Moscow, May 21, 2004. -  IRKUT Corporation Board of Directors approved a recommendation to the Annual   General Shareholders Meeting to declare a dividend of RUB 32,711,040.00 or RUB 0.04 per one common share for 2003. According to the Corporation dividend policy, in 2004, dividends will come to 25% of the net income (according to RAS). Corporation demonstrates the continued commitment to this policy, as the amount of dividends, to be paid for 2003, has come to 24.9% of the net income (130, 844, 161.00 rubles).

ZAO“Gorislavtsev & Co.” was approved as the auditor of the Corporation to. Previous auditor was an Irkutsk based company – “AUDITOR” JSC. Change of the auditor is related to the relocation of IRKUT Corporation Head Office to Moscow.

The Board of Directors also decided to establish the Representation Office of IRKUT Corporation at Taganrog: 347922, Shmidt Str., 16, Taganrog. The main assignment of the Office is to coordinate the interaction of IRKUT Corporation and Beriev Design Bureau – the subsidiary of IRKUT Corporation - responsible for design of amphibious aircraft.

IRKUT Board of Directors approved the following agenda of the General Shareholders Meeting:

1.                  Approval  of the list of documents regulating the BoD, GSM and President activities.     

2.                  Approval of a new edition of IRKUT Corporation Charter (2004 edition)

3.                  Approval  of IRKUT Corporate Governance Code  (2004 edition);

4.                  Approval of the Regulations for remuneration to BoD members;

5.                  Approval of the Regulations for remuneration to IRKUT Auditing Commission members;

6.                  Approval of a standard contract with a member of   Board of Directors;

7.                  Approval of the IRKUT Development Fund Regulations (2004 edition);

8.                  Approval of the Annual Report, Financial Report for 2003  (RAS), Income distribution Report, announcement of dividends;

9.                  Election of the IRKUT Corporation BoD;

10.                Election of IRKUT Corporation Auditing Commission;

11.                Approval of IRKUT Corporation Auditor;

12.                Approval of “Deed”- contract between IRKUT Corporation on the one part and Credit Swiss First Boston Bank, MDM-Bank and other bodies on the other part, that includes the Regulation on sharing risks among IRKUT Corporation and the underwriters.

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Elena Fedorova                                                                    

Head of PR Department                                                    

Tel./Fax: 7 095 290 67 52                                           

fedorova@irkut.com