Icahn Clarifies Terms of Tender Offer for CIT Group Notes

NEW YORK, Oct. 28 /PRNewswire/ -- In response to questions from CIT Group noteholders seeking to tender their notes into the offer previously announced by Carl C. Icahn, Mr. Icahn today issued the following statement clarifying certain terms of the tender offer:

1. While it is our intention to benefit the multitudes of smaller CIT noteholders, who we feel have been disadvantaged by CIT's restructuring process - and to that end we specifically elected to tender for only the various series of "retail" notes issued by CIT and listed on the attached schedule - our tender offer is in fact open to all holders of those notes, large and small. When the tender offer is commenced, Mr. Icahn's affiliated entities will offer to purchase ANY AND ALL of the outstanding CIT notes that are subject to the tender offer. The tender offer will not be subject to any financing condition and there will be no conditions to the tender offer based on any aggregate principal amount of notes being tendered.

1. In the event that CIT's pre-packaged plan of reorganization does not receive the requisite vote for approval and CIT's related exchange offer is not consummated, an Offer to Purchase, Letter of Transmittal and various other tender offer documents will be delivered to CIT noteholders shortly thereafter. In order to be eligible to tender your CIT notes into our Offer, you will need to certify to us in those tender offer documents that you voted all of your CIT notes in favor of Option 3 on CIT's ballot - which states that you DO NOT PARTICIPATE IN CIT'S EXCHANGE OFFER and REJECT CIT's PRE-PACKAGED PLAN OF REORGANIZATION.

TIME IS OF THE ESSENCE!

In order to defeat the company's pre-packaged plan, you must not participate in CIT's exchange offer and you must vote to reject the company's pre-packaged plan of reorganization prior to the 11:59 p.m. deadline on Thursday, October 29th. If you have already tendered your notes into CIT's exchange offer, you have until the Thursday deadline to withdraw your notes and change your vote to reject the company's pre-packaged plan. If a broker or financial advisor is acting for you, they will be paid $5.00 for each $1,000 in principal amount of notes tendered to us for assisting their clients in casting their votes as we have described. If you have not received a ballot from CIT or you have any other questions, please contact Vincent Intrieri at (212) 702-4328 or Stephen Mongillo at (212) 702-4343 immediately.

If you wish to participate in our tender offer, it is important that you VOTE NOW or instruct your broker immediately to vote to REJECT CIT's plan.

Noteholders with questions about the Offer may also call Innisfree M&A Incorporated, the Information Agent, toll-free at 888-750-5834 (banks and brokers may call collect at 212-750-5833).

THIS PRESS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER TO PURCHASE NOR A SOLICITATION FOR ACCEPTANCE OF THE OFFER DESCRIBED ABOVE. THE OFFER WILL BE MADE ONLY PURSUANT TO THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS THAT WE WILL DISTRIBUTE TO HOLDERS OF NOTES. HOLDERS OF NOTES SHOULD READ CAREFULLY THE OFFER TO PURCHASE, LETTER OF TRANSMITTAL AND RELATED MATERIALS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING THE VARIOUS TERMS OF, AND CONDITIONS TO, THE OFFER.

