Volga-Dnepr Group’s scheduled and charter airline operations transported a record 95,000 tonnes of freight in the first nine months of 2006, establishing the Group as Russia’s largest all-cargo airline.

Group sales for the period to September 30th 2006 were also the highest in Volga-Dnepr’s 16-year history, rising 55% over the same period a year earlier to US$462 million. Revenues generated by Volga-Dnepr Airlines’ AN-124-100 and IL-76 cargo charter services rose 14% and 129% respectively during the nine months while the Group’s schedule cargo airline, AirBridge Cargo (ABC) saw its sales increase to $158.8 million, a year-on-year increase of 134%.

Volga-Dnepr Group’s development plan for the final quarter of 2006 should see sales for the year as a whole of at least $600 million.

On October 1 th 2006, AirBridge Cargo obtained its own independent Air Operators’ Certificate (AOC), another important milestone in the scheduled cargo airline’s strategic development. In July, ABC introduced a fourth Boeing 747 freighter into its fleet, acquired from Nippon Cargo Airlines. The arrival of the 747-200 enabled ABC to double its frequencies between Japan, Russia and Europe to four flights a week. The addition of Hong Kong to the network was also made possible by combining ABC’s two additional Nagoya flights with Hong Kong, where it enjoys full traffic rights.

ABC also reintroduced scheduled services from Luxembourg to Moscow’s Domodedovo Airport and flights from Frankfurt to Novosibirsk. Two more 747-200Fs will be joining the airline’s fleet in 2007. At the end of 2007 and in early 2008, AirBridge will also take delivery of two new-build B747-400ERF freighters from Boeing with a list price of $450 million.

In 2006, Volga-Dnepr Group expanded its co-operation with Antonov Airlines in terms of air charter services, launching two new projects; Ruslan Salis and Ruslan International. Ruslan Salis was formed to support a long-term contract to provide cargo delivery services for NATO peacekeeping and humanitarian operations. Ruslan International conducts AN-124 charter sales on behalf of Volga-Dnepr and Antonov Airlines, the biggest operators of this unique aircraft serving the outsize and heavyweight air cargo market.

Volga-Dnepr also achieved significant progress in its modernisation project to launch a fleet of new generation IL-76 cargo aircraft. The first new-build IL-76TD-90VD entered commercial service with Volga-Dnepr Airlines in June 2006. Fully compliant with ICAO Stage 4 noise requirements, the new aircraft has been certified for global operations, re-establishing opportunities to satisfy demand for IL-76 capacity in major cargo transportation markets in Europe, North America, Australia and Japan. With an increased payload capacity of 50 tonnes, the new aircraft has already operated to these restricted markets for old IL-76s.

Volga-Dnepr will take delivery of a second IL-76TD-90VD in the third quarter of 2007 and expects demand for at least 17 aircraft of this type by 2011.

The Group expects to further strengthen its charter business by increasing its participation in long-term contracts and by actively promoting use of its new IL-76 aircraft. It also intends to implement further fleet and network expansion for AirBridge Cargo and promote the federal network development project for cargo hubs in Russia.

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