TCO … Hybrid vs Comparative Vehicle GE Capital International – Fleet Consultancy Summer 2015 Imagination at work.

Executive Summary About Key Solutions: GE Capital’s Key Solutions consultancy forms an integral part of the Fleet Solutions package offered by GE Capital. For over a decade, Key Solutions experts have been at the heart of solving GE Capital customers’ biggest & toughest fleet challenges, by looking at the big picture and assessing the total cost of ownership. The following report on the cost of running hybrid vehicles covers one of many areas that are assessed by Key Solutions experts, and illustrates the depth of insight & expertise provided by the GE Capital’s Key Solutions team. Why focus on TCO for hybrids: While there has been a lot of discussion around hybrids, many customers are still undecided whether to switch more of their fleets to hybrids as the TCO (total cost of ownership) for them vs. comparable non-hybrid vehicles has been unclear. Manufacturers’ estimates of fuel usage (which are used to demonstrate savings) may not be borne out by actual usage statistics, and the variations in tax regulations across Europe may also impact the overall economics. This report analyses various costs associated with hybrids across a range of vehicle sizes, within nine European countries and for 3-5 different vehicles per country. Want to know more: The total cost of ownership will vary depending on your circumstances. To understand the cost of running hybrid vehicles, and the total cost of ownership for your fleet – speak to GE Capital’s Key Solutions Consultants at www.gecapital.eu/keysolutions The information materials and opinions contained in this document are for general information purposes only, are not intended to constitute legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. Except as required by law, neither GE Capital EMEA Services Limited, nor its affiliated companies or businesses accept any responsibility and shall not be liable for any loss or damage whatsoever, whether in contract, tort (including negligence) or otherwise arising from reliance on the information, materials and opinions contained in this document.

About the research What is the total cost of running a hybrid vehicle throughout Europe? ~ A GE Capital Fleet Consultancy Study Methodology: The costs were assessed by GE Capital’s Fleet Consulting Team in April 2015, and cover a range of areas, including: • Initial Investment: Catalogue price, options, accessories, delivery / dealership costs, registration tax, additional offers; PHEVs include a one-off cost of 2,160€ for charging station.

• Residual value • Monthly Lease Costs: Financial rate, services (maintenance, repair, tyres, taxes) • Fuel Costs: Contractual mileage, manufacturer average fuel consumption, local fuel prices, diesel engines, hybrid fuel consumption. Hybrids & PHEVs include fuel costs only (not electricity)

In 95% of the 56 comparisons studied, average European TCO for a hybrid is currently higher (10-15%) than a comparable non-hybrid across a range of vehicle types

Key results - insights Higher TCO for hybrids driven by: Higher investment amount Lower residual values Higher fuel costs actual fuel consumption often 25% and even more over that estimated by the manufacturer

In some countries, we see hybrids being lower on TCO for certain makes …

… primarily linked to tax benefits

In 95% of all cases traditional engines are less expensive … and hybrids are between 1% to 45% more expensive

Key results – vehicle type Monthly cost of ownership of hybrid vs. non-hybrid cars. European average by car type

The average European total cost of ownership of a non-hybrid car is less than the hybrid equivalent across a range of vehicle types

€ 640

€ 693 734

€€638 889

€ 843 698

€ 551

€ 599

€ 587

€ 758

86%

89% 82%

92% 95%

90% 85%

Mini / City

SUV

€€750 582

€€862 693

€ 889 €738

€ 821

€ 591

€ 731

€ 613

€ 740

79% 87%

89% 85%

83% 95%

90%

Based on 48month term, and 120,000km. *Based on standard fuel consumption for car style / size, and pricing from Belgium, France, Germany, Italy, Netherlands, Portugal, Spain, Sweden, UK

Key results - fuel Monthly cost of ownership of hybrid vs. non-hybrid cars. European average by fuel usage

The average European cost of running a non-hybrid small car is less than the hybrid equivalent, across a range of fuel consumptions & driving behaviours

Based on 48month term, and 120,000km. 1 Based on averages from: Belgium, France, Germany, Italy, Netherlands, Portugal, Spain, Sweden, UK. Small car defined as a hatchback style compact car, and is approximately 4,100 mm (161 in) and 4,450 mm (175 in) long 2 estimated fuel cost based on contractual mileage in combination with manufacturer average fuel consumption per 100km & local fuel prices 3 10% higher fuel consumption to represent drivers who’s fuel usage is more than the manufacturers average 4 10% increase on reg fuel to represent the higher fuel usage of diesel engines. In addition, a study used by GE Capital’s Fleet Consulting Team identifies that hybrid cars consume on average 25% more fuel than the manufacturer value, and there is an additional EUR 45 for PHEV chargers – these figure are accommodated in these additional fuel costs.

