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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">UNITED STATES</font></b></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Washington, D.C. 20549</font></b></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">FORM 10-Q</font></b></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">[x]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

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<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=26% style="background:white;padding:0in 0in 1.5pt 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">For the quarterly period ended</font></p>
  </td>
 <td valign=top width=51% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">March
  31, 2015</font></b></p>
  </td>
 <td valign=top width=23% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table>


</div>


<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">or</font></p>

<p align=center style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">[&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:14.85pt;">
  <td valign=top width=28% style="background:white;height:14.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">For the transition period from</font></p>
  </td>
 <td valign=top width=21% style="background:white;border:none;border-bottom:solid windowtext 1.5pt;height:14.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;border:none;border-bottom:solid windowtext 1.5pt;height:14.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">to</font></p>
  </td>
 <td valign=top width=47% style="background:white;border:none;border-bottom:solid windowtext 1.5pt;height:14.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=27% style="background:white;padding:0in 0in 1.5pt 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:.05in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Commission
  File Number:</font></p>
  </td>
 <td valign=top width=60% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">000-51916</font></b></p>
  </td>
 <td valign=top width=13% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=100% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">ICON
  Leasing Fund Eleven, LLC</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(Exact
  name of registrant as specified in its charter)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=55% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Delaware</font></b></p>
  </td>
 <td valign=top width=45% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">20-1979428</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=55% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(State
  or other jurisdiction of incorporation or organization)</font></p>
  </td>
 <td valign=top width=45% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(I.R.S.
  Employer Identification No.)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=52% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">3
  Park Avenue, 36th Floor, New York, New York</font></b></p>
  </td>
 <td valign=top width=48% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">10016</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=52% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(Address
  of principal executive offices)</font></p>
  </td>
 <td valign=top width=48% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(Zip
  Code)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=100% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(212)
  418-4700</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(Registrant's
  telephone number, including area code)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.</font></p>

<p align=right style="background:white;margin-bottom:.0001pt;margin-left:9.0pt;margin-right:0in;margin-top:0in;text-align:right;"><a name="EHWa207f563_b1fd_4120_9731_384232"></a><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9745;<a name="EHWc893de88_e440_4310_90e3_c99824"></a><a name="EHWa207f563_b1fd_4120_9731_384232_bclEnd"></a> <a name="EHWc893de88_e440_4310_90e3_c99824_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Yes&nbsp;&nbsp;<a name="EHW63766b1b_b69f_48f1_af48_a2830d"></a></font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9744;<a name="EHW35aac6d7_d43b_4fb6_b977_92d87d"></a><a name="EHW63766b1b_b69f_48f1_af48_a2830d_bclEnd"></a> <a name="EHW35aac6d7_d43b_4fb6_b977_92d87d_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">No</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post
such files).</font></p>

<p align=right style="background:white;margin-bottom:.0001pt;margin-left:9.0pt;margin-right:0in;margin-top:0in;text-align:right;"><a name="EHW51b24f2e_d5f8_4e62_97f5_c13fa0"></a><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9745;<a name="EHWde552f68_2187_4b9f_8819_5c8f8a"></a><a name="EHW51b24f2e_d5f8_4e62_97f5_c13fa0_bclEnd"></a> <a name="EHWde552f68_2187_4b9f_8819_5c8f8a_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Yes&nbsp;&nbsp;<a name="EHW0a62129a_1218_4a5c_ada8_bb89f0"></a></font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9744;<a name="EHW44e84364_2a70_4cd5_ba76_6ef51d"></a><a name="EHW0a62129a_1218_4a5c_ada8_bb89f0_bclEnd"></a> <a name="EHW44e84364_2a70_4cd5_ba76_6ef51d_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">No</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company. See the definitions of &#8220;large accelerated filer,&#8221;
&#8220;accelerated filer&#8221;&nbsp;and &#8220;smaller reporting company&#8221; in Rule&nbsp;12b-2 of
the Exchange Act.</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=1 cellpadding=0 cellspacing=0 style="border:none;border-collapse:collapse;margin-left:5.4pt;width:100%;">
 <tr>
  <td valign=top width=7% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">Large accelerated filer </font><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&#9744;</font><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
 <td valign=top width=29% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:17.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">Accelerated filer&nbsp;</font><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&#9744;&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=7% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=5% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=59% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">Non-accelerated filer&#160; </font><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&#9744;</font><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">&nbsp;(Do not check
  if a smaller reporting company)</font></p>
  </td>
 <td valign=top width=29% style="border:none;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin-bottom:.0001pt;margin-left:17.1pt;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">Smaller reporting company <a name="EHWfc199a01_2752_4434_aad4_a88abfa01353"></a><a name="EHWfc199a01_2752_4434_aad4_a88abfa01353_"></a></font><font color=black face="Times New Roman,serif" style="background:white;font-size:10.0pt;line-height:normal;">&#9745;</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).</font></p>

<p align=right style="background:white;margin-bottom:.0001pt;margin-left:9.0pt;margin-right:0in;margin-top:0in;text-align:right;"><a name="EHW4d493660_a2ee_416b_8f43_c0e5bf"></a><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9744;<a name="EHW4e256dc7_7fe0_4624_bb4c_5cc521"></a><a name="EHW4d493660_a2ee_416b_8f43_c0e5bf_bclEnd"></a> <a name="EHW4e256dc7_7fe0_4624_bb4c_5cc521_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Yes&nbsp;&nbsp;<a name="EHWa753d955_48b8_4918_8bd7_de5375"></a></font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#9745;<a name="EHW8a48c35b_8bfa_4c33_921b_30cda8"></a><a name="EHWa753d955_48b8_4918_8bd7_de5375_bclEnd"></a> <a name="EHW8a48c35b_8bfa_4c33_921b_30cda8_bclEnd"></a></font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">No</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Number of
outstanding shares of limited liability company interests of the registrant on
May 5, 2015 is 362,656.</font></p>

<div style="background:white;border:none;border-bottom:solid black 2.25pt;padding:0in 0in 0in 0in;">

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;padding:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

</div>


<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name=TOC></a><a name="TOC_bclEnd"></a></p>
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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">ICON
Leasing Fund Eleven, LLC</font></p>

<p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Table
of Contents</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>

<div align=center>

<table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Page</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:115%;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#part1"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">PART I &#8211; FINANCIAL
  INFORMATION</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#item1"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 1. Consolidated Financial Statements</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;"><a href="#BS"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Consolidated
  Balance Sheets</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1</font></p>
  </td>
 </tr>
<tr style="height:5.85pt;">
  <td valign=top width=37% style="background:white;height:5.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;height:5.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;height:5.85pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;"><a href="#IS"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Consolidated
  Statements of Comprehensive Income </font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td colspan=2 valign=top width=83% style="background:white;height:4.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;"><a href="#equity"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Consolidated
  Statement of Changes in Equity</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;height:4.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">3</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:63.0pt;margin-right:0in;margin-top:0in;"><a href="#cashflows"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Consolidated
  Statements of Cash Flows</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">4</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:61.5pt;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif style="font-size:11.0pt;line-height:normal;">&#160;</font><a href="#notes"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial Statements</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:19.5pt;margin-right:0in;margin-top:0in;"><a href="#item2"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 2. Manager&#8217;s Discussion and Analysis of Financial Condition
  and Results of Operations</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">11</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-indent:1.5pt;"><a href="#item3"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 3. Quantitative and
  Qualitative Disclosures About Market Risk</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">17</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-indent:-16.5pt;"><a href="#item4"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 4. Controls and
  Procedures</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">17</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#part2"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">PART II &#8211; OTHER INFORMATION</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#legal"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 1. Legal Proceedings</font></u></a></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#risk"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 1A. Risk Factors</font></u></a></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#unregis"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 2. Unregistered Sales of Equity Securities and Use of
  Proceeds</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#unregis"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 3. Defaults Upon Senior Securities</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=83% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#unregis"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 4. Mine Safety Disclosures</font></u></a></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#unregis"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 5. Other Information</font></u></a></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#item6"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Item 6. Exhibits</font></u></a></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">19</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=37% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;"><a href="#sug"><u><font color=blue face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Signatures</font></u></a></p>
  </td>
 <td valign=top width=46% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=17% style="background:white;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">20</font></p>
  </td>
 </tr>
</table>


</div>


<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p align=center style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>








<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=part1></a><a name=Balance></a></p>
<DIV bclFooter>


<p style="margin:0in;margin-bottom:.0001pt;tab-stops:center 3.25in right 6.5in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>


</DIV>
</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_3"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-line-height-rule:exactly;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan no-line-numbers;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></font></p>


</DIV>
<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a href="#TOC"><font color=blue face="Times New Roman,serif" style="background:white;border:none;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:9.0pt;line-height:normal;">Table of contents</font></u></i></font></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></b></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:9.0pt;line-height:normal;">PART</font></b></font><a name="Balance_bclEnd"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;"> </font></b><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:9.0pt;line-height:normal;">I &#8211; FINANCIAL INFORMATION</font></b></font><a name="part1_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:9.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:.25in;"><a name=BS></a><a name=item1></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:9.0pt;line-height:normal;">Item 1.&nbsp;&nbsp;Consolidated
Financial Statements</font></b></font><a name="BS_bclEnd"></a><a name="item1_bclEnd"></a></p>



<font color=black face="Times New Roman,serif" style="border:none;">
&nbsp;</font>



<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">ICON Leasing Fund Eleven,
  LLC</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(A Delaware Limited
  Liability Company)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Consolidated Balance
  Sheets</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><b><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">March 31,</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">December 31,</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(unaudited)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-top:solid black 1.0pt;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:#CCECFF;height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Assets</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Current assets:</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=32% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,676,955</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,056,701</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Current portion of net investment in notes receivable</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Other current assets</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">240,936</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=58% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total current assets</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,917,891</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">12,407,204</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Non-current assets:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Leased equipment at cost (less accumulated depreciation of</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=64% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$9,811,223 and $8,168,854, respectively)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">5,827,427</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,469,796</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Investment in joint ventures</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">14,077,454</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">13,697,889</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=58% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total non-current assets</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">19,904,881</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">21,167,685</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total assets</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">27,822,772</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">33,574,889</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Liabilities and Equity</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Current liabilities:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Due to Manager and affiliates, net</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">228,736</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Accrued expenses and other liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,269,191</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">6,210,790</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,269,191</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">6,439,526</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Commitments and contingencies (Note 9)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:11.25pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:white;height:11.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Equity:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Members&#8217; equity:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 9.0pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Additional members</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">27,845,800</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">27,737,035</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 9.0pt;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Manager</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(2,946,692)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(2,947,791)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=58% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total members' equity</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">24,899,108</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">24,789,244</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Noncontrolling interests</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,654,473</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,346,119</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=58% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total equity</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">26,553,581</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">27,135,363</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=68% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total liabilities and equity</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">27,822,772</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">33,574,889</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=56% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">See accompanying notes to
  consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>











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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><a href="#TOC"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></a></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160; <a name=IS></a>&#160;&#160;&#160;<a name="IS_bclEnd"></a></font></font></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=8 nowrap width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">ICON
  Leasing Fund Eleven, LLC</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=8 nowrap width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(A
  Delaware Limited Liability Company)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=8 nowrap width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Consolidated
  Statements of Comprehensive Income</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=8 nowrap width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(unaudited)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Three
  Months Ended </font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">March
  31,</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;Revenue and other income:</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Finance income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">473,370</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Rental income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,907,669</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,076,735</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Income from investment in joint ventures</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">477,926</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">411,641</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total revenue and other income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,385,595</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,961,746</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;Expenses:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">General and administrative</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">687,039</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">668,927</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,642,369</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,685,713</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Interest</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8,811</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8,507</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Gain on derivative financial instruments</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(4,070)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;Total expenses</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,338,219</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,359,077</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">47,376</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">602,669</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Less: net (loss) income attributable to noncontrolling interests</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(62,488)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">97,092</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net income attributable to Fund Eleven</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">109,864</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">505,577</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Other comprehensive income (loss):</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Currency translation adjustments during the period</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(1,831)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Total other comprehensive income (loss)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(1,831)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Comprehensive income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">47,376</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">600,838</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Less: comprehensive (loss) income attributable to noncontrolling
  interests</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(62,488)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">97,092</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Comprehensive income attributable to Fund Eleven</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">109,864</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">503,746</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net income attributable to Fund Eleven allocable to:</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Additional members</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">108,765</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">500,521</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Manager</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,099</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">5,056</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=66% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">109,864</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">505,577</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Weighted average number of additional shares of </font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">limited liability company interests outstanding</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">362,656</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">362,656</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=3 nowrap valign=bottom width=70% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net income attributable to Fund Eleven per weighted average</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">additional share of limited liability company interests
  outstanding</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">0.30</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1.38</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=68% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=8 nowrap valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">See
  accompanying notes to consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>




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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><a href="#TOC"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160; <a name=equity></a>&#160;&#160;<a name="equity_bclEnd"></a></font></font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=21 nowrap valign=bottom width=100% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">ICON
  Leasing Fund Eleven, LLC</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=21 nowrap valign=bottom width=100% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&#160;(A
  Delaware Limited Liability Company)</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=21 nowrap valign=bottom width=100% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Consolidated
  Statement of Changes in Equity</font></p>
  </td>
 </tr>
<tr style="height:9.75pt;page-break-inside:avoid;">
  <td colspan=21 nowrap valign=bottom width=100% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=5 nowrap valign=bottom width=28% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=10 nowrap valign=bottom width=48% style="background:white;border:none;border-bottom:none black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Members'
  Equity</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=23% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td rowspan=4 valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Additional
  Shares of Limited Liability Company Interests</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-top:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Total</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Additional</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Members'</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Noncontrolling</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Total</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Members</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Manager</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Equity</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Interests</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=11% style="background:white;border:none;border-bottom:solid black 1.0pt;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Equity</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td colspan=5 nowrap valign=bottom width=28% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Balance, December 31, 2014</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">362,656</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">27,737,035</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">(2,947,791)</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">24,789,244</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">2,346,119</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">27,135,363</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=24% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=27% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Net income (loss)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">108,765</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">1,099</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">109,864</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">(62,488)</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">47,376</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=27% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Distributions</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">(629,158)</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">(629,158)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td colspan=5 valign=bottom width=28% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">Balance, March 31, 2015 (unaudited)</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">362,656</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">27,845,800</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">(2,946,692)</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">24,899,108</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">1,654,473</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 2.25pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">26,553,581</font></p>
  </td>
 </tr>
<tr style="height:3.0pt;page-break-inside:avoid;">
  <td valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:white;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=9% style="background:white;border:none;height:3.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td colspan=21 nowrap valign=bottom width=100% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:7.0pt;line-height:normal;">See
  accompanying notes to consolidated financial statements.</font></p>
  </td>
 </tr>
</table></div>



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<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&#160;&nbsp;</font></p>


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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font style="border:none;"><a href="#TOC"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Table
of contents</font></u></i></a></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160; <a name=cashflows></a>&#160;&#160;<a name="cashflows_bclEnd"></a></font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">ICON Leasing Fund Eleven,
  LLC</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(A Delaware Limited
  Liability Company)</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Consolidated Statements of
  Cash Flows</font></p>
  </td>
 </tr>
<tr style="height:10.5pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:10.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(unaudited)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=34% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Three Months Ended March
  31,</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap width=16% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap width=16% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash flows from operating activities:</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=16% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=16% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net income</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">47,376</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">602,669</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Adjustments to reconcile net income to net cash provided by
  operating activities:</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Finance income</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(48,752)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Income from investment in joint ventures</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(477,926)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(411,641)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,642,369</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,685,713</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Gain on derivative financial instruments</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(4,070)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Interest expense, other</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8,811</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">8,389</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Changes in operating assets and liabilities:</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Other assets</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(240,936)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(110,600)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Accrued expenses and other liabilities</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">400,093</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">421,162</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Due to Manager and affiliates, net</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(228,736)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=4 nowrap valign=bottom width=60% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Distributions from joint venture</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">98,361</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net cash provided by operating activities</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,249,412</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">2,142,870</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash flows from investing activities:</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Principal received on notes receivable</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,486,183</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net cash provided by investing activities</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">1,486,183</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash flows from financing activities:</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Distributions to noncontrolling interests</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(629,158)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(628,827)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net cash used in financing activities</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(629,158)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">(628,827)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Effects of exchange rates on cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">104</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Net increase in cash and cash equivalents</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">620,254</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="border:none;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">3,000,330</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, beginning of period</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,056,701</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">16,626,672</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Cash and cash equivalents, end of period</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">7,676,955</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">19,627,002</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=7 nowrap valign=bottom width=66% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Supplemental disclosure of non-cash investing and financing
  activities:</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=6 nowrap valign=bottom width=64% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Mutual release of notes receivable and seller's credits
  obligations</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=12 nowrap valign=bottom width=100% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">See accompanying notes to
  consolidated financial statements.</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=54% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>










