Khanty-Mansiysk – 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.

Citing UTair General Director Andrey Martirosov, an extraordinary shareholders’ meeting is likely to be held in the near future during which the company’s auditor will be chosen and members of the Audit Commission elected.

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.

Vyacheslav Novitsky, the Senior Deputy Head of the Khanty-Mansiysk regional government, was elected as the Chairman of the Supervisory Board.

In addition, 2003 dividends of RUR0.043 per common share, were approved which is 1.4 times higher than the 2002 dividends.