cit by iBCAxiom

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									                                                                                                            Company Report
                                                                                                                 Specialty Finance
 March 2, 2010 | 8 Pages



 CIT GROUP, INC. (NYSE: CIT)                                                                                      RATING: BUY
 EXPECTED 4Q RESULTS--10K OUT BY 3/16/10                                                        Fiscal Year Ends Dec
       10K Expected on March 16
       CIT announced in a 10KA filing that it expects to have its 10K          Rating:                                           Buy
       filed (and release earnings) by March 16. This request for an           Price: Close                                   $36.55
       automatic extension was expected.                                       Price Target:                                  $40.00
                                                                               52-wk Range:                             $24.83-$37.75
       Company to report a loss of $900 million                                Market Capitalization (M):                     $7,310
       The company indicated that it expects to report a loss of $900          Shares Outstanding (M):                           200
       million for the fourth quarter before accounting for the impact of      Avg. Daily Vol. (000):                          1.608
       its December bankruptcy/reorganization and related fresh-start          Book Value/Share:                              $39.18
       accounting adjustments. As a point of reference, in the October         Price/Book Value:                                93%
       16 original exchange offer, the midpoint case presented in the          Equity/Assets:                                  13.2%
       documents and prepared by a major NY investment bank reflected          Assets (B):                                     $61.8
       a year-end, pre-reorganization, pre-fresh-start starting total equity
       account of $3.963 billion. This implied a higher loss of $1.158         Henry J. Coffey, Jr.,
       billion (net to common) during 4Q09. In this document, the same         CFA
       NY investment bank reported a midpoint level of common equity           (615) 760-1472
       equal to $40.00 per share.                                              hcoffey@sterneagee.com


       Book Value—$39.18 plus positive impact of liability marks.
       We have adjusted our book value estimate from $40.78 to $39.18
       and have shifted our focus to the year-end 2009 balance sheet.
       What we think ultimately happens is the company reports asset
       fair value/fresh-start discounts deeper than reflected in the exhibit
       that follows, liability marks (discounts) as required by GAAP, and
       a book value of $40 to $45 per share. Reversing all of the
       accretable marks (everything but write-downs to reflect expected
       credit losses) would push book, in our estimate, closer to $55 per
       share. Our price target is based on estimated book value and a
       target PE x estimated EPS potential of $4.80 per share.

                                                       Earnings Summary
FYE Dec                            2010E                           2011E                                    2012E

                                                    EPS & P/E Summary
                                   2010E     2010 Previous       2011E 2011 Previous                        2012E     2012 Previous
EPS:         Q1                    -$1.18                --           --           --                            --               --
             Q2                    -$1.03                --           --           --                            --               --
             Q3                    -$0.08                --           --           --                            --               --
             Q4                     $0.25                --           --           --                            --               --
             Full Year             -$2.04                --       $3.20            --                        $4.57                --
P/E Ratio:                            neg                --       11.4x            --                         8.0x                --




   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
             800 Shades Creek Parkway             Suite 700         Birmingham, AL 35209                    205-949-3500
                                    Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
CIT GROUP, INC. (NYSE: CIT)                                                                                                                   March 2, 2010

In the analysis below, we have kept the asset marks consistent with those reflected in our original
report and shifted our focus to the estimated year-end balance sheet. While not our normal
practice, we used the balance sheet provided by a third party in the October exchange document to
simplify the overall task at hand. Given the complexity of the task, we simply accept the fact that
a balance sheet which reflects a positive collection of assets, prepared by a knowledgeable third
party, is likely to be as accurate as anything we could reproduce.

