CIT Prices Offering of $600 Million Equity Units.

NEW YORK -- CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, announced today that it has priced its offering of $600 million of equity units. The company will issue 24 million equity units with a stated amount of $25.00 per unit. The equity units carry a total distribution rate of 7.75%. The threshold appreciation price of the equity units is $42.00, which represents a premium of approximately 20.07% over the closing price of CIT's common stock of $34.98 on October 17, 2007. The offering is subject to customary closing conditions and is expected to close on October 23, 2007. CIT has also granted the underwriters an option to purchase up to 3.6 million additional equity units solely to cover over-allotments, if any.

CIT intends to use substantially all of the proceeds for general corporate purposes. The offering will be completed under CIT's current shelf registration statement filed with the SEC.

Morgan Stanley & Co. Incorporated and Citigroup Global Markets Inc. are the joint bookrunners for this offering, and Banc of America Securities LLC, Goldman, Sachs & Co., and Lehman Brothers Inc. are co-managers.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The equity unit offering may be made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained when available from Morgan Stanley & Co. Incorporated, 180 Varick Street 2/F, New York, NY 10014 [e-mail], 1-866-718-1649 or Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220, telephone: [phone], facsimile: [phone].

Forward-Looking Statements 

This press release may contain certain forward-looking statements, which are based on management's expectations regarding factors that may impact the company's earnings and performance in future periods. Words and phrases such as: "will likely result," "expect," "will continue," "anticipate," "estimate," "project," "believe," "intend," "should," "would," "may," "can," "could," "plan," "target" and similar expressions are intended to identify "forward-looking statements." Actual results or performance could differ from those implied or contemplated by such statements. Factors that could cause future results and performance to vary materially from current management expectations include, but are not limited to, general business and economic conditions; fiscal and monetary policies; significant weather events such as hurricanes; war and terrorism; changes in interest rates; deposit flows; loan demand and real estate values; competition with other providers of financial products and services; the issuance or redemption of additional company equity or debt; volatility in the market price of our common stock; changes in accounting principles, policies or guidelines; changes in laws or regulation; reliance on other companies for products and services; and other economic, competitive servicing capacity, governmental, regulatory and technological factors affecting the company's operations, pricing, products and delivery of services.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries.