A Closer Look at Trends in Europe & Beyond Tanguy van de Werve Director General, Leaseurope Bucharest, 18 October 2007

2 A Closer Look at Trends in Europe & Beyond Agenda  World markets in 2006  Leasing volumes and growth, in Europe and further a field  Leasing’s contribution to the economy  Market players  Asset types

3 World Markets in 2006 US ELFA bio€ Europe Leaseurope bio€ of which: Equipment Leasing bio€ Japan JLA 53.5 bio€ Australia AELA 17.2 bio€ New leasing volumes; source: Leaseurope 2006 Annual Survey and local leasing associations Brazil ABEL 7.2 bio€ Canada CFLA 18.5 bio€

bio€ New Leasing Volumes in Europe Total New Leasing Volumes Reported in Leaseurope Annual Surveys HP explicitly included from 2003, automotive long term rental members figures included (when available) in 2006 CAGR: 10.9% bio€

5 New Leasing Volumes in Europe Equipment & Real Estate CAGR: 10.63% CAGR: 11.01% RE 46.8 bio€ Equip bio€ New Volumes 2006

6 New Leasing Volumes in Europe Equipment & Real Estate Average Share of RE 83.84% Average Share of Equip 83.84% 86.7% 80.3% High: 97 Low: 02

7 New Leasing Volumes in Europe UK  55.0 bio€ New Leasing Volumes per Cluster in 2006

8 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ New Leasing Volumes per Cluster in 2006

9 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ New Leasing Volumes per Cluster in 2006

10 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ France  36.1 bio€ New Leasing Volumes per Cluster in 2006

11 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ France  36.1 bio€ CEE  33.4 bio€ New Leasing Volumes per Cluster in 2006

12 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ France  36.1 bio€ CEE  33.4 bio€ Benelux, CH, AT  28.8 bio€ New Leasing Volumes per Cluster in 2006

13 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ France  36.1 bio€ CEE  33.4 bio€ Benelux, CH, AT  28.8 bio€ Med  28.8 bio€ New Leasing Volumes per Cluster in 2006

14 New Leasing Volumes in Europe UK  55.0 bio€ Germany  50.4bio€ Italy  48.1 bio€ France  36.1 bio€ CEE  33.4 bio€ Benelux, CH, AT  28.8 bio€ Med  28.8 bio€ Nordic  18.1 bio€ New Leasing Volumes per Cluster in 2006

15 Growth in Europe Total New Volumes: Annual Growth Rates Calculated based on a homogenous sample of members reporting in the previous year 2006: Lower RE growth

16 Growth in Europe New Leasing Volume Growth per Cluster Annual growth rates calculated based on a homogenous sample of members reporting in the previous year

17 Growth in Europe Total Equipment Leasing Growth Annual growth rates calculated based on a homogenous sample of members reporting in the previous year

18 Growth in Europe Equipment vs Real Estate Leasing Growth Annual growth rates calculated based on a homogenous sample of members reporting in the previous year

19 Growth in Europe Equipment Leasing Growth in Europe Compared to the US Annual real growth rates, US data source: ELFA

20 Growth in Europe Equipment Leasing Growth in Europe Compared to the US and Japan Annual real growth rates, Japan data source: World Leasing Yearbook 2007 & JLA

21 Growth in Europe Equipment Leasing Growth in Europe Compared to the US, Japan & Australia Annual real growth rates, Australian data source: AELA, includes all types of equipment finance

22 Contribution to the European Economy Leasing Volumes as a % of GDP Leaseurope average, calculated as new leasing volumes from Leaseurope Annual Surveys divided by GDP from Eurostat for countries with available data

23 Contribution to the European Economy DK UK SE DEFR AT BE FI NL IT CH CZ ES SI PT SK EE Leasing Growth Compared to Investment Growth Investment = GFCF – investment in private dwellings; source: Eurostat

24 Contribution to the European Economy Leasing Growth Compared to Investment Growth Investment = GFCF – investment in private dwellings; source: Eurostat PL

25 Contribution to the European Economy DK UK SE DEFR AT BE FI NL IT CH CZ ES SI PT SK EE Leasing Growth Compared to Investment Growth Investment = GFCF – investment in private dwellings; source: Eurostat

26 Contribution to the European Economy CAGR (97-06) for Leasing Compared to Investment Investment = GFCF – investment in private dwellings; source: Eurostat Overall CAGR: 8.94% Overall CAGR: 4.82% <

27 European Leasing Penetration Average Leasing Penetration Source: Leaseurope data & investment figures from Eurostat; Incl. hp from 2003 & new LT members in 2006

28 European Leasing Penetration Average Leasing Penetration Source: Leaseurope data & investment figures from Eurostat; Incl. hp from 2003 & new LT members in 2006

29 European Leasing Penetration Average Leasing Penetration Source: Leaseurope data & investment figures from Eurostat; Incl. hp from 2003 & new LT members in 2006

