Press Release

Issued by NetJets Europe.

May 13, 2012

NetJets Europe today unveils plans to launch a new aircraft management business in Europe, focused on extending the benefits of its scale to deliver value to business jet owners beyond its fractional ownership programme.

The new business, to be called NetJets Aircraft Management, will use NetJets Europe's resources to deliver a raft of new aircraft management services. It will provide a full aircraft management solution, including crew recruitment and training, flight planning, crew planning, aircraft hangaring, maintenance, and all related activities. All these services are available now for aircraft types already under management by NetJets Europe, although a formal launch for the business will follow later in the year subject to obtaining relevant regulatory approvals.

Jet owners will have the option of using the services simply to have their jets managed, or combine this with allowing their jets to be used by NetJets Europe to provide additional capacity for the fractional business, generating additional revenue for customers on an ongoing basis. The programme borrows a core principle from NetJets Europe's fractional ownership model, charging jet owners a fee proportionate to the amount of flying owners do, rather than the more common 'flat' management fees more broadly in use in the market.

The new business will build on NetJets Europe's existing resources and experience in the market. With the largest fleet of business jets in Europe, NetJets Europe has the capabilities, relationships and infrastructure needed to deliver a best-in-class service to jet owners. The new venture will empower NetJets Europe to scale its assets and relationships even more effectively.

"NetJets Aircraft Management delivers a world-class aircraft management solution to jet owners, giving them access to NetJets Europe grade staff, facilities and management services. We can also give aircraft owners the opportunity to generate revenue by making their jets available to NetJets when not in use." commented Eric Connor, Chairman and CEO, NetJets Europe.

This announcement forms part of NetJets Europe's overall 10-year business strategy plan – evolving its service offering in line with customer demand and pioneering new revenue streams where it is well positioned to do so.

"As the largest operator of business jets in Europe, no one can match our expertise and experience in managing and operating business jets. Together with our sister company in the USA, we have a bargaining power that no one else enjoys in the market and are able to deliver better value to our customers. With the backing of Berkshire Hathaway, we can provide unparalleled financial security and scale for our customers." concluded Connor.