European Leasingmarket 2006

A Closer Look at Trends in
Europe & Beyond
Alain Vervaet
CEO, ING Lease Holding
Edinburgh, 1 October 2007

Europe & Beyond
Agenda
World markets in 2006
Leasing volumes and growth, in Europe
and further a field
Leasing’s contribution to the economy
Market players
Asset types
Conclusion
World Markets in 2006
Canada
CFLA Europe
18.5 bio€ Leaseurope
297.5 bio€
US
of which: Japan
ELFA
Equipment JLA
175.2 bio€ Leasing
250.7 bio€ 53.5 bio€
Brazil
ABEL
Australia
7.2 bio€ AELA
17.2 bio€
New leasing volumes; source: Leaseurope 2006 Annual Survey and local leasing associations
New Leasing Volumes in Europe
Total New Leasing Volumes Reported
297.5
in Leaseurope Annual Surveys bio€
300
250
CAGR: 10.9%
200
Billions of €
150
85.5
bio€
100
50
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
HP explicitly included from 2003, automotive long term rental members figures included (when available) in 2006
Equipment & Real Estate
300,000
CAGR: 10.63%
250,000
200,000 CAGR: 11.01%

Billions of €
150,000
100,000
50,000 RE 46.8 bio€

New Volumes
Equip 250.7 bio€ 2006
0
1994 1996 1998 2000 2002 2004 2006
Equipment Real Estate

Equipment & Real Estate
Low:
300,000
02
80.3%
250,000 High:
97
200,000 86.7% Average
AverageShare
Share
of of
Equip
RE
Billions of €
150,000
83.84%
83.84%
100,000
50,000
0
1994 1996 1998 2000 2002 2004 2006

New Leasing Volumes per Cluster in 2006
UK 55.0 bio€
UK 55.0 bio€
Germany 50.4bio€
UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
France 36.1 bio€

UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
France 36.1 bio€

CEE 33.4 bio€
UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
France 36.1 bio€

CEE 33.4 bio€
Benelux, CH, AT 28.8 bio€
UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
France 36.1 bio€

CEE 33.4 bio€
Med 28.8 bio€
UK 55.0 bio€
Germany 50.4bio€
Italy 48.1 bio€
France 36.1 bio€

CEE 33.4 bio€
Med 28.8 bio€
Nordic 18.1 bio€
Growth in Europe
Total New Volumes: Annual Growth Rates
18%
16.50%
16% 15.24%
13.47%
14% 12.84%
11.69% 11.62%
12%
10.66%
10%
8.35%
CAGR: 10.9% 7.92%
8% 7.23%
6.89%
6%
4%
2.71%
2%
2006:
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
Lower RE 2006
growth
Calculated based on a homogenous sample of members reporting in the previous year

Growth in Europe
New Leasing Volume Growth per Cluster
3,57%
Nordic
38,62%
CEE
6,87%
Benelux, AT & CH
13,61%
Mediterranean
8,94%
Italy
France 4,33%
-2,50%
UK
2,58%
Germany
-5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
2004/2005 2005/2006
Annual growth rates calculated based on a homogenous sample of members reporting in the previous year
Growth in Europe
Total Equipment Leasing Growth
30%
25%
20%
15.29%
15%
10% 7.20%
5% 2.49%
CAGR: 11.01%
0%
-5%
-10%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Equipment
Growth in Europe
Equipment vs Real Estate Leasing Growth
30.04%
30%
25%
20%
CAGR: 10.63%
15%
10%
5.61%
5%
0%
-5% -8.73%
-10%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Growth in Europe
Equipment Leasing Growth in
Europe Compared to the US
30%
25%
20%
15.64%
15%
8.37%
10%
5%
0%
-5%
-10% -12.55%
-15%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Europe US
Annual real growth rates, US data source: ELFA
Growth in Europe
Equipment Leasing Growth in Europe
Compared to the US and Japan
30%
25%
20%
15%
9.94%
10%
5%
0%
-5%
-10.02%
-10%
-15%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Europe US Japan
Annual real growth rates, Japan data source: World Leasing Yearbook 2007 & JLA
Growth in Europe
Equipment Leasing Growth in Europe
Compared to the US, Japan & Australia
30%
27.65%
25%
20%
15%
10%
5%
3.61%
0%
-5%
-7.39%
-10%
-15%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Europe US Japan Australia