SUV Premium Lexus NX

Peugeot 3008

VW Golf

VW Golf

Audi A3

Audi A3

Volvo V60

Adv. (Range Extender) (170pk)

1-Reeks (F20) 2.0 163PK 5D 120d

VII 1.4 150PK 5D

VII 2.0 150PK 5D

A3 SB 1.4 150PK 5D TFSi e-tron

A3 SB 2.0 150PK 5D TDI

2.4 215PK 5D D6

2.4 215PK 5D D5

€ 729.86

€ 575.42

€ 673.51

€ 567.90

€ 722.45

€ 561.78

€ 1,001.34

€ 871.44

79%

VW Golf

1.4 TSI DSG GTE 5P € 645.75

84%

VW Golf

Peugeot 508

1.6 TDI 110 BVM6 Confort Business Bluemo 5P € 357.49

2.0 HDI 85g ETG6 Business Pack 4P € 558.17

55%

Peugeot 508 1.6 BlueHDi 120 Business Pack 4P € 402.28

72%

87%

78%

Mercedes C-Class

Mercedes C-Class

C 300 BlueTEC C 200 BlueTEC Hyb. Business Business Exec BVA7 4P Auto 4P € 718.74

€ 607.29

84%

Volvo V60

Peugeot 3008 Peugeot 3008

2.0 HDI 163 ETG6 85G 5P

2.0 HDI 150 FAP Allure 5P

€ 589.20

€ 462.37

78%

City / Mini BMW i3

BMW 120d

VW Golf

I3 Range Extender

120d Aut.

1.4 GTE Plug-In Hybrid DSG

€ 820.24

€ 529.11

€ 626.91

65%

Toyota Prius Plug-In Hybrid Comfort € 656.99

Toyota Avensis 2.2 D-4D Automatik Edition (2014) € 605.80

92%

VW Golf 2.0 TDI BlueMotion DSG Comfortline

Volvo Audi V60 A3 V60 A32.4 1.4215PK TFSI 5D D6 Plug-In Sportback e-tron Hybrid Attraction

Volvo V60 Audi A3 A32.4 2.0215PK TDI V60 Sportback 5D D5diesel S-tronic Attraction

€ 481.55

€€ 904.36 645.63

€ 906.90 507.41

77%

Mercedes C-Class

Mercedes C-Class Volvo V60

C 300 BlueTEC Hyb. 7G-TRONIC

C 250 BlueTEC 2.47G-TRONIC 215PK 5D D5

€ 798.42

686.60 €€ 871.44

86% 87%

79% 100%

City / Mini Toyota Auris

Toyota Auris

Toyota Prius

Opel Astra

Auris Hybrid Lounge 5P

Auris 2.0 D-4D Lounge 5P Diesel

1.8 H ECVT Active 5P

1.6 CDTI Cosmo 136cv E6 S/S 5P

€ 647.05

€ 647.11

€ 760.68

€ 604.30

100%

79%

Mercedes C-Class

Mercedes C-Class

Peugeot 3008

Peugeot 3008

C300 BlueTEC Hyb. Exec Auto 4P

C250 BlueTEC Exec Auto 4P

Hybrid 4.85g 2.0 HDi 5P

Allure 2.0 BlueHDi 15cv FAP 5P

€ 1,108.01

€ 969.13

€ 809.05

€ 699.22

87%

86%

Volvo LexusV60 CT V60 2.4 215PK CT 200h 5D D6 Plug-In Executive 5P Hybrid

VolvoA-Class V60 Mercedes

811.58 €€ 904.36

781.39 € 906.90

V60 2.4Automatic 215PK 220 CDI 5D D5 5P Executive

96% 100%

VW Golf

VW Golf

VII 1.4 150PK 5D TSI PHEV

VII 2.0 150PK 5D TDI

€ 577.23

€ 625.76

Volvo Audi V60 A3 V60 2.4 215PK A3 Sportback 1.4 5D D6 Plug-In 150PK 5D TFSI Hybrid €€ 904.36 673.42

