09 Dec 2004 Giulio Cerutti Managing Director

Afin Agenda Agenda Captive Leasing for IVECO Leasing portfolio.dimensions & performance Procedures Further developments

Afin IVECO market share Tot. >= 3,5t GVW 2003%2004% DAF1502,43824,6 FIAT61610,06517,8 FORD67911,185910,2 IVECO156225, ,3 MAN1672,73203,8 MERCEDES BENZ102116, ,1 NISSAN941,540,0 PSA5368,77158,5 RENAULT3886,384410,1 ROMAN1232,01652,0 SCANIA490,8670,6 VOLVO5108,35046,0 VW2003,32462,9 Total

Afin Geographical Areas Romania Russia Bulgaria Hungary Slovakia Czech Rep. Lithuania Latvia Estonia Ukraine Bielorussia Croatia Poland

Afin Portfolio by Market 30 November 2004

Afin Leasing portfolio dimensions & performance

Afin Achievement (mil €) mil. (EUR) * 10 months Total mil. (EUR) * 10 months Total BV Contracts Clients Vehicles OCV

Afin Company Evolution * By the 30 th of October 2004

Afin Company Evolution * By the 30 th of October 2004

Afin Key strategy Full Integration between Financial Service and Distribution –Financing as a selling tool –Distribution as a safety net in case of default –Financing of dealer stock (floor plan)

Afin Procedures

Documents to be collected Documents to be collected Irrevocable purchase offer Company’s papers Balance sheets Financial credibility Reference from suppliers/customers

Afin Leasing Circle of Process Leasing Circle of Process Customer Customer`s Purchase Agreement Salesman Assessment Finance Dept. ApprovalCC Contract Preparation Salesman Collection of DocumentsSalesman Operations Dept. Vehicles ordering Logistic Dept. Arrival & customs clearence Operations Dept. Counter guarantee deposit Technical Dept. Delivery to Salesman Salesman Delivery to client

Afin Further developments

Afin Short Term Objectives To expand the range of services offered (insurance, maintenance, stock financing, rental solutions) To industrialize and standardize the processes: branch to the dealers To extend to other markets To expand the Afin web-site capabilities

Afin E-Afin Afin & Iveco Dealers Clients E-AfinAfinleasing.com