2023 Investor Day Presentation

Financial 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

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