2.    *Reservation ofShares*.    The Company hereby agrees that at all times there shall be reserved for issuance and delivery upon exercise of this Warrant such number of shares of Common Stock as shall be required for issuance or delivery uponexercise of this Warrant.  3.    *Fractional Shares*.    Nofractional shares or script representing fractional shares shall be issued upon the exercise of this Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal tosuch fraction multiplied by the current market value of such fractional share, determined as follows:  (a)  If the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange, the current value shall be the last reported sales price of the Common Stock on such exchangeon the last business day prior to the date of exercise of this Warrant or if no such sale is made on such day, the average of the closing bid and asked prices for such day on such exchange; or  (b)  If the Common Stock is not so listed or admitted to unlisted trading privileges, the current value shall be the mean of the lastreported bid and asked prices reported by the National Association of Securities Dealers Quotation System (“NASDAQ”), or if not so quoted on NASDAQ then by the National Quotation Bureau, Inc., on the last business day prior to the date ofthe exercise of this Warrant; or  (c)  If the Common Stock is not so listed or admittedto unlisted trading privileges and bid and asked prices are not so reported, the current value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company’s board of directors, andsupported by the written fairness opinion of an independent, nationally-recognized stock valuation expert.  4.    *Transfer, Assignment or Loss of Warrant*.  (a)  This Warrant and the Warrant Stock, have not been filed or registered with the United States Securities and Exchange Commission or with the securities regulatory authority of any state. This Warrant and the WarrantStock are subject to restrictions imposed by federal and state securities laws and regulations on transferability and resale, and may not be transferred assigned or resold except as permitted under the Securities Act of 1933, as amended (the“Act”), and the applicable state securities laws, pursuant to registration thereunder or exemption therefrom. Upon receipt by the Company of evidence satisfactory to it that this Warrant has been legally and validly transferred orassigned, the Company will, at the request of the Holder, upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, exchange this Warrant for a replacement Warrant registered in such name or names asthe Holder shall designate. If, at the time of such transfer or assignment, this Warrant and the Common Stock issuable upon the exercise hereof have not been registered under the Act, then each such transferee and assignee shall furnish the Companywith evidence satisfactory to it that such transferee or assignee is acquiring such Warrant for his, her or its own account, for investment purposes, and not with a view towards a distribution thereof or of the Warrant Stock issuable upon itsexercise. The term “Warrant,” as used herein, includes any Warrants issued in substitution for or replacement of this Warrant.  (b)  Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and in the case of loss, theft or destruction of reasonablysatisfactory indemnification, and upon surrender and cancellation of this Warrant in the case of mutilation, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute anadditional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed or mutilated shall be at any time enforceable by anyone. 2 
 (c)  The Company may cause any legend required underthe Act and applicable state securities laws, or advisable in the opinion of its legal counsel, to be set forth on each Warrant, on each certificate representing Warrant Stock, and on any other security issued or issuable upon exercise of thisWarrant not previously distributed to the public or sold to underwriters for distribution to the public pursuant to 11 hereof.  5.    *Rights of the Holder*.    The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company, either at law or equity, and the rights of the Holder asthe holder of this Warrant are limited to those expressed in this Warrant.  6.    *Anti-Dilution Provisions*.    If the Company shall at any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on the outstanding Common Stock,then the Exercise Price in effect immediately prior to that subdivision or the issuance of that dividend shall be proportionately decreased, and if the Company shall at any time combine the outstanding shares of Common Stock, then the Exercise Pricein effect immediately prior to that combination shall be proportionately decreased, effective at the close of business on the date of the subdivision, dividend or combination, as the case may be.  7.    *Officer’s Certificate*.    Whenever the Company shall determine the fair market value of the Common Stockpursuant to Section 3 hereof, the Company shall forthwith file in the custody of its Secretary or an Assistant Secretary at its principal office, and with its stock transfer agent, if any, an officer’s certificate showing the such fair marketvalue and the date as of which it was determined, and setting forth in reasonable detail the facts requiring such determination and the facts, assumptions, methodology and calculations employed in determining such value. The Company shall forthwithdeliver a copy of each such officer’s certificate to the Holder, and the Company shall make all such officer’s certificates available at all reasonable times for inspection by and copying by the Holder.  