Company's First Commercial Aircraft Lease In Saudi Arabia

Global finance corporation CIT Group Inc. recently announced CIT Aerospace signed three leases with nasair, the first budget carrier in the Kingdom of Saudi Arabia, for three new Airbus A320-200s. The deal is CIT’s first transaction with Riyadh-based nasair, and its first commercial aerospace lease in Saudi Arabia.

"As a result of growth in demand for passenger air travel in the Middle East, CIT is expanding our footprint in this region," said C. Jeffrey Knittel, President of Transportation Finance at CIT. "We are pleased to enter into a new partnership with nasair and look forward to building our relationship in the years ahead."

Ed Winter, nasair Chief Executive Officer, added "These aircraft from CIT will allow nasair to continue its phenomenal growth into 2009 providing brand-new aircraft as the premier low fares airline in the region."

The aircraft, powered by IAE V2527-A5 engines, will deliver in February, March and May 2009.

CIT Aerospace owns or finances a fleet of more than 300 commercial aircraft around the world with approximately seven percent of its fleet located in the Middle East.

FMI: www.cit.com, www.flynas.com