<Page>
EXHIBIT 99.1
THE CIT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
<Table>
<Caption>
JUNE 30, DECEMBER 31,
2001 2000
----------- -------------
(UNAUDITED)
(SUCCESSOR) (PREDECESSOR)
ASSETS
Financing and leasing assets:
Loans and leases:
Commercial.............................................. $28,085.0 $29,304.0
Consumer................................................ 2,780.7 4,193.5
--------- ---------
Finance receivables....................................... 30,865.7 33,497.5
Reserve for credit losses................................. (463.8) (468.5)
--------- ---------
Net finance receivables................................... 30,401.9 33,029.0
Operating lease equipment, net............................ 7,182.4 7,190.6
Finance receivables held for sale......................... 2,073.9 2,698.4
Cash and cash equivalents................................... 900.2 812.1
Goodwill and other intangible assets, net................... 6,101.7 1,964.6
Other assets................................................ 4,932.8 2,995.1
--------- ---------
TOTAL ASSETS................................................ $51,592.9 $48,689.8
========= =========
LIABILITIES AND SHAREHOLDER'S EQUITY
Debt:
Commercial paper.......................................... $ 9,155.8 $ 9,063.5
Variable rate senior notes................................ 9,856.3 11,130.5
Fixed rate senior notes................................... 17,646.6 17,571.1
Subordinated fixed rate notes............................. 100.0 200.0
--------- ---------
Total debt.................................................. 36,758.7 37,965.1
Credit balances of factoring clients........................ 1,945.3 2,179.9
Accrued liabilities and payables............................ 2,403.3 2,287.6
--------- ---------
Total liabilities........................................... 41,107.3 42,432.6
Company-obligated mandatorily redeemable preferred
securities of subsidiary trust holding solely debentures
of the Company............................................ 260.0 250.0
Shareholder's equity:
Parent company investment................................. 10,159.7 --
Common stock.............................................. -- 2.7
Paid-in capital........................................... -- 3,527.2
Retained earnings......................................... 71.2 2,603.3
Treasury stock, at cost................................... -- (137.7)
--------- ---------
10,230.9 5,995.5
Accumulated other comprehensive (loss) income............. (5.3) 11.7
--------- ---------
Total shareholder's equity.................................. 10,225.6 6,007.2
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.................. $51,592.9 $48,689.8
========= =========
</Table>
See accompanying notes to consolidated financial statements (unaudited).
1
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
(IN MILLIONS)
<Table>
<Caption>
APRIL 1 THROUGH JUNE 2 THROUGH THREE MONTHS
JUNE 1, 2001 JUNE 30, 2001 ENDED JUNE 30, 2000
--------------- -------------- -------------------
(PREDECESSOR) (SUCCESSOR) (PREDECESSOR)
FINANCE INCOME................................ $922.0 $417.9 $1,301.8
Interest expense.............................. 397.0 161.8 630.9
------ ------ --------
Net finance income............................ 525.0 256.1 670.9
Depreciation on operating lease equipment..... 241.7 110.0 311.7
------ ------ --------
Net finance margin............................ 283.3 146.1 359.2
Other revenue, net............................ 25.9 95.9 232.3
------ ------ --------
OPERATING REVENUE............................. 309.2 242.0 591.5
------ ------ --------
Salaries and general operating expenses....... 182.5 83.0 257.5
Provision for credit losses................... 148.1 18.6 64.0
Goodwill amortization......................... 15.3 14.4 20.6
Acquisition related costs..................... 54.0 -- --
------ ------ --------
OPERATING EXPENSES............................ 399.9 116.0 342.1
------ ------ --------
(Loss) income before income taxes............. (90.7) 126.0 249.4
Benefit (provision) for income taxes.......... 13.8 (53.9) (95.0)
Minority interest in subsidiary trust holding
solely debentures of the Company, after tax... (1.9) (0.9) (3.0)
------ ------ --------
NET (LOSS) INCOME............................. $(78.8) $ 71.2 $ 151.4
====== ====== ========
</Table>
See accompanying notes to consolidated financial statements (unaudited).
