2022 Financial Outlook

Adjusted Earnings Per Share GAAP Reconciliation We define "earnings per share - adjusted" as the sum of earnings per share - GAAP, as-reported plus the impact of the following special items: merger related costs, merger related intangible asset amortization, impact on depreciation related to acquired fleet and property and equipment, impact of the fair value mark-up of acquired fleet, restructuring charge, asset impairment charge and loss on repurchase/redemption of debt securities. Management believes that earnings per share adjusted provides useful information concerning future profitability. However, earnings per share - adjusted is not a measure of financial performance under GAAP. Accordingly, earnings per share - adjusted should not be considered an alternative to GAAP earnings per share. The table below provides a reconciliation between earnings per share - GAAP, as-reported, and earnings per share - adjusted. $ Millions Earnings per share - GAAP, as-reported Three Months Ended June 30, Six Months Ended June 30, 2022 2021 $ 6.90 $4.02 2022 $11.93 2021 $ 6.82 After-tax impact of: Merger related costs (2) 0.03 0.03 Merger related intangible asset amortization (3) 0.45 0.48 0.96 0.97 Impact on depreciation related to acquired fleet and property and equipment (4) 0.26 0.01 0.36 0.03 Impact of the fair value mark-up of acquired fleet (5) 0.05 0.08 0.12 0.20 Restructuring charge (6) 0.01 0.01 Asset impairment charge (7) 0.02 0.04 0.02 0.04 Loss on repurchase/redemption of debt securities (8) 0.18 0.18 Earnings per share - adjusted Tax rate applied to above adjustments (1) 1) 2) $ 7.86 $4.66 $13.58 $ 8.10 25.3 % 25.4 % 25.3 % 25.3 % 3) 4) 5) 6) The tax rates applied to the adjustments reflect the statutory rates in the applicable entities. Reflects transaction costs associated with the General Finance acquisition that was completed in May 2021. Merger related costs only include costs associated with major acquisitions completed since 2012 that significantly impact our operations (the "major acquisitions," each of which had annual revenues of over $200 million prior to acquisition). Reflects the amortization of the intangible assets acquired in the major acquisitions. Reflects the impact of extending the useful lives of equipment acquired in certain major acquisitions, net of the impact of additional depreciation associated with the fair value mark-up of such equipment. Reflects additional costs recorded in cost of rental equipment sales associated with the fair value mark-up of rental equipment acquired in certain major acquisitions and subsequently sold. Primarily reflects severance and branch closure charges associated with our closed restructuring programs. We only include such costs that are part of a restructuring program as restructuring charges. Since the first such restructuring program was initiated in 2008, we have completed six restructuring programs. We have cumulatively incurred total restructuring charges of $353 million under our restructuring programs. 7) Reflects write-offs of leasehold improvements and other fixed assets. 8) Primarily reflects the difference between the net carrying amount and the total purchase price of the redeemed notes. United Rentals® United Rentals, Inc., 100 First Stamford Place, Stamford, CT 06902. 2022 United Rentals, Inc. All rights reserved. 43

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