Leasing News

Kit Menkin's Leasing News

Www.leasingnews.org Friday 26, 2002

Accurate, fair and unbiased news for the equipment Leasing Industry

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Headlines----

Consumer confidence in economy drops in July

Bustin Survey--Business Recovery Early 2003

( other surveys says late 2003 )

In Silicon Valley the onslaught of bad news is nothing new

Community Financial Merger With Synovus

ELA San Francisco Conference

Northland Financial Group, Minnetonka, Minnesota Complaint

Phony E-mails Making the Rounds in the Leasing Industry

Prospect of Hershey sale raises questions about town's future

American Express Profits Wrap Up---No Haiku for CIT

News Briefs--plus

Cowboys ride into San Antonio with high hopes

### Denotes Press Release

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Consumer confidence in economy drops in July

By Associated Press

NEW YORK (Dow Jones/AP) Consumers' confidence in the economy dropped
heavily from June to July, as expectations for future activity plummeted, according
to a report released Friday.

The University of Michigan's report on consumer sentiment for the end of July stood at
88.1, up from 86.5 in the middle of the month, but down from 92.4 at the end of June.

Economists had expected confidence levels to decline even more. They had forecast that
the index would fall to 87.0, and said that consumer confidence has been sapped by
steep drops in the stock market in recent weeks.

The biggest decline came in consumers' assessment of future economic activity, which
was what dragged the overall sentiment index down most. That index slid to 81.0 at
the end of the month, from 87.5 in mid-July and 87.9 in June.

Consumers' assessment of current economic conditions was essentially flat, with that
index at 99.3 at the end of July, compared with 99 in the middle of the month and 99.5 in June.

The confidence index is based on a telephone survey of households and is released twice a month.

While confidence surveys command considerable attention from the financial markets,
economists regularly note that indexes like Michigan's, along with the more the broad-based
one from the Conference Board, don't track actual changes in patterns of consumer spending,
a far more important economic factor.

Federal Reserve Chairman Alan Greenspan, in recent testimony before Congress, turned a
cautious eye toward the various confidence gauges. He said ''our interest is in what people do,
not what they say'' about what they are going to do.

###################### ######################################

Bustin Survey Finds Companies Still Awaiting Upturn; Most Business Leaders Say Economic
 Improvement Delayed Until Early 2003

    DALLAS----There is a mood among business leaders of dogged determination to hold on
 for better times, according to Bustin & Co.'s latest quarterly business survey.

    The 3Q 2002 examination of business confidence indicates that while far from defeated,
 many companies are stalemated by a market that has been unsettled by the economic 
downturn, corporate scandals and a slowdown in big-company spending.

    The new Bustin Business Climate Index(SM) (BBCI) reveals the extent to which many 
companies are trying to "hold the line" in the short term. The BBCI, which analyzes seven
 key business indicators to produce scores from 1 to 5 of overall short- and long-term business
 confidence, shows significant declines in commitment to fresh capital expenditure and
 maintaining current employment levels, with executives focused more on revenue growth 
and profitability.

    The drop in these two values helped push down the short-term Index from 3.4 in 2Q to 3.2 
this quarter (through Sept. 30). Yet the remaining five indicators actually showed moderate increases
 over previous levels, particularly for investment in research and development, demonstrating that
 confidence still exists. Moreover, the long-term value (through March 31, 2003) remained 
unchanged at 3.6, further indicating that business leaders see an end to the current malaise.

    A detailed breakdown supports this contention. While just over half of the respondents believe the
 recovery is stalling (55%), only 14% believe the economy is heading for a double-dip recession. A
 quarter (26%) of business leaders are still confident that the recovery is already underway, although
 this is a substantial change from Q2, when almost two thirds (62%) of respondents believed the
 recovery was taking place.

    "The new figures indicate that most business leaders are just trying to get through the current 
tough times as best they can," said Greg Bustin, president of Bustin & Co. "They are confident that
 economic recovery is coming, they just don't know when, and they aren't going to overreach until
 they see strong signs of growth. Economic uncertainty, coupled with the depressing impact of 
corporate scandals, seems to have pushed back the timetable for the return to growth."

    Perhaps surprisingly, given the degree of current media focus, most business leaders are 
unconvinced that corporate ethics will remain a factor as the economy picks up. Although a 
sizeable proportion (45%) believes the attention given to ethics will intensify in the short term,
 a majority is convinced that it will soon be "business as usual."

    In general, most respondents seem sure that the long-term picture is being clouded by
 short-term factors such as threats to security and international turmoil such as the conflict
 in the Middle East. These factors may be pushing back the date of recovery, but most 
expect an upturn by early 2003.

    The survey was active from July 1 to July 12 and generated responses from across
 the business community, including leaders of public (21%) and private (68%) companies
 as well as from non-profit organizations (11%). Full analysis of the current survey, an 
opportunity to subscribe to a monthly business bulletin and future survey questionnaires
 are online at www.bustin.com.

    About Bustin & Co.

    Bustin & Co. (www.bustin.com) specializes in helping leaders of change-impacted 
companies become more successful. The firm's client experience includes work for
 large corporations such as OGE Energy Corp., Pizza Hut, AdvancePCS, Ericsson, 
Nextel and TXU, and fast-growing mid-sized companies such as Phoenix 
I Restoration & Construction, VCP International Inc. and WorkScripts.

    --30--lr/da*

    CONTACT: Michael A. Burns & Associates, Dallas

             Craig McDaniel, 214/521-8596 or 214/616-7186 mobile

             cmcdaniel@mbapr.co

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In Silicon Valley the onslaught of bad news is nothing new

By Brian Bergstein, Associated Press

SAN JOSE, Calif. (AP) With stock prices tanking, former Wall Street darlings reeling
and corporate practices coming under increased scrutiny, the last few weeks
have been astonishingly depressing in the business world.

Sounds like Silicon Valley over the past two years.

After the dot-com meltdown and the wider high-tech slump since then, the fear,
frustration and dread produced by the recent stock market dive are old hat here.
The main question for the high-tech capital: when will the bad news ever cease?

''Not a single CEO that I've talked to sees any end in sight. It seems like every
day unfolds with the knowledge that it can get worse,'' said Carl Guardino, head
of the Silicon Valley Manufacturing Group, an organization of 190 technology companies.

