NES Rentals' Shareholders Approve Sale to Affiliates of Diamond Castle Holdings, LLC

Business Wire, June 23, 2006

CHICAGO -- A majority of NES Rentals Holdings, Inc. shareholders today approved the equipment rental company's acquisition by affiliates of Diamond Castle Holdings, LLC.

Today's vote follows the company's May announcement of a definitive agreement with affiliates of Diamond Castle Holdings to be acquired in a transaction valued at approximately $850 million including the assumption of certain liabilities.

Completion of the sale, which is expected to occur within 30 days, is contingent on customary closing conditions including regulatory approval and delivery of the committed financing.

Shareholder approval of the sale is the latest step in NES Rentals' review of strategic alternatives begun in December 2005. NES Rentals is one of the country's leading aerial and general equipment rental and traffic safety service providers with total revenues in excess of $582 million.

About NES Rentals Holdings, Inc.

NES Rentals Holdings, Inc. is one of the largest companies in the $29 billion equipment rental industry. The company focuses on renting specialty and general equipment to industrial and construction end-users. It rents more than 750 types of machinery and equipment, and distributes new equipment for nationally recognized original equipment manufacturers. NES Rentals also sells used equipment as well as complementary parts, supplies and merchandise, and provides repair and maintenance services to its customers. In addition to the rental business, NES Rentals is the second largest supplier of traffic and safety services to the construction industry. The company is a leading competitor in many of the geographic markets it reaches from its approximately 120 locations in 34 states. For more information on NES Rentals, visit www.nesrentals.com.

About Diamond Castle Holdings, LLC.

Diamond Castle Holdings, LLC is a private equity investment firm founded in 2004 by Larry Schloss, the former Global Head of CSFB Private Equity and Chairman of DLJ Merchant Banking Partners, and four former managing directors of DLJ Merchant Banking. Diamond Castle has 22 employees located in New York and focuses on investments in the power, financial services, media and telecom, healthcare, and industrial sectors. For more information on Diamond Castle Holdings, visit www.diamondcastleholdings.com.

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