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CIT Group Inc.

CIT Group Inc. Wachovia 14th Annual Nantucket Conference. Notices. Forward Looking Statements

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CIT Group Inc.

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  1. CIT Group Inc. Wachovia 14th Annual Nantucket Conference

  2. Notices Forward Looking Statements Certain statements made in these presentations that are not historical facts may constitute "forward-looking" statements under the Private Securities Litigation Reform Act of 1995, including those that are signified by words such as "anticipate", "believe", "expect", "estimate", and similar expressions. These forward-looking statements reflect the current views of CIT and its management and are subject to risks, uncertainties, and changes in circumstances. CIT's actual results or performance may differ materially from those expressed in, or implied by, such forward-looking statements. Factors that could affect actual results and performance include, but are not limited to, potential changes in interest rates, competitive factors and general economic conditions, changes in funding markets, industry cycles and trends, uncertainties associated with risk management, risks associated with residual value of leased equipment, and other factors described in our Form 10-K for the year period ended December 31, 2003 and our Form 10-Q for the quarter ended March 31, 2004. CIT does not undertake to update any forward-looking statements. Non-GAAP Financial Measures These presentations include certain non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. Any references to non-GAAP financial measures are intended to provide additional information and insight into CIT's financial condition and operating results. These measures are not in accordance with, or a substitute for, GAAP and may be different from or inconsistent with non-GAAP financial measures used by other companies. For a reconciliation of these non-GAAP measures to GAAP, please refer to the appendix within this presentation or access the reconciliations through CIT's Investor Relations website at investor.relations@cit.com. Data as of March 31, 2004 unless otherwise noted. Subsequent to March 31, 2004 Structured Finance was amalgamated with Capital Finance ($1.8 billion of managed assets) and Commercial Finance-Business Credit ($1.3 billion of managed assets). Prior period data has not been restated to reflect the change.

  3. Introduction • The world’s largest publicly held commercial finance company • Managed assets of $50 billion and roughly 6,000 employees • Diverse franchise offering a full array of financial products & services • Predominantly a collateralized lender • Customers include the majority of the Fortune 1000 companies • Listed on NYSE under the ticker symbol “CIT” • 68% return for shareholders since the IPO (July 2002 - May 2004) • Current market capitalization of approximately $8 billion

  4. Business Strategy

  5. Segment Overview Managed Assets - $50B Market Focus Small-ticket commercial lending and leasing, vendor finance, SBA lending and consumer home equity loans Specialty Finance Commercial $13B Consumer $6B Diversified middle market equipment lending and leasing Equipment Finance Mid-large ticket asset based lending, factoring and other commercial services Bus. Credit $4B Commercial Services $7B Commercial Finance Commercial aerospace and rail equipment leasing and lending Capital Finance Specialized investment bank for the middle market Structured Finance (billions) Segment data excludes $250mm of equity investments held in corporate.

  6. Business Assessment FLOW TRANSACTION

  7. More Diverse Today Than 10 Years Ago December 1993 March 2004 Structured Finance Specialty Commercial Specialty Consumer EquipmentFinance EquipmentFinance CommercialServices CAGR 13.5% Business Credit Specialty Consumer Capital Finance CapitalFinance Business Credit CommercialServices Managed Assets $13.7 billion Managed Assets $50 billion Segment data excludes $250mm of equity investments held in corporate.

  8. Results by Business Segment $50 billion $164 million Segment data excludes equity investments and other corporate data.

  9. Financial Scorecard * Excludes $25.5 million after-tax gain on PINES debt call

  10. Historic Credit Losses .80-.85% Objective

  11. Sharp Improvement in Forward Markers Owned Delinquency 60+ days Non-Performing Assets 3.93% 3.24% 2.47% 2.16% 2.07% 2.05% Non-Accrual Repo Liquidating

  12. Argentine General Telecom Strong Balance Sheet Reserves ($millions) Tangible Capital ($billions) General Reserves to Fin Rec. Tangible Capital to Managed Assets

  13. Ratings Objective Comparative Analysis Other Qualitative Factors * Core Charge-offs Focus on returning to high single A long-term debt rating

  14. Balanced and Diverse Funding Mix • Commercial Paper • US$ 5.0B program • C$ 1.0B program • A$ 1.0B CP/MTN program • Term Debt • Diverse product offerings: • Institutional and Retail • Public and Private • US and International • Strong demand across maturities • Securitization • Attractive funding alternative and valuable liquidity source • Diverse product offerings: • Public market and Private conduits • Various asset classes Outstanding Debt and ABS at December 31, 2003

  15. Capital Generation Return on Equity 13% Dividend Payout 17% Capital Generation 11% Funds • Asset growth target 8-10% • Increased dividend 8% • Stock buyback program to support employee stock option program • Acquisitions that are accretive to earnings

  16. Growing the Business Grow assets consistent with GDP expansion • Focus on sectors growing faster than GDP • Technology • Healthcare • Media and Communications • Increase market share • Deeper penetration into existing businesses • Expand origination/distribution channels • Supplement organic growth with acquisitions • Target new (but related) markets • Leverage international platforms • Build vendor relationships Managed Asset Growth Target: 8-10%

  17. Traits of a Rising Rate Environment

  18. Key Investment Highlights • Diverse franchise with market leadership positions and 95+ years experience in commercial lending • Robust capital levels position us well for economic recovery • Infrastructure in place to support higher asset volumes • Strong reserves and broad based credit quality improvements • Deep funding model and solid liquidity position • Solid single A ratings with a stable outlook by all agencies • Disciplined and experienced management team

