· Net result from continuing operations of EUR 208 million; a 13.7% reduction compared to 2007.
· The lease contract portfolio grew by EUR 348 million (+ 2.5%) to EUR 14.2 billion compared to 2007. Adjusted for currency differences the growth in 2008 amounted to 7.6%.
· Number of cars under management showed an increase of 76,000 cars compared to 2007 (+ 5.8%) to a total of 1,391,000.
· LeasePlan’s market position further strengthened in 2008 through the addition of LeasePlan Mexico and the acquisition of Daimler Chrysler Fleet Management France S.A. which operates as DCS Fleet in France.
· LeasePlan was the first Dutch bank in the Netherlands to be granted a guarantee under the 2008 Credit Guarantee Scheme of the State of the Netherlands in December 2008.

Vahid Daemi, Chairman of the Managing Board and CEO of LeasePlan said: “Despite challenging market developments we achieved good results in 2008. Our net result from continuing operations amounted to EUR 208 million, a reduction of 13.7% compared to 2007. The slight reduction compared to the previous year is mainly caused by the significant downturn in the second-hand car markets and, to a much lesser extent, the lower interest margin due to higher funding costs as a result of the turmoil in the financial markets. In 2008 we have been able to expand our network with the start-up of LeasePlan Mexico and significantly improved our position in France through the acquisition of DCS Fleet. In view of the current economic circumstances we will for the time being slow down the pace of our expansion and focus on consolidating our market position and portfolio. Although 2009 is expected to be even more challenging than the previous year, we are confident that our organisation is well placed to achieve satisfying results this year.”

Funding and liquidity
LeasePlan was the first Dutch bank to be granted a guarantee under the 2008 Credit Guarantee Scheme of the State of the Netherlands. So far LeasePlan has launched two government guaranteed issues; in December 2008 a two year fixed rate EUR 1.45 billion benchmark and in February 2009 a three year fixed rate EUR 1.25 billion benchmark. Further issuances under the government guarantee scheme are expected. Access to the government guarantee scheme coupled with a EUR 1.5 billion 3 year credit facility from Volkswagen Group and further securitisations of lease assets have put LeasePlan on a healthy liquidity footing and enable LeasePlan to continue to provide its fleet management services to its customers.
As a reflection of the nature of its business and associated asset exposure, LeasePlan has, as a specialised Dutch bank, not incurred write-offs to any similar extent as other banks. Credit losses did increase somewhat, but mostly the result was impacted by reduced prices for second-hand cars.

Residual values
The year 2008 saw a dramatic reduction worldwide in demand for vehicles, both new and used. As a consequence the value of second-hand vehicles also decreased substantially, although to varying degrees in the 30 different markets that LeasePlan operates in. The reduction in the value of second-hand vehicles created losses on sales at contract termination which have been reflected in the 2008 results. In an effort to minimise these losses, LeasePlan is constantly searching for new ways to optimise the sale of second-hand vehicles.

See www.leaseplan.com for more information