European LeasingEuropean LeasingState of the Market

Jean-Marc MignereyCEO, SG Equipment FinanceLeaseurope Board Memberp

Hamburg 2010

Global Leasing Markets in 2009Global Leasing Markets in 2009Canada

CFLA

Leaseurope209 bil€

Japan

JLA

CFLA

20 bil€-32%-20%

US

ELFA

124 €

38 bil€

Chi-19%

124 bil€

Brazil

China

CLBA

29 bil€

-10%

ABEL

11 bil€Australia

AELA & AFLA

29 bil€0%

New equipment leasing volumes (Leaseurope volumes include real estate)ELFA figures do not include passenger car leasingAELA figures are for FY 2009Source: Leaseurope 2009 Annual Survey, local leasing associations, Leaseurope estimates

10 bil€

The European Leasing MarketResults from Leaseurope’s 2009 Annual Enquiry

NEW VOLUMESTotal Real Estate Movables

209 €bilL A l S 209 €bil 25 €bil 185 €bilLeaseurope Annual Survey

231 €bilEstimated TOTAL Market

Total Real Estate MovablesOUTSTANDINGS

686 €bil 211 €bil 475 €bilLeaseurope Annual Survey

725 €bilEstimated TOTAL Market 725 €bil

Source: Leaseurope estimates, Leaseurope 2009 Annual Survey of European Leasing29 member associations in 24 countries reporting, figures include hire purchase products when reported by member associations

The European Leasing MarketEvolution of the European leasing marketNew business, annual % change (1995 – 2009)

New volumes % 2008/9

New business, annual % change (1995 2009)

25%

30.0%

15 3% 14 8%16.5%

-31.0%5%

15%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

15.3% 14.8%16.5%

12.4%

€

-32.5%

-32.3%

25%

-15%

-5% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-8.7%-0.7% - €100 bil

Movables

-35%

-25%

Total New Volumes Real Estate

Growth rates calculated based on a homogenous sample of members reporting from year to year Growth rates not adjusted for exchange rate fluctuations. When adjusted for exchange rates, total new leasing volumes decreased by 30.3% from ’08 to ’09.Source: Leaseurope Annual Surveys

The European Leasing MarketEvolution of the European leasing marketNew business, annual % change

25%

New business, annual % change

CAGR(1995-2009)

5%

15%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

3.8%

(1995-2009)

25%

-15%

-5% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

5.8%

5.4%

-35%

-25%

Total New Volumes Real Estate Movables

CAGR calculated for the 18 associations reporting from ’95-’09Growth rates calculated based on a homogenous sample of members reporting from year to yearGrowth rates not adjusted for exchange rate fluctuationsSource: Leaseurope Annual Surveys

The European Leasing MarketEvolution of new business by countryNew vol, annual % change (2009/2008)

15 t 25%

New vol, annual % change (2009/2008)

-25 to - 35%

-15 to - 25%

35 t 50%

NANA- 50% and lower-35 to - 50%

NANA

Source: Leaseurope 2009 Annual SurveyGrowth rates are not adjusted for exchange rate fluctuationsNote: AT domestic leasing business decreased by 23%

European Car Leasing and RentalLeaseurope’s weight in the car sector (2009)

Cars financed/purchased

5 500 900704 4004 796 500units

Total ST rentalLeasing

Cars financed/purchased

5 500 9000 004 796 500

new carsbusiness use

76%61%

of which:

Portfolio/fleet

871077€ (bil)

business use 61%

14 211 500546 500unitsTotal ST rentalLeasing

Portfolio/fleet

13 665 000

Based on figures reported in the 2009 Annual Survey & Leaseurope estimates; includes figures from short term rental associations

14 211 500546 50013 665 000

The European Leasing MarketLeased assetsTotal new volumes per asset category, %

7%Real estate

20092008

35%6%

10%38%Machines & equip

CVs

Real estate11%

35%

12%Cars

ICT11%

16% 18%Big/other

19%18%

54% AutomotiveSource: Leaseurope 2009 Annual Survey

Figures shown in pie charts may not add to 100% due to rounding

The European Leasing MarketEuropean leasing volumes per asset categoryAnnual % change (2009/2008)

