CIT to Redeem Additional $860 Million in Series B Notes

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it will redeem all of its outstanding 10.25% Series B Second Lien Notes maturing in 2015 and 2016. The Company has provided a redemption notice to the trustee and intends to complete the redemption on November 4, 2010.

The aggregate principal amount of the 10.25% Series B Notes to be redeemed is approximately $860 million. As provided under the terms of the Series B Notes, the redemption price will be 103.5% of the aggregate principal amount redeemed. After this redemption, approximately $750 million of Series B Notes maturing in 2017 will remain outstanding.

“Improving our cost of funds by reducing our existing high cost debt facilitates our critically important role as a provider of essential financing to small business and middle market companies,” said John A. Thain, Chairman and Chief Executive Officer. “We will continue to proactively improve our cost of capital through repayment or refinancing with lower cost funding as we revitalize the CIT franchise and deepen our support of our clients.”

Last month, the Company provided a redemption notice to the trustee to redeem all of its outstanding 10.25% Series B Second Lien Notes maturing in 2013 and 2014. Combined with the 2015 and 2016 maturities, the Company has now announced the redemption of approximately $1.4 billion of Series B Second Lien Notes in total. Earlier this year, the Company also repaid $4.5 billion, or 60%, of its First Lien debt and successfully refinanced the balance at a lower cost and with more flexible terms.

Additional information can be found in the Company’s SEC filings that are available on CIT’s Web site, www.cit.com, in the Investor Relations section.

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About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $40 billion in finance and leasing assets. It provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. www.cit.com