<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_9d39ddda07054e6c9d8f5940e"></a><a name=notes></a></p>
<DIV bclFooter>


<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">4</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(1) Organization</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="notes_bclEnd"></a><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; ICON Leasing Fund Eleven, LLC (the &#8220;LLC&#8221;) was formed on
December 2, 2004 as a Delaware limited liability company. When used in these
notes to consolidated financial statements, the terms &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or
similar terms refer to the LLC and its consolidated subsidiaries.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:13.5pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We
operated as an equipment leasing and finance program in which the capital our
members invested was pooled together to make investments, pay fees and
establish a small reserve. We primarily acquired equipment subject to lease,
purchased equipment and leased it to third parties, provided equipment and
other financing and, to a lesser degree, acquired ownership rights to items of
leased equipment at lease expiration.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our manager is ICON
Capital, LLC, a Delaware limited liability company (the &#8220;Manager&#8221;). Our Manager
manages and controls our business affairs, including, but not limited to, the
equipment leases and other financing transactions that we entered into pursuant
to the terms of our amended and restated limited liability company agreement
(the &#8220;LLC Agreement&#8221;).</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
operating period ended on April 30, 2014 after having been extended for two
years.&nbsp; On May 1, 2014, we commenced our liquidation period. During our
liquidation period, we will sell our assets and/or let our investments mature
in the ordinary course of business. Our liquidation period may continue for
more than one year if the sale of our remaining assets is not in the best
interests of our members due to, among other things, current market conditions</font></font><a name="XBRL_TS_9d39ddda07054e6c9d8f5940e_bclEnd"></a><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_077f2532d6ec4056ae88bfb3a"></a><a name="notes_0"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(2)&#160; Summary of Significant Accounting Policies</font></b></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Basis of Presentation and Consolidation</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><a name="XBRL_TS_0b88b743deeb44898b5dde2eb"></a><a name="notes_0_bclEnd"></a><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Our
accompanying consolidated financial statements have been prepared in accordance
with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission for Quarterly Reports on Form 10-Q. &#160;In the
opinion of our Manager, all adjustments, which are of a normal recurring
nature, considered necessary for a fair presentation have been included. These
consolidated financial statements should be read together with the consolidated
financial statements and notes included in our Annual Report on Form 10-K for
the year ended December 31, 2014.&#160; The results for the interim period are not
necessarily indicative of the results for the full year.</font></font><a name="XBRL_TS_0b88b743deeb44898b5dde2eb_bclEnd"></a></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_95ff3bb72bb2424eb3427206e"></a><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Credit
Quality of Notes Receivable and Finance Leases and Credit Loss Reserve</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Our
Manager&nbsp; monitors the ongoing credit quality of our financing receivables
by (i) reviewing and analyzing a borrower&#8217;s financial performance on a regular
basis, including review of financial statements received on a monthly,
quarterly or annual basis as prescribed in the loan or lease agreement, (ii)
tracking the relevant credit metrics of each financing receivable and a
borrower&#8217;s compliance with financial and non-financial covenants, (iii)
monitoring a borrower&#8217;s payment history and public credit rating, if available,
and (iv) assessing our exposure based on the current investment mix. As part of
the monitoring process, our Manager may physically inspect the collateral or a
borrower&#8217;s facility and meet with a borrower&#8217;s management to better understand
such borrower&#8217;s financial performance and its future plans on an as-needed
basis. </font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As our
financing receivables, generally notes receivable and finance leases, are
limited in number, our Manager is able to estimate the credit loss reserve
based on a detailed analysis of each financing receivable as opposed to using
portfolio-based metrics. Our Manager does not use a system of assigning
internal risk ratings to each of our financing receivables. Rather, each
financing receivable is analyzed quarterly and categorized as either performing
or non-performing based on certain factors including, but not limited to,
financial results, satisfying scheduled payments and compliance with financial
covenants. A financing receivable is usually categorized as non-performing only
when a borrower experiences financial difficulties and</font></font><font face=Calibri,sans-serif style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">has failed to make scheduled payments. Our
Manager then analyzes whether the financing receivable should be placed on a
non-accrual status, a credit loss reserve should be established or the
financing receivable should be restructured. As part of the assessment, updated
collateral value is usually considered and such collateral value can be based
on a third party industry expert appraisal or, depending on the type of
collateral and accessibility to relevant published guides or market sales data,
internally derived fair value. Material events would be specifically disclosed
in the discussion of each financing receivable held.&nbsp; </font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="background:white;border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Financing receivables are generally placed in a non-accrual status
when payments are more than 90 days past due. Additionally, our Manager
periodically reviews the creditworthiness of companies with payments
outstanding less than 90 days and based upon our Manager&#8217;s judgment, these
accounts may be placed in a non-accrual status.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">In accordance with the cost recovery method, payments received on
non-accrual financing receivables are applied to principal if there is doubt
regarding the ultimate collectability of principal. If collection of the
principal of non-accrual financing receivables is not in doubt, interest income
is recognized on a cash basis. Financing receivables in non-accrual status may
not be restored to accrual status until all delinquent payments have been
received, and we believe recovery of the remaining unpaid receivable is
probable.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">When our
Manager</font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">deems it is probable that we will not be able to collect
all contractual principal and interest on a non-performing financing
receivable, we perform an analysis to determine if a credit loss reserve is
necessary. This analysis considers the estimated cash flows from the financing
receivable, and/or the collateral value of the asset underlying the financing
receivable when financing receivable repayment is collateral dependent. If it
is determined that the impaired value of the non-performing financing
receivable is less than the net carrying value, we will recognize a credit loss
reserve or adjust the existing credit loss reserve with a corresponding charge
to earnings.&nbsp; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">We then charge off a financing receivable in the
period that it is deemed uncollectible by reducing the credit loss reserve and
the balance of the financing receivable.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:7.0pt;text-align:justify;"><a name="XBRL_TS_2111b7a86e504ab7b430176f9"></a><a name="XBRL_TS_95ff3bb72bb2424eb3427206e_bclEnd"></a><font color=black face="Times New Roman,serif" style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Recent Accounting Pronouncements</font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In&nbsp;May 2014, the
Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards
Update (&#8220;ASU&#8221;) No. 2014-09</font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">, Revenue from Contracts with Customers</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> (&#8220;ASU
2014-09&#8221;), requiring revenue to be recognized in an amount that reflects the
consideration expected to be received in exchange for goods and services. The
adoption of ASU 2014-09 becomes effective for us on January 1, 2017, including
interim periods within that reporting period. Early adoption is not
permitted.&nbsp; We are currently in the process of evaluating the impact of
the adoption of ASU 2014-09 on our consolidated financial statements.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In August 2014, FASB
issued ASU No. 2014-15, </font><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Presentation of Financial Statements &#8211; Going
Concern: Disclosure of Uncertainties about an Entity&#8217;s Ability to Continue as a
Going Concern</font></i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> (&#8220;ASU 2014-15&#8221;), which provides guidance about management's
responsibility to evaluate whether there is substantial doubt about an entity's
ability to continue as a going concern and to provide related footnote
disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal
year ending December 31, 2016, and all subsequent annual and interim periods.
Early adoption is permitted. The adoption of ASU 2014-15 is not expected to
have a material effect on our consolidated financial statements.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In January 2015, FASB issued ASU No. 2015-01, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Income Statement </font></i></font><font style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8211; </font></i><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Extraordinary and Unusual Items</font></i></font><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">(&#8220;ASU 2015-01&#8221;), which
simplifies income statement presentation by eliminating the concept of
extraordinary items.&nbsp; The adoption of ASU 2015-01 becomes effective for us
on January 1, 2016, including interim periods within that reporting period.&nbsp;
Early adoption is permitted.&nbsp; The adoption of ASU 2015-01 is not expected
to have a material effect on our consolidated financial statements.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In February 2015, FASB issued ASU No. 2015-02, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Consolidation &#8211;
Amendments to the Consolidation Analysis</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;"> (&#8220;ASU 2015-02&#8221;), which modifies
the evaluation of whether limited partnerships and similar legal entities are
variable interest entities or voting interest entities, eliminates the
presumption that a general partner should consolidate a limited partnership,
and affects the consolidation analysis by reducing the frequency of application
of related party guidance and excluding certain fees in the primary beneficiary
determination. The adoption of ASU 2015-02 becomes effective for us on January
1, 2016. Early adoption is permitted. We are currently in the process of
evaluating the impact of the adoption of ASU 2015-02 on our consolidated
financial statements.<a name="XBRL_TS_624f0b8f0ccb425d8856e0992"></a><a name="XBRL_TS_a5c72e21dc0a4b14ae610fc68"></a><a name="XBRL_TS_624f0b8f0ccb425d8856e0992_bclEnd"></a><a name="XBRL_TS_a5c72e21dc0a4b14ae610fc68_bclEnd"></a></font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.25in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In April 2015, FASB issued ASU No. 2015-03,&nbsp;</font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Interest &#8211;
Imputation of Interest</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">&nbsp;(&#8220;ASU 2015-03&#8221;), which requires debt issuance
costs related to a recognized debt liability to be presented in the balance
sheet as a direct deduction from the carrying amount of such debt liability,
consistent with debt discounts. ASU 2015-03 will be applied on a retrospective
basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016,
including interim periods within that reporting period.&#160; Early adoption is
permitted.&nbsp;We are currently in the process of evaluating the impact of the
adoption of ASU 2015-03 on our consolidated financial statements.</font></font><a name="XBRL_TS_077f2532d6ec4056ae88bfb3a_bclEnd"></a><a name="XBRL_TS_2111b7a86e504ab7b430176f9_bclEnd"></a></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="XBRL_TS_f6c4d57a81f64389b340dd8e6"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(3)&#160; Net Investment in Notes
Receivable</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.25in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">As of March 31, 2015 and December 31, 2014, we had net investment
in notes receivable on non-accrual status of $0 and $5,350,503, respectively,
and no net investment in notes receivable that was past due 90 days or more and
still accruing.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.25in;"><a name="XBRL_TS_4153d67e1785411b8f06b9f30"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Net investment in notes receivable consisted of
the following:</font></font><a name="XBRL_TS_4153d67e1785411b8f06b9f30_bclEnd"></a><a name="XBRL_TS_f6c4d57a81f64389b340dd8e6_bclEnd"></a></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">March
  31,</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">December
  31,</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=51% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=57% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Principal outstanding</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCEEFF;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCEEFF;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=57% style="height:12.0pt;padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net investment in notes receivable</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=57% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Less: current portion of net
  investment in notes receivable</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=57% style="height:12.0pt;padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net investment in notes receivable,
  less current portion</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font style="border:none;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><a name="XBRL_TS_f514ac8e52b64a05a818bb78f"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Subsequent
to the arbitration panel&#8217;s ruling in February 2014 (see Note 9), ZIM Integrated
Shipping Services Ltd. (&#8220;ZIM&#8221;) ceased making scheduled repayments on our notes
receivable. Our Manager believed that ZIM was not entitled to offset its
obligations under the notes receivable by the seller&#8217;s credits.&#160; As a result,
our Manager believed that ZIM was in default of its obligations and that it was
unlikely that ZIM would make any past due or future repayments on the notes
receivable, if at all, until we and ZIM resolved our dispute regarding the
seller&#8217;s credits. Accordingly, we placed the notes receivable on non-accrual
status as of December 31, 2014. While there was no credit loss reserve recorded
for the notes receivable, we provided for an accrued obligation on the seller&#8217;s
credits in the same amount as of December 31, 2014. On January 19, 2015, we
entered into a letter of mutual release with ZIM to release and discharge each
other&#8217;s obligations related to the notes receivable and the seller&#8217;s credits.</font></font><a name="XBRL_TS_f514ac8e52b64a05a818bb78f_bclEnd"></a></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="XBRL_TS_9b038373c25941de8179b61c7"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">(4)&#160; Leased
Equipment at Cost</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_5ea096692e2f4aaea5b2efa85"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Leased
equipment at cost consisted of the following:</font></font><a name="XBRL_TS_5ea096692e2f4aaea5b2efa85_bclEnd"></a><a name="XBRL_TS_9b038373c25941de8179b61c7_bclEnd"></a></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">March
  31,</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">December
  31,</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=57% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=3% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=17% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=57% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Mining equipment</font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">15,638,650</font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;border:none;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">15,638,650</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=57% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Less: accumulated depreciation</font></p>
  </td>
 <td nowrap width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">9,811,223</font></p>
  </td>
 <td nowrap width=3% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=3% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">8,168,854</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap width=6% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=57% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in .25in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Leased equipment at cost, less
  accumulated depreciation </font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,827,427</font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=3% style="background:#CCEEFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=14% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">7,469,796</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_be831be6b96347a9ba8b5c835"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Depreciation
expense was $1,642,369 and $1,685,713 for the three months ended March 31, 2015
and 2014, respectively.</font></font><a name="XBRL_TS_be831be6b96347a9ba8b5c835_bclEnd"></a></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="XBRL_TS_3d5b0a845dab4d35b74a50940"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">(5)&#160;
Investment in Joint Ventures</font></b></font><a name="XBRL_TS_3d5b0a845dab4d35b74a50940_bclEnd"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;"> &nbsp;</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_928010b0de4548e1abb813d80"></a><a name="XBRL_CS_8d343516e71f492f85da84aec"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">On
May 15, 2013, a joint venture owned 39% by us, 21% by ICON Leasing Fund Twelve,
LLC (&#8220;Fund Twelve&#8221;) and 40% by ICON ECI Fund Fifteen, L.P., each an entity also
managed by our Manager, purchased a portion of an approximately $208,000,000
subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. (&#8220;JAC&#8221;)
from Standard Chartered Bank at $28,462,500.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">As of March 31, 2015, JAC was in technical
default of the facility as a result of its failure to provide certain financial
data to us. In addition, JAC realized lower than expected operating results
caused in part by a temporary shutdown of its manufacturing facility due to
technical constraints that have since been resolved.&#160; As a result, JAC failed
to make the expected payment that was due to the joint venture during the three
months ended March 31, 2015. Although this delayed payment did not trigger a
payment default under the loan agreement, the interest rate payable by JAC under
the facility increased from 12.5% to 15.5%. Our Manager believes that all
contractual interest and principal payments are still collectible and therefore,
a credit loss reserve was not required as of March 31, 2015. To the extent the
manufacturing facility does not resume operations in the near future, a credit
loss reserve may be required.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_a5044142d8dc4206a5c27ee13"></a></p>
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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">7</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">The results of operations of the joint venture
are summarized below:</font></font><a name="XBRL_CS_8d343516e71f492f85da84aec_bclEnd"></a><a name="XBRL_TS_928010b0de4548e1abb813d80_bclEnd"></a><a name="XBRL_TS_a5044142d8dc4206a5c27ee13_bclEnd"></a></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=47% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=49% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Three
  Months Ended March 31,</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=47% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=24% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=23% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=47% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Revenue</font></p>
  </td>
 <td width=3% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1,152,580</font></p>
  </td>
 <td valign=bottom width=2% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=3% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=20% style="background:#CCEEFF;border-bottom:double windowtext 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">995,689</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=47% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net income</font></p>
  </td>
 <td width=3% style="border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=21% style="border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1,142,854</font></p>
  </td>
 <td valign=bottom width=2% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=3% style="border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=20% style="border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">987,346</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=4% style="height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=bottom width=47% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Our share of net income</font></p>
  </td>
 <td width=3% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">471,885</font></p>
  </td>
 <td valign=bottom width=2% style="background:#CCEEFF;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td width=3% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td valign=bottom width=20% style="background:#CCEEFF;border:none;border-bottom:double windowtext 2.25pt;height:12.0pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">411,708</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><a name="XBRL_TS_ec7c1657615241cbb8861a5db"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">(</font></b></font><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">6)&#160;
Foreign Income Taxes</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Certain of
our direct and indirect wholly-owned subsidiaries are unlimited liability
companies and are taxed as corporations under the laws of Canada. Other
indirect wholly-owned subsidiaries are taxed as corporations in Barbados.&#160;
There was no income tax expense or benefit for the three months ended March 31,
2015 and 2014. Under the laws of Canada, our Canadian subsidiaries are subject
to income tax examination for 2008 and subsequent periods.<a name="XBRL_TS_5acb2055b03442c096ad495b3"></a><a name="XBRL_TS_f2b42f34645542f2a8c1bc90b"></a><a name="XBRL_TS_5acb2055b03442c096ad495b3_bclEnd"></a><a name="XBRL_TS_f2b42f34645542f2a8c1bc90b_bclEnd"></a>&#160; We have not identified
any material uncertain tax positions as of March 31, 2015. </font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">As of December 31, 2013, we had an income tax receivable of $1,525,563
relating to expected income tax refunds primarily due to carrying back to
previous tax years the loss realized for income tax purposes upon </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Teal
Jones Group and Teal Jones Lumber Services, Inc. (collectively, &#8220;Teal Jones&#8221;)</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> satisfying its obligations in connection with the mortgage
note receivable and finance lease during the three months ended March 31, 2013.
In July 2014, we received the tax refund of approximately CAD $1,628,000 (USD
$1,525,000). As of March 31, </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">2015 and December 31, 2014</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, we recorded a valuation allowance against our deferred
tax asset of approximately CAD $2,609,000 (translated to USD as of the
respective balance sheet dates) in relation to unused net operating losses. We
believe it is more likely than not that </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">our
wholly-owned subsidiaries, ICON Teal Jones, LLC and ICON Teal Jones, ULC, </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">will
not realize this deferred tax asset.</font></font><a name="XBRL_TS_ec7c1657615241cbb8861a5db_bclEnd"></a></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="XBRL_TS_7e8eb63430e04cd2886fd0f49"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(7)&#160;
Transactions with Related Parties</font></b></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">We did not pay any distributions to our Manager for
the three months ended March 31, 2015 and 2014. Our Manager&#8217;s interest in the
net income attributable to us was $1,099 and $5,056 for the three months ended
March 31, 2015 and 2014, respectively.</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_78d73fa9364c4e71b98abcfac"></a><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Our Manager has waived the following fees and administrative
expense reimbursements in relation to services provided during the three months
ended March 31, 2015 and 2014: </font></font><a name="XBRL_TS_78d73fa9364c4e71b98abcfac_bclEnd"></a><a name="XBRL_TS_7e8eb63430e04cd2886fd0f49_bclEnd"></a></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=62% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:9.0pt;line-height:normal;">Three
  Months Ended March 31,</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Entity</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Capacity</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Description</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">ICON
  Capital, LLC</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Manager</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Management fees</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">63,869</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">157,434</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">ICON
  Capital, LLC</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Manager</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Administrative expense reimbursements</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">110,878</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">142,211</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=6% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:9.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=17% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">174,747</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">299,645</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><a name="XBRL_TS_04721e3a4f8c4c8d926e4085b"></a><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">At March 31, 2015, we had no related party receivable or payable. At
December 31, 2014, we had a net payable due to our Manager and affiliates of
approximately $229,000 that primarily related to professional fees paid on our
behalf.</font></font><a name="XBRL_TS_04721e3a4f8c4c8d926e4085b_bclEnd"></a></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="XBRL_TS_cd13f96a4c0e4134bc1ac7e2b"></a><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">(8)&#160; Fair Value Measurements</font></b></p>

