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March 23, 2004

In Aeroflot Board of Directors

On March 23, 2004, a regular meeting of Aeroflot Board of Directors was held.

The Board of Directors decided to call the Company annual stockholders meeting in the form of the meeting (joint presence) on June 5, 2004, at 10 a.m. in Aeroflot Air Staff Training Center situated in Sheremetyevo-1.

The Board of Directors approved:

  • The procedure and the text of the announcement on conducting Aeroflot annual stockholders meeting;
  • Information offered to the stockholders in the course of the preparation for the regular annual stockholders meeting and the order of presenting such information;
  • Projects of the agenda, voting procedures, structure of the working body of the annual stockholders meeting.

There was made a decision concerning the Company’s capital investments in 2004.

On the initiative of the Ministry of Property of RF there was considered the issue on the planning net income according to the operation results of 2004 financial year to pay dividends in 2005 to Aeroflot stockholders including the budget of the Russian Federation that owns 51.17% of the Company stocks.

In this respect the Board of Directors taking into account 3894.21 million rubles of net income according to the results of 2004 financial year and the main principles of the dividend policy of the Company approved by Aeroflot Board decided:

  • In accordance with Article 48 Paragraph 11 of the Federal Law “On joint-stock companies” to recommend the annual stockholders meeting of Aeroflot that is to be called in 2005 to pay out 12.01% (twelve) of net income in the amount of 467.69 million rubles to Aeroflot stockholders according to the results of 2004 financial year;
  • If on Aeroflot annual stockholders meeting of 2005 the issue on paying dividends to the Company’s stockholders from net income according to the results of 2004 financial year is approved, to transfer 239.32 million rubles of dividends according to the results of 2004 financial year into the budget of Russian Federation that owns 51.17% of Aeroflot stocks.

Due to this decision the percent of net income and planning dividends to the Company stockholders according to the results of 2004 financial year, in particular, exceed significantly the percent of net income and actual dividends paid in previous years. This is confirmed by the Company’s stable activity and development, annual growth of Aeroflot financial results and net income increase.

© 2001 Aeroflot - Russian Airlines




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