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 1^st April, 2004.

Alexey Fedorov, President of Irkut Corporation expressed his satisfaction with the results of the road show 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 capitalization of the company".

 Contacts:

Elena Odyagaylo                                   David Westover / Toby Moore

Director, IR                                            Citigate Dewe Rogerson

Tel.: 777-21-01, ext. 7536                       Tel: + 44 207 638 9571

e-mail: odyagaylo@irkut.com                  e-mail: david.westover@citigatedr.co.uk

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 States absent registration or an exemption from registration.

No offer of Securities

                This document is not an offer of securities for sale in the United States. The securities of Irkut Corporation are not being registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the Securities Act) unless registered under the Securities Act or pursuant to an exemption from such registration. Irkut Corporation does not intend to register its securities under the Securities Act.

This document  is not an offer to sell, a solicitation of an offer to buy any of the securities described herein or an invitation or inducement to engage in investment activity within the meaning of section 21 of the Financial Services and Markets Act 2000 of the United Kingdom.

This communication is for distribution only to and is directed only at (A) persons having professional experience in matters relating to investments falling within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 of the United Kingdom (the “Order”) or (B) persons meeting the assets tests set out in Article 49, and other persons to whom it may otherwise lawfully be passed on, falling within Article 49 of the Order (all such persons together being referred to as “relevant persons”). This document or any of its contents must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons.