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;

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

CIT Reports First Quarter 2016 Net Income of $147 Million ($0.73 Per Diluted Share); Income from Continuing Operations of $152 Million ($0.75 Per Diluted Share)

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