            CIT                                                                                                                                   Start
     Row    FY=Dec                                           9/30/2009             4Q Loss Other Adj.                                  12/31/2009 Point Est 1
       1    Common                                             $1,927                ($900)       $0                                      $1,027          $753
       2    Preferred                                          $3,159                            $12                                      $3,171        $3,171
       3    MI                                                    $35                             $4                                         $39           $39
       4    Total Equity                                       $5,121                ($900)      $16                                      $4,237        $3,963
       5    Loss-9 Months 2009 A                                                   ($2,994)
       6    Total Loss FY 09 E                                                     ($3,894)     ($54) Net to Common=                     ($3,948)
       7
       8                                                     9/30/2009        12/31/09 E    1   Reorg       Fresh Start Other             PF Net SA-Mark
       9    Assets
      10    Cash                                                $5,811              $5,884         ($500)        ($750)         $500      $5,134
      11    Loans                                              $45,281             $43,254           -         ($5,988)          -       $37,267         13.8%
      12    LLR                                                ($1,363)            ($1,363)          -          $1,363           -            $0
      13    Net Loans                                          $43,918             $41,891           -         ($4,624)          -       $37,267
      14    Oper Leases                                        $13,234             $12,952           -           ($794)          -       $12,158          6.1%
      15    Other Assets                                        $6,227              $6,096           -           ($291)           $0      $5,805
       16   Total Assets                            $69,189                        $66,823         ($500)      ($6,459)         $500     $60,364
       17   Liab.
       18   Deposits                                 $5,234                         $3,672           -             -           -          $3,672
       19   Secured Borrowings                      $16,597                        $15,532           -                     ($2,452)      $13,080
       20   Secured Credit Facility (1st lien)       $2,862                         $4,500           -                      $2,250        $6,750
       21   Unsecured bank credit facilities         $3,100                         $3,100       ($3,100)          -                          $0
       22   Senior Unsecured notes                  $30,088                        $29,881      ($28,583)          -                      $1,298
       23   Subordinated notes and equity units      $2,099                         $2,099       ($2,099)          -                          $0
       24   New Series A Notes                           $0                            -         $21,036       ($1,683)                  $19,353           8%
       25   New Series B Notes                           $0                            -          $2,149           -                      $2,149
       26   Total Debt                              $54,746                        $55,112      ($10,597)      ($1,683)     ($202)       $42,630
       27   Other Liab                               $4,089                         $3,802            $0           -         $702         $4,504
       28   Total Liab                              $64,068                        $62,586      ($10,597)      ($1,683)      $500        $50,806
       29   Total Equity                             $5,121                         $4,237       $10,097       ($4,776)       -           $9,558
       30   Preferred                                $3,159                         $3,171       ($3,171)          -          -               $0
       31   MI                                          $35                            $39            $0           -          -              $39
       32   Common                                   $1,927                         $1,027       $12,768       ($4,776)       -           $9,519
       33   Liab & Equity                           $69,189                        $66,823         ($500)      ($6,459)      $500        $60,364
       34   Shares-mm's                                                                                                                       200   /
       35   Book-ex Liab Marks                                                                                                            $39.18    =
       36   Liab. Marks, pre share                                                                                                         $8.41    +
       37   GAAP Book Value Per Share                                                                                                     $47.59    =
       38   Reverse Marks:
       39   Asset Marks                               Total=                        $6,459 Accretable             50%       $3,230        $16.15 +
       40   Liab Marks                                Total=                       ($1,683) Accretable           100%      ($1,683)       ($8.41) +
       41   Book Value Per Share-post accretion period                                                                                    $55.33 =
            Source: SA Research and Estimates, Company Reports
            1
                CIT Exchange offer, October 16, 2009-page A8. Estimates by Morgan Stanley
            $ in millions except per share amounts




What we think ultimately happens is the company reports asset fair value/fresh-start discounts
deeper than reflected in the exhibit above, liability marks (discounts) as required by GAAP, and a
book value of $40 to $45 per share. The higher asset discounts are expected to be yield related
and re-accreted back into earnings in a manner consistent with that reflected above. Reversing all
of the accretable marks (everything but write downs to reflect expected credit losses) would push
book, in our estimate, closer to $55 per share.

