Volga-Dnepr Group reports 54% <br>Growth in gross revenues for 2005

London – April 5th, 2006: Volga-Dnepr Group marked its 15th anniversary in 2005 with a 54% increase in gross revenues to US$486.9 million from its heavyweight and outsized cargo and scheduled air cargo operations. Net profit for the 12 months ended December 31st 2005 was $5.1 million.

“Our excellent Group results for 2005 reflect both the successful development of new projects in civil aviation, including our scheduled cargo operation, AirBridge Cargo, and our leading position in the worldwide air charter cargo market using the unique AN-124-100 aircraft. These two important parts of our Group business support our objective of providing a ‘cargo supermarket’ capable of responding to all of our customers’ demands. Our customers are very much in favour of this concept. We will also continue to work towards new achievements in terms of aviation production, including the relaunching of serial production of the AN-124-100.

“We intend to maintain and strengthen our position in 2006 by continuing to offer our customers the high quality products and services they have now come to expect from us,” said Alexey Isaikin, President of Volga-Dnepr Group.

In 2005, Volga-Dnepr’s share of the worldwide market for AN-124-100 heavyweight and outsize cargo movements rose to 56%, up 2% on the year before. Gross revenues from AN-124 ad hoc cargo transportation increased to US$292.7 million in 2005 from $225.4m in 2004. Net profit from AN-124-100 operations climbed from $4.2m in 2004 to $14.9m last year.

AirBridge Cargo’s (ABC) gross revenues grew substantially to $119 million from $43.1m in 2004. During the year, ABC transported 43,507 tons of cargo. ABC commenced operations in May 2004 and operates Boeing 747 freighter services between Europe and Asia – China and Japan - via Russian hubs at Moscow Sheremetyevo and Krasnoyarsk airports.

In 2006, ABC will continue to develop its network. In 2006/7, three more B747Fs will be added to the airline’s fleet.

Gross revenues from Volga-Dnepr’s IL-76 freighter business more than doubled in 2005 from $28.7m in 2004 to $58.2m. Net profit from IL-76 operations rose to $2.1m.