PETER YAP TAKES SENIOR ASIA-PACIFIC ROLE FOR VOLGA-DNEPR GROUP'S NEW SCHEDULED CARGO AIRLINE

Volga-Dnepr Group has appointed Peter Yap as Sales and Marketing Director, Asia-Pacific region, for its new schedule cargo airline being launched in 2004.

Operating as an independent company within Volga-Dnepr Group, the scheduled airline will operate Boeing 747 flights between the Far East and Western Europe.

Mr. Yap joins the international project management team that is responsible for realising Volga-Dnepr's plan of launching the first Russian scheduled cargo airline.

Peter Yap has more than 25 years experience of effective air cargo services' sales management in the Asia-Pacific region. He has previously held senior cargo management positions with China Airlines and Atlas Air.

While working for China Airlines from 1992-2000, Mr. Yap was a leading member of the team that grew the airline's cargo business from a fleet of two Boeing 747-200 freighter aircraft to 12 B747-200Fs.

Volga-Dnepr's management and Scheduled Cargo Operations (SCO) project managers believe that the appointment of Peter Yap will increase the SCO project's development dynamics in Asia-Pacific.

" We aim to attract the highest quality management team to lead our new project. The appointment of Peter Yap, a respected professional experienced in all fields that are crucial for the future customers of the new company, is a very positive step towards achieving our aim," said Mr. Alexey Isaikin, President of Volga-Dnepr.

Peter Yap will be responsible for creating a sales network in China and staff recruitment, building a team that can deliver the highest level of sales and customer service in Asia-Pacific.

"Taking into account Peter Yap's reputation as an efficient and respected manager in the Asia region and his longstanding and invaluable experience obtained in China Airlines, we believe that Peter will definitely become the key figure in the process of creating our sales network in China and the rest of Asia," said Stanley Wraight, Executive Director of the Scheduled Cargo Operations project.

" His vast working experience in continental China - in the shipping, logistics and aviation fields - will contribute to the company's success. Peter Yap will certainly play a key role in the construction of a system which will meet the highest requirements of our customers and provide world class cargo transportation services".

Note to editors:

Under a strategic development plan, Volga-Dnepr is today an international group of companies with offices and subsidiaries all over the world, including the UK, USA, China, Ireland, and UAE.

Volga-Dnepr is the world's leading outsize and heavyweight cargo airline and operates a fleet of nine AN-124-100s, two IL-76s and five Yak-40s. Today, the Group employs over 1,200 staff worldwide.