CIT to Redeem Remaining 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 its remaining 10.25% Series B Second Lien Notes maturing in 2017 with a principal amount of approximately $752 million. The Company has provided a redemption notice to the trustee and intends to complete the redemption on January 4, 2011.

As provided under the terms of the Series B Notes, the redemption price will be 102% of the aggregate principal amount redeemed. After this redemption is complete, the Company will have redeemed all of its outstanding Series B Notes, which had an aggregate principal amount of approximately $2.15 billion.

“The redemption of all our Series B Notes is another milestone in our post-restructuring efforts,” said John A. Thain, Chairman and Chief Executive Officer. “Once complete, we will have extinguished more than $6.5 billion of high cost debt over a twelve month period.”

In late October and early November, CIT redeemed the approximately $1.4 billion of Series B Notes that matured from 2013 through 2016. Earlier this year, the Company repaid $4.5 billion, or 60%, of its first lien debt and successfully refinanced the $3 billion 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 $35 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