8.    *Notices to Holder*.    So long as this Warrant shall be outstanding and any portion ofit shall be unexercised, (i) if the Company shall pay any dividend or make any distribution upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for subscription or purchase by them any shares of stock of any classor any other rights or (iii) if any capital reorganization of the Company, reclassification of the Company’s capital stock, consolidation or merger of the Company with or into another corporation, sale, lease or transfer of all or substantiallyall of the Company’s property and assets to another corporation, or voluntary or involuntary dissolution, liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be delivered to the Holder,at least ten days prior to the date specified in (x) or (y) below, as the case may be, a notice containing a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend,distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation or winding up is to take place and the date, if any is to be fixed, as of which the holders of record of CommonStock shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance, dissolution, liquidation or winding up. The record date forany such actions or events shall not be less than ten days after the date on which the Company gives the Holder the notice thereof specified by this 8.  9.    *Reclassification, Reorganization or Merger*.    In case of any reclassification, capital reorganization or other change of outstanding shares ofCommon Stock of the Company (other than a change in par value, or from par value to no par value, or from no par value to par value, or as a result of an issuance of Common Stock by way of dividend or other distribution or of a subdivision orcombination), or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary in which merger the Company is the continuing corporation and which does not result in anyreclassification, capital reorganization or other change of outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case of any sale or conveyance to another corporation of the property of the Company as anentirety or substantially as an entirety, the Company shall cause effective provision to be made so that the Holder shall have the right thereafter, by exercising this Warrant, to purchase the kind and amount of shares of stock and other securitiesand property receivable 3 
 upon such classification, capital reorganization or other change, consolidation, merger, sale orconveyance. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant. The foregoing provisions of this Section 9 similarly apply tosuccessive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive consolidations, mergers, sales or conveyances. In the event that in any such capital reorganization or reclassification, consolidation,merger, sale or conveyance, additional shares of Common Stock shall be issued in exchange, conversion, substitution or payment, in whole or in part, for or of a security of the Company other than Common Stock, any such issue shall be treated as anissue of Common Stock covered by the provisions of Section 6 hereof with the amount of the consideration received upon the issue thereof being determined by the Company’s board of directors, such determination to be final and binding on theHolder.  10.    *Spin-Offs*.    In the event the Company spins-off asubsidiary by distributing to the Company’s stockholders as a dividend or otherwise the stock of the subsidiary, the Company shall reserve for the life of the Warrant shares of the subsidiary to be delivered to the holders of the Warrants uponexercise to the same extent as if they were owners of record of the Warrant Stock on the record date for payment of the shares of the subsidiary.  11.    *Registration under the Securities Act of 1933*.  (a)  In the event that the Company proposes at any time when the Warrant is outstanding to file a registration statement under the Act (including for the purpose of this Section 11 aNotification under Regulation A under the Act and the Offering Circular included therein) relating to Common Stock issued or to be issued by the Company, the Company shall give written notice of such proposal to the Holder and the record owner ofany Warrant Stock. If, within 30 days after the giving of such notice, the Holder or any such record owner shall request in writing that this Warrant or any Warrant Stock be included in such proposed registration, then the Company shall, at itsexpense, also register such securities as shall have been so requested in writing; provided, however, that the Holder and such owners shall cooperate with the Company in the preparation of such registration statement to the extent required tofurnish information concerning the Holder and such owners therein. The Company shall be obligated under this Section 11 to register the Warrant and any Warrant Stock one time, and with respect to the first registration statement filed by the Companythat is declared effective. If the Company has not included the Shares in a registration statement filed under the Act by September 22, 2002, then the Company shall, at its expense, file a registration statement with respect to the Shares on thatdate.  (b)  In connection with the filing of a registration statement pursuant toSection 11(a) hereof, the Company shall: (i) notify the Holder and such owners as to the filing thereof and of all amendments thereto filed prior to the effective date; (ii) notify the Holder and such owners, promptly after it shall have receivednotice thereof, of the time when the registration statement becomes effective or any supplement to any prospectus forming a part of the registration statement has been filed; (iii) prepare and file without expense to such owners any necessaryamendment or supplement to such registration statement or prospectus as may be necessary to comply with the Act or advisable in connection with the proposed distribution of the securities; (iv) take all reasonable steps to qualify the Warrant andthe Warrant Stock being registered for sale under the securities or blue sky laws in such reasonable number of states as the Holder and such registered owners may designate in writing and to register or obtain the approval of any federal or stateauthority that may be required in connection with the proposed distribution, except, in each case, in jurisdictions in which the Company must either qualify to do business or file a general consent to service of process as a condition to thequalification of such securities; (v) notify the Holder and such owners of any stop order suspending the effectiveness of the registration statement and use reasonable efforts to remove such stop order; (vi) undertake to keep the registrationstatement and prospectus effective for a period of not less than 90 days; and (vii) furnish to the Holder and such owners as soon as available, copies of any such registration statement and each preliminary or final prospectus and any supplement oramendment required to be prepared pursuant to this 4 
 Section 11. Upon written request, the Company shall also furnish the Holder andeach such owner, without cost, one set of the exhibits to such registration statement.  (c)  The Company’s obligation under this Section 11 shall be conditioned upon timely receipt by the Company in writing of: (i) information as to the terms of such public offering furnished by or on behalf of the Holderand each such owner electing to exercise such registration rights; and (ii) such other information as the Company may reasonably require from the Holder and such owners, or any underwriter for any of them, for inclusion in such registrationstatement or Notification or post-effective amendment.  12.    *Miscellaneous* (a)  All notices given under this Warrant shall be in writing, addressed to the Companyat 2150 West Washington Street, Suite 110, San Diego, California 92110, and to the Holder at the Holder’s address set forth is the Company’s records, or at such other address as a party may specify by notice given in accordance with thisparagraph, and shall be effective on the earliest of (i) the date received, or (ii) if given by facsimile transmittal with receipt electronically confirmed on the date given if transmitted before 5:00 p.m., the recipient’s time, otherwise it iseffective the next day, or (iii) on the second business day after delivery to a major international air delivery or air courier service (such as Federal Express or Network Couriers).  (b)  This Warrant is binding on and, except for the limitations on transfer and assignment contained in Section 4, shall inure to the benefit ofthe successors in interest of the Company and the Holder, respectively.  (c)  ThisWarrant shall be construed and enforced in accordance with the laws of California.  (d)  Any controversy or claim arising out of or relating to this Agreement (whether in contract or tort, or both) shall be determined by binding arbitration at San Diego, California, in accordance with the commercialarbitration rules of the American Arbitration Association, by a panel of three arbitrators, one chosen by each of the parties and the third by the two so chosen. If the two arbitrators cannot agree on a third, then the third shall be appointed inaccordance with such rules. The prevailing party in any arbitration proceeding shall be awarded reasonable attorneys fees and costs of the proceeding. The arbitration award shall be final, and may be entered in and enforced by any court havingjurisdiction.  Dated and effective as of March 22, 2002.  MOBILE PET SYSTEMS, INC.By /s/    ANTHONYTURNBULL          **Anthony Turnbull, CFO**5 
 **PURCHASE FORM** Date:               TO:    MOBILE PET SYSTEMS, INC.:  The undersigned hereby irrevocably elects toexercise the within Warrant to the extent of purchasing                         (                ) shares of Common Stock, and hereby makes payment of                 Dollars and                      Cents ($                ) in paymentof the Exercise Price thereof.  **INSTRUCTIONS FOR REGISTRATION OF STOCK** Name:                                                                                                                                                                                                             Address:                                                                                                                                                                                                         City, State, ZipCode:                                                                                                                                                                                Signature                                                                                                                                    Name                                                                                                                                   Datesigned