                                                                                                                                                        Page 2
CIT GROUP, INC. (NYSE: CIT)                                                                                           March 2, 2010

 CIT Group, Inc. Quarterly Income Statement

                                                                                                  2010       2011        2012
CIT-Dec FY                                 1Q10E        2Q10E           3Q10E       4Q10E           FY         FY          FY
Interest Income
Fresh Start Adj.
Interest Income                                 $649           $649        $649        $569     $2,514     $2,655       $3,037
Operating Lease Income
Depreciation
Fresh Start Adj.
Net Lease Income                                $204            $204        $204         $15       $626        $59         $59
Total Int & Net Lease Income                    $852            $852        $852        $583     $3,140     $2,714      $3,096
Interest Exp.                                  ($805)          ($805)      ($615)      ($317)   ($2,543)   ($1,131)    ($1,006)
Fresh Start Adj.                               ($153)          ($128)      ($128)       ($64)     ($472)     ($147)       ($37)
Interest Expense                               ($958)          ($933)      ($742)      ($382)   ($3,015)   ($1,277)    ($1,042)
Net Interest                                   ($106)           ($80)       $110        $202       $125     $1,437      $2,054
Loss Provision                                  ($32)           ($32)       ($43)       ($43)     ($150)     ($202)      ($232)
Factoring Fees                                   $72             $72         $72         $72       $289       $332        $382
Other Fees                                       $26             $26         $26         $26       $104       $120        $138
Total Non Int. Revenue                           $98             $98         $98         $98       $393       $452        $519
Overhead                                       ($323)          ($319)      ($192)      ($175)   ($1,010)     ($790)      ($880)
Pre Tax                                        ($363)          ($334)       ($27)        $82      ($642)      $897      $1,461
Taxes                                           $127            $117         $10        ($29)      $225      ($314)      ($512)
Tax Rate                                         35%             35%         35%         35%       140%        35%         35%
Net Income                                     ($236)          ($217)       ($18)        $53      ($417)      $671        $961
EPS                                           ($1.18)         ($1.03)     ($0.08)      $0.25     ($2.04)     $3.20       $4.57
Book Value Per Share                          $39.60          $38.56      $38.48      $38.73     $38.73     $41.93      $46.50
Shares                                         200.0           210.0       210.0       210.0      210.0      210.0       210.0
Loan and Oper Lease Yields                     6.58%           6.58%       7.90%       7.86%      7.23%      7.39%       7.60%
IBL Cost                                       6.46%           6.46%       4.71%       3.57%      5.30%      5.01%       4.65%
Spread                                         0.12%           0.12%       3.18%       4.29%      1.93%      2.38%       2.95%
ROE                                               neg            neg         neg       2.76%        neg      2.19%      11.34%
Source: Company Reports and Sterne Agee Research estim ates
$ in millions except per share amounts




                                                                                                                            Page 3
CIT GROUP, INC. (NYSE: CIT)                                                                                                 March 2, 2010

                                                       APPENDIX SECTION

Company Description: CIT is a traditional commercial finance company founded in 1908. In its modern incarnation, it used its
investment grade rating to build a relatively highly leveraged balance sheet focused on the upper end of the commercial finance
market. Core lending units include Corporate Finance, Trade Finance, and Vendor Finance. The company also has a transportation
leasing portfolio and a liquidating portfolio of student loans. The defining even in the company's recent history was its confirmation
of (12/08/09) and emergence from (12/10/09) a pre-approved bankruptcy.

IMPORTANT DISCLOSURES:

Price Target Risks & Related Risk Factors:
In addition to concerns about trends in the economy, lending rates and borrowing spreads, this company is facing a number of
challenges that are unique to its recent bankruptcy. We will not know what the balance sheet will look like until we see the 10-K and
use any reference to early results has been rendered moot by Fresh Start Accounting. The company is still operating under a Cease
and Desist (C&D) order put in place on July 16th, 2009. While access to a depository is not mission critical, the C&D is likely to
weigh heavily on investor's minds.

Valuation Methodology:
Our price target is based on expected price to book value ratios as well as targeted P/E ratios and earnings potential We also gave
consideration to current peer valuation multiples.

Regulation Analyst Certification:
I, Henry J. Coffey, Jr., CFA, hereby certify the views expressed in this research report accurately reflect my personal views about the
subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related to
the specific recommendations or views expressed by me in this report.

