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    LIVINGSTON, N.J., Jan. 22 /PRNewswire-FirstCall/ -- CIT Group Inc.
 (NYSE:   CIT) today announced it signed a purchase and sale agreement in
 connection with the sale of the company's direct private equity portfolio to
 Protostar Equity Partners, L.P. The funding for Protostar was provided by the
 Goldman Sachs' GS Vintage Funds II, a series of investment partnerships
 managed by Goldman Sachs Asset Management's Private Equity Group.  Net
 proceeds are expected to approximate CIT's December 31, 2003 carrying value.
     As a condition to closing, CIT must obtain consents and/or waivers of
 certain rights, including rights of first refusal (held by other
 stockholders), on approximately 75% of the investment in the portfolio based
 on value. Consents and/or waivers must be obtained by June 30, 2004. These
 investments will close ("initial closing"), promptly after the satisfaction of
 this condition. The closing for the balance of the investments, where the
 necessary consents and/or waivers are received after the initial closing, will
 occur no later than December 31, 2004.
 
     About CIT:
     CIT Group Inc. (NYSE:   CIT), a leading commercial and consumer finance
 company, provides clients with financing and leasing products and advisory
 services.  Founded in 1908, CIT has nearly $50 billion in assets under
 management and possesses the financial resources, industry expertise and
 product knowledge to serve the needs of clients across approximately 30
 industries.  CIT holds leading positions in vendor financing, U.S. factoring,
 equipment and transportation financing, Small Business Administration loans,
 and asset-based and credit-secured lending.  CIT, with its principal offices
 in New York City and Livingston, New Jersey has approximately 6,000 employees
 in locations throughout North America, Europe, Latin and South America, and
 the Pacific Rim.  For more information, visit www.cit.com.
 
     About Goldman Sachs:
     Goldman Sachs is a leading global investment banking, securities and
 investment management firm that provides a wide range of services worldwide to
 a substantial and diversified client base that includes corporations,
 financial institutions, governments and high net worth individuals. The
 Goldman Sachs Private Equity Group, based in New York and London, manages over
 $11 billion of capital devoted to primary partnership investments, secondary
 purchases of limited partnership interests, direct co-investments and
 supporting investment teams in the acquisition of direct private equity
 investment portfolios.
 
     About Protostar:
     Protostar is a New York based middle-market leveraged buyout firm
 dedicated to acquiring portfolios of direct private equity investments.
 Protostar targets transactions ranging from $50 million to $250 million in
 equity value.  The firm offers a balanced mix of strategic insight,
 operational capabilities and financial expertise, and is exclusively focused
 on building middle-market leaders.
 
 

SOURCE  CIT Group Inc.