Leasing Industry Results in 2012 Polish Leasing Association Press Conference 18th January2013 Klub Bankowca Ul. Smolna 6 Warszawa

List of Polish Leasing Association Members Masterlease Polska S.A. Mercedes-Benz Leasing Polska Sp. z o.o. Millennium Leasing Sp. z o.o. NOMA 2 Sp. z o.o. Nordea Finance Polska S.A. ORIX Polska S.A. PEKAO Leasing Sp. z o.o. PKO Leasing S.A. Raiffeisen Leasing Polska S.A. Scania Finance Polska Sp. z o.o. SG Equipment Leasing Polska Sp. z o.o. SGB-Trans-Leasing PTL Sp. z o.o. Siemens Finance Sp. z o.o. VB Leasing Polska Polska S.A. VFS Usługi Finansowe Polska Sp. z o.o. Volkswagen Leasing Polska Sp. z o.o. Polski Związek Wynajmu i Leasingu Pojazdów BAWAG Leasing & Fleet Sp. z o. o. BGŻ Leasing Sp. z o.o. BNP Paribas Leasing Solutions BRE Leasing Sp. z o.o. BZ WBK Finanse & Leasing S.A. Caterpillar Financial Services Poland Sp. z o.o. De Lage Landen Leasing Polska S.A. Deutsche Leasing Polska S.A. DnB Nord Leasing Sp. z o.o. Europejski Fundusz Leasingowy S.A. Getin Leasing S.A. Handlowy-Leasing S.A. IKB Leasing Polska Sp. z o.o. Immoconsult Polska Sp. z o.o. ING Lease (Polska) Sp. z o.o. Kredyt Lease S.A.

Leasing Market

Leasing Industry Results in 2012 (1) Total number of assets financed by leasing companies The ongoing economic crisis in Euro zone resulted in weaker demand on transport and shipping services, which caused the significant drop of the value of financed trucks in H The situation on light vehicles market started deteriorating in Q2 2012: - 5.6% in Q2, -7.8% in Q3 and +3.1% in Q Such situation is mainly caused by the drop of the value of leased trucks and delivery vehicles up to 3.5 tons (-5.7% for the whole 2012 and -26.4% YOY for Q4). The drop in the value of light vehicles financing derives from gradual decrease of domestic demand, especially the decrease of individual consumption. The value of machines financed by leasing companies in 2012 was significantly supported with loan. The dynamics in this sector amounted to 43.9% YOY. H reported growth on the real estate leasing market reported the end of growth on the movables leasing market which commenced in March Indeed, Q reported the growth of 11.3% YOY, however in Q2 the growth dropped to 1.4%. The market started to shrink in H2: - 3.8% for Q3 and -3.1% for Q After 14.9% growth of the financed movable assets in 2011, movables leasing market reported the 0.8% growth YOY in Machines remain the main equalizer of the market growth despite the fact that the investment in construction sector slowed down in H It was the result of EU funds absorption (for the purchase of agricultural machines) and high exploitation of production capacity in comapnies (79.8% at the end of Q3 2012). I-IX 2011I-IX 2012 I-IX 12 / I-IX 11 X-XII 2011X-XII 2012 X-XII 12 / X- XII 11 I-XII 2011I-XII 2012 I-XII 12 / I-XII 11 Vehicles ,3% ,7% ,1% Passenger Delivery Cars ,5% ,1% ,2% Trucks ,3% ,1% ,8% Other vehicles ,6% ,2% ,1% Machines ,2% ,2% ,1% IT ,5% ,7% ,4% Planes, ships, railway ,4% ,9% ,6% Other movables ,7% ,2% ,5% Movables – total number ,4% ,1% ,8% Real Estate ,5% ,9% ,9% Financing altogether (leasing +loans) ,5% ,7% ,3%

Leasing Industry Results in 2012 (2) Source: Polish Leasing Association Assets financed with leasing ` I-IX 2011I-IX 2012 I-IX 12 / I-IX 11 X-XII 2011X-XII 2012 X-XII 12 / X- XII 11 I-XII 2011I-XII 2012 I-XII 12 / I-XII 11 Vehicles ,7% ,3% ,0% Passenger Delivery Cars ,7% ,0% ,0% Trucks ,8% ,9% ,6% Other Vehicles ,6% ,3% ,7% Machines ,0% ,4% ,6% IT ,8% ,7% ,8% Planes, ships, railway ,4% ,2% ,7% Other movables ,1% ,6% ,6% Movables – total number ,7% ,6% ,3% Real Estate ,9% ,7% ,3% Leasing altogether ,5% ,7% ,0%

