CIT Business Credit Completes $29 Million Financing for Publishers Clearing House

Business Wire, July 18, 2002

Business Editors

NEW YORK--(BUSINESS WIRE)--July 18, 2002

CIT Business Credit, a unit of CIT Group Inc. (NYSE:CIT) and a leading asset-based lender, announced today the completion of a $29 million financing facility for Publishers Clearing House, a leader in the direct marketing industry.

The new financing includes a $20 million revolving line of credit that will be used to fund working capital for the Port Washington, NY-based company, as well as a $9 million term loan.

"This agreement reinforces our commitment to providing financing to Long Island-based businesses," said Victor Russo, president of CIT Business Credit. CIT recently provided financing for two companies based in Hauppauge, N.Y.: Sentry Technology Corporation, a designer and manufacturer of surveillance systems for retailers and Boundless Corporation (Amex:BND), a global technology company.

Publishers Clearing House is a major supplier of magazine subscriptions for publishers and is also a large direct marketer of other consumer products. Founded in Port Washington, NY in 1953, its name has become synonymous with sweepstakes and prizes since 1967.

About Business Credit

CIT Business Credit is one of the nation's leading providers of asset-based financing to middle market companies. It provides financing for growth, acquisitions, turnarounds, debt refinancing, debtor-in-possession financing and confirmation plan financing.

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 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 is headquartered in New York City, with executive offices in Livingston, New Jersey, and 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.