“Aerospace Industry Update” Featured in CIT’s “Executive Spotlight” Series

High air traffic growth, particularly in China, India, the Middle East, and Latin America is driving market demand for new aircraft, according to C. Jeffrey Knittel, President of Transportation Finance at CIT Group Inc. (NYSE: CIT), a leading aircraft lessor and a provider of financing to small businesses and middle market companies. This is just one of the insights Knittel provides in “Aerospace Industry Update,” the latest in a series of in-depth executive Q&As featured in CIT’s “Executive Spotlight” series (http://executive-spotlight.cit.com).

Knittel points out that for the past two years, air travel in the U.S. has been flat or shrinking, as high oil prices and depressed consumer spending have limited demand. However, he states, “Now we are seeing traffic and yield pick up and we expect demand for additional aircraft capacity to return to the U.S. market. Europe is exhibiting slower growth as the lingering impact from the Icelandic volcanic ash cloud, sovereign debt issues, and pressure on the euro continues to weigh on European economies.”

In commenting on how the turmoil in the financial markets over the last two years has impacted aerospace suppliers, he states, “The supply chain has been impacted more by the slowdown and delivery deferrals in some significant aircraft platforms than it has by the turmoil in the financial markets. The turmoil itself has decreased economic activity, which has put pressure on those companies that are tied to the level of airline activity, such as repair shops and flight training schools.”

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About CIT

Founded in 1908 and headquartered in New York City, CIT (NYSE: CIT) is a bank holding company with approximately $45 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses. Operating in more than 50 countries across 30 industries, CIT provides an unparalleled combination of relationship, intellectual, and financial capital to its customers worldwide. CIT maintains leadership positions in small business and middle market lending, factoring, retail finance, aerospace, equipment and rail leasing, and vendor finance. www.cit.com