· Net profit increased by almost 50% to EUR 90 million in the first half of 2010, compared to EUR 61 million in the same period last year
· The number of vehicles under management stabilised at a level of 1.3 million
· Strong capital position with BIS ratio at 15.7% and Tier 1 ratio of 13.6%
· Successful in diversifying funding base with new internet savings bank LeasePlan Bank
· LeasePlan strengthened its market position as the number one fleet management company in the world

Key figures LeasePlan

Profitability 1H 2010 1H 2009
Net profit for the period (EUR million) 90 61
Volumes 30 June 2010 31 December 2009

Total assets (EUR billion) 17.8 17.1
Number of cars (thousand) 1,299 1,309
Number of staff (nominal) 6,077 6,071

Solvency 30 June 2010 31 December 2009
Return on equity 10.7% 11.3%
Tier 1 ratio 13.6% 12.8%
BIS ratio 15.7% 14.9%

Vahid Daemi, CEO and Chairman of LeasePlan Corporation, said: “I am pleased to see that LeasePlan has achieved a solid increase in net profit in the first half of 2010. Our increase in profit was supported by the stability and diversity of our operating income. The used vehicle market continued to recover and, in combination with our risk mitigating actions, has resulted in a substantial improvement in contract termination results.

Our employees worldwide continued to drive forward with new initiatives to further improve our client proposition in many of our 30 markets. As a consequence of the crisis many of our clients looked to manage the cost associated with running a fleet more effectively. The benefits of full-service leasing and a focus on total cost of ownership proved to be an attractive fleet management model to meet the needs of our clients.

In February 2010 we successfully launched an internet savings bank in the Netherlands as part of our strategy to diversify our funding base. LeasePlan Bank reached over EUR 1 billion in deposits in August 2010.

In our core business, the size of our fleet under management stabilised in 2009 at a level of 1.3 million vehicles worldwide. In relation to the overall size of the market we operate in, this has strengthened our leading position as the number one fleet management company in the world. Overall, the good performance of our business against the backdrop of a period of economic turbulence and volatile financial markets means that we are looking forward with confidence.”

Net profit up by almost 50%
LeasePlan has had a good first half of the year, with net profit up by almost 50% to EUR 90 million from EUR 61 million in the same period last year. The increase in profit for the period was supported by a strong improvement in interest margins as well as improvements in results from terminated contracts.

Used vehicle prices increased in most markets throughout 2009 from their lowest point at the end of 2008 and this trend continued in 2010. This steady increase was not enough to achieve positive results on contract terminations. However, the development during the first half of 2010 moved towards a positive figure.

Income grew by 18% and expenses by 8%. Both income and expenses were impacted significantly by the depreciating value of the euro in 2010 versus 2009. Excluding exchange rate differences the increases were 15% (income) and 5% (expenses).

The reported risk-weighted assets increased slightly from EUR 12.7 billion (year end 2009) to
EUR 12.9 billion. The BIS ratio increased to 15.7% from 14.9% (year end 2009) because of equity increasing at a slightly higher pace than risk-weighted assets.

Funding activities of LeasePlan
LeasePlan continues to pursue a diversification of its funding. In addition to the current sources of funding, such as a broad mix of public bonds, private placements and securitisations, the new Dutch internet savings bank LeasePlan Bank offers substantial funding opportunities for LeasePlan. The savings bank underscores our commitment to reduce reliance on pure wholesale funding. In August, LeasePlan Bank reached over EUR 1 billion in deposits and closed in on the internal target set for 2010. As a result, LeasePlan Bank has taken a temporary break from accepting new customers.

Outlook
We are cautiously optimistic about the business environment in the majority of countries where we operate. For the second half of the year we expect to achieve at least the same level of profit made in the first half of 2010, provided that the global economic recovery continues