rentals® GHG Emissions Intensity (MT CO2e/$M Revenue) Includes scope 3 emissions from third party haulers in addition 60.8 60 50 40 30 20 10 0 to scope 1 and 2 emissions 2030 Goal: 39.5 MT CO2e/ $M revenue, a 35% reduction from 2018-base level 58.31 55.4 55.1 |||| 2018 2019 2020 2021 1 GHG intensity increased by 5.3% from 2019 to 2020, which was due to absolute emissions decreasing by 4%, while total revenue decreased 8.8%, primarily due to COVID-19 impacts. Helping build a better future for all stakeholders For additional details please see our Corporate Responsibility Report that can be found at www.ur.com. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 29 29#30ESG Highlights: Social & Employee Related Selected Highlights TRIR (Safety Measurement) 0.95 0.79 0.70 1.00 0.79 0.80 0.78 Safety ✓ New goal: On journey to zero injuries, aim to reduce our Total Recordable Incident Rate (TRIR) to 0.40 by 2030 ✓ 2021 TRIR of 0.79, a 17% year-over-year reduction, with continued progress during the first six months of 2022 0.60 0.40 0.00 2018 Diversity ✓ New goal: Achieve 40% diverse* representation in sales and management job groups by 2030 ✓ Progress to date includes a four percentage point increase in diverse employees in sales and management jobs from 2018 (26.8%) to 2021 (31.3%), and continued improvement during the first six months of 2022 * diverse means women, black, indigenous and/or people of color Employee experience and culture ✓ 2021 employee experience survey results: When we asked how likely employees are to continue with the company beyond 6 months, the average response was 9.2 out of 10; saw score increases in nearly all categories and no decreases in any category ✓ Conducted company-wide culture workshop with all employees on three important keys of company culture: safety and wellness; diversity, equity and inclusion; and trust and communication Company-wide stock grants to employees Company-wide stock grant in 2022 in honor of our 25th anniversary, following company-wide stock grant in 2020 in recognition of special efforts during COVID-19 pandemic, with update in 2021 recognizing the contributions of newly hired employees since the initial 2020 grant date Giving back 0.20 2019 2020 2021 6/30/2022 YTD Diverse employees in sales and management positions as % of total 45% 40% 35% 30% 26.8% 25% 20% 15% 10% 5% 0% 2018 ✔ New goal: 25,000 Hours of Impact in 2022, focused on making a positive impact in our locations and within our communities in celebration of our 25th anniversary as a company 25% 20% ✓ Approximately $874,000 distributed to employees-in-need through the United Compassion Fund in 2021, largest annual distribution to date 14.5% 15% Other 10% Received Gold Award from HIRE Vets Medallion Award Program (U.S. Department of Labor); veterans account for 10.2% of U.S. new hires for 2021 5% 0% 29.1% 2019 29.5% 2020 31.3% - New 2030 Goal New 32.6% 2030 Goal 2021 6/30/2022 YTD Total Employee Turnover (Voluntary and Involuntary) 14.4% 11.9% 15.4% 8.2%* ✓ 43% year-over-year increase in diverse supplier spending in 2021 to 18% of overall spend in North America; total spending with small and diverse-owned businesses was over $1 billion in 2021 ✓ In 2022, once again named one of America's Most Responsible and Most Trustworthy Companies by Newsweek and listed as one of America's Best Employers by Forbes; also named to Top Workplace USA list by Energage 2019 2020 2021 2018 6/30/2022 YTD *Total employee turnover represents voluntary and involuntary terminations during the relevant period divided by average headcount during the relevant period. 2022 YTD reflects terminations during the six months ended June 30, 2022. Making a difference for our employees, their families, and our communities United Rentals 9 For additional details please see our 2021 Form 10-K and Corporate Responsibility Report that can be found at www.ur.com. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 30#31ESG Highlights: Corporate Governance Board Independence Corporate Governance Highlights 9 of 11 Directors are independent Lead Independent Director Required committees are fully independent Other Board Highlights Separate Chair and CEO Annual election of Directors No hedging or pledging of company shares Robust stock ownership guidelines Authority to retain outside advisors Director retirement age policy Director overboarding policy Diverse in gender, ethnicity, experience Board Performance • Risk oversight • • . Robust Board evaluations Commitment to Board refreshment Focus on management succession planning Shareholder Rights Shareholder right to call special meetings Shareholder right to act by written consent • Proxy access • • No poison pill . • • Simple majority voting requirements Annual election of all Directors Majority voting for Director elections Board of Directors Overview The strength of our Board is highlighted by our directors' collective skills and expertise, as illustrated by the following list of aggregate prioritized director competencies: Key Characteristic / Experience / Skill Set Public Company CEO P&L Owner Financial Acumen & Capital Market Experience Digital Sales & Marketing Product Development & Distribution Rental Industry Capital Intensive Industry International Experience No. of Directors Possessing each Competency 3 4 9 6 E 4 7 9 9 7 and perspectives Each committee is chaired by a woman or ethnically diverse director Executive Compensation Overview CEO 14% 12% Base Salary Time-Based RSUs 17% Time-Based RSUs Non-CEO NEO Average -23% Metric: Weighting: Metric Focus Metric: 2022 Annual Incentive Compensation Plan (AICP) Adjusted EBITDA 50% of AICP Profitability Economic Profit Improvement (EPI) 50% of AICP The strength of our Board is further illustrated by the diversity and other characteristics of our directors: Overall Diversity Ethnic Diversity Gender Diversity Tenure Independence Average Age 2 5 3 3 4 7 8 8 60 years 6 9 58% Performance- Based RSUs 88% Variable Pay 16% ACIP 40% Performance- Based RSUs 77% Variable Pay Base Salary 20% ACIP Weighting Metric Focus: Discretionary Adjustment of 90-110% of Funding Based on Performance Against Predetermined ESG Factors: Metric: Weighting: Returns - Environment (GHG emissions intensity reduction) -Social (employee safety, diversity, retention and engagement) - Customer Sustainability (experience and digital adoption) - Individual Key Objectives (tied to area of responsibility and to include customer, digital and governance goals as appropriate) Long Term Incentive Plan (LTIP) Total Revenue 50% of LTIP Metric Focus: Metric: Weighting: Growth Metric Focus: Return on invested Capital |ROIC) 50% of LTIP Returns ■Diverse* Not Diverse Eth. Diverse Not Eth. Diverse ■Female Male *Diverse means women, black, indigenous and/or people of color. 0-6 years 7-10 years ■> 10 years ■Independent Non-Independent Policies ensure alignment of interests between management and investors United Rentals® For additional details, see our 2022 Proxy Statement that can be found at www.ur.com. Information above reflects current Board members as of October 7, 2022. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 31#324 Summary of key financial data United AUST CANC SKAY 512-3 6-2386 United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. f in ✪ o#33Key financial results snapshot Total Revenue ($M) Adjusted EBITDA(1) ($M) 2021 5-Year CAGR: +11.0% 2022 Implied Growth: +19.4% 2021 5-Year CAGR: +9.9% 2022 Implied Growth: +25.7% Adjusted Earnings per Share (EPS)(1,2,3) 2021 5-Year CAGR: +20.6% $12,000 $6,000 $25 $11,000 $10,000 $5,000 $20 $9,000 $8,000 $4,000 $7,000 $15 $6,000 $3,000 $5,000 $10 $4,000 $2,000 $3,000 $5 $2,000 $1,000 $1,000 $0 $0 $0 ااااس 2016 2017 2018 2019 2020 2021 2022F (3) 2016 2017 2018 2019 2020 2021 2022F (3) 2016 2017 2018 2019 2020 2021 United Rentals® Notes: (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 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. (3) 2022F reflects the mid-point of guidance. Adjusted EPS is not forecasted. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 33 33#34Structural changes are key to increased margins Adjusted EBITDA Margin (1) (%) 60% 50% 40% 30% 20% 10% Adjusted EBITDA margin ~1,500 bps above prior peak (3) 0% (2) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022F Notes: (1) (2) (3) · Key Drivers of Margin Gains Strong fixed-cost absorption • Cyclical leverage (e.g., SG&A as % of sales) M&A cost synergies (e.g., RSC, NES, Neff) Operational efficiency gains Process improvements (e.g., LEAN, 5S, etc.) Technology (e.g., logistics, CORE, telematics) Improved mix Shift towards higher margin Specialty • Improved segment/end-market mix ⚫ De-emphasis of low margin/return businesses · Improved used equipment sales strategies Dramatic cycle-over-cycle margin improvement 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. 2022F reflects the mid-point of guidance. Reflects change between 2008 and 2022F. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 34#35Consistent free cash flow generation $2,500 $2,100 $1,700 $1,300 $900 Free Cash Flow ($M) (1) 10-Yr Average (2) - 5-Yr Average (3) $2,454 $1,700 $1,592 $1,527 $1,334 $1,195 $983 $924 $574 $421 $500 $335 $367 $227 $100 $23 ($73) -$300 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (4) 2021 (4) 2022F (4), (4), (5) ~$7.9B of free cash flow generated over last 5 years (3) (1) Free cash flow is a non-GAAP measure. See tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measure. 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. Free cash flow for 2012 and subsequent periods above excludes merger and restructuring related payments. (2) Reflects 10 year period from 2012 to 2021, excluding merger and restricting related payments. Reflects 5 year period from 2017 to 2021, excluding merger and restructuring related payments. (3) (4) 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. 2022F net rental capital expenditures are expected to exceed 2021 levels. (5) 2022F reflects the mid-point of guidance. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 35#36Q3 2022 Results Total Revenue Net Income Adjusted EBITDA* Net Rental Capital Expenditures (Year-to-Date) Net Cash Provided by Operating Activities (Year-to-Date) Free Cash Flow* (Year-to-Date) . $3.051 billion (17.5% Y/Y) $606 million (19.9% margin; 410 bps Y/Y) $1.521 billion (49.9% margin; 240 bps Y/Y) $1.900 billion, after gross purchases of $2.456 billion • $3.182 billion . $1.143 billion* Adjusted EBITDA and Free Cash Flow are non-GAAP measures. See the tables provided elsewhere in this presentation for reconciliations to the most comparable GAAP measures. Excludes aggregate merger and restructuring related payments of $3 million. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 36#372022 Financial Outlook Total Revenue Adjusted EBITDA* Net Rental Capital Expenditures $11.5 billion to $11.7 billion $5.5 billion to $5.6 billion $2.25 billion to $2.45 billion, after gross purchases of $3.25 billion to $3.45 billion $4.05 billion to $4.40 billion Net Cash Provided by Operating Activities Free Cash Flow* $1.6 billion to $1.8 billion** *Adjusted EBITDA and Free Cash Flow are non-GAAP measures. 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 "Introductory Information" slide. **Excludes aggregate merger and restructuring related payments. FCF outlook assumptions include 2022 cash taxes of $385M and cash interest of $400M. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 37#38Fleet productivity: overview Fleet Productivity provides greater insight into the interplay and combined impact of key decisions made by managers every day across (a) rental rates, (b) time utilization, and (c) changes in mix on our Owned Equipment Rental Revenue (i.e., the revenue we generate with our owned rental assets). Mix includes impact of changes in customer mix, fleet mix, geographic mix and business mix (i.e., Specialty). Fleet Productivity is a metric that better explains how the combined changes in rental rates, time utilization, and mix come together to produce revenue and how management flexes the combination of these factors to drive efficient growth and benefits returns. Fleet Productivity is a comprehensive measure that combines the impact of the change in rental rates plus the impact of changes in time utilization plus the revenue impact from changes in mix in one metric. Fleet Productivity provides better insight into the decisions made to optimize growth and returns United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 38#39Fleet productivity: historical results (1) Actual YoY Change in Average OEC Assumed YoY Impact of OEC Inflation on Rent Rev Fleet Productivity(2) Contribution from Ancillary and Re-Rent Reported YoY Change in Rental Revenue 1Q 2019 23.7% (1.5%) (1.3%) 2.1% 23.0% 2Q 2019 23.2% (1.5%) (3.1%) 1.6% 20.2% 3Q 2019 18.1% (1.5%) (1.3%) 0.1% 15.4% 4Q 2019 7.6% (1.5%) (2.4%) 0.0% 3.7% 1Q 2020 2.2% (1.5%) (1.2%) (0.2%) (0.7%) 2Q 2020 (0.7%) (1.5%) (13.6%)(4) (0.4%) (16.2%) 3Q 2020 (4.6%) (1.5%) (8.0%) (4) 0.8% (13.3%) 4Q 2020 (5.6%) (1.5%) (3.8%)(4) 0.8% (10.1%) Q1 2021 (5.7%) (1.5%) (0.5%)(4) 1.2% (6.5%) Q2 2021(3) 0.2% (1.5%) 17.8% 2.3% 18.8% Q3 2021 8.7% (1.5%) 13.5% 1.7% 22.4% Q4 2021 13.3% (1.5%) 10.3% 2.6% 24.7% Q1 2022 16.4% (1.5%) 13.0% 2.6% 30.5% Q2 2022 13.6% Q3 2022 10.6% (1.5%) (1.5%) 11.3% 2.8% 26.2% 8.9% 2.0% 20.0% Q3 2022 fleet productivity solid at 8.9% driven by strong execution and industry discipline (1) Provided on an As Reported basis. (3) Denotes quarter in which URI closed a material acquisition (General Finance = 2Q21). (2) Fleet Productivity reflects the combined impact of changes in rental rates, time utilization, and mix that contribute to Owned Equipment Rental revenue (OER). (4) The negative fleet productivity above includes the impact of COVID-19. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 39#40Balance sheet strength has improved Leverage Ratio (1) (2) 3.6x (4) 3.0x 3.0x 2.9x 2.9x 2.8x 2.7x 2.6x 2.4x 2.2x(5) 1.9x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Q3 2022 (1) (2) (3) 2.0x - 3.0x targeted leverage range across the cycle Leverage Ratio calculated as net debt divided by LTM adjusted EBITDA. Pro Forma assumes RSC acquisition occurred on January 1, 2012. 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. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 40 40#41Millions No long-term note maturities until 2027 $5,500 Total Liquidity of $2.843B (1) Fixed vs. Floating Ratio: 64%/36% $6,000 $5,000 $4,000 $3,000 $2,000 $1,100 $960 $1,000 $3 unused $100 $1,097 Used A/R Facility Term Loan B $0 Repurchase Facility 2022 2023 2024 2025 2026 $2,764 Unused ABL Facility $1,486 Used ABL Facility(2) $1,673 $750 3.875% Senior Notes $500 5.5% Senior Unsecured Notes 4.875% Senior Unsecured Notes (3) 2027 2028 2029 $1,500 $750 4.00% Senior Unsecured Notes $750 5.25% Senior Unsecured Notes $1,100 3.875% Senior Unsecured Notes $750 3.750% Senior Unsecured Notes 2030 Aggressive management of long-term maturity towers Note: As of September 30, 2022. (1) Includes total cash, cash equivalents and availability under ABL and A/R facilities as of September 30, 2022. (2) Includes $66M 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® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 2031 2032 41#425 Appendix United AUST CANC SKAY 512-3 6-2386 United Rentals United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. f in ✪ o#43Adjusted Earnings Per Share GAAP Reconciliation We define "earnings per share - adjusted" as the sum of earnings per share – GAAP, as-reported plus the impact of the following special items: merger related costs, merger related intangible asset amortization, impact on depreciation related to acquired fleet and property and equipment, impact of the fair value mark-up of acquired fleet, restructuring charge, asset impairment charge and loss on repurchase/redemption of debt securities. Management believes that earnings per share - adjusted provides useful information concerning future profitability. However, earnings per share - adjusted is not a measure of financial performance under GAAP. Accordingly, earnings per share - adjusted should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between earnings per share - GAAP, as-reported, and earnings per share - adjusted. Earnings per share - GAAP, as-reported After-tax (1) impact of: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 $8.66 $5.63 $20.56 $12.45 Merger related costs (2) 0.03 Merger related intangible asset amortization (3) 0.44 0.53 1.39 1.50 Impact on depreciation related to acquired fleet and property and equipment (4) 0.12 0.01 0.48 0.04 Impact of the fair value mark-up of acquired fleet (5) 0.05 0.08 0.17 0.28 Restructuring charge (6) (0.01) 0.02 Asset impairment charge (7) Loss on repurchase/redemption of debt securities (8) Earnings per share - adjusted 0.01 0.02 0.03 0.06 0.31 0.18 0.31 $9.27 $6.58 $22.81 $14.69 Tax rate applied to above adjustments (1) 25.4% 25.2% 25.3% 25.3% (1) The tax rates applied to the adjustments reflect the statutory rates in the applicable entities. Reflects transaction costs associated with the General Finance acquisition that was completed in May 2021. Merger related costs only include costs associated with major acquisitions completed since 2012 that significantly impact our operations (the "major acquisitions," each of which had annual revenues of over $200 million prior to acquisition). (2) (3) (4) Reflects the amortization of the intangible assets acquired in the major acquisitions. 