PRESS RELEASE

Dear Sirs!

On May 31, 2002 the meeting of shareholders of Open Society "BERIEV Aircraft Company" took place.

Shareholders of Open Society "BERIEV Aircraft Company" have chosen members of the board of directors. The board includes nine persons:

Abdulgelil M. Abdulkerimov - manager Taganrog affiliate of "Russlavbank"; Eugeny M. Ageev - director on corporate development of "Sukhoy" company;

Valery B. Bezverhny - vice-president of IAIA;

Vladimir V. Kovalkov- Director General of IAIA;

Gennady S. Panatov - Director General - General designer of BERIEV Aircraft Company;

Vladimir S. Prisiazhniuk - assistant to Director General "Sukhoy" company;

Stanislav Y. Rynkevich - deputy Director General the Russian aerospace agency;

Alexey I. Fedorov - President of IAIA;

Sergey V. Tsivilev - vice-president of IAIA.

A.I. Fedorov was elected chairman of the board of directors, S.Y. Rynkevich was elected deputy of chairman of the board of directors.

The meeting of shareholders approved the following documents complying with the federal legislation: the Charter of society in a new wording, Provisions "About general meeting of shareholders", "About board of directors", "About the Director General and scientific-and-technical council" and "About revision committee."