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17.06.2011

VNESHECONOMBANK WILL FINANCE UEC's PETERSBURG ENGINES PROJECT

St. Petersburg, June 17, 2011 In the course of the XVth Petersburg International Economic Forum, the state corporation The Bank for Development and Foreign Economic Affairs (Vnesheconombank) and Klimov (part of the United Engine Corporation) have signed a loan agreement.

The document was signed by Vnesheconombank board member and vice president Anatoly Ballo, and OBORONPROM and UEC general director Andrei Reus.

The agreement envisages Vnesheconombank opening a line of credit with a total available amount of 4.95 billion rubles, to finance the investment project Reconstruction and retooling of R&D facilities to develop and produce gas turbine engines.

The goal of the project is to make domestic aviation manufacturing more competitive on the domestic and global markets by developing and creating new, high-tech production. The project aims to develop the scientific and manufacturing potential of UEC by modernizing existing production facilities at Klimov for making aviation gas turbine engines. The realization of this innovative project will shorten the lead time for development of new productions to 3-4 years, and shorten the time required to implement mass production to two years. It will also reduce the number of working prototypes required on the path to certification to 12, and increase the profit for each working one to 5.7 million rubles per year.

The project envisages the construction of new manufacturing and administrative buildings, engineering infrastructure, and the acquisition of modern high-tech equipment for the new Klimov production facility, while simultaneously moving environmentally unfriendly production out of the center of St. Petersburg.

The manufacturing complex will be built at one of the Klimov production centers in Shuvalovo. Plans include manufacture of new products including the entire line of helicopter engines, as well as the development and launch of new products in particular, engines for a long-range, high-speed helicopter. UEC is currently working on a project to create Russian mass production of the VK-2500 and TVZ-117 helicopter engines, in cooperation with several companies within the group: Klimov, Ufa Engine Industrial Association, and the Chernyshev Moscow Machine-building Enterprise.

The project to build a new, innovative type of manufacturing complex based at the Klimov facility, called Petersburg Engines, was approved by OBORONPROMs Project Committee. In October 2009 the project also won a prize in the Best innovative project of 2009 category, in the Industrial section of the Second Petersburg International Innovative Forum at the Russian Innovation Week.

The credit agreement was signed as part of the 2010 Memorandum of Cooperation on realizing this project, agreed upon by Vnesheconombank, the administration of the city of St. Petersburg, and OBORONPROM.

Klimov is one of the leading Russian developers of gas turbine engines. It covers development, oversight of mass production, and servicing of engines for most Mil and Makov brand helicopters and jet engines for fighter aviation.

United Engine Corporation is a wholly-owned subsidiary of OBORONPROM specializing in the management of engine-building assets.

OBORONPROM is a multi-faceted machine-building group of companies founded in 2002. It is part of the state company Russian Technologies. Its basic areas of business are helicopter building (Russian Helicopters, JSC), engine building (UEC), and other assets.


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