August 14, 2008

CIT Arranges C$55 Million in Acquisition Financing

CIT Group Inc. (NYSE: CIT), a leading global commercial finance company, today announced that it has arranged a C$55 million senior secured credit facility to a group of investors, including JMI Equity, The Carlyle Group and Pala Investments Holding Limited to finance the acquisition of Gemcom Software International Inc. Gemcom, based in Vancouver, Canada, is a provider of software that helps mining companies interpret geological deposits and develop and optimize mine plans.

Financing for the deal was arranged by CIT Communications Media and Entertainment, a unit of CIT.

"Our strong sponsor relationships allowed us to engage early in this deal and despite a challenging financing market, we were able to complete the transaction within a short time frame," said Ellen Marshall, Managing Director, CIT Communications, Media & Entertainment. "Our ability to leverage our expertise in mining and information technology on a global basis, combined with the local expertise of our office in Canada, enabled us to coordinate the participants and execute the deal on favorable terms."

Bob Smith, General Partner of JMI Equity, said, "We were impressed with the global reach of CIT's operations and their capacity to coordinate this deal in a seamless manner. Their presence in Canada coupled with their industry expertise was instrumental in helping the investor group get the deal done without delays."

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About Gemcom

When mining companies seek to increase mine productivity, they turn to Gemcom for technology and services. The Company is home to world-renowned mining solutions like GEMS, Surpac, Minex, Whittle, and InSite and to industry thought-leaders who are pushing the boundaries of what's possible in mining. Established in 1985, Gemcom has a global reach delivering comprehensive solutions in all major mining centres in more than 90 countries. Every major mining company, including BHP Billiton, Codelco, De Beers, Newmont and Vale, is a Gemcom client. Through a combination of organic growth and strategic acquisitions, the Company has become the largest global supplier of specialised mining productivity solutions. Gemcom is listed on the TSX under the ticker "GCM." For more information, visit

About JMI Equity

JMI Equity, based in Baltimore and San Diego, is a private equity firm exclusively focused on investments in growing software and business services companies at all stages of their lifecycles. Founded in 1992, JMI has invested in more than 90 companies throughout North America and has approximately $1.3 billion of committed capital under management. JMI provides the first institutional capital to self-funded companies, partners with management teams to acquire or recapitalize market leading companies and selectively makes investments in early-stage companies. Representative investments include Blackbaud, DoubleClick, Kronos and Unica. For more information on JMI, visit

About The Carlyle Group

The Carlyle Group is a global private equity firm with $81.1 billion under management committed to 60 funds. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Africa, Asia, Australia, Europe, North America and South America focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, financial services, healthcare, industrial, infrastructure, technology & business services and telecommunications & media. Since 1987, the firm has invested $43.0 billion of equity in more than 770 transactions for a total purchase price of approximately $229 billion. The Carlyle Group employs more than 1,000 people in 21 countries. In the aggregate, Carlyle portfolio companies have more than $87 billion in revenue and employ more than 286,000 people around the world.

About Pala Investments Holding Limited

Pala Investments Holdings Limited is a US$1.2 billion multi-strategy alternative investment company with a focus on mining and natural resource companies in both developed and emerging markets. Pala, which is based in Jersey, Channel Islands, seeks to assist companies in which it has long-term shareholdings by providing strategic advice and innovative financing solutions. It is advised on an exclusive basis by Pala Investments AG, based in Switzerland.

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 $70 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.