VOLGA-DNEPR WINS E-REPORT AWARD

Moscow, March 13, 2002. Volga-Dnepr's annual report was selected as the best in the annual contest run by Expert magazine, one of Russia's top business and financial publications.

Annual reports are evaluated in various categories: by form (Design and publishing nomination), by content (Information richness nomination). Volga-Dnepr won the Internet nomination, the criteria for which were not only high quality of the report but also the accessibility of its e-version, logical order and the potential to copy it in a convenient format.

Alexey Isaikin, Volga-Dnepr's general director, says the airline supports Expert's Annual Report Catalogue project , which stands to promote clear and unambiguous annual reporting by Russian companies. "Our annual report was entered in the contest for the first time. The fact that the report was nominated contest winner, is symbolic, underlining the Volga-Dnepr Airlines policy of information openness, transparency and conformation to business law", said Isaikin.

The annual report is an important part of the airlines image. It provides information on the airlines activities, operational and financial results and is accessible for partners, investors, media and public. The report can be seen at Volga-Dnepr's website, www.vda.ru.