News Release

GULFSTREAM LEASES GIV® AIRCRAFT TO CHINA NATIONAL AVIATION HOLDING COMPANY (CNAC)
One-Year Lease Includes Option to Purchase Gulfstream Aircraft

SAVANNAH, Ga., May 15, 2003 - Gulfstream Aerospace, a wholly owned subsidiary of General Dynamics (NYSE: GD), has reached agreement with China National Aviation Holding Company (CNAC) to lease a large-cabin, long-range Gulfstream IV. The Gulfstream business jet aircraft will provide charter transportation to VIPs throughout Asia. Following its delivery in Beijing this summer, the GIV will be the first business jet to be operated by China National Business Jet (China Jet), a new wholly owned subsidiary of CNAC.

"We are delighted to have the Gulfstream GIV join our VIP and Charter operation," said CNAC vice president Zhang Fu Gui. "We examined a number of aircraft to determine which would best meet our requirements. We were impressed not only with the GIV's proven record, but also with Gulfstream's commitment to product support."

As part of the one-year lease, Air China will have the option to purchase a new large-cabin, long-range Gulfstream G400 or a large-cabin, mid-range Gulfstream G200 or Gulfstream G300 before the lease expires.

"This mutually beneficial agreement with CNAC confirms Gulfstream's commitment to providing the Asian market with aircraft that suit their transportation requirements and aircraft that provide an affordable alternative to less convenient commercial-size aircraft," said Bryan Moss, president, Gulfstream. "We're confident that the GIV will serve China Jet and its passengers extremely well."

Type certification for the aircraft is under way and flight crew and mechanics training has already begun. The GIV is expected to enter into service by the summer of 2003.

"There are 500 Gulfstream IV aircraft in service today," said Roger Sperry, division vice president, international sales, Gulfstream. "Because the long-range GIV is the most reliable, most comfortable and most affordable business jet in its category, it has become the best-selling business jet ever."

Holder of more than 70 world aviation records, the GIV can fly 4,220 nautical miles non-stop, cruise at speeds up to Mach 0.88 and reach altitudes of 45,000 feet, well above commercial traffic. Since the aircraft was brought to the market in 1985, 500 GIV-series aircraft were manufactured and to date the fleet has completed more than 1.85 million flight hours and 950,000 landings, with a dispatch reliability rate of over 99.6 percent.

In addition to providing air transportation for international corporations and air charter companies, governments throughout the world use the GIV to transport high-ranking officials, including presidents and heads of state, and to conduct airborne research and reconnaissance. Currently, the GIV serves as a "hurricane tracker" for the U.S. National Oceanic and Atmospheric Administration.


NOTE TO EDITOR

Gulfstream Aerospace Corporation, a wholly owned subsidiary of General Dynamics (NYSE: GD), designs, develops, manufactures, markets, services and supports the world's most technologically advanced business jet aircraft. Gulfstream has produced more than 1,300 aircraft for customers around the world since 1958. To meet the diverse transportation needs of the future, Gulfstream offers a comprehensive fleet of aircraft, comprising the mid-cabin, high-speed Gulfstream G100™; the wide-cabin, high-speed Gulfstream G150™; the large-cabin, mid-range Gulfstream G200™; the large-cabin, mid-range Gulfstream G300™; the large-cabin, long-range Gulfstream G400™; the large-cabin, ultra-long-range Gulfstream G500™ and the large-cabin, ultra-long-range Gulfstream G550™. Gulfstream also offers aircraft ownership services via Gulfstream Financial Services Division and Gulfstream Pre-Owned Aircraft Sales®. The company employs more than 7,400 people at seven major 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, Va., employs approximately 57,000 people worldwide and had 2002 revenues of $13.8 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. More information about the company can be found on the World Wide Web at www.generaldynamics.com.