CIT Aerospace Delivers Its First V2500-Powered A321 to Asiana Airlines

Business Wire, Nov 16, 2000

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 16, 2000

CIT Aerospace, a unit of The CIT Group (NYSE: CIT; TSE: CIT.U), today announced that it took delivery of its first IAE V2500-powered Airbus A321 aircraft and leased it to Asiana Airlines. The brand new aircraft (serial # 1356) was delivered to the airline straight from the Hamburg, Germany assembly line.

"Today marks another step in the growth of our commercial aircraft leasing business," said C. Jeffrey Knittel, president of CIT Aerospace. "This is our first delivery of a V2500 powered aircraft and we look forward to placing many more. We have a long-standing partnership with Asiana Airlines that we value very much," added Knittel.

"CIT Aerospace has been an important partner to Asiana and we welcome our continued cooperation with the lease of this A321," said O.H. Cha, senior vice president, Strategic Corporate Planning & Purchasing of Asiana Airlines. "We are also excited by the fact that we are the first of CIT Aerospace's customers to lease a V2500-powered aircraft," added Cha.

Asiana Airlines was established in February 1988 as South Korea's second flag carrier. Owned by the Kumho Group - one of Asia's most influential corporations - Asiana initiated domestic service in December 1988 from Seoul's Kimpo Airport to Busan and Kwangju. Today, Asiana Airlines serves 45 cities in 14 countries. In 1999, Asiana has posted a total operating profit of $225 million.

About

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 business unit of Capital Finance, a CIT 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

Founded in 1908, The CIT Group (www.cit.com) is the world's largest publicly held commercial finance company, with over $50 billion in managed assets. Fortune magazine named CIT one of America's Most Admired Company's in February 2000. InformationWeek magazine ranks CIT #2 in its annual survey of top 500 companies using innovation in IT.