United Rentals (URI) 2011 Citigroup Global Industrials Conference summary

Market conditions and rental demand

• Market signals were mixed: manufacturing strengthened, while macro concerns persisted and the Architecture Billings Index remained below 50; used equipment prices continued climbing.

• North American rental industry revenue was forecast to grow at a 10.3% CAGR from 2010 to 2015, with the market described as in the early stages of an upturn.

• Renting appealed to customers for lower capital outlay, broader equipment choice, lower total ownership cost and flexibility as needs change.

Customer strategy and growth

• 2011 priorities included national and key account growth, at least 5% YoY rate improvement, customer profitability, variable-cost control, process improvements and flexible fleet transfers.

• National and key accounts represented 55% of rental revenue covered by a single point of contact in Q2 2011; key-account rental revenue rose 18.6% YoY in Q2.

• National accounts had 2.5x the average contract size, 2.4x the average contract term and 2.1x the average OEC per contract versus other customers.

• The rental network served 99 of the top 100 markets; industrial revenue increased from 18.4% of rental revenue in 2008 to 22.5% YTD 2011.

• Venetor added seven Ontario locations and had $51MM LTM revenue; Gulfstar added three Texas and Louisiana branches, with industrial customers contributing more than 80% of revenue.

Specialty rentals and operations

• Trench safety rental revenue grew more than 16% YTD, with EBITDA flow-through above 80%; power and HVAC YTD revenue increased 48% YoY.

• The fleet comprised 225,000 units with $4.2B original cost; 2011 used-equipment sales were to focus on aerial fleet, with purchases concentrated in earth moving, power, lighting and trucks.

• In Q2, 34% of fleet OEC was transferred on average; transfers were positioned to improve availability and customer satisfaction while reducing capex needs.

• Consolidating 11 Los Angeles branches into eight improved utilization by 5.5 ppts and reduced cost of rental 14% over the following two years.

• FAST provided dispatch visibility, delivery alerts and driver tools; more than 440 branches were expected to use it by year-end 2011.