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August 2012 – Press Release

CIT Appoints Blake Macaskill Managing Director of CIT Canada

NEW YORK & BURLINGTON, Ontario--(BUSINESS WIRE)--Aug. 21, 2012-- CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today announced the appointment of Blake Macaskill as Managing Director of CIT Canada. In this role he will lead the development and execution of CIT Canada’s growth strategy and oversee the Canadian businesses of CIT Global Vendor Finance and CIT Corporate Finance. He will report to Ron Arrington, President of CIT Global Vendor Finance.

“Blake’s financial services industry expertise will be instrumental as we continue to grow our Canadian business,” said Mr. Arrington. “He will serve an important role in helping us achieve our goals as we look to capitalize on the scale and deep relationships CIT Canada maintains.”

Macaskill has more than 20 years of experience in the financial services sector, most recently with De Lage Landen (DLL), a subsidiary of Rabobank, where he had responsibility for their office technology business.

Prior to DLL, Macaskill held senior positions with GE Capital Vendor Finance and GE Capital Fleet Services. He holds a Bachelor of Social Science degree in Marketing from theUniversity of Windsor. He is a Six Sigma Green Belt.

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About CIT Corporate Finance
CIT Corporate Finance provides lending, leasing and other financial and advisory services to the small business and middle market sectors, with a focus on specific industries, including Commercial Real Estate, Communications, Energy, Entertainment, Healthcare, Industrials, Information Services & Technology, Restaurants, Retail, Sports and Gaming. cit.com/corporatefinance

About CIT Vendor Finance
CIT Vendor Finance is a leader in developing business solutions for small businesses and middle market companies for the acquisition of equipment and value-added services. It creates tailored equipment financing and leasing programs for manufacturers, distributors, and product resellers across industries that are designed to help them increase sales. Through these programs, it provides equipment financing and value-added services, from invoicing to asset disposition, to meet its customers’ needs. cit.com/vendorfinance

About CIT
Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $33 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and global vendor finance. CIT also operates CIT Bank (Member FDIC), BankOnCIT.com, its primary bank subsidiary, which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com