Exhibit 99.1
[LOGO] CIT
Forward Looking Statement INVESTOR DAY 2003
Certain statements made in these presentations that are not historical facts may
constitute "forward-looking" statements, as defined in the Private Securities
Litigation Reform Act of 1995. These forward-looking statements reflect the
current views of the Company and its management. Because these statements are
subject to risks, uncertainties, and changes in circumstances, the Company's
actual results or performance may differ materially from those expressed in, or
implied by, such forward-looking statements. Factors that could affect actual
results and performance include, but are not limited to, potential changes in
interest rates, competitive factors and general economic conditions, changes in
funding markets, industry cycles and trends, uncertainties associated with risk
management, risks associated with residual value of leased equipment, and other
factors described in our Form 10-K dated February 26, 2003. The Company does not
undertake to update any forward-looking statements.
[LOGO] CIT
c it together. INVESTOR DAY 2003
[GRAPHIC OMITTED]
Albert R. Gamper, Jr.
Chairman, President and Chief Executive Officer
[LOGO] CIT
INVESTOR DAY 2003
Corporate Governance
[LOGO] CIT
Value Proposition INVESTOR DAY 2003
o Diversity
o Expertise
o Credit Risk Management
o Market Leadership
o Strong Balance Sheet
o Operating Efficiency
[LOGO] CIT
Business Characteristics INVESTOR DAY 2003
Efficient "Flow" Businesses
Equipment Finance -- Steady volume and growth
Vendor Finance -- Diverse origination channels
Factoring -- Highly efficient processing
Home Equity -- Highly effective service
Value-Added "Transaction" Businesses
Capital Finance -- Deal oriented with value-added structures
Asset Based Lending -- Higher return
Structured Finance -- Lower labor intensity
[LOGO] CIT
Equipment Finance INVESTOR DAY 2003
[GRAPHIC OMITTED]
John D. Burr
Group Chief Executive Officer
[LOGO] CIT
Profile INVESTOR DAY 2003
o Equipment Finance
o Equipment Finance and Leasing
o Small Business Lending
o Flow Business
o Financials (at December 31, 2002)
o Managed assets: $12.1 Billion
o Delinquency trends
o At December 31, 2002: 4.78%
o At December 31, 2001: 5.25%
o Return v. Corporate: Below
o 1,170 Employees
[LOGO] CIT
Why Customers Choose Us INVESTOR DAY 2003
o Industry leader in dealer/manufacturer programs
o Complete North American sales coverage
o Outstanding customer service
o Collateral evaluation expertise
o Wide range of financial products
o Structure products and programs to meet individual needs of customers
- --------------------------------------------------------------------------------
Reputation for long-standing industry commitment, experience and expertise
- --------------------------------------------------------------------------------
[LOGO] CIT
Small Business Lending INVESTOR DAY 2003
o #1 SBA lender (by volume) in U.S. third year in a row
o Offers SBA loans to finance business acquisitions, owner-occupied
real estate purchases and franchise start-ups
o Approved $778 million in loans to 1,551 small businesses
o Leading market share of 6.4%
o Designated a "Preferred Lender" by the SBA
o Key relationships:
o Allied Domecq (Dunkin Donuts)
o Choice Hotels
o Meineke
o Matsco
o Primrose
[LOGO] CIT
Equipment Finance Overview INVESTOR DAY 2003
o Industry leading middle market secured equipment lender:
o One of the largest construction & corporate aircraft lenders in the
U.S.
o Leader in healthcare, printing, plastics and machine tool industries
in Canada
o Targeted customers: manufacturers, dealers and end users of income
producing and essential use equipment with proven ability to repay
o New business generation sourced through:
[The following table was depicted as a pie chart in the printed material.]
End Users 30%
Manufacturers 30%
Dealers/Distributors 25%
Intermediaries 15%
[LOGO] CIT
Key Metrics INVESTOR DAY 2003
o 116,000 customers
o 162,087 accounts
o Average transaction size -- $135,000
Product Types
[The following table was depicted as a pie chart in the printed material.]
Fixed Rate 46%
Floating Rate 54%
[The following table was depicted as a pie chart in the printed material.]
Leases 23%
Loans 77%
[LOGO] CIT
Business Environment INVESTOR DAY 2003
o Weak U.S. economy
o Depressed equipment values
o Competitors trying to take market share
[LOGO] CIT
Competition INVESTOR DAY 2003
o Manufacturer Captives
o Caterpillar Finance
o CNH -- Case New Holland Credit
o John Deere Credit
o Independents
o General Electric
o Financial Federal
o FCC
o Banks
o Wells Fargo
o Citicapital (Associates)
o US Bank
o Wachovia
o Fleet
o Bank of America
o Regional Banks
o De Lage Landen (DLL)
[LOGO] CIT
Industry Diversification INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Manufacturing -- 24%
Construction -- 20%
Transportation -- 11%
Services -- 7%
Aircraft -- 6%
Retail -- 4%
Healthcare -- 4%
Wholesale -- 4%
Entertainment -- 3%
Financial -- 2%
Printing -- 1%
Other -- 14%
Data as of December 31, 2002
[LOGO] CIT
Equipment Diversification INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Construction -- 22%
Transportation -- 18%
Business Aircraft -- 13%
Real Estate -- 9%
Manufacturing -- 6%
Machine Tools -- 5%
Medical -- 4%
Printing -- 4%
Furniture -- 3%
Technology -- 3%
Material Handling -- 2%
Other -- 11%
Data as of December 31, 2002
[LOGO] CIT
Geographic Diversification INVESTOR DAY 2003
[The following table was depicted as a chart and map in the printed material.]
Asset Distribution
$3.4 Billion 28% Southeastern U.S.
$2.6 Billion 22% Western U.S.
$2.1 Billion 17% Northeastern U.S.
$2.0 Billion 17% Midwestern U.S.
