June 30, 2011

Vladimir Dmitriev, Chairman of Vnesheconombank, Alessandro Castellano, Chief Executive Officer of the Italian Export Credit Agency SACE, and Pierre Lellouche, the French Secretary of State for Foreign Trade, are pleased to announce that they have finalized a cooperation agreement in order to support export credits for the sales of Superjet aircraft.

This agreement was signed today at the Ministry of Economy in Paris during the G20 Conference on Export Credits, which gathers all Export Credit Agencies (ECAs) of G20 countries.

The agreement describes common understandings among the Vnesheconombank VEB and the French and Italian ECAs Coface and SACE with respect to the agreed financing scheme which consists of the mix of a VEB Facility and a commercial facility covered by Coface and SACE. In practice, VEB will provide an amount of 1/3 of the Aircraft Loan Amount while a commercial bank will provide the remaining 2/3 of the loan which will be covered by an export credit insurance of Coface and SACE (as it is usually the case for the support of the French-Italian ATR aircraft for example).

In any case, the export credit provisions offered for Superjet aircraft will comply with the OECD guidelines on export credits, and in particular with the Aircraft Sector Understanding (ASU) that has been renegotiated in 2010 and approved in February 2011.

The Sukhoi Superjet 100 (SSJ-100) is a modern regional jet in the 75- to 95-seat category which has been commonly developed in Russia, Italy and France. It includes Italian manufacturers and leading aerospace group Finmeccanica, alongside French manufacturers such as Safran and Thalès.

The first SSJ-100 delivery has taken place in Spring 2011.

The common Understanding between VEB, SACE and Coface will help find new financing for the future deliveries of the aircraft in the coming years.