VOLUME OF LEASE ORIGINATIONS (€ million)

According to management figures reported, the total volume of leases originated, which is calculated on the basis of purchase invoices received for leased equipment or equipment sold to funding partners, amounted to €1,056.5 million in 2015, which was €52.0 million more than the volume in 2014. Although this result fell short of the target of €1,200.0 million set for the year, the 88.0 percent target
achievement rate still makes 2015 a successful year.

Volume of Lease Originations per geographic region (€ million)

In Germany, CHG-MERIDIAN AG managed to exceed the high volume of leases originated in the previous year and, in 2015, generated total lease origination worth €471.9 million (2014: €460.2 million). This was slightly above the value of €471.4 million set in the budget. CHG-MERIDIAN Mobilien GmbH originated €27.8 million in new leases, which was slightly below the volume of €31.0 million generated in 2014. The total volume of lease origination for Germany was €499.8 million (2014: €491.2 million).

Of the CHG-MERIDIAN Group's total volume of lease origination, 52.7 percent was generated by the foreign subsidiaries in 2015 (2014: 51.1 percent), thereby
increasing the proportion attributable to foreign subsidiaries compared with the
previous year. This trend shows the great importance of its foreign subsidiaries for the performance of the CHG-MERIDIAN Group.

Outside Germany, the volume of leases originated in 2015 varied from country to country. The foreign subsidiaries in Belgium, France, Brazil, the Netherlands, and Sweden achieved very strong growth in lease origination. However, the subsidiaries in the United States, Mexico, Russia, Spain, and the United Kingdom reported declines in the year under review.

The largest growth in absolute terms outside Germany was achieved by the Belgian subsidiary, which expanded its lease origination by €25.6 million to €75.6 million in 2015 (2014: €50.0 million). Further growth was also generated by the local subsidiaries in France (up by €10.8 million), Brazil (up by €9.4 million), the Netherlands (up by €8.8 million), and Sweden (up by €7.1 million). These companies together achieved an aggregate increase of €61.7 million, which contributed accordingly to the healthy growth in leases originated by the CHG-MERIDIAN Group in 2015.

Declines in lease origination were reported by the subsidiaries in the United States (down by €16.8 million), Mexico (down by €15.3 million), Russia (down by €6.7 million), Spain (down by €4.2 million), and the United Kingdom (down by €4.1 million). However, the potential offered by these countries continues to be seen as significant and a return to growth is expected in 2016.