On March 23, 2004, a regular meeting of Aeroflot Board of Directors was held.
The Board of Directors decided to call the Company annual stockholders meeting in the form of the meeting (joint presence) on June 5, 2004, at 10 a.m. in Aeroflot Air Staff Training Center situated in Sheremetyevo-1.
The Board of Directors approved:
There was made a decision concerning the Company’s capital investments in 2004.
On the initiative of the Ministry of Property of RF there was considered the issue on the planning net income according to the operation results of 2004 financial year to pay dividends in 2005 to Aeroflot stockholders including the budget of the Russian Federation that owns 51.17% of the Company stocks.
In this respect the Board of Directors taking into account 3894.21 million rubles of net income according to the results of 2004 financial year and the main principles of the dividend policy of the Company approved by Aeroflot Board decided:
Due to this decision the percent of net income and planning dividends to the Company stockholders according to the results of 2004 financial year, in particular, exceed significantly the percent of net income and actual dividends paid in previous years. This is confirmed by the Company’s stable activity and development, annual growth of Aeroflot financial results and net income increase.