2
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS (UNAUDITED)
(IN MILLIONS)
<Table>
<Caption>
JANUARY 1 THROUGH JUNE 2 THROUGH SIX MONTHS ENDED
JUNE 1, 2001 JUNE 30, 2001 JUNE 30, 2000
----------------- -------------- ----------------
(PREDECESSOR) (SUCCESSOR) (PREDECESSOR)
FINANCE INCOME............................... $2,298.8 $417.9 $2,530.6
Interest expense............................. 1,022.7 161.8 1,202.8
-------- ------ --------
Net finance income........................... 1,276.1 256.1 1,327.8
Depreciation on operating lease equipment.... 588.1 110.0 619.5
-------- ------ --------
Net finance margin........................... 688.0 146.1 708.3
Other revenue, net........................... 237.5 95.9 470.5
-------- ------ --------
OPERATING REVENUE............................ 925.5 242.0 1,178.8
-------- ------ --------
Salaries and general operating expenses...... 446.0 83.0 525.7
Provision for credit losses.................. 216.4 18.6 125.6
Goodwill amortization........................ 37.8 14.4 41.1
Acquisition related costs.................... 54.0 -- --
-------- ------ --------
OPERATING EXPENSES........................... 754.2 116.0 692.4
-------- ------ --------
Income before income taxes................... 171.3 126.0 486.4
Provision for income taxes................... (85.1) (53.9) (184.8)
Minority interest in subsidiary trust holding
solely debentures of the Company, after
tax........................................ (4.9) (0.9) (6.3)
-------- ------ --------
NET INCOME................................... $ 81.3 $ 71.2 $ 295.3
======== ====== ========
</Table>
See accompanying notes to consolidated financial statements (unaudited).
3
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (UNAUDITED)
(IN MILLIONS)
<Table>
<Caption>
ACCUMULATED
PARENT OTHER TOTAL
COMPANY COMMON PAID-IN TREASURY RETAINED COMPREHENSIVE SHAREHOLDER'S
INVESTMENT STOCK CAPITAL STOCK EARNINGS INCOME (LOSS) EQUITY
---------- -------- --------- -------- --------- ------------- -------------
CIT (predecessor) balance,
December 31, 2000 $ -- $ 2.7 $ 3,527.2 $(137.7) $ 2,603.3 $ 11.7 $ 6,007.2
---------
Net income................. 81.3 81.3
Foreign currency
translation
adjustments.............. (33.7) (33.7)
Cumulative effect of new
accounting principle..... (146.5) (146.5)
Change in fair values of
derivatives qualifying as
cash flow hedges......... 0.6 0.6
---------
Total comprehensive loss... (98.3)
---------
Cash dividends............. (52.9) (52.9)
Issuance of treasury
stock.................... 27.6 27.6
Restricted common stock
grants................... 12.4 12.4
--------- ----- --------- ------- --------- ------- ---------
CIT (predecessor), June 1,
2001..................... -- 2.7 3,539.6 (110.1) 2,631.7 (167.9) 5,896.0
Recapitalization at
acquistion............... 3,539.6 -- (3,539.6) -- -- -- --
Effect of push-down
accounting of Tyco's
purchase price on CIT's
net assets............... 5,945.1 (2.7) -- 110.1 (2,631.7) 167.9 3,588.7
--------- ----- --------- ------- --------- ------- ---------
CIT (successor), June 1,
2001 9,484.7 -- -- -- -- -- 9,484.7
---------
Net income................. 71.2 71.2
Foreign currency
translation
adjustments.............. 13.0 13.0
Change in fair values of
derivatives qualifying as
cashflow hedges.......... (18.3) (18.3)
---------
Total comprehensive
income................... 65.9
---------
Capital contribution from
Parent................... 675.0 675.0
--------- ----- --------- ------- --------- ------- ---------
CIT (successor), June 30,
2001..................... $10,159.7 $ -- $ -- $ -- $ 71.2 $ (5.3) $10,225.6
========= ===== ========= ======= ========= ======= =========
</Table>
See accompanying notes to consolidated financial statements (unaudited).
