Condensed Consolidating Financial Information of Guarantor Subsidiaries

URNA is 100 percent owned by Holdings (“Parent”) and has outstanding (i) certain indebtedness that is guaranteed by Parent, (ii) certain indebtedness that is guaranteed by both Parent and, with the exception of its U.S. special purpose vehicle which holds receivable assets relating to the Company’s accounts receivable securitization (the “SPV”), all of URNA’s U.S. subsidiaries (the “guarantor subsidiaries”) and (iii) certain indebtedness that is guaranteed only by the guarantor subsidiaries (specifically, the 8¹/4 percent Senior Notes). Other than the guarantee by certain Canadian subsidiaries of URNA's indebtedness under the ABL facility, none of URNA’s indebtedness is guaranteed by URNA's foreign subsidiaries or the SPV (together, the “non-guarantor subsidiaries”). The receivable assets owned by the SPV have been sold by URNA to the SPV and are not available to satisfy the obligations of URNA or Parent’s other subsidiaries. The guarantor subsidiaries are all 100 percent-owned and the guarantees are made on a joint and several basis. The guarantees are not full and unconditional because a guarantor subsidiary can be automatically released and relieved of its obligations under certain circumstances, including sale of the subsidiary guarantor, the sale of all or substantially all of the subsidiary guarantor's assets, the requirements for legal defeasance or covenant defeasance under the applicable indenture being met or designating the subsidiary guarantor as an unrestricted subsidiary for purposes of the applicable covenants. The guarantees are also subject to subordination provisions (to the same extent that the obligations of the issuer under the relevant notes are subordinated to other debt of the issuer) and to a standard limitation which provides that the maximum amount guaranteed by each guarantor will not exceed the maximum amount that can be guaranteed without making the guarantee void under fraudulent conveyance laws. Based on our understanding of Rule 3-10 of Regulation S-X ("Rule 3-10"), we believe that the guarantees of the guarantor subsidiaries comply with the conditions set forth in Rule 3-10 and therefore continue to utilize Rule 3-10 to present condensed consolidating financial information for Holdings, URNA, the guarantor subsidiaries and the non-guarantor subsidiaries. Separate consolidated financial statements of the guarantor subsidiaries have not been presented because management believes that such information would not be material to investors. However, condensed consolidating financial information is presented.

URNA covenants in the ABL facility, accounts receivable securitization facility and the other agreements governing our debt impose operating and financial restrictions on URNA, Parent and the guarantor subsidiaries, including limitations on the ability to pay dividends. As of March 31, 2015, the amount available for distribution under the most restrictive of these covenants was $261.

The condensed consolidating financial information of Parent and its subsidiaries is as follows:

CONDENSED CONSOLIDATING BALANCE SHEET

March 31, 2015



	Parent		URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA		Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	58	$	—		$	199		$	—	$	—		$	257
Accounts receivable, net	—		37		—			113			698		—			848
Intercompany receivable (payable)	172		24		(185		)	(123		)	—		112			—
Inventory	—		73		—			8			—		—			81
Prepaid expenses and other assets	—		43		—			8			—		—			51
Deferred taxes	—		214		—			1			—		—			215
Total current assets	172		449		(185		)	206			698		112			1,452
Rental equipment, net	—		5,423		—			565			—		—			5,988
Property and equipment, net	42		324		21			41			—		—			428
Investments in subsidiaries	1,307		1,479		968			—			—		(3,754		)	—
Goodwill	—		3,001		—			248			—		—			3,249
Other intangible assets, net	—		967		—			80			—		—			1,047
Other long-term assets	—		118		—			—			—		—			118
Total assets	$	1,521	$	11,761	$	804		$	1,140		$	698	$	(3,642	)	$	12,282
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	7	$	586	$	—		$	—		$	—	$	—		$	593
Accounts payable	—		405		—			60			—		—			465
Accrued expenses and other liabilities	—		448		15			34			—		—			497
Total current liabilities	7		1,439		15			94			—		—			1,555
Long-term debt	—		7,356		120			6			—		—			7,482
Deferred taxes	19		1,599		—			72			—		—			1,690
Other long-term liabilities	—		60		—			—			—		—			60
Total liabilities	26		10,454		135			172			—		—			10,787
Temporary equity (note 7)	1		—		—			—			—		—			1
Total stockholders’ equity (deficit)	1,494		1,307		669			968			698		(3,642		)	1,494
Total liabilities and stockholders’ equity (deficit)	$	1,521	$	11,761	$	804		$	1,140		$	698	$	(3,642	)	$	12,282

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2014



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	8		$	—		$	150		$	—	$	—		$	158
Accounts receivable, net	—		37			—			144			759		—			940
Intercompany receivable (payable)	476		(428		)	(60		)	(109		)	—		121			—
Inventory	—		69			—			9			—		—			78
Prepaid expenses and other assets	—		113			1			8			—		—			122
Deferred taxes	—		246			—			2			—		—			248
Total current assets	476		45			(59		)	204			759		121			1,546
Rental equipment, net	—		5,399			—			609			—		—			6,008
Property and equipment, net	42		332			21			43			—		—			438
Investments in subsidiaries	1,330		1,185			1,040			—			—		(3,555		)	—
Goodwill	—		3,000			—			272			—		—			3,272
Other intangible assets, net	—		1,014			—			92			—		—			1,106
Other long-term assets	1		96			—			—			—		—			97
Total assets	$	1,849	$	11,071		$	1,002		$	1,220		$	759	$	(3,434	)	$	12,467
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	32	$	38		$	—		$	—		$	548	$	—		$	618
Accounts payable	—		248			—			37			—		—			285
Accrued expenses and other liabilities	—		499			19			57			—		—			575
Total current liabilities	32		785			19			94			548		—			1,478
Long-term debt	—		7,298			130			6			—		—			7,434
Deferred taxes	19		1,594			—			79			—		—			1,692
Other long-term liabilities	—		64			—			1			—		—			65
Total liabilities	51		9,741			149			180			548		—			10,669
Temporary equity (note 7)	2		—			—			—			—		—			2
Total stockholders’ equity (deficit)	1,796		1,330			853			1,040			211		(3,434		)	1,796
Total liabilities and stockholders’ equity (deficit)	$	1,849	$	11,071		$	1,002		$	1,220		$	759	$	(3,434	)	$	12,467

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2015





	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	998		$	—		$	127		$	—		$	—		$	1,125
Sales of rental equipment	—			106			—			10			—			—			116
Sales of new equipment	—			29			—			4			—			—			33
Contractor supplies sales	—			16			—			2			—			—			18
Service and other revenues	—			19			—			4			—			—			23
Total revenues	—			1,168			—			147			—			—			1,315
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			384			—			60			—			—			444
Depreciation of rental equipment	—			211			—			24			—			—			235
Cost of rental equipment sales	—			59			—			5			—			—			64
Cost of new equipment sales	—			24			—			3			—			—			27
Cost of contractor supplies sales	—			11			—			1			—			—			12
Cost of service and other revenues	—			6			—			3			—			—			9
Total cost of revenues	—			695			—			96			—			—			791
Gross profit	—			473			—			51			—			—			524
Selling, general and administrative expenses	3			151			—			20			7			—			181
Merger related costs	—			(27		)	—			—			—			—			(27		)
Restructuring charge	—			1			—			—			—			—			1
Non-rental depreciation and amortization	4			59			—			6			—			—			69
Operating (loss) income	(7		)	289			—			25			(7		)	—			300
Interest (income) expense, net	(1		)	119			2			1			1			(1		)	121
Other (income) expense, net	(35		)	52			1			1			(22		)	—			(3		)
Income (loss) before provision (benefit) for income taxes	29			118			(3		)	23			14			1			182
Provision (benefit) for income taxes	13			43			(2		)	7			6			—			67
Income (loss) before equity in net earnings (loss) of subsidiaries	16			75			(1		)	16			8			1			115
Equity in net earnings (loss) of subsidiaries	99			24			16			—			—			(139		)	—
Net income (loss)	115			99			15			16			8			(138		)	115
Other comprehensive (loss) income	(89		)	(89		)	(90		)	(71		)	—			250			(89		)
Comprehensive income (loss)	$	26		$	10		$	(75	)	$	(55	)	$	8		$	112		$	26

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	872		$	—		$	133		$	—		$	—		$	1,005
Sales of rental equipment	—			100			—			10			—			—			110
Sales of new equipment	—			21			—			5			—			—			26
Contractor supplies sales	—			15			—			4			—			—			19
Service and other revenues	—			15			—			3			—			—			18
Total revenues	—			1,023			—			155			—			—			1,178
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			354			—			55			—			—			409
Depreciation of rental equipment	—			193			—			24			—			—			217
Cost of rental equipment sales	—			60			—			5			—			—			65
Cost of new equipment sales	—			16			—			4			—			—			20
Cost of contractor supplies sales	—			10			—			3			—			—			13
Cost of service and other revenues	—			5			—			1			—			—			6
Total cost of revenues	—			638			—			92			—			—			730
Gross profit	—			385			—			63			—			—			448
Selling, general and administrative expenses	25			123			—			20			—			—			168
Merger related costs	—			1			—			—			—			—			1
Restructuring charge	—			1			—			—			—			—			1
Non-rental depreciation and amortization	4			51			—			5			—			—			60
Operating (loss) income	(29		)	209			—			38			—			—			218
Interest expense (income), net	6			118			1			1			1			(2		)	125
Other (income) expense, net	(32		)	46			2			3			(20		)	—			(1		)
(Loss) income before provision for income taxes	(3		)	45			(3		)	34			19			2			94
Provision for income taxes	—			18			—			9			7			—			34
(Loss) income before equity in net earnings (loss) of subsidiaries	(3		)	27			(3		)	25			12			2			60
Equity in net earnings (loss) of subsidiaries	63			36			25			—			—			(124		)	—
Net income (loss)	60			63			22			25			12			(122		)	60
Other comprehensive (loss) income	(39		)	(39		)	(38		)	(30		)	—			107			(39		)
Comprehensive income (loss)	$	21		$	24		$	(16	)	$	(5	)	$	12		$	(15	)	$	21

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2015



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by operating activities	$	3		$	507		$	1		$	95		$	69		$	—	$	675
Net cash used in investing activities	(3		)	(193		)	—			(29		)	—			—		(225		)
Net cash used in financing activities	—			(264		)	(1		)	(1		)	(69		)	—		(335		)
Effect of foreign exchange rates	—			—			—			(16		)	—			—		(16		)
Net increase in cash and cash equivalents	—			50			—			49			—			—		99
Cash and cash equivalents at beginning of period	—			8			—			150			—			—		158
Cash and cash equivalents at end of period	$	—		$	58		$	—		$	199		$	—		$	—	$	257

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Three Months Ended March 31, 2014



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by operating activities	$	3		$	390		$	1		$	62		$	52		$	—	$	508
Net cash used in investing activities	(3		)	(219		)	—			(9		)	—			—		(231		)
Net cash used in financing activities	—			(165		)	(1		)	—			(52		)	—		(218		)
Effect of foreign exchange rates	—			—			—			(7		)	—			—		(7		)
Net increase in cash and cash equivalents	—			6			—			46			—			—		52
Cash and cash equivalents at beginning of period	—			17			—			158			—			—		175
Cash and cash equivalents at end of period	$	—		$	23		$	—		$	204		$	—		$	—	$	227