30 European Leasing Penetration 10% – 15% Country Level Penetration Rates (2006)

31 Leasing Penetration 10% – 15% 15% – 20% Country Level Penetration Rates (2006)

32 Leasing Penetration 10% – 15% 15% – 20% 20% – 25% Country Level Penetration Rates (2006)

33 Leasing Penetration 10% – 15% 15% – 20% 20% – 25% > 25% Country Level Penetration Rates (2006)

34 Leasing Penetration Average Leasing Penetration in Europe vs US Source: ELFA

35 Leasing Penetration Source: CFLA Average Leasing Penetration in Europe vs Canada

36 Leasing Penetration Average Leasing Penetration in Europe vs Australia Source: AELA

37 European Market Players Based on homogenous sample of members reporting in all surveys, measured in terms of number of firms Short Term Evolution in Leasing Company Profile

38 European Market Players Based on homogenous sample of members reporting in all surveys, measured in terms of number of firms Short Term Evolution in Leasing Company Profile

39 European Market Players Based on homogenous sample of members reporting in all surveys, measured in terms of number of firms Short Term Evolution in Leasing Company Profile 2006: Bank Related: 42% Captive: 16% Independent: 28% 2000: Bank Related: 33% Captive: 18% Independent: 32%

40 European Market Players % of tot market # of firms Concentration of European Leasing Companies

41 European Market Players % of tot market # of firms Concentration of European Leasing Companies

42 European Market Players % of tot market # of firms Concentration of European Leasing Companies

43 European Market Players % of tot market # of firms Concentration of European Leasing Companies

44 Types of Asset on Lease 47.9 bil€ 16% bil€ 34% 46.8 bil€ 16% bil€ 34% Cars RE CVs Non Auto Equip Source: Leaseurope 2006 Annual Survey. Includes data for Leaseurope’s new automotive long term rental members (when available) New Leasing Volumes per Asset Category (2006) 50%

45 Equipment Leasing Computers & Business Machines Road Transport Vehicles Passenger Cars Machinery & Industrial Equip Other Ships, Rail, Plane, etc New Equipment Leasing Volumes per Asset Category (2006) Total Equipment Volume: bil€

46 Equipment Leasing Computers & Business Machines Road Transport Vehicles Passenger Cars Machinery & Industrial Equip Other Ships, Rail, Plane, etc Asset Share 06 Category Growth 05/06 Growth calculated based on a homogenous sample of members reporting in the previous year

47 Equipment Leasing Computers & Business Machines Road Transport Vehicles Passenger Cars Machinery & Industrial Equip Other Ships, Rail, Plane, etc Machinery & Industrial Equip Computers & Business Machines 3.23 Road Transport Vehicles Passenger Cars 2.73 Ships, Rail, Plane, etc 8.78 Category Growth 05/06 Asset Share 06

48 Equipment Leasing Road Transport Vehicles Machinery & Industrial Equip Computers & Business Machines Passenger Cars 2.73 Ships, Rail, Plane, etc 8.78 Ships, Rail, Plane, etc Machinery & Industrial Equip 6.97 Computers & Business Machines Road Transport Vehicles 9.02 Passenger Cars Growth calculated based on a homogenous sample of members reporting in the previous year Category Growth 04/05 Category Growth 05/06

49 Machinery & Industrial Equip Computers & Business Machines Equipment Leasing Other Types of Equip Ships, Plane, Rail, etc Passenger Cars Road Transport Vehicles Cluster Specialisation (2006)

50 Equipment Leasing Consumers Public Sector Services Industry & Construction Agriculture, Forestry, Fishing Other client categories Short Term Evolution of Client Categories

51 Real Estate Leasing Cluster Specialisation (2006) EquipmentReal Estate

52 Real Estate Leasing Office Buildings 26% Hotels & Leisure 7% Utilities 2% Other Buildings 14% Industrial Buildings 28% Retail Outlets 28% Type of Building Leased in 2006 Total Real Estate Volume: 46.8 bil€

53 Focus on Vehicles In 2006, new Leaseurope membership base brings additional weight in the automotive sector Based on figures reported in the 2006 Annual Survey & Leaseurope estimates; includes figures from short term rental associations except for fleet value (€)

54 Passenger Cars Leaseurope PCs as % of New Registrations New cars bought or financed (used cars excluded, all product types together) compared to new PC registrations taken from ACEA Leaseurope Average: 35.5%

55 Passenger Cars Leaseurope PC Fleet as % of Country Fleet Leaseurope fleet ’06 as share of total fleet (’05) taken from EC’s “EU Energy & Transport in Figures “ Leaseurope Average: 6.5%

A Closer Look at Trends in Europe & Beyond Tanguy van de Werve Director General, Leaseurope Bucharest, 18 October 2007