News Release

SAUDI ARABIA’S NATIONAL AIR SERVICES TO PURCHASE THREE GULFSTREAM G350 BUSINESS JETS
Letter of Intent Outlines Second Multi-Aircraft Purchase by NAS in Past 18 Months Financing To Be Arranged by Arab Banking Corporation (B.S.C)

Phil Cogan/Linda Formella
Export-Import Bank of the U.S. Office of Communications
Office: +1 202-565-3203 of 3204 Cell: +1 202-320-1806

National Rob D. DiCastri, C.A. Air Services
Office: +9662-660-0686, ext. 266 Cell: +966-504-610-385

SAVANNAH, Ga., May 17, 2005 - National Air Services (NAS), the largest and fastest-growing independent provider of private aviation services in the Middle East, today announced it has a signed a letter of intent (LOI) with Gulfstream Aerospace, a wholly owned subsidiary of General Dynamics (NYSE: GD), to order three large-cabin, mid-range Gulfstream G350 business-jet aircraft. This preliminary agreement comes less than two years after NAS ordered three large-cabin, mid-range Gulfstream G300 business-jet aircraft, all of which have since entered service.

"We are committed to the long-term success of NAS in the Middle East region," said Bryan Moss, president, Gulfstream. "We know the G350, with its 3,800 nautical mile range, advanced cockpit and world-class cabin comfort, will meet the air transportation needs of NAS clients in the style and comfort which they have come to expect. With the G350’s industry leading reliability -- inherited from its predecessor, the GIV/GIV-SP – we are confident these three aircraft will quickly become the hardest working airplanes in the expanding NAS fleet of business jets. "

The purchase outlined in the LOI is expected to be financed by Arab Banking Corporation (B.S.C) (ABC), headquartered in Manama, Bahrain, and guaranteed by the Export-Import Bank of the United States (Ex-Im Bank). An independent federal government agency that helps finance the sale of U.S. exports, Ex-Im Bank will be asked to guarantee the ABC loan for NAS, similar to the arrangement that was approved for the 2003 G300 purchase and demonstrated the U.S. government’s support for the NAS business model and confidence in Gulfstream business-jet aircraft.

ABC, which is structuring the transaction through its Global Project & Structure Finance unit and New York branch, is working closely with Ex-Im Bank. This transaction will be the fifth financing concluded between ABC and NAS over the past three years, demonstrating ABC’s ongoing confidence in the continued growth of NAS as a provider of business aviation services and ABC’s niche presence in aircraft finance. This transaction will be the latest of several structured asset-backed deals for ABC – a leader in the provision of integrated financing solutions to its clients.

The leading provider of private aviation services in the Middle East, NAS operates five distinct Strategic Business Units, offering its customers non-traditional, total solutions to meet their various private aviation needs. The company is the Middle East representative of NetJets, offering fractional ownership and leasing options, and has for the past six years, been providing this service along with aircraft charter services, an aircraft management product and an ad-hoc operations support and projects management solution.

To complete its package of products, NAS is in the final stages of launching a scheduled VIP shuttle service between the Saudi Arabian cities of Riyadh and Jeddah, which will include opportunities for on-demand charter throughout the Middle East and surrounding areas. Demonstrating its focus on customer needs, the company also provides hybrid solutions, which can combine the elements of all the five businesses in order to guarantee availability, minimize costs and eliminate hassles for aircraft and fleet owners throughout the region – a package that the company is confident is not offered by any other operator worldwide.

The only licensed private aircraft operator in Saudi Arabia, NAS has its operational headquarters in Jeddah, Saudia Arabia, and satellite offices in Cairo, Riyadh and Bahrain. The company currently operates a total of 27 aircraft, including three Gulfstream GIV/GIV-SP and three Gulfstream G300 models.

"NAS and its NetJets Middle East program have a long-standing relationship with Gulfstream," said Mohammed Al Zeer, NAS President and CEO. "This purchase is the latest in a series of transactions between our two organizations, and considering the ongoing exponential rate of growth we are experiencing, I have no doubt that we will be securing further Gulfstream aircraft in the very near future for our NetJets Middle East fleet."

The LOI states that all three G350 aircraft will be scheduled for delivery in 2007, with one aircraft scheduled for delivery each of the first three quarters.