''For the grizzled, experienced CEOs in Silicon Valley who have seen every downturn,
this is by far the deepest. Time will tell if this is the longest.''

Plunging markets certainly don't help matters. Silicon Valley needs the business
world's confidence to pick up so the stinginess in corporate technology spending
can finally fade.

Meanwhile, while measures to improve corporate accountability might stabilize the
markets, technology executives fear that proposed changes in accounting for stock
options could slash their already weak profits.

Not surprisingly, a recent San Jose State University survey found that fewer than
half of local residents expect business conditions to improve over the next year.

Since the boom went bust, an estimated 100,000 jobs have vanished in Santa Clara
County alone, which includes San Jose and is the heart of what is considered Silicon Valley.
The county's unemployment rate was 7.6 percent in June, up from 4.4 percent in June 2001
and a remarkable 1.3 percent at the end of 2000.

Mike Curran, director of the NOVA WorkForce Board, an area job agency, said the picture is
actually much worse, since many people who live in adjoining counties also can't find work
once plentiful in Silicon Valley.

Factoring that in, he said, the job market resembles one with 12 or even 15 percent
unemployment. He's seen laid-off engineers applying for jobs that pay $8 an hour,
and people in their 40s competing with teen-agers for entry-level positions.

''Every aspect is being touched by the current downturn. It's not only the assembly
worker who speaks limited English, it's sometimes managers of their divisions and
departments,'' Curran said. ''The sense of the prolonged agony of it multiples as time goes on.''

Many people who are working still fear more layoffs, or at the very least see constant reminders
of the weak business climate. For more than a year, posters in break rooms at Cisco Systems Inc.
have reminded employees to be judicious in their consumption of company-supplied beverages,
since little every cost adds up.

Still, Silicon Valley doesn't seem to have entirely lost its trademark optimism. Guardino emphasized
that most executives are confident that their companies' innovations will drive the next boom.

''I don't think anybody is doom and gloom, even though if you look at the numbers, we should be
a little bit more freaked out,'' said Josef Robey, 25, who was laid off from Internet music
flame-out Napster Inc. in March.

With jobs appearing almost nonexistent around here since then, Robey temporarily moved
back home to Austin, Texas, to avoid the high cost of living in the San Francisco Bay area
while looking for another position.

''Maybe I hang out with a positive group of people, but I think we all get that it's life.
You've got to roll with the punches, and things have to pick up.''

On the Net:

Silicon Valley Manufacturing Group: http://www.svmg.org

############## #########################################

Community Financial Group, Inc. Shareholders Approve Merger With Synovus

NASHVILLE, Tenn.----The Board of Directors of Community Financial Group, Inc. (Nasdaq:CFGI)
today announced shareholder approval for the proposed merger of CFGI into Synovus (NYSE:SNV),
the Columbus, Georgia based financial services company. Community Financial Group's shareholders
will receive for each of their shares, either: 0.969 shares of Synovus stock, if the average Synovus
stock price is equal to or less than $26.83; or 0.860 shares of Synovus stock if the average Synovus
stock price is equal to or greater than $30.25; or an exchange ratio equal to $26.00 divided by the
average Synovus stock price, if the average Synovus stock price is between $26.83 and $30.25.
The effective date of the sale is expected to be August 1, at which time CFGI will be delisted from
the NASDAQ Exchange.

The Bank of Nashville, a wholly owned subsidiary of CFGI, will retain its separate bank charter and
name after the merger. The Bank of Nashville currently operates five offices in Davidson, Williamson
and Sumner counties with a new office opening in Jackson Downs during the fourth quarter of this year.

"I think there is tremendous future for a community bank providing personalized customer service,
with local decision making capabilities and with the resources to expand both geographically
and technologically to meet the sophisticated demands of its customers," said J. Hunter Atkins,
President & CEO. "After affiliating with Synovus we will be part of a larger financial services
company allowing us to broaden our product offering as well as increasing our lending limits.
In sum, we expect our customers, employees and shareholders will greatly benefit from this affiliation."

About Synovus Synovus(R)

Synovus (NYSE:"SNV") is a diverse financial services holding company with more than
$17.3 billion in assets based in Columbus, Ga. Synovus provides integrated financial
services including banking, financial management, insurance, mortgage and leasing
services through 38 affiliate banks and other Synovus offices in Georgia, Alabama, South
Carolina and Florida; and electronic payment processing through an 81.1-percent stake in
TSYS (NYSE:"TSS"), the world's largest third-party processor of international payments.
Synovus is No. 5 on FORTUNE magazine's list of "The 100 Best Companies To Work For"
in 2002. See Synovus on the Web at www.synovus.com.

CONTACT:

Community Financial Group, Inc., Nashville

Attilio F. Galli, 615/271-2010

Anne B. Livingston, 615/271-2049

SOURCE: Community Financial Group, Inc.

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Rudy Giuliani to Keynote at ELA 41ST Annual Convention

******************************

"Leadership Matters"

41st ELA Annual Convention

October 13-15

San Francisco Marriott

"Leadership. Without it, no endeavor can succeed. With it, no obstacle is

too great."

Rudy Giuliani is living proof. As Mayor of New York, he revitalized and

brought order to a city many thought was ungovernable. And he held that city

together in its darkest days, as his leadership inspired and comforted New

York and the nation following the September 11 attacks.

Could there be a more appropriate keynote speaker for a convention who's

theme is "Leadership Matters?" Giuliani's address is just the beginning of a

program that stresses the importance of leadership in seeing your company

through trying times, and that provides the information and tools to help

you lead. Leadership does matter.

For more on the ELA Convention's featured speakers, go to:

http://www.elaonline.com/events/2002/AnnConv/speakers.cfm

Complete Convention information is available on line at:

http://www.elaonline.com/events/2002/AnnConv/

New this year -

For ELA Members registering online, you will be able to make your hotel

reservations with Marriott online! So register TODAY the fast and easy way!

Correction about the registration policy for the ELA annual convention in October.
The convention brochure states the following regarding attendance, which has
been the conference registration

policy in effect for a number of years:

Please note that non-member registration is welcome, but is only available to a person
who has not previously attended the ELA convention or to a person from a nonmember
company that has never sent an attendee.

