CIT Provides Update on Restructuring Plan Tabulation of Bondholder Votes Ongoing

NEW YORK, Oct 30, 2009 (BUSINESS WIRE) -- CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that the exchange offers and solicitation for certain of the Company's outstanding series of notes, excluding those maturing after 2018 and those issued by CIT Group Funding Company of Delaware, expired at 11:59 p.m. New York City time on Thursday, October 29, 2009.

Financial Balloting Group, its tabulation agent, has begun tabulating the votes recorded on the more than 150,000 ballots that were distributed to bondholders and other holders of debt related to the Company's proposed restructuring plan.

Once the votes have been tabulated, CIT's Board of Directors will determine the appropriate next step for the Company.

On October 1, 2009, CIT commenced a series of offers to exchange certain outstanding series of notes and concurrently began a solicitation for votes on a voluntary prepackaged plan of reorganization. The successful completion of either the exchange offers or plan of reorganization will generate significant capital and reduce CIT's liquidity requirements for several years through the material reduction of the Company's outstanding debt.

For Additional Information Further information about the Company and its restructuring plan is available at www.cit.com Evercore Partners, Morgan Stanley and FTI Consulting are the Company's financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel in connection with the restructuring plan. Sullivan & Cromwell is legal advisor to CIT's Board of Directors.

Individuals interested in receiving future updates on CIT via e-mail can register at http://newsalerts.cit.com About CIT CIT (NYSE: CIT) is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, retail finance, aerospace, equipment and rail leasing, and vendor finance. Founded in 1908 and headquartered in New York City, CIT is a member of the Fortune 500.

www.cit.com FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of applicable federal securities laws that are based upon our current expectations and assumptions concerning future events, which are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. The words "expect," "anticipate," "estimate," "forecast," "initiative," "objective," "plan," "goal," "project," "outlook," "priorities," "target," "intend," "evaluate," "pursue," "commence," "seek," "may," "would," "could," "should," "believe," "potential," "continue," or the negative of any of those words or similar expressions is intended to identify forward-looking statements. All statements contained in this press release, other than statements of historical fact, including without limitation, statements about our plans, strategies, prospects and expectations regarding future events and our financial performance, are forward-looking statements that involve certain risks and uncertainties. While these statements represent our current judgment on what the future may hold, and we believe these judgments are reasonable, these statements are not guarantees of any events or financial results, and our actual results may differ materially. Important factors that could cause our actual results to be materially different from our expectations include, among others, CIT may need to seek protection under the US Bankruptcy Code, even if the tender offer is consummated, the risk that the additional loan facilities do not provide the liquidity that CIT is seeking due to material negative changes to CIT's liquidity from draw down of loans by customers, the risk that CIT is unsuccessful in its efforts to effectuate a comprehensive restructuring of its liabilities, in which case CIT may be forced to seek bankruptcy relief.

Accordingly, you should not place undue reliance on the forward-looking statements contained in this press release. These forward-looking statements speak only as of the date on which the statements were made. CIT undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except where expressly required by law.

SOURCE: CIT Group Inc.

CONTACT: CIT Media Relations: C. Curtis Ritter, 212-461-7711 Vice President Director of External Communications & Media Relations [e-mail] or CIT Investor Relations: Ken Brause, 1-866-54CITIR (542-4847) Executive Vice President [e-mail] Copyright Business Wire 2009 -0- KEYWORD: United States

North America

New York INDUSTRY KEYWORD: Professional Services

Banking

Finance SUBJECT CODE: Economic News/Analysis