Mikhail Khabarov works in financial sector since 1994. In 2001, he started his career in ROSNO as a member of the management team of ROSNO Group. Positions included: Development Director, Financial Director, First Deputy Director General, member of ROSNO’s Management Board. Since the establishment of specialized ROSNO subsidiary, he had headed the asset management direction.

During two years in this position, Allianz ROSNO Asset Management had entered to Top 10 Russian largest asset management companies with the volume of assets over $500 mln. Company manages 6 investment unit trusts and 12 non-governmental pension funds. Open unit trust Allianz ROSNO – Shares was acknowledged as the most profitable unit trust in 2005 among all open unit trusts in Russia.

ROSNO’s top-management highly acknowledges the contribution, Khabarov made to the development of this direction of ROSNO Group, and respects his personal choice to continue his career out of the ROSNO Group.

Strategy and development plan of Allianz ROSNO Asset Management for 2006, approved by shareholders, will remain unchanged and will be continually realized. In the next few days, ROSNO will present the new candidature for the position of Director General. For now, Alexey Tukhkur will act as Director General.

OJSC ROSNO was established in 1991. JSFC Sistema owns 49.2% of the company’s shares, and Allianz AG owns 47.4%. Company is a universal operator offering over 100 insurance products. ROSNO has subsidiaries in Russia (ROSNO-Center Reinsurance Company, IC ROSNO-MS, IC Alliance ROSNO Life, and Alliance ROSNO Asset Management,) and Ukraine (IC ROSNO Ukraine). Authorized capital amounts to Rub 1.184 bln. Regional ROSNO network includes 100 branches in all Russian regions (combined by territory to 10 directorates) and 203 agencies. Over 7 mln people and more than 50,000 enterprises have ROSNO policies and contracts.