1. 09 Dec 2004 Giulio Cerutti Managing Director

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

3. Afin IVECO market share Tot. >= 3,5t GVW 2003%2004% DAF1502,43824,6 FIAT61610,06517,8 FORD67911,185910,2 IVECO156225,5212225,3 MAN1672,73203,8 MERCEDES BENZ102116,6143317,1 NISSAN941,540,0 PSA5368,77158,5 RENAULT3886,384410,1 ROMAN1232,01652,0 SCANIA490,8670,6 VOLVO5108,35046,0 VW2003,32462,9 Total61371008395100

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

5. Afin Portfolio by Market 30 November 2004

6. Afin Leasing portfolio dimensions & performance

7. Afin Achievement (mil €) mil. (EUR) 2002 2003 2004 * 10 months Total mil. (EUR) 2002 2003 2004 * 10 months Total BV 30 79 76 185 Contracts 917 1293 1182 3392 Clients 760 989 984 2733 Vehicles 1420 2777 2610 6807 OCV 18 58 62 138

8. Afin Company Evolution * By the 30 th of October 2004

9. Afin Company Evolution * By the 30 th of October 2004

10. 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)

11. Afin Procedures

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

13. 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

14. Afin Further developments

15. 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

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