We regard the standard stochastic model of renewal theory as a functional which associates with a lifetime distribution μ the corresponding renewal measure v = Σ0∞μ ∗n. The behaviour of this functional near exponential distributions is investigated. The literature mainly deals with the asymptotic behaviour of v([0, t]) and v[t, t + 1]) as t → ∞— this new approach leads to expansions which are valid uniformly in t ∈ R.