CIT NOTES SUBJECT TO TENDER OFFER

Title of Notes CUSIP/ISIN Title of Notes CUSIP/ISIN -------------- ---------- -------------- ---------- 3.85% Notes due November 12557WJP7 5.00% Notes due December 12557WPV7 15, 2009 15, 2011 ------------------------ --------- ------------------------ --------- 4.63% Notes due November 12557WLV1 5.25% Notes due February 12557WQD6 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 5.05% Notes due November 12557WPC9 5.15% Notes due February 12557WQM6 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 5.00% Notes due November 12557WB26 7.25% Notes due February 12557WSY8 15, 2009 15, 2012 ------------------------ ---------- ------------------------ --------- 5.00% Notes due November 12557WB59 7.00% Notes due February 12557WTF8 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 5.00% Notes due November 12557WB83 5.00% Notes due March 12557WQV6 15, 2009 15, 2012 ------------------------ --------- --------------------- --------- 3.95% Notes due December 12557WJV4 5.00% Notes due March 12557WRD5 15, 2009 15, 2012 ------------------------ --------- --------------------- --------- 4.80% Notes due December 12557WMB4 7.25% Notes due March 12557WTM3 15, 2009 15, 2012 ------------------------ --------- --------------------- --------- 4.70% Notes due December 12557WPL9 5.75% Notes due August 12557WA68 15, 2009 15, 2012 ------------------------ --------- ---------------------- --------- 4.85% Notes due December 12557WPU9 5.50% Notes due November 12557WC41 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 6.25% Notes due December 12557WSJ1 5.50% Notes due November 12557WC82 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 6.50% Notes due December 12557WSM4 5.50% Notes due December 12557WSF9 15, 2009 15, 2012 ------------------------ --------- ------------------------ --------- 4.05% Notes due February 12557WKE0 7.00% Notes due December 12557WSK8 15, 2010 15, 2012 ------------------------ --------- ------------------------ --------- 5.15% Notes due February 12557WQC8 7.25% Notes due December 12557WSN2 15, 2010 15, 2012 ------------------------ --------- ------------------------ --------- 5.05% Notes due February 12557WQL8 7.30% Notes due December 12557WSS1 15, 2010 15, 2012 ------------------------ --------- ------------------------ --------- 6.50% Notes due February 12557WSX0 6.15% Notes due January 12557WAZ4 15, 2010 15, 2013 ------------------------ --------- ----------------------- --------- 6.25% Notes due February 12557WTE1 6.25% Notes due January 12557WBC4 15, 2010 15, 2013 ------------------------ --------- ----------------------- --------- 4.30% Notes due March 12557WKL4 6.15% Notes due January 12557WBF7 15, 2010 15, 2013 --------------------- --------- ----------------------- --------- 5.05% Notes due March 12557WMH1 6.25% Notes due January 12557WBJ9 15, 2010 15, 2013 --------------------- --------- ----------------------- --------- 5.15% Notes due March 12557WMP3 7.50% Notes due January 12557WSW2 15, 2010 15, 2013 --------------------- --------- ----------------------- --------- 4.90% Notes due March 12557WQU8 6.25% Notes due February 12557WBM2 15, 2010 15, 2013 --------------------- --------- ------------------------ --------- 4.85% Notes due March 12557WRC7 6.20% Notes due February 12557WBQ3 15, 2010 15, 2013 --------------------- --------- ------------------------ --------- 6.50% Notes due March 12557WTL5 6.00% Notes due February 12557WBT7 15, 2010 15, 2013 --------------------- --------- ------------------------ --------- 4.45% Notes due May 15, 12557WKS9 7.60% Notes due February 12557WTC5 2010 15, 2013 ----------------------- --------- ------------------------ --------- 5.25% Notes due May 15, 12557WMV0 6.15% Notes due February 12557WBW0 2010 15, 2013 ----------------------- --------- ------------------------ --------- 4.30% Notes due June 15, 12557WKX8 7.75% Notes due March 12557WTK7 2010 15, 2013 ------------------------ --------- ------------------------ --------- 4.35% Notes due June 15, 12557WLE9 7.90% Notes due March 12557WTN1 2010 15, 2013 ------------------------ --------- --------------------- --------- 5.30% Notes due June 15, 12557WNB3 7.25% Notes due March 12557WTR2 2010 15, 2013 ------------------------ --------- --------------------- --------- 4.60% Notes due August 12557WLL3 6.00% Notes due March 12557WBZ3 15, 2010 15, 2013 ---------------------- --------- --------------------- --------- 5.45% Notes due August 12557WNH0 6.00% Notes due March 12557WCC3 15, 2010 15, 2013 ---------------------- --------- --------------------- --------- 5.50% Notes due August 12557WA92 6.10% Notes due March 12557WCF6 15, 2010 15, 2013 ---------------------- --------- --------------------- --------- 4.25% Notes due 12557WLS8 6.25% Notes due March 12557WCJ8 September 15, 2010 15, 2013 ------------------------ --------- --------------------- --------- 5.25% Notes due 12557WNR8 6.15% Notes due April 12557WCM1 September 15, 2010 15, 2013 ------------------------ --------- --------------------- --------- 5.05% Notes due November 12557WLY5 6.15% Notes due April 12557WCQ2 15, 2010 15, 2013 ------------------------ --------- --------------------- --------- 5.25% Notes due November 12557WNZ0 6.05% Notes due April 12557WCT6 15, 2010 15, 2013 ------------------------ --------- --------------------- --------- 5.25% Notes due November 12557WC33 6.05% Notes due May 15, 12557WCW9 15, 2010 2013 ------------------------ --------- ----------------------- --------- 5.25% Notes due November 12557WC74 4.95% Notes due May 15, 12557WCZ2 15, 2010 2013 ------------------------ --------- ----------------------- --------- 5.00% Notes due December 12557WME8 4.95% Notes due May 15, 12557WDC2 15, 2010 2013 ------------------------ --------- ----------------------- --------- 5.05% Notes due December 12557WPH8 4.88% Notes due June 15, 12557WDF5 15, 2010 2013 ------------------------ --------- ------------------------ --------- 4.90% Notes due December 12557WPR6 4.85% Notes due June 15, 12557WDJ7 15, 2010 2013 ------------------------ --------- ------------------------ --------- 5.25% Notes due December 12557WSE2 4.60% Notes due June 15, 12557WDM0 15, 2010 2013 ------------------------ --------- ------------------------ --------- 6.50% Notes due December 12557WSR3 4.45% Notes due June 15, 12557WDQ1 15, 2010 2013 ------------------------ --------- ------------------------ --------- 6.50% Notes due January 12557WSV4 5.05% Notes due July 15, 12557WEF4 15, 2011 2013 ----------------------- --------- ------------------------ --------- 5.15% Notes due February 12557WPZ8 4.65% Notes due July 15, 12557WDT5 15, 2011 2013 ------------------------ --------- ------------------------ --------- 5.15% Notes due February 12557WQH7 4.75% Notes due July 15, 12557WDW8 15, 2011 2013 ------------------------ --------- ------------------------ --------- 6.60% Notes due February 12557WTB7 5.00% Notes due July 15, 12557WDZ1 15, 2011 2013 ------------------------ --------- ------------------------ --------- 5.05% Notes due March 12557WML2 4.75% Notes due July 15, 12557WEC1 15, 2011 2013 --------------------- --------- ------------------------ --------- 5.00% Notes due March 12557WQR5 5.30% Notes due August 12557WEJ6 15, 2011 15, 2013 --------------------- --------- ---------------------- --------- 4.90% Notes due March 12557WQZ7 5.50% Notes due August 12557WEM9 15, 2011 15, 2013 --------------------- --------- ---------------------- --------- 5.00% Notes due March 12557WRH6 5.50% Notes due August 12557WEQ0 15, 2011 15, 2013 --------------------- --------- ---------------------- --------- 6.75% Notes due March 