Sterne, Agee & Leach, Inc. Disclosure Legend as of March 2, 2010:

            Company                                                                           Disclosure(s) – See Below
            CIT Group, Inc. (CIT - NYSE):                                                     1

    1.    Sterne, Agee & Leach, Inc. makes a market in the shares of the subject company.
    2.    Sterne, Agee & Leach, Inc. has, over the past 12 months, managed or co-managed a public securities offering or
          provided other investment banking services for the subject company.
    3.    Sterne, Agee & Leach, Inc. has various security accounts open for the subject company.
    4.    Sterne, Agee & Leach, Inc. provides administration for 401(k) plans for the subject company.
    5.    Sterne Agee Financial Services, Inc. has clearing agreements with the subject company.
    6.    The Sterne Agee analyst who has active coverage on this company owns a position in the subject company.

Sterne, Agee & Leach, Inc.’s research analysts receive compensation that is based upon various factors, including Sterne, Agee &
Leach, Inc.’s total revenues, a portion of which is generated by investment banking activities.

Definition of Investment Ratings:

BUY:                        We expect this stock to outperform the industry over the next 12 months.
NEUTRAL:                    We expect this stock to perform in line with the industry over the next 12 months.
SELL:                       We expect this stock to underperform the industry over the next 12 months.
RESTRICTED:                 Restricted list requirements preclude comment.

Ratings Distribution:
Of the securities rated by Sterne, Agee & Leach, Inc., as of December 31, 2009, 41.3% had a BUY rating, 54.4% had a NEUTRAL
rating, 4.3% had a SELL rating, and 0% was RESTRICTED. Within those ratings categories, 2.04% of the securities rated BUY,
1.94% rated NEUTRAL, 0% rated SELL, and 0% rated RESTRICTED received investment banking services from Sterne, Agee &
Leach, Inc., within the 12 months preceding December 31, 2009.

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
                                                                                                            Appendix Section, Page I
CIT GROUP, INC. (NYSE: CIT)                                                                                              March 2, 2010



Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.

Copyright © 2010 Sterne, Agee & Leach, Inc. All Rights Reserved.

Sterne, Agee & Leach, Inc. disclosure price charts are updated within the first fifteen days of each new calendar quarter per FINRA
regulations. Price charts for companies initiated upon in the current quarter, and rating and target price changes occurring in the
current quarter, will not be displayed until the following quarter.

Price Chart(s):



To receive price charts or other disclosures on the companies mentioned in this report, please contact Sterne, Agee & Leach, Inc. toll-
free at (800) 966-0814 or (205) 949-3689.




                                                                                                         Appendix Section, Page II
                                                     STERNE, AGEE & LEACH, INC.
                  Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for
                  over a century. During the early years, our founders prominently established themselves in the financial securities
                  industry in the southeastern United States. Today, we have expanded to serve all regions of the country. Sterne,
                  Agee is headquartered in Birmingham, Alabama with offices in 22 states including Alabama, Arkansas, California,
Florida, Georgia, Illinois, Kentucky, Louisiana, Maine, Massachusetts, Minnesota, Mississippi, Missouri, New Jersey, New York,
North Carolina, Pennsylvania South Carolina, Tennessee, Texas, Virginia, and Wisconsin. Sterne Agee is one of the largest
independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also includes The Trust
Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee Financial
Services, Inc.—www.sterneagee.com

                                              EQUITY CAPITAL MARKETS ADMINISTRATION
Ryan Medo           Managing Dir., Eq. Cap. Mkts.     (205) 949-3623     David Lee                 Director, Equity Products          (205) 949-3689
Robert Lake         Vice President                    (205) 949-3624     Yan Chao                  Associate                          (205) 949-3622
                                                                         Chuck Carlisle            Sr. Portfolio Analyst              (205) 949-3571


                                                           EQUITY RESEARCH
                                      Robert Hoehn      Director of Research                  (212) 338-4731

