Gulfstream Breaks Ground On New $3 Million Facility To Support Gulfstream Shares Program Expansion

Gulfstream Breaks Ground On New $3 Million Facility To Support Gulfstream Shares Program Expansion
New Facility in Brunswick, Georgia to Support Gulfstream V Completions

Savannah, GA, April 5, 2000
- Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), has broken ground on a major expansion of its Brunswick, Ga., facility. The expansion, which is expected to cost more than $3 million, includes the construction of a 24,000-square-foot completion hangar and the upgrade and lease of a 20,000-square-foot maintenance and storage building. The new facilities, located at the Brunswick airport, are expected to open this summer.

"The strong performance of the Brunswick team in completing and maintaining Gulfstream IV-SP aircraft for the Gulfstream Shares® fractional aircraft ownership program warrants continued investment as the North American Shares program expands this year to include the Gulfstream V," said Bill Boisture, President and Chief Operating Officer for Gulfstream. "This investment is also a significant indicator of our continued strength in the business aircraft marketplace and the success of the Gulfstream Shares fractional ownership program operated by Executive Jet."

Gulfstream Shares is a joint marketing arrangement between Gulfstream and Executive Jet, Inc. for fractional ownership of Gulfstream IV-SP and Gulfstream V aircraft. Executive Jet pioneered the concept of fractional aircraft ownership with the introduction of NetJets® in 1987 and is the worldwide leader in fractional aircraft offerings. The highly successful North American Gulfstream Shares program was launched in 1995.

The new facilities will provide additional capacity to support the rapid growth in the Shares program and support other Gulfstream aircraft customers. The Brunswick facility is expected to complete seven Gulfstream IV-SP aircraft for Executive Jet, Inc. this year, as well as deliver the first Gulfstream V aircraft to the fractional ownership program.

In December 1999, Executive Jet, Inc. secured options to purchase five additional Gulfstream Vs and five additional Gulfstream IV-SPs with a total value of more than $300 million. To date, Executive Jet, Inc. orders and options for the program have reached 78 aircraft valued at over $2 billion, including a long-term maintenance agreement for Executive Jet's fleet of Gulfstreams. These options will extend deliveries of Gulfstream V and Gulfstream IV-SP aircraft through 2008.

"The relationship between Gulfstream and Executive Jet continues to build," said Boisture. "Since the two companies established the Gulfstream Shares fractional ownership program, significant customer interest is heightening demand for the comfort, productivity and technological excellence that a Gulfstream aircraft provides. And Executive Jet's fleet management, operational capability and customer service remain unsurpassed in the fractional ownership marketplace."

The Gulfstream Shares program allows customers to own the world's best performing, most reliable and technically advanced business jet aircraft without the full investment required for a complete aircraft purchase. Gulfstream Shares provides customers the flexibility of purchasing fractional interests typically ranging from one-eighth to one-half shares in new Gulfstream IV-SP and Gulfstream V aircraft. The program also provides value to operators seeking supplemental lift capability to complement an existing aircraft fleet.

The Gulfstream IV-SP is the world's best-selling long-range, large-cabin business jet. The GIV-SP travels 4,220 nautical miles non-stop at speeds up to Mach 0.88 and can cruise at altitudes up to 45,000 feet, well above commercial traffic. Since the aircraft was brought to market in 1985, Gulfstream IVs and Gulfstream IV-SPs have completed over 1.2 million flight hours and completed over 619,000 landings. The Gulfstream IV-SP offers an impressive dispatch reliability of 99.6%.

The Gulfstream V is the world's most technologically advanced intercontinental business jet aircraft. Capable of routinely flying 6,500 nautical miles at speeds up to Mach .885 with eight passengers and a crew of four, the Gulfstream V cruises at altitudes up to 51,000 feet, routinely outperforming the nearest competition. Dispatch reliability on the Gulfstream V has reached an outstanding 99.5%.

NOTE TO EDITOR

Gulfstream Aerospace Corporation is the leading designer, developer, manufacturer and marketer of the world's most technologically advanced intercontinental business jet aircraft. The company has produced approximately 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 LeaseSM, Gulfstream Pre-Owned Aircraft SalesTM, Gulfstream Charter Services®, Gulfstream Management ServicesSM and Gulfstream ServiceCare®. The company employs more than 8,200 people at eight locations.

General Dynamics, which is 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 43,000 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 Jets website at www.netjets.com.

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