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. (5) 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. (6) Primarily reflects severance and branch closure charges associated with our closed restructuring programs. We only include such costs that are part of a O (7) restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. We have cumulatively incurred total restructuring charges of $352 million under our restructuring programs. Reflects write-offs of leasehold improvements and other fixed assets. (8) Primarily reflects the difference between the net carrying amount and the total purchase price of the redeemed notes. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 43#44EBITDA and Adjusted EBITDA GAAP Reconciliations EBITDA represents the sum of net income, provision for income taxes, interest expense, net, depreciation of rental equipment, and non-rental depreciation and amortization. Adjusted EBITDA represents EBITDA plus the sum of the merger related costs, restructuring charges, stock compensation expense, net, and the impact of the fair value mark-up of acquired fleet. 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 reconciliation, 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 table below provides a reconciliation between net income and EBITDA and adjusted EBITDA. Three Months Ended September 30, Nine Months Ended September 30, $ Millions Net income Provision for income taxes Interest expense, net Depreciation of rental equipment Non-rental depreciation and amortization EBITDA Merger related costs (1) Restructuring charge (2) Stock compensation expense, net (3) 2022 2021 2022 2021 $606 $409 $1,466 $905 210 141 441 297 106 132 313 331 470 412 1,362 1,172 90 98 278 279 $1,482 $1,192 $3,860 $2,984 3 (1) 1 35 33 95 89 Impact of the fair value mark-up of acquired fleet (4) 5 8 16 28 Adjusted EBITDA Net income margin Adjusted EBITDA margin $1,521 19.9% 49.9% $1,233 $3,971 $3,105 15.8% 47.5% 17.6% 47.6% 13.0% 44.7% (1) Reflects transaction costs associated with the General Finance acquisition that was completed in May 2021. Merger related costs only include costs associated with major acquisitions. (2) Primarily reflects severance and branch closure charges associated with our closed restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. We have cumulatively incurred total restructuring charges of $352 million under our restructuring programs. (3) Represents non-cash, share-based payments associated with the granting of equity instruments. (4) Reflects additional cots 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. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 44#45Reconciliation of Net Cash Provided by Operating Activities to EBITDA and Adjusted EBITDA The table below provides a reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA. Three Months Ended Nine Months Ended September 30, September 30, $ Millions Net cash provided by operating activities 2022 2021 2022 2021 $1,142 $1,087 $3,182 $3,021 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 (3) (3) (9) (9) Gain on sales of rental equipment 112 84 325 271 Gain on sales of non-rental equipment 2 Insurance proceeds from damaged equipment 8 25 6 6 25 19 Merger related costs (1) (3) Restructuring charge (2) 1 (1) Stock compensation expense, net (3) (35) (33) (95) (89) Loss on repurchase/redemption of debt securities (5) (30) (17) (30) Changes in assets and liabilities (39) (130) (191) (714) Cash paid for interest 151 167 339 362 Cash paid for income taxes, net 143 43 295 151 $1,482 $1,192 $3,860 $2,984 EBITDA Add back: Merger related costs (1) Restructuring charge (2) Stock compensation expense, net (3) Impact of the fair value mark-up of acquired fleet (4) Adjusted EBITDA 3 (1) 1 35 33 95 89 5 8 16 28 $1,521 $1,233 $3,971 $3,105 United Rentals® (1) Reflects transaction costs associated with the General Finance acquisition that was completed in May 2021. Merger related costs only include costs associated with major acquisitions. (2) Primarily reflects severance and branch closure charges associated with our closed restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. We have cumulatively incurred total restructuring charges of $352 million under our restructuring programs. Represents non-cash, share-based payments associated with the granting of equity instruments. (3) (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) Primarily reflects the difference between the net carrying amount and the total purchase price of the redeemed notes. United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 45 45#46Free Cash Flow GAAP Reconciliation (In millions, except footnotes) 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. Net cash provided by operating activities Purchases of rental equipment Purchases of non-rental equipment and intangible assets Proceeds from sales of rental equipment Proceeds from sales of non-rental equipment Insurance proceeds from damaged equipment Three Months Ended September 30, Nine Months Ended September 30, 2022 $ 1,142 2021 2022 2021 $ 1,087 $ 3,182 $ 3,021 (1,102) (1,100) (2,456) (2,308) (59) (89) (182) (142) 181 183 556 644 6 6 15 20 8 5 25 19 $ 176 $ 92 $ 1,140 $ 1,254 Free cash flow (1) (1) Free cash flow included aggregate merger and restructuring related payments of $2 million for the three months ended September 30, 2021, and $3 million and $11 million for the nine months ended September 30, 2022 and 2021, respectively. The table below provides a reconciliation between 2022 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) United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. $4,050-$4,400 $(3,250)-$(3,450) $950-$1,050 $(150)-$(200) $1,600-$1,800 46#47Historical Adjusted Earnings Per Share GAAP Reconciliation Adjusted EPS (earnings per share) is a non-GAAP measure that reflects diluted earnings (loss) per share from continuing operations 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. YTD 2008 2009 2010 2011 Diluted earnings (loss) per share (EPS) from continuing operations EPS adjustments (after-tax): 2012 2013 2014 2015 2016 2017 $(12.62) $ (0.98) $ (0.38) $ 1.38 $ 0.79 $ 3.64 $ 5.15 $ 6.07 $ 6.45 $15.73 $ 2018 13.12 2019 $ 15.11 2020 2021 2022 $ 12.20 $ 19.04 $ 20.56 Merger related costs (1) Merger related intangible asset amortization (2) Impact on depreciation related to acquired fleet and property and equipment (3) Impact of the fair value mark-up of acquired fleet (4) 0.25 0.72 0.05 0.06 (0.17) 0.74 0.94 1.10 1.15 0.36 0.32 0.01 0.03 1.12 1.15 1.76 2.48 2.22 1.98 1.39 0.24 0.25 (0.03) (0.04) (0.03) (0.02) 0.19 0.25 0.05 0.19 0.39 0.08 0.16 0.48 0.21 0.59 0.59 0.72 0.51 0.38 0.17 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) Restructuring charge (7) 0.17 0.29 0.34 0.16 0.64 (0.04) (0.03) (0.02) (0.01) 0.07 (0.01) 0.04 Asset impairment charge (8) 0.06 0.12 0.09 0.04 0.10 0.02 0.11 0.03 0.01 0.36 0.28 0.18 0.18 0.02 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) (0.32) (0.19) 0.28 0.04 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) | | | Goodwill impairment charge (11) Charge related to settlement of SEC inquiry (12) Preferred stock redemption charge (13) 12.19 0.19 3.19 ☐ I I Foreign tax credit valuation allowance and other (14) 0.10 Total EPS adjustments Adjusted EPS 2017 Tax Act impact (15) Total revenues ($M) (16) $ 15.58 $ 0.22 $ 0.71 $ 0.49 $ 2.97 $ 1.27 $ 1.76 $ 1.95 $ 2.20 $ 2.91 $ $ 2.96 $ (0.76) $ 0.33 $ 1.87 $ 3.76 $ 4.91 $ 6.91 $ 8.02 $ 8.65 $18.64 $ 3.14 $ 4.41 $ 5.24 $ 3.02 $ 2.25 16.26 $ 19.52 $ 17.44 $ 22.06 $ 22.81 $ 8.05 $ 3,267 $2,358 $2,237 $2,611 $4,117 $4,955 $5,685 $5,817 $5,762 $6,641 $ 8,047 $ 9,351 $ 8,530 $9,716 $ 8,346 United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 47#48Historical 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 closed restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. As of September 30, 2022, there were no open restructuring programs. We have cumulatively incurred total restructuring charges of $352 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) We recognized a goodwill impairment charge in the fourth quarter of 2008 that reflected the challenges of the construction cycle, as well as the broader economic and credit environment. Substantially all of the impairment charge related to goodwill arising out of acquisitions made between 1997 and 2000. (12) In the third quarter of 2008 we settled, without admitting or