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.