IN THE MARKETPLACE

Allegiant Partners Inc. of San Rafael, CA, has hired Paul Foster as a managing director of its new equipment-financing subsidiary, Allegiant Capital Inc. Foster has more than 30 years of experience in the finance business; the last 12 of which he was arranging structured middle market equipment and other financings. The creation of Allegiant Capital will give managing directors John Steindorf and Paul Foster additional capabilities in structuring, funding and closing larger and more complex equipment financings. Allegiant Capital will focus on premium-rate opportunities in the range of $250,000 to $5,000,000.

GreatAmerica Leasing Corporation of Cedar Rapids, IA, has named Lane Wolbe to head its Automotive Group. He is a veteran of the automotive aftermarket and the founder of WOLCO and Commodore, two well-established names in automotive supply and automotive aftermarket equipment financing. Wolbe brings with him a highly qualified staff, whose members will integrate their sales, credit, documentation, marketing functions and skills with the GreatAmerica Automotive Group.

ICON Capital Corp. of New York has announced that it has reached $1 billion of acquisitions since its current management team acquired the company in August, 1996. While ICON is almost 20 years old, the company shifted its strategy to acquiring larger leases in the secondary market when Beaufort Clarke, Paul Weiss and Tom Martin acquired the company in the 1996 buyout. In the last several months alone, affiliates of ICON have acquired a DC10-30 aircraft on lease to FedEx, three ocean-going car carriers on lease to Wilhelmsen Lines, and in two separate deals a total of three Airbus A340-300 aircraft on lease to Cathay Pacific. The company is an independently owned lessor, which is exclusively engaged in acquiring secondary market leases on behalf of its affiliated programs.

NetBank of Atlanta, the first commercially successful Internet bank, has announced the formation of NetBank Capital, a business equipment finance division serving vendors and manufacturers. The division will specialize in small-ticket transactions ranging from $10,000 to $250,000 with the capability of funding transactions of up to $1 million. To lead the new division, the company named Jim Merrilees, CLP, a 30-year veteran of the commercial leasing industry. NetBank Capital will complement the bank's existing equipment leasing operation and will operate out of Portland, OR.

Partners Equity Capital Company, LLC  of Newtown, PA has been formed by Donald P. Campbell and Steve A. Grosso, who are former leaders at De Lage Landen Financial Services, Inc., Tokai Financial Services, Inc., Fidelity Bank N.A., and ITT Industrial Credit. PECC is a captive leasing company initially in association with Vantage Laboratories, a leading provider of educational software. PECC will provide financing and leasing to Vantage's educational customers for software and information technology. Campbell, will serve as chairman and CEO, and Grosso, will serve as vice chairman, president and COO. The company also announced the appointments of Martin F. Babicki, executive vice president of operations and Matthew A. Swift, vice president/controller. Babicki is a 24-year veteran of the industry and was most recently employed with De Lage Landen. Swift was formerly senior vice president/controller of First Union/Wachovia Bank leasing. PECC's headquarters will remain in the Vantage Laboratories world headquarters until July when the company moves to Horsham-Fort Washington, PA.

Siemens Financial Services, Inc. of Bridgewater, NJ has named Steven A. Baker as vice president, direct sales in capital markets. He will be headquartered in the company's Alpharetta, GA office, which will expand the Southeast region's access to SFS' broad range of products and services.

Baker has 13 years of capital markets experience, and joins SFS from Pitney Bowes Capital Services. Previously, he held senior-level positions at area companies including Atlanta Capital Corporation, Interstate Securities Corporation and Westinghouse Credit Corporation.

Whirlpool Corporation of Benton Harbor, MI announced that consistent with its August 2002 disclosure, it will recognize a non-cash charge of approximately $68 million, or $43 million after tax, related to aircraft lease assets in discontinued operations. Whirlpool previously disclosed that these assets could be reduced in value if UAL Corp. filed for bankruptcy protection.

The fourth-quarter charge to discontinued operations is estimated at approximately 62 cents per diluted share and will have no impact on Whirlpool's appliance business. In addition, the company will accelerate the payment of up to $49 million in long-term deferred income taxes related to the lease assets. For 2003, the payments will be sourced from the company's cash flow, but have no impact on earnings.

The aircraft leases are part of a Whirlpool subsidiary's leveraged lease portfolio in discontinued operations. The portfolio is part of Whirlpool Financial Corporation, the financial services subsidiary whose operations were discontinued in 1997.