denying the allegations in the SEC's complaint, to the entry of a judgment requiring us to pay a civil penalty of $14 million associated with an SEC inquiry into our historical accounting practices. (13) Reflects a preferred stock redemption charge associated with the June 2008 repurchase of our Series C and D preferred stock. (14) Primarily relates to the establishment of a valuation allowance related to certain foreign tax credits that, as a result of the preferred stock redemption discussed above, were no longer expected to be realized. (15) 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 $8.05 per diluted share, reflecting 1) a one-time non-cash tax benefit reflecting the revaluation of our net deferred tax liability using a U.S. federal corporate statutory tax rate of 21% and 2) a one-time transition tax on our unremitted foreign earnings and profits. Periods subsequent to 2017 reflect the lower 21% U. S. federal corporate statutory tax rate. (16) Total revenue is provided for context. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 48#49Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($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. YTD 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Net income (loss) $ (704) $ (62) $ (26) $ 101 $ 75 $ 387 $ 540 $ 585 $ 566 $1,346 $1,096 $1,174 $ 890 $ 1,386 $ 1,466 Loss on discontinued operations, net of tax Provision (benefit) for income taxes - 2 4 - - (109) (47) (41) 63 13 218 310 378 343 Interest expense, net 174 226 255 228 512 475 555 567 511 (298) 380 464 481 340 648 249 669 460 424 441 313 Interest expense-subordinated convertible debentures, net (1) 9 (4) 8 7 4 3 WWW Depreciation of rental equipment 455 Non-rental depreciation and amortization EBITDA (117) Merger related costs (2) Restructuring charge (3) Charge related to settlement of SEC inquiry (4) Goodwill impairment charge (5) Impact of the fair value mark-up of acquired fleet (6) (Gain) loss on sale of software 8 | བཻརྨི 417 389 423 699 852 921 976 990 1,124 1,363 1,631 1,601 1,611 1,362 57 60 57 198 246 273 268 255 259 589 649 879 1,501 2,181 2,599 2,774 2,665 308 2,895 3,628 4,200 3,796 407 387 372 278 4,253 3,860 - 19 111 9 11 (26) 31 34 19 99 12 (1) 6 14 14 1,147 | | | | | | 36 | | | 37 44 35 29 29 35 35 | │ 88 550 36 1 - 3 31 18 17 2 82 66 75 जै 6 11 37 16 subsidiary (7) Stock compensation expense, net (8) 6 8 8 12 - (8) 1 32 46 74 49 --- 45 87 102 61 70 119 95 Adjusted EBITDA Net income (loss) margin Adjusted EBITDA margin $ 1,070 $ 628 $ 691 $ 929 (21.5)% (2.6)% (12)% 3.9% 1.8% 7.8% 9.5% 10.1% $ 1,772 $ 2,293 $ 2,718 $ 2,832 $ 2,759 $3,164 $3,863 $ 4,355 $ 3,932 $ 9.8% 20.3% 13.6% 12.6% 10.4% 4,414 $ 3,971 14.3% 17.6% 32.8% 26.6% 30.9% 35.6% 43.0% 46.3% 47.8% 48.7% 47.9% 47.6% 48.0% 46.6% 46.1% 45.4% 47.6% United Rentals 9 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 49#50Historical EBITDA and Adjusted EBITDA GAAP Reconciliations ($M) (cont'd) Net cash provided by operating activities (9) Adjustments for items included in net cash provided by operating activities but excluded from the calculation of EBITDA: Loss from discontinued operation, net of taxes Amortization of deferred financing costs and original issue discounts Gain on sales of rental equipment (Loss) gain on sales of non-rental equipment Insurance proceeds on damaged equipment (10) Gain (loss) on sale of software subsidiary (7) 2009 2010 2011 $ 438 $ 452 $ 612 $ 2012 721 2013 2014 2015 $ 1,551 $ 1,801 $1,987 2 4 (17) (23) (22) (23) (21) 7 41 66 125 176 2 2 |Êę༅། (17 229 6 | YTD 2016 2017 2018 2019 2020 2021 2022 $1,941 $2,209 $ 2,853 $ 3,024 $ 2,658 $ 3,689 $3,182 227 | | ༄8 |ཥྱསྨ➢ | | (10 (9 (9 (12) (15) (14) (13) 204 220 278 313 332 431 325 8 4 4 6 6 8 10 8 13 12 21 22 24 40 40 25 |@ཙྪ॰8 | (9) 6 25 8 Merger related costs (2) Restructuring charge (3) (31) Stock compensation expense, net (8) (8) Gain (loss) on extinguishment of debt securities, and amendments of debt facilities 7 Loss on retirement of subordinated convertible debentures (1) 13 | | | (34) (8) (12) (28) | Êསྱེ ཆྱེ སེ (1) | | 1 (19) (111) (9) (11 26 (19) (99) (12) 1 (6 (32) (46) (74 (49 (72) (1) (80 (123 (101 1 (2) Excess tax benefits from share-based payment arrangements (11) Changes in assets and liabilities (58) 65 49 571 31 182 Cash paid for interest, including subordinated convertible