November 22, 2003, Moscow. Today a special stockholders meeting of Aeroflot-Russian Airlines has been conducted.

The following issues were considered at the meeting:

• To approve the agenda, voting procedures, structure of the working body of the special stockholders meeting.
• Termination of the current Board of Directors authorities.
• Elections of the new Board of Directors.
• Termination of the current Auditing Commission authorities.
• Elections of the new Auditing Commission.

11 of 16 candidates were elected to Aeroflot new Board of Directors by a majority at the special stockholders meeting:

1. Antonov Vladimir Nikolaevich - First Deputy Director General, Production;
2. Braverman Alexander Arnoldovich - Secretary of State - First Deputy Property Minister of the Russian Federation;
3. Danilitsky Anatoly Antonovich - the First Deputy Chairman of AKB National Reserve Bank Board;
4. Dushatin Leonid Alekseevich - Deputy Chairman of AKB National Reserve Bank Board;
5. Zurabov Aleksandr Yuryevich - The Board of Directors' Former Chairman - Aeroflot President;
6. Isaev Yury Olegovich - Deputy Minister of Economic Development and Trade of Russian Federation;
7. Kornilov Georgy Viktorovich - Russia's FSB Department Deputy Chief;
8. Lebedev Aleksandr Yevgenyevich - President - Chairman of AKB National Reserve Bank Board;
9. Neradko Aleksandr Vasilyevich - the First Deputy Transportation Minister of the Russian Federation;
10. Okulov Valery Mikhailovich - Aeroflot Director General;
11. Shaposhnikov Yevgeny Ivanovich - President's Advisor.

The following persons were elected to the Auditing Commission consisting of 5 members:

1. Bogacheva Irina Leonidovna - the Head of Property Ministry of the Russian Federation Department;
2. Dunaikina Zinaida Nikolaevna - Aviation and Corporate Security Department, News and Analytics Office Head;
3. Zakharov Vadim Anatolyevich - RF Transportation Ministry Department Deputy Chief;
4. Tyukalov Valery Leonidovich - AKB National Reserve Bank Vice President;
5. Khvostunkov Andei Nikolaevich - the Head of the Department of Federal Energy Commission of Russia.

Public Relations Department