Figures for the first quarter of 2008 show strong growth in the
Polish leasing market, particularly in the movables sector –
everything except real estate – which saw the value of leased
assets rise from €1.8bn in Q1 2007 to €2.3bn in Q1 2008 – a 22 per
cent increase.

The value of leased assets in the movables
sector also increased by €2.6bn, from €14.5bn in Q1 2007 to
€17.05bn in Q1 2008.The machinery and ships/rail/aircraft asset
classes saw largest growth.

The volume of new leasing business in the
machinery sector rose 36.8 per cent year-on- year in 2007, and is
expected to increase by 40 per cent by year-end 2008.The yellow
metal sector is at the forefront of the machinery business.

Furthermore, the share of machinery in the
equipment leasing market increased from 28.8 per cent in Q1 2007 to
29.7 per cent in Q1 2008.

However, the year-on-year growth in volumes of
machinery leasing has decreased. Q1 2007 registered a 70 per cent
increase of €218m on Q1 2006, while Q1 2008 registered only a 29.2
per cent increase of €154m on Q1 2007.

Similarly, the year-on-year growth in volumes
of vehicle leasing also decreased. Q1 2007 registered an increase
of 75 per cent on Q1 2006, while Q1 2008 registered only a 21 per
cent increase on Q1 2007.

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Furthermore, the estimated share of road
transport vehicles in the equipment leasing market declined, albeit
marginally, from 67.6 per cent of the €1.8bn equipment market in Q1
2007, to 65.5 per cent of the €2.3bn equipment market in Q1
2008.

The lead table of Polish leasing companies
show that foreign-owned lessors still dominate the Polish market.
Norma 2, a local Polish company, increased its share from 0.17 per
cent in Q1 2007 to 0.25 per cent in Q1 2008, and SGB-Tran-Leasing
PTL maintained a 0.11 per cent share over the period.

Europejski Fundusz Leasingowy, a Polish
leasing company that recently became part of Credit Agricole,
maintained first place over Q1 2007 and Q1 2008 in terms of market
share, with Raiffeisen Leasing close behind.

Meanwhile, ING Lease, which held top place
with 10.34 per cent share in Q1 2007, fell to gain only 6.48 per
cent share in Q1 2008.

Similarly, SG Equipment Finance, Fortis Lease,
BNP Paribas Lease Group, Scania Finance and Caterpillar Financial
Services, all predominantly Western European-based lessors and
captives, saw their market share decrease.

Investment in infrastructure, inflow of
subsidies from the European Union and investment related to the
2012 Euro Football Championship have contributed to the growth in
the moveable leasing sector.

Leasing is increasingly utilised and viewed as
a good alternative form of financing, which is reflected in growing
penetration levels, from 13.8 per cent in 2006 to 17.3 per cent in
2007. Furthermore, the Polish leasing market’s share of the
European leasing market grew from 1.9 per cent in 2006 to 2.4 per
cent in 2007.