CIT Aerospace to Lease Two Airbus A330-200s to the UK-Based JMC Airlines.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 15, 2001

CIT Aerospace, a division of CIT (NYSE: CIT; TSE: CIT.U), announced plans to lease two A330-200s with RR Trent 772B engines to the Manchester, England-based charter airline JMC Airlines. The first aircraft will be delivered in October 2001 and the second in March 2002. CIT Aerospace is a unit of Capital Finance, an operating group of CIT.

JMC Airlines, UK's third largest charter airline, was created in 1999 through the merger of Flying Colours and Caledonian Airways. This followed the integration of the Carlson Leisure group with the leading international travel and financial services group Thomas Cook, which brought both airlines under common ownership in October 1998. The new airline officially flew for the first time on March 27, 2000.

"JMC Airlines has quickly built a reputation as an important player in the European charter airline business," said CIT Aerospace President Jeffrey Knittel. "We are excited about the opportunity to work with JMC Airlines and look forward to participating in their future growth."

Commenting on the partnership, Terry Soult, Managing Director of JMC Airlines, said, "As a holiday charter airline, our mission is to guarantee our customers a pleasant journey and operating a modern aircraft fleet means that we can provide our passengers with the comfort they are seeking. We chose CIT for their excellent reputation in the industry and long history of providing airlines like JMC with attractive operating leases."

JMC Airlines currently operates a fleet of 28 aircraft and is flying to major tourist destinations in Europe, Africa and the Americas. The airline takes its name from the initials of John Mason Cook, son of founder Thomas Cook.

About CIT

CIT Aerospace has more than 90 airline customers worldwide and a portfolio of more than 300 commercial aircraft from all major aircraft manufacturers. CIT Aerospace, a unit of CIT's Capital Finance operating group offers customized leasing and financing packages for new and used aircraft with a special focus on operating leases for commercial airlines worldwide. For more information visit www.citaerospace.com

With over $50 billion in managed assets, CIT is a leading diversified finance company offering vendor, equipment, commercial, factoring, consumer and structured financing capabilities. CIT operates extensively in the United States and Canada with strategic locations in Europe, Latin and South America, and the Pacific Rim. CIT has been in business since 1908 and is recognized as a leader in many of the markets it serves. For more information visit www.cit.com.