"Irkut" Corporation summed up the tender for selection of a legal consultant to support the coming IPO. The winner of the tender that involved leading international legal companies, has become the Clifford Chance company, one of the world leaders in the sphere of legal services.

Sergey Tsivilev, Senior Vice-President for Corporate Economics and finance of the "IRKUT" Corporation, commented the appointment: "For stock floatation on the Russian stock market, there is no need for involvement of an international legal company. But we are striving for an IPO in accordance with the best Russian and international practice, also by the means of revealing as much information about our company as we can. In order to ensure transparency of the deal, we have decided to appoint one of the leading international legal companies having significant experience of working with Russian companies and in the international market of capitals, to be our legal consultant.

Clifford Chance will provide legal support of the coming IPO of "IRKUT" that is planning public offer of 20% of its stock in 2004. MDM-Bank will be the organizer and lead manager of the IPO. Stock floating is planned on the MICEX and the Russian Trade System Stock Exchange - the biggest Russian stock exchanges.

Investments attracted by "IRKUT" within the IPO will be used for purchase of more than 75% of the "Yakovlev Design Bureau" as well as for development and production launch of prospective military and civil aircraft.