<p style="margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Assets and liabilities carried at fair value are classified
and disclosed in one of the following three categories:</font></p>

<p style="margin-bottom:.0001pt;margin-left:67.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Level 1: Quoted market
prices available in active markets for identical assets or liabilities as of
the reporting date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:67.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;Level 2: Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly
or indirectly observable as of the reporting date.</font></p>

<p style="margin-bottom:.0001pt;margin-left:67.5pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font color=black face=Symbol lang=EN-US style="font-size:10.0pt;">&#183;</font><font color=black face="Times New Roman" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Level 3: Pricing
inputs that are generally unobservable and are supported by little or no market
data.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">8</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">As of March 31, 2015 and December 31, 2014, we had no assets or
liabilities that were required to be measured at fair value either on a
recurring or nonrecurring basis.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Fair
value information with respect to our assets and liabilities is not separately
provided since (i) U.S. GAAP does not require fair value disclosures of lease
arrangements and (ii) the carrying value of financial assets and liabilities,
other than lease-related investments, approximates fair value due to their
short-term maturities.<a name="XBRL_TS_cd13f96a4c0e4134bc1ac7e2b_bclEnd"></a></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name="XBRL_TS_dba3e43b249b4295b4a4245ba"></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">(9)&#160; Commitments and
Contingencies</font></b></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At the time we acquire or
divest of our interest in an equipment lease or other financing transaction, we
may, under very limited circumstances, agree to indemnify the seller or buyer
for specific contingent liabilities. Our Manager believes that any liability of
ours that may arise as a result of any such indemnification obligations will
not have a material adverse effect on our consolidated financial condition or
results of operations taken as a whole.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">From November 2010 through
March 2011, we, through our wholly-owned subsidiaries, sold four container
vessels previously on bareboat charter to ZIM to unaffiliated third parties.
During June 2011, we received notices from ZIM claiming it was allegedly owed
various amounts for unpaid seller&#8217;s credits in the aggregate amount of
approximately $7,300,000. Our Manager believed any obligation to repay the
seller&#8217;s credits was extinguished when ZIM defaulted by failing to fulfill
certain of its obligations under the bareboat charters. On August 8, 2011, our
Manager agreed to a three party arbitration panel to hear such claims. On April
19, 2012, ZIM filed arbitration claim submissions. On June 26, 2012, our
Manager filed a defense and counterclaim. </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">On
February 21, 2014, the arbitration panel ruled that the seller&#8217;s credits were
forfeited by virtue of ZIM&#8217;s default but that such forfeiture was not proved to
be an accurate representation of genuine loss suffered from such default and
thus, could not be enforced under English law. Taking into consideration the
arbitration panel&#8217;s ruling, we accrued approximately $4,700,000 during the year
ended December 31, 2013. </font></font><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">We filed for the right to appeal the
arbitration panel&#8217;s ruling, which was denied on August 7, 2014. In light of such
denial, we increased our accrual to $5,350,503 during the year ended December
31, 2014, which is included in accrued expenses and other liabilities on the
consolidated balance sheets. </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">On
January 19, 2015, we entered into a letter of mutual release with ZIM to
release and discharge ZIM&#8217;s obligation on our notes receivable that was due in
full as of December 31, 2014, as well as our accrued obligation on the seller&#8217;s
credits in the same amount.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">During 2008, a joint venture
owned 45% by us and 55% by Fund Twelve (&#8220;ICON EAR&#8221;) purchased and
simultaneously leased semiconductor manufacturing equipment to Equipment
Acquisition Resources, Inc. (&#8220;EAR&#8221;) for approximately $15,730,000. In addition,
our wholly-owned subsidiary, ICON EAR II, LLC (&#8220;ICON EAR II&#8221;) purchased and
simultaneously leased semiconductor manufacturing equipment to EAR for a
purchase price of approximately $6,348,000.&nbsp;On October 23, 2009, EAR filed
a petition for reorganization under Chapter 11 of the U.S. Bankruptcy
Code.&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">On October 21, 2011, the Chapter 11
bankruptcy trustee for EAR filed an adversary complaint against </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">ICON EAR
and ICON EAR II (collectively, the &#8220;ICON EAR entities&#8221;) </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">seeking the recovery of the lease payments that the trustee alleges were
fraudulently transferred from EAR to the ICON EAR entities. The complaint also
sought the recovery of payments made by EAR to the ICON EAR entities during the
90-day period preceding EAR&#8217;s bankruptcy filing, alleging that those payments
constituted a preference under the U.S. Bankruptcy Code. Additionally, the
complaint sought the imposition of a constructive trust over certain real
property and the proceeds from the sale that the ICON EAR entities received as
security in connection with their investment. Our Manager filed an answer to
the complaint that included certain affirmative defenses. Since that time,
substantial discovery was completed.&nbsp; Our Manager still believes these
claims are unsupported by the facts, but given the risks, costs and uncertainty
surrounding litigation in bankruptcy, our Manager would engage in prudent
settlement discussions to resolve this matter expeditiously. At this time, we
are unable to predict the outcome of this action or loss therefrom, if any;
however, an adverse ruling or settlement may have a material impact on our
consolidated financial position or results of operations.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Subsequent to
the filing of the bankruptcy petition, EAR disclaimed any right to its
equipment and such equipment became the subject of an Illinois State Court
proceeding. The equipment was subsequently sold as part of the Illinois State
Court proceeding. On March 6, 2012, one of the creditors in the Illinois State
Court proceeding won a summary judgment motion filed against the ICON EAR
entities, thereby dismissing the ICON EAR entities&#8217; claims to the proceeds
resulting from the sale of the EAR equipment. The ICON EAR entities appealed
this decision.&#160; On September 16, 2013, the lower court&#8217;s ruling was affirmed by
the Illinois Appellate Court.&#160; On October 21, 2013, the ICON EAR entities filed
a Petition for Leave to Appeal with the Supreme Court of Illinois appealing the
decision of the Illinois Appellate Court, which petition was denied on January
29, 2014.</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:lines-together;tab-stops:139.5pt center 3.75in;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;tab-stops:139.5pt center 3.75in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">ICON Leasing Fund Eleven, LLC</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(A Delaware Limited Liability
Company)</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes to Consolidated Financial
Statements</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">March 31, 2015</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">(unaudited)</font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> &nbsp;</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-add-space:auto;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:widow-orphan lines-together;page-break-after:avoid;text-align:center;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>


</DIV>
<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In 2011,
Kreif Group (&#8220;Kreif&#8221;) entered into an agreement with ICON French Equipment I,
LLC (&#8220;ICON French Equipment&#8221;) to acquire certain assets from ICON French
Equipment.&nbsp; Subsequently, Kreif breached its purchase obligation to
acquire such assets, which resulted in ICON French Equipment filing a legal
claim against Kreif.&nbsp; In 2013, a court awarded ICON French Equipment
&#8364;1,484,956 to be paid over a period of 10 years.&nbsp; Gain on litigation will
be recognized to the extent cash is received. We received our first payment of
approximately &#8364;74,000 on April 1, 2015.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">We have
entered into a remarketing agreement with a third party.&nbsp;Residual proceeds
received in excess of specific amounts will be shared with this third party in
accordance with the terms of the remarketing agreement.&nbsp; The present value
of the obligations related to this agreement was approximately $430,000 at </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">March 31, 2015, </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">which is included in accrued expenses and other liabilities
on the consolidated balance sheets.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><a name="XBRL_TS_dba3e43b249b4295b4a4245ba_bclEnd"></a><font face="Times New Roman,serif" lang=EN-US style="font-size:12.0pt;">&#160;&nbsp;</font></p>



<font color=black face="Times New Roman,serif" style="background:white;border:none;">
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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Item
2.&#160;&#160; Manager&#8217;s Discussion and Analysis of Financial Condition and Results of
Operations</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><a name="item2_bclEnd"></a><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.1pt;">The following is a
discussion of our current financial position and results of operations.&#160; This
discussion should be read together with our unaudited consolidated financial
statements and related notes included elsewhere in this Quarterly Report on
Form 10-Q and the audited consolidated financial statements and related notes
included in our Annual Report on Form 10-K for the year ended December 31,
2014.&#160; This discussion should also be read in conjunction with the disclosures
below regarding &#8220;Forward-Looking Statements.&#8221;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.1pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As used in
this Quarterly Report on Form 10-Q, references to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or similar
terms include ICON Leasing Fund Eleven, LLC and its consolidated subsidiaries.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Forward-Looking Statements</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Certain statements
within this Quarterly Report on Form 10-Q may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 (&#8220;PSLRA&#8221;).&#160; These statements are being made pursuant to the PSLRA, with
the intention of obtaining the benefits of the &#8220;safe harbor&#8221; provisions of the
PSLRA, and, other than as required by law, we assume no obligation to update or
supplement such statements.&#160; Forward-looking statements are those that do not
relate solely to historical fact.&#160; They include, but are not limited to, any
statement that may predict, forecast, indicate or imply future results,
performance, achievements or events.&#160; You can identify these statements by the
use of words such as &#8220;may,&#8221; &#8220;would,&#8221; &#8220;could,&#8221; &#8220;anticipate,&#8221; &#8220;believe,&#8221;
&#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;continue,&#8221; &#8220;further,&#8221; &#8220;plan,&#8221; &#8220;seek,&#8221; &#8220;intend,&#8221;
&#8220;predict&#8221; or &#8220;project&#8221; and variations of these words or comparable words or
phrases of similar meaning.&#160; These forward-looking statements reflect our
current beliefs and expectations with respect to future events. They are based
on assumptions and are subject to risks and uncertainties and other factors
outside of our control that may cause actual results to differ materially from
those projected.&#160; We undertake no obligation to update publicly or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.1pt;">&nbsp;</font></b></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Overview</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><a name="FIS_LIQUIDITY_CAPITAL"></a><a name="FIS_LIQUIDITY_CAPITAL_bclEnd"></a><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; We operated as an
equipment leasing&nbsp;and finance program in which the capital our members
invested was pooled together to make investments, pay fees and establish a
small reserve. We primarily acquired equipment subject to lease, purchased
equipment and leased it to third parties, provided equipment and other
financing and, to a lesser degree, acquired ownership rights to items of leased
equipment at lease expiration. Some of our equipment&nbsp;leases were acquired
for cash and were expected to provide current cash flow, which we refer to
as&nbsp;&#8220;income&#8221; leases. For our other equipment leases, we financed the
majority of the purchase price through borrowings from third parties. We
refer&nbsp;to these leases as &#8220;growth&#8221; leases. These growth leases generated
little or no current cash flow because&nbsp;substantially all of the rental
payments received from the lessee were used to service the indebtedness
associated with&nbsp;acquiring or financing the lease. For these leases, we
anticipated that the future value of the leased equipment would exceed
our&nbsp;cash portion of the purchase price.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:27.0pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:12.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our Manager manages and controls our business affairs,
including, but not limited to, our equipment leases and other financing
transactions, under the terms of our LLC Agreement.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Our
operating period ended on April 30, 2014 after having been extended for two
years.&nbsp; On May 1, 2014, we commenced our liquidation period. </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">During our liquidation period, we will sell our assets
and/or let our investments mature in the ordinary course of business. Our
liquidation period may continue for more than one year if the sale of our
remaining assets is not in the best interests of our members due to, among
other things, current market conditions.</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="background:white;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Recent
Significant Transaction</font></b></p>

<p style="background:white;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">We engaged
in the following significant transaction since December 31, 2014:</font></p>

<p style="background:white;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Notes
Receivable</font></i></p>

<p style="background:white;margin-bottom:7.0pt;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.25in;"><font face=Symbol lang=EN-US style="font-size:10.0pt;line-height:normal;">&#183;</font><font face="Times New Roman" lang=EN-US style="font-size:7.0pt;line-height:normal;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;</font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">On January 19, 2015, we entered into a letter of mutual release
with ZIM to release and discharge ZIM&#8217;s obligation on our notes receivable of
$5,350,503 that was due in full as of December 31, 2014, as well as our accrued
obligation on the seller&#8217;s credits in the same amount.</font></font></p>

<p style="background:white;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Recent Accounting Pronouncements</font></b></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In May 2014, FASB issued ASU 2014-09, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Revenue from
Contracts with Customers</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, which will become effective for us on January 1,
2017. We are currently in the process of evaluating the impact of the adoption
of ASU 2014-09 on our consolidated financial statements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">11</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


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<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">In
August 2014, FASB issued ASU 2014-15, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Presentation of Financial Statements &#8211;
Going Concern: Disclosure of Uncertainties about an Entity&#8217;s Ability to
Continue as a Going Concern</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, which will become effective for us on our
fiscal year ending December 31, 2016. The adoption of ASU 2014-15 is not
expected to have a material effect on our consolidated financial statements.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In January 2015, FASB issued
ASU No. 2015-01, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Income Statement </font></i></font><font style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#8211; </font></i><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Extraordinary and Unusual Items</font></i></font><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">, which will become effective
for us on January 1, 2016.&nbsp; The adoption of ASU 2015-01 is not expected to
have a material effect on our consolidated financial statements.</font></font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In February 2015, FASB issued
ASU No. 2015-02, </font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Consolidation &#8211; Amendments to the Consolidation Analysis</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">,
which will become effective for us on January 1, 2016. We are currently in the
process of evaluating the impact of the adoption of ASU 2015-02 on our
consolidated financial statements.</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In April 2015, FASB issued ASU
No. 2015-03,&nbsp;</font><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Interest &#8211; Imputation of Interest</font></i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">,&nbsp;which will
become effective for us on January 1, 2016<a name="XBRL_TS_fa8e331f42c04048a941713f2"></a><a name="XBRL_TS_fa8e331f42c04048a941713f2_bclEnd"></a>. We are currently in the
process of evaluating the impact of the adoption of ASU 2015-03 on our
consolidated financial statements.</font></font></p>

