<PAGE> 1
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 SEPTEMBER 30, 2000
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 0-23158
CRONOS GLOBAL INCOME FUND XIV, L.P.
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C>
California 94-3163375
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
</TABLE>
One Front Street, 15th Floor, San Francisco, California 94111
(Address of principal executive offices) (Zip Code)
(415) 677-8990
(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 [X]. No [ ].
<PAGE> 2
CRONOS GLOBAL INCOME FUND XIV, L.P.
REPORT ON FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED SEPTEMBER 30, 2000
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
<S> <C>
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Condensed Balance Sheets (unaudited) - September 30, 2000 and December 31, 1999 4
Condensed Statements of Operations (unaudited) for the three and nine months ended
September 30, 2000 and 1999 5
Condensed Statements of Cash Flows (unaudited) for the nine months ended September 30, 2000 and 1999 6
Notes to Condensed Financial Statements (unaudited) 7
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures About Market Risk 11
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 6. Exhibits and Reports on Form 8-K 13
</TABLE>
2
<PAGE> 3
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
Presented herein are the Registrant's condensed balance sheets as of
September 30, 2000 and December 31, 1999, condensed statements of
operations for the three and nine months ended September 30, 2000 and
1999, and condensed statements of cash flows for the nine months ended
September 30, 2000 and 1999.
3
<PAGE> 4
CRONOS GLOBAL INCOME FUND XIV, L.P.
CONDENSED BALANCE SHEETS
(UNAUDITED)
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
------------ ------------
<S> <C> <C>
Assets
Current assets:
Cash and cash equivalents, includes $1,925,588
at September 30, 2000 and $1,019,120 at
December 31, 1999 in interest-bearing accounts $ 1,927,015 $ 1,019,220
Net lease receivables due from Leasing Company
(Notes 1 and 2) 222,016 914,603
------------ ------------
Total current assets 2,149,031 1,933,823
------------ ------------
Container rental equipment, at cost 52,340,547 53,013,739
Less accumulated depreciation 21,423,434 19,537,686
------------ ------------
Net container rental equipment 30,917,113 33,476,053
------------ ------------
Total assets $ 33,066,144 $ 35,409,876
============ ============
Partners' Capital
Partners' capital (deficit):
General partner $ (61,332) $ (37,894)
Limited partners 33,127,476 35,447,770
------------ ------------
Total partners' capital $ 33,066,144 $ 35,409,876
============ ============
</TABLE>
The accompanying notes are an integral part of these condensed
financial statements.
4
<PAGE> 5
CRONOS GLOBAL INCOME FUND XIV, L.P.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
---------------------------- -----------------------------
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net lease revenue (Notes 1 and 3) $ 1,030,199 $ 1,008,952 $ 3,192,578 $ 3,058,222
Other operating expenses:
Depreciation 773,547 774,274 2,315,045 2,319,835
Other general and administrative expenses 25,916 22,415 80,371 71,669
----------- ----------- ----------- -----------
799,463 796,689 2,395,416 2,391,504
----------- ----------- ----------- -----------
Income from operations 230,736 212,263 797,162 666,718
Other income (loss):
Interest income 19,338 18,120 50,817 53,306
Net gain (loss) on disposal of equipment 35,729 (9,693) (132,039) (13,370)
----------- ----------- ----------- -----------
55,067 8,427 (81,222) 39,936
----------- ----------- ----------- -----------
Net income $ 285,803 $ 220,690 $ 715,940 $ 706,654
=========== =========== =========== ===========
Allocation of net income:
General partner $ 42,125 $ 46,283 $ 126,531 $ 139,138
Limited partners 243,678 174,407 589,409 567,516
----------- ----------- ----------- -----------
$ 285,803 $ 220,690 $ 715,940 $ 706,654
=========== =========== =========== ===========
Limited partners' per unit share of net income $ 0.08 $ 0.06 $ 0.20 $ 0.19
=========== =========== =========== ===========
</TABLE>
The accompanying notes are an integral part of these condensed
financial statements.
5
<PAGE> 6
CRONOS GLOBAL INCOME FUND XIV, L.P.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
<TABLE>
<CAPTION>
Nine Months Ended
-----------------------------
September 30, September 30,
2000 1999
----------- -----------
<S> <C> <C>
Net cash provided by operating activities $ 3,626,852 $ 3,255,625
----------- -----------
Cash from investing activities:
Proceeds from disposal of equipment 340,614 191,513
Purchase of container rental equipment -- (355,470)
Acquisition fees paid to general partner -- (17,774)
----------- -----------
Net cash provided by (used in) investing activities 340,614 (181,731)
----------- -----------
Cash used in financing activities:
Distribution to Partners (3,059,671) (3,298,443)
----------- -----------
Net increase (decrease) in cash and cash equivalents 907,795 (224,549)
Cash and cash equivalents, beginning of period 1,019,220 1,858,833
----------- -----------
Cash and cash equivalents, end of period $ 1,927,015 $ 1,634,284
=========== ===========
</TABLE>
The accompanying notes are an integral part of these condensed
financial statements.
