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ELFA Press Release

Moody’s Economy.com Chief Economist Mark Zandi: Recession Likely Ended in August - Recovery a ‘Slow Slog’ Predicts Keynote at ELFA’s 48th Annual Convention

GDP Projected to Grow Only Two Percent in 2010

Washington, DC, October 23, 2009---The Equipment Leasing and Finance Association’s (ELFA) 48th Annual Convention presented the well-informed insights of Mark Zandi, Ph.D., chief economist and cofounder of Moody’s Economy.com, in a keynote address. Zandi briefed attendees on the current economic situation and offered his forecast, conveying most significantly that the recession was likely over in August this year. Zandi cautioned, however, that the economic recovery will be a “slow slog” as real GDP is projected to grow by no more than two percent during all of 2010.

Zandi’s research includes macro, financial and regional economics. He was an economic advisor to the John McCain campaign for President, has provided advice to the Obama Administration and regularly testifies before Congress, most recently on the economic impact of fiscal stimulus and the merits of government aid to the automotive industry.

“Mark Zandi delivered an insightful presentation on U.S. economic performance as well as policy implications,” said Ralph Petta, Interim President of ELFA. “ELFA members are lenders that finance $650B or half the capital equipment investment in the U.S. Thus the implications for the equipment finance sector are significant,” said Petta.

About the ELFA

The Equipment Leasing and Finance Association (ELFA) is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad. Its over 600 members include independent and captive leasing and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit www.elfaonline.org

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Media/Press Contact: Diane Zyats at 202-238-3438 or at dzyats@elfaonline.org

CONTACT:
Diane Helyne Zyats
Equipment Leasing and Finance Association
Phone Number: 2022383438
E-mail: dzyats@elfaonline.org