News Release

GULFSTREAM AND EXECUTIVE JET ANNOUNCE OVER $800 MILLION DEAL FOR AIRCRAFT AND LONG-TERM MAINTENANCE
With 20 Aircraft Order, Executive Jet Becomes Launch Customer for the New Gulfstream V-SP
Gulfstream GV-SP Will Join Gulfstream Shares® Program in 2003

NBAA, New Orleans, Oct. 9, 2000 -- Gulfstream Aerospace Corporation announces an order from Executive Jet, Inc. for 20 Gulfstream V-SPs and long-term maintenance worth more than $800 million. The improved GV-SP, with a more usable cabin, greater range, and the most advanced avionics suite in the industry, will become the flagship of Executive Jet's Gulfstream fleet.

"Having Executive Jet as the GV-SP launch customer reaffirms the unique and successful relationship that exists between our companies," said Bill Boisture, Gulfstream president and chief operating officer. "Their confidence in Gulfstream, this new aircraft, and the service we provide is evident in this order commitment."

Executive Jet is the world's largest operator of private business jets. Richard Santulli, Executive Jet's chairman, introduced the concept of fractional aircraft ownership in 1986, and the popularity of the company's NetJets® program has surged over the last decade. Today, Executive Jet manages more than 300 aircraft, with more than 450 aircraft on order. In 2000, NetJets will fly more than 200,000 flights for NetJets owners with flights to more than 92 countries.

The GV-SP sale and maintenance agreement is a further expansion of Gulfstream's fractional ownership program that was launched with Executive Jet in 1995. The order adds additional new GV-SP orders and converts previous GV options to the new aircraft. To date, Executive Jet orders and options for the program have reached 81 GIV-SPs, GVs, and GV-SPs. The new order will extend deliveries of the Gulfstream V-SP aircraft through 2008.

"Customer interest in the Gulfstream V Shares program has been substantial," Santulli said. "We anticipate that the GV-SP will provide the supplemental lift that a number of companies are looking for to meet their long-range flight profiles. We have plans to significantly grow our business internationally and Gulfstream aircraft will play a major role in that worldwide expansion."

The NetJets and Gulfstream Shares programs allow customers to purchase fractional interests (typically one-eight, one-quarter, and one-half shares) in new Gulfstream aircraft. Designed for individuals or corporations with less than full aircraft requirements, the program allows customers to own the world's safest and most reliable business aircraft without the substantial investment required for outright aircraft purchase. The program also provides value to existing aircraft fleet operators who may need supplemental lift capability for special needs.

The Executive Jet GV-SPs will be completed at Gulfstream's new $3 million state-of-the-art completions and service hangar in Brunswick, Georgia. Executive Jet's first GV to enter the fleet will be delivered in December.

NOTE TO EDITOR

Gulfstream, a wholly owned subsidiary of General Dynamics Corporation (NYSE: GD), designs, develops, manufactures and markets the world's most technologically advanced intercontinental business jet aircraft. The company has produced more than 1,160 aircraft for customers around the world since 1958. To meet the aviation needs of its customers, Gulfstream offers a full range of aircraft products and services, including the Gulfstream IV-SP®, the ultra-long range Gulfstream V®, Gulfstream Shares®, Gulfstream Financial Services, Gulfstream Lease®, Gulfstream Pre-Owned Aircraft Sales®, Gulfstream Charter Services®, Gulfstream Management Services® and Gulfstream ServiceCare®. The company employs more than 8,300 people at eight locations. Our website at www.gulfstream.com contains photos of Gulfstream aircraft and related information.

General Dynamics, headquartered in Falls Church, Va., has leading market positions in shipbuilding and marine systems, land and amphibious combat systems, information systems, and business aviation. The corporation employs approximately 44,000 people worldwide and has annualized sales of approximately $10 billion. More information about the company can be found at www.generaldynamics.com.

Executive Jet, a Berkshire Hathaway Inc. company, is the largest provider of fractional aircraft ownership offerings in the world through its NetJets® programs. NetJets programs are available in the U.S., Europe and Middle East, with plans underway for NetJetstm Asia and NetJetstm South America. More information on Executive Jet and its NetJets programs is available through Executive Jet's website at www.netjets.com.

 

Document last modified Friday, February 03, 2012