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 by the guarantor subsidiaries. However, this indebtedness is not guaranteed by URNA’s foreign subsidiaries and the SPV (together, the “non-guarantor 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. The condensed consolidating financial information of Parent and its subsidiaries is as follows:

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2013



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	7		$	—		$	126		$	—	$	—		$	133
Accounts receivable, net	—		25			—			123			603		—			751
Intercompany receivable (payable)	242		(189		)	(42		)	(157		)	—		146			—
Inventory	—		101			—			10			—		—			111
Prepaid expenses and other assets	—		97			—			16			—		—			113
Deferred taxes	—		253			—			2			—		—			255
Total current assets	242		294			(42		)	120			603		146			1,363
Rental equipment, net	—		4,771			—			609			—		—			5,380
Property and equipment, net	48		318			15			36			—		—			417
Investments in subsidiaries	1,480		1,025			923			—			—		(3,428		)	—
Goodwill, net	—		2,707			—			247			—		—			2,954
Other intangible assets, net	—		1,011			—			92			—		—			1,103
Other long-term assets	3		106			—			—			—		—			109
Total assets	$	1,773	$	10,232		$	896		$	1,104		$	603	$	(3,282	)	$	11,326
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	142	$	34		$	—		$	—		$	448	$	—		$	624
Accounts payable	—		537			—			69			—		—			606
Accrued expenses and other liabilities	—		309			30			23			—		—			362
Total current liabilities	142		880			30			92			448		—			1,592
Long-term debt	—		6,582			142			8			—		—			6,732
Subordinated convertible debentures	—		—			—			—			—		—			—
Deferred taxes	22		1,227			—			79			—		—			1,328
Other long-term liabilities	—		63			—			2			—		—			65
Total liabilities	164		8,752			172			181			448		—			9,717
Temporary equity (note 6)	26		—			—			—			—		—			26
Total stockholders’ equity (deficit)	1,583		1,480			724			923			155		(3,282		)	1,583
Total liabilities and stockholders’ equity (deficit)	$	1,773	$	10,232		$	896		$	1,104		$	603	$	(3,282	)	$	11,326

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2012



	Parent		URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries					Eliminations			Total
	Parent		URNA			Guarantor Subsidiaries			Foreign			SPV		Eliminations			Total
ASSETS
Cash and cash equivalents	$	—	$	20		$	—		$	86		$	—	$	—		$	106
Accounts receivable, net	—		43			—			146			604		—			793
Intercompany receivable (payable)	168		(108		)	(49		)	(163		)	—		152			—
Inventory	—		60			—			8			—		—			68
Prepaid expenses and other assets	—		87			10			14			—		—			111
Deferred taxes	—		263			—			2			—		—			265
Total current assets	168		365			(39		)	93			604		152			1,343
Rental equipment, net	—		4,357			—			609			—		—			4,966
Property and equipment, net	41		333			16			38			—		—			428
Investments in subsidiaries	1,575		1,029			932			—			—		(3,536		)	—
Goodwill, net	—		2,710			—			260			—		—			2,970
Other intangible assets, net	—		1,094			—			106			—		—			1,200
Other long-term assets	4		115			—			—			—		—			119
Total assets	$	1,788	$	10,003		$	909		$	1,106		$	604	$	(3,384	)	$	11,026
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Short-term debt and current maturities of long-term debt	$	137	$	40		$	—		$	—		$	453	$	—		$	630
Accounts payable	—		243			—			43			—		—			286
Accrued expenses and other liabilities	1		361			33			40			—		—			435
Total current liabilities	138		644			33			83			453		—			1,351
Long-term debt	—		6,522			150			7			—		—			6,679
Subordinated convertible debentures	55		—			—			—			—		—			55
Deferred taxes	21		1,199			—			82			—		—			1,302
Other long-term liabilities	—		63			—			2			—		—			65
Total liabilities	214		8,428			183			174			453		—			9,452
Temporary equity (note 6)	31		—			—			—			—		—			31
Total stockholders’ equity (deficit)	1,543		1,575			726			932			151		(3,384		)	1,543
Total liabilities and stockholders’ equity (deficit)	$	1,788	$	10,003		$	909		$	1,106		$	604	$	(3,384	)	$	11,026

