Directors Report 1

DIRECTORS' REPORT
The directors submit their report together with the financial statements for the year ended 31 December 2013.0
PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
On 20 September 2010, the entire leasing business carried on by the Company was acquired by Commerzbank AG London Branch as a going concern Since that date the Company's only transactions were to settle outstanding tax liabilities during 2011 The Company is dormant and did not trade during the year
CHANGE OF NAME
On 26th June 2013, the company changed its name from Commerzbank Leasing December (21) Limited to Commerz Equipment leasing Limited
DIRECTORS
The directors of the Company who held office throughout the year and up to the date of signing the financial statements were as follows
N G Aiken M C Beebee R A Birch P R Burrows A D Levy
The directors benefited from qualifying third party indemnity provisions in place during the year
Approved by the Board of Directors and signed on behalf of the Board
J CV 11 It Secretary Commerz Equipment Leasing Limited Company Registered No 7276967
51h March 2014

1.0
COMMERZ EQUIPMENT LEASING LIMITED (Formerly Commerzbank Leasing December (21) Limited)

Directors Report 2

DIRECTORS' REPORT
The directors submit their report together with the financial statements for the year ended 31 December 2012.0
PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
On 20 September 2010, the entire leasing business carried on by the Company was acquired by Commerzbank AG London Branch as a going concern Since that date the Company's only transactions were to settle outstanding tax liabilities during 2011 The Company is dormant and did not trade during the year
The directors do not expect the Company to enter into any new transactions in the foreseeable future
DIRECTORS
The directors who held office at the year end were as follows
N G Aiken M C Beebee R A Birch P R Burrows A D Levy
No director benefited from qualifying third party indemnity provisions in place during the year
Approved by the Board of Directors and signed on behalf of the Board

Wall Sbdretary Commerzbank Leasing December (21) Limited Company Registered No 7276967
2013-03-25 00:00:00
COMMERZBANK LEASING DECEMBER (21) LIMITED

Directors Report 3

DIRECTORS' REPORT
The directors submit their report together with the audited financial statements year ended 31 December 2011 This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
On 20 September 2010, the entire leasing business carried on by the Company was acquired by Commerzbank AG London Branch as a going concern, for consideration of ?26,518,334, on terms contained in a Deed of Assignment and Assumption Since that date the Company has not traded other than to settle outstanding tax liabilities The directors do not expect the Company to enter into any new transactions in the foreseeable future RESULTS AND DIVIDENDS
The results of the Company for the year are set out in detail on page 4 The result for the financial year was fNil (period ended 31 December 2010 loss of El) The directors do not recommend the payment of a dividend (period ended 31 December 2010 ?Nil)
DIRECTORS
The directors who held office at the year end were as follows
N G Aiken M C Beebee R A Birch P R Burrows A D Levy No director benefited from qualifying third party indemnity provisions in place during the year STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have prepared the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period In preparing these financial statements, the directors are required to
?select suitable accounting policies and then apply them consistently,
?make judgements and accounting estimates that are reasonable and prudent, ?state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements, and
?prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business As explained in note 1, the directors do not believe that it is appropriate to prepare these financial statements on a going concern basis and accordingly, the financial statements have been prepared on a break up basis
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
COMMERZBANK LEASING DECEMBER (21) LIMITED
DIRECTORS' REPORT (continued)
DISCLOSURE OF INFORMATION TO INDEPENDENT AUDITORS
The directors in office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information
Approved by the Board of Directors and signed on behalf of the Board

I J C II Secr?4ary Commerzbank Leasing December (21) Limited Company Registered No 7276967
2012-04-20 00:00:00

2.0 COMMERZBANK LEASING DECEMBER (21) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERZBANK LEASING DECEMBER (21) LIMITED We have audited the financial statements of Commerzbank Leasing December (21) Limited for the year ended 31 December 2011 which comprise the Profit and Loss Account, the Balance Sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements In addition, we read all the financial and non-financial information in the Directors' Report to identify material inconsistencies with the audited financial statements If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report Opinion on financial statements In our opinion the financial statements ?give a true and fair view of the state of the Company's affairs as at 31 December 2011 and of its result for the year then ended, ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and ?have been prepared in accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or ?the financial statements are not in agreement with the accounting records and returns, or ?certain disclosures of directors' remuneration specified by law are not made, or ?we have not received all the information and explanations we require for our audit ?the directors were not entitled to prepare the Directors' Report in accordance with the small company regime Emphasis of matter We draw your attention to note 1 of the financial statements which explains that following the sale of the Company's leasing business, the directors do not intend to enter into any new transactions Accordingly the going concern basis of accounting is not appropriate Our opinion is not qualified in this respect

Duncan McNab (Senior Statutory Auditor) For and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 23 April 2012 3.0

