GECF Acquisition to Add US$3.7 Billion in Assets of assets in Germany with the acquisition of Disko and ASL from KG Allgemeine Leasing

GE Commercial Finance, the business-to-business financing arm of GE, recently signed an agreement with KG Allgemeine Leasing GmbH & Co. (“KGAL”), the German based financial services group, to acquire its leasing businesses, Diskont und Kredit AG and Disko Leasing GmbH (“DISKO “) and ASL Auto Service-Leasing GmbH (“ASL”). This strategic acquisition, GE Commercial Finance’s largest transaction in Germany, underlines the importance of the market to GE and significantly expands its European operations. The transaction is subject to customary approvals.

DISKO, headquartered in Dsseldorf and founded in 1924, is one of Germany’s leading equipment leasing businesses with 361 employees, a 17 branch regional network serving more than 18,000 customers and more than $2.3 Billion in assets. DISKO provides a broad range of leases including hire purchase, credit finance and operating leases, and also offers loans via its specialist bank operation.

ASL, headquartered in Munich and founded in 1969, is a leading, non-captive fleet leasing company with 321 employees, eight regional branches managing over 54,000 cars and more than $1.4 Billion in assets. ASL is a well-respected name in the German fleet leasing business with more than 1,300 corporate customers, a strong distribution network and broad product range, including operating leases, full service leases and fleet management.

“The acquisition of DISKO and ASL provides us with growth platforms in one of Europe’s most important economies,” said Mike Neal, Vice Chairman of GE and President and CEO of GE Commercial Finance. “We look forward to the acquisition being completed and working closely with the companies’ management and employees to continue delivering a first class service to customers, who will now be able to benefit from a truly international product suite and GE’s broad geographical reach.”

“This is a significant strategic step for both GE Commercial Finance and GE in Europe and particularly in Germany,” said Georg Knoth, CEO and regional executive GE Germany, Austria and Switzerland. “DISKO and ASL are key domestic players and the transaction will considerably reinforce GE’s presence in Germany.”

GE Commercial Finance has substantial European equipment and fleet leasing operations via its Capital Solutions business unit, with more than 3,000 associates across 15 European countries and $14 Billion in assets. This acquisition will enlarge GE Commercial Finance’s presence in the German leasing business, doubling the total number of customers and quadrupling the asset base.

KGAL today ranks amongst Europe’s leading providers of structured leasing and financing solutions. Its shareholders are Dresdner Bank, Bayerische Landesbank, Haspa Finanzholding and Sal Oppenheim.

The transaction is expected to complete during the fourth quarter of 2006.

JP Morgan advised GE Commercial Finance on this acquisition with additional services provided by Hengeler Mueller and Ernst & Young.