Annual real growth rates, Australian data source: AELA, includes all types of equipment finance
Contribution to the
European Economy
Leasing Volumes as a % of GDP
3,00%
2,50%
2,00%
1,50%
1,00%
0,50%
0,00%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Leaseurope average, calculated as new leasing volumes from Leaseurope Annual Surveys divided by GDP from
Eurostat for countries with available data
Contribution to the
European Economy
Leasing Growth Compared to
Investment Growth
Investment growth 05/06
30%
EE
25%
20%
DK
CZ
15% SI
SK
10% SE BE FI NL
UK ES
5% IT
DE FR AT
CH PT
0%
-5% 0% 5% 10% 15% 20% 25% 30% 35%
-5%
New leasing growth 05/06
Investment = GFCF – investment in private dwellings; source: Eurostat
Contribution to the
European Economy
Investment Growth
30%
25%
PL
20%
15%
10%
5%
0%
-5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 55% 60% 65% 70%
-5%
Contribution to the
European Economy
Investment Growth
30%
EE
25%
20%
DK
CZ
15% SI
2
SK
R = 0.3015
10% SE BE FI NL
UK ES
5% IT
DE FR AT
CH PT
0%
-5% 0% 5% 10% 15% 20% 25% 30% 35%
-5%
Contribution to the
European Economy
CAGR (97-06) for Leasing Compared to Investment
30%
25%
20%
Overall
CAGR: 4.82%
< Overall
CAGR: 8.94%
15%
10%
5%
0%
AT BE CH CZ DE DK EE ES FI FR HU IT NL NO PL PT SE SI SK UK
GFCF New Leasing Vol

European Leasing Penetration
Average Leasing Penetration
29%
24%
19.02%
19% 17.25%
14.83% 15.08%
12.50% 13.02%
14% 11.89%
9%
4%
2000 2001 2002 2003 2004 2005 2006
Total PR
Source: Leaseurope data & investment figures from Eurostat; Incl. hp from 2003 & new LT members in 2006
28.43%
29%
24.30%
24%
21.64%
20.23%
19.02%
19% 17.67% 17.35% 17.25%
16.06%
14.83% 15.08%
12.50% 13.02%
14% 11.89%
9%
4%
2000 2001 2002 2003 2004 2005 2006
Total PR Equip
28.43%
29%
24.30%
24%
21.64%
20.23%
19.02%
19% 17.67% 17.35% 17.25%
16.06%
14.83% 15.08%
12.50% 13.02%
14% 11.89%
9%
6.32% 6.14%
5.62% 5.51%
4.75% 4.87% 4.97%
4%
2000 2001 2002 2003 2004 2005 2006
Total PR Equip RE
Country Level Penetration Rates
(2006)
10% – 15%
Leasing Penetration
(2006)
15% – 20%
10% – 15%
Leasing Penetration
(2006)
20% – 25%
15% – 20%
10% – 15%
Leasing Penetration
(2006)
> 25%
20% – 25%
15% – 20%
10% – 15%
Leasing Penetration
Average Leasing Penetration in Europe vs US
39%
33.10%
34% 31.00% 31.00%
28.90% 28.43%
27.60% 27.70%
29%
24.30%
24% 21.64% 27.70%
20.23%
17.67% 17.35%
19% 16.06%
14%
9%
4%
2000 2001 2002 2003 2004 2005 2006
Europe US
Source: ELFA
Leasing Penetration
Average Leasing Penetration in Europe vs Canada
39%
34%
28.43%
29%
24.30%
21.64%
24% 25.90%
20.23% 24.90%
17.67% 17.35%
19% 16.06% 22.90%
14%
9%
4%
2000 2001 2002 2003 2004 2005 2006
Europe US Canada
Source: CFLA
Leasing Penetration
Average Leasing Penetration in Europe vs Australia
41.82%
39% 38.98% 39.32%
38.35% 37.43%
36.41%
34% 33.91%
28.43%
29%
24.30%
21.64%
24%
20.23%
17.67% 17.35%
19% 16.06%
14%
9%
4%
2000 2001 2002 2003 2004 2005 2006
Europe US Canada Australia