COMMERZBANK LEASING DECEMBER (21) LIMITED

Directors Report 4

DIRECTORS' REPORT
The directors submit their first report and audited financial statements for the penod from 8 June 2010 to 15 September 2010 This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006
INCORPORATION
The Company was incorporated on 8 June 2010 and began trading on 9 August 2010 On incorporation, 1 ordinary share of ?1 was called up, allotted and fully paid
PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS
The pnncipal activity of the Company dunng the period was the leasing of plant and equipment
On 9 August 2010 the Company purchased the trade associated with a lease of water equipment from the London Branch of Bayensche Landesbank for ?26,180,345 On 15 September 2010, Amendment Agreements were entered into with the lessee SUBSEQUENT EVENTS
On 16 September 2010 the entire equity share capital of the Company was sold by the London Branch of Bayensche Landesbank to Commerzbank Leasing Holdings Limited On that date the Company ceased to be a subsidiary of the Bayensche Landesbank Group and became a subsidiary of the Commerzbank AG Group As part of this transaction, the Company refinanced On the same day Supplemental Deeds and Amendment letters were entered into with the lessee
On 20 September 2010, the entire leasing business carned on by the Company was acquired by Commerzbank AG London Branch as a going concern, for consideration of ?26,518,334, on terms contained in a Deed of Assignment and Assumption
On 18 October 2010, the Company changed its name from Riverside London June Limited to Commerzbank Leasing December (21) Limited The directors do not expect the Company to enter into any new transactions in the foreseeable future RESULTS AND DIVIDENDS
The results of the Company for the penod are set out in detail on page 4 The profit on ordinary activities after taxation was ?924 Dunng the period, the directors paid an interim dividend of ?924 but do not recommend payment of a final dividend
DIRECTORS
The directors who held office at the period end were as follows
W Ludwig (appointed 8 June 2010) S Petersen (appointed 8 June 2010)
C Weston was appointed as a director of the Company and resigned as a director of the Company on 8 June 2010.0
Subsequent to the penod end, on 16 September 2010, all the directors who held office at the end of the period resigned as directors of the Company and were replaced on the same date by N G Aiken, M C Beebee, R A Birch, P R Burrows and A D Levy
No director benefited from qualifying third party indemnity provisions in place during the penod I COMMERZBANK LEASING DECEMBER (21) LIMITED
DIRECTORS' REPORT (continued)
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for prepanng the Directors' Report and the financial statements in accordance with applicable law and regulations
Company law requires the directors to prepare financial statements for each financial year Under that law the directors have prepared the financial statements in accordance with UK Generally Accepted Accounting Practice (UK Accounting Standards and applicable law) Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period In prepanng these financial statements, the directors are required to ?select suitable accounting policies and then apply them consistently, ?make judgements and accounting estimates that are reasonable and prudent, ?state whether applicable UK Accounting Standards have been followed, subject to any matenal departures disclosed and explained in the financial statements, and ?prepare the financial statements on the going concern basis unless it is mappropnate to presume that the Company will continue in business
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006 They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregulanties
DISCLOSURE OF INFORMATION TO AUDITORS
The directors in office at the date of approval of this Directors' Report confirm that, so far as they are each aware, there is no relevant audit information of which the Company's auditors are unaware, and each director has taken all the steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information
AUDITORS
PricewaterhouseCoopers LLP has been appointed auditor of the Company and will be re-appointed m accordance with Section 487 of the Companies Act 2006

Approved by the Board of Directors and signed on behalf of the Board

J all Secr ary Commerzbank Leasing December (21) Limited Company Registered No 7276967
2011-03-31 00:00:00
COMMERZBANK LEASING DECEMBER (21) LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF COMMERZBANK LEASING DECEMBER (21) LIMITED We have audited the financial statements of Commerzbank Leasing December (21) Limited for the period ended 15 September 2010 which comprise the Profit and Loss Account, the Balance Sheet and the related notes The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) Respective responsibilities of directors and auditors As explained more fully in the Statement of Directors' Responsibilities set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view Our responsibility is to audit the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland) Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors This report, including the opinions, has been prepared for and only for the Company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our pnor consent in wnting Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error This includes an assessment of whether the accounting policies are appropriate to the Company's circumstances and have been consistently applied and adequately disclosed, the reasonableness of significant accounting estimates made by the directors, and the overall presentation of the financial statements Opinion on financial statements In our opinion the financial statements ?give a true and fair view of the state of the Company's affairs as at 15 September 2010 and of its profit for the period then ended, ?have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, and ?have been prepared in accordance with the requirements of the Companies Act 2006 Opinion on other matter prescribed by the Companies Act 2006 In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion ?adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us, or ?the financial statements are not in agreement with the accounting records and returns, or ?certain disclosures of directors' remuneration specified by law are not made, or ?we have not received all the information and explanations we require for our audit ?the directors were not entitled to prepare the Directors' Report in accordance with the small company regime 0.... 1/2A9Moio Duncan McNab (Senior Statutory Auditor) For and on behalf of PncewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 31 March 2011 3.0 COMMERZBANK LEASING DECEMBER (21) LIMITED