Sukhoi Civil Aircraft CompanySukhoi Superjet 100: Investing in the Future of the Civil

Aviation MarketExecutive Briefing 23 July 2008

1

2

CURRENT PROJECT STATUSAlexey Gurevich, Vice President, SSJ Program Director

3

Program current status

19/05

2007 2008 2009

StartStart First Flight First Flight Type CertificateType Certificate

DeliveryDelivery

Mid 09

3Q

Roll-outRoll-out

26/09

2003

4

May 19, 2008, Komsomolsk-on-AmurFirst flight

“This aircraft is a real success, and I can surely state that it is as easy to pilot as Airbus or Boeing’s planes I had previously captained”

Alexander Yablontsev, SCAC’s Chief Pilot

5

Flight PerformanceTechnical Summary

Factory-based testing goalsPreparation to the full-scale certification campaign

Initial performance and fuel consumption evaluation

Securing the safety of the cross-country flight

First Results – anticipated performance, good matchwith bench test results

Fuel consumption confirmed anticipated design data

Good controllability and Climb rate

Expected take-off and landing performance confirmed

Good match of the first flight test results with estimations done at bench testing

Scored hours:Max. height:

Max. velocity:Max. duration:

53 h6000 m680 km/h4 h 10 min

6

Aircraft productionSSJ100 №95003 – The second flight test campaign a/cFinal assembly shop – power-on

SSJ100 №95004 – The third flight test campaign a/cFinal assembly shop – the wings joint, fitted with systems

SSJ100 №95005 – The fourth flight test campaign a/cFinal assembly shop – piping

2007 2008 2009 2010 201124 60 70

2012

ProductionSSJ-100/95, SSJ-100/75

1 6 70

SSJ100 №95006 – Fatigue tests a/cFuselage assembly in progress

SSJ100 №95007 – The first a/c to be deliveredFuselage wing center section assembly

7

Certification Process

IAC AR applicationIAC AR application Certification flight testing

Certification flight testing Type CertificateType Certificate

3Q

04/04

2005 2006 2007 2008 20092004

08/04

3Q

DeliveryDelivery

Mid 09

EASA applicationEASA application

8

Sukhoi - Alenia AeronauticaThe Partnership that works:

Venice

Superjet International

Headquarter

Venice

Superjet International

Headquarter

Toulouse

Superjet International Commercial Office

Toulouse

Superjet International Commercial Office Naples

Research & Development

Naples

Research & Development

Moscow

Superjet International Russian branch

Moscow

Superjet International Russian branch

Novosibirsk

Production site

Novosibirsk

Production site

Komsomol’sk na Amur

Production,final assembly, delivery centre

Komsomol’sk na Amur

Production,final assembly, delivery centre

Washington

Superjet International

Commercial Office

Washington

Superjet International

Commercial Office

Moscow

SCAC Headquarters and design bureau

Moscow

SCAC Headquarters and design bureau

Sukhoi Civil Aircraft Comarket of reference

Superjet International market of reference

Superjet International

SCAC

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After sale support

Training

TechnicalPublications

On-Sitesupport

Flightoperations

MaintenanceCustomer CareCenter &WEB

Portal

Warrantyadministration

EngineeringSupport

Reliability &Safety

AnalysisSpare Parts

Support

Availability of after sales support is one of the crucial evaluation criteria for airlines when choosing which aircraft to purchase

After sales support system lowers the costs of maintenance and guarantees on-time maintenance and aircrafts repair services

10

SCAC 2007 FINANCIAL RESULTS Maxim S. Grishanin, Senior Vice-President, Economics & Finance

11

2007-2008 SCAC key events

SCAC ruble bonds debut issue (5 billion rubles)

EBRD €100 million loan agreement

General Agreement with Alenia Aeronautica

Sukhoi Superjet 100 roll out ceremony.

Sukhoi Superjet 100 Maiden Flight

Completion deal with Alenia Aeronautica

20072007March

June

June

September

20082008

May

September*

* plan

12

SCAC 2007 IFRSBalance sheet

USD, in thousands

555 532

238 701

119 771

72 492

(700 000)

(500 000)

(300 000)

(100 000)

100 000

300 000

500 000

700 000

2005 2006 2007

700 000

100 000

500 000

300 000

300 000

700 000

500 000

100 000

ASSETS

EQUITY AND LIABILITIES

675 303

675 303

311 193

311 193

174 156

495 65263 441

116 017

116 017

246 148

equity1 604

equity5 495

2005

2006

2007

Non-current assets

Non-current liabilities

Current liabilities

Current assets+ 117 %

13

Interest expense

(3 355)(976) (872)(612)

(37 847)(18 066)

(40 000)

(30 000)

(20 000)

(10 000)

-

2005 2006 2007 Capitalisedborrowingcosts

Interestexpense

Government grants related to income

19 443

66 645

88 036

164 683

2 689 2 689-

50 000

100 000

150 000

2005 2006 2007

*

Government grants related to income

Received under the contract with the Federal Industrial Agency

SCAC 2007 IFRSP&L

Revenues

3 805

979624

-

1 000

2 000

3 000

4 000

2005 2006 2007

USD, in thousands

* included in Revenues

Operating profit (loss)/Net profit (loss)

