CIT Group Inc.

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CIT Group Inc.

• Wachovia 14th Annual Nantucket Conference

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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_at_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.

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Introduction

• The worlds 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

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Business Strategy
Focused Growth Emphasize businesses where we have competitive strengths and predictable performance
Diversification Maintain balanced businesses and broad funding platforms that reduce risk through diversification
Scale Risk Management Assume leadership positions in key businesses where operating leverage can be generated Further utilize technology and information to properly balance risks and rewards
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Segment Overview
Managed Assets - 50B
Market Focus
Small-ticket commercial lending and leasing,
vendor finance, SBA lending and consumer home
equity loans
Commercial 13B
Consumer 6B
Specialty Finance
Diversified middle market equipment lending and
leasing
Equipment Finance
Mid-large ticket asset based lending, factoring
and other commercial services
Commercial Services 7B
Bus. Credit 4B
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.
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Business Assessment
Business Unit Managed Assets Market Position Entry Barriers Competitive Strengths
Specialty Commercial 13B Leader Medium Technology, Origination and servicing, Relationships, Efficiency, Preferred and Exclusive Lender status
Specialty Consumer 6B Player Medium Technology, Servicing, Relationships
Equipment Finance 10B Leader Medium Relationships, Reputation, Collateral expertise, Service
Commercial Services 7B Leader High Credit, Relationships, Technology, Processing Efficiency

Capital Finance 7B Leader High Asset and industry expertise, Relationships, Service, Remarketing capability
Business Credit 4B Leader Medium Reputation, Relationships, Speed, Credit, Portfolio management and syndication capability
Structured Finance 3B Player Low/Medium Structuring expertise, Relationships, Credit, Underwriting and syndication skills
FLOW
TRANSACTION
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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
Capital Finance
CommercialServices
Business Credit
Managed Assets 13.7 billion
Managed Assets 50 billion
Segment data excludes 250mm of equity
investments held in corporate.
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Results by Business Segment
50 billion
164 million
Segment data excludes equity investments and
other corporate data.
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Financial Scorecard
2003 Q1 2004 Q1 Long Term Targets
Profitability
Net Income ( millions) 127 164
EPS () 0.60 0.76
ROTE 11.0 13.1 15
Risk Adjusted Margin 2.34 3.09 3.40 - 3.60
Securitization Gain ( PT Income) 14 8 Max. 15
Expenses
Efficiency Ratio 41.7 41.1 35 Area
Credit
Credit Losses - Total 1.61 1.26
Balance Sheet
Managed Assets ( billions) 47.5 50.1 8 - 10
Tangible Equity/Managed Assets 10.4 10.7 9 Plus
Excludes 25.5 million after-tax gain on PINES
debt call
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Historic Credit Losses
.80-.85
Objective
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Sharp Improvement in Forward Markers
Owned Delinquency 60 days
Non-Performing Assets
3.93
3.24
2.47
2.16
2.07
2.05
Liquidating
Repo
Non-Accrual
12
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
1998 Q1-04
Rating Aa3/A A2/A
Profitability
ROMA ROTE 1.48 14.0 1.42 13.1
Asset Quality
Charge-offs NPAs 0.42 1.40 0.98 2.07
Capitalization
Tang Equity/MA Alt. Liquidity/STD 10.3 43 10.7 86
Issue Current Status
Economic Environment Improving economy Diverse business franchises
Wholesale Funding Model Expanded funding diversity Reduced refinancing risk Proven alternate liquidity
Management Transition Well-defined succession plan Experienced management
Core Charge-offs
Focus on returning to high single A long-term
debt rating
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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
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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

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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
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Traits of a Rising Rate Environment
Volume Higher capital spending Activity picks up and growth accelerates
Revenue Higher asset growth drives more margin Stronger deal flow leads to fee generation Equipment gains higher
Margin Matched funding philosophy minimizes risk
Credit More liquidity for customers Asset and collateral values appreciate Lower losses and improved credit metrics
Competition Cyclical lenders return Capital available for new entrants Pricing pressure increases
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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

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Appendix
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Corporate History
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Board of Directors
Board Member Member Since Independent Directors Board Committees Board Committees Board Committees
Board Member Member Since Independent Directors Audit Comp Nom Gov
Albert R. Gamper, Jr. 2002    
Jeffery M. Peek 2003    
William A. Farlinger 2002  
Thomas H. Kean 2002   Chairman  
Edward J. Kelly, III 2002  
Peter J. Tobin 2002 Lead Chairman  
William M. Freeman 2003
Marianne Miller Parrs 2003  
John R. Ryan 2003   Chairman
Lois M. Van Deusen 2003
Gary Butler 2004
Served on previous CIT Boards
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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

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Specialty Finance - Commercial

• 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.

Flow Business
12.6B
Total Managed Assets 50B
Data as of March 31, 2004
Customized solutions supporting businesses
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Specialty Finance - Consumer
Flow Business

• 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

6.5B
Total Managed Assets 50B
Data as of March 31, 2004
Automated processing drives efficiency
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Commercial Services
Flow Business

• 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

6.5B
Total Managed Assets 50B
Data as of March 31, 2004
Premier brand recognition
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Business Credit
Transaction Business

• 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

4.1B
Total Managed Assets 50B
Data as of March 31, 2004
Consistent player in the ABL market
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Capital Finance
Transaction Business

• 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

7.2B
Total Managed Assets 50B
Data as of March 31, 2004
Best-in-class equipment management
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Equipment Finance
Flow Business

• 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

9.9B
Total Managed Assets 50B
Data as of March 31, 2004
Industry commitment and expertise
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Structured Finance
Transaction Business

• CITs 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)

3.1B
Total Managed Assets 50B
Data as of March 31, 2004
Significant fee generator
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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
lt10 Wide body Geography lt22 North America
Data as of March 31, 2004
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Business Re-Alignment
Power, Energy Infrastructure, Regional Air and
SDL 1.8
Communication Media 1.3
1 Includes 0.3 billion of product with the rail
industry
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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.