ICON Capital Corp. Announces Successful Completion of Income Fund Nine for Equipment Leasing Investments

    NEW YORK--May 14, 2003--

$100 Million Investor Equity Raised; On Track to Acquire $250 Million of Equipment
    ICON Capital Corp., a major sponsor and manager of publicly registered equipment leasing investment programs, today 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.
    "We began marketing Fund Nine in late 2001, so it has been completed in a very short time period and illustrates our continued success in attracting investment capital," said Beaufort J.B. Clarke, Chairman and CEO of ICON Capital Corp. "The lackluster investment environment for stocks and bonds has generally prompted a resurgence of interest in hard asset alternatives, such as quality equipment leases."
    "We continue to see compelling investment opportunities in all of our core markets," added Paul B. Weiss, President and Chief Acquisition Officer, ICON Capital Corp. "While the environment necessitates great care and proper portfolio diversification, we remain busy in the pursuit of equipment lease acquisitions from major financial institutions. The sellers continue to rely on ICON to facilitate their objectives to liquefy assets at fair prices. Therefore, we benefit from above average return opportunities."
    ICON Income Fund Nine's equipment lease assets acquired to date include:

	   --  A 10% interest (in joint venture with another managed ICON
        Income Fund) in a McDonnell Douglas DC-10-30F aircraft built
        in 1980, and two spare CF6-50-C2 engines, subject to lease
        with Federal Express through March 2007.

	   --  An 85% interest (in joint venture with another managed ICON
        Income Fund) in a DC-10-30F aircraft built in 1979, subject to
        lease with Federal Express through March 2007.

	   --  110 gondola-type railcars on lease to Trinity Rail Management
        through April 2010.

	   --  324 gondola-type railcars on lease to Texas Genco Holdings,
        Inc. through May 2007.

	   --  A 51% interest (in joint venture with another managed ICON
        Income Fund) in a portfolio of miscellaneous equipment subject
        to lease with various lessees, formerly owned by a regional
        bank. The lessees and equipment types are:

	       --  International Paper Company -- forklifts, material
            handling and excavators for a lease term of 42 months

	       --  Lockheed Martin -- various personal computers and
            accessories for a lease term of 19 months

	       --  Ball Corporation -- forklifts, sweeper scrubbers and phone
            systems for a lease term of 27 months

	       --  Heafner Tire Group, Inc. -- forklifts and materials
            handling equipment for a lease term of 52 months

	       --  Delphi Automotive Systems Corp. -- four rotor coil-winding
            machines for a lease term of 41 months.

	   --  A 50% interest (in joint venture with another managed ICON
        Income Fund) in one Airbus A340-300 aircraft built 1996, on
        lease to Cathay Pacific for 50 months.

	   --  An Airbus A340-300 aircraft built 1997, on lease to Cathay
        Pacific for 50 months.

	   --  A cogeneration facility that began operating in 1989; it is a
        30-megawatt natural gas fired combined cycle plant that
        generates electrical power and steam for Schering
        Corporation's facilities and headquarters buildings, on lease
        to Energy Factors Kenilworth for a lease term of 24 months.

	   --  Three car-carrying oceangoing marine vessels on lease to
        Wilhelmsen Lines for 75 months.

    Today, hundreds of creditworthy companies across the world have leasing relationships with ICON Capital Corp., which specializes in acquiring business-necessary equipment subject to lease with leading companies. Its investments are acquired in the secondary market from other leasing companies or financing institutions, rather than originated directly. Over 28,000 investors are limited partners in ICON's equipment leasing investment programs, allowing them to diversify their portfolios beyond equities, fixed income, cash and other asset classes. ICON Capital Corp.'s affiliate, ICON Securities Corp., acts as a dealer/manager with broker/dealers to market its programs to investors.

    About ICON Capital Corp.

    ICON Capital Corp, based in New York with a major office in San Francisco, is one of the leading sponsors of programs for investments in equipment leases. For more information, visit www.iconcapital.com or call 860/514-2756.