Good morning. And welcome to the United Rentals First Quarter 2010 Investor Conference Call. Please the advised that this call is being recorded. ’: ’: ’: ’: ’: ’: Speaking today for United Rentals is Michael Kneeland, Chief Executive Officer; and William Plummer, Chief Financial Officer. I will now turn the call over to Mr. Kneeland. Mr. Kneeland, you may begin.

’: ’: ’: ’: ’: ’: ’: Rental revenue was down 15%, now some of that was due to fleet being down up by 6% on a year-over-year basis. The worst of the environment happened in January through mid-February and then we saw a shift late in February continue into March and March came back stronger than we anticipated. ’: Rental revenue was down 15%, now some of that was due to fleet being down up by 6% on a year-over-year basis. The worst of the environment happened in January through mid-February and then we saw a shift late in February continue into March and March came back stronger than we anticipated. ’: Rental revenue was down 15%, now some of that was due to fleet being down up by 6% on a year-over-year basis. The worst of the environment happened in January through mid-February and then we saw a shift late in February continue into March and March came back stronger than we anticipated. ’: Rental revenue was down 15%, now some of that was due to fleet being down up by 6% on a year-over-year basis. The worst of the environment happened in January through mid-February and then we saw a shift late in February continue into March and March came back stronger than we anticipated. ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: ’: Southeast is also picking up in projects like infrastructure, power plants and bridges. The Gulf area, activity is increasing as industrial plants return to a more normalized maintenance schedule, which impacts the local economies. ’: Southeast is also picking up in projects like infrastructure, power plants and bridges. The Gulf area, activity is increasing as industrial plants return to a more normalized maintenance schedule, which impacts the local…

’: ’: ’: ’: ’: ’: ’: A bit more context on our fleet. Our fleet size during the year or during the quarter was down versus last year, down 6% at the end of the quarter. And obviously that was a positive in supporting utilization. Utilization, as Mike said was essentially flat. It was up actually 10th of a percentage point compared to the same quarter last year. ’: A bit more context on our fleet. Our fleet size during the year or during the quarter was down versus last year, down 6% at the end of the quarter. And obviously that was a positive in supporting utilization. Utilization, as Mike said was essentially flat. It was up actually 10th of a percentage point compared to the same quarter last year. ’: A bit more context on our fleet. Our fleet size during the year or during the quarter was down versus last year, down 6% at the end of the quarter. And obviously that was a positive in supporting utilization. Utilization, as Mike said was essentially flat. It was up actually 10th of a percentage point compared to the same quarter last year. ’: A bit more context on our fleet. Our fleet size during the year or during the quarter was down versus last year, down 6% at the end of the quarter. And obviously that was a positive in supporting utilization. Utilization, as Mike said was essentially flat. It was up actually 10th of a percentage point compared to the same quarter last year. ’: ’: ’: ’: ’: ’: Auction was 17% of our sales this quarter, compared to about 39% last year. So, that certainly was a positive contribution in addition to the improvement in underlying equipment prices. Earthmoving in particular was a better…

Good morning, guys. [Henry] from Munich.

How are you?

Good. What was the weather impact to the first quarter?

What was the weather impact, I mean, obviously…

Yes, is there any way to quantify it or?

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Yeah.

Thanks.

Thank you. Our next question comes from [excuse me] from Philip Volpicelli.

Thank you very much. Good morning, guys.

Good morning.

With regard to the time utilization, is that more of a function of you guys having right sized your fleet or I guess the industry having right sized fleets or is it a pickup in demand that allowed time utilization to be flat year-over-year?

You hit the nail on the head. It is part, taking your fleet down and rightsizing it and we did that and we were proactive last year. And just to remind everybody on the phone call, last year we sold $650 million worth of OEC and going into this year and so that as part of it. ’: ’: ’:

And actually our trench business is also up year over year in OEC on rent. And the other categories of our equipment, other than aerial are all either a little better or only slightly worse in terms of the percent OEC on rent year-over-year.

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Great. And then in terms of your fleet plans for the rest of the year, is it a question of, you have to reach a certain utilization level for you to add fleet or are you going to continue to shrink the fleet in an effort to try to get rates positive?

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Last question. The one and seven are potable back to the company in October. Do you plan to satisfy that put, assuming it comes to you with revolver or with free cash flow?

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Great. Thank you very much.

Thank you.

Thank you. Our next question comes from Emily Shanks of Barclays Capital.

Hi, Emily.

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All right.

Just a couple of housekeeping questions for you. Could you guys give me an exact number on the OEC after the $1 million?

For the end of the quarter it was $3.741 billion and the average would be $3.750 billion.

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Yes.

Data points right? Okay. Great.

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Great. And then just one final question. I saw your comments in the 10-Q regarding your RP capacity, still look like you have any. Could you just quantify on the size and particularly where, what buckets those restrictions are coming in?

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Thank you.

Thank you. Our next question comes from Seth Weber of RBC Capital.

Hi, Seth.

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Yes. It was.

It was.

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Okay. And did I hear correctly that you said rates were running flat year-over-year in April?

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Okay.

Sequentially.

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Sequentially.

Yeah.

Okay.

Sequentially.

Not year-over-year?

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Year-over-year over there.

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Right.

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Okay. Have you noticed any uptick in maintenance costs on the fleet as it gets older here or do you feel like you still have some, you can age it another four or five months kind of thing?

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Okay. Last question. On the used equipment, is there any way to track, is a lot of that going overseas or is that staying here, the sales, do you think?

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Okay.

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Right. I mean, did the age of the fleet that you sold change materially from past quarters?

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77.9.

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Okay.

And that will be the story as we go through the remainder of this year as well.

Great. Okay. Thanks very much, guys.

Thank you.

Thank you. Our next question comes from Scott Schneeberger of Oppenheimer.

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Yeah.

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’: And then also, any thought, this is a suggestion and a question, any thought to providing enhanced level of guidance next quarter on the assumption that you may have better visibility? Thanks very much for everything. ’: And then also, any thought, this is a suggestion and a question, any thought to providing enhanced level of guidance next quarter on the assumption that you may have better visibility? Thanks very much for everything.

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Those are the year-over-year comparisons by month…

Right.

… for rate.

Great. Thanks.

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Okay. Thanks.

Okay.

Thank you. Our next question comes from David Wells of Thompson Research.

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Thanks, folks.

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