CIT Enters into Definitive Agreements for $2.33 Billion Investment by the U.S. Treasury

Conditions to Notes Exchange Offer SatisfiedNEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT - News), a commercial bank holding company, today announced that it has entered into definitive agreements (the “TARP Agreement”) with the U.S. Department of the Treasury (the “Treasury”) to sell $2.33 billion in CIT’s perpetual preferred stock and related warrants to the Treasury as a participant in the federal government’s Capital Purchase Program, part of the Troubled Assets Relief Program established under the Emergency Economic Stabilization Act of 2008. The closing of the sale is expected to occur on December 31, 2008.


In connection with CIT’s entry into the TARP Agreement, all conditions to the consummation of CIT’s previously announced offer to exchange certain of its outstanding notes (the “Notes Exchange”) have been satisfied. The Notes Offer will expire at 5:00 PM EST on December 23, 2008. CIT expects the settlement of the Notes Exchange will occur on December 24, 2008.

The securities offered in the Notes Exchange have not been registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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