108%

Volvo V60 Audi A3

Volvo V60

Volvo VolvoV60 V60

V60 2.4 215PK A3 Sportback 2.0 5D 5D D5 TDI 150PK

V60 2.4 215PK 5D D6 Plug-In Hybrid

V60 2.4 215PK 2.4 215PK 5D D5 5D D5

€ 906.90 623.54

€ 904.36

€ 906.90 871.44

100% 93%

100% 87%

Toyota Auris

Toyota Auris

Peugeot 508

Peugeot 508

Mercedes E-Class

Mercedes E-Class

1.8HSD TS Comfort 5P 100CH

1.4 D-4D TS Comfort 5P 90CH

2.0 Hdi Hyb.4 2Tronic 5P 163CH

2.0 BlueHDi RXH EAT6 5P 180CH

300BlueTEC Hyb Ad 107g 4P 204CH

250BlueTEC Ad Auto 4P 204CH

€ 503.18

€ 458.13

€ 667.79

€ 629.50

€ 750.58

€ 708.81

91%

94%

94%

Toyota Prius

VW Golf

Lexus IS

BMW 3 Series

Toyota Prius +

Advance 5P

Advance 2.0 TDI 150cv BMT 5P

300h ECO 4P

320d 4P

Eco 5P

€ 601.80

€ 525.99

€ 815.79

€ 676.06

€ 693.01

87%

83%

Peugeot 3008 Allure 2.0 BlueHDI 150 FAP 5P € 642.05

93%

VW Golf

VW Golf

Volvo Audi V60 A3

Volvo Audi A3 V60

Ford Mondeo

Ford Mondeo Volvo V60

GTE 1.4 Plug-in Hybrid 5P

GTD DSG 5d 5P

1.4 TFSI e-tron V60 2.4 215PK S-tronic Sport 5D D6 Plug-In Sportback Hybrid 5P

2.0 TDI S-tronic V60 2.4 215PK Sport Styled 5D D5 Sportback 5P

2.0 HY 187 Titanium HEV CT 4P

2.0 TDCI 180 hk 2.4 215PK 5D D5 Titanium MPS 5P

SEK 6,717

SEK 5,722

€ 904.36 SEK 6,870

€ 906.90 SEK 5,463

SEK 5,872

€ 871.44 SEK 5,993

85%

100% 80%

102% 87%

SUV Volvo V60 D5 AWD Laddhybrid Momentum BE Auto 5P SEK 7,864

Volvo V60 2.0 D4e 190 Momentum BE Auto 5P SEK 5,448

69%

Mercedes E-Class

Mercedes E-Class

E300T BlueTec E220 BlueTec Hybrid Fleet BE T Fleet Edition 5P Edition Auto5P SEK 8,062

SEK 6,836

85%

SUV Premium

Mitsubishi Outlander

Mitsubishi Outlander

Lexus NX

Peugeot 3008

2.0 PHEV 4WD Komfort Plus Nav 5P

2.2D 4WD Komfort Auto 5P

300h Business AWD 5P

xDrive20d Bus. Comfort Ed. AUT 5P

SEK 7,711

SEK 6,372

SEK 7,676

SEK 6,919

83%

90%

City / Mini BMW i3

BMW 1 Series

Toyota Prius VW Golf

Opel Astra VW Golf

Volvo Audi V60 A3

Volvo V60 Audi A3

I3 HATCHBACK Range Extender 5dr Auto

1 SERIES DIESEL HATCHBACK 120d Sport 5dr

Hatchback 1.4 TSI 1.8 H ECVT GTE 5dr DSG Active 5P

Diesel Hatchback 1.6 CDTI Cosmo 2.0 TciE6 GTD 136cv S/S5dr 5P

SPORTBACK 1.4 V60 2.4 215PK TFSI e-tron 5dr 5D D6 Plug-In S-Tronic Hybrid

DIESEL SPORTBACK V60 2.4 215PK 2.0 5D TDID5 SE 5dr

£ 576.10

£ 552.40

760.68 £€517.56

€ 536.74 604.30 £

€£ 904.36 625.91

€ £ 906.90 493.04

96%

104% 79%

Toyota Prius

Toyota Avensis

Mercedes C-Class

Mercedes C-Class

Hatchback 1.8 VVTi Plug-In 5dr CVT Auto

Diesel Saloon 2.0 D-4D Icon 4dr

Saloon C350e Sport 4dr Auto

Diesel Saloon C220 BlueTEC Sport 4dr Auto

£ 536.79

£ 487.97

91%

£ 636.89

£ 625.97

98%

79% 100%

About the Research Analysis undertaken by GE Capital’s Fleet Consulting Team in April 2015 Calculations based on the following variables: Total Mileage: • 120,000 over a 48 month term Initial Investment: • Catalogue price, options, accessories, delivery / dealership costs, registration tax, additional offers; PHEVs include a one-off cost of 2,160€ for charging station. Residual value Monthly Lease Costs: • Financial rate, services (maintenance, repair, tyres, taxes) Fuel Costs: • Contractual mileage in combination with manufacturer average fuel consumption per 100km & local fuel prices • 10% increase to represent the higher fuel usage of diesel engines • A study by GE Capitals Fleet Consulting Team identifies that hybrid carts consume 25% more fuel than the manufacturer value – this figure is incorporated into the fuel costs. • Hybrids & PHEVs include fuel costs only (not electricity)

Want to know more: The total cost of ownership will vary depending on your circumstances. To understand the cost of running hybrid vehicles, and the total cost of ownership for your fleet – speak to GE Capital’s Key Solutions Consultants at www.gecapital.eu/keysolutions The information materials and opinions contained in this document are for general information purposes only, are not intended to constitute legal or other professional advice, and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. Except as required by law, neither GE Capital EMEA Services Limited, nor its affiliated companies or businesses accept any responsibility and shall not be liable for any loss or damage whatsoever, whether in contract, tort (including negligence) or otherwise arising from reliance on the information, materials and opinions contained in this document.

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