M&A Strategy and Financial Overview

(1) Cash Flow: Strong and resilient free cash flow generation Cumulative FCF Last 5-years (2) $2,500 $8.7 B Cumulative FCF Last 10-years (3) $12.8B 10-Year Average Cash Conversion (4) 132% 10-Year Average FCF Margin (5) 16.3% $2,000 $1,500 $1,592 $1,334 $1,195 $1,000 $983 $924 $500 $574 $421 $0 2013 2014 2015 2016 2017 2018 Free Cash Flow(1) ($M) $2,454 $1,768 $1,527 $2,400 2019 (6) 2020 2021(6) 2022 (6) (7) 2023F 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. (7) 2023F reflects the mid-point of guidance. United Rentals® Work United® | 32

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