CONSUMER                                                                       FINANCIAL SERVICES (CONT.)
 Apparel Retailing & Toys                                                        Life Insurance
  Margaret Whitfield            SVP, Sr. Analyst      (973) 519-1019             John M. Nadel                  Mng. Dir.               (212) 338-4717
  Jennifer Milan                VP, Analyst           (212) 763-8211             Jason Weyeneth, CFA            Analyst                 (212) 763-8293
                                                                                 Dennis Zavolock                Associate               (212) 338-4748
  Educational Services / Interactive Entertainment
  Arvind Bhatia, CFA            Mng. Dir.             (214) 702-4001             Mortgage Finance & Specialty Finance
  Luke Shagets                  Analyst               (214) 702-4030             Henry J. Coffey, Jr., CFA      SVP, Sr. Analyst        (615) 760-1472
                                                                                 John Sites, CFA                Associate               (615) 760-1470
  Footwear & Apparel
  Sam Poser                     SVP, Sr. Analyst      (212) 763-8226           GLOBAL INDUSTRIAL INFRASTRUCTURE (GII)
  Kenneth M. Stumphauzer        Analyst               (212) 763-8287            ACME &Latin America
                                                                                 Lawrence T. De Maria, CFA      SVP, Sr. Analyst        (212) 338-4704
  Leisure & Entertainment                                                        Ben Elias, CFA                 VP, Sr. Analyst         (212) 338-4706
  David Bain                    Mng. Dir.             (949) 721-6651
  Sherry Yin                    Associate             (949) 721-6651             Building, Power & Water Infrastructure
                                                                                 Michael J. Coleman, CFA        VP, Sr. Analyst         (212) 338-4718
  Restaurants
  Lynne Collier                 Mng. Dir.             (214) 702-4045             Engineering and Construction
  Philip May                    Analyst               (214) 702-4004             Chase Jacobson                 VP, Sr. Analyst         (212) 338-4753

ENERGY                                                                           Multi-Industry
  Oilfield Services & Equipment                                                  Nicholas P. Heymann            Mng. Dir.               (212) 338-4703
  David S. Havens               Mng. Dir.             (212) 763-8238             Samuel H. Eisner               Analyst                 (212) 338-4705
  Karl Sowislo                  Analyst               (212) 338-4732             Paul A. Dircks                 Analyst                 (212) 338-4725
                                                                                 Jordan Calabrese               Associate               (212) 338-4729
FINANCIAL SERVICES
                                                                               TRANSPORTATION, SERVICES & EQUIPMENT
  Banks & Thrifts
                                                                                 Jeffrey A. Kauffman            Mng. Dir.               (212) 338-4765
  James M. Schutz               Dir. of Fin. Ser.     (864) 241-3384
                                                                                 Sal Vitale                     Analyst                 (212) 338-4766
  John Schutz                   Associate             (502) 420-4015
                                                                                 Kanchana Pinnapureddy          Associate               (212) 338-4767
  Adam Barkstrom, CFA           Mng. Dir.             (800) 906-0577
  Blair Brantley, CFA           Analyst               (800) 621-8635
  Matthew Kelley                Mng. Dir.             (207) 699-5800           ADMINISTRATION
  Mike I. Shafir                VP, Sr. Analyst       (212) 763-8239             Carlo Francisco                Supervisory Analyst     (914) 434-3451
  Matthew Breese                Analyst               (207) 699-5800             Marianne Pence                 Mgr., Res. Admin.       (205) 949-3618
  Edward D. Timmons             SVP, Sr. Analyst      (800) 203-5332             Nathan Mitchell                Editor                  (205) 949-3635
  Brett Rabatin, CFA            SVP, Sr. Analyst      (877) 457-8625             Elizabeth Koch                 Editor                  (615) 289-4122
  Kenneth James                 Analyst               (615) 760-1474
  Peyton Green                  Mng. Dir.             (877) 492-2663
  Michael Lipman                Analyst               (615) 269-7323




Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)
                                                                 SALES & TRADING
                                  Steve Pokorny       Head of Institutional Sales         (214) 702-4020
                                  JT Cacciabaudo      Head of Trading                     (212) 763-8288

