Boeing

CIT Aerospace, a division of The CIT Group (NYSE: CIT: TSE: CIT.U), a leading global source for financing and leasing, has placed a firm order for 20 Next-Generation 737-700 and five 757-300 airplanes from The Boeing Company, the two companies announced today. In addition, CIT has taken options for five additional 757-300s. The value of the new airplanes on firm order is estimated at more than $1.3 billion at list prices.

CIT is the first lessor to offer the newest member of the Boeing 757 family, which has the lowest seat-mile costs of any single-aisle jetliner, making it an extremely cost-effective airplane for airlines to operate.

"We're very excited about our first 757-300s and the addition of more 737s to our portfolio," said Jeff Knittel, president - CIT Aerospace. "The Next-Generation 737 is the newest and one of the most advanced airplanes in its class, and the 757-300 provides an important new option for both scheduled carriers and tour operators."

CIT's new 757-300s are expected to be delivered during the spring of 2003 and the spring of 2004, while the 737-700s will be delivered over a three year period beginning in March 2003. CIT retains substitution rights on the 737-700s for other models of the Next-Generation 737 family: the smaller 737-600, the larger 737-800 or 737-900.

" We are very proud of our relationship with CIT Aerospace and their proven ability to offer our airplanes to customers worldwide," said Nicole Piasecki, vice president - Leasing Sales, Boeing Commercial Airplanes. " These orders are a testimony to the continued popularity and broad customer base of the 757 and 737 products. Both the 757-300 and the Next-Generation 737s combine highly efficient operating economics and passenger-pleasing interiors providing our lessors' customers an optimum return on investment."