Investor Presentaiton

Structural changes are key to increased margins Adjusted EBITDA Margin (%) Adjusted EBITDA margins ~1,500 bps above prior peak 60% 50% 40% 30% 20% 10% 0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019F Note: 2019F reflects mid-point of guidance. · · Key Drivers of Margin Gains Strong fixed-cost absorption • Cyclical leverage (e.g., SG&A as % of sales) M&A cost synergies (e.g., RSC, NES, Neff) Operational efficiency gains Process improvements (e.g., LEAN, 5S, etc.) Technology (e.g., logistics, CORE, telematics) Improved mix Shift towards higher margin Specialty • Improved segment/end-market mix ⚫ De-emphasis of low margin/return businesses. Improved used equipment sales strategies Dramatic cycle-over-cycle margin improvement United Rentals 8 United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2018 United Rentals, Inc. All rights reserved. 32

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