Leasing Industry Results in 2012 (3) Source: Polish Leasing Association Assets financed with loan All the assets financed with loans constitute 13.9% of the whole leasing companies production in In 2011 such index amounted to 11.0%. Machines constitute the main pillar of investment financed with loans (85.1% in comparison to 74.7% in 2011), which means that the loan constitutes 33.2% of the total machine production The meaning of loan in case of truck financing reported significant growth. The use of loans in the case of finansing light vehicles and real estate reported decrease. The use of EU funds by the farmers results in dominant share of agricultural machines in loan financing sector. I-IX 2011I-IX 2012 I-IX 12 / I-IX 11 X-XII 2011X-XII 2012 X-XII 12 / X- XII 11 I-XII 2011I-XII 2012 I-XII 12 / I-XII 11 Vehicles ,5% ,7% ,8% Passenger Delivery Cars ,6% ,3% ,6% Trucks ,4% ,8% ,6% Other Vehicles ,4%26236,0% ,6% Machines ,7% ,5% ,9% IT ,9% ,6% ,9% Planes, ships, railway 67 10,1% 22 2,6% 89 8,4% Other movables ,2% ,2% ,0% Movables – in total ,0% ,5% ,6% Real Estate ,7% ,4% ,2% Loans altogether ,9% ,4% ,4% Building Equipment 6% Agricultural Machines 68% Printing Machines 3% Machines for Plastics Production and Metalwork 7% Machines for Food Industry 1% Medical Equipment 8% Other Machines & Devices 7% Machines financed with loans

Company results in 2012 Source: Polish Leasing Association Positive dynamics of assets value financed by leasing companies in 2012 origins from good sales results obtained by individual companies Data for 2012 shows that there were six companies which increased the turnover of more than 20% and eleven companies where the dynamics of financed assets exceeded 10%. Out of 33 companies which provide data for the Polish Leasing Association 23 reported negative production dynamics (including 4 of TOP 10). There were only 6 such companies in Lower turnover in real estate segment affects total results of companies more involved in this sector in 2011 (ING, BZ WBK, Raiffeisen). H was not a good period also for the companies oriented on financing building machines and trucks. Good results in 2012 were obtained owing to the companies of more corporate character that finance the investment of medium and small companies. These were particularly the companies belonging to bank groups which are leaders in corporate banking sector. Also the companies oriented on agricultural sector (financing agricultural machines with the loans supported by EU grants) reported good results. Clearly higher pace of development is visible among medium and small leasing companies. The sales results of five leading companies in 2011 dropped in 2012 of 11.1% while it grew of 8.3% in other sectors of the market.

Leasing Industry Results in 2012 – Real Estate Source: Polish Leasing Association The value of leased real estate units in 2012 amounted to PLN million, which proves 9.9% decrease per year. H reported significant growth on the real estate market. The value of granted finances in H amounted to PLN 413 million (decrease of 35.8% YOY) but H reported the amount of PLN million, which means the anual growth of 7.0%. Q4 was the most successful since noted financing the real estate at the level of PLN 718 million. The number of reported contracts in 2012 decreased of 21.7% : to 187 in comparison with 239 in Relatively positive dynamics (-9.9%) of the financed assets results from significant increase of the average transaction value. Last year it amounted to 6.66 mln PLN and growth of 40.8% in comparison to 2011, which means it is still significantly lower when compared to previous years – in the average amounted to mln PLN. Real estate leasing market remains concentrated. We estimate that 70% of the transactions were valuably (and 82% quantitatively) concluded by four leading companies. In the whole 2011 the index of turnover value amounted to 72% and of the number of transactions – 79%. High concentration of the market results from lower number of companies which concluded the transactions of real estate financing: up to 8 in 2012 in comparison to 12 in BRE Leasing became a new leader and overtook ING. Industrial buildings and commercial &service centres are dominant in the business market structure. Industrial Buildings 27% Commercial and Service Centres 60% Office Facilities 2% Hotels And Recreational Centres 4% Others 7% Business Structure of Real Estate Leasing Market BRE 33,0% ING 21,0% PKO Leasing 14,0% BNP Paribas 6,8% Raiffeisen 4,6% Millennium 3,3% BZ WBK 0,9% SGB-Trans- Leasing 0,5% Others 15,8% Business Structure of Real Estate Leasing Market

