CANADIAN EQUIPMENT RENTAL FUND LIMITED PARTNERSHIP

GRADUATES TO TIER 1 STATUS AND INCREASES CREDIT FACILITY

NEWS RELEASE April 20, 2007

TSX Venture Symbol: CFL.UN

Canadian Equipment Rental Fund Limited Partnership (“CERF LP” or the “Partnership”) is pleased to announce that, effective immediately, it has graduated from Tier 2 to Tier 1 status on the TSX Venture Exchange.

In the words of the TSX Venture Exchange, “Tier 1 is the Exchange’s premier tier and is reserved for the Exchange’s most advanced Issuers with the most significant financial resources. Tier 1 Issuers benefit from decreased filing requirements and improved service standards.” CERF LP is pleased to have its efforts recognized in this way in less than two years since listing as a publicly traded partnership.

CERF LP is also pleased to announce that it has been approved for an increase in its total credit facility in various forms by the CIBC from $4,473,000 to $8,473,000 as a result of the Partnership’s strong financial performance over the past year. The increased credit facilities will enable the Partnership to continue to grow the rental fleet with new equipment and services to meet our customers’ ongoing rental and sales demands.

CERF LP is an Alberta 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”.

For further information please contact:

Wayne Wadley, President and CEO
CERF GP Corp., general partner of CERF LP
Telephone: (403) 850-4095
Fax: (403) 261-3834
E-mail: wwadley@cerflp.com

Ken Stephens, CEO
CERF GP Corp., general partner of CERF LP
Telephone: (403) 298-8695
Fax: (403) 269-3540
E-mail: kstephens@cerflp.com

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.