6
<PAGE> 7
CRONOS GLOBAL INCOME FUND XIV, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(1) Summary of Significant Accounting Policies
(a) Nature of Operations
Cronos Global Income Fund XIV, L.P. (the "Partnership") is a
limited partnership organized under the laws of the State of
California on July 30, 1992, for the purpose of owning and
leasing marine cargo containers worldwide to ocean carriers. To
this extent, the Partnership's operations are subject to the
fluctuations of world economic and political conditions. Such
factors may affect the pattern and levels of world trade. The
Partnership believes that the profitability of, and risks
associated with, leases to foreign customers is generally the
same as those of leases to domestic customers. The Partnership's
leases generally require all payments to be made in United
States currency.
Cronos Capital Corp. ("CCC") is the general partner and, with
its affiliate Cronos Containers Limited (the "Leasing Company"),
manages the business of the Partnership. CCC and the Leasing
Company also manage the container leasing business for other
partnerships affiliated with the general partner. The
Partnership shall continue until December 31, 2012, unless
sooner terminated upon the occurrence of certain events.
The Partnership commenced operations on January 29, 1993 when
the minimum subscription proceeds of $2,000,000 were obtained.
The Partnership offered 4,250,000 units of limited partnership
interests at $20 per unit, or $85,000,000. The offering
terminated on November 30, 1993, at which time 2,984,309 limited
partnership units had been purchased.
(b) Leasing Company and Leasing Agent Agreement
The Partnership has entered into a Leasing Agent Agreement
whereby the Leasing Company has the responsibility to manage the
leasing operations of all equipment owned by the Partnership.
Pursuant to the Agreement, the Leasing Company is responsible
for leasing, managing and re-leasing the Partnership's
containers to ocean carriers, and has full discretion over which
ocean carriers and suppliers of goods and services it may deal
with. The Leasing Agent Agreement permits the Leasing Company to
use the containers owned by the Partnership, together with other
containers owned or managed by the Leasing Company and its
affiliates, as part of a single fleet operated without regard to
ownership. Since the Leasing Agent Agreement meets the
definition of an operating lease in Statement of Financial
Accounting Standards (SFAS) No. 13, it is accounted for as a
lease under which the Partnership is lessor and the Leasing
Company is lessee.
The Leasing Agent Agreement generally provides that the Leasing
Company will make payments to the Partnership based upon rentals
collected from ocean carriers after deducting direct operating
expenses and management fees to CCC and the Leasing Company. The
Leasing Company leases containers to ocean carriers, generally
under operating leases which are either master leases or term
leases (mostly one to five years). Master leases do not specify
the exact number of containers to be leased or the term that
each container will remain on hire but allow the ocean carrier
to pick up and drop off containers at various locations; rentals
are based upon the number of containers used and the applicable
per-diem rate. Accordingly, rentals under master leases are all
variable and contingent upon the number of containers used. Most
containers are leased to ocean carriers under master leases;
leasing agreements with fixed payment terms are not material to
the financial statements. Since there are no material minimum
lease rentals, no disclosure of minimum lease rentals is
provided in these condensed financial statements.
(Continued)
7
<PAGE> 8
CRONOS GLOBAL INCOME FUND XIV, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(c) Basis of Accounting
The Partnership utilizes the accrual method of accounting. Net
lease revenue is recorded by the Partnership in each period
based upon its leasing agent agreement with the Leasing Company.
Net lease revenue is generally dependent upon operating lease
rentals from operating lease agreements between the Leasing
Company and its various lessees, less direct operating expenses
and management fees due in respect of the containers specified
in each operating lease agreement.
(d) Financial Statement Presentation
These condensed financial statements have been prepared without
audit. Certain information and footnote disclosures normally
included in financial statements prepared in accordance with
accounting principles generally accepted in The United States of
America ("GAAP") have been omitted. It is suggested that these
condensed financial statements be read in conjunction with the
financial statements and accompanying notes in the Partnership's
latest annual report on Form 10-K.
The preparation of financial statements in conformity with GAAP
requires the Partnership to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues
and expenses during the reported period. Actual results could
differ from those estimates.
The interim financial statements presented herewith reflect all
adjustments of a normal recurring nature which are, in the
opinion of management, necessary to a fair statement of the
financial condition and results of operations for the interim
period presented. The results of operations for such interim
periods are not necessarily indicative of the results to be
expected for the full year.
(2) Net Lease Receivables Due from Leasing Company
Net lease receivables due from the Leasing Company are determined by
deducting direct operating payables and accrued expenses, base
management fees payable, and reimbursed administrative expenses payable
to CCC and its affiliates from the rental billings payable by the
Leasing Company to the Partnership under operating leases to ocean
carriers for the containers owned by the Partnership. Net lease
receivables at September 30, 2000 and December 31, 1999 were as
follows:
<TABLE>
<CAPTION>
September 30, December 31,
2000 1999
---------- ----------
<S> <C> <C>
Gross lease receivables $1,565,937 $1,820,401
Less:
Direct operating payables and accrued expenses 459,757 369,952
Damage protection reserve 133,692 85,575
Base management fees payable 163,348 176,504
Reimbursed administrative expenses 85,875 33,959
Rental equipment payable 119,250 --
Equipment purchases payable 74,546 --
Acquisition fee payable 5,962 --
Allowance for doubtful accounts 301,491 239,808
---------- ----------
Net lease receivables $ 222,016 $ 914,603
========== ==========
</TABLE>
(Continued)
8
<PAGE> 9
CRONOS GLOBAL INCOME FUND XIV, L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
(3) Net Lease Revenue
Net lease revenue is determined by deducting direct operating expenses,
base management fees and reimbursed administrative expenses to CCC and
its affiliates from the rental revenue billed by the Leasing Company
under operating leases to ocean carriers for the containers owned by the
Partnership. Net lease revenue for the three and nine-month periods
ended September 30, 2000 and 1999 were as follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
-------------------------- --------------------------
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Rental revenue $1,643,032 $1,642,945 $5,060,555 $5,044,474
Less:
Rental equipment operating expenses 445,865 439,037 1,247,765 1,369,081
Base management fees 111,883 112,303 345,774 342,607
Reimbursed administrative expenses 55,085 82,653 274,438 274,564
---------- ---------- ---------- ----------
$1,030,199 $1,008,952 $3,192,578 $3,058,222
========== ========== ========== ==========
</TABLE>
(4) Operating Segment
The Financial Accounting Standards Board has issued SFAS No. 131,
"Disclosures about Segments of an Enterprise and Related Information,"
which changes the way public business enterprises report financial and
descriptive information about reportable operating segments. An
operating segment is a component of an enterprise that engages in
business activities from which it may earn revenues and incur expenses,
whose operating results are regularly reviewed by the enterprise's chief
operating decision maker to make decisions about resources to be
allocated to the segment and assess its performance, and about which
separate financial information is available. Management operates the
Partnership's container fleet as a homogenous unit and has determined,
after considering the requirements of SFAS No. 131, that as such it has
a single reportable operating segment.
The Partnership derives its revenues from cargo marine containers. As of
September 30, 2000, the Partnership operated 8,358 twenty-foot, 3,490
forty-foot and 214 forty-foot high-cube dry cargo marine containers, as
well as 464 twenty-foot and 298 forty-foot refrigerated cargo marine
containers. A summary of gross lease revenue, by product, for the three
and nine-month periods ended September 30, 2000 and 1999 follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
-------------------------- --------------------------
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Dry cargo containers $1,112,047 $1,073,181 $3,354,350 $3,265,697
Refrigerated containers 540,985 569,764 1,706,205 1,778,777
---------- ---------- ---------- ----------
Total $1,643,032 $1,642,945 $5,060,555 $5,044,474
========== ========== ========== ==========
</TABLE>
Due to the Partnership's lack of information regarding the physical
location of its fleet of containers when on lease in the global shipping
trade, it is impracticable to provide the geographic area information
required by SFAS No. 131.
******
9
<PAGE> 10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
It is suggested that the following discussion be read in conjunction with the
Registrant's most recent annual report on Form 10-K.
1) Material changes in financial condition between September 30, 2000 and
December 31, 1999.
At September 30, 2000, the Registrant had $1,927,015 in cash and cash
equivalents, an increase of $907,795 from the cash balances at December
31, 1999. At September 30, 2000, the Registrant committed to purchase an
additional 45 forty-foot high-cube marine dry cargo containers,
replacing containers which have been lost or damaged beyond repair, at
an aggregate cost of approximately $125,213.