$2.0 Billion 17% Canada
Data as of December 31, 2002
[LOGO] CIT
Risk Mitigation Strategies INVESTOR DAY 2003
- ------------------------------------------------------------------------------------------------------
Underwriting Surveillance Collection
- ------------------------------------------------------------------------------------------------------
o Tightened underwriting o Increased credit audit o Increased collections
criteria staff to facilitate resources
greater frequency of audits
o Risk acceptance o Corporate Risk Management
levels o Enhanced global exposure work-out experts playing
system to capture current greater role
o Target markets and potential exposures
o Increased frequency of
o Reduced operating asset quality reporting
company credit updates
authorities
o Frequent assessment
and re-calibration
of credit scoring
algorithms
- ------------------------------------------------------------------------------------------------------
[LOGO] CIT
Opportunities and Initiatives INVESTOR DAY 2003
o Maintain a Leadership Position in Construction, Printing, Machine Tools,
and Business Aircraft
o Expand into healthcare by leveraging existing competencies
o Enhance direct calling focus on industries previously accessed through
vendors
o Partner with new manufacturers and distributors and deepen penetration
with existing ones
o Further syndication efforts to create opportunities on large transactions
o Target digestible, plug-in portfolio acquisitions
o Realize further efficiencies from consolidation
[LOGO] CIT
Equipment Finance Organization INVESTOR DAY 2003
John Burr
Group CEO
Industry Exp 35 years
Roy Keller John Canning Vacant Patrick Scarpone
President -- EF President -- SBL President -- TRS President -- EF
U.S. Industry Exp 35 years Canada
Industry Exp 31 years Industry Exp 29 years
Bill Stoddard Tom Reilly Dan Sommer
EVP, CCO SVP, CFO SVP, Marketing
Industry Exp 34 years Industry Exp 18 years Industry Exp 26 years
[LOGO] CIT
Capital Finance INVESTOR DAY 2003
[GRAPHIC OMITTED]
Nikita Zdanow
Group Chief Executive Officer
[LOGO] CIT
Profile INVESTOR DAY 2003
o Capital Finance
o CIT Aerospace
o CIT Rail Resources
o Transaction business
o Financials (at December 31, 2002)
o Managed assets: $6.2 Billion
o Portfolio trends
o Utilization: At 12/31/02 At 12/31/01
----------- -----------
-- Air: 98.4% 99.9%
-- Rail: 97.1% 93.1%
o Delinquency (% finance
receivables): 6.40% 2.74%
o Return v. corporate:
-- Air: Below
-- Rail: Above
o 117 Employees
[LOGO] CIT
The Capital Finance Advantage INVESTOR DAY 2003
Industry and
Equipment Expertise
Broad Range of Products
30+ Years Experience in the
Aerospace and Rail Industries
[LOGO] CIT
Capital Finance = Value Added INVESTOR DAY 2003
o Industry knowledge
o Equipment expertise in long-lived assets
o Remarketing capability
o Strong manufacturer and industry relationships
o Competitive player in purchase of newly manufactured equipment
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Distinguishes Us from Financial Players
- --------------------------------------------------------------------------------
[LOGO] CIT
Key Products & Portfolio Statistics INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Product Types
(as of Dec. 31, 2002)
Operating Lease -- 77%
EETCs -- 2%
Loans -- 4%
Aerospace Tax Optimized Leveraged Lease -- 3%
Single Investor and Finance Lease -- 6%
Other Leveraged Lease -- 8%
[The following table was depicted as a pie chart in the printed material.]
Owned & Serviced Assets
(as of Dec. 31, 2002)
Aerospace -- $4.2B 194 Aircraft
Rail * -- $2.2B 47,000+ Railcars
500+ Locos
Other
$0.1B
Intermodal -- $0.1B
Total = $6.6B *
* Includes $0.4B / 7,900 managed railcars assets
[LOGO] CIT
Key Competition INVESTOR DAY 2003
Aerospace Rail
- --------- ----
IFLC (AIG) GE Rail
GATX Bombardier Capital (NorRail)
SALE CitiRail
GECAS GATX
Boullioun First Union
AWAS Helm
debis AirFinance Flex Leasing
[LOGO] CIT
Lease Comparision INVESTOR DAY 2003
Operating Lease Finance Lease Leveraged Lease
- --------------------------------------------------------------------------------------------------------------------------
Actual Portfolio 77% of total portfolio 6% of total portfolio o 4% -- Aerospace tax optimized;
classic 80--20
o 8% -- other leveraged leases
- --------------------------------------------------------------------------------------------------------------------------
Balance Sheet Effect o Equipment on Lease Finance Receivable Finance Receivable
o Accumulated Depreciation
- --------------------------------------------------------------------------------------------------------------------------
Income Statement Effect o Rental Revenue Interest earned Interest earned
o Depreciation Expense
- --------------------------------------------------------------------------------------------------------------------------
Impairment Treatment o One-time increase One-time charge One-time charge
to depreciation
-or-
o Higher depreciation
for the remaining life
- --------------------------------------------------------------------------------------------------------------------------
[LOGO] CIT
CIT Aerospace -- Industry Attributes INVESTOR DAY 2003
o $ 4.2B Portfolio
o Leading aircraft lessor
o Investment in aircraft with most major airlines foreign & domestic
o New aircraft on order
o Balanced fleet mix
o Over 68% narrow body aircraft
o All Stage III
o Over 78% aircraft built since 1990
o Over 93% aircraft built since 1985
Data as of December 31, 2002
[LOGO] CIT
Aerospace -- Aircraft Types and Manufacturers INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Aircraft Body Type
Narrow -- 69%
Intermediate -- 21%
Wide -- 9%
Turbo -- 1%
[The following table was depicted as a pie chart in the printed material.]
Manufacturer
Boeing -- 59%
Airbus -- 40%
Other -- 1%
Data as of December 31, 2002
[LOGO] CIT
Aerospace -- Geographic Diversification INVESTOR DAY 2003
[The following table was depicted as a map in the printed material.]
37% Europe
21% Asia & Australia
20% United States
15% Latin America
5% Canada
2% Mideast & Africa
Full Global Reach:
Offices in New York, Los Angeles, Seattle,
Ft. Lauderdale, London (England) and Sydney (Australia)
[LOGO] CIT
Aerospace -- Age Distribution INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
1979 & Older -- 2%
1980-1984 -- 5%
1985-1989 -- 15%
1990-1994 -- 22%
1995-1999 -- 15%
2000-2002 -- 41%
Data as of December 31, 2002
[LOGO] CIT
Aerospace -- Residual Realization INVESTOR DAY 2003
o Conservative valuation at inception
o Quarterly review of residuals
o Just completed two year-end "hard" closes
o Residual reviews use multiple outside appraisals
o Realization has averaged 115% for the last 5 years
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Consistently Realizing Gains
- --------------------------------------------------------------------------------
[LOGO] CIT
Scheduled New Aircraft Deliveries INVESTOR DAY 2003
New Aircraft Delivery Book
as of Dec. 31, 2002
($ in Billions)
Year Amount Number
- ---- ------ ------
2003 $0.8 19
2004 1.0 22
2005 1.3 27
2006 0.6 10
2007 0.1 1
---- -----
Total $3.8 $79.0
==== =====
[LOGO] CIT
Lease Expiration Schedule INVESTOR DAY 2003
2002 Aircraft lease terminations 23
2003 Aircraft scheduled lease terminations 12
o 9 Narrow Bodies
o 2 Intermediate Bodies
o 1 Wide Body
2004 Aircraft scheduled lease terminations 14
[LOGO] CIT
Aerospace Utilization INVESTOR DAY 2003
by Net Investment
[The following table was depicted as a line graph in the printed material.]
