Canadian Equipment Rental Fund Limited Partnership Announces Fourth Quarter Distribution / TSX Venture Symbol: CFL.UN

CALGARY, Dec. 16 /PRNewswire-FirstCall/ -- The board of directors of the general partner for Canadian Equipment Rental Fund Limited Partnership (the "Partnership" or "CERF LP") is pleased to announce that they have approved a cash distribution to the Partnership unitholders of $0.06 per unit. This distribution will bring the total distributions in 2009 to $0.42 per unit. Payment will be made on or about January 12, 2010, to unitholders of record as of the close of business on December 31, 2009.

Investors are cautioned that future distributions are always subject to approval from the board of directors of the general partner and may be increased, decreased or suspended by the board at any time.

Partners are reminded that taxes based on the income of the Partnership are the responsibility of the individual partners. Each unitholder is responsible for reporting their share of the Partnership's taxable income on their individual tax returns. Taxable income is unrelated to the amount of distributions paid in the year and differs from book income.

Each partner who was a unitholder of record at any of the 2009 distribution dates will receive, by mail in March of 2010, a form T5013 from the Partnership's Transfer Agent or the unitholder's brokerage firm. The T5013 indicates the amount of taxable income the unitholder is responsible to report.

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 6,088,900 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.

Canadian Equipment Rental Fund Limited Partnership

CONTACT: Wayne Wadley, President & CEO at [phone], by email at
[e-mail]; or Ken Stephens, CFO at [phone], by fax at (403)
269-3540, by email at [e-mail]