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CIT Aerospace Places CF6 Engine Order

September 08, 2008

EVENDALE -- CIT Aerospace has selected GE Aviation's CF6-80E1 engines to power its four Airbus A330 aircraft. The value of the engine order is $120 million list price. Deliveries will occur through 2013. 

CIT is one of the world's largest publicly held commercial finance organizations with more than $70 billion in managed assets. CIT Aerospace, a unit of CIT, provides financing solutions to a broad spectrum of the global aerospace value chain ranging from operators of commercial and business aircraft to manufacturers and suppliers in the aerospace and defense industries as well as financial institutions. CIT owns or finances a fleet of more than 300 commercial and business aircraft leased and financed to more than 100 airlines around the world. 

"The CF6 has proven to be a reliable, high performance engine," said Tony Diaz, Executive Vice President of CIT Aerospace, Commercial Airlines. "Its improved performance in noise reduction and fuel efficiency enables us to meet the high market demand from operators of the A330 family." 

"GE Aviation is very honored that CIT has selected our CF6-80E1 engines to power its A330 aircraft," said Kevin McAllister, Vice President & General Manager GE Aviation Sales. "CIT is recognized as a world-class leasing company, and we appreciate its continued confidence in our CF6-80E1 engine. We value our long-term partnership with CIT and are committed to provide CIT with the highest quality wide-body engine in terms of technology, performance and reliability." 

GE's CF6 engine has been among the most utilized and reliable jet engines powering more than 10 models of wide-body aircraft. The engine has established an unparalleled record of reliability and compiled more than 320 million flight-hours in service with more than 250 customers worldwide. 

GE remains committed to the CF6-80E1 engine and continues to invest in technology improvements for the engine. These advancements, along with proactive maintenance and operational procedures, have increased the engine's restored time on wing from 1,500 cycles to 2,500 cycles (67 percent increase) in the last four years. With more than 375 engines in service, the CF6-80E1 engine continues to attract customers with more than 35 CF6-80E1-powered A330 aircraft on order. 

This year, the CF6-80E1 engine began incorporating the advanced technology from the Tech CF6 program on production engines. The new improved technology includes high pressure turbine airfoil advancements that enhance operational reliability, lower maintenance costs and improve fuel burn retention. 

GE Aviation, an operating unit of General Electric Company (NYSE: GE), is a world-leading provider of commercial and military jet engines and components as well as integrated digital, electric power, and mechanical systems for aircraft. GE Aviation also has a global service network to support these offerings.