CIT DELIVERS A NEW AIRBUS A320-200 TO PHILIPPINE AIRLINES

NEW YORK – August 9, 2011 – CIT Group Inc. (NYSE: CIT), a global leader in transportation finance, today announced that CIT Aerospace, a unit of CIT, has delivered a new Airbus A320-200 to Philippine Airlines. The aircraft will be operated by Airphil Express, a low cost carrier based in Manila.

The aircraft, MSN 4777, is powered by CFM56-5B4/3 engines.

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 and suppliers in the aerospace and defense industries as well as financial institutions. CIT owns or finances a fleet of approximately 300 commercial aircraft.