Aeroflot's Board of directors reports

05 May 2010

February 26 2009, <st1:place w:st="on"><st1:City w:st="on">Moscow</st1:City></st1:place>.  Aeroflot’s Board of Directors held its regular meeting.<o:p></o:p>

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The Board approved the company’s investment program for 2009 at the total of 3,195 million RUB, which will secure the completion of key corporate investment business projects:<o:p></o:p>

-                     Extension of production facilities for the renovated air fleet servicing<o:p></o:p>

-                     Capital assets modernization<o:p></o:p>

-                     Development of modern production technologies.<o:p></o:p>

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In H1 2009, the top priority financing will be assigned to flight safety provision, commercial launch of the Sheremetyevo-3 passenger terminal, liabilities under the current contracts, completion of the company’s new office construction.<o:p></o:p>

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In H2 2009, the company will acquire capital assets and invest in the production facilities development upon the condition of sound financial results and sufficient money resources.<o:p></o:p>

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The Board decided to appoint the date of the annual General Shareholders’ Meeting of JSC Aeroflot to June 20 2009. The meeting will begin at 10:00 <st1:place w:st="on"><st1:City w:st="on">Moscow</st1:City></st1:place> time.<o:p></o:p>

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On May 5 2009, JSC Aeroflot will announce the list of persons entitled to participation in its annual General Shareholders’ Meeting.<o:p></o:p>

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According to Article 48 of the Federal Act “On joint-stock companies”, the agenda will include the matters subject to an obligatory consideration at annual General Shareholders’ Meetings of JSCs.<o:p></o:p>

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The Board approved the list of candidate Members of JSC Aeroflot’s Board of Directors, who are to be elected at the annual General Shareholders’ Meeting in <st1:metricconverter w:st="on" ProductID="2009. In">2009. In</st1:metricconverter> compliance with the Federal Act “On joint-stock companies” and Charter of Aeroflot JSC, the candidates had been nominated by the shareholders owning not less than 2% of the company’s voting stock. <o:p></o:p>

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The list includes the following candidates:<o:p></o:p>

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Aleksashenko, Sergey Vladimirovich – Director of Macroeconomic Research Department of State University – Higher <st1:place w:st="on"><st1:PlaceType w:st="on">school</st1:PlaceType> of <st1:PlaceName w:st="on">Economics</st1:PlaceName></st1:place>;<o:p></o:p>

Androsov, Kirill Gennadyevich – Deputy Head of RF Government Office;<o:p></o:p>

Antonov, Vladimir Nikolaevich – 1st Deputy CEO of Aeroflot JSC;<o:p></o:p>

Dmitriyev, Vladimir Aleksandrovich – Chairman of the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”;<o:p></o:p>

Dushatin, Leonid Alekseevich – 1st Deputy Head of CJSC National Reserve Corporation, Member of  CJSC NRC Board of Directors;<o:p></o:p>

Yeliseev, Boris Petrovich – Rector of the <st1:place w:st="on"><st1:PlaceName w:st="on">Moscow</st1:PlaceName> <st1:PlaceType w:st="on">State</st1:PlaceType> <st1:PlaceType w:st="on">University</st1:PlaceType></st1:place> of Civil Aviation;<o:p></o:p>

Lebedev, Aleksandr Evgenyevich – Chairman of the Board of Directors of CJSC NRC;<o:p></o:p>

Levitin, Igor Yevgenyevich – Minister of Transport of the <st1:place w:st="on"><st1:country-region w:st="on">Russian Federation</st1:country-region></st1:place>;<o:p></o:p>

Neradko Aleksandr Vasilyevich – Head of Federal Flight Navigation Service (Rosaeronavigation);<o:p></o:p>

Nikitin, Gleb Cergeyevich – Deputy Head of the Federal Property Management Agency (Rosimushchestvo);<o:p></o:p>

Okulov, Valery Mikhaylovich – CEO of JSC Aeroflot;<o:p></o:p>

Savelyev, Vitaly Gennadyevich – 1st Vice President of JSC Joint-Stock Financial Corporation Sistema;<o:p></o:p>

Stolyarov, Andrey Victorovich – Deputy CEO of CJSC UniCredit Aton;<o:p></o:p>

Tarasov, Aleksey Yevgenyevich – CEO of CJSC NRC, Member of Board of Directors of CJSC NRC;<o:p></o:p>

Uvarov, Aleksey Konstantinovich – Department Director of Ministry for Economic Development (Mineconomrazvitie);<o:p></o:p>

Sharonov, Andrey Vladimirovich – Managing Director of CJSC Investment Company Troyka Dialog.<o:p></o:p>

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The Board approved the list of candidate members of JSC Aeroflot’s Audit Commission, whose election is also scheduled for the next annual General Shareholders’ Meeting.<o:p></o:p>

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The Board of Directors approved the sublease contracts for the land lots necessary for completion and commercial launch of the Sheremetyevo-3 passenger terminal. The additional land acquisition will be used for parking construction and deployment of communication and utility lines.<o:p></o:p>

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The Board reported the preparation of Aeroflot’s bid in the tender for Czech Airlines privatization.<o:p></o:p>