Operator Signs $1.9B Agreement With Gulfstream for Forty Plane Deal

NetJets Inc., a Berkshire Hathaway company, announced Friday it will significantly expand its fleet of large-cabin Gulfstream G450s and Gulfstream G550s. In a new agreement signed with Gulfstream valued at $1.9 billion, NetJets will acquire a total of 40 new Gulfstream aircraft - four Gulfstream G450s and four Gulfstream G550s to be delivered each year from 2012 through 2016. This deal also includes a long-term maintenance support agreement.

“NetJets and Gulfstream have been strong and successful partners for more than a decade and this agreement represents a strategic investment in our future,” said Richard T. Santulli, chairman and CEO, NetJets Inc. “We took our first large cabin Gulfstream IV-SP in 1995 and our first Gulfstream V in 2000. These aircraft offer NetJets Owners premiere large-cabin amenities and the flexibility of intercontinental range. Gulfstream products provide our pilots and flight attendants with the best in next-generation technology and their service teams ensure we meet the high standards of performance and reliability NetJets Owners expect.”

The new contract reinforces the strong relationship between NetJets and Gulfstream, demonstrating NetJets’ continued support of Gulfstream’s aviation products and service programs. The deal also includes more than $250 million in maintenance support. Under its current agreement with Gulfstream, signed in 2006, NetJets receives four Gulfstream 450s and four Gulfstream 550s each year through 2011.

“This contract recognizes the continued success of Gulfstream aircraft in the NetJets fractional ownership program and the strong partnership between the two companies,” said Joe Lombardo, president, Gulfstream Aerospace.

NetJets has over 90% of the long-range cabin fractional market and is the largest operator of Gulfstream aircraft in the world. As of June 2008, NetJets’ worldwide Gulfstream fleet totals 110 and is comprised of 21 Gulfstream G550/V, 55 Gulfstream G450/400/IV-SP and 34 Gulfstream G200s.

FMI: www.gulfstream.com, www.netjets.com