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Michael McCarthy Appointed as President and CEO of SMBC Rail Services

New York – May 3, 2021: SMBC, a member of SMBC Group, announced today that Michael McCarthy has been appointed as President and CEO of SMBC Rail Services. Michael, who served as a Senior Vice President at SMBC Rail Services for the last five years, assumes the role from Eugene (Gene) Henneberry, who will retire effective July 9, 2021.

“Working closely with Gene, Michael has done an outstanding job and is a natural fit and successor to lead the Rail Services business,” said Hiro Hyakutome, CEO and Head of SMBC Americas Division as well as President and CEO of SMBC Americas Holdings, Inc. “Michael’s promotion is another tangible example of our strong pipeline of senior talent, ready to take on a leadership role. I look forward to our continued partnership to help strengthen and grow this business.”

Mr. Hyakutome added, “Gene’s achievements were many over the last 15 years, building the business to more than 60,000 railcars and 70 employees, operating offices in two cities, and commercial locations in nine cities and two countries. Our organization thanks Gene for his many contributions and his commitment and wish him continued success in his future endeavors.”

“I am deeply honored to have had the opportunity to work with the most talented and passionate team in the rail industry,” said Henneberry. “Having led this team through the financial crisis, two company sales, the acquisition of American Railcar Leasing, and most recently the COVID-19 pandemic has been challenging at times and without a doubt the most fulfilling professional time of my life. Michael was one of the original members of my team. His experience leading the portfolio management, commercial, and customer service teams provides a unique perspective. He is best suited to lead this business through its next chapter.”

“It is an honor for me to be appointed as Gene’s successor as President and CEO of SMBC Rail Services,” said McCarthy. “His leadership and guidance throughout the past 15 years has helped to grow and expand our footprint. We have a dedicated group of exceptionally talented employees who have many years of industry experience. I look forward to taking the helm and building on the achievements Gene and our SMBC Rail Services team have made over almost two decades. We have a very strong foundation in place.”

Michael joined SMBC in December 2013 as Vice President, Portfolio Management, when SMBC completed its acquisition of Flagship Rail Services. As commercial leader, he was responsible for implementing the Direct Market sales strategies and managing the Rail Services customer service team. He has more than 20 years of experience in railcar leasing, having worked for Flagship Rail Services/AIG Rail Services, GE Capital Rail Services, and GATX Corporation.

Prior to his time in railcar leasing, Michael was with Merrill Lynch Capital, where he was Vice President of Financial Planning and Analysis. He holds an MBA in finance from DePaul University and a Bachelor of Science in accounting from Marquette University.


Coronavirus COVID-19 Update

At SMBC Rail, we want to let you know we are thinking about all of you - our employees, our customers, our suppliers, and our communities - as we work through the impact of Coronavirus (COVID-19). Like you, we're closely monitoring the quickly developing effects of this outbreak.

SMBC Rail is doing everything we can to continue our operations with minimal interruption and serve our customers at the highest level. All SMBC Rail employees are currently working from home and that is the plan for the foreseeable future. Our systems are designed to support working remotely and employees have full access to files, email, and other resources needed to fully support our customers.

As always, reach out to your SMBC Rail Contact if you have any questions. http://www.smbcrail.com/contact.htm

For more information about COVID-19 and what you can do to keep healthy and safe, visit the Centers for Disease Control at www.cdc.gov or your local health department's website.

Please stay safe and take care of one another,
The SMBC Rail Team


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About SMBC Group
SMBC Group is a top-tier global financial group. Headquartered in Tokyo and with a 400-year history, SMBC Group offers a diverse range of financial services, including banking, leasing, securities, credit cards, and consumer finance. The Group has more than 130 offices and 85,000 employees worldwide in nearly 40 countries. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group, which is one of the three largest banking groups in Japan. SMFG’s shares trade on the Tokyo, Nagoya, and New York (NYSE: SMFG) stock exchanges. As of December 31, 2020, its total assets were $2.25 trillion.

In the Americas, SMBC Group has a presence in the U.S., Canada, Mexico, Brazil, Chile, Colombia, and Peru. Backed by the capital strength of SMBC Group and the value of its relationships in Asia, the Group offers a range of commercial and investment banking services to its corporate, institutional, and municipal clients. It connects a diverse client base to local markets and the organization’s extensive global network. The Group’s operating companies in the Americas include Sumitomo Mitsui Banking Corporation (SMBC), SMBC Nikko Securities America, Inc., SMBC Capital Markets, Inc., SMBC Rail Services LLC, Manufacturers Bank, JRI America, Inc., SMBC Leasing and Finance, Inc., Banco Sumitomo Mitsui Brasileiro S.A., and Sumitomo Mitsui Finance and Leasing Co., Ltd.