99.46% 98.39% 99.36% 99.97% 98.37%
Dec '98 Dec '99 Dec '00 Dec '01 Dec '02
[LOGO] CIT
Rail Resources -- Industry Attributes INVESTOR DAY 2003
o $2.2B Portfolio
o Railcar investments with all U.S. and Canadian Class I railroads
o Diverse customer base
o Excellent growth rate
o New & diversified railcar fleet
o Railcars on operating lease approx. 80% < 8 years old
o Broad based penetration of shipper market
Data as of December 31, 2002
[LOGO] CIT
Rail Resources -- Industries Serviced and Railcar Types INVESTOR DAY 2003
Industries
[The following table was depicted as a pie chart in the printed material.]
Class 1 RR -- 36%
Manufacturing -- 26%
Utilities -- 13%
Shortline & Regional RR -- 10%
Grain Products -- 8%
Leasing -- 5.4%
Mining -- 1%
Other NM%
[The following table was depicted as a pie chart in the printed material.]
Railcar Type
Grain Hoppers -- 30%
Aluminum Coal Cars & Hoppers -- 20%
Mill Gondolas -- 10%
Plastic Pellet Cars -- 8%
Boxcars -- 7%
Centerbeam Flatcars -- 5%
PD Cvrd Hoppers -- 4%
Locomotives -- 1%
Other -- 15%
Data as of December 31, 2002
NM= Not Material
[LOGO] CIT
Rail Resources -- Railcar Age INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Operating Lease Railcar Age
1999 - 2002 -- 55%
1994 - 1998 -- 24%
1989 - 1993 -- 2%
1984 - 1988 -- 1%
1979 - 1983 -- 11%
1978 and Older -- 6%
Data as of December 31, 2002
[LOGO] CIT
Rail -- Residual Realization INVESTOR DAY 2003
o Periodic residual reviews throughout the year
o Conservative valuation at inception
o Just completed two year-end "hard" closes
o Realization has averaged 123% for the last 5 years
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Consistently Realizing Gains
- --------------------------------------------------------------------------------
[LOGO] CIT
Rail Utilization INVESTOR DAY 2003
by Unit
[The following table was depicted as a line graph in the printed material.]
99.43% 89.46% 94.59% 93.13% 97.07%
Dec-98 Dec-99 Dec-00 Dec-01 Dec-02
[LOGO] CIT
Opportunities and Initiatives INVESTOR DAY 2003
o Manage through current down cycles while positioning for turn-around and
future growth
o Airlines will need capital going forward -- an ideal condition for
leasing opportunities
o Recent rail orders reflect up-tick in market
o Profitable through cycles
o Focus on achieving historically strong returns
o Continue to seek further efficiencies from a low-cost infrastructure
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Superior industry and equipment knowledge
distinguishes us from the rest
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[LOGO] CIT
Capital Finance Organization INVESTOR DAY 2003
Nikita Zdanow
Group CEO
43 years
Steve McClure Jeff Knittel
Rail Resources Aerospace
President President
32 years 22 years
Tim Bennett Barbara Galaini
Risk Management Finance/Oper/Tech
SVP/Chief Credit Officer SVP/CFO
23 years 17 years
[LOGO] CIT
Structured Finance INVESTOR DAY 2003
[GRAPHIC OMITTED]
David D. McKerroll
Group Chief Executive Officer
[LOGO] CIT
Profile INVESTOR DAY 2003
o Structured finance
o Project finance
o Communication & media
o Aerospace
o Structured debt & leasing
o Transaction business
o Financials (at December 31, 2002)
o Managed assets: $3.3 Billion
o Delinquency trends:
o At December 31, 2002: 2.31%
o At December 31, 2001: 1.52%
o Return v. corporate: Below
o 134 Employees
[LOGO] CIT
Overview INVESTOR DAY 2003
o CIT's specialized investment bank for the middle market
o Provide private debt and leases
o Principal and advisor
o Transaction size range from $25 to $250 million
o Key strengths
o Structuring expertise
o Syndication capabilities
o Industry knowledge in chosen markets
[LOGO] CIT
Competition INVESTOR DAY 2003
Competitors fall into two categories
o Large banks
o Ancillary business
o More focused on their core products
o Boutique investment banks
o Limited to advisory business
- --------------------------------------------------------------------------------
CIT offers clients specialized advisory services backed
by considerable financial resources.
- --------------------------------------------------------------------------------
[LOGO] CIT
Portfolio Composition INVESTOR DAY 2003
Total Managed Assets -- $3.3 Billion
[The following table was depicted as a pie chart in the printed material.]
