1. 1 Kirill S. Budaev Corporate Property Department, Director February 2004

2. 2 Contents Company overview Efficiency increase Operating results Financial results Section 2 Section 3 Section 4 Section 1

3. 3 Company Overview Founded in 1923 The biggest Russian airline: –5,8 mm. passengers carried in 2003 –25,6% market share in terms of overall passenger carriers. Operates 93 aircraft (31 foreign + 62 Russian-built) Flies to 104 destinations in 48 countries Financial performance in 2003*: –USD 1.56 bn. in sales –USD 114,85 mm. in net profit USD 853 mm. market capitalization 51,2% government-owned (38,9%- institutional investors, 9,9%-private individuals) * in compliance with the Russian Accounting Standards

4. 4 Market environment Shortage of adequate capacity Noise & emission restrictions introduced by European countries Strict regulation Still high degree of fragmentation Low purchasing power – low yield – major constraint Higher growth rates in the charter segment 11%

5. 5 Competitive position Still an ultimate leader in the industry Decrease of the market share is due to: –radical reduction of old Soviet-built aircraft capacities –concentration of the market growth in the non-core segment

6. 6 Stock performance

7. 7 Corporate governance policies The management realizes the need to comply with corporate governance standards in order to increase the company’s capitalization. The company takes into account the interests of minority shareholders and prospective investors in particular, this means: Implementation of standards of Corporate governance Code of FCSM and internal Code of Corporate Conduct Simple and transparent procedures for shareholders Liquidity support: - RTS listing - MICEX listing - Frankfurt Stock exchange (GDR 1 level) Full transparency -Annual audit by Deloitte&Touche -Timely disclosure of - operating and financial results - major transactions The provision of equal and timely access to Information -Regular briefings for shareholders and investors -Web – site with section Investor relations (www.aeroflot.ru)www.aeroflot.ru -Comprehensive annual report -Presentation and press – conferences -E-mail distribution list -Disclosure on www.skrin.ru; www.adr.db.comwww.skrin.ruwww.adr.db.com The Board of Directors’ role increase - election of General Director - approval of deals exceeding $15 million - extension of list of deals that need the approval of Board of Directors Increase of S&P Corporate Governance Score from 4,6 to 5,2

8. 8 Strategic vision Our goal is - to be a world-class airline based on the best traditions of Russian civil aviation. To implement this vision Aeroflot will strive to: Strengthen leading position in the national civil aviation industry Fly to the most of largest cities of the world through: - viable network - cooperating with partner airlines Provide quality service, matching or surpassing competition Achieve level of operational and financial performance of AEA airlines Build a corporate culture based on effective system of employee participation

9. 9 Major directions of activity in 2003 Network optimization - Company continued to develop it’s rout network according to started in the year 2000 network optimization program and impact of SARS and Iraq war.The priority was given to the routs with a high profitability. Raising of fleet usage effectiveness - The Company substantially decreased usage of fuel ineffective aircrafts such as: Il 76, Il 86, Il 62 Foreign made fleet replacement program - Aeroflot started to realize foreign made fleet replacement program. The program envisages replacement of 27 foreign made aircrafts of the Company on the 27 new foreign made aircrafts. The program is essential for rout network development and operating costs optimization.

10. 10 Efficiency increase in 2003

11. 11 Network optimisation Concentration of capacities on high-yield routes Providing high yield routes with competitive planes Improvement of connectivity (Network connectivity was increased from 10,% in 2002 to 14% in 2003) Closure of loss making / marginally profitable routes Because of SARS and Iraq war Aeroflot passenger turnover in Southeast Asia reduced on 7,6% and in Asia on 7,1%. SU 3,66,910,4 Network quality Network structure by revenue

12. 12 Changes in Aeroflot passenger traffic in accordance with SARS and Iraq war (Summer 2003) РАХ +18127 РАХ +7311 РАХ -13800 РАХ -150949 РАХ -9800 South America

13. 13 Fleet utilisation In 2003 passenger aircraft flight hours increased on 1,0% beside 2002 and cargo aircrafts flight hours increased on 7,1% beside 2002.

14. 14 Foreign – made fleet restructuring B777-200ER (2) B767-300ER (4) A310-300 (11) B737- 400 (10) B767-300ER (operating leases) А320 family (10 operating leases, 8 finance leases) 1 tуре of LH aircraft (9) 1 tуре of MH aircraft (18) 27 aircraft Primary objectives: Ensure significant cost savings and increased operational efficiency through higher fleet commonality Incorporate high degree of fleet planning and fleet management flexibility Achieve high asset liquidity and broad choice of long-term financing sources

15. 15 Russian - made and cargo fleet restructuring Il96-300(6) Il62 (10) Il86 (14) Tu154M (20) Tu134 (15) Medium-term target - provide further commonality of the whole fleet Il76(10) DC10F(2) 1 type of LH aircraft 6 Il96 + 6 on order 1 type of MH aircraft 20 Tu154M 1 type of SH aircraft 11 Tu134M 65 aircraft 52 aircraft 1 type of freighter 4 DC10F

16. 16 Operating profit and net profit dynamics USD mln *9M2002 and 9M2003 results - non audited data