The Registrant's allowance for doubtful accounts increased from $239,808
at December 31, 1999 to $301,491 at September 30, 2000. This increase
was attributable to the delinquent account receivable balances of
approximately 16 lessees. The Leasing Company has either negotiated
specific payment terms with these lessees or is pursuing other
alternatives to collect the outstanding balances. In each instance, the
Registrant believes it has recorded appropriate allowance.
The Registrant's cash distribution from operations for the third quarter
of 2000 was 6.25% (annualized) of the limited partners' original capital
contributions, unchanged from the second quarter of 2000. These
distributions are directly related to the Registrant's results from
operations and may fluctuate accordingly. The cash distributions from
sales proceeds for the third quarter of 2000 was 0.75% (annualized) of
the limited partners' original capital contribution, also unchanged from
the second quarter of 2000. Sales proceeds to its partners may fluctuate
in subsequent periods reflecting the level of container disposals.
Distributions for the general and limited partners are calculated based
upon the Partnership Agreement.
During the third quarter of 2000, growth in the volume of containerized
trade continued to improve. As a result, demand for leased equipment
strengthened in many locations, but most significantly throughout Asia.
With the growth in the volume of world trade, ocean carriers are
committing their capital to the purchase of additional containerships
and turning to leasing companies to supply them with the containers they
need to meet their growing freight requirements. The container leasing
market has rebounded and prospects have somewhat improved, but lease
rates have remained at generally the same low level as at the beginning
of this year. At the same time, inventories of idle equipment have been
reduced in Europe, but there has been no appreciable reduction in the
U.S. The strong U.S. economy continued to import more than it exported.
This imbalance has had the effect of further increasing idle container
inventories, particularly on the U.S. East Coast.
2) Material changes in the results of operations between the three and
nine-month periods ended September 30, 2000 and the three and nine-month
period ended September 30, 1999.
Net lease revenue for the three and nine-month periods ended September
30, 2000 was $1,030,199 and $3,192,578, respectively, an increase of
approximately 2% and 4% from the same respective periods in the prior
year. Gross rental revenue (a component of net lease revenue) for the
three and nine-month periods ended September 30, 2000 was $1,643,032 and
$5,060,555, respectively, reflecting an increase of less than 1% from
both the same respective periods in the prior year. Gross lease revenue
was primarily impacted by higher utilization levels and lower per-diem
rental rates. Dry cargo container average per-diem rental rates for the
three and nine-month periods ended September 30, 2000 decreased
approximately 2% and 7%, respectively, when compared to the same periods
in the prior year. Refrigerated container average per-diem rental rates
for the three and nine-month periods ended September 30, 2000 increased
approximately 1% and decreased 6%, respectively, when compared to the
same periods in the prior year.
(Continued)
10
<PAGE> 11
The Registrant's average fleet size and utilization rates for the three
and nine-month periods ended September 30, 2000 and 1999 were as
follows:
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
------------------------------- ------------------------------
September 30, September 30, September 30, September 30,
2000 1999 2000 1999
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Average fleet size (measured in twenty-foot
equivalent units (TEU))
Dry cargo containers 15,763 15,694 15,770 15,674
Refrigerated containers 1,065 1,130 1,088 1,131
Average Utilization
Dry cargo containers 75% 71% 75% 68%
Refrigerated containers 87% 83% 90% 85%
</TABLE>
Rental equipment operating expenses, as a percentage of the Registrant's
gross lease revenue, were 27% and 25%, respectively, during the three
and nine-month periods ended September 30, 2000, as compared to 27%
during both the three and nine-month periods ended September 30, 1999.
The Registrant disposed of 40 twenty-foot and 11 forty-foot dry cargo
marine containers, as well as six forty-foot refrigerated cargo
containers during the third quarter of 2000, compared to 13 twenty-foot
and three forty-foot dry cargo marine containers, as well as one
forty-foot refrigerated cargo container during the same period in the
prior year. These disposals resulted in a loss of $132,039 for the third
quarter of 2000, as compared to a loss of $13,370 for the same period in
the prior year. The Registrant does not believe that the carrying amount
of its containers has been permanently impaired or that events or
changes in circumstances have indicated that the carrying amount of its
containers may not be fully recoverable. The Registrant believes that
the loss on container disposals was a result of various factors
including the age, condition, suitability for continued leasing, as well
as the geographical location of the containers when disposed. These
factors will continue to influence the amount of sales proceeds received
and the related gain or loss on container disposals, which may fluctuate
in subsequent periods.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable.
