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John F. Daly is President of CIT Commercial Services a unit of CIT Group Inc. (NYSE: CIT) a leading global commercial and consumer finance company. CIT Commercial Services is one of the nation’s leading providers of factoring services accounts receivable management and lending services. Daly draws upon more than 30 years of experience in credit administration and secured lending. Prior to being named President in December 1999 he was Executive Vice President and Senior Credit Officer of CIT Commercial Services. In that position he was responsible for risk management asset quality and employee development and training. He led the acquisition and integration of the HSBC GE and SunTrust factoring portfolios. In March of 2006 Daly completed the purchase of a German factoring company CIT’s first international factoring acquisition. Today CIT Commercial Services (Europe) represents CIT in the European factoring market. Daly has always been actively involved in business development and client relationship management while monitoring account growth and assuring superior credit quality. He has worked closely with manufacturers and retailers throughout his career which began in 1973 in the credit department of Manufacturers Hanover Commercial Corporation. He is involved in a number of apparel textile and credit groups including the Turnaround Management Association and the Commercial Finance Association. Daly is on the Board of the Fashion Institute of Technology Educational Foundation. He is also a National Trustee of the National Jewish Medical and Research Center. Daly earned a BS in Economics from St. John’s University. He also attended a graduate program in finance at Baruch College and the Wharton Advanced Management Program. | 