CIT Reports Second Quarter 2012 Net Loss Of $71 Million ($0.35 Per Diluted Share); Pre-Tax Income Of $245 Million Excluding $286 Million Debt Refinancing Charges1

CIT Group Inc. (NYSE: CIT) cit.com, a leading provider of financing to small businesses and middle market companies, today reported a net loss for the quarter ended June 30, 2012 of $71 million, $0.35 per diluted share. This net loss compares to a net loss of $50 million, $0.25 per diluted share, for the second quarter of 2011 and includes debt refinancing charges of $286 million related to the prepayment of $4.2 billion of high cost debt, while the year-ago period included debt refinancing charges of $163 million related to the prepayment of $2.5 billion of high cost debt. Pre-tax income excluding debt refinancing charges was $245 million, up from $134 million in the year ago quarter. Net loss for the six months ended June 30, 2012 was $517 million, $2.57 per diluted share, and included debt refinancing charges of $906 million, compared to net income of $16 million, $0.08 per diluted share, in the comparable 2011 period.

“We continue to make progress towards our long term targets. Our results this quarter, while impacted by the repayment of high cost debt, reflect our efforts to grow our businesses as we meet the financing needs of our small business and middle market clients,” said John Thain, Chairman and Chief Executive Officer. “CIT Bank reached two significant milestones - $2 billion of internet deposits and $10 billion of assets - and will continue to play an important role in our growth strategy.”

Summary of Second Quarter Financial Results

Second quarter operating results reflect increased business activity as well as continued execution of our liability management strategy. While we reported a $42 million pre-tax loss for the quarter, pre-tax income excluding debt refinancing charges was $245 million, improved from $214 million and $134 million in the first quarter of 2012 and the year-ago quarter, respectively. Pre-tax income excluding debt refinancing charges and net FSA accretion/amortization ² was $119 million, up from $17 million in the year-ago period but down sequentially primarily due to lower gains on asset sales. See the Non-GAAP disclosure table on page 16 for additional information.

Total assets at June 30, 2012 were $42.8 billion, down $1.4 billion from March 31, 2012, and $5.4 billion from June 30, 2011. Commercial financing and leasing assets increased from prior periods, to $29 billion, while we further reduced consumer assets primarily through the sale of $1.1 billion of student loans. Total loans of $20.1 billion declined $2.2 billion from a year ago, and $0.4 billion sequentially, largely due to the sale of student loans. Operating lease equipment increased $1 billion from a year ago to $11.9 billion reflecting aircraft and rail car deliveries, and was essentially unchanged from March 31, 2012. Cash and short-term investments decreased $0.3 billion from March 31, 2012 to $7.0 billion as we paid down high-cost debt and improved the efficiency of our liquidity management.

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