CIT RECOGNIZED BY TRADE FINANCE MAGAZINE AS ONE OF THE BEST FACTORING ORGANIZATIONS IN THE WORLD

NEW YORK, August 8, 2001 - CIT Commercial Services has received Trade Finance magazine's high commendation as one of the best factoring organizations in the world. Part of the magazine's fourth annual Awards for Excellence 2001, the awards are the result of a reader poll and have a global scope. This year CIT is the only US-based factoring company to receive this distinction.

"We are extremely honored by the award and by the recognition the readers of Trade Finance have given us," said John F. Daly, President of Commercial Services. "We are committed to supporting our clients' business needs with innovative financing solutions backed by superior service levels. We also place great emphasis on long-term relationships. It is gratifying that our clients have recognized our efforts and ranked us among the best factors in the world."

Trade Finance magazine is a global magazine focusing on international trade finance. Voting forms are sent out to all subscribers and the results are calculated from returns of the poll. Before 1999, the poll had been open only to corporate and service sectors, excluding banks. Since 1999 the magazine allows banks to vote as well, but no one is allowed to vote for themselves.