debentures (1) Cash paid (received) for income taxes, net 234 229 203 371 461 457 3 (49) 24 40 48 100 EBITDA 589 649 879 1,501 2,181 2,599 2,774 2,665 ཡ ཙྩཊྛ॰ཊྛ 5 194 129 124 170 241 (328) (191) 447 357 455 581 483 391 339 60 205 71 238 318 202 295 2,895 3,628 4,200 3,796 4,253 3,860 ཙྪིཆེདྨེ⌘ ། ྃ ཆེདྡྷེ ། 5555 (50 (36) ☐ (1) (50 (31) (18) (17) (87 (102) (61) (70) བྱེབྱེ } (3) (2) (119) (95) (54 (61) (183) (30) (17) | | 1 1 Add back: Merger related costs (2) Restructuring charge (3) Stock compensation expense, net (8) Impact of the fair value mark-up of acquired fleet (6) (Gain) loss on sale of software subsidiary (7) Adjusted EBITDA United Rentals® 19 111 31 34 19 °° | 8 8 12 INT 18 9 11 (26) 50 60 36 36 1 3 99 32 37 24 12 (1) 6 14 50 5 31 46 74 49 45 87 102 44 35 29 35 82 66 8011 18 17 2 61 70 119 95 75 49 37 16 $ 628 $ (8) 1 691 $ 929 $ 1,772 $2,293 $2,718 $ 2,832 $ 2,759 $ 3,164 $3,863 $ 4,355 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. --- $ 3,932 --- $ 4,414 $ 3,971 50#51Historical 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 closed restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. As of September 30, 2022, there were no open restructuring programs. We have cumulatively incurred total restructuring charges of $352 million under our restructuring programs. (4) In the third quarter of 2008 we settled, without admitting or denying the allegations in the SEC's complaint, to the entry of a judgment requiring us to pay a civil penalty of $14 million associated with an SEC inquiry into our historical accounting practices. (5) We recognized a goodwill impairment charge in the fourth quarter of 2008 that reflected the challenges of the construction cycle, as well as the broader economic and credit environment. Substantially all of the impairment charge related to goodwill arising out of acquisitions made between 1997 and 2000. (6) 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. (7) Reflects a gain recognized upon the sale of a former subsidiary that developed and marketed software. (8) Represents non-cash, share-based payments associated with the granting of equity instruments. (9) We first reported the reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA in 2011, and 2009 is the earliest reported period with such a reconciliation. The presentation of our statement of cash flows for periods prior to 2009 differs from the presentation used in 2011, on account of which the information required to prepare the reconciliation between net cash provided by operating activities and EBITDA and adjusted EBITDA for periods prior to 2009 is unavailable without unreasonable effort. (10) 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. (11) 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® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 51#52Historical 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. YTD 2008 2009 2010 2011 2012 2013 2015 Net cash provided by operating activities Purchases of rental equipment $ 764 $ 438 $ 452 $ 612 $ 721 $ (624) (260) (346) (774) 2014 1,551 $ 1,801 $ 1,987 $ 1,941 $ 2,209 $ 2,853 $ 3,024 (1,272) (1,580) (1,701) (1,534) (1,246) (1,769) (2,106) (2,132) 2016 2017 2018 2019 2020 2021 2022 $ 2,658 $ 3,689 $3,182 (961) (2,998) (2,456) Purchases of non-rental equipment and intangible assets (80) (51) (28) (36 (97) (104) (120) (102) (93) (120) (185) (218) (197) (200) (182) Proceeds from sales of rental equipment 264 229 144 208 399 490 544 538 496 550 664 831 858 968 556 Proceeds from sales of non-rental equipment Insurance proceeds from damaged equipment (1) 11 13 7 13 31 26 33 17 14 16 23 37 42 30 15 8 12 21 22 24 40 25 25 Excess tax benefits from share-based payment arrangements (2) (2) (2) (5) 5 58 $ 335 $ 367 $ 227 $ 23 $ (223) $ 383 $ 557 $ 919 $ 1,182 $ 907 $ 1,271 $ 1,566 $ 2,440 $ 1,514 $ 1,140 Free cash flow Merger and restructuring related payments included in free cash flow (3) Free cash flow excluding merger and restructuring related payments (3) 150 38 17 5 13 76 63 26 14 13 3 $ (73) $ 421 $ 574 $ 924 $ 1,195 $ 983 $ 1,334 $ 1,592 $ 2,454 $ 1,527 $1,143 (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 equipment. (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 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902.2022 United Rentals, Inc. All rights reserved. 62 52