Ralph Petta

VP-Industry Services

Equipment Leasing Association

(703) 516-8364

fax (703) 522-7099

http://www.elaonline.com/events/2002/AnnConv/)

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Northland Financial Group, Minnetonka, Minnesota Complaint 7/2000

Leasing News is going to follow the greviance procedure of this complaint

posted at: http://www.leasingnews.org/bulletin_board.htm

The $100 fee and form will be filled with the United Association of Equipment

Leasing Standards and Ethics Committee. We will keep readers informed

of the time line and results given to the complainant. We understand the

actual proceedings are not available to the public, except for the possible

result of expulsion of membership.

Phony E-mails Making the Rounds in the Leasing Industry

Kit Menkin at Leasing News sends no jokes, just Leasing News.

Kit Menkin sends out no attachments in Leasing News.

Kit Menkin sends only text messages only.

( HTML can breach Microsoft Outlook with virus and worms,

and MO is not security proof with HTML messages. No virus

or worm program can be included in a text message due to its

format.)

Kit Menkin uses a Unnix e-mail program. (I don’t want to say

anymore for security purposes).

All e-mail goes through three separate dedicated computers each with their own

(different) anti-virus program, which are kept up to date daily ( manually, some
automatically, plus two separate firewalls, one Unix, and a mail program

that allows us to limit users, on their own dedicated computer. yes, all on separate
dedicated computers. We do a daily virus scan of all drives on all computers daily-- automated ).

We have been hacked in the past, plus have had virus into workstations, operating systems,
and worm programs too. While we hopefully have made friends here, we know we have made
enemies who do not want to return advance rentals or do not like being “exposed.”

Making the rounds through leasing individuals address book is a virus that appears to

come from someone in the address book. Rob Yohe of Stillwater, Kansas received

one from someone he knows in the leasing industry. Unfortunately he opened it

and it wiped out his operating system and files. He is trying to have some files

restored.

The person who allegedly sent it does not keep his address book in the e-mail program,

but separately in another program. Physically, it could not have come from him.

There also appears to be a “hacker” who has gotten into the leasing industry address

chain.

Here is an example received at Leasing News allegedly sent by Kit Menkin at American Leasing
The person who received it is not in the American Leasing address book, and he was
suspicious when he received it, and saved the “header.” I suspect

it is a hacker, and not from an address book, because the return address is not

Kit Menkin’s return address at American Leasing.

------------------------

From: Doug Delack <DDelack@USA.NET>

Subject: RE: Email Subscription

Date: Thu, 25 Jul 2002 13:19:29 -0400

To: kitmenkin@leasingnews.org

Here is the e-mail virus I received.

(The tool bar has a button that gives you the route of the e-mail,

called “the header.” What you see in your e-mail is the bottom

part, from , to, and subject. The information above is where the

e-mail originated and their IP number.

(note the message was sent in html, but saved in text format).

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

:::::THE HEADER:::::

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Received: from cmsmail05.cms.usa.net [127.0.0.1

by cmsmail05.cms.usa.net via mtad (CM.0402.2.02C)

with ESMTP id 807ggRwHg0500M05;

Thu, 18 Jul 2002 22:07:08 GMT

Return-Path: <bjer@xspedius.net>

Received: from smtp.usunwired.net [207.191.20.5

by cmsmail05.cms.usa.net via smtad (CM.0402.2.04);

Thu, 18 Jul 2002 22:07:06 GMT

Received: from Jhemfnv ([209.242.29.5])

by smtp.usunwired.net

(Post.Office MTA v3.5.3 release 223 ID# 0-0U10L2S100V35)

with SMTP id net for <DDelack@USA.NET>;

Thu, 18 Jul 2002 17:06:54 -0500

From: kitmenkin <kitmenkin@americanleasing.com>

To: DDelack@USA.NET

Subject: Worm Klez.E immunity

MIME-Version: 1.0

Content-type: multipart/mixed; boundary="=_IS_MIME_Boundary"

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

:::::THE MESSAGE (ALL THE HTML CODE IN PLAIN TEXT):::::

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">

<BODY>

<DIV class=OutlookMessageHeader dir=ltr align=left><FONT face=Tahoma

size=2>-----Original Message----- From: kitmenkin

[mailto:kitmenkin@americanleasing.com] Sent: None To:

DDelack@USA.NET Subject: Worm Klez.E

immunity </DIV>Klez.E is the most common

world-wide spreading worm.It's very dangerous by corrupting your files. Because of

its very smart stealth and anti-anti-virus technic,most common AV software can't

detect or clean it. We developed this free immunity tool to defeat the

malicious virus. You only need to run this tool once,and then Klez will

never come into your PC. NOTE: Because this tool acts as a fake Klez to fool

the real worm,some AV monitor maybe cry when you run it. If so,Ignore the

warning,and select 'continue'. If you have any question,please <A

href="mailto:kitmenkin@americanleasing.com">mail to me</A>.

</BODY></HTML>

::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

(Advice, have all your mail received converted to text. Text messages cannot

contain a worm or virus. The above one was pretty clever, but Doug was

suspicious and opening up the header, he realized the e-mail did not originate

from Kit Menkin.

If you receive any e-mail with an attachment from someone who never

sends you one, or are suspicious, don’t open it up. Use your tool bar

to see who really sent it. If you are not sure, contact the sender to

ask him if he sent the attachment. The delay of waiting for a response,

may save your date.

Prospect of Hershey sale raises questions about town's future

By Martha Raffaele, Associated Press

HERSHEY, Pa. (AP) From the replicas of wrapped and unwrapped Hershey's Kisses that
adorn the lampposts along Chocolate Avenue to the sweet aroma of cocoa that hangs
in the air, it's hard to escape the reminders that this town and the company that shares
its name are virtually one and the same.

But now that Hershey Foods Corp. is considering putting itself up for sale, many wonder
whether the town where Milton S. Hershey opened the world's largest chocolate
manufacturing plant in 1905 will stay a company town if the company changes hands.

The company is exploring the possibility of a sale at the request of the Milton Hershey
School Trust, which owns 77 percent of the company's voting stock. Hershey Foods
stock represents about 50 percent of the trust's total assets, and the trust is seeking
to diversify its holdings.

''I'm not sure Milton Hershey would approve,'' said 70-year-old Dolores Hudock, eating lunch
with her husband at a fast food restaurant just blocks from the Chocolate Avenue plant.
''It's just sad that somebody works so hard to accomplish something in his life, and then
somebody else decides what to do with his money. I guess it had to be this way.''

