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Etihad Airways has signed a contract with New York-based CIT Aerospace for the lease of two new Airbus A320-200 aircraft.

The two A320-200s are scheduled for delivery to the Abu Dhabi-based airline by the end of 2008. The aircraft will be powered by IAE V2527-A5 engines. The deal, which confirms Etihad's status as CIT Aerospace's largest customer in the Middle East, was signed by the airline's chief financial officer, James Rigney and Damon D'Agostino, senior vice president and chief sales officer of CIT Transportation Finance.

Mr Rigney said: "The addition of these two new A320 aircraft will enable Etihad to add new routes to our expanding flying schedule - including Moscow and Almaty in Khazakhstan, where we will launch new services to this December."

The two narrow-body aircraft are the first new A320-200s that CIT has leased to Etihad. Currently, Etihad leases two A330s from CIT and has two additional A330-200s on order for delivery in early 2009. Etihad Airways currently operates four Airbus A320 aircraft, used predominantly on short-haul, high frequency routes within the Middle East.

With the addition of these two new A320 aircraft, Etihad will possess ten aircraft in its narrow-body fleet by the end of 2008. Moving forward, additional narrow-body aircraft will be added to the fleet. CIT Aerospace owns or finances a fleet of more than 300 commercial aircraft.

Notes and contacts

About Etihad Airways www.etihadairways.com

Etihad Airways is the national airline of the United Arab Emirates based in the UAE's capital, Abu Dhabi. Currently Etihad offers flights to 45 destinations in the Middle East, Europe, North America, Africa and Asia.

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 defence industries as well as financial institutions.

About CIT www.cit.com

CIT (NYSE: CIT) is a global commercial finance company that provides financial products and advisory services to more than one million customers in over 50 countries across 30 industries. A leader in middle market financing, CIT has more than $80 billion in managed assets and provides financial solutions for more than half of the Fortune 1000.

A member of the S&P 500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business Administration lending, equipment leasing, vendor financing and factoring. The CIT brand platform, Capital Redefined, articulates its value proposition of providing its customers with the relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT is celebrating its Centennial throughout 2008.

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