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Gulfstream Awarded Contract Worth up to $1.6 Billion by U.S. Air Force

Up to 20 C-37A Gulfstream V and Gulfstream V-SP Aircraft to Fly Demanding Military Missions

SAVANNAH, Ga. – Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), has been awarded a 10-year indefinite delivery/indefinite quantity (ID/IQ) contract for the purchase of up to 20 Gulfstream V and Gulfstream V-SP business jet aircraft and associated contractor logistics support. The first purchase under the program, for a single GV aircraft designated the C-37A by the U.S. Air Force, is valued at $43.4 million. Purchase of 20 aircraft and associated contractor logistic support under the terms of the contract has a potential value of up to $1.6 billion.

The U.S. Air Force Aeronautical Systems Center will benefit from a significantly simplified process when purchasing additional aircraft and logistics services to support them between now and February 2012. The contract award was announced by the Department of Defense March 8.

"This new contract award from the U.S. Air Force continues a long tradition of dependable, responsive service by Gulfstream to the U.S. government which dates back to 1983," said Bill Boisture, president, Gulfstream Aerospace. "Today, more than 135 Gulfstream aircraft are in operation with some 30 governments, 23 of which use our aircraft to transport their heads of state."

"This award reinforces our belief that the U.S. Government sees the Gulfstream V and Gulfstream V-SP aircraft as a viable platform for a variety of applications, including executive transportation and special missions such as intelligence gathering and reconnaissance," said Buddy Sams, Gulfstream’s senior vice president of government sales and marketing. "This contract streamlines the purchasing process, and makes the aircraft available to a broader set of Defense customers on a more cost-effective basis."

The Gulfstream V is the world's most technologically advanced intercontinental business jet aircraft. Capable of flying 6,500 nautical miles at speeds up to Mach .885, with eight passengers and a crew of four, the Gulfstream V cruises at altitudes up to 51,000 feet, routinely outperforming the nearest competition.

The Gulfstream V entered service in 1997, the same year it was awarded the prestigious Collier Award. Since then, a fleet of some 140 aircraft has logged over 120,000 hours in flight, with a dispatch reliability in excess of 99 percent, and has established more than 70 world and national aviation records. On March 6, 2002, a Gulfstream V broke the 44-year old speed record between Tokyo’s Narita Airport and Washington’s Dulles International Airport.

Gulfstream Aerospace Corporation 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. More information and photos of Gulfstream aircraft are available at www.gulfstream.com.

General Dynamics, headquartered in Falls Church, Virginia, employs approximately 52,000 people and had 2001 revenues of $12 billion. The company has leading market positions in land and amphibious combat systems, mission-critical information systems and technologies, shipbuilding and marine systems, and business aviation.

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Any "forward-looking statements" contained in this press release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

General Dynamics Corporation (ticker: GD, exchange: NYSE)
News Release - Wednesday, March 13, 2002
Press Contact: (912) 965-7372