On May 20, 2003, OAO ROSNO held an annual general meeting of its shareholders. According to Ye.A. Kurgin, the company's General Director, who reported to the meeting, the company's growth rates are consistent with growth in the insurance business in general. Premiums the company received under voluntary insurance contracts, other than life insurance, rose 32 per cent in 2002. In 2002, the company sold 1.14 million insurance contracts, or 25 per cent more than it did in the year before. The company's own funds rose 38 per cent, to Rb 1.435 billion, and it netted a profit of Rb 396.3 million.

The shareholders approved ROSNO's report for 2002, appointed external auditors to do ROSNO's audits in 2003, elected members of the Auditing Committee and members of the company's Board of Directors. The new Board of Directors comprises A.N. Buyanov, First Vice President of SISTEMA JSFC; L.Sh. Vasadze, First Vice President of SISTEMA JSFC; Ye.A. Kurgin, General Director of ??? ROSNO; I.J. Yurgens, Vice President and Executive Secretary of the Russian Union of Industrialists and Entrepreneurs; Dr. Werner Zedelius, Board member of Allianz AG (Munich, Germany); Dr. Klaus Junker, Executive Vice President of the Division for Central and Eastern Europe, the Middle East and Africa of Allianz AG (Munich, Germany); and Hannes Chopra, Vice President for Central and Eastern Europe, the Middle East and Africa, Allianz AG (Munich, Germany).

Open Joint-Stock Company ROSNO was established in 1992. Its current shareholders are Joint Stock Financial Corporation Sistema and the German concern Allianz AG. Today, ROSNO is the biggest Russian one-stop insurance company holding licenses to sell 83 kinds of voluntary and obligatory insurance policies. ROSNO has a regional network of 78 branches and 186 agencies in 70 of Russia's regions, and maintains a representative office in Kazakhstan and subsidiaries in Armenia and Kyrgyzstan. ROSNO has sold policies to more than 6 million individuals and over 22,000 manufacturing enterprises and organizations.

More details can be obtained about the Shareholders' meeting at ROSNO's website: www.rosno.ru