4
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(IN MILLIONS)
<Table>
<Caption>
JANUARY 1 THROUGH JUNE 2 THROUGH SIX MONTHS
JUNE 1, 2001 JUNE 30, 2001 JUNE 30, 2000
----------------- -------------- -------------
(PREDECESSOR) (SUCCESSOR) (PREDECESSOR)
CASH FLOWS FROM OPERATIONS
Net income........................................ $ 81.3 $ 71.2 $ 295.3
Adjustments to reconcile net income to net cash
flows
from operations:
Provision for credit losses..................... 216.4 18.6 125.6
Depreciation and amortization................... 642.4 127.9 686.2
Non-recurring charges........................... 78.1 -- --
(Benefit) provision for deferred federal income
taxes......................................... (20.2) 23.3 69.8
Gains on equipment, receivable and investment
sales......................................... (96.3) (47.8) (192.8)
Decrease (increase) in other assets............. 69.9 (183.9) (64.5)
Increase (decrease) in accrued liabilities and
payables...................................... 55.7 (136.1) (89.0)
Other........................................... 34.9 (17.4) 11.7
---------- --------- ----------
Net cash flows provided by (used for)
operations...................................... 1,062.2 (144.2) 842.3
---------- --------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES
Loans extended.................................... (20,803.0) (4,223.1) (24,203.2)
Collections on loans.............................. 18,520.2 3,457.4 20,395.9
Proceeds from asset and receivable sales.......... 2,879.6 1,782.5 3,004.5
Purchases of assets to be leased.................. (694.0) (237.2) (946.3)
Net (increase) decrease in short-term factoring
receivables..................................... (131.0) 21.2 (217.0)
Purchase of finance receivable portfolios......... -- -- (870.7)
Other............................................. (24.4) (2.3) (12.6)
---------- --------- ----------
Net cash flows (used for) provided by investing
activities...................................... (252.6) 798.5 (2,849.4)
---------- --------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES
Repayments of variable and fixed rate notes....... (6,491.5) (1,482.0) (5,294.8)
Proceeds from the issuance of variable and fixed
rate notes...................................... 6,246.6 -- 6,883.7
Net increase (decrease) in commercial paper....... 813.6 (721.2) 382.2
Capital contribution from Parent.................. -- 275.0 --
Net (repayments) collection of non-recourse
leveraged lease debt............................ (8.7) 17.7 (90.5)
Cash dividends paid............................... (52.9) -- (53.3)
Treasury stock issued (purchased)................. 27.6 -- (48.0)
---------- --------- ----------
Net cash flows provided by (used for)
financing activities............................ 534.7 (1,910.5) 1,779.3
---------- --------- ----------
Net increase (decrease) in cash and cash
equivalents..................................... 1,344.3 (1,256.2) (227.8)
Cash and cash equivalents, beginning of period.... 812.1 2,156.4 1,073.4
---------- --------- ----------
Cash and cash equivalents, end of period.......... $ 2,156.4 $ 900.2 $ 845.6
========== ========= ==========
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING
ACTIVITIES:
Push-down of purchase price by Parent
(Notes 1 and 2)................................. $ 9,484.7 $ -- $ --
========== ========= ==========
</Table>
See accompanying notes to consolidated financial statements (unaudited).
5
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PRESENTATION--The unaudited financial statements presented herein
include the consolidated accounts of The CIT Group, Inc. and its subsidiaries
("CIT" or "the Company").
On June 1, 2001 CIT was acquired by a wholly-owned subsidiary of Tyco
International Ltd. ("Tyco" or "Parent") in a purchase business combination (see
Note 2). As a new wholly-owned subsidiary of Tyco, CIT will continue to operate
its business independently within Tyco and will continue to report its results
separately. In accordance with the guidelines for accounting for business
combinations, the purchase price paid by Tyco plus related purchase accounting
adjustments have been "pushed-down" and recorded in CIT's financial statements
for the period subsequent to June 1, 2001. This resulted in a new basis of
accounting reflecting the fair market value of its assets and liabilities for
the "successor" period beginning June 2, 2001. Information for all "predecessor"
periods prior to the acquisition is presented using CIT's historical basis of
accounting.