<p style="margin-bottom:0in;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:27.0pt;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">We do not believe any other
recently issued, but not yet effective, accounting pronouncements, if currently
adopted, would have a material effect on our consolidated financial statements.</font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Results
of Operations for the Three Months Ended March 31, 2015 (the &#8220;2015 Quarter&#8221;)
and 2014 (the &#8220;2014 Quarter&#8221;)</font></b></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">The following percentages are only as
of a stated period and are not expected to be comparable in future
periods.&nbsp; Further, these percentages are only representative of the
percentage of the carrying value of such assets, finance income or rental income
as of each stated period, and as such are not indicative of the concentration
of any asset type or customer by the amount of equity invested or our
investment portfolio as a whole.</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Financing
Transaction</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">The
following tables set forth the type of asset securing the financing transaction
in our portfolio:</font></font></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">March
  31, 2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">December
  31, 2014</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Asset Type</font></p>
  </td>
 <td nowrap valign=bottom width=1% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net
  Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Net Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net
  Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Net Carrying Value</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Marine - container vessels<sup>(1)</sup></font></p>
  </td>
 <td nowrap valign=bottom width=1% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><sup><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></sup></p>
  </td>
 <td nowrap width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,350,503</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">100%</font></p>
  </td>
 </tr>
<tr style="height:39.0pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:39.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=13 width=95% style="height:39.0pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><sup><font color=black face="Times New Roman,serif" style="font-size:8.0pt;line-height:normal;">(1)</font></sup><font color=black face="Times New Roman,serif" style="font-size:8.0pt;line-height:normal;">
  Subsequent to the sale of the Marine - container vessels in 2011, the
  remaining note receivable was unsecured. In addition, the note receivable was
  placed on non-accrual status during 2014. In January 2015, we entered into a
  letter of mutual release with ZIM to release and discharge ZIM's obligation
  on our notes receivable that was due in full as of December 31, 2014.</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=5% style="border:none;">&nbsp;</td>
 <td width=32% style="border:none;">&nbsp;</td>
 <td width=1% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 </tr>
</table></div>



<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">The net carrying value of our
financing transaction represents the balance of our net investment in notes
receivable as of each reporting date.</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">During
the 2015 Quarter and the 2014 Quarter, certain customers generated significant
portions (defined as 10% or more) of our total finance income as follows:</font></font></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=61% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Finance Income</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Customer</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Asset Type</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015
  Quarter</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014
  Quarter</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">SAExploration, Inc.</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Seismic imaging equipment</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">41%</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">ZIM Integrated Shipping Services Ltd.</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Marine - container vessels</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">34%</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">NTS Communications, Inc.</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Telecommunications equipment</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">23%</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=30% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=29% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=4% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">98%</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Finance
income from our net investment in notes receivable and net investment in
finance leases is included in finance income in our consolidated statements of
comprehensive income.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.35pt;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Non-performing Assets within Financing
Transaction</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:27.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:-.35pt;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>


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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">12</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">As of March 31, 2015 and December 31, 2014, the net carrying value
of our non-accrual loans related to ZIM was $0 and $5,350,503, respectively.
The loans, which were scheduled to mature on September 30, 2014, were placed on
non-accrual status during the 2014 Quarter. While there was no credit loss
reserve recorded for the loans&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">during the
year ended December 31, 2014</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, we recorded&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">a loss on litigation of $5,350,503 related to the seller&#8217;s credits as a
result of the arbitration ruling</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;(see &#8220;Commitments and Contingencies
and Off-Balance Sheet Transactions&#8221; below). Finance income recognized on the
loans related to ZIM for March 31, 2015 and 2014 was $0 and $159,393,
respectively.&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">The decrease was due to the
loans being placed on non-accrual status during the 2014 Quarter and since
then, no finance income was recognized. </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">On January 19, 2015, we entered
into a letter of mutual release with ZIM to release and discharge ZIM&#8217;s
obligation on our notes receivable as well as our accrued obligation on the
seller&#8217;s credits in the same amount.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:27.35pt;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:13.5pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;letter-spacing:-.1pt;">Operating Lease Transaction</font></b></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">The following tables
set forth the type of equipment subject to the operating lease in our
portfolio:</font></font></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=30% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">March
  31, 2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=29% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">December
  31, 2014</font></p>
  </td>
 </tr>
<tr style="height:25.5pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Asset Type</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net
  Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Net Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Net
  Carrying Value</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=bottom width=14% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:25.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Net Carrying Value</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Mining equipment</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">5,827,427</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">100%</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">7,469,796</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=12% style="background:#CCECFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">100%</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=5% style="border:none;">&nbsp;</td>
 <td width=32% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=11% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=12% style="border:none;">&nbsp;</td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">The net carrying value of our
operating lease transaction represents the balance of our leased equipment at
cost as of each reporting date.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">During the 2015 Quarter and the 2014
Quarter, one customer generated a significant portion (defined as 10% or more)
of our total rental income as follows:</font></font></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=3 nowrap valign=bottom width=65% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=28% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Percentage
  of Total Rental Income</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Customer</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Asset Type</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=13% style="background:white;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015
  Quarter</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:white;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014
  Quarter</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=31% style="background:#CCEEFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Murray Energy Corporation</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=32% style="background:#CCEEFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Mining equipment</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#CCEEFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">100%</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=11% style="background:#CCEEFF;border-bottom:double black 2.25pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">100%</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=5% style="border:none;">&nbsp;</td>
 <td width=31% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=32% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=11% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=2% style="border:none;">&nbsp;</td>
 <td width=11% style="border:none;">&nbsp;</td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-indent:22.5pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Revenue and other income for the 2015 Quarter and the 2014 Quarter
is summarized as follows:</font></font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=32% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Three
  Months Ended March 31,</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Change</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Finance income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">473,370</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(473,370)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Rental income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1,907,669</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2,076,735</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(169,066)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Income from investment in joint
  ventures</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">477,926</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">411,641</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCEEFF;border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">66,285</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap valign=bottom width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face=Arial,sans-serif style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total revenue and other
  income</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2,385,595</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2,961,746</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(576,151)</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Total revenue and other income for the 2015
Quarter decreased $576,151, or 19.5%, </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">as compared to the 2014
Quarter. The decrease in finance income</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">was primarily a result of the note receivable with ZIM being placed on
non-accrual status during the 2014 Quarter</font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> and prepayments of secured
term loans by </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">NTS Communications, Inc.,
SAExploration, Inc. and certain of their affiliates</font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> subsequent to the
2014 Quarter. The decrease in rental income was a result of the sale of our
interest in an operating lease with Murray Energy Corporation and its affiliate
(collectively, &#8220;Murray&#8221;) subsequent to the 2014 Quarter.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Expenses
for the 2015 Quarter and the 2014 Quarter are summarized as follows:</font></font></p>



<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=5 nowrap valign=bottom width=32% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Three
  Months Ended March 31,</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2015</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border-bottom:solid black 1.0pt;border-left:none;border-right:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2014</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td colspan=2 nowrap valign=bottom width=15% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Change</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">General and administrative</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">687,039</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">668,927</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-top:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">18,112</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Depreciation</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1,642,369</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">1,685,713</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(43,344)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Interest</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">8,811</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">8,507</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">304</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Gain on derivative financial
  instruments</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">-</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(4,070)</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="border:none;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">4,070</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;page-break-inside:avoid;">
  <td nowrap width=5% style="height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=46% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Total expenses</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2,338,219</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 3.0pt 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">2,359,077</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td nowrap valign=bottom width=2% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">$</font></p>
  </td>
 <td nowrap valign=bottom width=13% style="background:#CCECFF;border:none;border-bottom:double black 2.25pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:right;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">(20,858)</font></p>
  </td>
 </tr>
</table></div>



<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Total expenses for the
2015 Quarter decreased $20,858, or 0.9%, as compared to the 2014 Quarter. The decrease
was due to </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">a decrease in
depreciation expense as a result of </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">the sale of our interest in an
operating lease with Murray subsequent to the 2014 Quarter.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Other Comprehensive Income (Loss)</font></i></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Other comprehensive income (loss) for the 2015
Quarter and the 2014 Quarter was $0 and $(1,831), respectively. This change was
due to the release of the accumulation of currency translation adjustments in
connection with the sale of equipment previously on lease to Heuliez S.A.
subsequent to the 2014 Quarter.</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Net Income
Attributable to Fund Eleven</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><i><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">As a result of the foregoing factors, net income attributable to
us for the </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2015</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Quarter and the </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2014&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">
Quarter was $109,864 and $505,577, respectively. Net income attributable to us
per weighted average additional share of limited liability company interests
(&#8220;Share&#8221;) outstanding for the </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2015 </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Quarter and
the </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">2014&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;"> Quarter was $0.30 and $1.38,
respectively.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Financial Condition</font></b></font></p>

<p style="background:white;border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">This section discusses the major balance sheet variances at March 31, 2015
compared to December 31, 2014.</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Total Assets</font></i></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Total
assets decreased $5,752,117, from $33,574,889 at December 31, 2014 to
$27,822,772 at March 31, 2015.&#160;&#160; The decrease was primarily the result of our
release and discharge during the 2015 Quarter of ZIM&#8217;s obligation on the notes
receivable that was due in full as of December 31, 2014 (See &#8220;Commitments and
Contingencies and Off-Balance Sheet Transactions&#8221; below).</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Current Assets</font></i></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Current
assets decreased $4,489,313, from $12,407,204 at December 31, 2014 to
$7,917,891 at March 31, 2015. The decrease was primarily the result of our
release and discharge during the 2015 Quarter of ZIM&#8217;s obligation on the notes
receivable that was due in full as of December 31, 2014 (See &#8220;Commitments and
Contingencies and Off-Balance Sheet Transactions&#8221; below).</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Total Liabilities</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Total liabilities decreased $5,170,335,
from $6,439,526 at December 31, 2014 to $1,269,191 at March 31, 2015.&#160; The
decrease was primarily the result of ZIM&#8217;s release and discharge during the
2015 Quarter of our accrued obligation on the seller&#8217;s credits (See
&#8220;Commitments and Contingencies and Off-Balance Sheet Transactions&#8221; below).</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Equity</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Equity decreased $581,782, from
$27,135,363 at December 31, 2014 to $26,553,581 at March 31, 2015.&#160; The
decrease was due to distributions paid to our noncontrolling interests, offset
by our net income during the 2015 Quarter.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Liquidity and Capital Resources</font></b></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Summary</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">At March 31, 2015 and December 31, 2014, we had cash and cash
equivalents of </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">$7,676,955 </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">and $7,056,701,
respectively.&#160; </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">During the three months ended </font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">March
31, 2015</font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, our main source of cash was from collections on our operating
lease.&#160; Our main use of cash was distributions to our noncontrolling interests.
During our liquidation period, which commenced on May 1, 2014, we expect our
main sources of cash will be from the collection of income and proceeds from
the sale of assets held directly by us or indirectly by our joint ventures and
our main use of cash will be for distributions to our members and
noncontrolling interests. Our liquidity will vary in the future, increasing to
the extent cash flows from investments and proceeds from the sale of our
investments exceed expenses </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


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<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">and decreasing as we pay
distributions and to the extent that expenses exceed cash flows from operations
and the proceeds from the sale of our investments.</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">We anticipate being able to meet our liquidity
requirements into the foreseeable future through our expected results of operations,
as well as cash received from our investments at maturity.&nbsp; However, our
ability to generate cash in the future is subject to general economic,
financial, competitive, regulatory and other factors that affect us and our
lessees&#8217; and borrowers&#8217; businesses that are beyond our control.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Pursuant to the terms of our offering, we established a cash
reserve in the amount of 0.5% of the gross offering proceeds. As of March 31,
2015, the cash reserve was $1,825,993.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">As we previously indicated to our members, we
experienced liquidity pressures in our portfolio after the U.S. economy entered
into a recession in December 2007, coupled with our prior investment strategy
that, among other things, relied significantly on third parties to originate
investments, used a substantial amount of long-term debt to make investments,
and was highly dependent on the residual value of equipment to achieve
investment returns. As a result, we reduced our distribution rate from 9.1% per
year to 4.0% per year effective January 1, 2011 through April 2012. We extended
our operating period two years and did not pay any distributions during this
extended operating period.&#160; </font></font><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">We commenced our liquidation
period on May 1, 2014, which may continue for more than one year if the sale of
our remaining assets is not in the best interests of our members due to, among
other things, current market conditions. While we believe that these actions
taken by our Manager have improved our financial position, we will be unable to
meet our investment objectives.</font></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Cash Flows</font></i></font></p>

<p style="border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Operating Activities</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Cash provided by operating activities decreased $893,458, from
$2,142,870 in the 2014 Quarter to $1,249,412 in the 2015 Quarter. This decrease
</font></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">was primarily a result of a decrease
in rental receipts due to the sale of our interest in an operating lease and
the prepayment of two notes receivable subsequent to the 2014 Quarter.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Investing Activities</font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash provided by investing activities decreased
$1,486,183, from $1,486,183 in the 2014 Quarter to $0 in the 2015 Quarter. This
decrease was p</font></font><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">rimarily due to the prepayment of two
notes receivable subsequent to the 2014 Quarter.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">Financing Activities</font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Cash used in financing activities increased </font></font><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">$331</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">, from $628,827 in the 2014 Quarter to </font><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">$629,158&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;"> in the 2015 Quarter.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Distributions</font></i></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">We, at our Manager&#8217;s discretion, paid monthly distributions to our
members and noncontrolling interests starting with the first month after each
member&#8217;s admission and the commencement of our joint venture operations,
respectively.&#160; During the 2015 Quarter, we paid distributions to our Manager,
additional members and noncontrolling interests of $0, $0 and $629,158,
respectively. Distributions paid during our liquidation period will vary,
depending on the timing of the sale of our assets and/or the maturity of our
investments and our receipt of rental and other income from our investments.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Commitments and Contingencies and Off-Balance
Sheet Transactions</font></b></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Commitments and Contingencies</font></i></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">At the time we acquire or
divest of our interest in an equipment lease or other financing transaction, we
may, under very limited circumstances, agree to indemnify the seller or buyer
for specific contingent liabilities. Our Manager believes that any liability of
ours that may arise as a result of any such indemnification obligations will
not have a material adverse effect on our consolidated financial condition or
results of operations taken as a whole.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">From November 2010 through
March 2011, we, through our wholly-owned subsidiaries, sold four container
vessels previously on bareboat charter to ZIM to unaffiliated third parties.
During June 2011, we received notices from ZIM claiming it was allegedly owed
various amounts for unpaid seller&#8217;s credits in the aggregate amount of
approximately $7,300,000. Our Manager believed any obligation to repay the
seller&#8217;s credits was extinguished when ZIM defaulted by failing to fulfill
certain of its obligations under the bareboat charters. On August 8, 2011, our
Manager agreed to a three party arbitration panel to hear such claims. On April
19, 2012, </font></font><!-- Do not modify beyond this point! !--><a name=bcl_connect_next></a></p>
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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;"><a name=bcl_connect_prev></a><!-- Do not modify before this point! !--><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">ZIM filed arbitration claim submissions. On
June 26, 2012, our Manager filed a defense and counterclaim. </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">On February 21, 2014, the arbitration panel ruled that
the seller&#8217;s credits were forfeited by virtue of ZIM&#8217;s default but that such
forfeiture was not proved to be an accurate representation of genuine loss
suffered from such default and thus, could not be enforced under English law.
Taking into consideration the arbitration panel&#8217;s ruling, we accrued
approximately $4,700,000 during the year ended December 31, 2013. </font></font><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">We filed for
the right to appeal the arbitration panel&#8217;s ruling, which was denied on August
7, 2014. In light of such denial, we increased our accrual to $5,350,503 during
the year ended December 31, 2014, which is included in accrued expenses and
other liabilities on the consolidated balance sheets. </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">On January 19, 2015, we entered into a
letter of mutual release with ZIM to release and discharge ZIM&#8217;s obligation on
our notes receivable that was due in full as of December 31, 2014, as well as
our accrued obligation on the seller&#8217;s credits in the same amount.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:22.5pt;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">During 2008, ICON EAR purchased and simultaneously leased
semiconductor manufacturing equipment to EAR for approximately $15,730,000. In
addition, ICON EAR II purchased and simultaneously leased semiconductor
manufacturing equipment to EAR for a purchase price of approximately
$6,348,000. &nbsp;On October 23, 2009, EAR filed a petition for reorganization
under Chapter 11 of the U.S. Bankruptcy Code.&nbsp;</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">On October 21, 2011, the Chapter 11 bankruptcy trustee for EAR filed an
adversary complaint against the ICON EAR entities seeking the recovery of the
lease payments that the trustee alleges were fraudulently transferred from EAR
to the ICON EAR entities. The complaint also sought the recovery of payments
made by EAR to the ICON EAR entities during the 90-day period preceding EAR&#8217;s
bankruptcy filing, alleging that those payments constituted a preference under
the U.S. Bankruptcy Code. Additionally, the complaint sought the imposition of
a constructive trust over certain real property and the proceeds from the sale
that the ICON EAR entities received as security in connection with their
investment. Our Manager filed an answer to the complaint that included certain
affirmative defenses. Since that time, substantial discovery was completed.&nbsp;
Our Manager still believes these claims are unsupported by the facts, but given
the risks, costs and uncertainty surrounding litigation in bankruptcy, our
Manager would engage in prudent settlement discussions to resolve this matter
expeditiously. At this time, we are unable to predict the outcome of this
action or loss therefrom, if any; however, an adverse ruling or settlement may
have a material impact on our consolidated financial position or results of
operations.</font></font></p>

