Khanty-Mansiysk – UTair Aviation (UTair Aviation, JSC, Khanty-Mansiysk) has been assigned a high national rating of corporate governance. The evaluation was made by the Russian Institute of Directors and the rating agency Expert RA on the bases of the results of the first quarter of 2004. The airline has been assigned a B++ rating.

An objective independent analysis of the system of corporate management of Russian companies, including UTair, was conducted within the framework of the project Rating of Corporate Governance.

Participants of the consortium used public sources of information, corporate websites, quarterly reports, annual financial statements, news of information agencies, publications in mass media sources, presentations and other open sources of information in the process of evaluating the quality of corporate governance.

The assigned B++ rating enabled UTair to enter the list of the top twenty Russian businesses in respect to this parameter. Moreover, it testifies to the fact that the company is safe for investments and its business is transparent.

“UTair is currently one of the companies that develops its business in the most efficient way not just in the aviation sphere.

According to this parameter, it is in line with leading Russian companies that form the country’s economy. The assignment of such a high rating of corporate governance sets higher tasks for UTair. Such activities will obviously be continued,” UTair General Director Andrey Martirosov said.

All companies that have been examined will be given a certificate confirming a corresponding level of corporate management. A complete rating list is published in the weekly magazine Expert every six months.

The project Rating of Corporate Governance has been implemented with support from the National Council for Corporate Governance and the United States Agency for International Development (USAID) since the end of 2003.