CIT Extends Expiration of Registered Exchange Offer

NEW YORK--(BUSINESS WIRE)--CIT Group Inc. ("CIT") and CIT Funding Company of Canada ("CITGF"), a wholly owned subsidiary of CIT (NYSE: CIT), today announced the extension of the expiration date from January 13, 2006 to January 20, 2006 of its previously announced registered exchange offer of up to (a) $1.0 billion aggregate principal amount of newly issued 4.65% Senior Notes due 2010 and (b) $700 million aggregate principal amount of newly issued 5.20% Senior Notes due 2015, which have been registered under the Securities Act of 1933, as amended (the "Exchange Notes"), for any and all existing 4.65% Senior Notes due 2010 and 5.20% Senior Notes due 2015 (the "Existing Notes"). All the other terms of the registered exchange offer remain the same.

As of 5:00 p.m., New York City time, on January 13, 2006 (the original expiration date of the exchange offer), $685.2 million in aggregate principal amount of the 4.65% Senior Notes due 2010 and $700 million in aggregate principal amount of the 5.20% Senior Notes due 2015 had been tendered for exchange. CIT and CITGF will accept for exchange any and all Existing Notes validly tendered and not withdrawn prior to the new expiration date of the exchange offer, which is 5:00 p.m., New York City time, on January 20, 2006.

Requests for assistance or for copies of the prospectus or the letter of transmittal relating to the exchange offer should be directed to JPMorgan Chase Bank, N.A., the exchange agent, at 1-800-275-2048.

This press release shall not constitute an offer to sell any securities or a solicitation of an offer to buy any securities. The exchange offer will be made only by means of a written prospectus.

About CIT:

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $60 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset-based lending. With its Global Headquarters in New York City, CIT has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit http://www.cit.com/.