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 facility (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 guarantor subsidiary, the sale of all or substantially all of the guarantor subsidiary's assets, the requirements for legal defeasance or covenant defeasance under the applicable indenture being met or designating the guarantor subsidiary 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 June 30, 2015, the amount available for distribution under the most restrictive of these covenants was $252.

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

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2015



	Parent		URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA		Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	4	$	—		$	196		$	—	$	—		$	200
Accounts receivable, net	—		39		—			108			747		—			894
Intercompany receivable (payable)	144		55		(188		)	(126		)	—		115			—
Inventory	—		73		—			8			—		—			81
Prepaid expenses and other assets	—		67		—			7			—		—			74
Deferred taxes	—		186		—			1			—		—			187
Total current assets	144		424		(188		)	194			747		115			1,436
Rental equipment, net	—		5,794		—			602			—		—			6,396
Property and equipment, net	40		323		20			42			—		—			425
Investments in subsidiaries	1,294		1,011		1,001			—			—		(3,306		)	—
Goodwill	—		3,000		—			253			—		—			3,253
Other intangible assets, net	—		923		—			77			—		—			1,000
Other long-term assets	—		95		—			—			—		—			95
Total assets	$	1,478	$	11,570	$	833		$	1,168		$	747	$	(3,191	)	$	12,605
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	7	$	583	$	—		$	—		$	—	$	—		$	590
Accounts payable	—		618		—			65			—		—			683
Accrued expenses and other liabilities	—		273		14			22			—		—			309
Total current liabilities	7		1,474		14			87			—		—			1,582
Long-term debt	—		7,143		121			7			549		—			7,820
Deferred taxes	19		1,604		—			73			—		—			1,696
Other long-term liabilities	—		55		—			—			—		—			55
Total liabilities	26		10,276		135			167			549		—			11,153
Temporary equity (note 7)	1		—		—			—			—		—			1
Total stockholders’ equity (deficit)	1,451		1,294		698			1,001			198		(3,191		)	1,451
Total liabilities and stockholders’ equity (deficit)	$	1,478	$	11,570	$	833		$	1,168		$	747	$	(3,191	)	$	12,605

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 June 30, 2015





	Parent			URNA		Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
									Foreign		SPV
Revenues:
Equipment rentals	$	—		$	1,100	$	—		$	120	$	—		$	—		$	1,220
Sales of rental equipment	—			106		—			18		—			—			124
Sales of new equipment	—			34		—			5		—			—			39
Contractor supplies sales	—			18		—			3		—			—			21
Service and other revenues	—			22		—			3		—			—			25
Total revenues	—			1,280		—			149		—			—			1,429
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			389		—			56		—			—			445
Depreciation of rental equipment	—			216		—			24		—			—			240
Cost of rental equipment sales	—			58		—			10		—			—			68
Cost of new equipment sales	—			29		—			4		—			—			33
Cost of contractor supplies sales	—			13		—			2		—			—			15
Cost of service and other revenues	—			9		—			1		—			—			10
Total cost of revenues	—			714		—			97		—			—			811
Gross profit	—			566		—			52		—			—			618
Selling, general and administrative expenses	(4		)	153		—			18		8			—			175
Merger related costs	—			1		—			—		—			—			1
Restructuring charge	—			—		—			—		—			—			—
Non-rental depreciation and amortization	4			57		—			6		—			—			67
Operating (loss) income	—			355		—			28		(8		)	—			375
Interest (income) expense, net	—			232		—			1		1			(2		)	232
Other (income) expense, net	(38		)	55		—			2		(25		)	—			(6		)
Income before provision for income taxes	38			68		—			25		16			2			149
Provision for income taxes	18			28		2			9		6			—			63
Income (loss) before equity in net earnings (loss) of subsidiaries	20			40		(2		)	16		10			2			86
Equity in net earnings (loss) of subsidiaries	66			26		16			—		—			(108		)	—
Net income (loss)	86			66		14			16		10			(106		)	86
Other comprehensive income (loss)	17			17		16			13		—			(46		)	17
Comprehensive income (loss)	$	103		$	83	$	30		$	29	$	10		$	(152	)	$	103

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
										Foreign		SPV
Revenues:
Equipment rentals	$	—		$	1,042		$	—		$	137	$	—		$	—		$	1,179
Sales of rental equipment	—			122			—			16		—			—			138
Sales of new equipment	—			31			—			6		—			—			37
Contractor supplies sales	—			19			—			3		—			—			22
Service and other revenues	—			17			—			6		—			—			23
Total revenues	—			1,231			—			168		—			—			1,399
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			383			—			64		—			—			447
Depreciation of rental equipment	—			203			—			26		—			—			229
Cost of rental equipment sales	—			70			—			10		—			—			80
Cost of new equipment sales	—			27			—			4		—			—			31
Cost of contractor supplies sales	—			13			—			2		—			—			15
Cost of service and other revenues	—			5			—			3		—			—			8
Total cost of revenues	—			701			—			109		—			—			810
Gross profit	—			530			—			59		—			—			589
Selling, general and administrative expenses	(6		)	171			2			23		(3		)	—			187
Merger related costs	—			8			—			—		—			—			8
Restructuring charge	—			(1		)	—			—		—			—			(1		)
Non-rental depreciation and amortization	5			58			—			7		—			—			70
Operating income (loss)	1			294			(2		)	29		3			—			325
Interest expense (income), net	1			182			2			2		1			(1		)	187
Other (income) expense, net	(37		)	52			(3		)	4		(20		)	—			(4		)
Income (loss) before provision for income taxes	37			60			(1		)	23		22			1			142
Provision for income taxes	1			32			—			6		9			—			48
Income (loss) before equity in net earnings (loss) of subsidiaries	36			28			(1		)	17		13			1			94
Equity in net earnings (loss) of subsidiaries	58			30			17			—		—			(105		)	—
Net income (loss)	94			58			16			17		13			(104		)	94
Other comprehensive income (loss)	36			36			36			28		—			(100		)	36
Comprehensive income (loss)	$	130		$	94		$	52		$	45	$	13		$	(204	)	$	130

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2015




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	2,098		$	—		$	247		$	—		$	—		$	2,345
Sales of rental equipment	—			212			—			28			—			—			240
Sales of new equipment	—			63			—			9			—			—			72
Contractor supplies sales	—			34			—			5			—			—			39
Service and other revenues	—			41			—			7			—			—			48
Total revenues	—			2,448			—			296			—			—			2,744
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			773			—			116			—			—			889
Depreciation of rental equipment	—			427			—			48			—			—			475
Cost of rental equipment sales	—			117			—			15			—			—			132
Cost of new equipment sales	—			53			—			7			—			—			60
Cost of contractor supplies sales	—			24			—			3			—			—			27
Cost of service and other revenues	—			15			—			4			—			—			19
Total cost of revenues	—			1,409			—			193			—			—			1,602
Gross profit	—			1,039			—			103			—			—			1,142
Selling, general and administrative expenses	(1		)	304			—			38			15			—			356
Merger related costs	—			(26		)	—			—			—			—			(26		)
Restructuring charge	—			1			—			—			—			—			1
Non-rental depreciation and amortization	8			116			—			12			—			—			136
Operating (loss) income	(7		)	644			—			53			(15		)	—			675
Interest (income) expense, net	(1		)	351			2			2			2			(3		)	353
Other (income) expense, net	(73		)	107			1			3			(47		)	—			(9		)
Income (loss) before provision for income taxes	67			186			(3		)	48			30			3			331
Provision for income taxes	31			71			—			16			12			—			130
Income (loss) before equity in net earnings (loss) of subsidiaries	36			115			(3		)	32			18			3			201
Equity in net earnings (loss) of subsidiaries	165			50			32			—			—			(247		)	—
Net income (loss)	201			165			29			32			18			(244		)	201
Other comprehensive (loss) income	(72		)	(72		)	(74		)	(58		)	—			204			(72		)
Comprehensive income (loss)	$	129		$	93		$	(45	)	$	(26	)	$	18		$	(40	)	$	129

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2014




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,914		$	—		$	270		$	—		$	—		$	2,184
Sales of rental equipment	—			222			—			26			—			—			248
Sales of new equipment	—			52			—			11			—			—			63
Contractor supplies sales	—			34			—			7			—			—			41
Service and other revenues	—			32			—			9			—			—			41
Total revenues	—			2,254			—			323			—			—			2,577
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			737			—			119			—			—			856
Depreciation of rental equipment	—			396			—			50			—			—			446
Cost of rental equipment sales	—			130			—			15			—			—			145
Cost of new equipment sales	—			43			—			8			—			—			51
Cost of contractor supplies sales	—			23			—			5			—			—			28
Cost of service and other revenues	—			10			—			4			—			—			14
Total cost of revenues	—			1,339			—			201			—			—			1,540
Gross profit	—			915			—			122			—			—			1,037
Selling, general and administrative expenses	19			294			2			43			(3		)	—			355
Merger related costs	—			9			—			—			—			—			9
Non-rental depreciation and amortization	9			109			—			12			—			—			130
Operating (loss) income	(28		)	503			(2		)	67			3			—			543
Interest expense (income), net	7			300			3			3			2			(3		)	312
Other (income) expense, net	(69		)	98			(1		)	7			(40		)	—			(5		)
Income (loss) before provision for income taxes	34			105			(4		)	57			41			3			236
Provision for income taxes	1			50			—			15			16			—			82
Income (loss) before equity in net earnings (loss) of subsidiaries	33			55			(4		)	42			25			3			154
Equity in net earnings (loss) of subsidiaries	121			66			42			—			—			(229		)	—
Net income (loss)	154			121			38			42			25			(226		)	154
Other comprehensive (loss) income	(3		)	(3		)	(2		)	(2		)	—			7			(3		)
Comprehensive income (loss)	$	151		$	118		$	36		$	40		$	25		$	(219	)	$	151

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2015



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by operating activities	$	6		$	1,069		$	1		$	144		$	30		$	—	$	1,250
Net cash used in investing activities	(6		)	(793		)	—			(77		)	—			—		(876		)
Net cash used in financing activities	—			(280		)	(1		)	(7		)	(30		)	—		(318		)
Effect of foreign exchange rates	—			—			—			(14		)	—			—		(14		)
Net (decrease) increase in cash and cash equivalents	—			(4		)	—			46			—			—		42
Cash and cash equivalents at beginning of period	—			8			—			150			—			—		158
Cash and cash equivalents at end of period	$	—		$	4		$	—		$	196		$	—		$	—	$	200

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2014



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations		Total
	Parent			URNA			Guarantor Subsidiaries			Foreign			SPV			Eliminations		Total
Net cash provided by (used in) operating activities	$	10		$	928		$	2		$	146		$	(32	)	$	—	$	1,054
Net cash used in investing activities	(10		)	(1,402		)	—			(158		)	—			—		(1,570		)
Net cash provided by (used in) financing activities	—			483			(2		)	(1		)	32			—		512
Effect of foreign exchange rates	—			—			—			(1		)	—			—		(1		)
Net increase (decrease) in cash and cash equivalents	—			9			—			(14		)	—			—		(5		)
Cash and cash equivalents at beginning of period	—			17			—			158			—			—		175
Cash and cash equivalents at end of period	$	—		$	26		$	—		$	144		$	—		$	—	$	170