Insight into European leasing markets John Bennett Chairman of Leaseurope & Managing Director, Bank of America Leasing, Global Vendor Finance (Europe) 23 October 2008

Setting the scene Leaseurope & global leasing markets European leasing market European car leasing & rental European market players European leasing in 2008 and beyond

World Leasing Markets in 2007 Europe 339 bil€ Canada 32 bil€ excluding real estate: 292 bil€ Korea 9 bil€ Japan 44 bil€ US 168 bil€ Brazil 15 bil€ New leasing volumes from leasing associations & Leaseurope estimates

European Leasing New Volumes – yoy % 2007: Total volumes +16.5% +12.4% 30% 25% 2007: 20% +16.5% +12.4% Europe 15% 10% +4.5% 5% US +2.7% 0% -9.1% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Japan 2005 2006 2007 -5% -10% Total volumes Calculated based on a homogenous sample of members reporting in the previous year Int’l growth rates: Leaseurope calculation based on data of local associations

Strong equipment growth European Leasing New Volumes – yoy% 30% 25% 2007: 20% +14.8% Strong equipment growth 15% 10% 5% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 -5% -10% Total volumes Equipment Calculated based on a homogenous sample of members reporting in the previous year

Weak real estate leasing European Leasing New Volumes – yoy % 30% 25% 2007: 20% 15% 10% 5% -0.7% 0% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 -5% Weak real estate leasing -10% Total volumes Real Estate Equipment Calculated based on a homogenous sample of members reporting in the previous year

Individual Market Volumes 2007 European Leasing Individual Market Volumes 2007 UK  €58bn DE  €54bn CEE  €49bn IT  €49bn FR  €40bn BE NL, AT, CH  €33bn ES, PT, GR  €32bn Nordic  €32bn

Individual Market Growth European Leasing Individual Market Growth Nordic +11.4% +50.1% CEE +14.3% BE, NL, CH, AT ES, PT, GR +16.7% +1.6% IT +10.2% FR +3.6% UK +6.4% DE Yoy growth; calculation based on a constant sample of members reporting in Leaseurope’s Annual Enquiries

European Leasing Leaseurope: 20.8% Country Level Penetration Rates (2007) > 25% 20% – 25% Leaseurope: 20.8% 15% – 20% 10% – 15%

Equipment and Vehicle Leasing in 2007 Types of equipment on lease European Leasing Equipment and Vehicle Leasing in 2007 Types of equipment on lease % of total 2007 equipment leasing volumes Computers & Business Machines Machinery & Industrial Equip Road Transport Vehicles Ships, Rail, Plane, etc Passenger Cars Other

Equipment and Vehicle Leasing in 2007 European Leasing Equipment and Vehicle Leasing in 2007 Computers & Business Machines Growth -2.3% Passenger Cars 6.3% Road Transport Vehicles 16.5% Machinery & Industrial Equip 16.9% Ships, Rail, Plane, etc 43.1% Computers & Business Machines Machinery & Industrial Equip Road Transport Vehicles Ships, Rail, Plane, etc Passenger Cars Other

European customer base in 2007 European Leasing European customer base in 2007 Private Sector 78% 3% 30% 45% 3% 14%

European Leasing Lessees in 2007 UK Individuals BE, NL, CH, AT CEE Germany UK France Italy Individuals BE, NL, CH, AT CEE ES, PT, GR BE, NL, CH, AT NORDIC Nordic CEE Private sector Public sector Consumers Other

European Leasing Lessees in 2007 FRANCE Public sector NORDIC Germany UK France Italy Public sector ES, PT, GR BE, NL, CH, AT Nordic NORDIC CEE Private sector Public sector Consumers Other

European Auto Leasing & Rental Vehicles financed/purchased 2007 TOTAL # (mil) 6.1 1.6 7.7 € (bil) 124.9 63.0 187.9 Portfolio/fleet TOTAL # (mil) 13.1 3.6 16.7 € (bil) 278.5 106.2 384.7 Leaseurope estimates based on figures reported in the Federation’s 2007 Annual Survey, includes ST rental

European Car Leasing & Rental Leaseurope PCs as % of New Registrations 0% 10% 20% 30% 40% 50% 60% AT BG CH CZ EE FI HU IT PL PT RO SE SK SL UK DE DK NO BE ES FR NL Leasing Leasing & ST rental Leasing, LT & ST rental New cars bought or financed (used cars excluded, all product types together) compared to new PC registrations taken from ACEA

European Market Players 2007 Ranking Concentration Curve 10 20 30 40 50 60 70 80 90 100 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 339 bil€ # of firms 2007 Top Firms In Bil€ New volumes % of total market Top 10 92 27% Top 20 139 41% Top 100 213 63% 50 firms 50 % 10 firms 43 % % of 2007 Ranking new volumes Change in the competitive landscape of European leasing going forward? Leaseurope 2007 Ranking Survey of Top European Leasing Companies

