CIT Leads Financing for Edmonton Oilers Acquisition

Business Wire, July 8, 2008

NEW YORK and EDMONTON, Canada -- CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it arranged a $100 million senior secured credit facility to Rexall Sports Corporation to finance its acquisition of the Edmonton Oilers of the National Hockey League (NHL). Rexall Sports Corp. is owned by Daryl Katz, Chairman of Canadian-based pharmaceutical company Katz Group.

Financing for the transaction was completed by CIT Communications Media & Entertainment, Sports, which served as the sole arranger, syndication agent and administrative agent on the transaction.

"This transaction highlights CIT's flexibility and capacity to guide its clients through the specifics of a cross-border NHL transaction," said Gordon Saint-Denis, Managing Director of CIT Communications Media & Entertainment, Sports. "It further reinforces our position as a leader in sports financing as we continue to assist our clients with acquisitions and divestitures in the sports industry."

Mr. Katz said, "We are pleased that the CIT team was able to complete the transaction in a timely manner. Their strong relationship with the NHL certainly assisted in the process."

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About Katz Group

Established in 1990, Edmonton-based Katz Group is one of Canada's largest privately owned companies, among the largest chain drug store companies in North America, and the largest pharmacy retail network in Canada, encompassing more than 1,800 pharmacies. Pharmacy banners include Rexall, Rexall Pharma Plus, The Medicine Shoppe Pharmacy, Guardian, I.D.A., in Canada and Snyders Drug Stores in the U.S. Katz Group also owns Drug Trading Company Limited, ProPharm Limited, and Rexall Direct - Canada's largest mail-order pharmacy. Rexall Brand is Katz Group's exclusive private label brand, available in all Katz Group banner pharmacies in Canada. "Rexall family of pharmacies" is Katz Group's umbrella brand uniting Katz Group's core banner pharmacies in Canada under one nationally recognized symbol of excellence in pharmacy care.

Edmonton Oilers

The Edmonton Oilers are a professional ice hockey team based in Edmonton, Alberta, Canada. They are members of the Northwest Division of the Western Conference of the National Hockey League (NHL). The Oilers have won the Stanley Cup on five occasions, in 1984, 1985, 1987, 1988 and 1990. The team was founded in 1972 as one of twelve founding franchises of the major professional World Hockey Association (WHA).

About CIT

CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000. A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008. www.cit.com