Jet Aviation to Acquire Los Angeles-based Avjet Corporation

TETERBORO, N.J. / March 09, 2016 – Jet Aviation is expanding its aircraft management and charter services on the U.S. West Coast with the acquisition of Avjet Corporation, a global jet charter and management company based in Los Angeles, CA.

“Avjet’s 37 years of experience in aircraft management and charter services and impressive fleet of 45 aircraft makes it the perfect complement to Jet Aviation’s operations,” said Senior Vice President and General Manager of Jet Aviation U.S. Aircraft Services David Paddock. “This acquisition will also provide excellent benefits for Avjet’s customers by providing access to Jet Aviation’s global network of service facilities."

Avjet will be a key addition to Jet Aviation's aircraft management and charter operations, including locations in Teterboro, NJ; Van Nuys, CA; Zurich, Switzerland; Hong Kong, SAR, and Dubai, United Arab Emirates.

Avjet’s current chairman and CEO Marc Foulkrod will continue to own and operate the Avjet sales and brokerage division under the name Avjet Global Sales.

“This acquisition meets my plan to continue to expand our global sales, acquisition and brokerage services while allowing Jet Aviation to continue Avjet’s tradition of excellence in aircraft management and charter services,” said Foulkrod.

The closing of the acquisition is subject to certain governmental approvals, including relevant airport authorities. The value of the transaction has not been disclosed.

Jet Aviation, a wholly owned subsidiary of General Dynamics (NYSE: GD), was founded in Switzerland in 1967 and is one of the leading business aviation services companies in the world. Close to 4,500 employees cater to client needs from more than 25 airport facilities throughout Europe, the Middle East, Asia and North and South America. The company provides maintenance, completions and refurbishment, engineering, FBO and fuel services, along with aircraft management, charter services, aircraft sales and personnel services. Jet Aviation's European and U.S. aircraft management and charter divisions jointly operate a fleet of almost 300 aircraft. Please visit www.jetaviation.com and follow us on twitter: http://twitter.com/jetaviation.

Contact: Heinz R. Aebi, Senior VP Group Marketing & Communications, +41 58 158 8890 or [email protected] or Patricia McNamee, Manager of PR & Communications, Jet Aviation the Americas

+1 201 462 6892 or [email protected]