The Alta Group Global developments in the Equipment Leasing and Financing Industry First Latin American Leadership Meeting of the Leasing Industry

2The Alta Group - How does the World Look Like? Back to Table of Contents

3The Alta Group - How does the World Look Like? CHINA INDIA USA REST OF THE WORLD INDONESIA BRAZIL PAKISTAN POPULATION: While the US holds 5% of the World’s population, China (20%), India (17%), Brazil (3%) and Russia (2%) host 42% of the global inhabitants Europe altogether hosts only 11%, and declines BANGLADESH RUSSIA NIGERIA JAPAN Back to Table of Contents

4The Alta Group - How does the World Look Like? REAL GDP: While the US holds 21% of the World’s GDP, China produces 13%, India (6%), Brazil (3%) and Russia (3%). The EU produces 15%. 80% of global GDP is currently produced by 20 countries USA CHINA JAPAN INDIA GERMANY UK FRANCE ITALY BRAZIL RUSSIA REST OF THE WORLD Back to Table of Contents

5The Alta Group - Source: Goldman Sachs Back to Table of Contents

6The Alta Group - Demographics: Purchasing Power ASIA PACIFIC Back to Table of Contents And the winners are: China Japan India Korea Indonesia Australia Thailand LATIN AMERICA …the winners are: Brazil Mexico Argentina Colombia Chile Venezuela AFRICA The winners are: South Africa Egypt Algeria Nigeria Morocco Tunisia MIDDLE EAST Iran Saudi Arabia Israel United Arab Emirates Syria Kuwait Go to Statistics

7The Alta Group - Back to Table of Contents Missing: Russia China India Brazil Go to Global Ranking Regional Ranking for easiness to do business in… Alta selected the top 15 of each region (where available)

8The Alta Group - What is happening in Europe? In 2005, Europe originated more leasing volume than the US (€262.9 billion) Leaseurope’s new leasing business amounts to 2.37% of GDP and the leasing penetration rate, measured as the amount of investment financed by leasing during the year, rose to 15.94%. New leasing business grew by almost 14%, far exceeding expectations. The portfolio of leased assets in the hands of European leasing companies represented via Leaseurope’s members amounted to approximately 600 billion euros at the end of Back to Table of Contents

9The Alta Group - What is happening in Europe? Source: Leaseurope Back to Table of Contents

10The Alta Group - What is happening in Latin America? The Leasing Industry in Latin America grew over 55%, and represents total assets of US$ 26.3 billion. In Mexico, the law was reformed to enable lessors to engage in multiple financial services (Consumer lending, factoring and other- SOFOMEs), without Government regulation; In Brazil, strong association but consolidation is happening (Bradesco buying American Express and Itau buying BankBoston portfolio GE Capital sold its leasing portfolio in 2005); Chile: Banks absorbing leasing subs. Risk of corporate schizophrenia; Colombia: Consolidation among Banks; Argentina: Banks also dominating the landscape Central America: CAFTA and consolidation around banks. GE, Scotiabank and HSBC investing Map Source: AON Back to Table of Contents

11The Alta Group - Top 20: 8 from Brasil; 4 from Chile; 2 from Puerto Rico; 3 from Colombia; 1 from Mexico; 2 from Peru RANKING LEASING COMPANIES

12The Alta Group - HALLAZGOS POR PAÍS

13The Alta Group - PRESENCIA DE MULTINACIONALES

14The Alta Group - What is happening in Africa? South Africa has a solid leasing industry dominated by 4 Banks; Egypt is growing its leasing industry since the 1995 Leasing Law. Average annual originations: US$ 285 M/year; Sub-Saharan Africa is joining the leasing league, procuring for best practices and for investment promotion in their countries. To highlight: Tanzania, Ghana, Madagascar, RDC, Nigeria… Map Source: AON Back to Table of Contents

15The Alta Group - What is happening in Asia? China Leasing Industry: Continuous growth, Leasing Law in process, Foreigners coming blindly. Expect surprises… Japan: Mature leasing industry, with weak regulatory framework (?), penetration of 9% of total investment. IT represents 35% of originations; India: Growth impaired by an hostile Tax Legislation and funding restrictions; Korea: Mature and consolidating players in the industry recovering from the 1998 crisis; Australia: Solid Leasing industry Malaysia, Thailand, Indonesia and other countries are in the build-up phases. Map Source: AON Back to Table of Contents

16The Alta Group - What is happening in the Middle East? Saudi Arabia, Kuwait, UAE, Bahrain all regulate leasing based upon Sharia Law, on the « Ijara » foundation. Leasing is emerging since 2000 and growing; Kuwait lease receivables exceed US$ 2 billion (6 companies); Israel leasing industry is highly concentrated in car leasing and financing Iran: Emerging leasing industry with investment of IFC (2002). Mostly controlled by State owned Banks Map Source: AON Back to Table of Contents