CIT Commercial ServicesCIT Trade Finance

March 2010

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CIT Commercial Services: Expertise and Experience

We are the nation’s leading provider of domestic and international factoring, credit protection, accounts receivable management and asset-based lending services. Sample clients include:

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Commercial Services: Solid Results in Soft Retail Market

Vital link in retail supply chain providing credit protection, accounts receivable management and asset-based lending to manufacturers and importers

Considered “best in class” in terms of credit management, new business generation, operations, and technology

Market rank: #1

Top competitors: Wells Fargo, BB&T, GMAC, Smaller factors (i.e. Rosenthal)

Fully scalable platform

Average relationship 10 + yrs

Seasoned management team

Core business & client retention

Re-sign terminated clients

Transition platform to CIT Bank (regulatory approval required)

Use more efficient funding from CIT Bank

Continued focus on U.S. market

Overview Update

Competitive Advantages Strategy

Traditional factoring volumes down due to soft macro-economic conditions and concerns over CIT bankruptcy

Restructured factoring contracts to deferred purchase of accounts receivable to mitigate client concerns about CIT solvency

Dedicated $1B liquidity to business

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Factoring Credit protection Invoice discounting Accounts receivable bookkeeping Collection services Advances

Asset-based lending

Letter of credit financing

Bulk purchase of accounts receivable

Commercial Services: Who We Are

At a Glance Financing Solutions

The largest factoring company in the U.S.

The leading provider of credit protection and accounts receivable management

Clients (vendors) range in size from $2 million to $1 billion in annual sales. Over 50% of clients factor $10 million or less with us

Average client relationship exceeds 10 years

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Commercial Services: Our Clients are Consumer Products Companies Selling to Retailers and Wholesalers

Apparel

Textiles

Furniture / home furnishings

Carpet

Footwear

Hardware supplies

Consumer electronics

Computer hardware

Consumer goods

Sporting goods

Toys

Housewares

Service industries

Other industries where CIT’s credit & accounts receivable management expertise is needed

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Commercial Services: Domestic & International Presence

USANew York, NYLos Angles, CACharlotte, NCDallas, TXAtlanta, GADanville, VA

EuropeFrankfurt, Germany

Asia (satellite offices)Hong KongShanghai, China

CIT Commercial Services

Products Offered

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Factoring

Factoring is an agreement between CIT and suppliers of goods and materials typically to the retail industry. CIT purchases the accounts receivable from the suppliers and assumes responsibility for a retailer’s financial inability to pay.

This combines: Credit protection and advice Accounts receivable bookkeeping, including electronic invoice and

payment processing Collections, cash management and lockbox processing Accounts receivable financing

What is Factoring?

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Factoring

Factoring helps companies of all sizes, from start-ups to mature companies: Improve cash flow Eliminate credit losses Reduce operating expenses Expand working capital financing through advances Improve management information through online reports, such as:

- Customer payments - Customer credit previews

- Accounts receivable agings - Customer deductions and

- Loan status dispute summaries- Credit approvals - Wire transfers

What Are the Benefits?

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Factoring

Retailer places an order with

supplier.

CIT collects from retailer.

CIT pays supplier.

Supplier invoices retailer and assigns

invoice to CIT.

Supplier ships products to

retailer.

CIT evaluates credit worthiness

of retailers.

CIT approvesthe order.

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• Suppliers are referred to as “clients” as they are CIT’s “clients.”• Retailers are referred to as “customers” as they are CIT’s client’s customers.

Serving Suppliers that Sell to Wholesalers and Retailers Nationwide

CIT Commercial Services International

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Key Facts to Our Business

At its peak, a combined accounts receivable exposure over US $7 billion

Capacity to hold large single exposure Largest export exposure to one debtor was in Mexico with US $10 million

Export exposure covers approximately 1,000 companies

Global Partners with over 200 banks and factors in over 60 countries Latin America and Asia provide CIT client’s credit access in various regions

Significant player in the association of Factors Chain International (“FCI”). Peter Mulroy, head of CIT’s international factoring is the Chairman of FCI.

Experienced US Ex-Im Bank arranger and lender.