The prospect of a sale also raises new questions about job security for Hershey workers.
The news comes more than a month after 2,700 members of Chocolate Workers Local 464
ended a six-week strike, the longest in company history, over health benefits.

Many workers took out their frustrations on Richard H. Lenny, the first chief executive hired
from outside the company, using a giant inflatable rat named ''Lenny'' as a picketing prop.

''I don't think he'd think twice about selling the company,'' said Marie Bowman, 44, a shipping
department employee. ''If they think it would be profitable, I'm sure he'd do it.''

The trust's sole beneficiary is the Milton Hershey School, established by the company's founder
and his wife, Catherine, in 1909 to serve orphaned and needy children. The school enrolls about
1,300 students, who all live on campus and are provided free room, board and clothing.

For their part, officials with the trust say they are still concerned about preserving the company's
heritage and its relationship with the community. Skip Memmi, chairman of the board of supervisors
for Derry Township, which includes Hershey, said the news took him by surprise and that he hoped the
town of nearly 13,000 people would remain a tightly knit community, despite the possible sale.

''I understand the need for diversification, but Hershey chocolate was their main asset,'' Memmi said.
''I think it gave everyone a sense of comfort, and to see it not be the asset of the trust anymore
changes the whole atmosphere.''

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American Express Profits Wrap Up

By Mary Kelleher

NEW YORK (Reuters) - American Express Co.this weeky said quarterly profits more than tripled from
a year ago, when it took a big charge for junk-bond losses, as consumers built up debt and it
benefited from cost cuts.

The New York-based financial services company earned $683 million, or 51 cents a share, in the second
quarter, compared with $178 million, or 13 cents a share, a year earlier. American Express took a $826
million pretax charge in last year's second quarter to cover junk bond losses at its Financial Advisors unit.

This year's second-quarter results include a $78 million pretax loss for its exposure to telecommunications
company WorldCom, which on Sunday filed the largest U.S. bankruptcy after a massive accounting scandal.
American Express already had said its results would match Wall Street estimates.

"The credit card business did surprisingly well and the money manager did worse, given the markets," said
Mark Alpert, an analyst at Deutsche Bank-North America.

Wall Street expected earnings of between 48 cents and 52 cents a share in the quarter, with an average
of 50 cents, according to market data firm Thomson First Call.

American Express also said it did not expect 2002 earnings to exceed Wall Street consensus estimates,
as it increases spending on marketing to win more customers. The company is expected to earn $2.01 a
share this year, according to an average estimate from Thomson First Call.

"We are quite comfortable we will deliver a very solid performance for the remainder of the year, but we
believe right now it's more important to start focusing on the growth initiatives that we have in front of
us," American Express Chief Financial Officer Gary Crittenden told analysts.

With the lowest interest rates in nearly 40 years, financial companies have been able to borrow more
cheaply to fund new loans. American Express customers have been building up debt despite the sluggish
U.S. economy, while the company has cut costs to cope with difficult markets.

PROGRESS CUTTING COSTS, RISK

"The second quarter demonstrated our progress in reducing costs and improving our overall risk profile,
" American Express Chairman and Chief Executive Kenneth Chenault said in a statement. "We saw the
results of lower human resources expenses and improved credit quality."

During the second quarter, headcount fell by 2,700 jobs, or 3 percent of its overall work force. Since
the end of 2000, American Express has shed 14,200 jobs, or 16 percent of its work force. It shed
2,700 jobs in the second quarter and about 7,000 jobs in the first quarter to bolster results.

The stock fell $2.65, or 8.4 percent, at $29 on the New York Stock Exchange ( news - web sites)
Monday after the results were announced. The stock rose 2 percent in the first half of the year,
outperforming the benchmark Standard & Poor's 500 index, which fell about 14 percent in that time.

Profits at its travel-related services business, which includes its signature charge- card operations,
rose 9 percent to $565 million in the quarter. Higher spending by consumers offset lower travel and
entertainment spending by companies, which were hit by the U.S. economic slowdown. Lower losses
on card loans also bolstered results.

Total billed business rose by 1 percent to $78.1 billion in the quarter, as card members spent an
average of $1,993 apiece, using their cards. The number of American Express cards outside the
United States rose 7.5 percent in the quarter to 21.1 million, the company said.

At its Minneapolis-based Financial Advisors unit, which had the junk-bond losses last year, profits
rose to $145 million compared with a net loss of $307 million a year earlier. But profits fell from
$182 million earned in the first quarter.

Assets under management fell to $238.1 billion at the end of the second quarter from
$261.8 billion a year ago, and money management fees also declined amid weak stock markets, it said.

Revenues on a managed basis rose 16 percent to $5.68 billion from $4.91 billion a year ago.

############### ###############################################

No Haiku for CIT

Quarterly Results $2 million net loss

(their full press release---.)

NEW YORK, -- CIT Group Inc. (NYSE: CIT - News) this week reported its results for the quarter
ended June 30, 2002. Net loss for the quarter was $1,993.5 million including the following charges:

(1) a $1,999.0 million goodwill impairment charge in accordance with

SFAS 142, taking into account the initial public offering valuation of

the company relative to the book value of goodwill recorded in

conjunction with Tyco's acquisition of CIT. This charge does not

impact CIT's total tangible capitalization, cash flow or revenues.

Goodwill as of June 30, 2002 following the impairment charge was

$384.4 million.

(2) a $200.0 million pretax provision related to CIT's telecommunications

portfolio, principally reflecting further weakness in the competitive

local exchange carrier (CLEC) industry.

(3) a $40.0 million pretax provision related to our Argentine portfolio.

This provision is attributable to continued deterioration of the

valuation of Argentine pesos relative to the U.S. dollar following the

Argentine government's economic reforms adopted earlier this year,

which forced conversion of dollar-denominated loans into pesos.

(4) a $20 million pre-tax provision to bolster general reserves despite

asset run-off during the quarter.

Net income for the June 30, 2002 quarter, excluding the charges described above, was $166.7

million, as compared to $216.2 million in the March 2002 quarter prior to goodwill impairment
and Argentine charges. This comparison reflects higher chargeoffs and increased borrowing
costs associated with the disruption to our funding that began in the March 2002 quarter.

The table below summarizes the reported financial results, reserving actions
and resulting earnings:

(Dollars in millions) Quarters Ended Nine Months Ended

June 30, June 30,

2002 2001 2002 2001

GAAP net (loss)/

net income as

reported

$(1,993.5) $(7.6) $(6,109.9) $312.6

Add:

Goodwill impairment 1,999.0 -- 6,511.7 --

Goodwill amortization -- 27.2 -- 67.0

Reserving actions

and other

charges(1) 161.2 158.0 220.1 158.0

Net income - before

charges $166.7 $ 177.6 $621.9 $537.6

(1) Reported results from the quarter ended June 30, 2001 included special

charges totaling $158.0 million after-tax, including costs relating to

the Tyco acquisition.

"This past quarter was a time of critical transition for CIT as we prepared to re-emerge
as the largest publicly-traded independent commercial finance company. We devoted
significant effort preparing for our recent IPO and maintaining liquidity for the business
and at the same time focused on serving our customers and expense control. We're
pleased the market endorsed our offering with demand for our shares that allowed
a substantial portion of the underwriter's over-allotment option to be exercised,
giving us $255 million of new capital," said Albert R. Gamper, Jr., CIT President
and CEO. "Our current important initiatives are to return to the unsecured debt
markets and to grow assets prudently."

Financial Highlights:

Funding and Liquidity Plan.

CIT's results for the June quarter were impacted by the first full quarter of higher
financing costs resulting in large part from the company's exit from the commercial
paper market in February 2002, its use of unsecured bank credit facilities and excess
liquidity, and the issuance of $2.5 billion in 5 and 10 year term debt on April 1, 2002.

Following the initial public offering on July 2, 2002, CIT's long-term debt and
commercial paper credit ratings were upgraded by Standard & Poor's to A/A-1
and by Fitch Ratings to A/F1, facilitating the company's return to the commercial
paper markets. Moody's rates CIT long- term debt and commercial paper at A-2/P-1.
On July 15, 2002 CIT announced its selection of five commercial paper dealers as a
first step to re-initiate a commercial paper program, with a maximum program size
targeted at $5 billion.

Managed Assets.

Managed assets declined to $47.7 billion at the end of this year's quarter from
$48.1 billion at March 31, 2002 and $51.1 billion on June 30, 2001. Managed
assets continued to decline due to liquidity constraints, soft origination volume
reflecting current economic conditions and the continued runoff of the liquidating portfolios.

On balance sheet finance receivables and leases declined to $27.9 billion at
June 30, 2002 from $29.7 billion at March 31, 2002 (including the $3.4 billion of
securitized short-term trade accounts receivable on balance sheet), due to
continued high securitization volumes in the current quarter, which were executed
for liquidity purposes. The liquidating portfolio, which includes trucking, franchise,
manufactured housing, recreational vehicle and inventory finance loans, declined
to $1.9 billion at June 30, 2002 from $2.2 billion at March 31, 2002.

Net Finance and Risk Adjusted Margins.

Net finance margin contracted during the current quarter to 4.11% from 4.98% in
the prior quarter, reflecting the full impact of higher funding costs and maintaining
excess balance sheet liquidity. This includes higher costs of replacing the commercial
paper portfolio with higher cost bank loans and the issuance of $2.5 billion of 5 and
10 year term debt during the quarter.

Excluding the $260 million of reserving actions, risk adjusted margin was 2.98% for
the current quarter compared to 3.87% in the quarter ended March 31, 2002
(also excluding the $95.0 million pre-tax Argentine provision recorded in that period).

Credit Quality.

Total 60+ day delinquencies as a percentage of finance receivables declined to $1.030 billion,
3.69% of finance receivables from $1.158 billion, 3.90%, at March 31, 2002. The decrease
as measured in dollars from the prior quarter was due to improvements in most portfolios
most notably the Equipment Financing and Leasing, Specialty Finance and Commercial
Services portfolios. Managed 60+ day delinquencies similarly declined to $1.520 billion
(3.74%) at June 30, 2002 from $1.680 billion (4.09%) at March 31, 2002.

Chargeoffs during the June quarter were $126.0 million, or 1.79% of average finance
receivables, compared to $112.4 million, 1.58%, in March, and $156.7 million, 1.91%,
in the comparable prior year period. Core chargeoffs, excluding the liquidating portfolios
(trucking, franchise, manufactured housing, recreational vehicle and inventory finance loans),
were $105.9 million, 1.59% in the June quarter, up from $75.2 million, 1.13%, in the quarter
ended March 31, 2002. The increase in core chargeoffs is due to higher losses in the Equipment
Financing portfolio, as equipment collateral values remain soft in the current economic environment,
and higher losses in the commercial finance portfolio. Core chargeoffs in the prior year quarter,
excluding special charges, were $77.2 million (0.94%).

Non-performing assets ended the quarter at $1.052 billion, 3.77% of finance receivables, up from
$988 million, 3.32%, at March 31, 2002, reflecting a $60 million increase in CLEC/ telecommunication
assets on non-accrual status. The CLEC portfolio totals approximately $291 million at June 30, 2002,
of which $100 million was on non-accrual status.

Total reserves for credit losses increased to $808.9 million, or 2.90% of finance receivables,
from $554.9 million (2.11%) at March 31, 2002. Excluding the telecommunication and
Argentine reserves, the reserve for credit losses was approximately 1.70% of finance
receivables at both June and March 2002, up from 1.50% at June 30, 2001. Reserves
relating to Argentina totaled $135 million at June 30, 2002, or approximately 75%
of the total corresponding exposure. The $200 million telecommunication reserve
relates primarily to the CLEC exposures in the portfolio.

Other Revenue.

Other revenue totaled $246.1 million for the quarter ended June 30, 2002, compared
to $232.1 million for the quarter ended March 31, 2002 and $199.9 million (excluding special charges)
in the corresponding prior year quarter. Securitization gains during the current quarter totaled
$57.1 million, up $22.4 million from both the March 2002 and June 2001 quarters. These trends
reflect the significant increase in securitization volume in both 2002 quarters to meet liquidity needs.
Gains were higher in the current quarter due to strong market demand and deal execution.
Factoring commissions improved seasonally and equipment sales gains were modest.

Salaries and General Operating Expenses.