Source: AELA
European Market Players
Short Term Evolution in Leasing Company Profile
100% 4% 4% 4% 5% 4% 5% 5%
90%
80% 28% 27% 29%
32% 34% 37% 37%
70%
60%
18% 18%
50% 14% 18%
16% 16% 16%
40%
30%
20% 32% 33% 31% 30% 30% 29% 29%
10%
0%
2000 2001 2002 2003 2004 2005 2006
Indep Captive Bank Owned Bank

Based on homogenous sample of members reporting in all surveys, measured in terms of number of firms
100% 4% 4% 4% 5% 4% 5% 5%
90%
80% 28% 27% 29%
32% 34% 37% 37%
70%
60%
18% 18%
50% 14% 18%
16% 16% 16%
40%
30%
20% 32% 33% 31% 30% 30% 29% 29%
10%
0%
2000 2001 2002 2003 2004 2005 2006

100% 4% 4% 4% 5% 4% 5% 5%
90%
80% 28% 27% 29%
32% 34% 37% 37%
70%
60%
18% 18%
50% 14% 18%
2000: 16% 16% 16%
40%
2006:
Bank Related: 33% Bank Related: 42%
30%
20% Captive:
32% 18%
33% 31% 30% 30% Captive: 16%
29% 29%
10% Independent: 32% Independent: 28%
0%
2000 2001 2002 2003 2004 2005 2006

Concentration of European Leasing Companies
50
# of firms
40
30
20
10
0
0% 10% 20% 30% 40% 50% 60%
% of tot market
2001 Ref Line
50
# of firms
40
30
20
10
0
0% 10% 20% 30% 40% 50% 60%
2001 2003
% of tot market
50
# of firms
40
30
20
10
0
0% 10% 20% 30% 40% 50% 60%
2001 2003 2005 % of tot market

50
# of firms
40
30
20
10
0
0% 10% 20% 30% 40% 50% 60%
2001 2003 2005 2006 % of tot market

Types of Asset on Lease
New Leasing Volumes per Asset Category (2006)
Non
Cars Auto
Equip
101.7 bil€
101.1 bil€
34%
34%
50% 50%
CVs RE
47.9 bil€ 46.8 bil€
16% 16%
Source: Leaseurope 2006 Annual Survey. Includes data for Leaseurope’s new automotive long term rental
members (when available)
Equipment Leasing
New Equipment Leasing Volumes per Asset
Category (2006)
5%
6%
21%
Total
Equipment
Volume:
8%
250.7 bil€
41%
19%
Computers & Business Machines Machinery & Industrial Equip

Road Transport Vehicles Ships, Rail, Plane, etc
Passenger Cars Other
Equipment Leasing
Category
Asset Share 06
Growth 05/06
20%
5%
6%
21%
10%
0%
8%
41%
19%

Growth calculated based on a homogenous sample of members reporting in the previous year
Equipment Leasing
Asset Share 06 Category Growth 05/06
16.25
5% 20%
6% Machinery & Industrial Equip
21%
10%
8.78
Ships, Rail, Computers &
8% Plane, etc Business
0% Machines 3.23
Passenger
Cars
41% 2.73
Road
17.54
19% Transport
Vehicles

Equipment Leasing
Category Growth 05/06 Category Growth 04/05
16.25 20%
20%
Machinery & Industrial Equip
Ships, Rail, Machinery & Industrial Equip

10%
23.34 Plane, etc 10%
6.97
8.78 Computers &
Business Computers &
Ships, Rail,
Plane, etc
Machines 3.23 Business
0% Machines 3.10
0%
Passenger
Cars 17.54
2.73 Road Passenger
Transport Cars
Vehicles 9.02
18.38
Road
Transport
Vehicles
Growth calculated based on a homogenous sample of members reporting in the previous year
Equipment Leasing
Cluster Specialisation (2006)
Germany UK France Italy
9% 5% 12% 1%
15% 11%
3% 10%
24%
11%
9%
38% 19%
48%
13%
11%
15%
49%
49% 18%
24% 4%
Mediterranean Benelux, AT & CH CEE Nordic

