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NES Rentals Names Andrew Studdert New President, CEO

Wed July 14, 2004 - Northeast Edition

NES Rentals Holdings Inc. has named Andrew P. Studdert its new president and CEO, effective June 1. Studdert is the chief operating officer of UAL Corporation/United Airlines.

“We are delighted to have Andy join our organization,” said John P. Neafsey, NES chairman. “He is a dynamic and experienced leader with a diverse background that will greatly benefit NES as it grows and continues to capture market share. His background and accomplishments in the transportation sector truly set him apart from his peers. The board is confident that Andy is the best of all possible candidates to lead NES at this time.”

Studdert previously served as COO and UAL Corporation/United Airlines from 1999 to 2002. During his tenure as COO, Studdert led United to its highest ratings in company history for on-time performance and customer service in 2002, completed the company’s largest cost-reduction effort and guided the airline through the Sept. 11 crisis. He also held the posts of senior vice president, Fleet Operations (1997 to 1999) and chief information officer (1995 to 1997) at United.

Prior to joining United, Studdert established Andrew Studdert & Associates, a private information technology consultancy, and served as executive vice president for First Interstate Bancorp, then the seventh largest U.S. bank holding corporation operating in 14 Western states.

Studdert’s operations background in technology, banking and finance, makes him particularly well-suited for NES, Neafsey said.

“As CIO of United, Mr. Studdert was responsible for significant upgrade of the systems infrastructure at the company, and he will be applying those operations skills to provide overall leadership to improving and enhancing NES’s system infrastructure. His banking background, particularly in accounting and finance, are also a good fit for NES,” which is completing a restructuring in large part due to a significant debt burden caused by an aggressive acquisitions profile.

“I couldn’t be more excited to join NES,” Studdert said. “I have been watching this industry for more than two years and am enthusiastic about NES’s potential. I am particularly impressed with the skill and dedication of the NES employees. I look forward to guiding the company on a path to growth, operational excellence and increased profitability.”

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