Investor Presentaiton

Capital allocation strategy Manage Leverage Target leverage range over the cycle of 2.0x-3.0x. • Net leverage (1) of 2.8x at June 30, 2019. ⚫ Credit ratings: S&P: BB . Moody's: Ba2 Invest in Growth . Organic Continued organic investments to support growth and boost productivity. • Opened 30 specialty branches in 2018. Anticipate opening 30 stores during 2019. . • M&A Balance sheet strategy creates flexibility to pursue strategic assets as opportunities arise. Acquisition of National Pump in 2014 and BakerCorp in 2018 expanded specialty. Return Excess Cash to Stockholders $1.25 billion repurchase program commenced in July 2018. $840 million purchased through June 30, 2019. Since 2012, United Rentals has returned $3.3 billion to shareholders, representing 32% of total issued shares. • Acquisitions of NES and Neff in 2017 and BlueLine in 2018 to support our 'grow the core' strategy. Disciplined, prudent, efficient, and opportunistic approach to capital allocation (1) Leverage ratio calculated as total debt, net of cash, excluding original issuance discounts, premiums, and deferred financing, divided by adjusted EBITDA. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved. 27

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