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Wed, Mar 12, 2008

CIT Places Order For A320s, A330s

Deliveries Scheduled to Begin in 2011

Aircraft lease and financing company CIT Group Inc. announced this week CIT Aerospace, a unit of CIT, has signed contracts with Airbus for 20 new aircraft (15 A320 family aircraft and five A330 aircraft) worth approximately $1.9 billion at list prices.

The aircraft are scheduled to be delivered beginning in 2011 and continue through 2014.

"As a global leader in the aircraft leasing market, CIT is proud to expand our fleet with these 20 new Airbus aircraft," said C. Jeffrey Knittel, President of Transportation Finance at CIT. "We continue to see a growing demand from our customer base for more efficient aircraft similar to the Airbus A320 Family and A330s. As a result of this demand we decided to take advantage of the opportunity to further enhance and diversify our fleet."

John Leahy, Airbus Chief Operating Officer, Customers, said, "We are pleased to see a leading leasing company and valued Airbus customer placing repeat orders both for our current long-range aircraft and for the A320 Family. This is a further proof of the confidence of the financial sector in Airbus products."

CIT owns or manages a fleet of more than 300 commercial aircraft and including the purchase announced today has ordered a total of 189 aircraft with Airbus (152 A320 Family aircraft, 30 A330s and seven A350 XWBs) of which 93 aircraft are already delivered.

FMI: www.cit.com, www.airbus.com

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