<p style="border:none;margin-left:0in;margin-right:0in;text-align:justify;text-indent:22.5pt;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Subsequent to
the filing of the bankruptcy petition, EAR disclaimed any right to its
equipment and such equipment became the subject of an Illinois State Court
proceeding. The equipment was subsequently sold as part of the Illinois State
Court proceeding. On March 6, 2012, one of the creditors in the Illinois State
Court proceeding won a summary judgment motion filed against the ICON EAR
entities, thereby dismissing the ICON EAR entities&#8217; claims to the proceeds
resulting from the sale of the EAR equipment. The ICON EAR entities appealed this
decision.&#160; On September 16, 2013, the lower court&#8217;s ruling was affirmed by the
Illinois Appellate Court.&#160; On October 21, 2013, the ICON EAR entities filed a
Petition for Leave to Appeal with the Supreme Court of Illinois appealing the
decision of the Illinois Appellate Court, which petition was denied on January
29, 2014.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:22.5pt;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">In 2011,
Kreif entered into an agreement with ICON French Equipment to acquire certain
assets from ICON French Equipment.&nbsp; Subsequently, Kreif breached its
purchase obligation to acquire such assets, which resulted in ICON French
Equipment filing a legal claim against Kreif.&nbsp; </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">In 2013, a court awarded ICON French Equipment &#8364;1,484,956 to be paid
over a period of 10 years.&nbsp; Gain on litigation will be recognized to the
extent cash is received. We received our first payment of approximately &#8364;74,000
on April 1, 2015.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">We have entered into a remarketing agreement with a
third party.&nbsp;Residual proceeds received in excess of specific amounts will
be shared with this third party in accordance with the terms of the remarketing
agreement.&nbsp; The present value of the obligations related to this agreement
was approximately $430,000 at </font></font><font style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">March 31, 2015, </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">which is
included in accrued expenses and other liabilities on the consolidated balance
sheets.</font></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:7.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Off-Balance Sheet Transactions</font></i></font></p>

<p style="border:none;margin:0in;margin-bottom:.0001pt;text-align:justify;text-indent:.3in;"><font color=black style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">None.</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=item3></a></p>
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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">16</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Item 3. Quantitative and Qualitative Disclosures
About Market Risk</font></b></font><a name="item3_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Smaller
reporting companies are not required to provide the information required by
this item.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=item4></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Item 4. Controls and Procedures</font></b></font><a name="item4_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><a name="FIS_PART_II"></a><a name="FIS_PART_II_bclEnd"></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Evaluation
of disclosure controls and procedures</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">In connection with the preparation of this
Quarterly Report on Form 10-Q for the three months ended March 31, 2015, our Manager
carried out an evaluation, under the supervision and with the participation of
the management of our Manager, including its Co-Chief Executive Officers and
the Principal Financial and Accounting Officer, of the effectiveness of the
design and operation of our Manager&#8217;s disclosure controls and procedures as of
the end of the period covered by this report pursuant to the Securities
Exchange Act of 1934, as amended. Based on the foregoing evaluation, the
Co-Chief Executive Officers and the Principal Financial and Accounting Officer
concluded that our Manager&#8217;s disclosure controls and procedures were effective.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">In
designing and evaluating our Manager&#8217;s disclosure controls and procedures, our
Manager recognized that disclosure controls and procedures, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the disclosure controls and procedures are met. Our
Manager&#8217;s disclosure controls and procedures have been designed to meet
reasonable assurance standards. Disclosure controls and procedures cannot
detect or prevent all error and fraud. Some inherent limitations in disclosure
controls and procedures include costs of implementation, faulty
decision-making, simple error and mistake. Additionally, controls can be
circumvented by the individual acts of some persons, by collusion of two or
more people, or by management override of the controls. The design of any
system of controls is based, in part, upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all anticipated and unanticipated
future conditions. Over time, controls may become inadequate because of changes
in conditions, or the degree of compliance with established policies or
procedures.</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:.25in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><i><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Evaluation of internal control over financial reporting</font></i></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">There have
been no changes in our internal control over financial reporting during the
three months ended March 31, 2015 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.</font></font></p>

<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><a name=part2></a></p>
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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">17</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p align=center style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:center;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">PART II - OTHER INFORMATION</font></b></font><a name="part2_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=legal></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Item 1. Legal Proceedings</font></b></font><a name="legal_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">In the ordinary course of
conducting our business, we may be subject to certain claims, suits and
complaints filed against us. See &#8220;Commitments and Contingencies and Off-Balance
Sheet Transactions&#8221; above for a complete discussion of the EAR matter.
Notwithstanding our Manager&#8217;s belief that the EAR trustee&#8217;s claims against us
are unsupported by the facts, an adverse ruling or settlement may have a
material impact on our consolidated financial position or results of
operations. We are not aware of any other material legal proceedings that are
currently pending against us or against any of our assets</font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=risk></a><font color=black face="Times New Roman,serif" style="background:white;border:none;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Item 1A. Risk Factors</font></b></font><a name="risk_bclEnd"></a></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Smaller
reporting companies are not required to provide the information required by
this item.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="Times New Roman,serif" style="border:none;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><a name=unregis></a><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Item 2.&#160; Unregistered Sales of Equity Securities and Use of
Proceeds</font></b></font><a name="unregis_bclEnd"></a></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">We did not sell or repurchase any Shares during the three months
ended March 31, 2015.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Item 3.&#160; Defaults Upon Senior Securities</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Item 4.&#160; Mine Safety Disclosures</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Not applicable.</font></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></font></p>

<p style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="Times New Roman,serif" style="border:none;"><b><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">Item 5.&#160; Other Information</font></b></font></p>

<p style="border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;text-indent:.3in;"><font color=black face="Times New Roman,serif" style="border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">Not applicable.</font></font></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><a name=item6></a></p>
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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">18</font></font></p>


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</DIV><HR noshade STYLE="page-break-after: always" align="center" width="100%" size=2><a name="page_21"></a><DIV bclPageBorder STYLE="PADDING-TOP: 0in; PADDING-BOTTOM: 0in; WIDTH: 100%; PADDING-RIGHT: 0in; PADDING-LEFT: 0in">

<DIV bclHeader>


<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Item 6.
Exhibits<a name="item6_bclEnd"></a></font></b></p>

<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">3.1</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Certificate of
  Formation of Registrant (Incorporated by reference to Exhibit 3.1 to Amendment
  No. 1 to the Registration Statement on Form S-1 filed with the SEC on
  February 15, 2005 (File No. 333-121790))</font><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">.&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">4.1</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="_DV_C1897"></a><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Amended
  and Restated Limited Liability Company Agreement of Registrant (Incorporated
  by reference to Exhibit 4.1 to Amendment No. 1 to the Registration Statement
  on Form S-1 filed with the SEC on June 29, 2006 (File No. 333-133730)).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">4.2</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Amendment No.
  1 to the Amended and Restated Limited Liability Company Agreement of
  Registrant (Incorporated by reference to Exhibit 4.3 to Registrant&#8217;s
  Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006,
  filed August 23, 2006).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">10.1</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="_DV_C1901"></a><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Commercial
  Loan Agreement, by and between California Bank &amp; Trust and ICON Leasing
  Fund Eleven, LLC, dated as of May 10, 2011 (Incorporated by reference to
  Exhibit 10.7 to Registrant&#8217;s Quarterly Report on Form 10-Q for the quarterly
  period ended March 31, 2011, filed May 16, 2011).</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">10.2</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Loan
  Modification Agreement, dated as of March 31, 2013, by and between California
  Bank &amp; Trust and ICON Leasing Fund Eleven, LLC (Incorporated by reference
  to Exhibit 10.2 to Registrant&#8217;s Annual Report on Form 10-K for the year ended
  December 31, 2012, filed March 21, 2013).</font></p>
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">31.1</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Rule
  13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">31.2</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="_DV_C1913"></a><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Rule
  13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">31.3</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Rule
  13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">32.1</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="_DV_C1917"></a><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Certification
  of Co-Chief Executive Officer pursuant to 18 U.S.C. &#167;1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">32.2</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Certification
  of Co-Chief Executive Officer pursuant to 18 U.S.C. &#167;1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">32.3</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><a name="_DV_C1921"></a><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">Certification
  of Principal Financial and Accounting Officer pursuant to 18 U.S.C. &#167;1350, as
  adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.INS*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Instance
  Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.SCH*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Taxonomy
  Extension Schema Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.CAL*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Taxonomy
  Extension Calculation Linkbase Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.DEF*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Taxonomy
  Extension Definition Linkbase Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.LAB*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Taxonomy
  Extension Labels Linkbase Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">101.PRE*</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL Taxonomy
  Extension Presentation Linkbase Document.</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;border:none;border-bottom:solid black 1.5pt;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=10% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">*&nbsp;</font></p>
  </td>
 <td valign=top width=90% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;line-height:normal;">XBRL
  (eXtensible Business Reporting Language) information is furnished and not
  filed or a part of a registration statement or prospectus for purposes of
  Sections&nbsp;11 or 12 of the Securities Act of 1933, as amended, is deemed
  not filed for purposes of Section&nbsp;18 of the Securities Exchange Act of
  1934, as amended, and otherwise is not subject to liability under these
  sections.</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:normal;">&#160;&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><a name=sug></a></p>
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<p align=center style="border:none;margin-bottom:10.0pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;text-align:center;"><font face="Times New Roman,serif" style="border:none;mso-fareast-font-family:Calibri;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;line-height:115%;">19</font></font></p>


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<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;"><font style="border:none;"><a href="#TOC" style="text-underline:single;"><i><font style="mso-bidi-font-style:normal;"><i><u><font color=blue face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;line-height:normal;">Table of contents</font></u></i></font></i></a></font><i><font style="mso-bidi-font-style:normal;"><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></font></i></p>

<p style="background:white;border:none;margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;mso-border-shadow:yes;mso-layout-grid-align:none;mso-padding-alt:31.0pt 31.0pt 31.0pt 31.0pt;mso-pagination:none;text-align:justify;text-indent:.25in;"><font color=black face="Times New Roman,serif" style="background:white;border:none;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;line-height:normal;">&nbsp;</font></font><font face="Times New Roman,serif" style="border:none;">&nbsp;</font></p>


</DIV>
<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:center;"><b><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">SIGNATURES<a name="sug_bclEnd"></a></font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">ICON Leasing Fund Eleven, LLC</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">(Registrant)</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">By: ICON Capital, LLC</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Manager of
the Registrant)</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" lang=EN-US style="background:white;font-size:10.0pt;">May 7, 2015</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">By: </font><u><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Michael
  A. Reisner</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Michael
  A. Reisner</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Co-Chief
  Executive Officer and Co-President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(Co-Principal Executive Officer)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">By: </font><u><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Mark
  Gatto</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:9.0pt;page-break-after:avoid;text-indent:9.0pt;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Mark Gatto</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Co-Chief
  Executive Officer and Co-President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(Co-Principal
  Executive Officer)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="Times New Roman,serif" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table border=0 cellpadding=0 cellspacing=0 style="border-collapse:collapse;width:100%;">
 <tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">By: </font><u><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">/s/ Christine
  H. Yap</font></u></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Christine
  H. Yap</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">Managing
  Director</font></p>
  </td>
 </tr>
<tr style="page-break-inside:avoid;">
  <td valign=top width=100% style="background:white;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:avoid;text-align:justify;"><font color=black face="Times New Roman,serif" style="font-size:10.0pt;">(Principal Financial and Accounting Officer)</font></p>
  </td>
 </tr>
</table></div>



<p style="background:white;margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=black face="Times New Roman,serif" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;"><font face="Courier New" lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:10.0pt;page-break-after:avoid;"><font face=Calibri,sans-serif lang=EN-US style="font-size:11.0pt;line-height:115%;">&nbsp;</font></p>