These financial statements have been prepared in accordance with the
instructions to Form 10-Q, do not include all of the information and note
disclosures required by generally accepted accounting principles in the United
States and should be read in conjunction with CIT's Annual Report on Form 10-K
for the year ended December 31, 2000. These financial statements have not been
examined by independent accountants in accordance with generally accepted
auditing standards, but in the opinion of management, include all adjustments,
consisting only of normal recurring adjustments, necessary to summarize fairly
CIT's financial position and results of operations.
ACCOUNTING PRONOUNCEMENTS--During September 2000, the Financial Accounting
Standards Board ("FASB") issued Statement of Financial Accounting Standards
("SFAS") No. 140, "Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities--a replacement of FASB Statement No. 125."
SFAS No. 140 is effective for transfers and servicing of financial assets and
extinguishments of liabilities occurring after March 31, 2001, and is effective
for recognition and reclassification of collateral and for disclosures for
fiscal years ending after December 15, 2000. We have adopted the disclosures
required under this statement and we do not expect the adoption of this standard
to affect the accounting for, or the structure of, our securitization
transactions.
In June 2001, the FASB issued SFAS No. 141, "Business Combinations," and
SFAS No. 142, "Goodwill and Other Intangible Assets." SFAS No. 141 requires all
business combinations initiated after June 30, 2001 to be accounted for using
the purchase method. In addition, companies will be required to review goodwill
and intangible assets reported in connection with prior acquisitions, possibly
disaggregate and report separately previously identified intangible assets and
possibly reclassify certain intangible assets into goodwill. SFAS No. 142
establishes new guidelines on accounting for goodwill and other intangible
assets. CIT expects to implement SFAS No. 142 at its earliest allowable adoption
date, October 1, 2001. Upon adoption, existing goodwill will no longer be
amortized, but instead will be assessed for impairment at least as often as
annually. Goodwill resulting from acquisitions, if any, initiated after
June 30, 2001 will be immediately subject to the nonamortization provisions of
SFAS No. 142. The Company is currently assessing the impact of these new
standards. Goodwill amortization expense was $37.8 million and $14.4 million for
the periods January 1 through June 1, 2001 and June 2 through June 30, 2001,
respectively.
6
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 2--ACQUISITION BY TYCO INTERNATIONAL LTD.
The purchase price paid by Tyco plus related purchase accounting adjustments
was valued at approximately $9.5 billion and is presented as "Parent company
investment" as of June 1, 2001 in the Consolidated Statement of Changes in
Shareholder's Equity. The $9.5 billion value consisted of the following: the
exchange of approximately 192.5 million outstanding CIT common shares (including
exchangeable shares) for Tyco common shares at 0.6907 per share valued at
$6,650.4 million; the purchase of 71 million common shares from The Dai-Ichi
Kangyo Bank, Limited at $35.02 per share for $2,486.4 million in cash; the
estimated fair value of stock options of $318.6 million; and $29.2 million in
acquisition related costs incurred by Tyco.
As of the acquisition date, CIT recorded each asset and liability at its
estimated fair value, which amount is subject to future adjustment when
appraisal or other valuation data are obtained. Approximately $4.2 billion of
incremental goodwill and other intangible assets were recorded, which represents
the excess of the transaction purchase price over the fair value of CIT's net
assets and purchase accounting liabilities. Goodwill and other intangible assets
are being amortized on a straight-line basis over periods ranging from 5 to
40 years.
As part of CIT's integration with Tyco, the Company has begun to formulate
workforce reduction and exit plans. As of June 30, 2001, management determined
that approximately 350 employees would be terminated and announced the benefit
arrangements to those employees. As a result, $39.1 million in severance costs
and other related exit costs were accrued.
