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Company News

27 May 2002

Aeroflot-Russian airlines Annual Meeting of Shareholders held today, May 27, 2002 in Moscow

On May 25, 2002 open joint stock company Aeroflot-Russian airlines annual shareholders meeting was held in Moscow. The annual report, consolidated balance sheet, consolidated profit and loss statement, profit distribution according to the results of 2001, the auditor, five basic corporate documents revision - the Charter, Board of Directors Regulations, revision committee, annual shareholders meeting procedures and, for the first time, on Aeroflot Executive Board were approved at the meeting. Also new members of the Board of Directors and revision committee were elected.

The annual shareholders meeting approved the decision of the Board of Directors to pay dividends for 2001 to the shareholders of more than 66,7 million rubles totally, which is twice as much as in 2000.

As the result of Aeroflot production and financial activities, profit before taxation amounted to 2,897,388 thousand rubles. The net income after taxation was 1314.849 million rubles (in 2000 - 1237.874 million rubles). Due to the stock quota rise the annual capital investment yield came to 60%.

In the report Valery Okulov, Aeroflot General Director, determined the main company goals for 2002: providing maximum flight safety, expenses control, prime costs reduction, aircraft fleet restructuring, building a new terminal in Sheremetyevo airport. Within the next three years the company intends to invest 54 million USA dollars in service improving and corporative culture developing programs.

The annual Aeroflot-Russian airlines shareholders meeting elected the new Board of Directors. According to the preliminary information it includes:

1. Braverman Alexander Arnoldovich - Secretary of State -First Deputy Property Minister of the Russian Federation
2. Gref German Oskarovich - Economic Development and Trade Minister of the Russian Federation
3. Davidovich David Lvovich - Millhouse Capital UK Limited Investment Executive Officer
4. Zaostrovtsev Yury Yevgenyevich - Deputy Director of the Federal Security Service
5.Neradko Alexander Vasilevich - First Deputy Transportation Minister of the Russian Federation
6. Okulov Valery Mikhailovich - Aeroflot General Director
7. Osipov Andrei Albertovich - Millhouse Capital UK Limited Merger and Takeover Department Head
8. Tuzhilin Alexei Elyevich - Millhouse Capital UK Limited Corporative Management Department Head
9. Frank Sergei Ottovich - Transportation Minister of the Russian Federation
10. Chernukhin Vladimir Anatolyevich - Deputy Finance Minister of the Russian Federation
11. Shaposhnikov Yevgeny Ivanovich - President's Advisor

According to the preliminary information the majority of votes was for Valery Okulov Aeroflot General Director.

Five persons were elected to the auditing commission of the company:

1. Akimova Nina Fyodorovna - Aeroflot Economy and Development Department Director
2. Bogachova Irina Leonidovna - Property Ministry of the Russian Federation Air Fleet Property Department Head
3. Veselov Boris Ivanovich - Aeroflot Inner Auditing Service Head
4. Kuzmina Zinaida Petrovna - Property Ministry of the Russian Federation, Economy and Finance Control Department Auditing Control Office Chief Specialist
5. Cheremnykh Yuri Mikhailovich - Aeroflot Aerotechnical Center Service Deputy Director - Finance and Economy Service Head

The final results will be published according to the Federal Law about the joint-stock companies.

Open joint-stock company Aeroflot-Russian Airlines was registered in 1994. Its authorized capital stock is 1,110,616,299 rubles now. The stock par value is 1 ruble. The government of the Russian Federation owns 51.17% stake.