News Release

GULFSTREAM WINS $60 MILLION ORDER FROM CHINA’S HAINAN AIRLINES
Three Super Mid-Size Gulfstream 200s Are First to be Sold In China

Asian Aerospace, Singapore, February 26, 2002 - Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), announced today that Beijing-based Hainan Airlines has placed an order for three super mid-size Gulfstream 200 business jet aircraft worth $60 million.

First delivery of the 10-passenger Gulfstream 200 is scheduled for the third quarter of 2002, with the third aircraft to be delivered by the first quarter in 2003.

"This order represents the first Gulfstreams to be sold in China," said Joe Walker, senior vice president, worldwide sales, Gulfstream Aerospace Corporation. "We are genuinely delighted that a respected carrier like Hainan Airlines has recognized the proven capabilities of the Gulfstream 200 and has selected this business jet for use as a charter aircraft within China and throughout Asia," he added.

"Gulfstream’s potential for growing market share in China is significant," continued Mr. Walker. "We know the Gulfstream 200’s performance and reliability will exceed Hainan Airlines’ expectations and further increase our excellent reputation in this very important region."

Hainan will use its Deer Jet subsidiary, based in Beijing, to operate the aircraft.

The Gulfstream 200 is the longest-range super mid-size aircraft in the world, with a proven intercontinental range capability of 3,600 miles. The Gulfstream 200’s cabin height of 6’3" and width of 7’2" means it has the largest cabin volume in the super mid-size business jet aircraft category.

The aircraft joined the Gulfstream fleet last year, when General Dynamics acquired Galaxy Aerospace. To date there are 34 Gulfstream 200s in service. Other recent orders include one in May 2001 from Executive Jet, Inc., a Berkshire Hathaway company, for 50 Gulfstream 200s, with options for an additional 50; and, an order from Avolar, a UAL Corporation subsidiary, for 24 Gulfstream 200s, with options for an additional 43 aircraft.

 

NOTE TO EDITORS

Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics, (NYSE: GD) designs, develops, manufactures, markets and services the world's most technologically advanced intercontinental business jet aircraft. Gulfstream has produced more than 1,300 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 100®, Gulfstream 200®, Gulfstream IV-SP®, the ultra-long range Gulfstream V® and Gulfstream V-SP®, Gulfstream Financial Services®, Gulfstream Lease®, Gulfstream Pre-Owned Aircraft Sales®, Gulfstream Charter Services®, Gulfstream Management Services® and Gulfstream ServiceCare®. The company employs some 8,300 people at eight locations. We invite you to visit our Web site for more information and photos of Gulfstream aircraft at www.gulfstream.com.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people and anticipates 2001 sales of approximately $12 billion. The company has leading market positions in business aviation, information systems, shipbuilding and marine systems, and land and amphibious combat systems. More information about the company can be found at www.generaldynamics.com.