Communication & Media Finance -- 39%
Project Finance -- 29%
Structured Debt & Leasing -- 12%
Aerospace Finance -- 10%
Equity Investments -- 10%
[LOGO] CIT
Communication & Media INVESTOR DAY 2003
o Mission:
Provide secured debt and lease financing to the communication and media
sectors
o Market focus:
Communication Media
------------- -----
o Independent telco's o Radio & television stations
o Cellular & PCS o Publishing
o Tower & other wireless operators o Cable
[LOGO] CIT
Communication & Media INVESTOR DAY 2003
CLEC Exposure
12/31/02
--------
o Net Investment $263 MM
o Receivables on non-accrual status $ 93 MM
o Average exposure per account $ 19 MM
o Remaining telecom reserve (principally CLEC) $154 MM
[LOGO] CIT
Project Finance INVESTOR DAY 2003
o Mission:
Provide innovative solutions to complex project financing needs
o Market focus:
Industry specialization Syndication partners
- ----------------------- --------------------
o Infrastructure o Life Insurance companies
o Power o Leasing companies
o Energy
[LOGO] CIT
Aerospace INVESTOR DAY 2003
o Mission:
Provide structured finance solutions and financial advisory services to
the global aerospace industry
o Market focus:
o Regional airlines
o Aircraft manufacturers
[LOGO] CIT
Structured Debt & Leasing INVESTOR DAY 2003
o Mission:
Provide advisory and underwriting capability in structuring and pricing
debt & lease financings for major capital acquisitions and refinancings
o Market focus:
o Manufacturing facilities
o Real estate securitization
o Equipment leasing
[LOGO] CIT
Example Transactions INVESTOR DAY 2003
- -------------------------------------------------------------------------------------------------------------------------
Business Communication and Media Project Finance Aerospace
- -------------------------------------------------------------------------------------------------------------------------
Opportunity Radio operator requires Hospital seeks 20 year Regional airline requires
financing for acquisition of contract with private financing to purchase 50 new
additional stations. consortium to design, build, regional jets to be delivered
own and operate a new $150 over 3-4 years.
million facility.
- -------------------------------------------------------------------------------------------------------------------------
CIT Value Added CIT Lead and arrange $75 Engaged by consortium to act Mandated to arrange structured
million senior debt facility. as financial advisor and lease debt financing and lease
$25 million underwritten for arranger of senior debt. equity financing.
CIT's account and $50 million
arranged on a best efforts
basis.
- -------------------------------------------------------------------------------------------------------------------------
Revenue Arrangement and commitment Advisory and arrangement fees Advisory fees on financial
fees at closing; at closing; finance income on closing of each aircraft.
administration fees and the senior debt.
finance income going forward.
- -------------------------------------------------------------------------------------------------------------------------
[LOGO] CIT
Equity Investments INVESTOR DAY 2003
# $MM
Direct 57 $189
Funds 52 $147*
----
Total $336
* Remaining fund commitments total $169MM
[The following table was depicted as a pie chart in the printed material.]
Diversified Funds -- 44%
Industrial Buyout -- 36%
Communications -- 7%
Biotechnology -- 7%
Technology -- 6%
- --------------------------------------------------------------------------------
Decision made to discontinue investments in 2002
Portfolio management outsourced to third party
- --------------------------------------------------------------------------------
[LOGO] CIT
Credit Policies and Procedures INVESTOR DAY 2003
o Approval
o Transactions exceeding $25MM require approval of CIT's Risk
Management Group, or Executive Credit Committee
o Transactions subject to established Risk Acceptance Criteria
o Monitoring
o Higher risk transactions reviewed monthly
o Credit surveillance accounts reviewed quarterly
o Asset Quality Review with Senior Management quarterly
[LOGO] CIT
Opportunities and Initiatives INVESTOR DAY 2003
o Focus on infrastructure development projects
o Expand Media businesses
o Selectively target debt refinancing and balance sheet restructuring
opportunities
[LOGO] CIT
Structured Finance Organization INVESTOR DAY 2003
D. McKerroll
Group CEO
20 yrs
J. Hudak D. Morash S. Daillencourt D. MacLellan
Managing Director Managing Director Managing Director COO
Comm. & Media Project Finance Aerospace Structured Leasing
17 yrs 23 yrs 21 yrs 16 yrs
A. Ropar M. Eastwood
SVP, Controller CCO
9 yrs 21 yrs
[LOGO] CIT
Commercial Finance INVESTOR DAY 2003
[GRAPHIC OMITTED]
Lawrence A. Marsiello
Group Chief Executive Officer
[LOGO] CIT
Profile INVESTOR DAY 2003
o Commercial Finance
o Business Credit ==> Transaction Business
o Commercial Services ==> Flow Business
o Financials (at December 31, 2002)
o Managed assets: $8.0 Billion
o Delinquency trends
o At December 31, 2002: 2.14%
o At December 31, 2001: 2.52%
o Return v. corporate: Above
o 1,091 Employees
[LOGO] CIT
Why Do Companies Turn to CIT Commercial Finance? INVESTOR DAY 2003
o Leadership position and reputation
o Commercial Services -- one of the leading factors
o Business Credit -- one of the leading asset based lenders
o Customized financing solutions meet changing needs at all stages of the
business cycle
o Financial clout and resources of a large organization with the speed and
service of a small company
o Rapid approval process
o Clients work directly with decision makers
o Deep credit acumen
[LOGO] CIT
Success Drivers INVESTOR DAY 2003
o Well-seasoned, homegrown leadership
o Close contact with clients and credit markets
o History of successful navigation through past economic cycles
o Dedication to continual process improvement and client service
o Expertise in successful acquisitions and integration
[LOGO] CIT
Risk Management INVESTOR DAY 2003
o Experienced credit culture
o Consistent underwriting standards across regions
o Strong portfolio management infrastructure
o Deep expertise in retail-dependent industries
o Asset Quality
o New Business and Underwriting
o Greater capitalization and deeper collateral coverage
o Clearer exit strategies
o Portfolio Management
o Focus on earlier identification/action upon problem loans
o Increased frequency of field examinations, asset appraisals
and borrower operating performance
[LOGO] CIT
Commercial Services INVESTOR DAY 2003
o One of the leading factoring companies in the world
o One of the largest lenders to retail-dependent industries
o Vital and influential credit bridge between retailers and vendors
o High impact accounts receivable processing platform
o Cost-effective business processes
o Compelling position to meet challenges in this economy
[LOGO] CIT
Commercial Services -- Who We Are INVESTOR DAY 2003
We provide a wide range of services to middle market companies:
o Factoring services
o Trade credit protection
o Accounts receivable bookkeeping
o Accounts receivable collection services
o Lending services
o Secured revolving and term debt based on asset valuations
o Import letter of credit financing
o Bulk purchase of accounts receivable
Clients range in size from $2 million to $400 million in annual factored sales
with CIT
[LOGO] CIT
Factoring Portfolio by Industry INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Women's & Children's Apparel -- 36%
Consumer Goods -- 17%
Furniture & Home Furnishings -- 14%
Men's Apparel -- 13%
Textiles -- 10%
Footwear -- 7%
Other -- 3%
Data as of December 31, 2002
[LOGO] CIT
Commercial Services -- Competition INVESTOR DAY 2003
o Other factoring companies
o GMAC, HSBC, SunTrust, Wells Fargo, GE, Union Planters, BB&T
o Credit insurance companies
o ACI, AIG
o Hedge funds
o Amrock, Fortress, Fifth Avenue Fund
o Asset-based lenders
o Congress Financial (Wachovia), Fleet, Foothill
o Bookkeeping and collection firms
o D&B, Creditek, In-sourcings
[LOGO] CIT
What Is Factoring? INVESTOR DAY 2003
o Example: A home furnishings manufacturer sells to 500 retailers nationwide
o Challenges facing the manufacturer
o Difficulty establishing and monitoring creditworthiness of the
customer base
o Slow-paying customers
o Potential for unexpected bad-debt losses
o Cost of staffing quality credit and collections personnel and
building supporting systems
o Seasonal working capital swings
[LOGO] CIT
What Is Factoring? INVESTOR DAY 2003
Solution: Factor with CIT
o CIT checks credit, sets up pre-approved credit lines
o Client submits order to CIT
o Client ships merchandise, invoices customer, indicates payment is due to
CIT
o As needed, CIT provides clients with cash advances prior to collection
o At invoice maturity, CIT collects from the customer and credits client's
account
o If the customer defaults, CIT pays 100% of the value of all approved
invoices
[LOGO] CIT
What Is the Factoring Process? INVESTOR DAY 2003
Credit Invoice Post Cash Collect Apply
Review Sale Receivables Advances Receivables Cash
------ ------- ----------- -------- ----------- -----
The factor: o Client ships The factor: The factor: The factor: The factor:
o Provides to customer o Maintains o Provides cash o Performs o Electronically
credit o Client sells customer records advances to client aggressive applies payments
protection and assigns o Creates and adjust prior to collection, bank o Marks invoices
o Pre-approves the invoice balances as needed clearance as paid
lines of credit to factor through its
by customer o Client sends lock box
o Approves original o Collects
credit / invoice to payment
shipments customer on open
electronically "payable balances
to factor" o Identifies
o Factor customer
ledgers objections
the invoice to payment
o Follows-up
on overdue
receivables
Remit
Collected Financial
Funds Reporting
--------- ---------
The factor: The factor:
o Repays previous o Provides
advances as individual and
appropriate summary
o Forwards balance transaction
to client information
o Compiles
and forwards
dispute and
deduction
information
to client
o Provides
detailed
monthly
client
statement
[LOGO] CIT
Business Credit INVESTOR DAY 2003
o $3.7 billion in assets, $10.4 billion in commitments
o Asset-based lending
o Senior revolving and term debt secured by accounts receivable,
inventory, fixed assets and intangibles
o Used for working capital, acquisitions, debt restructurings and
debtor-in-possession financings
o Average loan less than $10 million
o Cash flow lending
o Senior debt based on a multiple of EBITDA and enterprise valuations
o Average loan less than $10 million
[LOGO] CIT
Business Credit -- Key Value Drivers INVESTOR DAY 2003
o Long standing relationships with leading equity sponsor groups and the
accounting, legal and restructuring communities
o Ability to underwrite and syndicate loan transactions ranging from $5
million to $300 million
o Time-tested, homegrown management team with a seasoned credit culture
o Ability to deliver financial solutions ranging from cash flow to
asset-based lending structures
[LOGO] CIT
Business Credit -- Competition INVESTOR DAY 2003
o Asset-based lenders/banks
o GE Capital, Wells Fargo, Fleet Capital, Congress Financial
(Wachovia)
o Regional banks: La Salle, Union Bank of California, PNC
o Money center banks: JPMorgan, Citibank, BancOne
o Specialty lenders: CapitalSource, Cerebus
o Competitor activity
o CIT actively buys and sells loans to and from our competitors for
both asset generation and risk-management purposes
[LOGO] CIT
Business Credit -- Growth Dynamics INVESTOR DAY 2003
o Specialty groups
o Retail Finance Group
o Corporate Finance Group (cash flow)
o Capital Markets (buy and sell loan participations)
o CIT Business Credit Canada
o Consistent presence in the marketplace
o Aggressive client retention program
o Effective underwriting and syndication capabilities
[LOGO] CIT
Business Credit -- Portfolio Concentrations INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Manufacturing -- 48%
Wholesale -- 20%
Retail -- 17%
Other -- 15%
Data as of December 31, 2002
[LOGO] CIT
Recent Business Credit Transactions INVESTOR DAY 2003
$294,000,000 $40,000,000 $50,000,000 $35,000,000
Revolving Line of Credit Revolving Line of Credit Revolving Line of Credit & Revolving Line of Credit &
Term Loan Facility used for ESOP Term Loan
CIT Business Credit acted as CIT Business Credit acted as debt re-financing and
agent for agent for acquisition financing CIT Business Credit acted as
[LOGO] Gart Sports [LOGO] GSC agent for
A major chain store retailer Georgetown Steel Company, LLC, CIT Business Credit acted as [LOGO] Seneca Medical
of sporting goods, footwear a South Carolina based agent for A distributor of medical
and athletic apparel in the manufacturer of steel and wire [LOGO] Charterhouse Group supplies
western United States. rods. Cellu Tissue Holdings, Inc, and equipment to hospitals and
[LOGO] CIT [LOGO] CIT part of Charterhouse Group non-acute health care
Int'l, is a leading providers.
manufacturer of tissue and [LOGO] CIT
machine glazed paper.
[LOGO] CIT
$29,000,000 $35,000,000 $65,000,000 $75,000,000
Revolving Line of Credit Revolving Line of Credit & Revolving Line of Credit Revolving Line of Credit
& Term Loan Confirmation Plan Financing
CIT Business Credit acted as CIT Business Credit acted as
CIT Business Credit acted as CIT Business Credit acted as co-agent for co-agent for
agent for agent for [LOGO] KERR DRUG [LOGO] Friedman's
[LOGO] Publishers Clearing [LOGO] SHEFFIELD A retail drug store based in The Value Leader Since 1920
House Sheffield Steel Corporation is Durham, North Carolina. The third largest retailer of
A major supplier of magazine a leading regional steel [LOGO] CIT fine jewelry in the United
subscriptions for publishers mini-mill, providing high States, operating 645 stores
and a large direct marketer of quality hot rolled steel bar in 20 states.