0%

5%Machinery ICT

5%Real Estate Movables

CVs Cars Big/otherAnnual % change (2009/2008)

-15%

-10%

-5%

5%

0%

5%Total

10%

-5%

0%

-25%

-20%

15%

-18.7%

30%

-15%

-10%

-5%

-20%

-15%

-10%

-26.7%

-36.8%

-30%

-35%

-40%-25%

-20%

32 3%-35%

-25%

-31.0%-32.5%

-30%

-35% -38.5% -41.1%-32.3%

Growth rates are calculated based on a homogenous sample of members reporting from year to year & are not adjusted for exchange rate fluctuationsSource: 2009 Leaseurope Annual Survey

The European Leasing MarketRegional performance by movable asset categoryNew business growth - annual % change (2009/2008)

0%

CEE MED. UK IT BE,NLAT,CHNordic DE FR

30%

-20%

-10%

26%-22%

27%-20%-25%

28% 26%

-50%

-40%

-30%

-49%

-26%

52%

-27% -30%-30% -32% -32%

-28% -26%

-40%

-60%

50% -49% -52%

-58% -56%

Growth rates are calculated based on a homogenous sample of members reporting & are not adjusted for exchange rate fluctuationsSource: Leaseurope 2009 Annual Survey

Machines & Equip VehiclesICT Big/Other

The European Leasing MarketRegional performance – automotive sectorNew business growth - annual % change (2009/2008)

NordicCEE MED. UKIT DE FRBE,NLAT,CH

0%

-20%

-10%

0%

-19%-16%

-40%

-30%

45%-38% -39% -37% -37%

-31%-25%

-38%-28%

-26% -25% -23%19%

-60%

-50%

Commercial Vehicles Passenger Cars-62%

-45%-56%

Growth rates are calculated based on a homogenous sample of members reporting & are not adjusted for exchange rate fluctuationsSource: Leaseurope 2009 Annual Survey

The European Leasing MarketLeasing clientsNew movables leasing volumes by client sector (2009)

3.3%Other

17 0%

BusinessesConsumers

17.0%

Public sector

% movable leasing volumes

76.3%3.4%

Source: Leaseurope 2009 Annual Survey

The European Leasing MarketThe European Leasing MarketLeasing clientsNew movables leasing volumes by sector & cluster(2009)

90%100%

50%60%70%80%

10%20%30%40%50%

0%10%

DE UK FR IT MED. CEE NordicBE,NLAT,CH

Source: Leaseurope 2009 Annual Survey

Businesses Consumers Public Other

European Leasing PenetrationEvolution of leasing penetration in Europe20 countries (1999-2009)

20%

25% 22%18%

15%

20%16%

12%

5%

10% 7%3%

T t l V l R l E t t M bl

0%1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Total Volumes Real Estate MovablesLease penetration is the share of total investment (excluding residential real estate) financed by leasing Calculated as new leasing volumes / gross fixed capital formation for the 20 associations reporting from ’99-’09Source: Leaseurope, Eurostat (GFCF)

European Leasing PenetrationWhy is lease penetration falling ?Leasing vs investment growth (excl real estate)

15%

g g ( )Annual % change

0%

5%

10%

-15%

-10%

-5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

-30%

-25%

-20%

-35%Leasing (excl RE) Investment (excl RE)

Source: Leaseurope, Eurostat, Commission Spring Forecast, Global Insight

European InvestmentWhy is lease penetration falling ?Total vs public investment (2001-2015, Western Europe)Annual % change

20%

5%

10%

15%

-5%

0%

5%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Total Investment Public Investment-15%

-10%

Total Investment Public Investment

Growth rates are calculated based on EU-15 (excl LU) including NO and CHSource: HIS Global Insight