Currency Structure of New Production on Leasing Market Source: Polish Leasing Association In 2012, similarly to earlier years, financing in PLN was dominant in the structure of new production for movables leasing. Still, the share of leasing in foreign currency increased: from 23.7% in 2011 to 26.3% in In the case of loans we may observe the drop in the share of financing in foreign currency: from 13.8% in 2011 to 11.0% in In the following quarters of 2010, 2011 and 2012 we can see the gradual increase of intrest in financing the purchase of movable fixed equiment with foreign currency leasing. In H the share of such leasing amounted to 14.6%, in H – 16.4% but in H such share amounted to 23.0%, in H – 24.3%. In 2012 the shares amounted respectively to: 25.9% and 26.7% (28.3% in Q4). The share of foreign currency in financing the investment purchase in H approaches the record level of 32.3% which was obtained in Q It is visible that entrepreneurs expose their credit exposure to currency risk. In previous years real estate leasing was financed mainly with foreign currency. The share of PLN in financing the segment start growing in As a result, in % of real estate leasing transactions were financed with PLN. In H such share increased to 76.2% but by low value of granted financing ( PLN 413 million). H reported breach of that trend since only 24.9% of financing was granted in PLN. 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Currency Structure of New Production - movables Leasing in PLN Leasing in Foreign Currency 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Currency Structure of New Production – real estate- Leasing in PLN Leasing in Foreign Currency

Investment Financing – Leasing vs Investment Credit Source: Polish Leasing Association, National Bank of Poland Total value of active portfolio at the end of 2012 amounting to bln PLN (53.44bln PLN for movables and 8.10 bln PLN for real estate) is comparable to the value of balance of the investment credits granted to companies by banks (79.06 bln PLN as reported on 30th Nov. 2012). Leasing is the main, apart from credit, external source of financing investments working in economy. The value of this portfolio increased within the last 12 months of 0.7%, which means the growth of 0.77 bln PLN as reported on 30th June Data provided by National Bank of Poland concerning money supply (of 30th Nov. 2012) proves explicit slowdown of the dynamics in the case of banks credit action within investment. The last 12 months showed that the balance of investment credits increased in banks of 2.4% compared to 27.6% dynamics YOY reported at the end of 2011 and 19.1% reported on 30th June The present balance is lower of 3.7%than the level noted six months ago. 37,8 43,9 48,4 47,7 47,3 45,4 47,8 48,0 52,4 53,4 16,2% 10,2% -1,4% -0,9% -3,9% 5,2% 0,5% 9,1% -0,1% 2,0% -10% -5% 0% 5% 10% 15% 20% 25% value of the real estate leasing active portfolio- change in relation to the previous period 49,8 56,6 56,5 54,9 53,4 55,3 55,9 61,1 60,8 61,5 1,8% 13,7% -0,2% -2,8% - 3,6% 0,9% 9,4% -0,5% 1,3% -5% 0% 5% 10% 15% 20% 25% change in relation to the previous period total value of active portfolio 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Investment loans granted to companies by banks [mln PLN] 79 bln Deposits/loans for companies index Jan 07 May 07 Sept 07 Jan 08 May 08 Sept 08 Jan 09 May 09 Sept 09 Jan 10 May 10 Sept 10 Jan 11 May 11 Sept 11 Jan 12 May 12

Polish Vehicle Rental and Leasing Association (PZWLP) Results in 2012

PZWLP Results – 2012 PZWLP in member companies Results provided by 15 companies PZWLP after Q4 2012– vehicles leased in total FSL83.696(FSL – full service leasing) LS11.239(LS – leasing service) FM10.042(FM – fleet management ) Organic growth of member companies YOY Long-term lease in total 9 % FSL and LS in total9,18 %

PZWLP Results –

PZWLP and Polish Leasing Association – 2012 Long-term Lease in total 1. Masterlease (including 415 in FM) 2. LeasePlan Fleet Management (including in FM) 3. Arval Service Lease (including 497 in FM) 4. Alphabet Polska (including 74 in FM) 5. Carefleet (including 563 in FM) Full service leasing 1. LeasePlan Fleet Management Arval Service Lease Masterlease Alphabet Polska Carefleet 8.148

PZWLP at the turn of 2012 and 2013 Now 17 members (since middle 2012 – Nivette Fleet Management) Entering Związek Avis Polska (Avis Polska Association) (January 2013) – beginnings of organised representation of short-term rental industry Stable development of FSL Dynamic growth of LS 2013 forecast for PZWLP– development at the stable level of 5-7 % per year

Rental Industry 2012/2013 Main events in Polish rental industry Contracts continuation and costs optimalisation Client expectations – changes, trends Growth of LS significance (incomplete rental) Market consolidation Instability of legal environment – changes in VAT deduction of: Insurance Fuel (risk of change) Car service (the changes planned by the Polish Ministry of Finance and their consequences for dealer-repair-service industry)

Rental Industry 2012/2013 The influence of makroeconomic conditions on rental industry Regulating-capital requirements in bank sector – potential incentive to the sale of rental companies assets by the big European banks Low interest rates – possibility of cheap acquisition financing in Poland and Europe Dynamic capital inflow to various industries from Asia– in the following years there is a possibility of investment, eg. Chinese or Korean, in leasing and rental industry 2013 forecast for the industry – development at the level of 5 % per year

Związek Polskiego Leasingu (Polish Leasing Association) ul. Rejtana 17, Warszawa tel.: (22) fax: (22)