IN THE MARKETPLACE

NORVERGENCE of Newark, NJ has announced that Robert J. Fine has been named as director of bank relations. He will be responsible for managing all aspects of the company's non-recourse, third-party relationships as well as developing new funding relationships. Fine previously held the position of President of Gramercy Leasing Services, Inc., a wholly-owned subsidiary of Atlantic Bank of New York. Prior to Gramercy, he spent 13 years managing BLT Leasing Corp, the leasing subsidiary of Bank Leumi Trust Company of NY, serving as its president from April 1990. NORVERGENCE provides voice/data convergence solutions to small to medium-sized businesses.

ORIX Financial Services of Atlanta has named Christopher A. Pistell vice president-rail finance. He will work from the company's newly established office in suburban Baltimore. Pistell has more than 25 years of experience in finance with an emphasis in financing and leasing of rail assets. His most recent position was with the First National Bank of Maryland (now Allfirst Bank) in Baltimore where he focused on rail equipment leasing and finance. He has been actively engaged in the negotiation and acquisition of a wide range of rail equipment, worth more than $100 million, including both freight cars and motive power.

DVI, Inc. of Jamison, PA has announced the successful completion of a $454 million equipment lease asset-backed securitization. To date, DVI has completed 32 asset-backed securitizations, and since the initial transaction in 1991, the Company has placed $5.3 billion of such asset-backed notes in the market. The securitized assets in this transaction are comprised of loans and leases secured by medical equipment. The transaction was led by Merrill Lynch & Co. and co-managed by Banc of America Securities LLC and Nomura Securities International, Inc.. Standard & Poor's, Moody's Investor Service, Inc. and Fitch, Inc. rated each of the securitization classes of notes, with 85% of the notes rated AAA or its equivalent and 95% of the notes rated investment grade.

Fitch Ratings of New York has announced that its equipment lease asset-backed securities (ABS) delinquency index grew bigger and stronger in 2003, according to the latest edition of 'The ABS Equipment Expo.' As of March 31, 2003, total delinquencies greater than 30 days past due fell 38 basis points from the prior quarter to reach 3.73%, the lowest level since November 1998. Despite improving delinquency trends, the company remains concerned about the increasing size of the 91+ day past due bucket relative to the smaller, younger buckets. Over the past 15 months, the size of the 91+ past due bucket has steadily risen as a proportion of total delinquencies. During first quarter 2003, the 91+ bucket rose 329 basis points over the prior quarter to reach 30.2% of the total. Although first quarter 2003 delinquencies hit four-year lows within Fitch's index, prolonged macroeconomic weakness within the U.S. economy continues to affect the equipment leasing industry. While the equipment lease issuers within Fitch's index are not immune to the ramifications of economic instability, those issuers securitizing their portfolios are proving to be somewhat isolated from negative performance trends, relative to the overall market as a result of industry tiering. 'The ABS Equipment Expo' tracks equipment lease ABS performance, industry trends and developments within the securitization market. Both current and historical editions of the newsletter are available at http://www.fitchratings.com/.

ICON Capital Corp. of New York has announced the completion of ICON Income Fund Nine, LLC ('ICON Nine'). The fund raised $100 million of investor equity and is on track to acquire approximately $250 million of equipment subject to leases with large, creditworthy companies. Combined with prior ICON-sponsored programs, more than $500 million of equity has been raised and more than $1 billion of equipment has been acquired since ICON Nine began marketing in late 2001.

NORVERGENCE of Newark, NJ has announced that Robert J. Fine has been named as director of bank relations. He will be responsible for managing all aspects of the company's non-recourse, third-party relationships as well as developing new funding relationships. Fine previously held the position of President of Gramercy Leasing Services, Inc., a wholly-owned subsidiary of Atlantic Bank of New York. Prior to Gramercy, he spent 13 years managing BLT Leasing Corp, the leasing subsidiary of Bank Leumi Trust Company of NY, serving as its president from April 1990. NORVERGENCE provides voice/data convergence solutions to small to medium-sized businesses.

ORIX Financial Services of Atlanta has named Christopher A. Pistell vice president-rail finance. He will work from the company's newly established office in suburban Baltimore. Pistell has more than 25 years of experience in finance with an emphasis in financing and leasing of rail assets. His most recent position was with the First National Bank of Maryland (now Allfirst Bank) in Baltimore where he focused on rail equipment leasing and finance. He has been actively engaged in the negotiation and acquisition of a wide range of rail equipment, worth more than $100 million, including both freight cars and motive power.