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IRKUT Corporation

March 26, 2004

?redit Suisse First Boston and MDM Bank today announced a price

Credit Suisse First Boston and MDM Bank today announced a price of US$ 0.62 per share for the public offering of "Scientific Production Corporation 'Irkut'" resulting in an offer size of US$ 127 million. This makes it the largest domestically-listed public offering by a Russian company.

A total of 204,754,653 shares were placed with domestic and international investors, at a price above the mid-point of the price range of US$ 0.54 – US$ 0.68 per share.

The shares have been listed on the two leading Russian exchanges, RTS and MICEX, under the symbol "IRKT".  Trading of the offered shares on RTS started today with MICEX trading starting on 1st April, 2004.

Alexey Fedorov, President of Irkut Corporation expressed his satisfaction with the results of the roadshow and the final price  and said "We are happy with the results of the work that has been undertaken by the company and its advisors and that the shares of the company had such a high interest from investors. Our efforts now will be focused on increasing the market capitalisation of the company".

This press release is not an offer of securities for sale in the United States, and the securities may not be offered or sold in the United Statesabsent registration or an exemption from registration.

 

 

 

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