At June 30, 2001, a total of $48.3 million in purchase accounting reserves
remained in the Consolidated Balance Sheet. The total consists of $39.1 million
related to the integration of CIT and Tyco and $9.2 million related to lease
termination costs associated with CIT's acquisition of Newcourt in 1999.
NOTE 3--DERIVATIVE FINANCIAL INSTRUMENTS
The FASB issued SFAS No. 133, "Accounting for Derivative Instruments and
Hedging Activities," which became effective for CIT on January 1, 2001. SFAS
No. 133 was amended by SFAS No. 137 and SFAS No. 138. Under SFAS No. 133, as
amended, all derivative instruments are recognized in the balance sheet at their
fair values and changes in fair value are recognized immediately in earnings,
unless the derivatives qualify as hedges of future cash flows. For derivatives
qualifying as hedges of future cash flows, the effective portion of changes in
fair value is recorded temporarily in shareholder's equity, and contractual cash
flows, along with the related impact of the hedged items, continue to be
recognized in earnings. Any ineffective portion of a hedge is reported in
earnings as it occurs.
The ineffective portion of changes in fair values of hedge positions
reported in earnings for the predecessor period April 1 through June 1, 2001,
amounted to $0.6 million before income taxes, or $0.4 million after taxes, and
was recorded as an increase to interest expense. The ineffective portion of
changes in fair values of hedge positions included in earnings for the successor
period June 2 through June 30, 2001 was $0.5 million before income taxes, or
$0.3 million after taxes.
On January 1, 2001, CIT recorded a $146.5 million, net of tax, cumulative
effect adjustment to Accumulated Other Comprehensive Loss, a separate component
of shareholder's equity, for derivatives qualifying as hedges of future cash
flows to reflect the new accounting standard for derivatives. As described in
Note 1, in conjunction with the Tyco acquisition, "push-down" accounting for
business combinations was implemented as of the June 1, 2001 acquisition date.
Accordingly, the cumulative
7
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3--DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
effect adjustment, as well as all other components of the Accumulated Other
Comprehensive Loss account was eliminated as of the acquisition date.
The components of the adjustment to Accumulated Other Comprehensive Loss for
derivatives qualifying as hedges of future cash flows at January 1, 2001 and the
balance outstanding at June 1, 2001 and June 30, 2001 are presented in the
following table ($ in millions):
<Table>
<Caption>
ADJUSTMENT OF
FAIR VALUE OF INCOME TAX TOTAL
DERIVATIVES EFFECTS UNREALIZED LOSS
------------- ---------- ---------------
Balance at January 1, 2001............................. $236.2 $(89.7) $146.5
Changes in values of derivatives qualifying as cash
flow hedges.......................................... (1.0) 0.4 (0.6)
------ ------ ------
Balance at June 1, 2001 (predecessor).................. 235.2 (89.3) 145.9
Effect of push-down accounting......................... (235.2) 89.3 (145.9)
------ ------ ------
Balance at June 1, 2001 (successor).................... -- -- --
Changes in values of derivatives qualifying as cash
flow hedges.......................................... 29.5 (11.2) 18.3
------ ------ ------
Balance at June 30, 2001 (successor)................... $ 29.5 $(11.2) $ 18.3
====== ====== ======
</Table>
The unrealized losses presented in the preceding table reflect our use of
interest rate swaps to convert variable-rate debt to fixed-rate debt. These
losses were caused by market interest rates that declined during the respective
periods. During the period April 1 through June 1, 2001, approximately
$10.8 million, net of tax, was reflected in earnings for the interest
differential on our interest rate swaps and for the period June 2 through
June 30, 2001 approximately $7.7 million, net of tax, was recorded. Assuming no
change in interest rates, we expect approximately $13.2 million, net of tax, of
Accumulated Other Comprehensive Loss to be reclassified to earnings over the
next twelve months. This amount will change as interest rates change in the
future. The Accumulated Other Comprehensive Loss (along with the corresponding
swap liability) will be re-measured as market interest rates change over the
remaining life of the swaps.
