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June 15, 1997

Cessna Announces $500 Million Order

Paris (June 15, 1997) -- Big news for Cessna on Sunday of the Paris Air Show. Executive Jet announced its purchase of 50 Cessna Excel small wide body jets and six Cessna Citation X business jets. Together, both orders are worth $500M. The Citation Excel order represents the largest number of units ordered at one time in business aviation history.

Russ Meyer, Cessna chairman, said of the order, "We are very proud to announce this agreement. Since its introduction, the Excel has been an outstanding addition to our Citation family of products and now Net Jet owners will have the opportunity to take advantage of all that Excel has to offer. Clearly, the market acceptance of the Excel is exceeding our most optimistic expectations and we couldn't be happier."

Since the launching of Net Jets (a joint offering from Executive Jet, Zimex Aviation in Switzerland and Air Luxor in Portugal), it has become very popular in business circles.

Because of this, the Citation VII is being added to the Net Jets Europe program, complementing an original offer for Net Jets Europe, the Cessna Citation S-II.

"U.S. Net Jets owners who make regular trips to Europe have been the driving force behind our Net Jets Europe program," said chairman of Executive Jet, Richard Santulli.

Back in 1986, Santulli came up with the idea of fractional ownership. With just a few Cessna Citation S-II's, the New Jersey based company gave their customers an offer they couldn't refuse, according to Santulli. They were offered percentage shares in one-eighth increments of business jets. The program is tailored to an individual's or company's needs.

With Net Jets Europe, Santulli said U.S. customers are using European-based aircraft for travel purposes.

The Excel purchase is worth $400M. Executive Jet will accept delivery of the first Citation Excel to its fleet in the year 2000, with subsequent deliveries spanning in five year periods.

Santulli said, "Cessna's outstanding reputation for customer service and its worldwide authorized service center network were key factors in our decision."

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