PRESS RELEASES

Fewer Trucks Repossessed in the First Half of 2003, Reports Nassau Asset Management's Quarterly Index

Index tracks top repos, including printing presses, machine tools, construction equipment, buses, and medical devices

ROSLYN HEIGHTS, N.Y., Sept. 15, 2003-Fewer trucks were repossessed in the first two quarters of 2003 than the same time last year, another sign that the economy may be improving for the trucking industry if clear trends can be established over the next few quarters, according to Nassau Asset Management's first public release of its NasTrac Quarterly Index (NQI). NQI is based solely on the company's internal data.

Nassau Asset Management has tracked equipment values for several decades as a function of its nationwide remarketing operation, which recaptures and resells all types of assets including construction equipment, printing presses, machine tools, and buses. Recognizing the value its historic and current data holds for the equipment leasing and finance industry, the nationwide asset management company launched NQI, which reports on equipment types generating the greatest volume of liquidations. Nassau clients can obtain more detailed information as part of the NQI service, including customized data on specific types of equipment.

Ed Castagna, senior executive vice president, says NQI gives equipment leasing and finance companies a tool to help mitigate risk. It provides a snapshot of recent recovery and sales activity, helping equipment leasing and finance companies forecast current market conditions so they can make decisions regarding their portfolios if they are heavy in the types of assets experiencing the most repossessions as tracked by NQI.

"Nassau's NQI also can be used as one of several components to help gauge the economic health of individual industry sectors," Castagna adds. "Viewed over time, NQI's quarterly data on repossessions can be compared with data from the previous year to help identify which industry sectors may be experiencing financial downturns, upturns, or cyclical changes."

Top Repossessions in 1Q 2003

The first NQI reports on trucks/trailers, printing machines, machine tools, construction equipment, and buses. These were the top five repossessed capital assets in the first quarter (1Q) of 2003, according to Nassau's internal records on liquidations.

Castagna says the 1Q data, when compared with the same quarter a year ago, shows there was a 36 percent decrease in repossessions of trucks and trailers, and a 76 percent decrease in repossessions of machine tools. NQI's data on machine tools is in line with findings released Sept. 7 by the American Machine Tool Distributors Association and the Association for Manufacturing Technology, which reported increased demand for machine tools that could indicate a healthier manufacturing industry.

However, other sectors suffered in 1Q 2003. Construction equipment repossessions, for example, jumped 452 percent. Repossessions involving printing presses increased by 141 percent, and those involving buses by 181 percent.

Top Repossessions in 2Q 2003

The second NQI reports on trucks/trailers, printing machines, machine tools, medical equipment, and construction equipment. These were the top five repossessed capital assets in the second quarter (2Q) 2003, according to Nassau's internal records on liquidations. Repossessions involving buses, which dropped off the Top 5 list in 2Q, historically peak in 1Q each year for Nassau Asset Management, Castagna says.

Castagna says the 2Q data, when compared with the same quarter a year ago, shows there was a 32 percent decrease in repossessions of trucks/trailers. Repossessions of printing presses were down by 68 percent and construction equipment by 24 percent compared with the same time frame in 2002. Machine tools did not perform quite as well, with repossessions increasing slightly, by 4 percent. Medical devices made the Top 5 list in 2Q, posting a 228 percent increase in repossessions compared with 2Q 2002.

Users should keep in mind that the assets NQI covers may change from quarter to quarter since Nassau plans to feature only the largest asset groups in its multimillion dollar portfolio. Additionally, results must be viewed over several quarters to establish reliable trends.

ABOUT NASSAU

Nassau Asset Management of Roslyn Heights, NY, has been providing full-service asset management, including asset recovery, collections, remarketing, plant liquidations, and appraisals for more than 25 years to the equipment leasing and finance industry. For more information, please visit www.nasset.com or call 1-800-4.NASSAU.

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MEDIA CONTACTS:

Edward Castagna
Senior Executive Vice President
Nassau Asset Management
1-800.4.NASSAU, ext. 301
ecast@nasset.com

Carla Young Harrington
PR Agent for Nassau
540-899-3913
carla@crosslink.net