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NetJets® Inc. Unveils Joint Venture Plans for China

Dépèche transmise le 26 mars 2012 par Business Wire

NetJets® Inc. Unveils Joint Venture Plans for China

COLUMBUS, Ohio--(BUSINESS WIRE)--NetJets^® Inc., a Berkshire Hathaway company and the worldwide leader in private aviation, unveiled today additional details for its new joint venture in the People’s Republic of China. Subject to obtaining relevant regulatory approvals, NetJets China Business Aviation Limited will be a joint venture among NetJets Inc.; a consortium of Chinese investors led by Hony Jinsi Investment Management (Beijing) Ltd, a subsidiary of Hony Capital, a leading private equity firm of China; and Fung Investments, part of the private investment arm of the families of Dr. Victor Fung and Dr. William Fung, the controlling shareholders of the Li & Fung group of companies that are involved in supply chain management as well as the wholesale and retail of consumer products.

“The joint venture aims to meet the growing demand in China for exceptional service quality and high safety standards in private jet management services for both corporate and personal use”

The joint venture and its operational base will be headquartered in Zhuhai, a prefecture-level city by the Pearl River Delta on the southern coast of Guangdong province and an hour by fast ferry from Hong Kong. A Memorandum of Understanding with the Zhuhai Aviation Industry Park was signed in Hong Kong in August of 2011 and was witnessed by Vice-Premier Li Keqiang.

“The Chinese aviation market has phenomenal growth potential and we believe that introducing the NetJets service in China will enhance our brand’s global offering for customers around the globe," said NetJets Chairman and CEO Jordan Hansell. "Our aim is to introduce NetJets brand of unmatched standards for managing private aircraft and provide aircraft owners in China with the ultimate in safety, security and reliability.”

“The joint venture aims to meet the growing demand in China for exceptional service quality and high safety standards in private jet management services for both corporate and personal use,” said Eric Wong, Vice Chairman of NetJets China. “We are witnessing demand from both new domestic customers and established customers in the U.S. and Europe. We are excited to provide a NetJets’ presence in China which will provide aircraft owners with superior global coverage and services.”

NetJets also announced it will attend The Asian Business Aviation Conference & Exhibition (ABACE) to be held in Shanghai between March 27^th and 29^th, 2012.

ABOUT NETJETS^® INC.

NetJets^® Inc., a Berkshire Hathaway® company, is the worldwide leader in private aviation with the largest and most diverse private jet fleet in the world. NetJets began in 1964 as the first aircraft charter and management company in the world. In 1986, NetJets pioneered the concept of fractional aircraft ownership – offering individuals and businesses all of the benefits of whole aircraft ownership and more, at a fraction of the cost. Today, NetJets offers a full range of private aviation solutions through its fractional programs in North America and Europe, including NetJets Shares, NetJets Leases and the Marquis Jet Card^®, which provides access to NetJets though a 25-hour jet card. The North America program is managed and operated by NetJets’ subsidiary NetJets Aviation, Inc., and the European program is managed and operated by NetJets Transportes Aéreos, SA, a Portuguese/EU Air Carrier. In the United States, NetJets also offers aircraft management and on-demand charter services through its subsidiary, Executive Jet^® Management, Inc. The NetJets companies offer worldwide flight operations. More information on NetJets, NetJets Europe, the Marquis Jet Card, and Executive Jet Management is available at www.netjets.com.

ABOUT HONY JINSI INVESTMENT MANAGEMENT (BEIJING) LIMITED

Hony Jinsi Investment Management (Beijing) Ltd is a subsidiary of Hony Capital. Hony Capital is a leading China-focused private equity firm founded in 2003 and sponsored by Legend Holdings, a leading Chinese conglomerate. Hony Capital has over US$6.8 billion in assets under management across seven funds and investments in over 60 companies.

ABOUT FUNG INVESTMENTS

Fung Investments is part of the private investment arm of the families of Dr. Victor Fung and Dr. William Fung, the controlling shareholders of the Li & Fung group of companies that are involved in supply chain management and the wholesale and retail of consumer products. Fung Investments’ investment in NetJets China is not related in any way to the Li & Fung Group, including the three listed companies within the Group: Li & Fung Limited (HKSE 0494), Convenience Retail Asia (HKSE (0831) and Trinity Limited (HKSE 0891).

© 2012 NetJets Inc. All rights reserved. NetJets, Executive Jet, Marquis Jet, and Marquis Jet Card are registered service marks.