Cautionary Note Regarding Forward Looking Statements

Cautionary Note Regarding Forward Looking Statements
This presentation contains forward-looking statements (within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995). These statements relate to PEFCO’s future prospects, developments and
business strategies and involve a number of risks and uncertainties that could cause actual results to
differ materially from those projected, anticipated, expected or implied. These risks and uncertainties
include, but are not limited to, levels of U.S. exports, the global economy, U.S. interest rate fluctuations
and technological changes. PEFCO undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise.
Not an Offering of Securities
This slide presentation is for informational purposes only. PEFCO makes offerings of its securities
pursuant to a prospectus exempt from registration under the Securities Act of 1933, as amended. Any
decision to invest in our securities should be made based on a review of such a prospectus.
1
Who We Are
v 
PEFCO functions as a funding platform for U.S. exports in a supplemental
capacity to other sources of financing
v 
PEFCO partners with commercial banks, trade finance firms, captive
finance and the Export-Import Bank of the U.S (Ex-Im Bank)
v 
PEFCO does not bear credit risk associated with the “commercial” portion
of the transaction
•  Financing provided for the portion of a transaction guaranteed or insured by
Ex-Im Bank
2
History
v 
Dillon Read study highlights funding gap for large commercial aircraft
v 
Ex-Im Bank, Treasury, US DOJ and BAFT coordinate to form PEFCO
1971
v 
1971 Guarantee & Credit Agreement established providing support for
debt. 14,221 common shares issued to 56 banks and 7 exporters
1974
v 
PEFCO issues commercial paper, replacing funding from Ex-Im Bank
1975
v 
PEFCO issues first Secured Notes series for US $100 million
1980
v 
PEFCO completes 10 years with a cumulative US $3.6 billion in loan
commitments
1994
v 
Guarantee & Credit Agreement is renewed with an expiration in 2020
v 
Responds to financial crisis with US $1.95 billion in commitments. Is
able to issue debt the week Lehman Brothers failed
v 
Commits to a record US $2.9 billion in transactions. Total assets at3
year end are US $7.2 billion
1968
1969-70
2008
2011
PEFCO’s shareowners are 25* commercial banks, 6 industrials, and one specialty
finance company
4
* The Bank of Miami, N.A. is now owned by the FDIC and is not included here.
Since the beginning of the Secured Note Program in 1975, PEFCO has grown
significantly – both in Assets and the size of the Secured Note Program
PEFCO Growth Since 1975
10,000
9,000
8,000
In billions 7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
1975 1980 1985 1990 Assets 1995 2000 Secured Notes 2005 2010 2012 2013 2014 ST Funding 5
As of FY 2014 year end, PEFCO lent US $7,342 billion to over 70 countries around
the world under the Ex-Im Bank and OPIC guarantees
6
PEFCO Lending Programs
PEFCO participates in the following Ex-Im Bank lending programs, either through
originating loans in the guaranteed loan programs, or through secondary market
purchases from the original lenders under both guaranteed and insured loan programs
Short Term Lending – Up to 1 year
v  Working Capital Loan Facility
v 
Short-Term Insurance Loan Facility
Medium Term – Typically 2 to 5 years in amounts up to US $ 10 million
v 
Medium Term Guaranteed Loan Facility
v 
Medium Term Insurance Loan Facility
v 
Credit Guarantee Facilities
Long Term – Typically greater than US $ 10 million with maturities > 5 years
v 
Long Term Guaranteed Loan Facility
7
PEFCO Funding
PEFCO funds the lending assets on the books of Private Export Funding Corporation
with two main forms of funding
Commercial Paper
v  4(a)2 - issuance up to 397 days
• 
v 
3(a)3 - issuance up to 270 days
• 
v 
Discounted or Floating rate interest bearing notes / DTC
Discounted or interest bearing / DTC
Rated P-1 / A-1 / F-1+ by Moody’s, Standard & Poor’s, Fitch
PEFCO Secured Notes
v 
Issued as 3(a)2 exempt and in non-redeemable form with semi-annual coupons
v 
Coupons are explicitly guaranteed as to timely payment by Ex-Im Bank. (Note that
obligations of Ex-Im Bank carry the full faith & credit of the U.S. Government)
v 
Principal is backed by the principal cash flow of a collateral pool consisting of loans with
the 1971 Guarantee Agreement, U.S. Treasuries and U.S. Agency securities
v 
Rated AAA / A+ /AAA by Moody’s, Standard & Poor’s, Fitch
8
PEFCO Funding Programs: Secured Notes
v 
v 
v 
v 
Maturities for a new Secured
Note Series typically range from
5 years to 12+ years
Issuance size for a new Series
typically starts at a min of US
$250mm. The max authorized
amount is US $500mm
The collateral pool is comprised
of Loans and securities with