11
<PAGE> 12
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
On March 20, 2000, KM Investments, LLC, a California limited liability company
("KM") filed its complaint (the "Complaint") in the Superior Court for the
County of Los Angeles against CCC, as general partner of the Partnership,
alleging violation of the California Revised Limited Partnership Act, breach of
fiduciary duty, and unfair competition. KM claims to be an assignee of units of
limited partnership interests in the Partnership and six other California
limited partnerships (collectively, the "Cronos Partnerships") managed by CCC as
general partner. KM, which is in the business of making unregistered tender
offers for up to 4.9% of the outstanding interests in limited partnerships,
claims that CCC has wrongfully refused to provide KM with lists of the limited
partners of the Cronos Partnerships to enable KM to make unregistered tender
offers to the limited partners of the Cronos Partnerships.
KM asks for declaratory relief, damages according to proof, attorneys' fees,
costs, interest, a temporary restraining order and/or a preliminary injunction
barring CCC from giving limited partner lists to any other party before
delivering such lists to KM, punitive damages, and an order prohibiting CCC from
receiving reimbursement of its legal fees incurred in defending the action from
the Cronos Partnerships.
On April 24, 2000, CCC filed its demurrer to the Complaint and its motion to
strike those portions of the Complaint seeking punitive damages. By its
demurrer, CCC asserted that KM, as an assignee of units of the Cronos
Partnerships, is not entitled to review or receive a copy of the lists of the
limited partners of the Cronos Partnerships; that CCC has not breached any
fiduciary duty to KM; and that CCC has not engaged in unfair competition as
alleged by KM. CCC requested that the Court dismiss KM's Complaint.
On June 8, 2000, the Court heard CCC's demurrer, and sustained (i.e., granted)
it in its entirety, allowing KM thirty days to file an amended complaint. KM did
so on or about July 10, 2000, asserting the same causes of action as set forth
in its original complaint. On August 25, 2000, CCC filed its demurrer to KM's
First Amended Complaint and its motion to strike those portions of the First
Amended Complaint seeking punitive damages. On October 11, 2000, the Court heard
CCC's motions. It sustained CCC's demurrer to KM's fourth cause of action
seeking declaratory relief, but overruled (i.e., denied) CCC's demurrer to KM's
first three causes of action, on the ground that the evidence submitted by CCC
was not properly before the Court on CCC's demurrer to KM's First Amended
Complaint. At the same time, the Court granted CCC's motion to strike those
portions of KM's First Amended Complaint seeking punitive damages.
On October 20, 2000, CCC filed its answer to KM's First Amended Complaint,
denying the allegations thereof, denying that plaintiff is entitled to any
damages, and asserting various affirmative defenses. CCC believes that KM does
not have standing to inspect or receive lists of the limited partners of the
limited partnerships managed by CCC, and that CCC has meritorious defenses to
KM's First Amended Complaint.
12
<PAGE> 13
PART II - OTHER INFORMATION (CONTINUED)
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
------- --------------------------------------------------------------------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended and restated *
as of December 2, 1992
3(b) Certificate of Limited Partnership of the Registrant **
10 Form of Leasing Agent Agreement with Cronos Containers Limited ***
27 Financial Data Schedule Filed with this document
</TABLE>
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the Registrant during the quarter
ended September 30, 2000.
----------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated December 2, 1992, included as part of Registration
Statement on Form S-1 (No. 33-51810)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement
on Form S-1 (No. 33-51810)
*** Incorporated by reference to Exhibit 10.2 to the Registration Statement
on Form S-1 (No. 33-51810)
13
<PAGE> 14
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.
CRONOS GLOBAL INCOME FUND XIV, L.P.
By Cronos Capital Corp.
The General Partner
By /s/ Dennis J. Tietz
---------------------------------------
Dennis J. Tietz
President and Director of Cronos Capital
Corp. ("CCC")
Principal Executive Officer of CCC
Date: November 14, 2000
14
<PAGE> 15
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
No. Description Method of Filing
------- --------------------------------------------------------------------- ----------------
<S> <C> <C>
3(a) Limited Partnership Agreement of the Registrant, amended and restated *
as of December 2, 1992
3(b) Certificate of Limited Partnership of the Registrant **
10 Form of Leasing Agent Agreement with Cronos Containers Limited ***
27 Financial Data Schedule Filed with this document
</TABLE>
----------
* Incorporated by reference to Exhibit "A" to the Prospectus of the
Registrant dated December 2, 1992, included as part of Registration
Statement on Form S-1 (No. 33-51810)
** Incorporated by reference to Exhibit 3.2 to the Registration Statement
on Form S-1 (No. 33-51810)
*** Incorporated by reference to Exhibit 10.2 to the Registration Statement
on Form S-1 (No. 33-51810)
