Icahn Announces Increase in Tender Offer Price for CIT Group Notes

NEW YORK, Nov 13, 2009 /PRNewswire via COMTEX/ -- Carl C. Icahn today announced that, in connection with the existing tender offer by his affiliated entities (the "Offeror") to purchase any and all of the Senior Notes of CIT Group listed in the Offer to Purchase dated November 2, 2009 (the "Notes"), the Offeror has increased the purchase price of the Notes to $650 per $1,000 of principal amount of Notes tendered.

The tender offer is open for acceptance until 11:59 p.m., New York City time, on December 2, 2009, unless extended or withdrawn. The complete terms and conditions of the tender offer are set forth the Offer to Purchase and the related Letter of Acceptance and Transmittal, each as may be amended or supplemented from time to time.

Noteholders with questions about the tender offer may call Innisfree M&A Incorporated, the Information Agent, toll-free at 877-687-1875 (banks and brokers may call collect at 212-750-5833).

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE NOR A SOLICITATION FOR ACCEPTANCE OF THE TENDER OFFER DESCRIBED ABOVE. THE TENDER OFFER IS BEING MADE ONLY PURSUANT TO THE OFFER TO PURCHASE, LETTER OF ACCEPTANCE AND TRANSMITTAL AND RELATED MATERIALS. HOLDERS OF NOTES SHOULD READ CAREFULLY THE OFFER TO PURCHASE, LETTER OF ACCEPTANCE AND TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE TENDER OFFER.

SOURCE Carl Icahn www.prnewswire.com Copyright (C) 2009 PR Newswire. All rights reserved -0- KEYWORD: New York INDUSTRY KEYWORD: FIN SUBJECT CODE: OFR