United Rentals Announces Required Adjustments of Conversion Price of 6-1/2% Convertible...

United Rentals Announces Required Adjustments of Conversion Price of 6-1/2% Convertible Quarterly Income Preferred Securities and Conversion Rate of 1-7/8% Convertible Senior Subordinated Notes Due October 15, 2023

GREENWICH, Conn.--(Business Wire)--
United Rentals, Inc. (NYSE: URI) announced today required
adjustments of the conversion price of its 6-1/2% Convertible
Subordinated Debentures due August 1, 2028 (the "Debentures")
underlying the related 6-1/2% Convertible Quarterly Income Preferred
Securities ("QUIPs") issued by a subsidiary trust, and of the
conversion rate of the 1-7/8% Convertible Senior Subordinated Notes
Due October 15, 2023, issued by the company's subsidiary, United
Rentals (North America), Inc. (the "Notes"). The adjustments, required
by the respective governing documents for the Debentures and the
Notes, were made as a result of the recent completion by the company
of a tender offer for the purchase of approximately 31% of its
outstanding shares of common stock.

The new effective conversion price of the QUIPs is $41.0224 and,
accordingly, each $50 in liquidation preference of the QUIPs is now
convertible into 1.21885 shares of common stock. The conversion price
for the QUIPs was previously $43.6325 per share of common stock and,
accordingly, each $50 in liquidation preference of the QUIPs was
previously convertible into 1.14593 shares of common stock.

Each $1,000 principal amount of the Notes is now convertible into
45.8160 shares of common stock (equivalent to a conversion price of
$21.8264 per share of common stock). Previously, each $1,000 principal
amount of the Notes was convertible into 44.9438 shares of common
stock (equivalent to a previous conversion price of $22.2500 per share
of common stock).

About United Rentals

United Rentals, Inc. is the largest equipment rental company in
the world, with an integrated network of over 670 rental locations in
48 states, 10 Canadian provinces and Mexico. The company's
approximately 10,400 employees serve construction and industrial
customers, utilities, municipalities, homeowners and others. The
company offers for rent over 2,900 classes of rental equipment with a
total original cost of $4.2 billion. United Rentals is a member of the
Standard & Poor's MidCap 400 Index and the Russell 2000 Index(R) and
is headquartered in Greenwich, Conn. Additional information about
United Rentals is available at www.unitedrentals.com.

Hyde Park Financial Communications
Fred Bratman, 203-618-7318
Cell: 917-847-4507
fbratman@hydeparkfin.com

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