Salaries and general operating expenses were $230.4 million for the quarter, compared
to $226.9 million reported for the March 2002 quarter and down from $265.5 million in
the June quarter last year. The increase from last quarter included higher collection
costs and certain liquidation expenses, while the reduction from the prior year reflects
restructuring initiatives following the Tyco acquisition. The efficiency ratio (salaries and
general operating expenses divided by operating margin excluding provision for credit losses)
improved to 38.3% as compared to 42.6% in the prior year's quarter, due primarily to higher
fee income and lower employee costs. The current quarter efficiency ratio increased over the
33.4% reported for the March quarter, primarily due to the lower margin reflecting constrained
growth and higher borrowing costs.

Headcount declined to approximately 5,935 employees from 6,235 as of March
31, 2002 and 7,255 the prior year. Operating expenses were 2.02% of average
managed assets during the quarter, versus 2.09% core expenses reported for the
comparable quarter of last year and 1.93% for the March 2002 quarter.

Capitalization and Leverage.

CIT continued to maintain strong capitalization and leverage ratios. The company's
ratio of tangible equity to managed assets improved to 9.25% as of June 30, 2002,
compared to 8.62% in the prior year quarter and 9.14% as of March 31, 2002. On
July 12, 2002, as part of the company's IPO, the underwriters exercised their
over-allotment option to purchase an additional 11.6 million shares of CIT
stock for approximately $255 million. These proceeds will further strengthen our capitalization ratios.

About CIT:

CIT Group Inc. (NYSE: CIT - News), a leading commercial and consumer finance company,
provides clients with financing and leasing products and advisory services. Founded in
1908, CIT has nearly $50 billion in assets under management and possesses the
financial resources, industry expertise and product knowledge to serve the needs
of clients across 30 industries. CIT holds leading positions in vendor financing,
U.S. factoring, equipment and transportation financing, Small Business Administration
loans, and asset-based and credit-secured lending. CIT, with its principal offices in New
York City and Livingston, New Jersey, and has approximately 6,000 employees in locations
throughout North America, Europe, Latin and South America, and the Pacific Rim. For
more information, visit http://www.cit.com.

CIT GROUP INC. AND SUBSIDIARIES

Unaudited CONSOLIDATED INCOME STATEMENTS

(dollars in millions)

For the For the

Combined For the Combined

Three Months Nine Months Nine Months

For the Quarters Ended Ended Ended Ended

June 30, March 31, June 30, June 30, June 30,

2002 2002 2001 2002 2001

(successor) (successor) (successor)(predecessor)

Finance

income $1,021.9 $1,106.7 $1,339.9 $3,327.6 $4,107.9

Interest

expense 370.2 348.3 558.8 1,091.5 1,836.7

Net finance

income 651.7 758.4 781.1 2,236.1 2,271.2

Depreciation

on operating

lease

equipment 295.7 310.2 351.7 944.4 1,046.5

Net finance

margin 356.0 448.2 429.4 1,291.7 1,224.7

Provision for

credit losses 357.7 195.0 166.7 665.6 298.8

Net finance

margin after

provision for

credit losses (1.7) 253.2 262.7 626.1 925.9

Other revenue 246.1 232.1 121.8 723.3 550.7

Operating

margin 244.4 485.3 384.5 1,349.4 1,476.6

Salaries and

general

operating

expenses 230.4 226.9 265.5 687.8 788.3

Goodwill

impairment 1,999.0 4,512.7 -- 6,511.7 --

Goodwill

amortization -- -- 29.7 -- 74.7

Acquisition

related costs -- -- 54.0 -- 54.0

Operating

expenses 2,229.4 4,739.6 349.2 7,199.5 917.0

(Loss) income

before provision

for income

taxes (1,985.0) (4,254.3) 35.3 (5,850.1) 559.6

Provision for

income taxes (5.8) (98.4) (40.1) (252.1) (238.4)

Minority interest

in subsidiary

trust holding

solely

debentures of

the Company,

after tax (2.7) (2.7) (2.8) (7.7) (8.6)

Net (loss)

income $(1,993.5) $(4,355.4) $(7.6) $(6,109.9) $312.6

CIT GROUP INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(dollars in millions)

June 30, September 30,

2002 2001

ASSETS

Financing and leasing assets:

Finance receivables $27,925.4 $31,879.4

Reserve for credit losses (808.9) (492.9)

Net finance receivables 27,116.5 31,386.5

Operating lease equipment, net 6,689.7 6,402.8

Finance receivables held for sale 730.8 2,014.9

Cash and cash equivalents 2,080.6 808.0

Goodwill, net 384.4 6,547.5

Other assets 4,334.7 3,930.4

Total Assets $41,336.7 $51,090.1

LIABILITIES AND SHAREHOLDERS' EQUITY

Debt:

Commercial paper $34.0 $8,869.2

Variable-rate bank credit facilities 8,534.2 --

Variable-rate senior notes 7,172.7 9,614.6

Fixed-rate senior notes 16,882.2 17,113.9

Subordinated fixed-rate notes -- 100.0

Total debt 32,623.1 35,697.7

Credit balances of factoring clients 1,980.0 2,392.9

Accrued liabilities and payables 1,961.2 2,141.5

Total liabilities 36,564.3 40,232.1

Company-obligated mandatorily redeemable

preferred securities of subsidiary trust

holding solely debentures of the Company 258.1 260.0

Shareholders' Equity:

Contributed capital 10,422.4 10,422.4

Accumulated (deficit) earnings (5,857.5) 252.4

Accumulated other comprehensive loss (50.6) (76.8)

Total Shareholders' Equity 4,514.3 10,598.0

Total Liabilities and Shareholders' Equity $41,336.7 $51,090.1

CIT GROUP INC. AND SUBSIDIARIES

(dollars in millions)

At June 30, At March 31, At Sept. 30, At June 30,

FINANCING AND

LEASING ASSETS BY 2002 2002 2001 2001

STRATEGIC BUSINESS

UNIT

Specialty Finance $ 10,009.7 $ 10,937.4 $ 12,791.1 $ 12,410.4

Equipment Financing 8,706.8 10,004.3 11,063.7 11,643.1

Capital Finance 5,792.6 5,484.9 5,045.4 5,675.7

Commercial Services 4,536.4 756.1 5,112.2 4,182.3

Business Credit 3,644.1 3,680.6 3,544.9 3,593.7

Structured Finance 3,018.8 3,035.7 3,171.9 3,007.6

TOTAL FINANCING AND

LEASING PORTFOLIO

ASSETS 35,708.4 33,899.0 40,729.2 40,512.8

Finance receivables

securitized and

managed by CIT

(by type)