ATLANTA                                       DALLAS                                         NEW YORK (cont.)
Adam Aspes               (404) 812-3068       Jennifer Elkins            (214) 702-4050      Jeff Hood               (212) 490-1453
Adam Kramer              (404) 814-3902       Mary Foster                (214) 702-4009      Ed Iannone              (212) 763-8240
Joe Maloney              (404) 814-3942       Dan Griffith               (214) 702-4044      Alex Jones              (212) 338-4701
Jamie Pennington         (404) 814-3948       Candace Martin             (214) 702-4033      Carey Kaufman           (212) 763-8274
John T. Riley            (404) 814-3966       Bob Nasi                   (214) 702-4017      Konrad Krill            (212) 763-8218
                                              John Schwalenberg          (214) 702-4010      Robert McGuire          (212) 763-8236
BIRMINGHAM                                                                                   Brian McCloskey         (212) 763-8272
Gary Hagstrom            (205) 380-1782       MINNEAPOLIS                                    Van Martin              (212) 763-8214
Sam Haskell              (205) 380-1781       Randy Mason                (952) 820-4461      Adam Merlo              (212) 763-8232
Scott Hughen             (205) 380-1764       John Regan III             (952) 841-6408      John Molster            (212) 763-8210
Claude Preston           (205) 380-1762                                                      Jake Morton             (212) 763-8261
Amber Spitzer            (205) 380-1761       NEW ORLEANS                                    Michael Newman          (212) 763-8258
Wyatt Weems              (205) 949-3589                                                      Kevin O'Keefe           (212) 763-8208
                                              Patrick Donnelly           (504) 636-4902
                                                                                             Matt O’Kelly            (212) 763-8227
                                              Cheryl Grabert             (504) 636-4911
BOSTON                                                                                       David O’Shea            (212) 763-8260
                                              John Regan, Jr.            (850) 650-5676
                                                                                             Jon Palan               (212) 763-8225
Richard Gill             (617) 478-5006
                                                                                             Bruce Rae               (212) 763-8271
Tom Goode                (617) 478-5008       NEW YORK
                                                                                             Kevin Reilly            (212) 763-8209
Ian Moran                (617) 478-5003       Jason Barber               (212) 763-8219      Carmen Lydia Sanchez    (212) 763-8212
Ted Sheehan              (617) 478-5003       Brian Batista              (212) 763-8247      Jon Schenk              (212) 763-8221
Mike Roncone             (617) 478-5001       Andrew Benenson            (212) 763-8246      Chuck Schroeder         (212) 763-8264
Nicholas White           (617) 478-5002       Adam Cavise                (212) 763-8292      Jason Scott             (212) 763-8215
                                              Mike Cline                 (212) 763-8268      Miko Tam                (212) 763-8252
CHICAGO                                       Tom Criscoula              (212) 338-4719      Scott Tashman           (212) 763-8256
Mark Burrier             (312) 525-8425       Noel Cueto                 (212) 763-8251
Jennifer Crall           (312) 525-8423       Enrico DeMatt              (212) 338-4724
                                                                                             SAN FRANCISCO
Scott Hallermann         (312) 525-8421       Geri DeVito                (212) 763-8242
                                                                                             Justin Brennan          (415) 362-6140
Scott Hootman            (312) 525-8426       Eric Dusansky              (212) 763-8231
                                                                                             Tom Cervantez           (415) 362-7430
Robert Hurley            (312) 525-8440       Mike Flanagan              (212) 763-8282
                                                                                             Chris Larson            (415) 362-6142
Vesna Radovic            (312) 525-8429       Rich Gallagher             (212) 763-8260
                                                                                             Naghmeh Rabii           (415) 362-6141
Dan Roesner              (312) 525-8433       Brian Haise                (212) 763-8206
                                                                                             Rob Salomon             (415) 362-7432
Curt Thompson            (312) 525-8427



                                                     INVESTMENT BANKING
Mark Behrman, Mng. Dir.                         (212) 763-8286         Kimberlee Taylor, Admin. Asst.               (212) 338-4715

