2009 will be influenced by the extremely difficult economic environment, which is expected to continue, and the related limited prospects for growth. Consolidation of existing markets will therefore be a priority. After a phase of strong expansion resulting in 81 locations in eleven countries, Hypo Group Alpe Adria Leasing will now concentrate on servicing the market intensively and growing organically. Our strong position in each of the markets should be further strengthened, so that we can act with the appropriate dynamism in difficult times as well. Over and above this, there will be a Group-wide focus on monitoring our performance and our risks. The improvement of credit control through the implementation of new leasing software makes it possible to monitor the market more closely and to react more swiftly when customers experience payment difficulties.

The property markets should stabilise in 2009. It should be assumed, however, that project-driven real estate transactions will decrease steeply. In order to counteract this trend, real estate leasing will be promoted more strongly to SMEs as an alternative to investment.