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Investor Presentaiton

Balance sheet strength continues to improve Leverage Ratio Actual Forecast 3.6x 3.0x(2) 3.1x (4) 2.9x 2.9x 2.8x 2.7x 2.6x (5) ~2.3x 2012 2013 2014 2.0x - 2015 2016 2017 2018 2019 2020F 3.0x targeted leverage range across the cycle; $1 billion of free cash flow earmarked for debt reduction in 2020 (1) Leverage Ratio calculated as total debt and QUIPS, net of cash, excluding original issuance discounts, premiums, and deferred financing divided by 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) Assumes midpoint of adjusted EBITDA guidance of $4.450B and $1B of net debt reduction United Rentals 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2020 United Rentals, Inc. All rights reserved. 38 88
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