Surgut – Supervisory board of UTair Aviation JSC on it’s regular meeting, 10July, determined the shareholders extraordinary meeting date - 15 September 2004.

The questions of choosing the members of the Audit commission and the company’s Auditor will be discussed as well as the election of Supervisory Board members.

As it was informed earlier Shareholders of UTAir Aviation JSC failed to select an auditor and elect members of the Audit Commission at an Annual General Meeting on June 25.

According to information of the Khanty-Mansiysk regional government and the administration of the Surgut municipal administration, that used to be major UTair shareholders, they sold their controlling block of shares in the airline company.

A potential auditor will be determined by tender and submitted for the Supervisory Board’s approval by the Audit and Compliance Committee of the airline company.

It is worth mentioning that an annual report and annual financial statements, including a profit and loss report, for the year 2003 were approved and members of the Supervisory Board elected at Annual General Meeting on June 25.

In addition, 2003 dividends of RUR 0.043 per common share, were approved which is 1.4 times higher than the 2002 dividends.