12557WTJ0 5.40% Notes due 12557WET4 15, 2011 September 15, 2013 --------------------- --------- ---------------------- --------- 6.50% Notes due March 12557WTQ4 5.50% Notes due 12557WEW7 15, 2011 September 15, 2013 --------------------- --------- ---------------------- --------- 5.15% Notes due April 12557WMS7 5.25% Notes due 12557WEZ0 15, 2011 September 15, 2013 --------------------- --------- ---------------------- --------- 5.40% Notes due May 15, 12557WMY4 5.20% Notes due 12557WFC0 2011 September 15, 2013 ----------------------- --------- ---------------------- --------- 5.35% Notes due June 15, 12557WNE7 5.20% Notes due October 12557WFF3 2011 15, 2013 ------------------------ --------- ----------------------- --------- 5.35% Notes due August 12557WNM9 5.20% Notes due October 12557WFJ5 15, 2011 15, 2013 ---------------------- --------- ----------------------- --------- 5.20% Notes due 12557WNV9 5.25% Notes due October 12557WFM8 September 15, 2011 15, 2013 ------------------------ --------- ----------------------- --------- 5.20% Notes due November 12557WPD7 5.30% Notes due November 12557WFQ9 15, 2011 15, 2013 ------------------------ --------- ------------------------ --------- 5.25% Notes due November 12557WB34 5.10% Notes due November 12557WFT3 15, 2011 15, 2013 ------------------------ --------- ------------------------ --------- 5.25% Notes due November 12557WB67 5.40% Notes due December 12557WFW6 15, 2011 15, 2013 ------------------------ --------- ------------------------ --------- 5.25% Notes due November 12557WB91 5.20% Notes due December 12557WFZ9 15, 2011 15, 2013 ------------------------ --------- ------------------------ --------- 4.85% Notes due December 12557WPM7 5.10% Notes due January 12557WGC9 15, 2011 15, 2014 ------------------------ --------- ----------------------- --------- 4.85% Notes due January 12557WGF2 5.95% Notes due November 12557WPE5 15, 2014 15, 2016 ----------------------- --------- ------------------------ --------- 5.00% Notes due February 12557WGJ4 5.80% Notes due December 12557WPJ4 15, 2014 15, 2016 ------------------------ --------- ------------------------ --------- 4.90% Notes due February 12557WGM7 5.65% Notes due December 12557WPN5 15, 2014 15, 2016 ------------------------ --------- ------------------------ --------- 7.85% Notes due February 12557WSZ5 5.70% Notes due December 12557WPS4 15, 2014 15, 2016 ------------------------ --------- ------------------------ --------- 7.65% Notes due February 12557WTG6 5.70% Notes due December 12557WPW5 15, 2014 15, 2016 ------------------------ --------- ------------------------ --------- 4.80% Notes due March 12557WGQ8 5.85% Notes due February 12557WQA2 15, 2014 15, 2017 --------------------- --------- ------------------------ --------- 4.60% Notes due March 12557WGT2 5.95% Notes due February 12557WQE4 15, 2014 15, 2017 --------------------- --------- ------------------------ --------- 7.85% Notes due March 12557WTS0 5.85% Notes due February 12557WQJ3 15, 2014 15, 2017 --------------------- --------- ------------------------ --------- 4.80% Notes due April 12557WGW5 5.80% Notes due February 12557WQN4 15, 2014 15, 2017 --------------------- --------- ------------------------ --------- 5.10% Notes due April 12557WGZ8 5.75% Notes due March 12557WQS3 15, 2014 15, 2017 --------------------- --------- --------------------- --------- 5.25% Notes due May 15, 12557WHC8 5.75% Notes due March 12557WQW4 2014 15, 2017 ----------------------- --------- --------------------- --------- 5.80% Notes due May 15, 12557WHF1 5.70% Notes due March 12557WRA1 2014 15, 2017 ----------------------- --------- --------------------- --------- 5.70% Notes due June 15, 12557WHJ3 5.65% Notes due March 12557WRE3 2014 15, 2017 ------------------------ --------- --------------------- --------- 5.75% Notes