Commercial 8,804.1 7,920.0 8,488.0 8,800.5

Consumer 3,163.8 2,836.4 1,659.9 1,774.6

Commercial Services

trade receivables -- 3,432.4 -- --

TOTAL MANAGED

ASSETS $47,676.3 $48,087.8 $50,877.1 $ 51,087.9

For the For the

Combined For the Combined

Three Months Nine Months Nine Months

For the Quarters Ended Ended Ended Ended

June 30, March 31, June 30, June 30, June 30,

2002 2002 2001 2002 2001

OTHER REVENUE

Fees and other

income $ 144.4 $ 160.9 $ 117.3 $ 478.8 $ 335.5

Factoring

commissions 42.0 37.5 35.3 117.8 110.8

Gains on

securitizations 57.1 34.7 34.7 119.8 112.7

Gains on sales

of leasing

equipment 4.0 4.3 10.8 11.0 69.2

(Losses) / gains

on venture

capital

investments (1.4) (5.3) 1.8 (4.1) 0.6

Special

charges (1) -- -- (78.1) -- (78.1)

TOTAL OTHER

REVENUE $ 246.1 $ 232.1 $ 121.8 $ 723.3 $ 550.7

(1) Related to write-downs of certain equity investments in the

telecommunications industry and e-commerce markets.

CIT GROUP INC. AND SUBSIDIARIES

SELECTED FINANCIAL DATA

For the For the

Combined For the Combined

Three Months Nine Months Nine Months

For the Quarters Ended Ended Ended Ended

June 30, March 31, June 30, June 30, June 30,

2002 2002 2001(1) 2002 2001(1)

Profitability

Net finance margin

as a percentage

of AEA 4.11% 4.98% 4.19% 4.75% 3.96%

Net finance

margin after

provision as a

percentage

of AEA (0.02)% 2.81% 2.56% 2.30% 2.99%

Efficiency

ratio(5) 38.3% 33.4% 42.6% 34.1% 44.4%

Salaries and

general

operating

expenses as

a percentage

of AMA(4)(5) 2.02% 1.93% 2.09% 1.94% 2.03%

Net credit

losses as a

percentage

of average:

Total finance

receivables 1.79% 1.58% 1.91% 1.57% 1.14%

Commercial

finance

receivables 1.78% 1.59% 1.97% 1.56% 1.10%

Consumer finance

receivables 1.86% 1.51% 1.47% 1.70% 1.47%

Volume

securitized (6)

(dollars in

millions) $2,738.7 $ 2,725.9 $1,304.5 $6,688.4 $3,605.1

At June 30, At March 31, At Sept 30, At June 30,

Credit Quality 2002 2002 2001 2001

60+ days contractual

delinquency as a

percentage of finance

receivables

Commercial(7) 3.42% 3.71% 3.18% 3.29%

Consumer 7.81% 5.96% 6.12% 5.97%

Total(7) 3.69% 3.90% 3.46% 3.53%

60+ days managed

contractual delinquency

as a percentage of

managed financial

assets(8)

Commercial(7) 3.65% 4.02% 3.63% 3.64%

Consumer 4.39% 4.51% 4.32% 4.14%

Total(7) 3.74% 4.09% 3.72% 3.71%

Total non-performing

assets as a percentage

of finance

receivables(9) 3.77% 3.32% 3.04% 2.75%

Reserve for credit

losses as a percentage

of finance receivables 2.90% 2.11% 1.55% 1.50%

Capital and Leverage

Tangible shareholders'

equity to managed

assets (2) (3) (10) 9.25% 9.14% 8.48% 8.62%

Debt (net of overnight

deposits) to tangible

shareholders'

equity (2) (3)(11) 7.07x 7.30x 8.20x 8.22x

(1) The data for the combined nine months ended June 30, 2001 is derived

from the quarters ended December 31, 2000 and March 31, 2001 plus the

combined three months ended June 30, 2001, which reflects CIT data

subsequent to the purchase by Tyco on June 1, 2001.

(2) Shareholders' equity excludes the impact of accounting changes for

derivative financial instruments and unrealized gains on retained

interests.

(3) Tangible shareholders' equity excludes goodwill.

(4) "AMA" or "Average Managed Assets", represents the sum of average

earning assets, which are net of credit balances of factoring

clients, and the average of commercial and consumer finance

receivables previously securitized and still managed by the Company.

(5) Excludes amortization of goodwill.

(6) Excludes trade receivable securitization activity.

(7) March 2002 balances include the past due accounts and securitized

receivable balance of the factoring transaction.

(8) Managed financial assets exclude operating leases and certain equity

investments.

(9) Total non-performing assets reflect both commercial and consumer

finance receivables on non-accrual status and assets received in

satisfaction of loans.

(10) Tangible shareholders' equity (excludes the impact of accounting

changes for derivative financial instruments and unrealized gains on

retained interests) includes Company-obligated mandatorily redeemable

preferred securities of subsidiary trust holding solely debentures of

the Company ("Preferred Capital Securities").

(11) Total debt excludes, and shareholders' equity includes Preferred

Capital Securities

################ ############################################

News Briefs---------

Congressional negotiators reach tentative agreement to give Bush wider trade authority

WASHINGTON (AP) House and Senate negotiators said Thursday they had reached a tentative
agreement on a bill that would give President Bush broad powers to negotiate new trade
agreements while extending more benefits to Americans hurt by foreign competition.

Tyco appoints new CEO, denies rumors it is seeking bankruptcy protection

CONCORD, N.H. (AP) Tyco International Ltd. appointed Motorola president Edward D.
Breen as its new chairman and chief executive Thursday as the conglomerate struggles
to right itself amid questions about its accounting and investigations involving several top officers.

Senator asks heads of Citigroup, J.P. Morgan Chase to answer questions on offshore
deals with Enron

WASHINGTON (AP) A senator leading an investigation into big investment banks' ties
with now-bankrupt Enron Corp. has asked the heads of Citigroup Inc. and J.P. Morgan
Chase & Co. to answer questions on their use of offshore companies in deals with Enron.

