Specialty Finance Tom Hallman

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1 Specialty Finance Tom Hallman

2 Specialty Finance Overview Vendor Finance ($13 billion / 30+ countries) Consumer / Small Business ($16 billion / 50 U.S. states) Healthcare Industrial Equipment Office Products Technology Home Lending Student Loan Xpress Small Business Lending Global Insurance Services CIT Bank 2

3 Vendor Finance: At-a-Glance CIT Vendor Finance through its market leading leasing and lending product capability, relationship structuring skills, global presence, scalable shared services platforms and best-in-class sales teams provides vendors and intermediaries with financial solutions to maximize customer sales 400 sales professionals $9.8 B annual volume 30+ countries $13.0 B managed assets CIT is a leading global provider of vendor financing solutions 3

4 Vendor Finance Strategy Penetrate Existing Vendors Sign New Vendors Expand our significant relationship base to new geographies Deepen relationships through customized strategic account plans Actively engage with partners sales force Leverage cross-sell opportunities Continue to sign new major vendor relationships by leveraging CIT s unique value proposition Focus on building Technology and Healthcare vendor businesses Cultivate regional / local vendor opportunities Leverage leading global market position, strong vendor relationships, and best-in-class servicing platforms to drive growth 4

5 Global Capabilities A Leading Global Provider of Vendor Financing Solutions US Leading player in US vendor finance Canada Integrated country strategy across all CIT businesses Europe Pan-European servicing platform in Dublin Asia Pacific Leverage leading equipment leasing market position in China Expanding from 14 to 17 countries Latin America Key player in major economies South Pacific Build upon market-leading wholesale and retail financing Current Markets Potential New Markets 5

6 Consumer and Small Business Characteristics Match Our Core Competencies Markets Capabilities Value to CIT Scalable Fragmented Government guaranteed Intermediary relationship management Technology / credit scoring Servicing expertise Attractive returns Counter-cyclical with commercial businesses Liquid assets 6

7 Home Lending: At-a-Glance We deliver value-added lending solutions to mortgage brokers through a national network of sales offices providing a comprehensive set of competitive products through superior customer facing technology and servicing capabilities 236 sales professionals Over 4,600 relationships $6.9 B annual volume $9.2 B managed assets 7

8 Home Lending Portfolio Strategy Broker Originations Hold target demographics in portfolio Disciplined Risk Management Secondary Market Sales Sell non-target demographics Secondary Market Purchases Acquire portfolios opportunistically 8

9 Focused Target Market Total Market = $286 B 2004 Sub-Prime Broker Originations Average FICO: % of loans are first liens 90% owner-occupied 100% appraisal review CIT Target Market ( $80 B) No negative amortization loans Disciplined lending standards define a sustainable target market Source: SMR 9

10 Low Delinquency vs. Competitors 60+ Delinquency Comparison by Geography Sub-prime industry 10.0% CIT 8.0% 6.0% 4.0% 2.0% 0.0% New England Mid- Atlantic South Atlantic SE Central SW Central NE Central NW Central Mountain Pacific Source: Loan Performance Service 10

11 Well-Positioned Against Market Risks Decrease in Housing Values Impact Primary impact on higher value areas and coastal regions CIT Position Average loan size = $118K CLTV = 72%* Geographic diversification Low participation in resort markets Rise in Interest Rates Defaults due to increasing payments (for floating loans) Disciplined ARM underwriting No option ARM or negative amortization products Increase in Unemployment Increased delinquency and defaults Average customer 9 years in residence 9 years in current job *Updated loan to value at 7/31/05 11

12 Student Loan Xpress: At-a-Glance We deliver a broad range of student lending products and services with distinctive borrower benefits to educational institutions through a network of dedicated relationship managers supported through an efficient centralized processing and servicing capability 45 sales professionals 900 partner schools; direct channels $2.7 B annual volume $5.3 B managed assets 12

13 Significant Progress Reached nearly 900 partner schools at end of 2005 Increased loan volume by 72% in 2005 Accretive ahead of forecast New Volume $2.7B $1.6 B On target to achieve return requirements School Channel Direct Channel Internal servicing capabilities scaled to $2 billion in first 18 months of operations Exceeding expectations on all fronts 13

14 Student Loan Xpress Strategy Drive growth in school channel Broaden direct-to-consumer product offering Enhance web leadership Build best-in-class servicing capabilities Capitalize on cross-sell opportunities 14

15 2006 Expectations Reach partner schools Increase school channel volume by 50% Double school channel assets Complete servicing transfer Continued improvement in returns 15

16 Small Business Lending: At-a-Glance We leverage our position as market leader in SBA loans and our experienced sales force to deliver competitively priced products and value-added advice to small business entrepreneurs 82 sales professionals $889 M annual volume 500+ relationships $1.3 B managed assets 16

17 America s #1 SBA Lender for 6 Years Market Volume ($ billions) 2005 Competitor Originations ($ millions) $20 $1, Major Trends Strong growth rate CAGR >10% Market still relatively fragmented top 25 have <50% share SBA s role changing resulting in greater barriers to entry for new and under-scaled competitors Local banks not experts in SBA loans emerging correspondent model 0 CIT Wells US BanCorp Wachovia Source: U.S. Small Business Administration; CIT Estimates 17

18 Global Insurance Services We cross-sell insurance and financial protection products to CIT s consumer and commercial customers by leveraging existing distribution capabilities, augmented by partnerships with insurance carriers, brokers, and other third parties to access insurance products and additional sales capabilities. Products for Consumers Debt protection products (launching in Q3) Supplemental insurance programs Membership products Products for Middle Market and Small Businesses Commercial property & casualty Employee benefits High net worth insurance Key-person life High margin business that generates recurring fee income 18

19 Expanding the Role of CIT Bank Historic Prospective Industrial bank Broaden focus Facilitates originations Standard documentation Used for many diverse vendor programs $400 million of vendor assets A funding source Target 10% of CIT Potential access to Federal Home Loan Bank Student loans and mortgages Chartered in 2000 Grow to $2 billion in

20 Specialty Finance: Strategic Summary Vendor Finance Broaden vendor base Penetrate and expand existing relationships globally Scale global servicing platforms Expand vendor business in China by leveraging our market-leading expertise Consumer / Small Business Lending Increase organic originations in Home Lending Continue expansion of Student Loan Xpress school channel Accelerate growth in Small Business Lending Leverage CIT Bank deposit-taking capability Broad-based build out of global sales capabilities 20

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