17. 17 Operating Results 2003

18. 18 Main operating figures

19. 19 Load factors and fuel consumption 1% of passenger load factor increase - USD16,5 mln of additional revenue 1% of commercial load factor increase - USD27 mln of additional revenue

20. 20 Financial Results 2002 and 9 months 2003 results (not – audited)

21. 21 Profit and loss statement

22. 22 Revenues (I) 1,8% 6,2% 6,5%

23. 23 Revenues (II) 5,8% 0,5%

24. 24 Passenger revenue breakdown by region %

25. 25 Revenue rates Revenue per passenger increased by 5,8% in 2002 international routes - by 9,2% domestic routes - by 3,9% Passenger yield increased by 8,5% in 2002 international routes – by 10,0% domestic routes - by 3,6%. 0,2% 4,8%

26. 26 Operating profit/RTK

27. 27 Operating costs 1218,3Total 54,5Other expenses 5,6Increase in (release of) provision for bad and doubtful accounts 35,9Communication expenses 41,5Third – party passenger services 56,9Operating taxes 83,2Administration and general expenses 99,5Operating lease expenses 110,7Sales and marketing 112,5Maintenance 259,3Aircraft and traffic servicing 358,7Fuel (USD mln) % to 200120022001 ( USD mln) 274,7 244,8 109,7 103,2 104,2 69,5 30,6 32,5 35,3 6,2 Penalties-16,4 54,7 1081,8 76,6 94,4 97,5 93,2 104,7 83,5 53,8 78,3 98,3 110,7 - 100,4 88,8

28. 28 Operating costs 9 months 2002 and 2003 9M 2002 Estimated (USD million) 9M 2003 Estimated (USD million) % to 9 months 2002 Fuel(193,9)(225,6)116,3 Aircraft and traffic servicing (175,8)(191,1)108,7 Operating lease expenses (71,4)(92,8)129,9 Depreciation (84,7)(65,1)76,9 Maintenance (86,5)(103,1)119,2 Operating taxes (19,1)(11,1)58,1 Long-term investments reserve changes 0,7 Doubtful receivables reserve (1,8)0,3 Sales and Marketing (84,7)(82,1)96,9 Staff costs (138,1)(148,7)107,7 Communication expenses (27,2)(30,1)110,7 Passengers servicing (51,1)(53,4)104,5 Insurance (21,1)(22,1)104,7 Administration and general expenses (42,0)(44,3)105,5 Total 996,71069,3107,3

29. 29 Operating costs structure 100 Total 4,5Other expenses 0,5 Increase in (release of) provision for bad and doubtful accounts 2,9 Communication expenses 3,4 Third – party passenger services 4,7Operating taxes 6,8Administration and general expenses 8,2Operating lease expenses 9,1Sales and marketing 9,2Maintenance 21,3Aircraft and traffic servicing 29,4Fuel 20022001 25,4 22,6 Penalties 10,2 9,5 9,6 6,4 2,8 3,0 3,3 0,6 -1,5 5,1 100

30. 30 Operating costs 9 months 2002 and 2003 structure 9M 2002 Estimated (USD million) 9M 2003 Estimated (USD million) Fuel19,521,1 Aircraft and traffic servicing 17,617,9 Operating lease expenses 7,28,7 Depreciation 8,56,1 Maintenance 8,79,6 Operating taxes 1,91,0 Doubtful receivables reserve 0,2- Sales and Marketing 8,57,7 Staff costs 13,813,9 Communication expenses 2,72,8 Passengers servicing 5,15 Insurance 2,1 Administration and general expenses 4,24,1 Total 100

31. 31 Operating costs / RTK -7,4% -3,0% 7,3% 4,7%

32. 32 Balance sheets 31.12.01 (USD mln) 31.12.02 (USD mln) Change to 2001 Current assets292,6320,427,8 Long – term assets819,6565,0-254,6 Total assets1 112,2885,4-226,8 Short – term liabilities562,6461,9-100,7 Long – term liabilities464,3250,8-213,5 Minority interest7,67,90,3 Shareholders’ equity77,7164,887,1 Total liabilities and Shareholders equity 1 112,2885,4-226,8

33. 33 Balance sheets ( as for September 30, 2003) 30.09.02 (USD,000) 30.09.03 (USD,000) Current assets 264 993 322 276 Long – term assets690 383391 400 Total assets1 070,2886,8 Short – term liabilities443,0398,4 Long – term liabilities447,1214,3 Shareholders’ equity180,1274,1 Total liabilities and Shareholders equity 1 070,2886,8

34. 34DEBT

35. 35 Financial forecasts Operating income in 2002 Revenue from increased volume Increased yield Costs for increased volume Cost growth due to increased prices Fuel cost savings Flight cost savings Maintenance cost savings Lease cost savings Operating income in 2005 Aeroflot’s activities in the area of business optimization allow the company to increase its operating income on more then USD 200 million in 2005

36. 36 Long-term strategic focus To increase market share on profitable routs Further improvement of operating and financial results To increase quality of services Batter brand recognition Leading role in Russian airline industry consolidation Building strategy-focused organisation To join one of the one of the world alliance membership Strategic projects: –New terminal –Group restructuring

37. 37 Contacts: www.aeroflot.ru afokeeva@aeroflot.ru Kbudaev@aeroflot.ru Tel: (7095) 258 06 86