NBAA: Gulfstream Receives Order For New Gulfstream G150 Business Jet With Potential Value Of $1.5 Billion

ORLANDO, Fla., Sept. 10, 2002 -- Gulfstream Aerospace announced today that it has received an order from NetJets for its new wide-cabin, high-speed Gulfstream G150 business jet. The firm order for 50 aircraft plus 50 options, which also includes a multi-year product support agreement, has a potential value of $1.5 billion.

Deliveries of the Gulfstream G150 to NetJets are scheduled to commence in 2005 with the firm orders expected to continue through 2010.

The new wide-cabin, high-speed G150 was introduced by Gulfstream on Sunday evening, September 8, prior to the official opening of the National Business Aviation Association annual meeting in Orlando.

The Gulfstream G150, currently under development, is scheduled to enter service in the second quarter of 2005. Gulfstream and Israel Aircraft Industry engineers drew upon the company's experience in the business jet market to develop an aircraft that offers the best range and speed of any aircraft in its class -- plus a wide, roomy cabin for passenger and crew comfort, all at a surprisingly affordable price. Powered by two fuel- efficient Honeywell 731 engines, the G150 will offer the best performance in its class. With a maximum range of 2,700 miles and at a long-range cruise speed of Mach .80, the wide-cabin, high-speed G150 will be able to fly from New York to Los Angeles nonstop in just 5 hours and 50 minutes -- saving 1 hour and 600 pounds of fuel over its nearest competitor.

Capable of accommodating six passengers comfortably, the spacious wide- body cabin features stand-up headroom, ample aisle space and generous seated headroom and legroom.

Richard Santulli, chairman of NetJets, stated, "The Gulfstream G150 order is another example of NetJets' commitment to continually offer the best aircraft in the world to meet the varying needs of our NetJets owners. Today, we offer 11 different aircraft types to chose from with six additional aircraft types being delivered in the next three years to meet the evolving needs of our NetJets owners."

"This order is a historic and important milestone for Gulfstream," said Bill Boisture, executive vice president, General Dynamics, and president, Gulfstream. "It is the fourth major order placed by NetJets in our seven-year relationship. This agreement recognizes the continuing success of our partnership and our combined commitment to the success of NetJets' fractional ownership program."

Gulfstream and NetJets forged a strong partnership when NetJets introduced the first Gulfstream IV-SP aircraft to its program in 1995. Since then, including this new order, NetJets has placed firm orders and options for 286 Gulfstream business jets.

In 2001, NetJets was the lead customer in ordering the large-cabin, medium-range Gulfstream G200, placing a firm order for 50 aircraft and 50 options. NetJets will take delivery of its first G200 this fall. NetJets also ordered 47 large-cabin, long-range Gulfstream GIV-SP business jet aircraft. To date, NetJets has taken delivery of 42 aircraft in this category. It also has placed orders for 38 large-cabin, ultra-long-range Gulfstream V business jet aircraft and, to date, has taken delivery of nine aircraft in this category. Gulfstream has provided comprehensive maintenance programs for all the aircraft it has delivered to NetJets over the years.

The NetJets fractional aircraft ownership program allows individuals and companies with less than full aircraft requirements to own aircraft without the substantial investment required for outright aircraft purchase. The NetJets program has proven to be extremely valuable for companies that have invested in whole aircraft ownership and need NetJets to meet their supplemental lift requirements.