  19. Appendix

  20. CIT and Tyco announced definitive agreement in which Tyco would acquire CIT Dai-Ichi Kangyo Bank acquired 60% of CIT from Manufacturers Hanover Successful CIT secondary stock offering reduced DKB’s stake to approximately 44%, with balance of shares held publicly CIT went public and was listed on NYSE. The company had 600 employees and assets of $44.7 MM Chemical Bank merged with Chase Manhattan. CIT ownership was 80% by DKB and 20% by Chase Manhattan CIT completed 100% initial public offering (NYSE: CIT) RCA acquired CIT March1999 June 1, 2001 July 14, 2000 1908 1942 1984 1987 1995 1997 1924 1980 1989 1996 1998 March 13,2001 July 2, 2002 Dai-Ichi Kangyo Bank acquired an additional 20% of CIT from Chemical Bank CIT founded as Commercial Credit and Investment Company by Henry Ittleson in St. Louis CIT is added to the S&P 500 Index CIT announced agreement to acquire Newcourt Credit Manufacturers Hanover purchased CIT from RCA Tyco Int’l acquisition of CIT completed CIT Financial Corporation, company’s industrial financing entity, was incorporated Albert R. Gamper, Jr., named Chairman and CEO of CIT. CIT launched a 20% IPO to acquire from DKB its option to purchase the 20% interest owned by Chase Manhattan. CIT again listed on the NYSE (“CIT”) Corporate History

  21. Board of Directors * Served on previous CIT Boards

  22. Office of the Chairman • The Office of the Chairman structure is designed to ensure a smooth succession of Senior management • Collectively within the office are deep and complementary business management skills • Broad financial services management skills • Operational, financial and credit expertise • CIT history and insight

  23. Vendor Finance: Relationships with Dell Computer, Avaya, Snap-on Tools, Agilent and other Fortune 500 companies around the globe State-of-the-art transaction processing technology Scalable platform with significant operating leverage SBA Lending: #1 Provider of government backed small business loans Point-of-Sale & Office Products: Provide financing for credit card terminals, photocopiers, etc. Specialty Finance - Commercial Flow Business $12.6B Total Managed Assets $50B Data as of March 31, 2004 Customized solutions supporting businesses

  24. Home Equity: Mortgage broker driven business Highly efficient origination and credit approval systems Scalable “best-in-class” servicing and collection High credit quality and geographically diverse portfolio Other Consumer: Liquidating Portfolios including Manufactured Housing, Recreational Vehicle, Marine & Inventory Finance Specialty Finance - Consumer Flow Business $6.5B Total Managed Assets $50B Data as of March 31, 2004 Automated processing drives efficiency

  25. Leading commercial services / factoring business in the U.S. Vital credit bridge between vendors and retailers Highly efficient processor Annuity-like earnings Long-term client relationships - 10+ years on average Superb track record of navigating retail credit cycles Commercial Services Flow Business $6.5B Total Managed Assets $50B Data as of March 31, 2004 Premier brand recognition

  26. Asset based lender to multiple industries Leading provider of working capital to the middle market Strong debtor-in-possession (DIP), turn around and expansion financing capabilities Deal-oriented and collateral protected Long standing referral relationships Significant fee generator Business Credit Transaction Business $4.1B Total Managed Assets $50B Data as of March 31, 2004 Consistent player in the ABL market

  27. Portfolio Composition Aerospace: $4.7B Rail: $2.5B Four decades of experience in providing customized financing and leasing services Experts in managing and maximizing collateral values Strong relationships with deep market penetration State-of-the-art proprietary systems Capital Finance Transaction Business $7.2B Total Managed Assets $50B Data as of March 31, 2004 “Best-in-class” equipment management

  28. Leading equipment lender with a premium brand name Industry leader in key markets: Construction equipment Manufacturing Corporate aircraft Wide range of product offerings including direct financing programs with equipment manufacturers and dealers Collateral and equipment management expertise Equipment Finance Flow Business $9.9B Total Managed Assets $50B Data as of March 31, 2004 Industry commitment and expertise

  29. CIT’s specialized investment bank for the middle market Project-oriented niche business Expertise in structured leasing, project finance, media and regional aircraft Syndication capability limits use of balance sheet Strong fee generator (Advisory, Arranging, Underwriting, and syndicating) Structured Finance Transaction Business $3.1B Total Managed Assets $50B Data as of March 31, 2004 Significant fee generator

  30. Commercial Aerospace Portfolio Composition Portfolio Statistics Total Exposure $ 4.7 Billion Aircraft – number 209 Planes Average Age 7 Years AOG (w/out LOI) 3 Planes Top Exposure $267 Million Body Type <10% Wide body Geography <22% North America Data as of March 31, 2004

  31. Structured Finance Communication & Media $1.3 Power, Energy & Infrastructure 1.1 Air - Regional 0.3 Structured Debt & Leasing1 0.4 Total $3.1 Capital Finance Air $5.1 Rail 2.7 Power, Energy & Infrastructure 1.1 Structured Debt & Leasing 0.1 Other 0.1 New Capital Finance $9.1 Business Credit Business Credit - Old $ 4.1 Communication & Media 1.3 New Business Credit $ 5.4 Business Re-Alignment Power, Energy & Infrastructure, Regional Air and SD&L $1.8 Communication & Media $1.3 1 Includes $0.3 billion of product with the rail industry

  32. Non-GAAP Disclosure ($ in Millions) Non-GAAP financial measures disclosed by management are meant to provide additional information and insight relative to trends in the business to investors and, in certain cases, to present financial information as measured by rating agencies and other users of financial information. These measures are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other companies.

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