FINANCIAL RESULTS OF AEROFLOT, JSC ACCORDING TO THE RUSSIAN ACCOUNTING STANDARDS FOR 12 MONTHS OF KEY STATISTICS FOR 1Q 2006.

NONCURRENT LIABILITIES ,6% CURRENT LIABILITIES ,3% CAPITAL AND RESERVES ,9% Changes % FIXED ASSETS ,4% CURRENT ASSETS ,5% TOTAL ASSETS ,8% TOTAL LIABILITIES ,8% AND OWN CAPITAL BALANCE RUR million

N ET ASSETS ACCOUNTING г г. Аssets taken into account Liabilities, taken into account Value of the company’s net assets RUR million

Parameters of financial stability Parameters Recommended values Year 2004 Year 2005 Debt to equity ratio 0,700 0,4870,578 Noncurrent assets to noncurrent liabilities ratio more or equal to 1 2,2122,717 Coverage ratio от 1,00 to 2,00 2,2572,722 Interim coverage ratio от 0,50 to 0,80 1,8032,349 Current ratio от 0,20 to 0,40 0,2320,345

Net operating ,5% income Production cost (53 738) (46 496) ,6% Gross profit (771) (7,8%) Business expenses (3 523) (3 405) 118 3,5% Administrative expenses (2 298)(2 163) 135 6,3% Profit on ordinary (1 023) (23,7%) activities Other net profits and losses ,4% Pre-tax profit ,2% Net profit (298) (4,7%) Changes % PROFIT AND LOSS ACCOUNT RUR million

Key operational statistics for year 2005 Number of passengers carried Amount of cargo and mail carried Revenue passenger kilometers Revenue tonne kilometers Passenger load factor Cargo load factor Unit % on 2004 million people 6,7 6,9 (2,9) billion tkm 2,73 2,74 (0,3) thousand tonnes 145,6 146,7 (0,8) billion pkm 20,75 21,0 (1,2) % 69,1 69,0 0,1 % 58,0 58,2 (0,2)

E stimated percentage of aviation fuel and lubricants costs for the period of 2003 to 2005 (RUR million)

AVIATION FUEL AND OIL & LUBRICANTS TOTAL EXPENSES EXPENSES EXCLUDING AVIATION FUEL AND OIL & LUBRICANTS COSTS % OF OIL AND LUBRICANTS COSTS TO TOTAL EXPENSES 20,1 25,6 31,4 EXPENSE GROWTH WITHOUT OIL AND LUBRICANTS COSTS (%) 6,8 5,5

Weighted average cost of fuel for the period from 2003 to г US$/tonne 2004 г US$/tonne 2005 г US$/tonne

NONCURRENT LIABILITIES ,4% CURRENT LIABILITIES (20,6%) CAPITAL AND RESERVES ,8% Changes % FIXED ASSETS ,1% CURRENT ASSETS (5 050) (20,1%) TOTAL ASSETS (1 528) (4,7%) TOTAL LIABILITIES (1 528) (4,7%) AND OWN CAPITAL BALANCE mln RUR

Net operating ,3% income Production cost (12 032) (11 253) 779 6,9% Gross profit (167) ,3% Business expenses (589) (504) 85 16,9% Administrative expenses (546) (497) 49 9,8% Losses on ordinary (49) (1 169) (1 120) (95,8%) activities Other net profits and losses ,7% Pre-tax profit 577 (1 024) ,3% Net profit 399 (875) (145,6%) 1 кв кв Changes % PROFIT AND LOSS ACCOUNT RUR million

Key operational statistics for 1Q 2006 Number of passengers carried Amount of cargo and mail carried Revenue passenger kilometers Revenue tonne kilometers Passenger load factor Cargo load factor UNIT1 Q Q 2005% on 2005 млн. чел. 1,38 1,37 0,8 млрд. ткм. 0,59 0,60 (1,8) тыс. тонн 31,7 34,7 (8,4) млрд. пкм. 4,40 4,49 (1,9) % 66,4 65,1 1,3 % 56,0 55,7 0,3