CIT Plans Special Meeting of Shareholders.

Business Editors

LIVINGSTON, N.J.--(BUSINESS WIRE)--April 18, 2001

The CIT Group, Inc. (NYSE:CIT) (TSE:CIT.U and Exchangeable Shares: TSE:CGX.U), a leading, global source of financing and leasing capital, announced today that it had scheduled a special meeting of shareholders for 11:00 a.m. EDT on Wednesday, May 23, 2001 at CIT's offices in Livingston.

The record date for the determination of shareholders entitled to vote at the meeting is April 18, 2001. The purpose of the meeting will be to vote on the acquisition of CIT by Tyco International Ltd. (NYSE:TYC)(BSX:TYC)(LSE:TYI), a diversified manufacturing and service company.

Tyco filed a registration statement with respect to the acquisition with the Securities and Exchange Commission, which has declared the registration statement effective. CIT expects to mail to shareholders the definitive proxy statement/prospectus that forms a part of the registration statement shortly. At the time of this mailing, Tyco and CIT will file the definitive proxy statement/prospectus with the Securities and Exchange Commission. Investors and security holders may obtain a free copy of the proxy statement/prospectus (when available) and other documents filed by Tyco and CIT at the Commission's web site at www.sec.gov. The proxy statement/prospectus and other documents may also be obtained without charge from Tyco or from CIT by directing a request to Tyco International Ltd., The Zurich Centre, Second Floor, 90 Pitts Bay Road, Pembroke HM 08, Bermuda, tel: [phone]; or to The CIT Group, Inc., 650 CIT Drive, Livingston, NJ 07039. tel: [phone].

Investors should read the proxy statement/prospectus carefully when it becomes available before making any voting or investment decisions because it will contain important information relating to the proposed transaction.

CIT and certain other persons referred to below may be deemed to be participants in the solicitation of proxies of CIT's shareholders to approve the proposed acquisition of CIT by Tyco. The participants in this solicitation may include the directors of CIT. As of February 15, 2001, none of the directors of CIT individually beneficially owned in excess of 1% of CIT's outstanding common stock. A detailed list of the names and certain interests of CIT's directors and executive officers is included in CIT's Proxy Statement for its 1999 Annual Meeting of Shareholders, which may be obtained without charge from the Commission's web site at www.sec.gov. Information concerning certain interests of CIT's directors and executive officers will also be included in the proxy statement/prospectus which CIT and Tyco will file in connection with the proposed acquisition.

About CIT

CIT is a leading, global source of financing and leasing capital and an advisor for companies in more than 30 industries. Managing more than $50 billion in assets across a diversified portfolio, CIT is the trusted financial engine empowering many of today's industry leaders and emerging businesses, offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. Founded in 1908, CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. For more information on CIT, visit the web site at www.cit.com