1. 11 Afin Romania Bucarest, 20 Sept 2005 Forumul Român de Leasing

2. 22 Afin Romania Forumul Roman de Leasing 1. The opportunity 2. The market 3. The “captive” concept 4. Leasing as investment SUMMARY

3. 33 Afin Romania The possibility to take the opportunity of the potential economic development, especially in the markets with less financial services facility, was strongly conditioned by the capacity to provide the financial solutions needed on the market, especially based on “captive” perception (even seen the low propensity of the bank system to take the risk ). by the customer Specific Target The opportunity

4. 44 Afin Romania High Low StrongPoor MarginalFundamental Financial retail solutions available on the local market Sales volume (units) 1995 Former Jugo. 940 Russia166 Bulgaria26 Cek. + Slovak. 805 Pol. + Hung. 1158 Romania114 Baltics93 ≠ F.S.U. 179 Financial support need for the sale increase The theory

5. 55 Afin Romania + 265% The sales

6. 66 Afin Romania + 184% + 184% + 743% The increase of sales in the markets where we introduced the “Captive” financial service (  Romania, Bulgaria, Baltic's, Russia, Byelorussia, Ukraine, ecc.) is more than 4 times bigger than the others ( Poland, Hungary, Ceck Rep,Slovakia, Slovenia, Croatia, ecc.) The market

7. 77 Afin Romania + 2.120% ROMANIA. Remarkable is he performance of ROMANIA. One of the most important factors of the successful Romanian system is the fully integration between the captive and the dealers network The case “Romania”

8. 88 Afin Romania July 2005

9. 99 Afin Romania Dealer Preliminary controls Constantly relation with the customer Support to the Captive in case of default (repossession-release) Services (m&r, insurance inspections,others) Credit assessment Contract management Services integration (custom dutys,immatriculation insurance,stock financing insurance,stock financing Share the risk Governance Credit facilities Risk coverage Afin Iveco Cliente Afin:The captive

10. 1010 Afin Romania Providing a range of services, not just lending money; Selecting customers on the basis of prospective strength, not only on their present borrowing capacity; Holding support to sound business/customer also in “bad time”; Understanding and flexibility; Using profits for investments on new operations, not just for “dividends”; Looking at the customers as the future best partner. Evolving from… Provider of Financing to Service Provider: Sales financing - the captive “concept”

11. 1111 Afin Romania Financial Leasing as investment tool A BPrice: 73,000 DP: 9%DP: 15% RV: 20%RV: 0% IR: 7%IR: 9%Tenor: 5 years Install: quarterlyInstall: monthly_____________ 1,150 euro1,200 euro The case A is like a rent,because the RV is close to the MV The case B is an investment, because the lessee will own a vehicle still in line with MV.

12. 1212 Afin Romania Residual Value-Market value