1. JSC " AEROFLOT " 12 months 2004 FINANCIAL RESULTS In accordance with IAS (audited, consolidated)

2. Current liabilities 532.0 564.9 (32.9) (5.8%) Non-current liabilities 419.2 215.5 203.7 94.5% Minority interest 8.6 5.72.9 49.8% Shareholders` equity 402.9 281.2 121.7 43.3% 31.12.2004 31.12.2003 Change % Current assets 605.0 398.5 206.5 51.8% Non-current assets 757.7668.8 88.9 13.3% Total assets 1,362.7 1,067.3 295.4 27.7% Total liabilities and equity 1,362.7 1,067.3 295.4 27.7% Consolidated balance sheet (USD million)

3. 31.12.200231.12.2003 31.12.2004 DEFICIENCY NET SURPLUS 141.5 166.4 73.0 WORKING CAPITAL CHANGES (USD million)

4. PARAMETERS OF LIQUIDITY 31.12.2004 31.12.2003 Change, % Current ratio 1.140.7161.2% (the attitude of current assets to current liabilities) Quick ratio 0.510.3738.4% (the attitude of liquid assets to current liabilities)

5. PARAMETERS OF FINANCIAL STABILITY 31.12.2004 31.12.2003 The attitude Of borrowings to equity 1.2 1.3 The attitude the operating profit to interest bearing 17.1 10.5

6. Revenue 2,158.8 1,716.0 442.8 25.8% Operating costs (1,953.9) (1,589.6) (364.3) 22.9% Operating income 204.9 126.4 78.5 62.1% Income before taxes 233.6 156.9 76.7 48.9% Net income 172.1 126.7 45.4 35.8% 2004 2003 Change % Consolidated statement of income (USD million)

7. Operating results 2004 2003 Change USD million % EBIT, USD million 204.9126.4 78.5 62.1% EBITDA, USD million 298.9217.5 81.4 37.4% EBITDAR, USD million 426.5350.5 76.0 21.7%

8. PARAMETERS OF PROFITABILITY 2004 2003 Change, % Net operating margin 9.5%7.4%2.1% (attitude of operating income to revenue) Net margin (attitude of income before minority interest to revenue) 8.1%8.1% 7.4 %0.7%0.7%