UTair Announces Results of Supervisory Board Meeting

A regular meeting of the UTair Aviation Supervisory Board took place on December 28, 2013.

The Supervisory Board brought up the appointment of Ernst & Young as the company auditor for vote at the Special General Meeting of Shareholders. The auditor is to be responsible for examining the company’s financial and operational activities in 2013 in compliance with the IFRS.

Under the UTair Group corporate structure optimization process, the Supervisory Board approved the sale of 100% of the shares in UTair CJSC owned by the UTair Aviation to its subsidiary UTair-Leasing.

The Supervisory Board also introduced for approval at the Special General Meeting of Shareholders a major transaction comprising a number of related deals for financing the purchase of 10 Boeing 737-800/900 aircraft under a current contract for the delivery of 40 aircraft of this type singed in 2011.

PK AirFinance, belonging to General Electric Capital Aviation Services (GECAS) group, was chosen to finance the project.