JSC AEROFLOT 12 months 2005 FINANCIAL RESULTS In

JSC " AEROFLOT " 12 months 2005 FINANCIAL RESULTS In accordance with IAS (audited, consolidated)

Consolidated balance sheet 31. 12. 2005 (USD million) 31. 12. 2004 Change % Current assets 848. 6 605. 0 243. 6 40. 3% Non-current assets 773. 6 757. 7 15. 9 2. 1% 1, 622. 2 1, 362. 7 259. 5 19. 0% 569. 0 532. 0 37. 0 6. 9% 485. 7 419. 2 66. 5 15. 9% 8. 9 8. 6 0. 3 3. 5% 558. 6 402. 9 155. 7 38. 7% 1, 622. 2 1, 362. 7 259. 5 19. 0% Total assets Current liabilities Non-current liabilities Minority interest Shareholders` equity Total liabilities and equity

WORKING CAPITAL CHANGES (USD million) 31. 12. 2005 NET SURPLUS 279. 6 31. 12. 2004 73. 0

PARAMETERS OF LIQUIDITY 31. 12. 2005 Current ratio 31. 12. 2004 Change, % 1. 5 1. 1 36. 4% 0. 8 0. 5 60. 0% (the attitude of current assets to current liabilities) Quick ratio (the attitude of liquid assets to current liabilities)

PARAMETERS OF FINANCIAL STABILITY 31. 12. 2005 The attitude Of borrowings to equity The attitude the operating profit to interest bearing 31. 12. 2004 0. 9 1. 2 9. 6 16. 6

Consolidated statement of income (USD million) 2005 Revenue Operating costs Operating income Income before taxes Net income 2004 2, 539. 6 2, 158. 8 (2, 297. 5) Change % 380. 8 17. 6% (1, 960. 0) (337. 5) 17. 2% 242. 1 198. 8 43. 3 21. 8% 278. 8 231. 1 47. 7 20. 6% 189. 8 172. 1 17. 7 10. 3%

Traffic revenue breakdown, 2005 Increase in revenue compared to the 2004

Operating costs 2005 2004 Change % Aircraft fuel 741. 2 496. 1 245. 1 49. 4% Aircraft and traffic servicing 346. 4 310. 0 36. 4 11. 7% Staff costs 342. 3 300. 9 41. 4 13. 8% Maintenance 202. 4 203. 7 (1. 3) (0. 6%) Operating lease expenses 128. 5 127. 6 0. 9 0. 7% Sales and marketing 142. 4 125. 3 17. 1 13. 6% Amortization 80. 0 94. 0 (14. 0) (14. 9%) Administration and general expenses 92. 6 94. 8 (2. 2) (2. 3%) Passenger services 61. 1 52. 8 8. 3 15. 7% Communication expenses 41. 8 34. 2 7. 6 22. 2% Insurance expenses 22. 3 27. 0 (4. 7) (17. 4%) 96. 5 2, 297. 5 93. 6 1, 960. 0 2. 9 337. 5 3. 1% 17. 2% Other expenses Total

Passenger traffic, 2005

Operating results 2005 2004 Change USD million % EBIT, USD million 242. 1 198. 8 43. 3 21. 8% EBITDA, USD million 322. 1 292. 8 29. 3 10. 0% EBITDAR, USD million 450. 6 420. 4 30. 2 7. 2%

PARAMETERS OF PROFITABILITY 2004 Net operating margin 2003 Change, % 9. 5% 7. 4% 2. 1% 8. 1% 7. 4 % 0. 7% (attitude of operating income to revenue) Net margin (attitude of income before minority interest to revenue)