due June 15, 12557WHM6 5.75% Notes due March 12557WRJ2 2014 15, 2017 ------------------------ --------- --------------------- --------- 5.75% Notes due June 15, 12557WRU7 5.75% Notes due May 15, 12557WRL7 2014 2017 ------------------------ --------- ----------------------- --------- 5.85% Notes due June 15, 12557WRX1 5.80% Notes due May 15, 12557WRN3 2014 2017 ------------------------ --------- ----------------------- --------- 6.00% Notes due June 15, 12557WSA0 5.80% Notes due May 15, 12557WRQ6 2014 2017 ------------------------ --------- ----------------------- --------- 5.65% Notes due July 15, 12557WHQ7 6.00% Notes due June 15, 12557WRS2 2014 2017 ------------------------ --------- ------------------------ --------- 5.30% Notes due July 15, 12557WHT1 6.00% Notes due June 15, 12557WRV5 2014 2017 ------------------------ --------- ------------------------ --------- 5.20% Notes due August 12557WHW4 6.10% Notes due June 15, 12557WRY9 15, 2014 2017 ---------------------- --------- ------------------------ --------- 5.30% Notes due August 12557WHZ7 6.25% Notes due June 15, 12557WSB8 15, 2014 2017 ---------------------- --------- ------------------------ --------- 6.00% Notes due August 12557WA27 6.25% Notes due August 12557WA35 15, 2014 15, 2017 ---------------------- --------- ---------------------- --------- 6.00% Notes due August 12557WA76 6.25% Notes due November 12557WB42 15, 2014 15, 2017 ---------------------- --------- ------------------------ --------- 5.25% Notes due 12557WJC6 6.25% Notes due November 12557WB75 September 15, 2014 15, 2017 ------------------------ --------- ------------------------ --------- 5.05% Notes due 12557WJF9 6.25% Notes due November 12557WC25 September 15, 2014 15, 2017 ------------------------ --------- ------------------------ --------- 4.90% Notes due October 12557WJJ1 6.40% Notes due November 12557WC58 15, 2014 15, 2017 ----------------------- --------- ------------------------ --------- 5.10% Notes due October 12557WJM4 6.50% Notes due November 12557WC90 15, 2014 15, 2017 ----------------------- --------- ------------------------ --------- 5.05% Notes due November 12557WJQ5 6.50% Notes due December 12557WSG7 15, 2014 15, 2017 ------------------------ --------- ------------------------ --------- 5.125% Notes due 12557WJT9 7.50% Notes due December 12557WSL6 December 15, 2014 15, 2017 ------------------------ --------- ------------------------ --------- 5.10% Notes due December 12557WJW2 7.75% Notes due December 12557WSP7 15, 2014 15, 2017 ------------------------ --------- ------------------------ --------- 5.05% Notes due January 12557WJZ5 7.80% Notes due December 12557WST9 15, 2015 15, 2017 ----------------------- --------- ------------------------ --------- 4.95% Notes due February 12557WKC4 6.25% Notes due August 12557WNP2 15, 2015 15, 2021 ------------------------ --------- ---------------------- --------- 4.90% Notes due February 12557WKF7 6.35% Notes due August 12557WNK3 15, 2015 15, 2021 ------------------------ --------- ---------------------- --------- 7.90% Notes due February 12557WTD3 6.15% Notes due 12557WNX5 15, 2015 September 15, 2021 ------------------------ --------- ---------------------- --------- 5.10% Notes due March 12557WKJ9 6.25% Notes due 12557WNT4 15, 2015 September 15, 2021 --------------------- --------- ---------------------- --------- 5.05% Notes due March 12557WKM2 6.10% Notes due November 12557WPF2 15, 2015 15, 2021 --------------------- --------- ------------------------ --------- 5.375% Notes due April 12557WKQ3 6.25% Notes due November 12557WPB1 15, 2015 15, 2021 ---------------------- --------- ------------------------ --------- 5.25% Notes due May 15, 12557WKT7 5.85% Notes due December 12557WPP0 2015 15, 2021 ----------------------- --------- ------------------------ --------- 