Introduced in February 2004, the G350 received its Federal Aviation Administration type certificate Nov. 1, 2004. In March of this year, the European Aviation Safety Agency validated the FAA certification, enabling the G350 to be registered in any of the 25 European Union countries. The first G350 business jet is scheduled to enter service in the third quarter of this year.

The G350 features the exclusive PlaneView® cockpit. With its four large flight displays and Honeywell’s Primus Epic Avionics, this advanced cockpit was developed to improve safety of flight by reducing pilot workload. Powered by two Rolls-Royce Tay 611-8C engines, it can fly 3,800 nautical miles nonstop. That’s equivalent to flying eight passengers nonstop from Bahrain to London – even on a very hot day.

The NAS G350 cabin design seats 14 passengers in three distinct living areas. Passengers traveling on the G350, especially those on long intercontinental flights, will appreciate the relaxing cabin atmosphere with three temperature zones, ample light streaming through 12 heated signature oval windows, 100 percent fresh air and a cabin altitude of 6,000 feet. The G350 also has ample room in the baggage compartment for additional luggage.

Gulfstream’s G350, G450, G500 and G550 all share numerous aircraft systems in common as well as the same pilot type rating. This commonality translates to training and maintenance cost savings for operators of fleets that include two or more of these aircraft models.

NOTE TO EDITORS

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 1,500 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 G350™; the large-cabin, long-range G450™; 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 6,750 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, Virginia, employs approximately 70,100 people worldwide and had 2004 revenue of $19.2 billion. The company is a market leader in mission-critical information systems and technologies; land and expeditionary combat systems, armaments and munitions; shipbuilding and marine systems; and business aviation. More information about the company can be found at www.generaldynamics.com

National Air Services (NAS) is the leading provider of private aviation in the Middle East. Established in 1999, NAS offers a comprehensive range of services in the region, including the revolutionary NetJets Middle East Fractional Aircraft Ownership and Leasing Program, a growing aircraft charter program, a private aircraft management program, an operations support and project management program and a VIP Shuttle Services program, along with a hybrid program that combines the benefits of all of these services into one unique package for Middle East customers. These five programs currently operate a total of 27 aircraft, by far the largest and fastest growing private operation in the region. NAS offers the unique proposition to Middle East customers of unparalleled international service through a truly local company and prides itself on being able to offer flexible, unique, non-traditional total solutions to any private aircraft users, regardless of their requirements. Further information is available from a NAS sales representative or on the World Wide Web at either www.nasaviation.com or www.netjets.com.

Export-Import Bank of the United States is an independent federal government agency that helps finance the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export credit insurance, and direct loans. In fiscal year 2003, Ex-Im Bank authorized financing to support $17.8 billion of U.S. exports worldwide. More information about Ex-Im Bank can be found on the World Wide Web at www.exim.gov.

Arab Banking Corporation (B.S.C.) (ABC), established in 1980, is a leading Middle East regional bank with a worldwide strategic network, with its head office in the Kingdom of Bahrain. ABC has branch offices, subsidiaries and affiliates in more than 30 locations, providing a comprehensive range of conventional and Islamic banking services and products, with a primary focus on the Arab World. ABC offers the full spectrum of project and structured finance services for clients, including financial advisory, debt structuring, underwriting, arranging and syndication. ABC established a dedicated Global Project & Structured Finance unit at the beginning of 2001 and the bank has successfully positioned itself as a leader in this field in the Middle East region. Further information about ABC can be found at www.arabbanking.com.

NetJets Inc., a Berkshire Hathaway company, provides the safest and most secure private aviation travel solutions in the world. NetJets fractional aircraft ownership allows individuals and companies to buy a piece of a private business jet at a fraction of the cost of whole aircraft ownership, and guarantees availability 365 days a year with just a few hours’ notice. The NetJets fleet is the largest and most diversified and includes 14 of the most popular business jets in the world. Access to the NetJets fleet is also available in the form of short-term lease, sold on an all-inclusive, prepaid basis in 25-hour increments, through and exclusive alliance with Marquis Jet Partners. NetJets Inc. also offers aircraft management, charter management, and on-demand charter services though its subsidiary, Executive Jet Management. More information on NetJets, the Marquis Jet Program, and Executive Jet Management is available at www.netjets.com.