Driving Digital Transformation and Shareholder Value

M&A strategy: Disciplined and opportunistic Strategic Proactively supports growth in attractive markets • Difficult to replicate organically Financial • Invest capital at attractive returns over cycle • • Revenue growth Cultural Safety Talent Ethics and integrity • • Access to new customers Margin opportunities • Manage leverage . Management philosophy . • Enhance cross-selling Internal Rate of Return • Customer focus • Best practice adoption • ROIC . Geographic coverage Community • Volatility . Diversification Proven integration capabilities are a key advantage in realizing greater value from M&A United Rentals 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2020 United Rentals, Inc. All rights reserved. 27

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