Market Overview

CIT And Century Tokyo Leasing Enter Into Strategic Relationship


CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending
and leasing services, today announced that it has agreed to form TC-CIT
Aviation Ireland and TC-CIT Aviation U.S. (together TC-CIT Aviation), joint
ventures between CIT Aerospace, a global leader in aircraft finance, and
Century Tokyo Leasing Corporation (“CTL”), a comprehensive financial services
company in Japan with a global presence.

"These joint ventures will provide CIT Aerospace additional opportunities to
offer key airline customers financing solutions to support their businesses,”
said Jeff Knittel, President of CIT Transportation & International Finance.
“TC-CIT Aviation offers us the opportunity to utilize our expertise in
commercial aircraft leasing while partnering with CTL, which has a proven
track record of success throughout Asia.”

Shunichi Asada, President and CEO of CTL, said, “We are extremely pleased to
enter into this relationship with CIT Aerospace, a leader in the commercial
aircraft leasing market. These joint ventures will provide us a solid platform
for future growth as we look to further expand our aircraft leasing business.”

Under the terms of the agreements, TC-CIT Aviation will acquire commercial
aircraft that will be leased to airlines around the globe. Initially, CIT
Aerospace expects to sell 14 commercial aircraft to TC-CIT Aviation in
transactions with an aggregate value of approximately $0.5 billion and will be
responsible for arranging future aircraft acquisitions, negotiating leases,
servicing the aircraft and administering the entities. CIT will also make and
maintain a minority equity investment in TC-CIT Aviation. CTL will make and
maintain a majority equity interest in the joint venture and will be a lender
to the newly-established companies. TC-CIT Aviation will be co-managed by CIT
Aerospace and CTL. John Morabito, Head of Financial Institutions of CIT
Aerospace, and Mahoko Hara, Executive Officer and General Manager, Financing
Strategy and Solutions, from CTL will be key representatives from each
institution managing the activity of the joint venture.


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