June 5, 2004, Moscow. – Aeroflot–Russian Airlines annual stockholders meeting approved the annual report, annual accounting reports including the Company’s P & L, and also profit distribution including paying out dividends according to operating results of 2003 financial year. There was approved Aeroflot Auditing Commission’s decision as regards to the results of auditing the Company’s annual accounting reports and data adequacy in Aeroflot annual report for 2003.

New members were elected to the Board of Directors and Auditing Commission, Aeroflot auditor is approved.

Summing up the airline company’s operating results of the last financial year the stockholders meeting noted stable development of the company according to all the indicators this resulted in increased dividends. 5.6 billion rubles were transferred to federal and municipal budgets as taxes; this amounted to 375,000 rubles per an employee.

The annual stockholders meeting approved financial results for 2003.

The state will get more than 238 million rubles as dividends.

The annual stockholders meeting of Aeroflot–Russian Airlines elected new Board of Directors. According to the preliminary results 11 candidates were elected to the Board of Directors from 17 persons:

1.  Antonov Vladimir Nikolaevich – First Deputy Director General;

2.  Butrin Mikhail Robertovich – National Reserve Corporation Ltd. Assets Management Department Head;

3.  Dushatin Leonid Alekseevich – National Reserve Corporation Ltd. First Deputy Director General;

4.  Isaev Yury Olegovich – Staff Member of Ministry of Economic Development and Trade of Russian Federation;

5.  Kornilov Georgy Viktorovich – Russian Railways Company Vice President;

6.  Kopeikin Mikhail Yuryevich – Deputy Chief of RF Government Administration;

7.  Neradko Aleksandr Vasilyevich – Chief of Federal Department of Control for Transport in Transportation Ministry of Russian Federation;

8.  Okulov Valery Mikhailovich – Aeroflot Director General;

9.  Petrov Andrey Yuryevich – Staff Member of Ministry of Finance of Russian Federation;

10.  Shkolov Yevgeny Mikhailovich – RF President's Advisor;

11.  Shablin Vladimir Nikolayevich – AKB National Reserve Bank Vice President.

According to the preliminary results Aeroflot Director General Okulov Valery Mikhailovich had majority votes among others elected to the Board of Directors.

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

1.  Bogacheva Irina Leonidovna – Staff Member of Federal Agency on Federal Property Control of Ministry of Economic Development and Trade of Russian Federation;

2.  Dunaikina Zinaida Nikolaevna – Aviation and Corporate Security Department Head;

3.  Poroikov Sergey Yuryevich – Staff Member of Federal Agency on Federal Property Control of Ministry of Economic Development and Trade of Russian Federation;

4.  Tarasov Aleksey Yevgenyevich – National Reserve Corporation Ltd. Law Department Head;

5.  Khvostunkov Andei Nikolaevich – Staff Member of Federal Energy Commission of Russian Federation.

Vneshaudit and Deloyt & Tush were approved as Aeroflot auditors for 2004.

Final conclusions of the meeting are to be published according to Federal Law on Joint-stock Companies.

Aeroflot–Russian Airlines (RTS: AFLT) is the largest Russian Company. The state owns 51 per cent of its stocks. It was established in 1923. It controls 11 per cent of home and 39 per cent of international market of air carriages of Russia. According to RAP net income amounted to 3 978 million rubles in 2003. In 2003 Aeroflot transported 5.9 million passengers. There are 92 airliners in its fleet. Its headquarter is located in Moscow in Sheremetyevo Airport. It is going to build its own terminal Sheremetyevo–3 by 2007. Apply for detailed information about the airline company on its web–sites www.aeroflot.ru, www.aeroflotbonus.ru.

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