Lease PenetrationShare of total investment financed by leasing

> 25 % 200912.2%

20% to 25%

25 %

15% to 20%

NANA

10% to 15%< 10 %NANA

Lease penetration is the share of total investment financed by leasing calculated as new leasing volumes / gross fixed capital formation (excluding residential real estate)Source: Leaseurope, Eurostat

Lease PenetrationShare of total investment financed by leasing

> 25 % 2008

20% to 25%

25 %

15% to 20%

15.5%

NANA

10% to 15%< 10 %NANA

Lease penetration is the share of total investment financed by leasing calculated as new leasing volumes / gross fixed capital formation (excluding residential real estate)Source: Leaseurope, Eurostat

Car Leasing & Rental PenetrationLeaseurope passenger cars as % of total car registrations (2009)

60%70%

30%40%50%

60%

25 4%

0%10%

20%30%

E H E K FI V L K G U SI K T T Z R O E E O L S T R

25.4%

SE

CH E DK F LV N UK

BG HU S SK AT P CZ FR NO D BE

RO P ES IT GR

Leasing & ST rental membersLeasing members

Source: Leaseurope estimates based on data collected in its 2009 Annual Survey and ACEA new registration figures

European Market Players2009 Ranking of top players – European activitiesParent & stand alone leasing companies - consolidated figures

1 BNP PARIBAS Equipment Solutions FR 12 4702 SG Equipment Finance FR 8 272

Rank Company name Country Total new business (€ mil)

2 SG Equipment Finance FR 8 2723 Deutsche Leasing DE 8 0474 UniCredit Leasing S.p.A. IT 8 0185 Volkswagen Leasing GmbH DE 6 2906 CREDIT AGRICOLE LEASING FR 6 2257 ING Lease NL 5 9748 De Lage Landen International B.V. NL 5 7399 LBBW Leasing DE 4 32310 Leasint - Centro Leasing Banca "Gruppo ISP" IT 4 31611 Lloyds TSB Asset Finance UK 4 24912 Nordea Finance SE 3 87813 LeasePlan Corporation N.V. NL 3 56214 VR-LEASING AG DE 3 492

Source: Leaseurope 2009 Ranking Survey of Top European Leasing CompaniesCompanies with volumes > 3 billion € granted within Europe are shown here. Extra-European activities are not included. De Lage Landen granted 5.8 billion € new volumes outside of Europe in 2009.

European Market PlayersMarket concentration% of total new volumes reported in 2009 Ranking Survey

2009 Ranking of Top Players Concentration Curve

209 bil€

European Market (2009)

607080

ortin

g

209 bil€New vols

(bil€)% of total

market

T 20

304050

firm

s re

po

Top 20Top 202009 98 46.7%2008 131 39 5%

Top 20

01020

0% 20% 40% 60% 80% 100%

# of

f

78 %78 %Top 10Top 10

55 %55 %

2008 131 39.5%

2009 70 33.3%Top 10

Source: Leaseurope 2009 Ranking Survey of Top European Leasing Companies

0% 20% 40% 60% 80% 100%

% of volumes reported in 2009 Ranking 2008 89 27.0%

The European Leasing MarketDistribution channels% of total new volumes reported in 2009 Ranking Survey

Banks34%

Other2%

Intermediaries11%

Vendors28%

Direct sales25%

Source: Leaseurope 2009 Ranking Survey of Top European Leasing Firms

28%

The European Leasing Market H1 2010

New volumes*H1 2010/09 %+0 3% 94 bil€+0.3%

10 %

0 to 10%

over 10 %

10 to 0%

-25% and lower

-10 to 0%-25 to - 10%

NANA25% and lower

Source: Leaseurope Member Associations*22 member associations reporting; growth rates not adjusted for exchange rate fluctuations

European LeasingEuropean LeasingState of the Market

Jean-Marc MignereyCEO, SG Equipment FinanceLeaseurope Board Memberp

Hamburg 2010