CIT uses derivatives for hedging purposes only, and does not enter into
derivative financial instruments for trading or speculative purposes. As part of
managing the exposure to changes in market interest rates, CIT, as an end-user,
enters into various interest rate swap transactions, all of which are transacted
in over-the-counter markets, with other financial institutions acting as
principal counterparties. To ensure both appropriate use as a hedge and hedge
accounting treatment, all derivatives entered into are designated according to a
hedge objective against a specified liability, including senior notes and
commercial paper. CIT's primary hedge objectives include the conversion of
variable-rate liabilities to fixed-rates, and the conversion of fixed-rate
liabilities to variable-rates. The notional amounts, rates, indices and
maturities of CIT's derivatives are required to closely match the related terms
of CIT's hedged liabilities.
8
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 3--DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED)
The following table presents the notional amounts of interest rate swaps by
class and the corresponding hedged liability position at June 30, 2001 ($ in
millions):
<Table>
<Caption>
INTEREST RATE SWAPS NOTIONAL AMOUNT DESCRIPTION
- ------------------- --------------- -----------
Floating to fixed-rate swaps.......... $6,843.0 Converts the interest rate on an
equivalent amount of commercial paper
and variable-rate senior notes to a
fixed-rate. These swaps have
maturities ranging from 2001-2027.
Fixed to floating-rate swaps.......... 1,344.8 Converts the interest rate on an
equivalent amount of fixed-rate senior
notes to a variable-rate. These swaps
have maturities ranging from
2003-2008.
--------
Total interest rate swaps............. $8,187.8
========
</Table>
CIT also utilizes foreign currency exchange forward contracts to hedge its
net investments in foreign operations and cross currency interest rate swaps to
hedge foreign debt. At June 30, 2001, CIT was party to foreign currency exchange
forward contracts with notional amounts of $3.5 billion and maturities ranging
from 2001 to 2004. These contracts are used to hedge foreign currency risk. CIT
was also party to cross currency interest rate swaps with a notional amount of
$1.7 billion and maturities ranging from 2002 to 2027. These swaps hedge foreign
currency risk as well as variability in the fair value.
NOTE 4--BUSINESS SEGMENT INFORMATION
The following table presents reportable segment information and the
reconciliation of segment balances to the consolidated financial statement
totals and the consolidated managed assets totals at or for the six month
periods ended June 30, 2001 and 2000. The financial information included in the
following table combines January 1 to June 1, 2001 (the "predecessor period")
and June 2 to June 30, 2001 (the "successor period") in order to present
"combined" financial results for the six months ended June 30, 2001. Goodwill
and other intangible assets amortization is allocated to Corporate for purposes
of the table. For the predecessor period January 1 through June 1, 2001,
Corporate recorded a non-recurring charge of $221.6 million ($158.0 million
after-tax) consisting of the following: provision of $89.5 million for certain
non-strategic and under-performing equipment leasing and loan portfolios,
primarily in the telecommunications industry, which the Company expects to
dispose; write-downs of $78.1 million for certain equity investments in the
telecommunications industry and e-commerce markets which the Company plans to
dispose; and transaction costs of $54.0 million associated with Tyco's
acquisition of CIT. The transaction costs are presented separately in our
Consolidated Income Statement, while the remaining charges have been included in
Other revenue, net and in Provision for credit losses.
During the three months ended March 31, 2001, we transferred financing and
leasing assets from Equipment Financing to Specialty Finance. Prior year segment
balances have not been restated to conform to the current year asset transfers
as it is impractical to do so. In addition, Vendor Technology
9
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 4--BUSINESS SEGMENT INFORMATION (CONTINUED)
Finance was combined into Specialty Finance consistent with how activities are
reported internally to management effective as of June 30, 2001. We have
reclassified our comparative prior period information to reflect this change.