explicit U.S. Full Faith & Credit
backing
Every offering of Secured Notes
requires preapproval from ExIm Bank. The pledge of
collateral, which have the 1971
Guarantee Legend, is also
approved by Ex-Im Bank
Secured Notes As Of 01 March 2015
Amount
Out
330
Reopen
Available
20
11/15/2005 11/15/2015
350
50
2.125
6/14/2011
300
200
W
5.000
11/21/2006 12/15/2016
100
150
FF
1.375
1/11/2012
2/15/2017
500
-
X
5.450
8/8/2007
9/15/2017
250
-
CC
2.250
10/6/2010
12/15/2017
500
-
JJ
1.875
7/9/2013
7/15/2018
500
-
Z
4.375
2/18/2009
3/15/2019
500
-
HH
1.450
7/31/2012
8/15/2019
500
-
LL
2.250
9/9/2014
3/15/2020
400
100
BB
4.300
11/16/2009 12/15/2021
500
-
EE
2.800
9/26/2011
500
-
II
2.050
10/10/2012 11/15/2022
400
100
KK
3.550
1/14/2014
1/15/2024
500
-
GG
2.450
6/26/2012
7/15/2024
400
100
Series
Coupon
T
4.550
U
4.950
DD
Issue Date Maturity
5/2/2005
5/15/2015
7/15/2016
5/15/2022
Total Outstanding USD 6,930 million
Issued Since 1975 USD 17,142 million
9
PEFCO Agreements: 1971 Guarantee Agreement
v 
Under the 1971 Guarantee, Ex-Im Bank “guarantees fully and unconditionally the
due and punctual payment in United States Dollars of the principal and interest on
all Obligations” covered under the Guarantee
v 
The agreement grants PEFCO the right to file a claim on a defaulted payment after
the tenth day following the scheduled due date
v 
PEFCO is required to report a payment default to Ex-Im Bank after the tenth day
following the scheduled payment date
v 
Ex-Im Bank waives certain rights due to the unconditional nature of the 1971
Guarantee
v 
Application of the 1971 Guarantee Legend to specific loans is approved by Ex-Im
Bank based on the parameters set forth in the PEFCO Standard Operating
Procedures (SOP)
10
PEFCO Agreements: Guarantee and Credit Agreement
v 
Article 2 of the Guarantee & Credit Agreement provides for a direct guarantee on the coupons on Guaranteed
Debt Obligations issued by PEFCO as pre-approved by Ex-Im Bank. In exchange, PEFCO pays a semi-annual fee
based on the aggregate interest expense for the period. This interest guarantee applies to the Secured Note
Program.
v 
Article 3 of the Guarantee & Credit Agreement provides for Ex-Im Bank to establish a short term revolving credit
facility for the benefit of PEFCO, in exchange for a fee payable on a quarterly basis. Currently, this revolving
credit facility is not active.
v 
Article 4 defines certain covenants on PEFCO including:
• 
(4.01) PEFCO requires Ex-Im Bank preapproval for sales/mergers/acquisitions, issue any Guaranteed
Securities or Long Term Debt, prepay any Guaranteed Securities or Long Term Debt, issue short term debt
in excess of a pre-approved ratio, invest excess funds in deposits or securities other than those approved
by Ex-Im Bank, pay dividends to shareowners in excess of parameters set by Ex-Im Bank.
• 
(4.02) Ex-Im Bank has the right to have two representatives attend PEFCO Board Meetings and access to
books & records
• 
v 
(4.03) receive financial reports on the quarterly and annual results
• 
(4.04) PEFCO will not engage in any business other than financing U.S. exports of goods & services
without Ex-Im Bank pre-approval
• 
(4.05) PEFCO will not supplant “private” sources of funding, thereby emphasizing the supplementary role
Article 5 defines the sunset of the Guarantee & Credit Agreement as falling on December 31, 2020. Note that all
debt issued prior to this date is covered until maturity of the debt obligation, even if the maturity date falls after
the sunset date.
11
PEFCO Standard Operating Procedures
As part of the Ex-Im Bank oversight on PEFCO, Ex-Im Bank & PEFCO agree to Standard
Operating Procedures as follows:
v 
Article 1: Defines PEFCO objectives in providing supplementary financing for U.S. exports
in an open and fair manner
v 
Article 2: Defines Ex-Im Bank policy objectives
v 
Article 3: Defines PEFCO reporting obligations
v 
Articles 4 & 5: Define the terms of financing and the operational guidelines with respect
to PEFCO’s lending activities, including the specific loan types that qualify for the
application of the 1971 Guarantee Legend
v 
Article 6: Defines financial guidelines, including minimum capital amount, leverage ratio,
dividend payout ratio and other requirements for PEFCO to adhere
The PEFCO SOP also includes definitions for the pricing formulas and methodologies on fixed
and floating rate loans
12
Contact Us
Private Export Funding Corporation
280 Park Avenue, 4 West
New York, New York 10017 USA
(212) 916-0300
http://www.pefco.com
President/CEO
Timothy C. Dunne
Treasury
Lending
Raj Nandkumar – Vice President & Treasurer
Gordon Hough – Senior VP/Lending
David Attisani – Asst. Vice President/Treasury
Vincent Herman – Vice President/Lending
Francoise Renieris – Asst. Vice President/Treasury
Melinda Scott – Asst. Vice President/Lending