(7 077)

2 700

(9 508)

(2 044)

3 622

(10 000)

(5 000)

-

5 000

2005 2006 2007

operating profit

net profit

14

SCAC 2007 IFRSCash flow

USD, in thousands

Operating activities

(14 513)

8 2936 272

(20 000)

(15 000)

(10 000)

(5 000)

-

5 000

10 000

2005 2006 2007

Investing activities

(85 418) (75 738)

(242 044)(250 000)

(200 000)

(150 000)

(100 000)

(50 000)

-

50 000

2005 2006 2007

Financing activities

96 126128 683

266 473

-50 000

100 000150 000200 000250 000300 000

2005 2006 2007

Cash and equivalents

2 461

65 914

102 681

-20 00040 00060 00080 000

100 000120 000

2005 2006 2007

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SCAC Credit portfolio Structure of financial dept

Russian bank's loans; 43%

Foreing bank's loans; 15%

Program partners loans; 3%

Credits on a state guarantee; 13%

Bonds; 25%Credit history:

2005 - Credit «VTB» 40 ml, $;Loan «Liebherr-Aerospace Lindenberg» 6 ml, $;Credit «VTB» 40,7 ml, €;Credit «Industrial construction bank» 30 ml, $;

2006 - Credits on a state guarantee 2 700 ml, rub.;Credit «Industrial construction bank» 8 ml, $;Loan «Alenia Aeronautica S.P.A» 15 ml, €;Credit «VTB» 30 ml, $;Credit «VTB» 4 ml, $;Credit «Vnesekonombank» 23,2 ml, £;

2007 - Credit «VTB» 16,7 ml, €;Bonds 5 000 ml, rub.;Credit EBRD 100 ml, €;Credit «Sberbank» 100 ml, €;Credit «Intesa Bank» 25 ml, $ .

USD; 15%

EURO; 29%RUB; 56%

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Credit structure descriptionsWeighted average cost of credit portfolio

7,33%

8,16%

9,38%

6,00%

7,00%

8,00%

9,00%

10,00%

2005 2006 2007

Weighted average cost on 01.01.08.

8,18%

Weighted average term of of credit portfolio9,6

5,8

5,0

4

5

6

7

8

9

10

2005 2006 2007

in years

Weighted average period o01.01.08.

8,1

0

50

100

150

200

250

2008 2009 2010 2011 2012 >2013

Repayment, (year)

Net financial dept, 2005-2007 (USD, in thousands)

106 480

251 329

575 562

65 914102 681

2 461

104 019

472 881

185 415

-

100 000

200 000

300 000

400 000

500 000

600 000

2005 2006 2007

Financial debt Cash and equivalents Net financial debt

* In case all put options has been exercised

*

17

SCAC BondsMICEX

from 06.2007 till 06.2008

0

500

1 000

1 500

2 000

2 500

June-07

July-07August-0

7September-

07October-0

7November-0

7Decem

ber-07

January-08Febru

ary-08

March-08

April-08

May-08

June-08

mn, RUB

95,00

96,00

97,00

98,00

99,00

100,00

101,00

%

Volume (mn, RUB) Weighted average cost (% from par)

* May 2008

0

100

200

300

400

500

600

06.05.08

07.05.08

08.05.08

12.05.08

13.05.08

14.05.08

15.05.08

19.05.08

20.05.08

21.05.08

22.05.08

23.05.08

26.05.08

27.05.08

28.05.08

29.05.08

30.05.08

mn, RUB

97,00

97,50

98,00

98,50

99,00

99,50

100,00

Volume (mn, RUB) Weighted average cost (% from par)

included in А1

maiden flight SSJ-100

Property, plant and equipment;research and development investments

USD, in thousands

Research and Development

148 583

275 17823 350

119 642

-

50 000

100 000

150 000

200 000

250 000

300 000

350 000

400 000

2005 2006 2007

Design Other

Property, plant and equipment

59 565

12 889

45 868

26 413

-

20 000

40 000

60 000

80 000

100 000

2005 2006 2007

Machinery & equipment Other

18

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Sources of financing for 2008–2010:

Equity contribution (Sukhoi, Alenia)

Government support

Pre-delivery payments from customers

Market instruments (syndicated credits, export financing of serial systems supplies, eurobonds)

For the purpose of optimal structure of financing SCAC plans to use followingsources:

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SCAC Portfolio

2005 2007

73 a/c(31 opt)

40 a/c

2008

+ 63 a/c (20 opt)

98 a/c

+ 38 a/c

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Thank you for your attention!

Contacts:

Maxim S. GrishaninSCAC Senior Vice-President, Economics & FinancePhone +7 (495) 727-19-88 e-mail: m_grishanin@scac.ru

Alexey GurevichSCAC Vice President, SSJ Program DirectorPhone +7 (495) 727-19-88 e-mail: a_gurevich@scac.ru