CIT Launches Aerospace And Defense Finance Group

Scheduled to Host Inaugural Aerospace and Defense Conference on May 4th with FAA Administrator Marion Blakey, General Tommy Franks and the Honorable Jack Kemp Slated to Speak

NEW YORK, May 1 /PRNewswire-FirstCall/ -- CIT Group Inc. (NYSE: CIT), a leading provider of commercial and consumer finance solutions, today announced the launch of its Aerospace and Defense Finance Group to provide integrated financial solutions, ranging from traditional balance sheet recapitalizations, leasing and project financings to growth capital and acquisition financing to the global aerospace and defense industry. The Group, led by Patrick Henry Dowling, Managing Director and General Manager, will be responsible for originating corporate finance and advisory services with companies operating worldwide in the aerospace, defense and homeland security industries. The Group will be located in CIT's new global headquarters at 505 Fifth Avenue in New York City.

"Under Pat's leadership, CIT now has an experienced team in place that offers a diverse range of products and services to the aerospace and defense industry," said Jeffrey Knittel, President of CIT Aerospace. "Since joining CIT in late 2005, Pat has expanded the reach of the CIT Aerospace and Defense Finance Group in providing financing solutions which has enabled us to capitalize on our industry relationships and find emerging opportunities in the global aerospace and defense market."

"CIT has a unique, integrated platform and unparalleled industry expertise to provide creative solutions to the aerospace and defense industry," said Pat Dowling, Managing Director and General Manager of CIT Aerospace and Defense. "We are building a global team with offices in North America and London. I am very pleased to most recently welcome aboard Robert Jones and John Donohue, who bring extensive investment banking and financial expertise to our team. They will play a key role in developing advanced financial solutions to meet the strategic objectives of our clients and promote CIT's capabilities throughout the aerospace and defense industry."

As part of the launch of its Aerospace and Defense Group, CIT will host its inaugural Aerospace and Defense Customer Forum on Thursday, May 4th in New York City. FAA Administrator Marion Blakey, General Tommy Franks and The Honorable Jack Kemp, Founder and Chairman, Kemp Partners will keynote the event, while Edward S. Beyer, Executive Advisor to the President of Pratt & Whitney, Carolyn Corvi, Vice President and General Manager, Airplane Production, Boeing Commercial Airplanes, and Barry Eccleston, President & CEO of Airbus North America will lead an industry panel discussion on "Transformation: Opportunities in an Evolving Industry." In addition, Wilson Leach from Aviation International News and Bob Dilenschneider of The Dilenschneider Group will also speak.

Mr. Dowling previously served as Managing Director and Industry Leader, Aerospace and Defense, for GE Commercial and Industrial Finance before joining CIT. Since 1984, he held various positions with GE Commercial Finance focused on serving the aviation industry. Prior to joining GE, Mr. Dowling was employed at The Continental Group and Price Waterhouse. He is a certified public accountant and holds a Bachelor of Science in Accounting from Fordham University and a Juris Doctorate from Pace University School of Law.

Mr. Jones was a Director in the Aerospace & Defense Group at Wachovia Securities prior to joining CIT. He previously held a similar position at CIBC World Markets and brings over 10 years of investment banking experience focused on aerospace and defense. Mr. Jones is a Chartered Financial Analyst, a Series 7 & 63 license holder and a graduate of the University of Western Ontario.

Mr. Donohue was an Associate at GE Commercial Finance before joining CIT where he graduated from the Risk Management Leadership Program and most recently focused on leveraged transactions for private equity sponsors. Prior to this he held several finance roles at American Express before receiving his Masters of Business Administration from Indiana University's Kelley School of Business. Mr. Donohue also holds a Bachelor of Science from Miami University.

About CIT Aerospace

CIT Aerospace provides financing solutions to a broad spectrum of the global aerospace value chain ranging from operators of commercial and business aircraft to manufacturers, suppliers and service providers in the aerospace and defense industries as well as financial institutions. CIT Aerospace manages a fleet of over 300 commercial and business aircraft leased and financed to over 100 airlines around the world.

About CIT

CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has over $65 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries worldwide. CIT, a Fortune 500 company and a component of the S&P 500 Index, holds leading positions in vendor financing, factoring, equipment and transportation financing, Small Business Administration loans, and asset- based lending. With its Global Headquarters in New York City, CIT has approximately 6,600 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com.

    Press Contact:     C. Curtis Ritter
                       Director of External Communications & Media Relations
                       (212) 771-9603
                       
Email Contact

    Investor Contact:  Valerie L. Gerard
                       Executive Vice President
                       Investor Relations
                       (973) 422-3284

CONTACT: Press, C. Curtis Ritter, Director of External Communications &
Media Relations, +1-212-771-9603, Email Contact, or Investor, Valerie
L. Gerard, Executive Vice President, Investor Relations, +1-973-422-3284

Web site: http://www.cit.com/




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