---

Lawmakers break yearlong deadlock over bill making it harder to dissolve debts
through bankruptcy

WASHINGTON (AP) Breaking a yearlong deadlock, key lawmakers reached
agreement Thursday night on legislation making it harder to dissolve debts
through bankruptcy court.

---

Cowboys ride into

San Antonio with high hopes

As training camp opens, Dallas takes aim at division title, playoffs

By JEAN-JACQUES TAYLOR / The Dallas Morning News

IRVING – The man hired to resurrect America's Team doesn't want to predict how
many games his team will win this season. And he's not interested in discussing
playoff possibilities.

But it is clear coach Dave Campo expects to win more than five games in 2002.
He just isn't willing to share his optimism with the world yet. So he deftly jukes
the subject and focuses on what he considers the bigger issue.

"We have to improve – and that means more wins," Campo said. "You can't go 5-11, 5-11
and 5-11 no matter what the reasons are.

"I knew the first year that we were on the downside, and with our salary-cap situation
I knew it would be tough last year. Did I expect to go 5-11 and 5-11? No. We have an
opportunity to build a good football team now and it's time to do it."

There are plenty of reasons for optimism as the Cowboys begin to report for training
camp Friday in San Antonio.

A defense that finished fourth in the NFL last season added defensive tackle La' Roi Glover,
linebacker Kevin Hardy and cornerback Bryant Westbrook in free agency and safety
Roy Williams with the eighth pick in the draft.

Glover, the best pass-rushing tackle available in free agency, has 25 sacks in the
past two seasons. Dallas has only 49 in that span.

Williams, who has been compared to Hall of Fame safety Ronnie Lott, is expected
to be an impact player. Hardy and Westbrook have been quality starters with other teams.

On offense, owner Jerry Jones hired offensive coordinator Bruce Coslet and added
center Andre Gurode and receiver Antonio Bryant through the draft. On the Cowboys'
draft board, Gurode and Bryant were ranked as first- round talents.

Dallas expects each to make a significant contribution this season.

Campo and Jones say the Cowboys have had their best off-season in years. One
national publication even picked Dallas to win the NFC East.

For a team that was 10-22 in the past two seasons and has not won a playoff
game since 1996, that represents high praise.

"The likelihood of getting into the playoffs and winning the division are realistic
dreams," Jones said. "We know that we can't rest on any of the positives
from the off-season because the real report card is coming up."

Campo knows all about fans' expectations.

He hears them everywhere he goes. At the gas station. And the grocery store.
And local restaurants.

On talk radio, Campo hears fans comparing the Cowboys to the New England Patriots.

New England, one of the league's worst teams in 2000, won the Super Bowl in the 2001 season.

Pressure often accompanies expectations.

"There's pressure, but not from me," Jones said. "I recognize the challenges
we've had since Dave has been head coach and I've seen him handle adverse conditions.

"I don't have to see any more about how good a football coach he is and how
much he knows about the game. There's nothing in me that says we've set the
table better, so let's do better."

Campo and Jones, though, temper their enthusiasm.

Each knows the Cowboys will go as far as quarterback Quincy Carter can take them
this season.

Carter has made only eight NFL starts. He did a solid job in the last six games of last season,
but he has not proven he can be an elite quarterback.

Campo and Jones insist it is only a matter of time until Carter emerges as one of the top
young quarterbacks in the league.

"I'm putting a lot of stock in a young kid, but I've been doing that for 33 years,"
Campo said. "That doesn't bother me.

"Quincy is going to have to perform, but if we can put him in good positions, then he
doesn't have to be Roger Staubach. He can be himself and still get the job done."

To get the most from Carter, Coslet is reducing the playbook and building the offense around
Carter's ability to run, throw the deep ball and make big plays from chaos.

"If we had a quarterback that had played at a high level, our fans would be ecstatic,"
Jones said. "There's nothing wrong with feeling good about progress, but you have to
be realistic. Our inexperience at quarterback is legitimate.

"Quincy has played and shown he can win and manage games. And we have every
reason to believe he will be better this year than he was last year."

KEY MOVES

Best free-agent addition: Defensive tackle La'Roi Glover, who has 25 sacks in the
past two seasons, should become the first Cowboys' defensive lineman since
1996 to get at least 10 sacks.

Best rookie addition: The Cowboys used the eighth pick in the draft to select
hard-hitting safety Roy Williams. He's expected to be an impact player.

Most important re-signing: The Cowboys didn't want to give left tackle Flozell
Adams a one-year deal worth $4.9 million, but he was better than any
free-agent tackle. More importantly, he should ease any worries Quincy
Carter has about protecting his blind side.

Least significant loss: Free safety George Teague was terrific in the locker room
and he provided some big hits, but he didn't create enough turnovers.

PLAYERS TO WATCH

Punt returner/receiver Reggie Swinton: He was among the league's
best punt returners last season, but too many fumbles eroded the coaching
staff's confidence. He gained 15 pounds in hopes it will reduce the fumbles,
but if he can't contribute as a receiver he will struggle to make the roster.

Linebacker Kevin Hardy: If his knee is healthy, he has the potential to hit double figures
in sacks. If he's an impact player, the Cowboys should be in the hunt for the NFC title.

Center Andre Gurode: He's big, fast and nasty, but he's also a rookie. He must make
the proper line adjustments and create seams between the tackles for Emmitt Smith.
If Smith has a big year, Gurode will be on the all- rookie team.

POSITION BATTLES

Right defensive end: Peppi Zellner is the starter because Ebenezer Ekuban missed the
last 15 games of last season with a herniated disk in his back. Ekuban is the better
player and he will win the job, but only if he stays healthy.

Fullback: Robert Thomas has the edge, but the coaching staff loves the intensity rookie
Jamar Martin has shown. The coaches also want to see Thomas perform with the
passion he did in his first two seasons.

Center: Rookie Andre Gurode is the favorite to win the job, but if he misses any
portion of training camp in a contract dispute, it could provide Matt Lehr with a
chance to win the job.

Right cornerback: Mario Edwards, coming off shoulder surgery, has the advantage,
but Pat Dennis, Derek Ross, Dwayne Godorich and Duane Hawthorne will provide
good competition.

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