other consumer products. and fabricated products. [LOGO] CIT
[LOGO] CIT [LOGO] CIT
[LOGO] CIT
Opportunities and Initiatives INVESTOR DAY 2003
o Commercial Services
o Robust demand due to uncertain retail environment
o Benefit from trend towards outsourcing non-strategic functions
o Premium pricing for increased levels of retail credit risk
o Improving operating efficiencies through greater use of electronic
submission of client orders and invoices, and customer payments
o Business Credit
o Target market segments via four specialized groups
o Nationally source and service commercial and industrial loans
through six regional offices
o Continue rate and fee increases to compensate for credit risk
o Business Process Review - implements best practices via redesigned
policies and processes, eliminates low-value activities
[LOGO] CIT
Commercial Finance Organization INVESTOR DAY 2003
Larry Marsiello
Group CEO
30 years experience
Victor D. Russo John Daly
President President
Business Credit Commercial Services
19 years experience 32 years experience
Robert Schenker Joe Richardson Ann-Margret Crater
SVP & Chief EVP, Operations & VP
Financial Officer Administration Marketing
26 years experience 30 years experience 14 years experience
[LOGO] CIT
Specialty Finance INVESTOR DAY 2003
[GRAPHIC OMITTED]
Thomas B. Hallman
Group Chief Executive Officer
[LOGO] CIT
Profile INVESTOR DAY 2003
o Specialty Finance
o Commercial (vendor finance and direct)
o Consumer (home equity)
o Flow business
o Financials
Commercial Consumer
---------- --------
o Managed assets: $11.4 B $5.5 B
o Delinquency trends:
o At December 31, 2002: 2.62% 4.71%
o At December 31, 2001: 3.78% 4.82%
o Return v. corporate: Above
o 2,700 Employees
[LOGO] CIT
Strategic Overview INVESTOR DAY 2003
Providing Global Financing Solutions Worldwide for Commercial and
Consumer Customers of Manufacturers, Distributors, Dealers and Brokers
o Customers range from individuals through Fortune 500 companies
o Broad product offering
o Diverse equipment classes (essential use collateral)
o Customer behavior-based model
o Relationship driven
[LOGO] CIT
Portfolio Overview INVESTOR DAY 2003
$16.9 billion in managed assets
$ 2.0 billion serviced for others
$ 9.7 billion in annual originations
Conducts business in 23 countries
2.9 million customers worldwide
[The following table was depicted as a pie chart in the printed material.]
Vendor Partners -- 40%
Home Equity -- 21%
Global Vendor -- 11%
POS & Office Products -- 8%
Other * -- 20%
* Other includes MH, RV, Marine, Auto & other small ticket leasing assets
[LOGO] CIT
Flow Business INVESTOR DAY 2003
o Leverage our partner's sales force to drive financing opportunities into
CIT
o Differentiation achieved through
o Intellectual capital
o Credit scoring/models
o Customer behavior/end-of-lease models
o Risk management/residual models
o Efficiency and scale are key
o Service full spectrum of clients
o Fortune 500
o Middle market
o Small businesses
o Consumers
[LOGO] CIT
Flow Model INVESTOR DAY 2003
Sales o Financing solutions customized for vendor sales model
o Financing options increase vendor/manufacturer/dealer sales
Credit o Risk-based pricing allows for greater financing penetration
Adjudication o Combines CIT's proprietary risk tools with vendor product
expertise
Servicing o Customer relationship continuity over life of asset
o Electronic customer self-service over internet
Relationship o Electronic delivery/processing/information sharing with
Management partner
o Consistency across markets and geography
o Portfolio performance and evaluation
[LOGO] CIT
Relationships INVESTOR DAY 2003
o Dell, Avaya, Expanets, Snap-On Tools, Agilent
o Large number of Fortune 500 companies
o 800 Office product and tech finance dealers
o 10,000+ Independent sales organizations (ISOs)
o 4000+ Mortgage brokers (U.S.)
[LOGO] CIT
Relationship Structures INVESTOR DAY 2003
o Joint Venture (J/V)
o Separate corporate entity established
o Entity is jointly owned by CIT and vendor partner
o Virtual Joint Venture (VJV)
o Economically similar to formal J/V
o Entity is 100% CIT owned and consolidated
o Program Agreement
o Contractual, typically non-exclusive
o Value-Add Transactions
o Specific/Non-recurring financing needs
CIT provides clients with customized solutions
[LOGO] CIT
Competitive Advantages INVESTOR DAY 2003
o Global distribution capability
o Effective and efficient use of technology
o Extensive risk and residual management
o Comprehensive servicing capability
[LOGO] CIT
Distribution Capability INVESTOR DAY 2003
o Global origination capability
o Leasing and lending
o Commercial and consumer
o Domestic and international
o Proactive sales strategy
o Customized for vendor sales model
o Direct and indirect
[LOGO] CIT
Technology INVESTOR DAY 2003
o Comprehensive "suite" of Internet tools
o BrokerEdge
o CIT DigitalEdge
o Workflow management tools
o Voice response technology
o Autodialer calling systems
o Data warehouses
o End-to-end frictionless processing technology
[LOGO] CIT
Risk and Residual Management INVESTOR DAY 2003
o Custom credit scoring models
o Extensive customer behavior & prepayment models used in residual and
end-of-lease risk management
o Sophisticated collateral evaluation and monitoring capabilities by asset
management specialists
o Advanced portfolio quality analytics and monitoring tools
o Rigorous portfolio review processes
o World-class credit and risk management
[LOGO] CIT
Servicing INVESTOR DAY 2003
o Global capability
o Highly scaled and efficient multi-lingual centralized collection centers
o Extensive use of technology
o Workflow-based "best practices" servicing systems
o Inbound voice response units
o Auto-dialer technology
o Document imaging
o Optimal contact time technology
o Behavioral collections scoring and call prioritization
