CIT Management Discusses Restructuring Plan in Webcast

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that a pre-recorded webcast presentation describing the Company’s current restructuring plan is available on its website.

Chairman and CEO Jeffrey M. Peek, President and Chief Operating Officer Alexander T. Mason and Vice Chairman and Chief Financial Officer Joseph M. Leone participate in the webcast presentation. The webcast will be available until 11:59 PM EDT on October 29, 2009.

The Webcast Presentation Can Be Accessed At: http://ir.cit.com

On October 1, 2009, CIT commenced a series of offers to exchange certain outstanding series of notes and concurrently began a solicitation for votes for a voluntary prepackaged plan of reorganization. Successful completion of either the exchange offers or plan of reorganization will generate significant capital and provide multi-year liquidity through the material reduction of CIT's outstanding debt. On October 16, 2009, CIT amended its restructuring plan to further build bondholder support.

For Additional Information

The Company has filed an 8-K containing the amended Offering Memorandum, Disclosure Statement and Solicitation of Acceptances of a Prepackaged Plan of Reorganization with the Securities and Exchange Commission. Further information about the Company and its restructuring plan can be found at www.cit.com.

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 $3 billion loan facility does 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.