VOLGA-DNEPR POSTS RECORD RESULTS

For the first time in the international outsize and superheavy air cargo market, volume for the first nine months of 2002 has reached $224.4 million. Volga-Dnepr has retained its market leadership position with sales volume for the period of $116 million which is both a record result in the airline's history and a 52% share of the total market.

The rapid growth in the market was, in the first half of the year attributable mainly to an increase in the extraordinary segment, (humanitarian and peacekeeping flights) in the third quarter a considerable growth was demonstrated in the ordinary segment of the outsize market that was equal to $118.6 million. This is a 14.4% increase compared to January-September 2001. Volga-Dnepr's revenue on this ordinary segment increased by 24% and is attributable to the airline's global subsidiary companies and offices promoting its services.

"Today's success is, first of all, not a result of combination of market factors but of focused activities in all sections of our company- marketing, sales, and technical services. We have offered our customers the highest quality services at the most competitive price. Our freighters were in place and in the numbers needed by our clients and partners. Our success is a result of the daily activities of our professional team working to one goal", said Alexey Isaikin, General Director of Volga-Dnepr Group.

The total amount of cargo carried in the first nine months of 2002 was 34,402 tons. Main cargo axes are from/to Europe / Asia and Asia-Pacific region and from Europe to Africa. Share on trans-Atlantic routes and inside America has also increased considerably. Most flights on the above routes are of long-term planning origin and are part of Volga-Dnepr's strategy to develop and maintain partnership programmes with its customers.