Allegiant Partners Inc. of San Rafael, CA, has hired Paul Foster as a managing director of its new equipment-financing subsidiary, Allegiant Capital Inc. Foster has more than 30 years of experience in the finance business; the last 12 of which he was arranging structured middle market equipment and other financings. The creation of Allegiant Capital will give managing directors John Steindorf and Paul Foster additional capabilities in structuring, funding and closing larger and more complex equipment financings. Allegiant Capital will focus on premium-rate opportunities in the range of $250,000 to $5,000,000.

GreatAmerica Leasing Corporation of Cedar Rapids, IA, has named Lane Wolbe to head its Automotive Group. He is a veteran of the automotive aftermarket and the founder of WOLCO and Commodore, two well-established names in automotive supply and automotive aftermarket equipment financing. Wolbe brings with him a highly qualified staff, whose members will integrate their sales, credit, documentation, marketing functions and skills with the GreatAmerica Automotive Group.

ICON Capital Corp. of New York has announced that it has reached $1 billion of acquisitions since its current management team acquired the company in August, 1996. While ICON is almost 20 years old, the company shifted its strategy to acquiring larger leases in the secondary market when Beaufort Clarke, Paul Weiss and Tom Martin acquired the company in the 1996 buyout. In the last several months alone, affiliates of ICON have acquired a DC10-30 aircraft on lease to FedEx, three ocean-going car carriers on lease to Wilhelmsen Lines, and in two separate deals a total of three Airbus A340-300 aircraft on lease to Cathay Pacific. The company is an independently owned lessor, which is exclusively engaged in acquiring secondary market leases on behalf of its affiliated programs.

NetBank of Atlanta, the first commercially successful Internet bank, has announced the formation of NetBank Capital, a business equipment finance division serving vendors and manufacturers. The division will specialize in small-ticket transactions ranging from $10,000 to $250,000 with the capability of funding transactions of up to $1 million. To lead the new division, the company named Jim Merrilees, CLP, a 30-year veteran of the commercial leasing industry. NetBank Capital will complement the bank's existing equipment leasing operation and will operate out of Portland, OR.

Partners Equity Capital Company, LLC  of Newtown, PA has been formed by Donald P. Campbell and Steve A. Grosso, who are former leaders at De Lage Landen Financial Services, Inc., Tokai Financial Services, Inc., Fidelity Bank N.A., and ITT Industrial Credit. PECC is a captive leasing company initially in association with Vantage Laboratories, a leading provider of educational software. PECC will provide financing and leasing to Vantage's educational customers for software and information technology. Campbell, will serve as chairman and CEO, and Grosso, will serve as vice chairman, president and COO. The company also announced the appointments of Martin F. Babicki, executive vice president of operations and Matthew A. Swift, vice president/controller. Babicki is a 24-year veteran of the industry and was most recently employed with De Lage Landen. Swift was formerly senior vice president/controller of First Union/Wachovia Bank leasing. PECC's headquarters will remain in the Vantage Laboratories world headquarters until July when the company moves to Horsham-Fort Washington, PA.

Siemens Financial Services, Inc. of Bridgewater, NJ has named Steven A. Baker as vice president, direct sales in capital markets. He will be headquartered in the company's Alpharetta, GA office, which will expand the Southeast region's access to SFS' broad range of products and services.

Baker has 13 years of capital markets experience, and joins SFS from Pitney Bowes Capital Services. Previously, he held senior-level positions at area companies including Atlanta Capital Corporation, Interstate Securities Corporation and Westinghouse Credit Corporation.

Whirlpool Corporation of Benton Harbor, MI announced that consistent with its August 2002 disclosure, it will recognize a non-cash charge of approximately $68 million, or $43 million after tax, related to aircraft lease assets in discontinued operations. Whirlpool previously disclosed that these assets could be reduced in value if UAL Corp. filed for bankruptcy protection.

The fourth-quarter charge to discontinued operations is estimated at approximately 62 cents per diluted share and will have no impact on Whirlpool's appliance business. In addition, the company will accelerate the payment of up to $49 million in long-term deferred income taxes related to the lease assets. For 2003, the payments will be sourced from the company's cash flow, but have no impact on earnings.

The aircraft leases are part of a Whirlpool subsidiary's leveraged lease portfolio in discontinued operations. The portfolio is part of Whirlpool Financial Corporation, the financial services subsidiary whose operations were discontinued in 1997.