FINANCIAL INSTITUTIONS GROUP                                          NON-FINANCIALS
Michael J. O’Boyle, Mng. Dir.                   (205) 949-3592        John Bolebruch, Mng. Dir. – Industrials       (212) 338-4716
Michael Perry, Mng. Dir.                        (212) 338-4736        Richard Cunniffe, SVP – Industrials           (212) 338-4713
Robert P. Hutchinson, Mng. Dir.                 (617) 478-5011        Everett Titus III, Mng. Dir – Energy          (908) 730-7882
Richard Mandery, Mng. Dir.                      (212) 338-4776        Will Brooke, Analyst - Industrials            (212) 763-8278
Jeffrey W. Prochnow, CFA, SVP                   (402) 778-5054
D. Timothy Speegle, SVP                         (205) 380-1720        EQUITY SYNDICATE
John McCrory, SVP                               (205) 949-3664        Craig B. Jampol, Mng. Dir.                    (212) 338-4708
Robert Toma, VP                                 (617) 478-5005
Horacio Barakat, VP                             (212) 338-4768
Andrew Stager, Associate                        (617) 478-5009
Nathan Strall, Associate                        (617) 478-5010
Jung Lee, Associate                             (212) 338-4769
Michael Stern, Analyst                          (212) 338-4756


Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)
                                                             LOCATIONS


      Corporate Headquarters                               13727 Noel Road                             12020 Shamrock Plaza
                                                                 th
     800 Shades Creek Parkway                                  7 Floor                                        Suite 200
             Suite 700                                    Dallas, TX 75240                             Omaha, NE 68154-3537
       Birmingham, AL 35209                                 (972) 239-4806                                 (402) 778-5054
                                                            (800) 404-2226                               (402) 778-5135 fax
 (205) 949-3500     (800) 239-2408
         (205) 802-1414 fax                               (972) 980-7125 fax
                                                                                                       620 Newport Center Dr.
                                                                                                             Suite 1100
       OTHER LOCATIONS                                706 E. Washington Street
                                                       Greenville, SC 29601                          Newport Beach, CA 92660
                                                           (864) 233-6630                                  (949) 721-6651
          3475 Lenox Road                                (864) 233-6630 fax                              (949) 721-6652 fax
              Suite 800
         Atlanta, GA 30326
           (404) 365-9630                              3100 West End Avenue                                  2 Union Street
         (404) 812-3097 fax                                  Suite 930                                         Suite 403
                                                        Nashville, TN 37203                              Portland, ME 04101
                                                          (615) 269-7323                                    (207) 699-5800
  8400 Normandale Lake Boulevard                          (615) 269-9223                                  (207) 699-5888 fax
             Suite 920
     Bloomington, MN 55437
          (952) 841-6410                                                                                5609 Patterson Avenue
                                                           639 Loyola Ave
          (800) 949-4102                                                                                        Suite B
                                                              Suite 200
                                                       New Orleans, LA 70113                            Richmond, VA 23226
                                                           (504) 299-1021                                   (804) 521-3224
         265 Franklin Street                                                                              (804) 521-3199 fax
                                                           (888) 978-3763
              Suite 310
                                                         (504) 299-0956 fax
         Boston, MA 02110
           (617) 478-5000
           (800) 836-4616                                                                                One Maritime Plaza
                                                        2 Grand Central Tower
         (617) 443-0310 fax                                                                                  Suite 1940
                                                         140 East 45th Street
                                                                                                      San Francisco, CA 94111
                                                              18th Floor
                                                                                                           (415) 362-7430
                                                        New York, NY 10017
         123 N. Wacker Drive                                                                             (415) 362-7436 fax
                                                            (212) 763-8224
              Suite 1250
                                                            (800) 966-0814
         Chicago, IL 60606
                                                          (212) 763-8201 fax
            (312) 525-8440
            (800) 966-0815
          (312) 525-8438 fax




Email Address for Sterne Agee Employees: first initial + last name@sterneagee.com (e.g., jsmith@sterneagee.com)

								
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