<Table>
<Caption>
EQUIPMENT
FINANCING SPECIALTY COMMERCIAL STRUCTURED TOTAL CONSOLIDATED
($ IN MILLIONS) AND LEASING FINANCE FINANCE FINANCE(1) SEGMENTS CORPORATE TOTAL
- --------------- ----------- --------- ---------- ---------- ---------- --------- ------------
AS AT AND FOR THE COMBINED SIX
MONTHS ENDED JUNE 30, 2001
Operating revenue.............. $ 404.5 $ 503.2 $ 248.7 $ 61.5 $ 1,217.9 $ (50.4) $ 1,167.5
Net income..................... 142.4 122.7 87.8 20.8 373.7 (221.2) 152.5
Total managed assets........... 21,927.1 18,377.2 7,776.0 3,007.6 51,087.9 -- 51,087.9
AS AT AND FOR THE SIX MONTHS
ENDED JUNE 30, 2000
Operating revenue.............. $ 338.4 $ 516.1 $ 241.8 $ 104.5 $ 1,200.8 $ (22.0) $ 1,178.8
Net income..................... 133.1 100.0 74.3 54.7 362.1 (66.8) 295.3
Total managed assets........... 19,835.9 23,730.4 7,581.8 2,222.8 53,370.9 -- 53,370.9
</Table>
- --------------------------
(1) The June 30, 2000 balances are conformed to include Equity Investments in
Structured Finance, which had previously been reported within Corporate.
NOTE 5--SUMMARIZED FINANCIAL INFORMATION OF SUBSIDIARIES
The following table shows summarized consolidated financial information for
CIT Holdings LLC and its wholly-owned subsidiary, Capita Corporation (formerly
AT&T Capital Corporation). The financial information included in the following
table combines the predecessor period and the successor period in order to
present "combined" results for the six months ended June 30, 2001. CIT has
guaranteed on a full and unconditional basis the existing registered debt
securities and certain other indebtedness of these subsidiaries. Therefore, CIT
has not presented related financial statements or other information for these
subsidiaries on a stand-alone basis.
10
<Page>
THE CIT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
NOTE 5--SUMMARIZED FINANCIAL INFORMATION OF SUBSIDIARIES (CONTINUED)
The following summarized consolidated financial information reflects balance
sheet and income statement results as of and for the combined six months ended
June 30, 2001, including the transfer of various subsidiaries to other CIT
entities ($ in millions):
<Table>
<Caption>
COMBINED SIX MONTHS ENDED
JUNE 30, 2001
-------------------------------------
CIT HOLDINGS LLC CAPITA CORPORATION
---------------- ------------------
OPERATING REVENUE................................... $ 302.7 $ 201.8
Operating expenses.................................. 259.9 194.9
-------- --------
Income before income taxes.......................... $ 42.8 $ 6.9
-------- --------
NET LOSS............................................ $ (12.2) $ (31.2)
-------- --------
AT JUNE 30, 2001
-------------------------------------
ASSETS
Cash and cash equivalents........................... $ 192.3 $ 106.3
Financing and leasing assets........................ 6,331.4 4,705.2
Receivables from affiliates and other assets........ 1,083.4 192.8
-------- --------
TOTAL ASSETS........................................ $7,607.1 $5,004.3
======== ========
LIABILITIES AND SHAREHOLDER'S EQUITY
Liabilities:
Debt............................................ $3,908.0 $3,354.1
Other........................................... 398.4 317.4
-------- --------
Total liabilities................................... 4,306.4 3,671.5
Total shareholder's equity.......................... 3,300.7 1,332.8
-------- --------
TOTAL LIABILITIES AND SHAREHOLDER'S EQUITY.......... $7,607.1 $5,004.3
======== ========
</Table>
NOTE 6--RELATED PARTY TRANSACTION
In June 2001, the Company received a capital contribution of $675 million
from Tyco, of which $275 million was paid in cash, and $400 million was in the
form of a note receivable from Tyco. The note did not bear interest and has
since been paid. This note receivable is included in Other assets in the
Consolidated Balance Sheet at June 30, 2001.
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