CIT Executive Insights Video Discusses Results of Annual CIT Voice of the Middle Market Survey

CIT Releases Annual Voice of the Middle Market Study Highlighting the Perspectives of U.S. Middle Market Executives

Progress on Strategic Initiatives –

Conference Call and Audio Webcast Scheduled for 8:00 AM EDT

-$10.0 Billion Purchase Price Represents 6.7% Premium to Net Assets -CIT Intends to Return up to $3.3 Billion of Common Equity to Shareholders and Undertake Certain Related Liability Management Actions -Transaction Expected to Close by the End of the First Quarter of 2017 -Advances CIT’s Strategy to Create a Leading National Middle-Market Bank

Net Income includes After-Tax Charges of ($163) million ($0.80) Per Diluted Share Related to Discontinued Operations – Increased Interest Curtailment Reserve and related contingent liabilities in Financial Freedom, the reverse mortgage servicing business that was part of the OneWest Bank acquisition in 2015;