o Customer "self-help" systems
[LOGO] CIT
Vendor Partners INVESTOR DAY 2003
o Fully integrated captive finance companies for world-class vendors,
including:
o Agilent
o Avaya
o Dell
o Snap-On Tools
o $4.6 billion in annual originations
o $6.8 billion in managed assets
o Success drivers
o Relationships built around commonality of interest
o Risk/Reward sharing with vendor to drive economic decisions
o Asset/Credit decisioning based upon statistical customer behavior
[LOGO] CIT
"Commonality of Interests" INVESTOR DAY 2003
Manufacturer Joint Venture CIT <----------
- ------------ ------------- --- |
/\ Financing of Revenue |
| manufacturer |
| sales -----> Minus |
| |
| o Cost of funds |
| |
| Equals -------> CIT purchases |
| financing |
| o Gross profit contracts from |
| joint venture |
| Minus |
| |
| o Origination fees |
| |
| Payment to o Credit losses |
| manufacturer <----- |
| o SG&A |
| |
| Equals |
| |
------------------------ o Net Profit ---------------------------------------
Profit sharing Profit sharing
[LOGO] CIT
Global Vendor Finance INVESTOR DAY 2003
o Financing for international vendor relationships
o $1.2 billion in annual originations
o $1.8 billion in managed assets
o Success drivers
o Cost efficiency through technology
o Market/vendor knowledge
o Asset management expertise
[LOGO] CIT
Home Equity INVESTOR DAY 2003
o Major U.S. home equity lender
o $2.3 billion in annual originations
o $3.5 billion in managed assets
o Success drivers
o Relationship integrated origination system (BrokerEdge) used by over
4000 mortgage brokers
o Geographic diversification
o Risk management expertise
o "State of the art" servicing capabilities
[LOGO] CIT
P-O-S and Office Products INVESTOR DAY 2003
o U.S. leader in the leasing and financing of credit card terminals and
other point-of-sale (POS) equipment
o Market leader for leasing technology and photocopying equipment
o $750 million in annual originations
o $1.4 billion in managed assets
o Success drivers
o Significant brand recognition in the marketplace
o Strong industry knowledge
o Scale of operations
o CIT DigitalEdge and quality digital solutions
[LOGO] CIT
Opportunities and Initiatives INVESTOR DAY 2003
o Continue to increase major account penetration
o Sign new major accounts
o Increase "flow relationship" base
o Continue to drive down operating costs through investment in technology
o Identify opportunities to build strategic asset base and leverage existing
servicing platforms
[LOGO] CIT
Specialty Finance Organization INVESTOR DAY 2003
Tom Hallman
Group CEO
28 years experience
Jeff Simon Mike Cary Bill Healy Ron Arrington
Vendor Home Equity Lease Finance Office/Tech Finance
15 years experience 22 years experience 16 years experience 18 years experience
Bill Schumm Ken Reynolds Cathy Piecuch Bill Barrows
Chief Credit Officer CFO Marketing BTU/CRA/
27 years experience 15 years experience 20 years experience Sys Leasing
23 years experience
[LOGO] CIT
CFO Address INVESTOR DAY 2003
[GRAPHIC OMITTED]
Joseph M. Leone
Executive Vice President and Chief Financial Officer
[LOGO] CIT
Long-Term Target Metrics INVESTOR DAY 2003
Targets
-----------------
o Risk Adjusted Margin 3.40%-3.60%
o Efficiency Ratio Less than 35%
o Securitization Gains Max 15% of Income
o Return on Tangible Equity Mid-Teens
o Tangible Equity to Managed Assets 9% plus
o EPS Growth 10%
[LOGO] CIT
Business Metrics INVESTOR DAY 2003
2002
---------------------------------------
Q1 Q2 Q3 Q4
---- ---- ---- ----
Profitability
- -------------
GAAP Net Income ($MM) (4,355) (1,994) 135 141
Adjusted Net Income ($MM)* 220 168 157 145
ROMA* 1.88% 1.47% 1.39% 1.31%
ROTE* 21.5% 16.2% 14.3% 12.8%
Revenue
- -------
Risk Adjusted Margin* 3.87% 2.99% 2.92% 2.70%
Securitizations 10% 21% 13% 13%
Expenses
- --------
Expenses ($MM) 227 230 236 242
Efficiency Ratio 33.4% 38.3% 40.6% 39.6%
Tangible Equity / Managed Assets 9.14% 9.25% 9.93% 10.44%
* Adjusted for Goodwill, Equity Investment Write-downs & Reserving Actions
[LOGO] CIT
Risk Adjusted Margin INVESTOR DAY 2003
Annual Quarterly
-------------- ---------------------------------
12/00 12/01 3/02* 6/02* 9/02 12/02
Finance Income 12.90% 13.03% 12.28% 11.80% 11.96% 11.89%
Interest Expense 6.14 5.02 3.85 4.27 4.10 4.16
Depreciation 3.15 3.46 3.45 3.41 3.49 3.39
-------------- ---------------------------------
Net Finance Margin 3.61 4.55 4.98 4.12 4.37 4.34
Provision for Losses 0.63 1.12 1.11 1.13 1.45 1.64
-------------- ---------------------------------
Risk Adjusted Margin 2.98% 3.43% 3.87% 2.99% 2.92% 2.70%
% of average earning assets
* Adjusted for special reserving actions
RAM Impacted by Several Variables
[LOGO] CIT
Interest Expense Analysis INVESTOR DAY 2003
Annual Impact
-------------
Maintaining excess liquidity 5-10 basis points
Reducing CP outstanding 20-25 basis points
Long-term Funding Actions 20-25 basis points
o Issuing at wider quality spreads
o Issuing longer terms
Estimated Impact of Cost of Funding Increases on Margin
[LOGO] CIT
Operating Leases INVESTOR DAY 2003
Operating Lease Portfolio
[The following table was depeicted as pie charts in the printed material.]
December 31, 2001 December 31, 2002
55% Capital Finance 70%
29% Specialty Finance 19%
15% Equipment Finance 10%
1% Structured Finance. 1%
$6.5 Billion $6.7 Billion
Annual Quarterly
--------------- -----------------------------------
12/00 12/01 3/02 6/02 9/02 12/02
Lease Revenue 28.0% 28.0% 27.0% 25.0% 24.9% 23.6%
Depreciation 19.6 19.9 19.0 17.8 17.9 16.8
--------------- -----------------------------------
Op. Lease Margin 8.4% 8.1% 8.0% 7.2% 7.0% 6.8%
% of average operating leases
Portfolio Shifts Impacting Lease Margins
[LOGO] CIT
Operating Expenses INVESTOR DAY 2003
[The following tables was depicted as line and bar charts
in the printed material.]