5% 4% 4% 8%
4% 14% 4%
13% 2% 19%
28% 25%
9%
33% 2% 13%
3% 34%
16%
30%
53%
21%
31% 23%
Passenger Cars Machinery & Industrial Equip Other Types of Equip

Road Transport Vehicles Computers & Business Machines Ships, Plane, Rail, etc
Equipment Leasing
Short Term Evolution of Client Categories
100%
Other client categories
90% 16% 15% 16%
16%
80% 4% 5% 5% Consumers
4%
70%
Public Sector
60%
44% 44% 45%
50% 47% Services
40% Industry &
30% Construction
20% 29% 27% 27%
Agriculture, Forestry,
22%
10% Fishing
0%
2006 2005 2004 2003
Real Estate Leasing
Cluster Specialisation (2006)
Germany UK France Italy
1% 14%
15%
49% 51%
85% 86%
99%
Mediterranean Benelux, AT & CH CEE Nordic

6% 8% 1%
21%
79%
94%
92% 99%

Real Estate Leasing
Type of Building Leased in 2006
28%
28%
Retail
Industrial Outlets
Buildings
Total Real
Estate
Volume:
46.8 bil€
14%
Other
Buildings 26%
2% 7% Office
Buildings
Utilities Hotels &
Leisure
Focus on Vehicles
In 2006, new Leaseurope membership base brings
additional weight in the automotive sector
Vehicles financed/purchased
All
# (mil) 6,2 0,9 0,7 7,7
€ (bil) 115,4 21,4 27,9 164,7
Portfolio/fleet
All
# (mil) 12,3 2,1 1,5 15,9
€ (bil) 256,3 40,5 60,2 357,0
Based on figures reported in the 2006 Annual Survey & Leaseurope estimates; includes figures from short term
rental associations except for fleet value (€)
Passenger Cars
Leaseurope PCs as % of New Registrations
70%
60%
Leaseurope
50%
Average:
35.5%
40%
30%
20%
10%
0%
AT BE CH CZ DE DK ES FI FR GR HU IT LU NL NO PL PT SE SI SK UK
New cars bought or financed (used cars excluded, all product types together) compared to new PC registrations
taken from ACEA
Passenger Cars
Leaseurope PC Fleet as % of Country Fleet
18%
16%
Leaseurope
14%
Average:
12%
6.5%
10%
8%
6%
4%
2%
0%
AT BE CY CZ DE DK EE ES FI FR GR HU IT LT LU LV NL PL PT SL SK UK
Leaseurope fleet ’06 as share of total fleet (’05) taken from EC’s “EU Energy & Transport in Figures “
Europe & Beyond
Alain Vervaet
CEO, ING Lease Holding
Edinburgh, 1 October 2007

European Leasingmarket 2006

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European Leasingmarket 2006

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A Closer Look at Trends in

Europe & Beyond

Edinburgh, 1 October 2007

200,000 CAGR: 11.01%

50,000 RE 46.8 bio€

Equipment Real Estate

Equipment Real Estate

France 36.1 bio€

France 36.1 bio€

France 36.1 bio€

France 36.1 bio€

France 36.1 bio€

Calculated based on a homogenous sample of members reporting in the previous year

-5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Equipment Real Estate

Europe US Japan Australia

GFCF New Leasing Vol

Europe US Canada Australia

Indep Captive Bank Owned Bank

Indep Captive Bank Owned Bank

Indep Captive Bank Owned Bank

2001 2003 2005 % of tot market

2001 2003 2005 2006 % of tot market

Computers & Business Machines Machinery & Industrial Equip

Computers & Business Machines Machinery & Industrial Equip

Computers & Business Machines Machinery & Industrial Equip

Ships, Rail, Machinery & Industrial Equip

Mediterranean Benelux, AT & CH CEE Nordic

Passenger Cars Machinery & Industrial Equip Other Types of Equip

Mediterranean Benelux, AT & CH CEE Nordic

Equipment Real Estate

Edinburgh, 1 October 2007

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