Investor Presentaiton

Capital allocation strategy Manage Leverage Invest in Growth • Target leverage range over the cycle of 2.0x-3.0x. Net leverage (1) of 2.6x at December 31, 2019. ⚫ Credit ratings: S&P: BB • Moody's: Ba2 Organic • Continued organic investments to support growth and boost productivity. • Opened 34 specialty branches in 2019, following 30 opened in 2018. • • M&A Balance sheet strategy creates flexibility to pursue strategic assets as opportunities arise. Acquisition of National Pump in 2014 and BakerCorp in 2018 expanded specialty. Acquisitions of NES and Neff in 2017 and BlueLine in 2018 to support our 'grow the core' strategy. Return Excess Cash to Investors • $1.25 billion repurchase program . commenced in July 2018 and was completed in December 2019. $500 million share repurchase program authorized in first quarter 2020 to be completed over 12 months. Since 2012, United Rentals has returned $3.7 billion to shareholders, representing 35% of total issued shares. ⚫ $1 billion of discretionary free cash flow earmarked for debt reduction in 2020 Disciplined, prudent, efficient, and opportunistic approach to capital allocation (1) Leverage ratio calculated as total debt, net of cash, excluding original issuance discounts, premiums, and deferred financing, divided by adjusted EBITDA. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2020 United Rentals, Inc. All rights reserved. 27

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