12/00 3/01 6/01 9/01 12/01 3/02 6/02 9/02 12/02
----- ---- ---- ---- ----- ---- ---- ---- -----
Efficiency 42.7% 42.8% 42.2% 35.4% 31.5% 33.4% 38.3% 40.6% 38.6%
Ratio
% of AMA 1.97% 2.03% 2.09% 2.09% 1.93% 1.94% 2.02% 2.08% 2.18%
Operating
Expenses 259 264 266 256 231 227 230 236 242
Focus on Expense Management
[LOGO] CIT
Credit Losses INVESTOR DAY 2003
[The following table was depicted as a bar chart in the printed material.]
3/02 6/02 9/02 12/02
---- ---- ---- -----
Core 1.13% 1.63% 1.63% 1.94%
Total 1.58% 1.79% 1.99% 2.32%
% of finance receivables
[LOGO] CIT
Credit Trends INVESTOR DAY 2003
[The following tables were depicted as bar charts in the printed material.]
Managed Delinquency (60+)
12/99 12/00 12/01 3/02 6/02 9/02 12/02
----- ----- ----- ---- ---- ---- -----
Non-Accrual 2.84% 3.29% 4.02% 4.09% 3.74% 3.78% 3.55%
Non-Performing Assets
12/99 12/00 12/01 3/02 6/02 9/02 12/02
----- ----- ----- ---- ---- ---- -----
Total 2.05% 2.47% 3.24% 3.32% 3.77% 4.01% 3.93%
Improvement in Credit Markers
[LOGO] CIT
Loss Reserves INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
Total $761MM
General Telecom Argentina
------- ------- ---------
$472 $154 $135
o Argentina - Offsets impact of asset pesofication
o Telecom - Covers projected losses, principally in the CLEC portfolio
o Liquidating Portfolio - General reserve only; valuation discount taken as
part of purchase accounting
o General - 1.86% of receivables (excluding Telecom, Argentina & Liquidating
Portfolios)
[LOGO] CIT
Reserve Adequacy INVESTOR DAY 2003
Core Portfolio
Dollars ($MM) Reserve Coverage
-------------------------- -----------------------------
3/02 6/02 9/02 12/02 3/02 6/02 9/02 12/02
General Reserve 460 474 474 472 1.91% 1.87% 1.81% 1.86%
Charge-offs 78 106 105 119 1.5x 1.1x 1.1x 1.0x
FAS 114 131 153 112 53 3.5x 3.1x 4.2x 8.9x
Non-accrual 695 728 851 811 66% 65% 56% 58%
Targeted Portfolios (12/31/02)
Argentina Telecom
---------------- ---------------
$MM Coverage $MM Coverage
--- -------- --- --------
Receivables 185 73.1% 686 22.4%
Charge-offs n/a n/a 16 2.4x
NPAs n/a n/a 120 128%
[LOGO] CIT
Liquidating Portfolio INVESTOR DAY 2003
[The following table was depicted as a bar chart in the printed material.]
2001 2002
---- ----
Total $2,048MM $1,339MM
Effectively Managing Down Liquidating Portfolios
[LOGO] CIT
Capitalization INVESTOR DAY 2003
[The following table was depicted as a bar chart in the printed material.]
Strongest Capital Ratio Since 1998
12/99 12/00 12/01 3/02 6/02 9/02 12/02
----- ----- ----- ---- ---- ---- -----
Tangible Capital $4.0B $4.3B $4.2B $4.4B $4.4B $4.6B $4.7B
Tangible
Capital/
Managed
Assets 7.8% 7.8% 8.7% 9.1% 9.3% 9.9% 10.4%
[LOGO] CIT
Capital Market Accomplishments INVESTOR DAY 2003
o Credit Ratings
o Ratings restored to "A" long-term and Tier 1 short-term by S&P
and Fitch
o Stable outlook by all agencies
o Bank Facilities
o Completed new $2.3B, 1-year committed credit facility October
2002
o Re-paid $6.9B of the $8.5B drawn in February 2002
o Commercial Paper
o Launched $5.0B dealer program in July 2002
o Exceeded expectations in terms of demand and pricing
o Long-term Debt
o Issued over $7.0B post IPO across the maturity spectrum
o Launched Retail MTN program - $1.3B issued to date
o Securitization
o Returned to historical volumes
o Managed income below 15% threshold
[LOGO] CIT
Short-Term Debt INVESTOR DAY 2003
Commercial Paper
o US $5.0B Dealer Program
o Weighted Average Maturity 35-45 days
o Pricing Sub-LIBOR
o Analyzing re-accessing International CP Markets
================================================================================
Bank Facilities
Expiration Facility Available 2003 Plan
- ----------------------------------------------------------------------------
Mar-03 C$ 500 -- Payoff at Maturity
Apr-03 $ 765 $ 765 Allow to Expire
Jul-03 $ 250 $ 250 Roll into Oct-03
Oct-03 $2,300 $ 500 Payoff & Renew
Mar-05 $3,720 $3,720 Remain Available
[LOGO] CIT
Long-Term Debt INVESTOR DAY 2003
Funding Needs Planned Funding
------------- ---------------
Maturities $7.7 Institutional $6.0-8.0
o Global Bonds (2 - 3 deals)
Bank Debt $2.1 o MTNs (opportunistic)
Retail $1.5-2.0
Plus: Asset Growth Existing Cash over $1.0
Year-to-Date Issuance
---------------------
January $2.1 (1-2 year, Floating Rate)
February $1.0 (3 year, Fixed Rate)
Retail $0.6 (2-5 year bullets & 10 non-call 2, fixed rate)
[LOGO] CIT
Securitization INVESTOR DAY 2003
[The following table was depicted as a pie chart in the printed material.]
By Product
----------
Equipment
Eq. Fin. 39%
Equipment
Vendor 32%
Home Equity 21%
RV - 5%
Marine - 2%
MH - 1%
Facilities (in billions)*
Conduit
Public Shelf ----------------------
Capacity Capacity Available
-------- -------- ---------
Equipment $3.3 $6.5 $1.4
Home Eq. 1.1 0.5 0.1
Trade Rec. -- 1.2 1.2
- ---------------------------------------------------------
Total $4.4 $8.2 $2.7
* As of December 31, 2002
2003 Securitizations
Volume $3.0-4.5B
As a % of Funding 20-30%
[LOGO] CIT
Financial Objectives INVESTOR DAY 2003
o Grow assets at a rate prudent with GDP
o Continue to focus on strengthening the balance sheet
o Reduce credit losses
o Maintain appropriate loss reserves
o Hold operating expenses essentially flat
o Lower borrowing costs