December 14, 2004IRKUT Corporation has announced the launching of sponsored ADR level I program, after receiving the permission from Securities and Exchange Commission of USA. Depository bank is The Bank of New York

According to the program, the number of shares available for investors to exchange for ADR is 40% of share capital. Under program parameters the ADR ratio to shares is 1:30.

The ADR program follows the successful initial public offering of 23% of Corporation shares in March 2003. As an IPO results the Corporation has become a public company with wide Russian and international shareholders base. ADR Program targeting the following objectives: to attract new investors, to raise the liquidity of shares and capitalization of the company.

“ADR Program goal is to attract new investor, since many of international institutional investors are limited to buy stocks of foreign companies on emerging markets”-says Dmitry Eliseev, Vice–president of corporate finance at IRKUT Corporation. “Also we intend to increase international publicity by means of ADR Program information disclosure. An ADR Program will certainly help us to obtain the listing on one of the international Stock Exchanges.

Irina Vakhraneva, Regional Director of The Bank of New York, gives the positive evaluation of program prospective: “We believe the launch of ADR Program will be a very timely event for the Corporation and we happy to provide the Corporation with our service and support. As for many other Russian companies, the launch of ADR Program will mark the principal new level of capital market activity».