CIT Aerospace Receives CF6 TRUEngineTM Designation

June 19, 2013

PARIS AIR SHOW - CIT Aerospace has been awarded TRUEngine designation for its CF6 engine fleet, which powers its 13 Airbus CF6-80E-powered A330-200 aircraft.

"With a TRUEngine designation, CIT has demonstrated its commitment to OEM quality engine maintenance," said Chuck Williams, general manager of the CF6 Program at GE Aviation. "GE Aviation is proud to award this designation to CIT, and we look forward to working with them to maintain this TRUEngine status on its CF6 engine fleet."

"Having our CF6-80E1 portfolio qualify for entry in the TRUEngine Program is a significant step in ensuring that we maintain the value and integrity of our engines," said Julian Rouchy-Kelly, Chief Technical Officer for CIT Aerospace. "This agreement further strengthens our relationship with GE Aviation and we look forward to working with them on this and other programs."

To qualify for TRUEngine status, the engine configuration, overhaul practices, spare parts and repairs used to service an engine must be consistent with GE requirements. In addition, all maintenance must comply with GE-issued engine manuals and other maintenance recommendations. The qualification data is obtained through customer submittal of maintenance records. The TRUEngine designation is available to the 4,000 CF6 engines in service if they meet the TRUEngine criteria.

Commercial jet engines typically are in service for more than 25 years and change ownership at least once in their operational life. The engine's configuration, material content, maintenance history and supportability impact marketability and overall value as it changes ownership. The CF6 TRUEngine designation enhances marketability and provides other valuable benefits, such as extended new part warranty and GE engine lease pool support.

GE's CF6 engines have been among the most utilized and reliable in the industry. Powering more than 10 models of wide-body aircraft, the engine family has established an unparalleled record of reliability and has compiled more than 375 million flight-hours in service with close to 200 customers worldwide.

GE Aviation, an operating unit of GE (NYSE: GE), is a world-leading provider of jet and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft. GE Aviation has a global service network to support these offerings.

About CIT Aerospace

As one of the world's leading aircraft leasing organizations, CIT Aerospace provides leasing and financing packages – including operating leases and structuring and advisory services – for commercial airlines worldwide. CIT Aerospace owns and finances a fleet of approximately 350 commercial aircraft leased and financed to approximately 100 customers in 55 countries.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35 billion in financing and leasing assets. It provides financing and leasing capital and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. CIT also operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through its online bank BankOnCIT.com, offers a suite of savings options designed to help customers achieve a range of financial goals.