CIT Communications, Media and Entertainment Provides $220 Million in Financing to Dark Castle Entertainment

CIT Communications, Media and Entertainment Provides $220 Million in Financing to Dark Castle Entertainment

Will Finance the Production of 15 Films By Dark Castle Entertainment Over the Next Six Years

NEW YORK, Oct. 17 /PRNewswire-FirstCall/ -- CIT Communications, Media and Entertainment, a unit of CIT Group Inc. (NYSE:CIT), a leading global provider of commercial and consumer finance solutions, announced today that it will finance the production of 15 feature films over the next six years for Dark Castle Entertainment, the successful production company headed by producer Joel Silver. These films will be released via Dark Castle's unprecedented arrangement with Warner Bros. Pictures, wherein the Studio will finance all print and advertising costs in exchange for worldwide distribution rights -- with the exception of up to two international territories, to which Dark Castle will sell its films directly.

As the Sole Lead Arranger in the transaction, CIT structured and underwrote $220 million of senior and junior capital representing a substantial portion of the company's total capitalization of $240 million. In bringing together a consortium of financial institutions experienced in the film finance sector, CIT also became a significant investor in Dark Castle's senior and subordinated debt, which will fund up to 15 films with budgets ranging from $15-40 million.

Dark Castle's pact with CIT gives Silver sole creative control and greenlight approval over Dark Castle projects, as well as ownership of the films produced by the company. The first film under the deal is expected to be White Out, an action thriller about a lone U.S. Marshal stationed in Antarctica, who must race against the onset of a brutal winter as she tracks the continent's first serial killer.

"We are thrilled to enter into this partnership with Joel and his team," said Wade Layton, Managing Director of CIT Communications, Media and Entertainment. "Silver Pictures' and Dark Castle's unparalleled track record of making commercially successful films, combined with their significant 20-plus year relationship with Warner Bros., made this an extraordinary venture."

Silver, the producer of nearly 50 films including the Lethal Weapon series and the blockbuster Matrix trilogy, said "This exceptional arrangement with CIT gives us the creative and financial freedom to significantly increase the number of films on the Dark Castle slate and broaden our focus beyond horror to become a full-genre label, encompassing thrillers, action pictures and action-comedies."

Co-President of Dark Castle Steve Richards added, "CIT was extremely responsive in structuring a transaction that met the needs of everyone involved. Not only did they step-up and underwrite a significant portion of our capital structure, we are extremely happy with the process and our relationship with CIT."

Kevin Khanna, Senior Vice President of CIT Communications, Media and Entertainment, said "We succeeded in bringing together a select group of investors who recognized Dark Castle as a unique and compelling opportunity. We're pleased to have coordinated this financing and look forward to our long- term partnership."

Joel Silver and Robert Zemeckis launched Dark Castle Entertainment in 1999 with the release of the number one hit House on Haunted Hill. Dark Castle has since produced a series of successful genre films, including 13 Ghosts, Ghost Ship, Gothika, starring Academy Award winning actress Halle Berry, House of Wax, and the upcoming supernatural thriller The Reaping, starring two-time Oscar winner Hilary Swank, which is set for release by Warner Bros. Pictures in 2007.

About CIT Communications, Media and Entertainment

CIT Communications, Media and Entertainment provides senior and mezzanine debt facilities to middle-market companies with borrowing needs ranging from $10 million to $250 million. The group focuses on providing financing to companies in the broadcasting, publishing, security, information services, technology, gaming, sports, entertainment and communications industries, and provides its clients a unique blend of industry expertise, coupled with a commitment to building long-term relationships.

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 $68 billion in managed assets 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 more than 7,000 employees in locations throughout North America, Europe, Latin America, and Asia Pacific. http://www.cit.com/.

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

Mary Flynn
Director of Media Relations
(212) 461-7860
Mary.Flynn@CIT.com

DARK CASTLE ENTERTAINMENT:
Joy Fehily
(310) 289-6200 x1721
joy.fehily@pmkhbh.com

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20041004/NYM003LOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: CIT Group Inc.

CONTACT: Media Relations: C. Curtis Ritter, Director of External
Communications & Media Relations, +1-212-771-9603, Curt.Ritter@CIT.com or Mary
Flynn, Director of Media Relations, +1-212-461-7860, Mary.Flynn@CIT.com,
Investor Relations: Stephen Klimas, Vice President, +1-973-535-3769,
Steve.Klimas@CIT.com, all of CIT; or Joy Fehily, for Dark Castle
Entertainment, +1-310-289-6200, ext. 1721, joy.fehily@pmkhbh.com

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

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