CIT Opens New Global Headquarters in New York City

CIT Opens New Global Headquarters in New York City

Chairman and CEO Jeffrey M. Peek Presents New York City Mayor Michael R. Bloomberg With a $10 Million Commitment to New York City's Civic and Cultural Communities

CIT to Ring The Closing Bell(SM) at The NYSE to Celebrate the Opening of The CIT Building at 505 Fifth Avenue

NEW YORK, April 27 /PRNewswire-FirstCall/ -- Jeffrey M. Peek, Chairman and Chief Executive Officer of CIT Group Inc. (NYSE:CIT), a leading provider of commercial and consumer finance solutions, today officially opened The CIT Building with New York City Mayor Michael R. Bloomberg during an unveiling ceremony at 505 Fifth Avenue and 42nd Street. The newly constructed 300,000 square foot, 28-story glass-encased office tower, which was designed by architects Kohn Pedersen Fox Associates, will serve as CIT's global headquarters. The building's lobby features artwork created by internationally acclaimed light and space artist James Turrell which bathes the lobby in alternating shades of blue, green and red.

In recognition of the opening of The CIT Building, and CIT's increased philanthropic commitment to New York City, Mr. Peek presented Mayor Bloomberg with a $10 million commitment over the next four years (2006-2009) for civic and cultural institutions in New York City. These funds are part of CIT's Corporate Giving Program, which provides financial support to educational, health, social service and arts programs throughout the U.S. Among the programs CIT is funding is the City's Third Grade Vision Program, administered by the Department of Education and Department of Health and Mental Hygiene, which provides free eye examinations and eyeglasses to public school students throughout New York City. CIT's sponsorship through the Mayor's Fund to Advance New York City will support the summer program and an expanded program this fall.

In addition, in 2006 CIT has committed to support the American Museum of Natural History's new 'Cosmic Collisions' space show, the New York Philharmonic's Free Concerts in the Parks series, the New York City Opera's expanded Opera-For-All program, the New York City Ballet's Spring Gala and the Fashion Institute of Technology. CIT will also support a number of organizations in its new neighborhood that provide a variety of educational programs to New York City's public schools, including: the New York Public Library, the New Victory Theater, the International Center of Photography, the Orchestra of St. Luke's, the Little Orchestra Society, Bryant Park Restoration Project, Alliance for the Arts, The Town Hall and the Roundabout Theatre Company.

"The unveiling of The CIT Building at 505 Fifth Avenue is an important milestone in CIT's nearly 100-year history," said Jeffrey M. Peek, Chairman and CEO. "The opening of our global headquarters in the financial capital of the world will establish a global footprint from which CIT can better serve our clients. We are committed to New York City and our presence at 505 Fifth Avenue reflects our desire to continue to serve as a responsible corporate citizen. We are pleased to announce that CIT is committing $10 million to support a variety of New York City civic and cultural organizations which will further serve as a testament of our dedication to our great city."

New York City Mayor Michael R. Bloomberg said, "CIT truly is an international organization and it's only appropriate that they chose New York City -- the financial capital of the world -- to locate their global headquarters. On behalf of all New Yorkers, I want to thank CIT for its dedication to New York City and for its generous pledge of $10 million to enrich the lives of our citizens as well as our visitors. Private support for New York's educational and cultural programs has never been more important and I am pleased that CIT shares this commitment as a great corporate citizen."

In conjunction with the opening of The CIT Building, Mr. Peek, along with several of CIT's senior executives, will ring The Closing Bell(SM) at the New York Stock Exchange this evening at 4:00 PM EDT. A live webcast of this event can be viewed at http://www.cit.com/

CIT employees play an active role in the communities around the world where they live and work. In connection with the opening of The CIT Building, CIT launched its first annual Global Employee Volunteer Month program. Throughout May, coinciding with International Volunteer Month, CIT is working with the Mayor's Volunteer Action Center and CIT employees will donate their time to various initiatives not only in New York but around the world.

CIT has approximately 6,600 employees in offices throughout North America, Europe, Latin America and Asia Pacific. The CIT Building will serve as CIT's main, client-facing location for senior management and more than 300 employees. CIT's 300 other New York City-based employees, formerly located at the Company's offices at 1211 Sixth Avenue, will relocate to 11 West 42nd street, nicknamed 'CIT West.'

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 $65 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 member 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 6,600 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. For more information, visit http://www.cit.com/.

CIT MEDIA RELATIONS
C. Curtis Ritter
Director of External Communications & Media Relations
(212) 771-9603
Curt.Ritter@CIT.com

Photo: Logo: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO
Source: CIT Group Inc.

CONTACT: C. Curtis Ritter, Director of External Communications & Media
Relations of CIT Group Inc., +1-212-771-9603, Curt.Ritter@CIT.com; or Jennifer
Falk, Deputy Press Secretary of Mayor's Press Office, +1-212-788-2958,
JFalk@cityhall.nyc.gov

Web site: http://www.cit.com/

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