Extensive Expertise

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Scope and Scale

CIT can establish pre-approved vendor lines of credit

Enhance clients’ ability to receive open credit from foreign suppliers

Offshore suppliers may not perceive trade risk or incur bad debt losses when shipping to the importer

Easier to obtain open account terms. May be viewed as alternative to cash in advance and letters of credit

When CIT guarantees the importer’s payment to suppliers, the importer may be able to negotiate more favorable terms of sales or pre-payment discounts

Eliminate debtor's credit risk generally with 100% credit coverage and no deductible

Improved cash flow - collect from foreign customers, speeding up days' sales outstanding (DSO)

Pre-approved credit lines for each customer supports terms of sale up to 180 days

Enhanced borrowing power - foreign accounts receivable are deemed eligible collateral with CIT’s credit protection which increases the borrowing base through CIT or the client’s existing lender

CIT has over 200 financial institution partners and third-party risk mitigation sources

Internet-based reporting management system makes available information on customer limits

Benefits to Importers Benefits to Exporters

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History

CIT acquired Suntrust Factoring in April 2005

Suntrust had a successful international factoring platform, lead by Peter Mulroy

Senior Management decided to expand the international capabilities of the company.

In May 2006, CIT acquired Enterprise Finance Europe, one of the largest factoring companies in Germany

Currently, CIT Commercial Services has offices in New York, Danville, Charlotte, Atlanta, Dallas, Los Angeles, Frankfurt, Shanghai, and Hong-Kong

The International operations are managed by the Atlanta office

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Working with other financial institutions

CIT Commercial Services International (CS-Int’l) is a risk mitigating service partner. CS-Int’l works closely with the other lenders in structuring a financing package for international transactions. CS-Int’l has the expertise in arranging and executing Ex-Im Bank’s financing packages and other risk-mitigated solutions. CS-Int’l is CIT’s resource for international risk-mitigate providers (one-stop-shop).

CIT Commercial Services International can assist under the following scenarios:

Exporter seeks financing on their foreign receivables Exporter is bidding for a supply contract with a foreign buyer Exporter has a contract with a foreign entity and buyer needs financing Client is considering exporting and needs advise Client makes investment abroad and seeks term financing on the

project/investment

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Services

CIT Commercial Services International provides a wide range of trade finance related services to support short-term transactions:

CIT Trade Credit Protection Program: Risk Management Services Accounts Receivable Bookkeeping Collection Services TotalSource Receivables Management Outsourcing

Purchase of Accounts Receivable via the assignment of invoices (non-notification on a case-by-case basis)

Asset-Based Lending and/or Commercial Lending Revolving Line of Credit and Term loans (available also for

medium-term)

Letters of Credit

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CIT Export Trade Credit Protection Program

CIT Commercial Services International is a leader in the credit protection industry. The Export Trade Credit Protection is a risk management tool which can enhance your borrowing capacity.

CIT’s Export Trade Credit Protection is not an insurance policy but non-conditional credit protection.

Major differences between the CIT Export Trade Credit Protection and Credit Insurance:

CIT’s Credit Protection Credit Insurance

Credit risk covered 100% Negotiated

Deductible No Yes

Amount of coverage Full valueCapped maximum loss for most policies

Commission based on actual sales

Yes, when sales occurTypically includes annual min. upfront

Collection Services Yes – if desired Yes, post claimed only

A/R management Yes – if desired No

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Benefits of Protection

Maximize and extract value from the existing/new accounts receivable portfolio to enhance the borrowing base and grow sales

Eliminate credit risk with political and commercial comprehensive coverage without the penalty of premiums or deductibles

Pre-approved credit lines for each customer supporting terms of sale up to 120 days (longer term on a case-by-case basis)

Attain competitive financing rates with CIT’s Export Trade Credit Protection for foreign accounts receivable

By extending credit protection on the Importer’s payment to suppliers, the importer may be able to negotiate more favorable terms or pre-payment discounts. Offshore suppliers may not perceive the buyer as a trade risk partner

Establish a pre-approved vendor line of credit Easier execution to open account terms and alternative to letters of credit or cash

Export Trade Credit Protection: Benefits

Import Trade Credit Protection: Benefits

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Top countries covered by CIT’s Export Trade Credit Protection.Over 120 available:

Australia China Colombia Dominican Republic El Salvador Germany Guatemala Honduras Hong Kong India Indonesia

Global Capabilities

Italy Japan Mexico Panama Peru South Korea Singapore Sri Lanka Taiwan United Kingdom

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Why Do Companies Choose Commercial Services International?

• Industry leader in credit protection and receivables management

• Experienced, professional credit and collection staff

• Ability to provide advisory and finance solutions to support imports and exports

• International partners in 60 countries, strong in more developed areas such as Europe and Asia

• Strong Global Major Relationships in the technology industry

• Solid commitment with its vendor partners

• Proprietor of two insurance companies to assist in the underwriting of new business

• Open in entering new markets with new partners

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Contact Information

Account Executive

T: 770.551.7817

Email: jim.pefinis@cit.com

Account Executive

T: 770.551.7807

Email: joy.zhu@cit.com

Jim Pefinis Joy Zhu

Group Head

Tel: 770.551.7804

Email: peter.mulroy@cit.com

Peter Mulroy