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[{"type": "10-Q", "sequence": "1", "filename": "body.htm", "description": "FIRST QUARTER 2015 FINANCIALS", "secsgml_size_bytes": 747780}]
{"company-data": {"conformed-name": "ICON LEASING FUND ELEVEN, LLC", "cik": "0001312910", "assigned-sic": "7359", "irs-number": "201979428", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "10-Q", "act": "34", "file-number": "000-51916", "film-number": "15843643"}, "business-address": {"street1": "3 PARK AVENUE", "street2": "36TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10016", "phone": "2124184700"}, "mail-address": {"street1": "3 PARK AVENUE", "street2": "36TH FLOOR", "city": "NEW YORK", "state": "NY", "zip": "10016"}, "former-company": {"former-conformed-name": "ICON Leasing Fund Eleven, LLC", "date-changed": "20041228"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[x]         Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended
March
  31, 2015
or
[  ]         Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from
to
Commission
  File Number:
000-51916
ICON
  Leasing Fund Eleven, LLC
(Exact
  name of registrant as specified in its charter)
Delaware
20-1979428
(State
  or other jurisdiction of incorporation or organization)
(I.R.S.
  Employer Identification No.)
3
  Park Avenue, 36th Floor, New York, New York
10016
(Address
  of principal executive offices)
(Zip
  Code)
(212)
  418-4700
(Registrant's
  telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed
all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
☑
Yes
☐
No
Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of
Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or
for such shorter period that the registrant was required to submit and post
such files).
☑
Yes
☐
No
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer or a smaller
reporting company. See the definitions of "large accelerated filer,"
"accelerated filer" and "smaller reporting company" in Rule 12b-2 of
the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☐
(Do not check
  if a smaller reporting company)
Smaller reporting company
☑
Indicate by check mark whether the registrant is a shell
company (as defined in Rule 12b-2 of the Exchange Act).
☐
Yes
☑
No
Number of
outstanding shares of limited liability company interests of the registrant on
May 5, 2015 is 362,656.
ICON
Leasing Fund Eleven, LLC
Table
of Contents
Page
PART I – FINANCIAL
  INFORMATION
Item 1. Consolidated Financial Statements
1
Consolidated
  Balance Sheets
1
Consolidated
  Statements of Comprehensive Income
2
Consolidated
  Statement of Changes in Equity
3
Consolidated
  Statements of Cash Flows
4
Notes to Consolidated Financial Statements
5
Item 2. Manager's Discussion and Analysis of Financial Condition
  and Results of Operations
11
Item 3. Quantitative and
  Qualitative Disclosures About Market Risk
17
Item 4. Controls and
  Procedures
17
PART II – OTHER INFORMATION
Item 1. Legal Proceedings
18
Item 1A. Risk Factors
18
Item 2. Unregistered Sales of Equity Securities and Use of
  Proceeds
18
Item 3. Defaults Upon Senior Securities
18
Item 4. Mine Safety Disclosures
18
Item 5. Other Information
18
Item 6. Exhibits
19
Signatures
20
Table of contents
PART
I – FINANCIAL INFORMATION
Item 1.  Consolidated
Financial Statements
ICON Leasing Fund Eleven,
  LLC
(A Delaware Limited
  Liability Company)
Consolidated Balance
  Sheets
March 31,
December 31,
2015
2014
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
7,676,955
$
7,056,701
Current portion of net investment in notes receivable
-
5,350,503
Other current assets
240,936
-
Total current assets
7,917,891
12,407,204
Non-current assets:
Leased equipment at cost (less accumulated depreciation of
$9,811,223 and $8,168,854, respectively)
5,827,427
7,469,796
Investment in joint ventures
14,077,454
13,697,889
Total non-current assets
19,904,881
21,167,685
Total assets
$
27,822,772
$
33,574,889
Liabilities and Equity
Current liabilities:
Due to Manager and affiliates, net
-
228,736
Accrued expenses and other liabilities
1,269,191
6,210,790
Total liabilities
1,269,191
6,439,526
Commitments and contingencies (Note 9)
Equity:
Members' equity:
Additional members
27,845,800
27,737,035
Manager
(2,946,692)
(2,947,791)
Total members' equity
24,899,108
24,789,244
Noncontrolling interests
1,654,473
2,346,119
Total equity
26,553,581
27,135,363
Total liabilities and equity
$
27,822,772
$
33,574,889
See accompanying notes to
  consolidated financial statements.
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ICON
  Leasing Fund Eleven, LLC
(A
  Delaware Limited Liability Company)
Consolidated
  Statements of Comprehensive Income
(unaudited)
Three
  Months Ended
March
  31,
2015
2014
Revenue and other income:
Finance income
$
-
$
473,370
Rental income
1,907,669
2,076,735
Income from investment in joint ventures
477,926
411,641
Total revenue and other income
2,385,595
2,961,746
Expenses:
General and administrative
687,039
668,927
Depreciation
1,642,369
1,685,713
Interest
8,811
8,507
Gain on derivative financial instruments
-
(4,070)
Total expenses
2,338,219
2,359,077
Net income
47,376
602,669
Less: net (loss) income attributable to noncontrolling interests
(62,488)
97,092
Net income attributable to Fund Eleven
109,864
505,577
Other comprehensive income (loss):
Currency translation adjustments during the period
-
(1,831)
Total other comprehensive income (loss)
-
(1,831)
Comprehensive income
47,376
600,838
Less: comprehensive (loss) income attributable to noncontrolling
  interests
(62,488)
97,092
Comprehensive income attributable to Fund Eleven
$
109,864
$
503,746
Net income attributable to Fund Eleven allocable to:
Additional members
$
108,765
$
500,521
Manager
1,099
5,056
$
109,864
$
505,577
Weighted average number of additional shares of
limited liability company interests outstanding
362,656
362,656
Net income attributable to Fund Eleven per weighted average
additional share of limited liability company interests
  outstanding
$
0.30
$
1.38
See
  accompanying notes to consolidated financial statements.
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ICON
  Leasing Fund Eleven, LLC
(A
  Delaware Limited Liability Company)
Consolidated
  Statement of Changes in Equity
Members'
  Equity
Additional
  Shares of Limited Liability Company Interests
Total
Additional
Members'
Noncontrolling
Total
Members
Manager
Equity
Interests
Equity
Balance, December 31, 2014
362,656
$
27,737,035
$
(2,947,791)
$
24,789,244
$
2,346,119
$
27,135,363
Net income (loss)
-
108,765
1,099
109,864
(62,488)
47,376
Distributions
-
-
-
-
(629,158)
(629,158)
Balance, March 31, 2015 (unaudited)
362,656
$
27,845,800
$
(2,946,692)
$
24,899,108
$
1,654,473
$
26,553,581
See
  accompanying notes to consolidated financial statements.
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Table
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ICON Leasing Fund Eleven,
  LLC
(A Delaware Limited
  Liability Company)
Consolidated Statements of
  Cash Flows
(unaudited)
Three Months Ended March
  31,
2015
2014
Cash flows from operating activities:
Net income
$
47,376
$
602,669
Adjustments to reconcile net income to net cash provided by
  operating activities:
Finance income
-
(48,752)
Income from investment in joint ventures
(477,926)
(411,641)
Depreciation
1,642,369
1,685,713
Gain on derivative financial instruments
-
(4,070)
Interest expense, other
8,811
8,389
Changes in operating assets and liabilities:
Other assets
(240,936)
(110,600)
Accrued expenses and other liabilities
400,093
421,162
Due to Manager and affiliates, net
(228,736)
-
Distributions from joint venture
98,361
-
Net cash provided by operating activities
1,249,412
2,142,870
Cash flows from investing activities:
Principal received on notes receivable
-
1,486,183
Net cash provided by investing activities
-
1,486,183
Cash flows from financing activities:
Distributions to noncontrolling interests
(629,158)
(628,827)
Net cash used in financing activities
(629,158)
(628,827)
Effects of exchange rates on cash and cash equivalents
-
104
Net increase in cash and cash equivalents
620,254
3,000,330
Cash and cash equivalents, beginning of period
7,056,701
16,626,672
Cash and cash equivalents, end of period
$
7,676,955
$
19,627,002
Supplemental disclosure of non-cash investing and financing
  activities:
Mutual release of notes receivable and seller's credits
  obligations
$
5,350,503
$
-
See accompanying notes to
  consolidated financial statements.
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ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
(1) Organization
ICON Leasing Fund Eleven, LLC (the "LLC") was formed on
December 2, 2004 as a Delaware limited liability company. When used in these
notes to consolidated financial statements, the terms "we," "us," "our" or
similar terms refer to the LLC and its consolidated subsidiaries.
We
operated as an equipment leasing and finance program in which the capital our
members invested was pooled together to make investments, pay fees and
establish a small reserve. We primarily acquired equipment subject to lease,
purchased equipment and leased it to third parties, provided equipment and
other financing and, to a lesser degree, acquired ownership rights to items of
leased equipment at lease expiration.
Our manager is ICON
Capital, LLC, a Delaware limited liability company (the "Manager"). Our Manager
manages and controls our business affairs, including, but not limited to, the
equipment leases and other financing transactions that we entered into pursuant
to the terms of our amended and restated limited liability company agreement
(the "LLC Agreement").
Our
operating period ended on April 30, 2014 after having been extended for two
years.  On May 1, 2014, we commenced our liquidation period. During our
liquidation period, we will sell our assets and/or let our investments mature
in the ordinary course of business. Our liquidation period may continue for
more than one year if the sale of our remaining assets is not in the best
interests of our members due to, among other things, current market conditions
.
(2)  Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
Our
accompanying consolidated financial statements have been prepared in accordance
with U.S. generally accepted accounting principles ("U.S. GAAP") for interim
financial information and pursuant to the rules and regulations of the
Securities and Exchange Commission for Quarterly Reports on Form 10-Q.  In the
opinion of our Manager, all adjustments, which are of a normal recurring
nature, considered necessary for a fair presentation have been included. These
consolidated financial statements should be read together with the consolidated
financial statements and notes included in our Annual Report on Form 10-K for
the year ended December 31, 2014.  The results for the interim period are not
necessarily indicative of the results for the full year.
Credit
Quality of Notes Receivable and Finance Leases and Credit Loss Reserve
Our
Manager  monitors the ongoing credit quality of our financing receivables
by (i) reviewing and analyzing a borrower's financial performance on a regular
basis, including review of financial statements received on a monthly,
quarterly or annual basis as prescribed in the loan or lease agreement, (ii)
tracking the relevant credit metrics of each financing receivable and a
borrower's compliance with financial and non-financial covenants, (iii)
monitoring a borrower's payment history and public credit rating, if available,
and (iv) assessing our exposure based on the current investment mix. As part of
the monitoring process, our Manager may physically inspect the collateral or a
borrower's facility and meet with a borrower's management to better understand
such borrower's financial performance and its future plans on an as-needed
basis.
As our
financing receivables, generally notes receivable and finance leases, are
limited in number, our Manager is able to estimate the credit loss reserve
based on a detailed analysis of each financing receivable as opposed to using
portfolio-based metrics. Our Manager does not use a system of assigning
internal risk ratings to each of our financing receivables. Rather, each
financing receivable is analyzed quarterly and categorized as either performing
or non-performing based on certain factors including, but not limited to,
financial results, satisfying scheduled payments and compliance with financial
covenants. A financing receivable is usually categorized as non-performing only
when a borrower experiences financial difficulties and
has failed to make scheduled payments. Our
Manager then analyzes whether the financing receivable should be placed on a
non-accrual status, a credit loss reserve should be established or the
financing receivable should be restructured. As part of the assessment, updated
collateral value is usually considered and such collateral value can be based
on a third party industry expert appraisal or, depending on the type of
collateral and accessibility to relevant published guides or market sales data,
internally derived fair value. Material events would be specifically disclosed
in the discussion of each financing receivable held.
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Table of contents
ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
Financing receivables are generally placed in a non-accrual status
when payments are more than 90 days past due. Additionally, our Manager
periodically reviews the creditworthiness of companies with payments
outstanding less than 90 days and based upon our Manager's judgment, these
accounts may be placed in a non-accrual status.
In accordance with the cost recovery method, payments received on
non-accrual financing receivables are applied to principal if there is doubt
regarding the ultimate collectability of principal. If collection of the
principal of non-accrual financing receivables is not in doubt, interest income
is recognized on a cash basis. Financing receivables in non-accrual status may
not be restored to accrual status until all delinquent payments have been
received, and we believe recovery of the remaining unpaid receivable is
probable.
When our
Manager
deems it is probable that we will not be able to collect
all contractual principal and interest on a non-performing financing
receivable, we perform an analysis to determine if a credit loss reserve is
necessary. This analysis considers the estimated cash flows from the financing
receivable, and/or the collateral value of the asset underlying the financing
receivable when financing receivable repayment is collateral dependent. If it
is determined that the impaired value of the non-performing financing
receivable is less than the net carrying value, we will recognize a credit loss
reserve or adjust the existing credit loss reserve with a corresponding charge
to earnings.
We then charge off a financing receivable in the
period that it is deemed uncollectible by reducing the credit loss reserve and
the balance of the financing receivable.
Recent Accounting Pronouncements
In May 2014, the
Financial Accounting Standards Board ("FASB") issued Accounting Standards
Update ("ASU") No. 2014-09
, Revenue from Contracts with Customers
("ASU
2014-09"), requiring revenue to be recognized in an amount that reflects the
consideration expected to be received in exchange for goods and services. The
adoption of ASU 2014-09 becomes effective for us on January 1, 2017, including
interim periods within that reporting period. Early adoption is not
permitted.  We are currently in the process of evaluating the impact of
the adoption of ASU 2014-09 on our consolidated financial statements.
In August 2014, FASB
issued ASU No. 2014-15,
Presentation of Financial Statements – Going
Concern: Disclosure of Uncertainties about an Entity's Ability to Continue as a
Going Concern
("ASU 2014-15"), which provides guidance about management's
responsibility to evaluate whether there is substantial doubt about an entity's
ability to continue as a going concern and to provide related footnote
disclosures. The adoption of ASU 2014-15 becomes effective for us on our fiscal
year ending December 31, 2016, and all subsequent annual and interim periods.
Early adoption is permitted. The adoption of ASU 2014-15 is not expected to
have a material effect on our consolidated financial statements.
In January 2015, FASB issued ASU No. 2015-01,
Income Statement
–
Extraordinary and Unusual Items
("ASU 2015-01"), which
simplifies income statement presentation by eliminating the concept of
extraordinary items.  The adoption of ASU 2015-01 becomes effective for us
on January 1, 2016, including interim periods within that reporting period. 
Early adoption is permitted.  The adoption of ASU 2015-01 is not expected
to have a material effect on our consolidated financial statements.
In February 2015, FASB issued ASU No. 2015-02,
Consolidation –
Amendments to the Consolidation Analysis
("ASU 2015-02"), which modifies
the evaluation of whether limited partnerships and similar legal entities are
variable interest entities or voting interest entities, eliminates the
presumption that a general partner should consolidate a limited partnership,
and affects the consolidation analysis by reducing the frequency of application
of related party guidance and excluding certain fees in the primary beneficiary
determination. The adoption of ASU 2015-02 becomes effective for us on January
1, 2016. Early adoption is permitted. We are currently in the process of
evaluating the impact of the adoption of ASU 2015-02 on our consolidated
financial statements.
In April 2015, FASB issued ASU No. 2015-03,
Interest –
Imputation of Interest
("ASU 2015-03"), which requires debt issuance
costs related to a recognized debt liability to be presented in the balance
sheet as a direct deduction from the carrying amount of such debt liability,
consistent with debt discounts. ASU 2015-03 will be applied on a retrospective
basis. The adoption of ASU 2015-03 becomes effective for us on January 1, 2016,
including interim periods within that reporting period.  Early adoption is
permitted. We are currently in the process of evaluating the impact of the
adoption of ASU 2015-03 on our consolidated financial statements.
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ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
(3)  Net Investment in Notes
Receivable
As of March 31, 2015 and December 31, 2014, we had net investment
in notes receivable on non-accrual status of $0 and $5,350,503, respectively,
and no net investment in notes receivable that was past due 90 days or more and
still accruing.
Net investment in notes receivable consisted of
the following:
March
  31,
December
  31,
2015
2014
Principal outstanding
$
-
$
5,350,503
Net investment in notes receivable
-
5,350,503
Less: current portion of net
  investment in notes receivable
-
5,350,503
Net investment in notes receivable,
  less current portion
$
-
$
-
Subsequent
to the arbitration panel's ruling in February 2014 (see Note 9), ZIM Integrated
Shipping Services Ltd. ("ZIM") ceased making scheduled repayments on our notes
receivable. Our Manager believed that ZIM was not entitled to offset its
obligations under the notes receivable by the seller's credits.  As a result,
our Manager believed that ZIM was in default of its obligations and that it was
unlikely that ZIM would make any past due or future repayments on the notes
receivable, if at all, until we and ZIM resolved our dispute regarding the
seller's credits. Accordingly, we placed the notes receivable on non-accrual
status as of December 31, 2014. While there was no credit loss reserve recorded
for the notes receivable, we provided for an accrued obligation on the seller's
credits in the same amount as of December 31, 2014. On January 19, 2015, we
entered into a letter of mutual release with ZIM to release and discharge each
other's obligations related to the notes receivable and the seller's credits.
(4)  Leased
Equipment at Cost
Leased
equipment at cost consisted of the following:
March
  31,
December
  31,
2015
2014
Mining equipment
$
15,638,650
$
15,638,650
Less: accumulated depreciation
9,811,223
8,168,854
Leased equipment at cost, less
  accumulated depreciation
$
5,827,427
$
7,469,796
Depreciation
expense was $1,642,369 and $1,685,713 for the three months ended March 31, 2015
and 2014, respectively.
(5) 
Investment in Joint Ventures
On
May 15, 2013, a joint venture owned 39% by us, 21% by ICON Leasing Fund Twelve,
LLC ("Fund Twelve") and 40% by ICON ECI Fund Fifteen, L.P., each an entity also
managed by our Manager, purchased a portion of an approximately $208,000,000
subordinated credit facility for Jurong Aromatics Corporation Pte. Ltd. ("JAC")
from Standard Chartered Bank at $28,462,500.