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2013



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	870		$	—		$	139		$	—		$	—		$	1,009
Sales of rental equipment	—			116			—			15			—			—			131
Sales of new equipment	—			18			—			6			—			—			24
Contractor supplies sales	—			18			—			5			—			—			23
Service and other revenues	—			16			—			3			—			—			19
Total revenues	—			1,038			—			168			—			—			1,206
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			336			—			63			—			—			399
Depreciation of rental equipment	—			184			—			24			—			—			208
Cost of rental equipment sales	—			78			—			9			—			—			87
Cost of new equipment sales	—			14			—			5			—			—			19
Cost of contractor supplies sales	—			13			—			3			—			—			16
Cost of service and other revenues	—			4			—			2			—			—			6
Total cost of revenues	—			629			—			106			—			—			735
Gross profit	—			409			—			62			—			—			471
Selling, general and administrative expenses	(10		)	138			—			23			1			—			152
RSC merger related costs	—			2			—			—			—			—			2
Restructuring charge	—			5			—			—			—			—			5
Non-rental depreciation and amortization	4			53			—			5			—			—			62
Operating income (loss)	6			211			—			34			(1		)	—			250
Interest expense (income), net	4			112			2			—			1			(1		)	118
Interest expense-subordinated convertible debentures	1			—			—			—			—			—			1
Other (income) expense, net	(35		)	48			—			6			(19		)	—			—
Income (loss) before provision for income taxes	36			51			(2		)	28			17			1			131
Provision for income taxes	8			27			—			7			6			—			48
Income (loss) before equity in net earnings (loss) of subsidiaries	28			24			(2		)	21			11			1			83
Equity in net earnings (loss) of subsidiaries	55			31			21			—			—			(107		)	—
Net income (loss)	83			55			19			21			11			(106		)	83
Other comprehensive (loss) income	(32		)	(32		)	(32		)	(25		)	—			89			(32		)
Comprehensive income (loss)	$	51		$	23		$	(13	)	$	(4	)	$	11		$	(17	)	$	51

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended June 30, 2012



	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV (1)
Revenues:
Equipment rentals	$	—		$	665		$	66		$	114		$	—		$	—		$	845
Sales of rental equipment	—			66			6			9			—			—			81
Sales of new equipment	—			13			2			7			—			—			22
Contractor supplies sales	—			16			2			5			—			—			23
Service and other revenues	—			14			3			5			—			—			22
Total revenues	—			774			79			140			—			—			993
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			272			29			49			—			—			350
Depreciation of rental equipment	—			136			13			23			—			—			172
Cost of rental equipment sales	—			47			4			5			—			—			56
Cost of new equipment sales	—			10			2			5			—			—			17
Cost of contractor supplies sales	—			12			1			3			—			—			16
Cost of service and other revenues	—			4			1			3			—			—			8
Total cost of revenues	—			481			50			88			—			—			619
Gross profit	—			293			29			52			—			—			374
Selling, general and administrative expenses	9			104			11			17			5			—			146
RSC merger related costs	—			80			—			—			—			—			80
Restructuring charge	—			52			—			1			—			—			53
Non-rental depreciation and amortization	3			41			1			4			—			—			49
Operating (loss) income	(12		)	16			17			30			(5		)	—			46
Interest expense (income), net	3			68			32			1			18			(1		)	121
Interest expense-subordinated convertible debentures	1			—			—			—			—			—			1
Other (income) expense, net	(20		)	14			—			4			(10		)	—			(12		)
Income (loss) before provision (benefit) for income taxes	4			(66		)	(15		)	25			(13		)	1			(64		)
Provision (benefit) for income taxes	1			(3		)	(11		)	6			(5		)	—			(12		)
Income (loss) before equity in net (loss) earnings of subsidiaries	3			(63		)	(4		)	19			(8		)	1			(52		)
Equity in net (loss) earnings of subsidiaries	(55		)	8			19			—			—			28			—
Net (loss) income	(52		)	(55		)	15			19			(8		)	29			(52		)
Other comprehensive (loss) income	(12		)	(12		)	(10		)	(6		)	—			28			(12		)
Comprehensive (loss) income	$	(64	)	$	(67	)	$	5		$	13		$	(8	)	$	57		$	(64	)


(1)	Includes interest expense prior to the April 30, 2012 RSC acquisition date on debt issued in connection with the RSC acquisition discussed in note 1 to our condensed consolidated financial statements.

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2013




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV
Revenues:
Equipment rentals	$	—		$	1,651		$	—		$	274		$	—		$	—		$	1,925
Sales of rental equipment	—			228			—			26			—			—			254
Sales of new equipment	—			34			—			11			—			—			45
Contractor supplies sales	—			34			—			9			—			—			43
Service and other revenues	—			31			—			8			—			—			39
Total revenues	—			1,978			—			328			—			—			2,306
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			669			—			123			—			—			792
Depreciation of rental equipment	—			362			—			48			—			—			410
Cost of rental equipment sales	—			154			—			16			—			—			170
Cost of new equipment sales	—			27			—			9			—			—			36
Cost of contractor supplies sales	—			23			—			6			—			—			29
Cost of service and other revenues	—			10			—			3			—			—			13
Total cost of revenues	—			1,245			—			205			—			—			1,450
Gross profit	—			733			—			123			—			—			856
Selling, general and administrative expenses	9			256			—			45			2			—			312
RSC merger related costs	—			8			—			—			—			—			8
Restructuring charge	—			11			—			—			—			—			11
Non-rental depreciation and amortization	8			108			—			10			—			—			126
Operating (loss) income	(17		)	350			—			68			(2		)	—			399
Interest expense (income), net	6			226			3			1			2			(2		)	236
Interest expense-subordinated convertible debentures	3			—			—			—			—			—			3
Other (income) expense, net	(65		)	93			—			9			(38		)	—			(1		)
Income (loss) before provision for income taxes	39			31			(3		)	58			34			2			161
Provision for income taxes	9			19			—			16			13			—			57
Income (loss) before equity in net earnings (loss) of subsidiaries	30			12			(3		)	42			21			2			104
Equity in net earnings (loss) of subsidiaries	74			62			42			—			—			(178		)	—
Net income (loss)	104			74			39			42			21			(176		)	104
Other comprehensive income (loss)	(52		)	(52		)	(52		)	(40		)	—			144			(52		)
Comprehensive income (loss)	$	52		$	22		$	(13	)	$	2		$	21		$	(32	)	$	52

CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME

For the Six Months Ended June 30, 2012




	Parent			URNA			Guarantor Subsidiaries			Non-Guarantor Subsidiaries						Eliminations			Total
										Foreign			SPV (1)
Revenues:
Equipment rentals	$	—		$	915		$	249		$	204		$	—		$	—		$	1,368
Sales of rental equipment	—			105			32			20			—			—			157
Sales of new equipment	—			21			7			12			—			—			40
Contractor supplies sales	—			24			7			10			—			—			41
Service and other revenues	—			25			8			10			—			—			43
Total revenues	—			1,090			303			256			—			—			1,649
Cost of revenues:
Cost of equipment rentals, excluding depreciation	—			387			117			92			—			—			596
Depreciation of rental equipment	—			195			50			42			—			—			287
Cost of rental equipment sales	—			71			20			12			—			—			103
Cost of new equipment sales	—			17			6			9			—			—			32
Cost of contractor supplies sales	—			16			5			7			—			—			28
Cost of service and other revenues	—			10			3			3			—			—			16
Total cost of revenues	—			696			201			165			—			—			1,062
Gross profit	—			394			102			91			—			—			587
Selling, general and administrative expenses	19			138			47			34			10			—			248
RSC merger related costs	—			90			—			—			—			—			90
Restructuring charge	—			52			—			1			—			—			53
Non-rental depreciation and amortization	7			45			5			6			—			—			63
Operating (loss) income	(26		)	69			50			50			(10		)	—			133
Interest expense (income), net	6			119			33			2			31			(2		)	189
Interest expense-subordinated convertible debentures	2			—			—			—			—			—			2
Other (income) expense, net	(38		)	30			9			7			(21		)	—			(13		)
Income (loss) before provision (benefit) for income taxes	4			(80		)	8			41			(20		)	2			(45		)
Provision (benefit) for income taxes	1			(25		)	17			9			(8		)	—			(6		)
Income (loss) before equity in net (loss) earnings of subsidiaries	3			(55		)	(9		)	32			(12		)	2			(39		)
Equity in net (loss) earnings of subsidiaries	(42		)	13			33			—			—			(4		)	—
Net (loss) income	(39		)	(42		)	24			32			(12		)	(2		)	(39		)
Other comprehensive (loss) income	(2		)	(2		)	(1		)	(1		)	—			4			(2		)
Comprehensive (loss) income	$	(41	)	$	(44	)	$	23		$	31		$	(12	)	$	2		$	(41	)


(1)	Includes interest expense prior to the April 30, 2012 RSC acquisition date on debt issued in connection with the RSC acquisition discussed in note 1 to our condensed consolidated financial statements.

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2013



	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	$	17		$	719		$	(2	)	$	122		$	22		$	—	$	878
Net cash used in investing activities	(17		)	(710		)	—			(74		)	—			—		(801		)
Net cash (used in) provided by financing activities	—			(22		)	2			(1		)	(22		)	—		(43		)
Effect of foreign exchange rates	—			—			—			(7		)	—			—		(7		)
Net (decrease) increase in cash and cash equivalents	—			(13		)	—			40			—			—		27
Cash and cash equivalents at beginning of period	—			20			—			86			—			—		106
Cash and cash equivalents at end of period	$	—		$	7		$	—		$	126		$	—		$	—	$	133

CONDENSED CONSOLIDATING CASH FLOW INFORMATION

For the Six Months Ended June 30, 2012



	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	$	7		$	359		$	150		$	62		$	(236	)	$	—	$	342
Net cash used in investing activities	(7		)	(1,675		)	(152		)	(60		)	—			—		(1,894		)
Net cash provided by (used in) financing activities	—			1,324			2			(5		)	236			—		1,557
Net increase (decrease) in cash and cash equivalents	—			8			—			(3		)	—			—		5
Cash and cash equivalents at beginning of period	—			6			—			30			—			—		36
Cash and cash equivalents at end of period	$	—		$	14		$	—		$	27		$	—		$	—	$	41