GE Commercial Finance Fleet Services and Walden Leasing in a New Financial Agreement to Expand Fleet Financing to Rental Car Companies

EDEN PRAIRIE, Minn.--Oct. 5, 2005--GE Commercial Finance Fleet Services announced today it signed an agreement on Oct. 4, 2005, to work with Denny Hecker's Walden/Rosedale Leasing (Walden Leasing) headquartered in St. Louis Park, Minn. to provide rental car companies with leasing and loan products that address the unique needs of the rental vehicle market. This agreement combines GE Commercial Finance Fleet Services' financial resources and suite of fleet management products with Walden Leasing's expertise and relationships in the rental car industry. This combination will not only provide financial products, but also offer value-added automotive services that help operate rental fleets more cost-effectively.

With more than 2 million 2005 model-year vehicles purchased by rental companies, this arrangement aligns with GE Commercial Finance Fleet Services' growth strategy.

"In the spirit of imagination breakthroughs, this new relationship with Walden Leasing and its strong rental vehicle customer base put us in a new, growing marketplace," said Kathy Marinello, president and CEO, GE Commercial Finance Fleet Services. "The value we will bring to our new rental customers through customized financing and auto-related solutions will help drive their growth," said Marinello. "When our customers grow, we do too - and so do the opportunities for our employees. Everyone wins."

Walden Leasing is owned by Dennis Hecker, chairman and CEO. Walden Leasing has been providing leasing to the rental vehicle industry for more than 20 years. The Walden Leasing team not only has significant experience in this arena, but also provides a one-source solution with quick turn-around and personal touch.

"We are proud and excited to team up with GE Commercial Finance Fleet Services so we can provide our customers with a wider array of lease and new finance products. The financial resources and expertise that GE brings to our business will provide a win-win for the industry," said Denny Hecker, chairman and CEO, Walden Leasing.

Walden Leasing's current customer base of 137 and future rental vehicle customers will be able to leverage additional financial product offerings through this long-term arrangement with GE Commercial Finance Fleet Services.

Details of the transaction were not disclosed.

About GE Commercial Finance Fleet Services

GE Commercial Finance Fleet Services, based in Eden Prairie, Minn., is a global fleet management company with operations in the United States, Canada, Europe, Japan, Australia and New Zealand. GE Commercial Finance is the business-to-business finance unit of General Electric. With deep industry expertise and lending, leasing and financing services of every kind, GE Commercial Finance plays a key role in helping its customers grow. Conducting business in 35 countries, GE Commercial Finance has assets of over US $230 billion and is headquartered in Stamford, Conn., USA. General Electric is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems.

About Walden Leasing

Walden Leasing is a part of the Denny Hecker group of companies, headquartered in St. Louis Park, Minn. During the past 20 years, Denny Hecker, founder of Walden Leasing, has successfully grown his business of sourcing and leasing vehicles to rental car companies. Currently, Walden Leasing has a lease portfolio of over $400 million by emphasizing customer service and balance sheet financing to lease customers. Walden is the largest independent provider of leased vehicles from a variety of domestic and foreign automotive manufacturers to this industry segment. Denny Hecker also owns and operates 15 automotive dealerships, commercial and residential real estate development businesses, mortgage and consumer finance companies, and fleet services.