As of March 31, 2015, JAC was in technical
default of the facility as a result of its failure to provide certain financial
data to us. In addition, JAC realized lower than expected operating results
caused in part by a temporary shutdown of its manufacturing facility due to
technical constraints that have since been resolved.  As a result, JAC failed
to make the expected payment that was due to the joint venture during the three
months ended March 31, 2015. Although this delayed payment did not trigger a
payment default under the loan agreement, the interest rate payable by JAC under
the facility increased from 12.5% to 15.5%. Our Manager believes that all
contractual interest and principal payments are still collectible and therefore,
a credit loss reserve was not required as of March 31, 2015. To the extent the
manufacturing facility does not resume operations in the near future, a credit
loss reserve may be required.
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ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
The results of operations of the joint venture
are summarized below:
Three
  Months Ended March 31,
2015
2014
Revenue
$
1,152,580
$
995,689
Net income
$
1,142,854
$
987,346
Our share of net income
$
471,885
$
411,708
(
6) 
Foreign Income Taxes
Certain of
our direct and indirect wholly-owned subsidiaries are unlimited liability
companies and are taxed as corporations under the laws of Canada. Other
indirect wholly-owned subsidiaries are taxed as corporations in Barbados. 
There was no income tax expense or benefit for the three months ended March 31,
2015 and 2014. Under the laws of Canada, our Canadian subsidiaries are subject
to income tax examination for 2008 and subsequent periods.
We have not identified
any material uncertain tax positions as of March 31, 2015.
As of December 31, 2013, we had an income tax receivable of $1,525,563
relating to expected income tax refunds primarily due to carrying back to
previous tax years the loss realized for income tax purposes upon
Teal
Jones Group and Teal Jones Lumber Services, Inc. (collectively, "Teal Jones")
satisfying its obligations in connection with the mortgage
note receivable and finance lease during the three months ended March 31, 2013.
In July 2014, we received the tax refund of approximately CAD $1,628,000 (USD
$1,525,000). As of March 31,
2015 and December 31, 2014
, we recorded a valuation allowance against our deferred
tax asset of approximately CAD $2,609,000 (translated to USD as of the
respective balance sheet dates) in relation to unused net operating losses. We
believe it is more likely than not that
our
wholly-owned subsidiaries, ICON Teal Jones, LLC and ICON Teal Jones, ULC,
will
not realize this deferred tax asset.
(7) 
Transactions with Related Parties
We did not pay any distributions to our Manager for
the three months ended March 31, 2015 and 2014. Our Manager's interest in the
net income attributable to us was $1,099 and $5,056 for the three months ended
March 31, 2015 and 2014, respectively.
Our Manager has waived the following fees and administrative
expense reimbursements in relation to services provided during the three months
ended March 31, 2015 and 2014:
Three
  Months Ended March 31,
Entity
Capacity
Description
2015
2014
ICON
  Capital, LLC
Manager
Management fees
$
63,869
$
157,434
ICON
  Capital, LLC
Manager
Administrative expense reimbursements
110,878
142,211
$
174,747
$
299,645
At March 31, 2015, we had no related party receivable or payable. At
December 31, 2014, we had a net payable due to our Manager and affiliates of
approximately $229,000 that primarily related to professional fees paid on our
behalf.
(8)  Fair Value Measurements
Assets and liabilities carried at fair value are classified
and disclosed in one of the following three categories:
·
Level 1: Quoted market
prices available in active markets for identical assets or liabilities as of
the reporting date.
·
Level 2: Pricing inputs other than
quoted prices in active markets included in Level 1, which are either directly
or indirectly observable as of the reporting date.
·
Level 3: Pricing
inputs that are generally unobservable and are supported by little or no market
data.
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ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
As of March 31, 2015 and December 31, 2014, we had no assets or
liabilities that were required to be measured at fair value either on a
recurring or nonrecurring basis.
Fair
value information with respect to our assets and liabilities is not separately
provided since (i) U.S. GAAP does not require fair value disclosures of lease
arrangements and (ii) the carrying value of financial assets and liabilities,
other than lease-related investments, approximates fair value due to their
short-term maturities.
(9)  Commitments and
Contingencies
At the time we acquire or
divest of our interest in an equipment lease or other financing transaction, we
may, under very limited circumstances, agree to indemnify the seller or buyer
for specific contingent liabilities. Our Manager believes that any liability of
ours that may arise as a result of any such indemnification obligations will
not have a material adverse effect on our consolidated financial condition or
results of operations taken as a whole.
From November 2010 through
March 2011, we, through our wholly-owned subsidiaries, sold four container
vessels previously on bareboat charter to ZIM to unaffiliated third parties.
During June 2011, we received notices from ZIM claiming it was allegedly owed
various amounts for unpaid seller's credits in the aggregate amount of
approximately $7,300,000. Our Manager believed any obligation to repay the
seller's credits was extinguished when ZIM defaulted by failing to fulfill
certain of its obligations under the bareboat charters. On August 8, 2011, our
Manager agreed to a three party arbitration panel to hear such claims. On April
19, 2012, ZIM filed arbitration claim submissions. On June 26, 2012, our
Manager filed a defense and counterclaim.
On
February 21, 2014, the arbitration panel ruled that the seller's credits were
forfeited by virtue of ZIM's default but that such forfeiture was not proved to
be an accurate representation of genuine loss suffered from such default and
thus, could not be enforced under English law. Taking into consideration the
arbitration panel's ruling, we accrued approximately $4,700,000 during the year
ended December 31, 2013.
We filed for the right to appeal the
arbitration panel's ruling, which was denied on August 7, 2014. In light of such
denial, we increased our accrual to $5,350,503 during the year ended December
31, 2014, which is included in accrued expenses and other liabilities on the
consolidated balance sheets.
On
January 19, 2015, we entered into a letter of mutual release with ZIM to
release and discharge ZIM's obligation on our notes receivable that was due in
full as of December 31, 2014, as well as our accrued obligation on the seller's
credits in the same amount.
During 2008, a joint venture
owned 45% by us and 55% by Fund Twelve ("ICON EAR") purchased and
simultaneously leased semiconductor manufacturing equipment to Equipment
Acquisition Resources, Inc. ("EAR") for approximately $15,730,000. In addition,
our wholly-owned subsidiary, ICON EAR II, LLC ("ICON EAR II") purchased and
simultaneously leased semiconductor manufacturing equipment to EAR for a
purchase price of approximately $6,348,000. On October 23, 2009, EAR filed
a petition for reorganization under Chapter 11 of the U.S. Bankruptcy
Code.
On October 21, 2011, the Chapter 11
bankruptcy trustee for EAR filed an adversary complaint against
ICON EAR
and ICON EAR II (collectively, the "ICON EAR entities")
seeking the recovery of the lease payments that the trustee alleges were
fraudulently transferred from EAR to the ICON EAR entities. The complaint also
sought the recovery of payments made by EAR to the ICON EAR entities during the
90-day period preceding EAR's bankruptcy filing, alleging that those payments
constituted a preference under the U.S. Bankruptcy Code. Additionally, the
complaint sought the imposition of a constructive trust over certain real
property and the proceeds from the sale that the ICON EAR entities received as
security in connection with their investment. Our Manager filed an answer to
the complaint that included certain affirmative defenses. Since that time,
substantial discovery was completed.  Our Manager still believes these
claims are unsupported by the facts, but given the risks, costs and uncertainty
surrounding litigation in bankruptcy, our Manager would engage in prudent
settlement discussions to resolve this matter expeditiously. At this time, we
are unable to predict the outcome of this action or loss therefrom, if any;
however, an adverse ruling or settlement may have a material impact on our
consolidated financial position or results of operations.
Subsequent to
the filing of the bankruptcy petition, EAR disclaimed any right to its
equipment and such equipment became the subject of an Illinois State Court
proceeding. The equipment was subsequently sold as part of the Illinois State
Court proceeding. On March 6, 2012, one of the creditors in the Illinois State
Court proceeding won a summary judgment motion filed against the ICON EAR
entities, thereby dismissing the ICON EAR entities' claims to the proceeds
resulting from the sale of the EAR equipment. The ICON EAR entities appealed
this decision.  On September 16, 2013, the lower court's ruling was affirmed by
the Illinois Appellate Court.  On October 21, 2013, the ICON EAR entities filed
a Petition for Leave to Appeal with the Supreme Court of Illinois appealing the
decision of the Illinois Appellate Court, which petition was denied on January
29, 2014.
9
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ICON Leasing Fund Eleven, LLC
(A Delaware Limited Liability
Company)
Notes to Consolidated Financial
Statements
March 31, 2015
(unaudited)
In 2011,
Kreif Group ("Kreif") entered into an agreement with ICON French Equipment I,
LLC ("ICON French Equipment") to acquire certain assets from ICON French
Equipment.  Subsequently, Kreif breached its purchase obligation to
acquire such assets, which resulted in ICON French Equipment filing a legal
claim against Kreif.  In 2013, a court awarded ICON French Equipment
€1,484,956 to be paid over a period of 10 years.  Gain on litigation will
be recognized to the extent cash is received. We received our first payment of
approximately €74,000 on April 1, 2015.
We have
entered into a remarketing agreement with a third party. Residual proceeds
received in excess of specific amounts will be shared with this third party in
accordance with the terms of the remarketing agreement.  The present value
of the obligations related to this agreement was approximately $430,000 at
March 31, 2015,
which is included in accrued expenses and other liabilities
on the consolidated balance sheets.
10
Table of contents
Item
2.   Manager's Discussion and Analysis of Financial Condition and Results of
Operations
The following is a
discussion of our current financial position and results of operations.  This
discussion should be read together with our unaudited consolidated financial
statements and related notes included elsewhere in this Quarterly Report on
Form 10-Q and the audited consolidated financial statements and related notes
included in our Annual Report on Form 10-K for the year ended December 31,
2014.  This discussion should also be read in conjunction with the disclosures
below regarding "Forward-Looking Statements."
As used in
this Quarterly Report on Form 10-Q, references to "we," "us," "our" or similar
terms include ICON Leasing Fund Eleven, LLC and its consolidated subsidiaries.
Forward-Looking Statements
Certain statements
within this Quarterly Report on Form 10-Q may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995 ("PSLRA").  These statements are being made pursuant to the PSLRA, with
the intention of obtaining the benefits of the "safe harbor" provisions of the
PSLRA, and, other than as required by law, we assume no obligation to update or
supplement such statements.  Forward-looking statements are those that do not
relate solely to historical fact.  They include, but are not limited to, any
statement that may predict, forecast, indicate or imply future results,
performance, achievements or events.  You can identify these statements by the
use of words such as "may," "would," "could," "anticipate," "believe,"
"estimate," "expect," "continue," "further," "plan," "seek," "intend,"
"predict" or "project" and variations of these words or comparable words or
phrases of similar meaning.  These forward-looking statements reflect our
current beliefs and expectations with respect to future events. They are based
on assumptions and are subject to risks and uncertainties and other factors
outside of our control that may cause actual results to differ materially from
those projected.  We undertake no obligation to update publicly or review any
forward-looking statement, whether as a result of new information, future
developments or otherwise.
Overview
We operated as an
equipment leasing and finance program in which the capital our members
invested was pooled together to make investments, pay fees and establish a
small reserve. We primarily acquired equipment subject to lease, purchased
equipment and leased it to third parties, provided equipment and other
financing and, to a lesser degree, acquired ownership rights to items of leased
equipment at lease expiration. Some of our equipment leases were acquired
for cash and were expected to provide current cash flow, which we refer to
as "income" leases. For our other equipment leases, we financed the
majority of the purchase price through borrowings from third parties. We
refer to these leases as "growth" leases. These growth leases generated
little or no current cash flow because substantially all of the rental
payments received from the lessee were used to service the indebtedness
associated with acquiring or financing the lease. For these leases, we
anticipated that the future value of the leased equipment would exceed
our cash portion of the purchase price.
Our Manager manages and controls our business affairs,
including, but not limited to, our equipment leases and other financing
transactions, under the terms of our LLC Agreement.
Our
operating period ended on April 30, 2014 after having been extended for two
years.  On May 1, 2014, we commenced our liquidation period.
During our liquidation period, we will sell our assets
and/or let our investments mature in the ordinary course of business. Our
liquidation period may continue for more than one year if the sale of our
remaining assets is not in the best interests of our members due to, among
other things, current market conditions.
Recent
Significant Transaction
We engaged
in the following significant transaction since December 31, 2014:
Notes
Receivable
·
On January 19, 2015, we entered into a letter of mutual release
with ZIM to release and discharge ZIM's obligation on our notes receivable of
$5,350,503 that was due in full as of December 31, 2014, as well as our accrued
obligation on the seller's credits in the same amount.
Recent Accounting Pronouncements
In May 2014, FASB issued ASU 2014-09,
Revenue from
Contracts with Customers
, which will become effective for us on January 1,
2017. We are currently in the process of evaluating the impact of the adoption
of ASU 2014-09 on our consolidated financial statements.
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In
August 2014, FASB issued ASU 2014-15,
Presentation of Financial Statements –
Going Concern: Disclosure of Uncertainties about an Entity's Ability to
Continue as a Going Concern
, which will become effective for us on our
fiscal year ending December 31, 2016. The adoption of ASU 2014-15 is not
expected to have a material effect on our consolidated financial statements.
In January 2015, FASB issued
ASU No. 2015-01,
Income Statement
–
Extraordinary and Unusual Items
, which will become effective
for us on January 1, 2016.  The adoption of ASU 2015-01 is not expected to
have a material effect on our consolidated financial statements.
In February 2015, FASB issued
ASU No. 2015-02,
Consolidation – Amendments to the Consolidation Analysis
,
which will become effective for us on January 1, 2016. We are currently in the
process of evaluating the impact of the adoption of ASU 2015-02 on our
consolidated financial statements.
In April 2015, FASB issued ASU
No. 2015-03,
Interest – Imputation of Interest
, which will
become effective for us on January 1, 2016
. We are currently in the
process of evaluating the impact of the adoption of ASU 2015-03 on our
consolidated financial statements.
We do not believe any other
recently issued, but not yet effective, accounting pronouncements, if currently
adopted, would have a material effect on our consolidated financial statements.
Results
of Operations for the Three Months Ended March 31, 2015 (the "2015 Quarter")
and 2014 (the "2014 Quarter")
The following percentages are only as
of a stated period and are not expected to be comparable in future
periods.  Further, these percentages are only representative of the
percentage of the carrying value of such assets, finance income or rental income
as of each stated period, and as such are not indicative of the concentration
of any asset type or customer by the amount of equity invested or our
investment portfolio as a whole.
Financing
Transaction
The
following tables set forth the type of asset securing the financing transaction
in our portfolio:
March
  31, 2015
December
  31, 2014
Asset Type
Net
  Carrying Value
Percentage
  of Total Net Carrying Value
Net
  Carrying Value
Percentage
  of Total Net Carrying Value
Marine - container vessels
(1)
$
-
-
$
5,350,503
100%
(1)
Subsequent to the sale of the Marine - container vessels in 2011, the
  remaining note receivable was unsecured. In addition, the note receivable was
  placed on non-accrual status during 2014. In January 2015, we entered into a
  letter of mutual release with ZIM to release and discharge ZIM's obligation
  on our notes receivable that was due in full as of December 31, 2014.
The net carrying value of our
financing transaction represents the balance of our net investment in notes
receivable as of each reporting date.
During
the 2015 Quarter and the 2014 Quarter, certain customers generated significant
portions (defined as 10% or more) of our total finance income as follows:
Percentage
  of Total Finance Income
Customer
Asset Type
2015
  Quarter
2014
  Quarter
SAExploration, Inc.
Seismic imaging equipment
-
41%
ZIM Integrated Shipping Services Ltd.
Marine - container vessels
-
34%
NTS Communications, Inc.
Telecommunications equipment
-
23%
-
98%
Finance
income from our net investment in notes receivable and net investment in
finance leases is included in finance income in our consolidated statements of
comprehensive income.
Non-performing Assets within Financing
Transaction
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As of March 31, 2015 and December 31, 2014, the net carrying value
of our non-accrual loans related to ZIM was $0 and $5,350,503, respectively.
The loans, which were scheduled to mature on September 30, 2014, were placed on
non-accrual status during the 2014 Quarter. While there was no credit loss
reserve recorded for the loans
during the
year ended December 31, 2014
, we recorded
a loss on litigation of $5,350,503 related to the seller's credits as a
result of the arbitration ruling
(see "Commitments and Contingencies
and Off-Balance Sheet Transactions" below). Finance income recognized on the
loans related to ZIM for March 31, 2015 and 2014 was $0 and $159,393,
respectively.
The decrease was due to the
loans being placed on non-accrual status during the 2014 Quarter and since
then, no finance income was recognized.
On January 19, 2015, we entered
into a letter of mutual release with ZIM to release and discharge ZIM's
obligation on our notes receivable as well as our accrued obligation on the
seller's credits in the same amount.
Operating Lease Transaction
The following tables
set forth the type of equipment subject to the operating lease in our
portfolio:
March
  31, 2015
December
  31, 2014
Asset Type
Net
  Carrying Value
Percentage
  of Total Net Carrying Value
Net
  Carrying Value
Percentage
  of Total Net Carrying Value
Mining equipment
$
5,827,427
100%
$
7,469,796
100%
The net carrying value of our
operating lease transaction represents the balance of our leased equipment at
cost as of each reporting date.
During the 2015 Quarter and the 2014
Quarter, one customer generated a significant portion (defined as 10% or more)
