Canadian Equipment Rental Fund Limited Partnership - update on Q1 MD&A

CALGARY, June 10 /CNW/ - In the Canadian Equipment Rental Fund Limited Partnership (the "Partnership" or "CERF LP") Management's Discussion and Analysis for the three months ended March 31, 2010 dated May 27, 2010 (the "MD&A"), which was filed on SEDAR on May 28, 2010, it states in the first paragraph on page 9 that "The credit facilities have covenants requiring the Partnership to maintain a debt to EBITDAC ratio of less than 2.0 to 1 and debt service coverage of greater than 1.10 times. As of March 31, 2010, and at all times throughout the year the Partnership was in compliance with all debt covenants." The Partnership has now determined that as at March 31, 2010 the EBITDAC ratio was, in fact, 2.11 to 1. The Partnership has been granted a waiver from its senior debt lender with respect to this matter.

CERF LP is a Canadian limited partnership engaged in the rental, sale and service of industrial and construction equipment. CERF LP trades on the TSX Venture Exchange under the symbol "CFL.UN" and currently has 6,096,450 units issued and outstanding.

FORWARD LOOKING STATEMENTS

This press release contains forward looking statements subject to various risk factors and uncertainties, which may cause the actual results, performances, cash flows or the ability to pay distributions to be materially different from the results, performances, cash flows or the ability to pay distributions expressed or implied by such forward looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

%SEDAR: 00022335E

SOURCE CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

For further information: For further information: Wayne Wadley, President & CEO at (403) 850-4095, by email at wwadley@cerflp.com; or Ken Stephens, CFO at (403) 298-8695, by fax at (403) 269-3540, by email at kstephens@cerflp.com

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CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

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