In the Marketplace

CIT has indicated that it anticipates a prompt emergence from bankruptcy and upon its discharge from Chapter 11, CIT will be committing $500 million to support its Small Business Lending group to fund government guaranteed loans in the Small Business Administration 7a and 504 lending programs, as well as $1 billion in funding for its Vendor Financing operating segment. These commitments are in addition to the previously announced $1 billion in funding for its Trade Finance operating segment, which provides factoring services for mid-sized businesses. CIT also expects to generate new loans across its other lending and leasing platforms in 2010.

Under the terms of the bankruptcy Plan, CIT's existing common and preferred stock, along with all non-reinstated debt, will be cancelled effective upon consummation of the Plan, and distributions of new debt and equity securities will occur as soon as practicable thereafter. The Company's new Common Stock will be listed on the New York Stock Exchange under the ticker symbol “CIT” and the Company expects the stock will begin trading on the exchange upon the Plan's consummation. In aggregate, CIT will issue 200 million shares of new Common Stock to eligible debt holders in exchange for their claims against the debtors. Payments on reinstated debt and other unimpaired claims that were stayed during the Chapter 11 cases will be made as soon as practicable after emergence. The new debt securities issued under the Plan will begin to accrue interest on the emergence date.