CIT Names Three New Directors

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that Gerald Rosenfeld, Anthony P. Terracciano and Laura S. Unger have been appointed to the Company’s Board of Directors. CIT also announced that the Honorable Christopher H. Shays and Lois M. Van Deusen have resigned from the Board.

As contemplated by the Company’s Plan of Reorganization, CIT’s Board now consists of 13 Directors including seven new independent Directors appointed since CIT emerged from bankruptcy, five incumbent independent Directors and Jeffrey M. Peek, Chairman and Chief Executive Officer, who will be leaving CIT on January 15, 2010. The search for a new CEO continues to progress and, once appointed, this individual will also serve on the Board.

“The appointment of these three outstanding individuals completes the reconstitution of our Board of Directors,” said Mr. Peek. “Their depth of experience and reputations in the banking, regulatory and financial services arenas will benefit CIT as it moves forward and continues to serve the small and middle market sectors of the economy. I want to thank Christopher and Lois for their many contributions to the Board and their dedicated service to CIT. Their extraordinary efforts were instrumental to CIT’s successful restructuring.”

Newly Appointed Independent Directors

• Gerald Rosenfeld, 63, currently serves as Deputy Chairman of Rothschild North America, and previously served as its Chief Executive Officer for eight years. Prior to joining Rothschild he was President of G Rosenfeld & Co LLC, an investment banking firm he founded in 1998. Previously, he was Head of Investment Banking and a member of the Management Committee of Lazard Freres & Co LLC since 1992. Prior to Lazard, Mr. Rosenfeld held significant management positions at Bankers Trust Company, Salomon Inc. and its Salomon Brothers subsidiary and McKinsey & Company. Prior to joining McKinsey, Mr. Rosenfeld was a member of the faculty of the City College of New York, New York University and the University of Maryland.
• Anthony P. Terracciano, 71, has served as Chairman of the Board of SLM Corp. since January 2008. Prior to SLM Corp., Mr. Terracciano served as Chairman of the Board of Riggs Corporation, which was sold to The PNC Financial Services Group, Inc., from 2004 to 2005, as Chairman of the Board of Dime Bancorporation, which was sold to Washington Mutual, Inc., from 1999 to 2002, and as Vice Chairman of American Water Works, NJ, from 1997 to 2003. Prior to 2000, he served as President of First Union Corp. and was the Chief Executive Officer, President, and Chairman at First Fidelity Bancorp. Prior to First Fidelity, he served as the President and Chief Operating Officer at Mellon Bank Corp. and spent the first 23 years of his career at Chase Manhattan Bank Corporation, where he rose to Vice Chairman of Wholesale Banking and Investment Banking.
• Laura S. Unger, 49, a former Commissioner of the U.S. Securities and Exchange Commission (SEC), is a private consultant, advising clients on securities, legal, regulatory, and policy matters. She has also served as the Independent Consultant to JPMorgan for the Global Analyst Conflict Settlement since 2003. She served as the regulatory expert for CNBC from 2002 to 2003. Prior to CNBC, she served as Commissioner of the SEC from November 1997 to February 2002, including Acting Chairperson of the SEC from February to August 2001. Before being appointed to the SEC, Ms. Unger served as Counsel to the United States Senate Committee on Banking, Housing and Urban Affairs. Prior to working on Capitol Hill, she was an attorney with the Enforcement Division of the SEC.

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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