Structure:                      Sale-leaseback of Existing Equipment

     Assets:                         Warehousing and Distribution Equipment

     Location:                       United States

     Term:                            48 months

                                        Date:                            October 1998 

PetSmart is a publicly traded operator (NASDAQ: PETM) of chain stores which specializes in pet food, pet supplies and other pet related services. ICON entered into a sale-leaseback with PetSmart for a significant portion of its warehousing and distribution equipment located throughout the United States. At the time, PetSmart was emerging from a difficult financial period that placed it in jeopardy of violating certain financial covenants with its existing revolving credit facility. The transaction was structured to alleviate cash flow and working capital pressures while allowing PetSmart to meet its financial hurdles. At the expiration of the financing term, PetSmart repurchased the equipment.