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“The Impact of the Market Downturn on the U.S. Restaurant Sector” Featured on CIT’s “Executive Spotlight” Series

Consumers in search of value and quality are driving a comeback in sales in the restaurant sector, according to Bob Bielinski, Managing Director, Corporate Finance – Restaurant Industry Practice for CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies. This is just one of the insights Bielinski offers in “The Impact of the Market Downturn on the U.S. Restaurant Sector,” the latest in a series of in-depth executive Q&As featured in CIT’s “Executive Spotlight” series (http://executive-spotlight.cit.com).

Bielinski explains how the economic recovery is producing increased sales and M&A activity in the restaurant sector, saying, “In some cases, sales are coming back faster than expected. I expected anemic sales through the first half of the year, but the most recent economic data indicates that the consumer has resumed spending. In addition, the M&A market for restaurants is getting hot very quickly. There were more notable restaurant deals in the market during the first quarter than the total number of notable deals completed last year."

He suggests that consumers with a limited budget and many options will favor brands that offer a high-quality dining experience at their price point, noting, “Consumers have too many choices today to be satisfied with sub-par or even average execution. With unit growth opportunities more limited and profit pressure hopefully subsiding with improved sales, management teams need to focus on restaurant-level execution. At the end of the day, it’s all about the consumer’s experience.”

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About CIT

Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank holding company with approximately $45 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, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com

Contacts:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 212-461-7711
Vice President
Director of External Communications & Media Relations
Curt.Ritter@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com

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