United Rentals Earnings Reconciliation and Strategic Vision

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 Safety Cultural . Talent . • • Access to new customers Margin opportunities Ethics and integrity • 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® Work United® | 27

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