M&A Strategy and Financial Overview

Profitability: Focus on efficiency supports improved margins 50% 40% 30% 20% 10% 0% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Adj. EBITDA Margin (L) Net Income Margin (R) Key Drivers of Margin Gains Strong Fixed-Cost Absorption 25% • Cyclical leverage (e.g., SG&A) M&A cost synergies 20% 15% Increased Operational Efficiency • Process improvements (e.g., LEAN) Technology investments (e.g., logistics, telematics, CORE, etc.) 10% 5% + 0% Improved Mix • Shift towards higher margin Specialty · Improved segment/end-market mix De-emphasis of low margin/return businesses Enhanced Used Equipment Strategies Industry Leading Margins Driven by Scale and Focus on Efficiency Note: Adjusted EBITDA is a non-GAAP measure. Net income margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue. See the tables provided. elsewhere in this presentation for adjusted EBITDA reconciliations to the most comparable GAAP measures. Note: 2017 net income margin excludes one-time benefit from the Tax Act. United Rentals® Work United® | 29

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