OREANDA-NEWS. September 5, 2007. Mr. Frolov started to fulfill his duties on operational management and coordination of the work of MIRAX GROUP Corporation.

“For the nearest future my major tasks will be to optimize the organizational structure and mechanisms of its control, to systematize and diversify the directions of business development, to improve the internal and external corporate communications, as well as to increase future capitalization of MIRAX GROUP. In the process of solving all these tasks it will certainly be necessary to maintain and increase the considerable rates of corporate growth and development, the speed of making decisions and implementing them, the high quality level of construction works, the tremendous drive and energy of the professional staff, the success and competitiveness at all the points of corporate business, both inside and outside Russia. In other words, keep up with the main slogan of the company: “The best for the best”, maintaining the directing vector set for MIRAX GROUP by its founding fathers – Sergey Polonskiy and his partners” (an extract from Maxim Frolov’s conversation with company employees).

Previously Mr. Frolov occupied the position of Deputy Chairman of the Board of ROSBANK, supervising transactions with large corporate customers, and later the organization and development of the bank’s branch network in the North-Western Federal District of Russia.

The current considerable change of the structure of owners of the bank (the French Societe Generale became one of ROSBANK’s shareholders) and successful completion of all tasks earlier set for him by the management, as well as his readiness to actualize his accumulated experience in a new, equally advanced and interesting direction of business, induced Mr. Frolov to change his banking profile for a job in the area of high technologies of construction, development, and real estate management, and to accept a fitting offer from MIRAX GROUP’s Chairman of the Board of Directors Sergey Polonskiy.

In ROSBANK’s news release, the Chairman of the Board Alexander Popov commented Mr. Frolov’s resignation as follows: “Maxim Frolov displays outstanding leadership abilities, precise performance of all tasks and always spectacular results”.

“Invitation to our team of such an experienced professional as Mr. Frolov will undoubtedly improve the corporate management system and its growth dynamics, and will allow the Board of Directors to concentrate exclusively on strategic issues of development”, said Sergey Polonskiy, the Chairman of the Board of Directors of MIRAX GROUP.

Mr. Polonskiy believes that the organizational and functional structure of MIRAX GROUP should be as close as possible to the western standards of large corporation management, in order to maintain and increase the daily appreciation of the company without losing the current high growth rates and adrenalin levels in the blood of the company’s best employees.

Prior to the appointment of Mr. Frolov, the position of the Chairman of the Board has been occupied in turn by the members of the Board of Directors of MIRAX GROUP, rotating on a quarterly basis.