United Rentals Announces Second Quarter and First Half 2008 Results

Business Wire, July 30, 2008

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UNITED RENTALS, INC.

PRO-FORMA EPS RECONCILIATION

We define "Pro-forma EPS" as (i) Income from continuing operations available to common stockholders - Pro-forma divided by (ii) Weighted-average diluted shares outstanding - Pro-forma. Income from continuing operations available to common stockholders - Pro-forma represents the sum of (i) Income from continuing operations available to common stockholders - GAAP, As reported, (ii) the preferred stock redemption charge, (iii) convertible debt interest, (iv) subordinated convertible debt interest and (v) the after-tax impact of the provision relating to the SEC inquiry and the foreign tax credit valuation allowance. Similarly, Weighted-average diluted shares outstanding - Pro-forma represents the sum of (i) Weighted-average diluted shares outstanding - GAAP, As reported, (ii) the convertible shares, (iii) the subordinated convertible shares and (iv) other dilutive securities. Management believes Pro-forma EPS provides useful information concerning future profitability given the reduced sharecount from the preferred stock repurchase. However, Pro-forma EPS is not a measure of financial performance under GAAP. Accordingly, Pro-forma EPS should not be considered an alternative to GAAP EPS or as an indicator of operating performance.

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See following page for footnotes to this schedule.

UNITED RENTALS, INC.

PRO-FORMA EPS RECONCILIATION

FOOTNOTES

aFor the three and six months ended June 30, 2008, the convertible shares, the subordinated convertible shares and other potentially dilutive securities were excluded from our GAAP EPS calculation because these securities are anti-dilutive; that is, on a GAAP basis, these securities reduce our net loss. For pro-forma purposes, however, we have included these securities and adjusted both the numerator and the denominator as their impact - for pro forma purposes - is dilutive and because these securities will be part of our capital structure going forward. For purposes of our full year forecast, these securities are expected to be included in our GAAP EPS sharecount.

UOur estimated full year GAAP sharecount is being reduced by the weighted-average number of Series C and Series D Preferred shares previously outstanding which otherwise would be included in our forecasted full year weighted-average sharecount. A similar adjustment is not necessary for the 2008 second quarter and six month period ending June 2008 as the preferred securities are excluded from the GAAP sharecount because of the reported loss in income available to common stockholders. Although we are expecting full year income available to common stockholders to be positive, we are adjusting our full year pro-forma sharecount for comparability and because these securities were redeemed in the 2008 second quarter and will not be part of our capital structure at year end.

Principally options and warrants.

UNITED RENTALS, INC.

FREE CASH FLOW GAAP RECONCILIATION