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Equipment Acquisition Resources Chapter 11 goes to Chapter 7 Bankruptcy

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CIT Obtains Additional $4.5 Billion in Financing Through Expansion of Existing Secured Credit Facility

Addresses Unfunded Financing Proposal from Carl Icahn

NEW YORK--CIT GROUP, Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today announced that it has expanded its current $3 billion senior secured credit facility by an additional $4.5 billion. The new $4.5 billion tranche, which is being provided by a diverse group of lenders, including many of the Company?s bondholders, will be secured by substantially the same assets as the existing $3 billion tranche and any additional collateral that becomes available as a result of the Company?s refinancing of certain existing secured credit facilities.

We believe this secured financing will serve the best interests of all stakeholders and will allow us to better position CIT for the future, said Jeffrey M. Peek, Chairman and CEO. This expanded credit facility will allow us to continue to serve our existing small business and middle market customers as we advance our restructuring plan.

The new $4.5 billion tranche matures in January 2012, and includes an option for the Company to extend all or a portion of the new tranche for an additional year. It is expected to close today and will be used to refinance a portion of the Companys existing secured indebtedness, which may come due as a result of the restructuring, and for general corporate purposes.

The Company also addressed a commitment letter received yesterday from Carl Icahn to provide CIT a new $4.5 billion term loan. Although Mr. Icahn and his advisors had been in discussions with the Company for several days and were fully aware of CITs deadline, they provided the Company less than one hour to review and accept his commitment letter. Additionally, despite several requests from the Company for information and multiple deadline extensions, the Company has yet to receive a signed credit agreement and evidence of Mr. Icahns ability to fund the commitment.

As a result of the lack of evidence that Mr. Icahn has arranged sufficient funding at this time, CITs Board of Directors determined that the best interests of the Company and its stakeholders would be served by proceeding with the credit facility provided by a diverse group of lenders.

Through the substantial deleveraging featured in CITs restructuring plan, whether completed in or out of court, the Company is confident that CIT will emerge as a strong bank holding company with improved capital, liquidity and earnings potential. CIT remains fully committed to serving its small business and middle market customers, as it has for more than 100 years.

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