Gulfstream Announces Orders By Rebecca Rayko, Associate Editor Farnborough, England - Gulfstream Aerospace announced that Executive Jet purchased three additional Gulfstream IV-SP aircraft for use in its fractional ownership program. The purchase brings the total number of aircraft in the Gulfstream Shares program to 34, including 30 GIV-SPs, two Gulfstream Vs and options for an additional two GIV-SPs. The newly purchased aircraft will replace three core fleet GIV aircraft currently supplied by Gulfstream. The core fleet aircraft are used to augment Executive Jets' fleet of Gulfstream Shares aircraft and are not sold to customers. Gulfstream says the Gulfstream Shares program has provided aircraft for more than 100 customers, and sees this market segment a growth opportunity both in the US and worldwide. A group of Middle East investors in May purchased 12 GIV-SPs through the program with deliveries expected to begin this month. The aircraft will enter service in 1999. The program allows customers to purchase fractional share interests, typically one-eighth, one-quarter, or one-half shares, in new GIV-SPs. Customers are typically individuals or companies with limited aviation requirements who may need additional lift for special purposes. Separately, Gulfstream Aerospace and GATX Capital Corp joined together to create a short-term operating lease program for Gulfstream IV-SP and Gulfstream V aircraft. The joint venture purchased five GVs and one GIV-SP in a transaction valued at $210 million. It also executed options to buy three GIV-SPs and three GVs, valued at $200 million. Deliveries for the firm orders are sheduled from 1999-2001, and from 2001-2004 for the options. Gulfstream Lease is the first and only short-term operating lease program for long-range, large cabin business aircraft. The program requires no capital investment and offers lease terms ranging from two to five years. The joint venture is 85 percent owned by GATX Capital and 15 percent by Gulfstream. Gulfstream will provide sales, marketing and aircraft maintenance services, while GATX will provide account management services. GATX provides asset-based financing for transportation and other equipment. GATX Capital owns and manages a portfolio, including more than 120 aircraft, worth more than $10 billion. GATX says the joint venture provides the ideal opportunity for it to expand its activities in the business aviation lease market. GATX is the fourth largest aircraft lessor in the world.