LEADING INITIATIVE TO OFFER END-TO-END EMV & CHIP MIGRATION SERVICES

CIT Global to offer MSCC's services as an extension to its Chip Migration Center Of Excellence

Toronto, Cairo and Dubai - December 7th, 2003: CIT, an international eCommerce/mCommerce solutions provider, and Mediterranean Smart Cards Company MSCC, a leading regional smart cards services company established by VISA, CIT and other leading financial institutions, announced today that CIT will offer MSCC's issuer processing and deployment services, as an extension of CIT's EMV & Chip Migration Center of Excellence and related solutions, starting with the Middle East region and then growing into other regions.

MSCC provides a complete suite of smart cards issuing and processing services for financial institutions in Central & Eastern Europe, the Middle East and Africa. This new initiative with CIT delivers a unique set of offerings, combining complementary services and solutions from both companies, to provide financial institutions with a complete package, guaranteeing smooth and quality implementation of EMV and chip projects, starting from the business case phase, and extending all the way to outsourcing the overall implementation and continued management process, with the option to bring these services in-house whenever such an approach is financially viable.

The timed implementation mandates set by EMV and the related impact on the existing infrastructure, requiring a long and complex implementation cycle, constitute a challenge for all concerned entities. The concept, behind outsourcing the migration towards chip and EMV, is to save the efforts and gain benefits from external qualified technical expertise, ensuring the smooth and fast migration stated Mr. Ahmad Abu Al Saad, Managing Director of MSCC. CIT strong profile and positioning in the market, complemented by its extensive EMV capabilities and solutions, will help MSCC in extending its reach in the region and provide strong value to our clients.

Our mission is to provide complete, end-to-end solutions that deliver strong value proposition to our clients. Adding MSCC's extensive services suite to our Chip Migration services and solutions, will enable us to achieve our mission for financial institutions who have EMV and chip requirements. Said Mr. Ashraf Zaki, President and CEO of CIT.

The combination of MSCC's cards management and transactions processing services, with CIT's suite of EMV and chip solutions and services, such as focused educational workshops, consulting and implementation services, offers a complete package to address the entire scope of any financial institution needs. This amplitude of offerings is further enhanced by CIT's extensive solutions for EMV, chip cards and ePayment systems.