CIT Provides Financing For J. Jill Acquisition

NEW YORK CITY — May 17, 2011 — CIT Group Inc. (NYSE: CIT) a leading provider of financing to small
businesses and middle market companies, today announced that it has provided a $40 million senior
secured asset based revolving credit facility to J. Jill, a vertically integrated multi-channel
specialty retailer of women’s apparel. The financing was provided by CIT Bank, a wholly-owned
subsidiary of CIT, to facilitate the acquisition of a majority stake in J. Jill by an affiliate of
Arcapita Bank BSC, an international investment firm, from Golden Gate Capital, a private equity
firm. Terms of the transaction were not disclosed.

CIT Commercial & Industrial served as Administrative Agent, Collateral Agent and Joint
Bookrunner for the financing, which also provides J. Jill working capital for ongoing operations.
J. Jill maintains 225 retail stores around the United States employing more than 2,800 associates.
Including J. Jill, CIT has completed four transactions on behalf of Arcapita totaling approximately
$300 million in financing.

“This transaction highlights CIT’s expertise in retail financing and dedication to supporting
middle market companies and their sponsors,” said Bill Kearney, Senior Vice President, CIT
Commercial & Industrial, Retail Finance. “Our long-term relationship with Arcapita allowed us
to develop a customized financing solution to complete the acquisition, while also providing
working capital to J. Jill.”

Scott Buschmann, Principal of Arcapita Bank BSC, said, “CIT’s knowledge of the retail space
and leveraged finance, as well as their understanding of the specific nature of our financing
needs, made them a logical partner in this transaction.”

Burt Feinberg, Group Head of CIT Commercial & Industrial, said, “Our prior experience
working in the retail space allowed us to facilitate this financing as we fully understand J.
Jill’s business model. They have a talented and experienced management team, and have done a
phenomenal job merchandising their product and providing value to their target customer while
continuously improving efficiency in sourcing, marketing and distribution, enabling them to
successfully maximize their multi channel retail strategy.”

According to the National Retail Federation in the U.S., the retail industry consists of more
than 1.6 million American companies that employ nearly 25 million workers and generated 2010 sales
of $2.4 trillion. Individuals interested in receiving future updates on CIT via e-mail can register

Posted on May 17, 2011

Source: CIT Group Inc.