European Market Players Weight of banks increasing, particularly in top players 2000 2007 Leaseurope 2007 Ranking Survey of Top European Leasing Companies and Leaseurope 2007 Annual Enquiry

European Market Players Weight of banks increasing, particularly in top players 2000 Leaseurope Ranking Top 20 firms by profile Bank related Captive Indep 2007 18 1 2006 17 2 2005 2007 Leaseurope 2007 Ranking Survey of Top European Leasing Companies and Leaseurope 2007 Annual Enquiry

European Market Players Choice of distribution channel Other Intermediaries Direct sales Vendors Banking networks Leaseurope 2007 Ranking Survey of Top European Leasing Companies

European Leasing - H1 2008 +1.4% UK €28 bn DE €26 bn IT €21 bn Growth H1’07/H1’08 excl mon impact +1.4% UK €28 bn DE €26 bn IT €21 bn 5.8% 15.6% 10.3% FR €17 bn -10.6% ES €8 bn 13.5% -9.8% PL €5 bn -24.8% CZ €2 bn Leaseurope member association data

European Leasing - H1 2008 -1.7% UK €28 bn DE €26 bn IT €21 bn Growth H1’07/H1’08 incl mon impact -1.7% UK €28 bn DE €26 bn IT €21 bn 5.8% 15.6% 10.3% FR €17 bn -10.6% ES €8 bn 13.5% -9.8% PL €5 bn -24.8% CZ €2 bn Leaseurope member association data

New volumes in Europe may fall if H1 trend continues Forecast 2008 New volumes in Europe may fall if H1 trend continues 400 15% 350 300 10% 250 Bil € 200 5% 150 100 0% 50 -5% 2002 2003 2004 2005 2006 2007 2008f New vol reported in Leaseurope Annual Enquiries New volumes Annual growth

Tightening bank lending conditions -20 -10 10 20 30 40 50 60 70 02 Q4 03 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04 Q4 05 Q1 05 Q2 05 Q3 05 Q4 06 Q1 06 Q2 06 Q3 06 Q4 07 Q1 07 Q2 07 Q3 07 Q4 08 Q1 08 Q2 % Overall ECB Bank Lending Survey – July 2008

Particularly to large firms Lending Conditions Particularly to large firms -20 -10 10 20 30 40 50 60 70 02 Q4 03 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04 Q4 05 Q1 05 Q2 05 Q3 05 Q4 06 Q1 06 Q2 06 Q3 06 Q4 07 Q1 07 Q2 07 Q3 07 Q4 08 Q1 08 Q2 08 Q3 % Overall SMES Large firms ECB Bank Lending Survey – July 2008

Margins are increasing in Europe Lending Conditions Margins are increasing in Europe -60 -40 -20 20 40 60 80 100 02 Q4 03 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04 Q4 05 Q1 05 Q2 05 Q3 05 Q4 06 Q1 06 Q2 06 Q3 06 Q4 07 Q1 07 Q2 07 Q3 07 Q4 08 Q1 08 Q2 % Margin on average loans Margin on riskier loans ECB Bank Lending Survey – July 2008

Demand for traditional bank loans to finance investment is decreasing Demand for loans Demand for traditional bank loans to finance investment is decreasing -60 -50 -40 -30 -20 -10 10 20 30 40 02 Q4 03 Q1 03 Q2 03 Q3 03 Q4 04 Q1 04 Q2 04 Q3 04 Q4 05 Q1 05 Q2 05 Q3 05 Q4 06 Q1 06 Q2 06 Q3 06 Q4 07 Q1 07 Q2 07 Q3 07 Q4 08 Q1 08 Q2 % Fixed investment Inventories & working cap M&A & corp restructuring Debt restructuring

EU 2008 expected investment EU Investment However, European businesses expect investment to increase overall in 2008 -22 -6 3 6 7 8 10 13 14 16 -25 -20 -15 -10 -5 5 15 20 RO IT AT UK CZ SE FR DE NL PL BE ES % change in vol EU 2008 expected investment 5% EU Commission’s Investment Survey conducted in March/April, published June 2008

European investment growth EU Investment European investment growth 2008 Eurostat forecast 15% 10% 5% 2.8% 0% -5% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008f Total Equipment Eurostat, yoy growth, chain linked volumes, ref year = 2000

Leasing Penetration Average leasing penetration in Europe (Leaseurope membership base = 1994) 0% 5% 10% 15% 20% 25% 30% 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Total Equipment Real Estate Leaseurope data & investment figures from Eurostat Sample based on 1994 Leaseurope membership

Insight into European leasing markets John Bennett Chairman of Leaseurope & Managing Director, Bank of America Leasing, Global Vendor Finance (Europe) 23 October 2008