Investor Presentaiton

Fleet productivity formula explained - pro forma (3) (4) (5) + A Mix +2.2% Inflation (1.5%) Prior Revenue (1) (2) A OER A OEC on Rent Δ Rate + 4.7% +2.1% +1.9% Bridge: New Revenue Bridge: (1) (6) A OER A OEC 4.7% +5.5% + Fleet Productivity +0.7% (4) (7) % A Time + A Time A OEC (8) (3) + A Rate + A Mix Calculated as: ([66.5% ÷ 68.7%] − 1) (3.2%) (0.2%) +1.9% +2.2% Reflects year-over-year change in Owned Equipment Rental Revenue ("OER"), which is the direct rental revenue generated by owned assets. Reflects year-over-year change in the volume fleet on rent with customers measured by the change in Original Equipment Cost ("OEC"). Reflects year-over-year change in rental rates based on the ARA standard. Footnotes: ENDO (1) (3) Reflects the impact of changes in mix on OER including fleet mix, customer mix, billing mix and geographic mix. Reflects estimated impact of inflation on the revenue productivity of fleet based on OEC, which is recorded at cost. Reflects year-over-year change in fleet as measured by daily average OEC. Reflects year-over-year percentage change in time utilization (i.e., in 2Q19 = 66.5% divided by 2Q18 of 68.7% minus 1). Reflects factor to adjust for year-over-year change in time utilization relative to the year-over-year change in average OEC. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved. (5) Inflation (1.5%) 40 40

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