5.30% Notes due May 15, 12557WKW0 5.875% Notes due 12557WPT2 2015 December 15, 2021 ----------------------- --------- ------------------------ --------- 5.10% Notes due June 15, 12557WKZ3 5.90% Notes due December 12557WPX3 2015 15, 2021 ------------------------ --------- ------------------------ --------- 5.05% Notes due June 15, 12557WLA7 6.00% Notes due December 12557WPK1 2015 15, 2021 ------------------------ --------- ------------------------ --------- 5.20% Notes due June 15, 12557WLF6 5.95% Notes due February 12557WQP9 2015 15, 2022 ------------------------ --------- ------------------------ --------- 5.30% Notes due August 12557WLJ8 6.00% Notes due February 12557WQB0 15, 2015 15, 2022 ---------------------- --------- ------------------------ --------- 5.375% Notes due August 12557WLM1 6.00% Notes due February 12557WQK0 15, 2015 15, 2022 ----------------------- --------- ------------------------ --------- 5.25% Notes due 12557WLQ2 6.05% Notes due February 12557WQF1 September 15, 2015 15, 2022 ------------------------ --------- ------------------------ --------- 5.10% Notes due 12557WLT6 5.85% Notes due March 12557WQX2 September 15, 2015 15, 2022 ------------------------ --------- --------------------- --------- 5.50% Notes due November 12557WLW9 5.85% Notes due March 12557WRB9 15, 2015 15, 2022 ------------------------ --------- --------------------- --------- 5.80% Notes due November 12557WLZ2 5.85% Notes due March 12557WRF0 15, 2015 15, 2022 ------------------------ --------- --------------------- --------- 5.75% Notes due December 12557WMC2 5.90% Notes due March 12557WQT1 15, 2015 15, 2022 ------------------------ --------- --------------------- --------- 5.80% Notes due December 12557WMF5 5.95% Notes due March 12557WRK9 15, 2015 15, 2022 ------------------------ --------- --------------------- --------- 5.85% Notes due March 12557WMJ7 6.00% Notes due May 15, 12557WRM5 15, 2016 2022 --------------------- --------- ----------------------- --------- 5.80% Notes due March 12557WMM0 6.00% Notes due May 15, 12557WRP8 15, 2016 2022 --------------------- --------- ----------------------- --------- 6.00% Notes due March 12557WMQ1 6.00% Notes due May 15, 12557WRR4 15, 2016 2022 --------------------- --------- ----------------------- --------- 5.88% Notes due April 12557WMT5 6.15% Notes due June 15, 12557WRT0 15, 2016 2022 --------------------- --------- ------------------------ --------- 6.05% Notes due May 15, 12557WMW8 6.20% Notes due June 15, 12557WRW3 2016 2022 ----------------------- --------- ------------------------ --------- 6.15% Notes due May 15, 12557WMZ1 6.25% Notes due June 15, 12557WRZ6 2016 2022 ----------------------- --------- ------------------------ --------- 6.10% Notes due June 15, 12557WNC1 6.50% Notes due June 15, 12557WSC6 2016 2022 ------------------------ --------- ------------------------ --------- 6.10% Notes due June 15, 12557WNF4 6.50% Notes due August 12557WA43 2016 15, 2022 ------------------------ --------- ---------------------- --------- 6.20% Notes due August 12557WNJ6 6.50% Notes due August 12557WA84 15, 2016 15, 2022 ---------------------- --------- ---------------------- --------- 6.13% Notes due August 12557WNN7 6.70% Notes due November 12557WC66 15, 2016 15, 2022 ---------------------- --------- ------------------------ --------- 6.05% Notes due 12557WNS6 6.75% Notes due November 12557WSD4 September 15, 2016 15, 2022 ------------------------ --------- ------------------------ --------- 5.95% Notes due 12557WNW7 6.75% Notes due December 12557WSH5 September 15, 2016 15, 2022 ------------------------ --------- ------------------------ --------- 6.00% Notes due November 12557WPA3 15, 2016 ------------------------ ---------

Carl Icahn

CONTACT: Vincent Intrieri, +1-212-702-4328, or Stephen Mongillo,+1-212-702-4343