of our total rental income as follows:
Percentage
  of Total Rental Income
Customer
Asset Type
2015
  Quarter
2014
  Quarter
Murray Energy Corporation
Mining equipment
100%
100%
Revenue and other income for the 2015 Quarter and the 2014 Quarter
is summarized as follows:
Three
  Months Ended March 31,
2015
2014
Change
Finance income
$
-
$
473,370
$
(473,370)
Rental income
1,907,669
2,076,735
(169,066)
Income from investment in joint
  ventures
477,926
411,641
66,285
Total revenue and other
  income
$
2,385,595
$
2,961,746
$
(576,151)
Total revenue and other income for the 2015
Quarter decreased $576,151, or 19.5%,
as compared to the 2014
Quarter. The decrease in finance income
was primarily a result of the note receivable with ZIM being placed on
non-accrual status during the 2014 Quarter
and prepayments of secured
term loans by
NTS Communications, Inc.,
SAExploration, Inc. and certain of their affiliates
subsequent to the
2014 Quarter. The decrease in rental income was a result of the sale of our
interest in an operating lease with Murray Energy Corporation and its affiliate
(collectively, "Murray") subsequent to the 2014 Quarter.
Expenses
for the 2015 Quarter and the 2014 Quarter are summarized as follows:
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Three
  Months Ended March 31,
2015
2014
Change
General and administrative
$
687,039
$
668,927
$
18,112
Depreciation
1,642,369
1,685,713
(43,344)
Interest
8,811
8,507
304
Gain on derivative financial
  instruments
-
(4,070)
4,070
Total expenses
$
2,338,219
$
2,359,077
$
(20,858)
Total expenses for the
2015 Quarter decreased $20,858, or 0.9%, as compared to the 2014 Quarter. The decrease
was due to
a decrease in
depreciation expense as a result of
the sale of our interest in an
operating lease with Murray subsequent to the 2014 Quarter.
Other Comprehensive Income (Loss)
Other comprehensive income (loss) for the 2015
Quarter and the 2014 Quarter was $0 and $(1,831), respectively. This change was
due to the release of the accumulation of currency translation adjustments in
connection with the sale of equipment previously on lease to Heuliez S.A.
subsequent to the 2014 Quarter.
Net Income
Attributable to Fund Eleven
As a result of the foregoing factors, net income attributable to
us for the
2015
Quarter and the
2014
Quarter was $109,864 and $505,577, respectively. Net income attributable to us
per weighted average additional share of limited liability company interests
("Share") outstanding for the
2015
Quarter and
the
2014
Quarter was $0.30 and $1.38,
respectively.
Financial Condition
This section discusses the major balance sheet variances at March 31, 2015
compared to December 31, 2014.
Total Assets
Total
assets decreased $5,752,117, from $33,574,889 at December 31, 2014 to
$27,822,772 at March 31, 2015.   The decrease was primarily the result of our
release and discharge during the 2015 Quarter of ZIM's obligation on the notes
receivable that was due in full as of December 31, 2014 (See "Commitments and
Contingencies and Off-Balance Sheet Transactions" below).
Current Assets
Current
assets decreased $4,489,313, from $12,407,204 at December 31, 2014 to
$7,917,891 at March 31, 2015. The decrease was primarily the result of our
release and discharge during the 2015 Quarter of ZIM's obligation on the notes
receivable that was due in full as of December 31, 2014 (See "Commitments and
Contingencies and Off-Balance Sheet Transactions" below).
Total Liabilities
Total liabilities decreased $5,170,335,
from $6,439,526 at December 31, 2014 to $1,269,191 at March 31, 2015.  The
decrease was primarily the result of ZIM's release and discharge during the
2015 Quarter of our accrued obligation on the seller's credits (See
"Commitments and Contingencies and Off-Balance Sheet Transactions" below).
Equity
Equity decreased $581,782, from
$27,135,363 at December 31, 2014 to $26,553,581 at March 31, 2015.  The
decrease was due to distributions paid to our noncontrolling interests, offset
by our net income during the 2015 Quarter.
Liquidity and Capital Resources
Summary
At March 31, 2015 and December 31, 2014, we had cash and cash
equivalents of
$7,676,955
and $7,056,701,
respectively.
During the three months ended
March
31, 2015
, our main source of cash was from collections on our operating
lease.  Our main use of cash was distributions to our noncontrolling interests.
During our liquidation period, which commenced on May 1, 2014, we expect our
main sources of cash will be from the collection of income and proceeds from
the sale of assets held directly by us or indirectly by our joint ventures and
our main use of cash will be for distributions to our members and
noncontrolling interests. Our liquidity will vary in the future, increasing to
the extent cash flows from investments and proceeds from the sale of our
investments exceed expenses
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and decreasing as we pay
distributions and to the extent that expenses exceed cash flows from operations
and the proceeds from the sale of our investments.
We anticipate being able to meet our liquidity
requirements into the foreseeable future through our expected results of operations,
as well as cash received from our investments at maturity.  However, our
ability to generate cash in the future is subject to general economic,
financial, competitive, regulatory and other factors that affect us and our
lessees' and borrowers' businesses that are beyond our control.
Pursuant to the terms of our offering, we established a cash
reserve in the amount of 0.5% of the gross offering proceeds. As of March 31,
2015, the cash reserve was $1,825,993.
As we previously indicated to our members, we
experienced liquidity pressures in our portfolio after the U.S. economy entered
into a recession in December 2007, coupled with our prior investment strategy
that, among other things, relied significantly on third parties to originate
investments, used a substantial amount of long-term debt to make investments,
and was highly dependent on the residual value of equipment to achieve
investment returns. As a result, we reduced our distribution rate from 9.1% per
year to 4.0% per year effective January 1, 2011 through April 2012. We extended
our operating period two years and did not pay any distributions during this
extended operating period.
We commenced our liquidation
period on May 1, 2014, which may continue for more than one year if the sale of
our remaining assets is not in the best interests of our members due to, among
other things, current market conditions. While we believe that these actions
taken by our Manager have improved our financial position, we will be unable to
meet our investment objectives.
Cash Flows
Operating Activities
Cash provided by operating activities decreased $893,458, from
$2,142,870 in the 2014 Quarter to $1,249,412 in the 2015 Quarter. This decrease
was primarily a result of a decrease
in rental receipts due to the sale of our interest in an operating lease and
the prepayment of two notes receivable subsequent to the 2014 Quarter.
Investing Activities
Cash provided by investing activities decreased
$1,486,183, from $1,486,183 in the 2014 Quarter to $0 in the 2015 Quarter. This
decrease was p
rimarily due to the prepayment of two
notes receivable subsequent to the 2014 Quarter.
Financing Activities
Cash used in financing activities increased
$331
, from $628,827 in the 2014 Quarter to
$629,158
in the 2015 Quarter.
Distributions
We, at our Manager's discretion, paid monthly distributions to our
members and noncontrolling interests starting with the first month after each
member's admission and the commencement of our joint venture operations,
respectively.  During the 2015 Quarter, we paid distributions to our Manager,
additional members and noncontrolling interests of $0, $0 and $629,158,
respectively. Distributions paid during our liquidation period will vary,
depending on the timing of the sale of our assets and/or the maturity of our
investments and our receipt of rental and other income from our investments.
Commitments and Contingencies and Off-Balance
Sheet Transactions
Commitments and Contingencies
At the time we acquire or
divest of our interest in an equipment lease or other financing transaction, we
may, under very limited circumstances, agree to indemnify the seller or buyer
for specific contingent liabilities. Our Manager believes that any liability of
ours that may arise as a result of any such indemnification obligations will
not have a material adverse effect on our consolidated financial condition or
results of operations taken as a whole.
From November 2010 through
March 2011, we, through our wholly-owned subsidiaries, sold four container
vessels previously on bareboat charter to ZIM to unaffiliated third parties.
During June 2011, we received notices from ZIM claiming it was allegedly owed
various amounts for unpaid seller's credits in the aggregate amount of
approximately $7,300,000. Our Manager believed any obligation to repay the
seller's credits was extinguished when ZIM defaulted by failing to fulfill
certain of its obligations under the bareboat charters. On August 8, 2011, our
Manager agreed to a three party arbitration panel to hear such claims. On April
19, 2012,
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ZIM filed arbitration claim submissions. On
June 26, 2012, our Manager filed a defense and counterclaim.
On February 21, 2014, the arbitration panel ruled that
the seller's credits were forfeited by virtue of ZIM's default but that such
forfeiture was not proved to be an accurate representation of genuine loss
suffered from such default and thus, could not be enforced under English law.
Taking into consideration the arbitration panel's ruling, we accrued
approximately $4,700,000 during the year ended December 31, 2013.
We filed for
the right to appeal the arbitration panel's ruling, which was denied on August
7, 2014. In light of such denial, we increased our accrual to $5,350,503 during
the year ended December 31, 2014, which is included in accrued expenses and
other liabilities on the consolidated balance sheets.
On January 19, 2015, we entered into a
letter of mutual release with ZIM to release and discharge ZIM's obligation on
our notes receivable that was due in full as of December 31, 2014, as well as
our accrued obligation on the seller's credits in the same amount.
During 2008, ICON EAR purchased and simultaneously leased
semiconductor manufacturing equipment to EAR for approximately $15,730,000. In
addition, ICON EAR II purchased and simultaneously leased semiconductor
manufacturing equipment to EAR for a purchase price of approximately
$6,348,000.  On October 23, 2009, EAR filed a petition for reorganization
under Chapter 11 of the U.S. Bankruptcy Code.
On October 21, 2011, the Chapter 11 bankruptcy trustee for EAR filed an
adversary complaint against the ICON EAR entities seeking the recovery of the
lease payments that the trustee alleges were fraudulently transferred from EAR
to the ICON EAR entities. The complaint also sought the recovery of payments
made by EAR to the ICON EAR entities during the 90-day period preceding EAR's
bankruptcy filing, alleging that those payments constituted a preference under
the U.S. Bankruptcy Code. Additionally, the complaint sought the imposition of
a constructive trust over certain real property and the proceeds from the sale
that the ICON EAR entities received as security in connection with their
investment. Our Manager filed an answer to the complaint that included certain
affirmative defenses. Since that time, substantial discovery was completed. 
Our Manager still believes these claims are unsupported by the facts, but given
the risks, costs and uncertainty surrounding litigation in bankruptcy, our
Manager would engage in prudent settlement discussions to resolve this matter
expeditiously. At this time, we are unable to predict the outcome of this
action or loss therefrom, if any; however, an adverse ruling or settlement may
have a material impact on our consolidated financial position or results of
operations.
Subsequent to
the filing of the bankruptcy petition, EAR disclaimed any right to its
equipment and such equipment became the subject of an Illinois State Court
proceeding. The equipment was subsequently sold as part of the Illinois State
Court proceeding. On March 6, 2012, one of the creditors in the Illinois State
Court proceeding won a summary judgment motion filed against the ICON EAR
entities, thereby dismissing the ICON EAR entities' claims to the proceeds
resulting from the sale of the EAR equipment. The ICON EAR entities appealed this
decision.  On September 16, 2013, the lower court's ruling was affirmed by the
Illinois Appellate Court.  On October 21, 2013, the ICON EAR entities filed a
Petition for Leave to Appeal with the Supreme Court of Illinois appealing the
decision of the Illinois Appellate Court, which petition was denied on January
29, 2014.
In 2011,
Kreif entered into an agreement with ICON French Equipment to acquire certain
assets from ICON French Equipment.  Subsequently, Kreif breached its
purchase obligation to acquire such assets, which resulted in ICON French
Equipment filing a legal claim against Kreif.
In 2013, a court awarded ICON French Equipment €1,484,956 to be paid
over a period of 10 years.  Gain on litigation will be recognized to the
extent cash is received. We received our first payment of approximately €74,000
on April 1, 2015.
We have entered into a remarketing agreement with a
third party. Residual proceeds received in excess of specific amounts will
be shared with this third party in accordance with the terms of the remarketing
agreement.  The present value of the obligations related to this agreement
was approximately $430,000 at
March 31, 2015,
which is
included in accrued expenses and other liabilities on the consolidated balance
sheets.
Off-Balance Sheet Transactions
None.
16
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Item 3. Quantitative and Qualitative Disclosures
About Market Risk
Smaller
reporting companies are not required to provide the information required by
this item.
Item 4. Controls and Procedures
Evaluation
of disclosure controls and procedures
In connection with the preparation of this
Quarterly Report on Form 10-Q for the three months ended March 31, 2015, our Manager
carried out an evaluation, under the supervision and with the participation of
the management of our Manager, including its Co-Chief Executive Officers and
the Principal Financial and Accounting Officer, of the effectiveness of the
design and operation of our Manager's disclosure controls and procedures as of
the end of the period covered by this report pursuant to the Securities
Exchange Act of 1934, as amended. Based on the foregoing evaluation, the
Co-Chief Executive Officers and the Principal Financial and Accounting Officer
concluded that our Manager's disclosure controls and procedures were effective.
In
designing and evaluating our Manager's disclosure controls and procedures, our
Manager recognized that disclosure controls and procedures, no matter how well
conceived and operated, can provide only reasonable, not absolute, assurance
that the objectives of the disclosure controls and procedures are met. Our
Manager's disclosure controls and procedures have been designed to meet
reasonable assurance standards. Disclosure controls and procedures cannot
detect or prevent all error and fraud. Some inherent limitations in disclosure
controls and procedures include costs of implementation, faulty
decision-making, simple error and mistake. Additionally, controls can be
circumvented by the individual acts of some persons, by collusion of two or
more people, or by management override of the controls. The design of any
system of controls is based, in part, upon certain assumptions about the
likelihood of future events, and there can be no assurance that any design will
succeed in achieving its stated goals under all anticipated and unanticipated
future conditions. Over time, controls may become inadequate because of changes
in conditions, or the degree of compliance with established policies or
procedures.
Evaluation of internal control over financial reporting
There have
been no changes in our internal control over financial reporting during the
three months ended March 31, 2015 that have materially affected, or are
reasonably likely to materially affect, our internal control over financial
reporting.
17
Table of contents
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
In the ordinary course of
conducting our business, we may be subject to certain claims, suits and
complaints filed against us. See "Commitments and Contingencies and Off-Balance
Sheet Transactions" above for a complete discussion of the EAR matter.
Notwithstanding our Manager's belief that the EAR trustee's claims against us
are unsupported by the facts, an adverse ruling or settlement may have a
material impact on our consolidated financial position or results of
operations. We are not aware of any other material legal proceedings that are
currently pending against us or against any of our assets
.
Item 1A. Risk Factors
Smaller
reporting companies are not required to provide the information required by
this item.
Item 2.  Unregistered Sales of Equity Securities and Use of
Proceeds
We did not sell or repurchase any Shares during the three months
ended March 31, 2015.
Item 3.  Defaults Upon Senior Securities
Not applicable.
Item 4.  Mine Safety Disclosures
Not applicable.
Item 5.  Other Information
Not applicable.
18
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Item 6.
Exhibits
3.1
Certificate of
  Formation of Registrant (Incorporated by reference to Exhibit 3.1 to Amendment
  No. 1 to the Registration Statement on Form S-1 filed with the SEC on
  February 15, 2005 (File No. 333-121790))
.
4.1
Amended
  and Restated Limited Liability Company Agreement of Registrant (Incorporated
  by reference to Exhibit 4.1 to Amendment No. 1 to the Registration Statement
  on Form S-1 filed with the SEC on June 29, 2006 (File No. 333-133730)).
4.2
Amendment No.
  1 to the Amended and Restated Limited Liability Company Agreement of
  Registrant (Incorporated by reference to Exhibit 4.3 to Registrant's
  Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2006,
  filed August 23, 2006).
10.1
Commercial
  Loan Agreement, by and between California Bank & Trust and ICON Leasing
  Fund Eleven, LLC, dated as of May 10, 2011 (Incorporated by reference to
  Exhibit 10.7 to Registrant's Quarterly Report on Form 10-Q for the quarterly
  period ended March 31, 2011, filed May 16, 2011).
10.2
Loan
  Modification Agreement, dated as of March 31, 2013, by and between California
  Bank & Trust and ICON Leasing Fund Eleven, LLC (Incorporated by reference
  to Exhibit 10.2 to Registrant's Annual Report on Form 10-K for the year ended
  December 31, 2012, filed March 21, 2013).
31.1
Rule
  13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.2
Rule
  13a-14(a)/15d-14(a) Certification of Co-Chief Executive Officer.
31.3
Rule
  13a-14(a)/15d-14(a) Certification of Principal Financial and Accounting Officer.
32.1
Certification
  of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2
Certification
  of Co-Chief Executive Officer pursuant to 18 U.S.C. §1350, as adopted
  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.3
Certification
  of Principal Financial and Accounting Officer pursuant to 18 U.S.C. §1350, as
  adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*
XBRL Instance
  Document.
101.SCH*
XBRL Taxonomy
  Extension Schema Document.
101.CAL*
XBRL Taxonomy
  Extension Calculation Linkbase Document.
101.DEF*
XBRL Taxonomy
  Extension Definition Linkbase Document.
101.LAB*
XBRL Taxonomy
  Extension Labels Linkbase Document.
101.PRE*
XBRL Taxonomy
  Extension Presentation Linkbase Document.
*
XBRL
  (eXtensible Business Reporting Language) information is furnished and not
  filed or a part of a registration statement or prospectus for purposes of
  Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed
  not filed for purposes of Section 18 of the Securities Exchange Act of
  1934, as amended, and otherwise is not subject to liability under these
  sections.
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned thereunto duly authorized.
ICON Leasing Fund Eleven, LLC
(Registrant)
By: ICON Capital, LLC
(Manager of
the Registrant)
May 7, 2015
By:
/s/ Michael
  A. Reisner
Michael
  A. Reisner
Co-Chief
  Executive Officer and Co-President
(Co-Principal Executive Officer)
By:
/s/ Mark
  Gatto
Mark Gatto
Co-Chief
  Executive Officer and Co-President
(Co-Principal
  Executive Officer)
By:
/s/ Christine
  H. Yap
Christine
  H. Yap
Managing
  Director
(Principal Financial and Accounting Officer)
20