 Net profit increased by 20% to EUR 199 million in 2010, compared to EUR 165 million in 2009
 Total number of vehicles stable at a level of 1.3 million
 Strong capital position with further improved BIS ratio at 16.7% and Tier 1 ratio of 14.6%
 Successful new Dutch internet savings bank LeasePlan Bank supports diversification strategy
 All three rating agencies recognise resilience in performance by improving the company’s outlook to stable
 Reinforced market position as the world’s leading fleet management company

Key figures LeasePlan
Profitability 2010 2009
Net profit for the period (EUR million) 199 165
Return on equity 11.2% 11.3%
Volumes 31 December 2010 31 December 2009
Total assets (EUR billion) 17.5 17.1
Number of cars (thousand) 1,294 1,309
Number of staff (nominal) 6,079 6,071
Solvency 31 December 2010 31 December 2009
Tier 1 ratio 14.6% 12.8%
BIS ratio 16.7% 14.9%

Vahid Daemi, CEO and Chairman of LeasePlan, said: “In 2010 LeasePlan’s performance almost returned to the levels we realised before the economic crisis. We achieved a solid increase in net profit of 20% compared to 2009. Taking into consideration an incidental net profit contribution in 2009, the increase in net profit of actual business performance was even substantially higher. The good performance was supported by a strong reduction in losses on contract terminations because of improving used vehicle market conditions and our successful risk mitigating actions. Other traditional income components were stable or increased slightly.
During the year our employees worldwide worked hard to service the needs of our clients. In 2010 we continued measuring client satisfaction and loyalty, now covering all of the 30 countries we operate in. The results show that 88% of our clients are satisfied with our fleet management services. On top of that 85% of our clients find it easy to deal with us.
From a perspective of financing our core business we took several steps to further diversify our funding sources. Early 2010 we successfully launched a new internet savings bank in the Netherlands. LeasePlan Bank was able to attract savings in excess of EUR 1.5 billion by the end of 2010.
In our core business we strengthened our leading position as the number one fleet management company in the world, with a stable total number of 1.3 million vehicles across the globe. Looking forward, the resilience of our business model in times of economic turbulence has given us confidence for the year 2011. We expect further improvement in LeasePlan's performance in 2011, provided that there is no significant relapse in the current economic recovery.”

Net profit up by 20%
In 2010, LeasePlan’s net profit improved by 20% to EUR 199 million from EUR 165 million in 2009. Excluding an incidental net profit contribution of EUR 47 million in 2009, the underlying net profit increase is 68%. The improved performance, almost at pre-crisis levels, is driven by substantially lower losses on terminated contracts and debtors compared to 2009 and by traditional income sources being stable or slightly increasing.
Income grew by 18% and expenses by 16% compared to 2009. Both income and expenses were impacted by the depreciating value of the euro in 2010 versus 2009. Excluding exchange rate differences the increases were 15% (income) and 12% (expenses).
The risk-weighted assets were stable at EUR 12.8 billion. The BIS ratio increased to 16.7% from 14.9% (year end 2009), showing comfortable levels, also in the context of upcoming Basel III requirements.
Funding activities of LeasePlan
An overriding strategic priority in 2010 was to further solidify LeasePlan’s funding position. Key in achieving this is the diversification strategy that gained pace in 2010. The new internet savings bank LeasePlan Bank has contributed to the diversification strategy by attracting in excess of
EUR 1.5 billion deposits from mainly retail depositors in the Netherlands. There was also an increased focus on the securitisation of lease assets, leading to a placement of EUR 700 million ABS notes.
These important diversification initiatives, combined with a mix of successful unsecured public bonds and private placements, were instrumental in the decision by the rating agencies to change their outlook from negative to stable. The aforementioned initiatives placed LeasePlan on a healthy liquidity footing allowing repayment of the first Dutch government guaranteed bond of EUR 1.45 billion in December 2010 (issued in 2008). By the end of the year LeasePlan signed a EUR 1.475 billion
3-year committed credit facility with a consortium of 16 banks.
Credit ratings
LeasePlan's long term unsecured debt is rated by Standard & Poor's (BBB+), Moody's (A3) and Fitch (A-).
Annual Report 2010
The full financial details of LeasePlan will be available in the Annual Report 2010 of LeasePlan Corporation, to be published on 4 April 2011.