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Board of Directors Meeting of OAO Sibir airlines was held today

19.05.2008

    »  Confirmation of the company’s annual report;
    »  Confirmation of the annual accounting reports, including the company’s profit and loss statement for 2007;
    »  Confirmation of the distribution of the company’s profits (losses) for 2007;
    »  The amount, timetable and form of dividend payout for 2007;     »  Determination of the composition of the Board of Directors;     »  Election of members of the company’s Board of Directors;     »  Election of the members of the company’s audit commission;     »  Confirmation of the company’s auditor;     »  Approval of a large transaction;

The Board of Directors also decided that the registry of the issuer’s shareholders will be closed on 20 May 2008.

At the meeting, the Board of Directors preliminarily approved the annual report of OAO Sibir Airlines for 2007 and recommended submitting it for confirmation to the Annual General Shareholders Meeting.

The Board of Directors recommended that the Annual General Shareholders Meeting of OAO Sibir Airlines devote to the payout of dividends 10,245,600 rubles and adopt a decision to pay dividends for 2007 on ordinary shares of OAO Sibir Airlines in the amount of 100 rubles per share. It was recommended that the dividend payout minus the 9% tax on dividends be made between 16 July 2008 and 31 August 2008 inclusive.

S7 Airlines is the largest airline on Russia`s domestic routes and one of the world`s top 50 in this segment.

In 2007 the company received an official notification from the International Air Transport Association (IATA) about the airline`s certification in that organization, becoming the second carrier in Russia to successfully pass the IATA Operational Safety Audit.

S7 Airlines is one of Russia`s most stable airlines, incorporating the latest achievements of the world industry in the servicing of passengers and actively expanding its service. S7 Airlines won the annual national “People`s Brand / Brand No. 1 in Russia” prize in 2007.


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