Leasing News EXTRA

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ICON Fund to Become Largest Public Equipment Leasing Fund

ICON is the fifth largest independent equipment leasing and financing company in the United States according to the 2006 Monitor 100 Report , and the largest privately-held independent equipment leasing and finance company in the United States. ICON is headquartered in New York City and has offices in San Francisco, Boston, Toronto, Vancouver, and London and provides businesses with an array of specialty finance solutions that range from traditional leasing of equipment types such as information technology, aviation, marine medical, manufacturing, materials handling, telecom, and furniture, fixtures, and equipment to highly structured financial products for unusual asset types and emerging companies. The company was established in 1985. ICON currently manages six (6) publicly sponsored programs that have raised approximately US $750 million to date and has sole management responsibility for almost US $2 billion invested in leased equipment in its sponsored programs.

On July 3, 2006, ICON's Fund Eleven received the necessary approvals for it to begin raising capital to increase the size of its Fund Eleven from $200 million to $375 million, which would create the largest U.S. public equipment leasing fund in history according to Robert A. Stanger & Co., the publishers of The Stanger Report . Having already raised $200 million in just over the first year of capital raising – which far exceeded ICON's initial expectations – and having 10 months remaining in its permissible capital raising period, ICON determined that it was in the best interest of Fund Eleven's members to increase the size of the fund – a decision that Fund Eleven's members also supported through a consent solicitation conducted earlier in the year.

Beau Clarke, Chairman, Chief Executive Officer, and the major stockholder of ICON, stated that “The equity raised by Fund Eleven to date has far exceeded our initial expectations and the market reception has been unprecedented. In conjunction with our ability to invest the capital raised by Fund Eleven in transactions with Clearlink, Global Crossing, AeroTV, and EAM, we continue to see greater opportunities to invest the capital raised by Fund Eleven, as evidenced by Fund Eleven's recent acquisition of eight marine vessels. We are delighted by our investors' confidence in our ability to identify and complete profitable transactions and believe that the increase in capital raised by Fund Eleven will enable us to take full advantage of those opportunities.”

ICON Fund Completes $250 Million Acquisition of Eight Vessels Subject to Lease

On June 16 and June 21, 2006, respectively, ICON's Fund Eleven completed the acquisition of four oil marine tankers subject to lease with Top Tankers, Inc. and four containerships subject to lease with ZIM Integrated Shipping Services Ltd. The vessels were acquired for approximately $254 million, including the assumption of approximately $195 million in debt. The leases expire in 2010 and 2011. ICON's other notable maritime investments include four containerships owned by ICON's Fund Ten that are on lease with ZIM through 2009 and three car and truck carrying vessels owned by ICON's Fund Nine that are on lease with Wilhelmsen Lines Shipowning through 2013.

ICON Establishes Canadian Presence with Clearlink Acquisition

In connection with ICON's recent acquisition of the leasing business of Clearlink Capital Corporation, a Canadian financial services provider, and Fund Eleven's related acquisition of substantially all of Clearlink's equipment leasing portfolio for approximately $145 million, ICON assumed the Toronto and Vancouver offices of Clearlink and most of Clearlink's talented staff of leasing professionals and administrative personnel.

ICON Establishes Office in London

Effective August 1, 2006, ICON is opening an office in London, which office will serve as a European base and will enable ICON to further expand its presence in Europe for an ever increasing array of financing transactions to acquire equipment subject to lease. During the past decade, ICON has been very active in the European financing market, particularly in the United Kingdom, and is currently working on a number of European equipment leasing opportunities.

ICON Implements Personnel Changes

To accommodate ICON's growth, Beau Clarke is pleased to announce the following personnel changes:

• Thomas W. Martin, the Chief Financial Officer and a director of ICON since 1996, has also been appointed Chief Operating Officer. While continuing in his roles as CFO and director, Mr. Martin now oversees the day-to-day operations of the company in his capacity as Chief Operating Officer.

• Michael A. Reisner and Mark Gatto have been appointed Executive Vice President— Acquisitions and Executive Vice President – Business Development and Acquisitions, respectively. Mr. Reisner was formerly Senior Vice President and General Counsel of ICON and Mr. Gatto was previously Associate General Counsel of ICON prior to becoming Director of Player Licensing for the Topps Company and thereafter co-founding a specialty business consulting firm. Mr. Gatto is responsible for business and corporate development and, together with Mr. Reisner, the acquisition of equipment subject to lease.

• Richard L. Specker became a Senior Managing Director of ICON in April 2006. Mr. Specker has over 25 years experience in asset-based finance and leasing, including as President of the Global Lease Finance Division of Fleet Capital Leasing and as Senior Vice President and Manager of the Structured Lease Finance Group at NationsBanc Leasing Corporation, a subsidiary of NationsBank that subsequently merged with Bank of America.

• Joel S. Kress became ICON's Senior Vice President, General Counsel, and Secretary in February 2006. Prior to joining ICON in August 2005, Mr. Kress was an attorney with Fried, Frank, Harris, Shriver & Jacobson LLP in New York and London, concentrating on mergers and acquisitions, corporate finance and financing transactions (including debt and equity issuances), and private equity investments.

• Craig A. Jackson became ICON's Vice President of Remarketing and Portfolio Management in February 2006. Previously, Mr. Jackson founded Remarketing Services, Inc. (a transportation equipment remarketing company) in October 2001 and, prior to that, was Vice President of Remarketing and Vice President of Operations for Chancellor Fleet Corporation (an equipment leasing company) for approximately 17 years.

• Sharon McKay, who has over 18 years of experience in the equipment leasing industry (most recently with Clearlink Capital Corporation), became Director of Lease Operations.

• Brian Stevens, who has over 30 years of experience in the equipment leasing industry (most recently with Clearlink Capital Corporation), became Vice President of Debt Placement.

• Matthew A. Conway, who has over 15 years of experience in the equipment leasing industry (most recently with Clearlink Capital Corporation), became Director of Asset Management and Accounting.

• Chris Long, who has many years of human resources experience in various sectors, including the equipment leasing industry (most recently with Clearlink Capital Corporation for 11 years), became Director of Human Resources.

• Four talented and experienced sales staff formerly with Clearlink Capital Corporation who became Vice President – Sales: Tim Moon (35 years of experience); Frank Dejak (30 years of experience); Brad Edgelow (almost 30 years of experience); and Hal Shaw (20 years of experience).

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