1. 1 Financial results of JSC “Aeroflot” as of 2003 In accordance with IAS Deputy General Director for finance and planning Mikhail I.Poluboyarinov

2. 2 Market environment 11%

3. 3 Competitive position

4. 4 Major directions of activity in 2003 Network optimization - Company continued to develop it’s rout network according to the network optimization program started in the year 2000 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 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. The Company operated in anti crises management regime in the first half 2003 because of SARS and Iraq war.

5. 5 Efficiency increase in 2003

6. 6 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 unprofitable routes SARS and Iraq war caused reduction on 7,6% of Aeroflot passenger turnover in Southeast Asia and on 7,1% in Asia. SU 3,66,910,4 Network quality Network structure by revenue

7. 7 Fleet 2003 ownedleasedtotal+/- to 2002 Passenger aircraft Short – haul aircraft - Tu-13412113-2 Medium – haul aircraft - Тu-154M20 - IL-8614 - B-737 66-4 -A-310 55-6 - A-320 44+4 - A-319 55+5 Long – haul aircraft - IL-966 6 - IL - 621 1-9 - B-777 22 - B-767 55+1 Total passenger aircraft532881-11 Cargo aircraft - IL-764 4-6 - DC -10 44+2 Total cargo aircraft448-4 TOTAL573289-15

8. 8 Fleet changes in 2003 The fleet of Aeroflot was consist of 104 aircraft (including 72 owned and 32 leased) at the beginning of 2003  9 aircraft Il – 62, 6 aircraft Il – 76 were released during the year.  2 aircrafts Tu – 134 were drawn back to the Company “Komiinteravia” in accordance with the end of duration of the contract.  4 aircraft B-737 and 6 aircraft A-310 were put out of operation in accordance with the fleet restricting program.  2 cargo aircrafts DC-10 were received to operating lease.  1 aircraft B-767 was received to operating lease, 4 aircraft A-319 to financial lease, 1 aircraft А -319 to operating lease and 4 aircraft A 320 to operating lease in accordance with fleet restricting program. The fleet of Aeroflot aircraft was consist of 89 aircraft (including 57-owned, 32-leased) to the end of 2003

9. 9 Fleet utilisation Passenger aircraft flight hours increased on 1,0% in 2003 beside 2002 and cargo aircrafts flight hours increased on 7,1% beside 2002.

10. 10 Operating profit and net profit dynamics

11. 11 Operating results 2003

12. 12 Main operating figures

13. 13 Load factors and fuel consumption

14. 14 Dynamic of fuel prices in 2003 Weighted average fuel price for Aeroflot during 2003 increased by 20,6% beside 2002.

15. 15 2003 Financial results

16. 16 Consolidated Income statement

17. 17 Consolidated Balance sheet

18. 18 Revenue and traffic revenue

19. 19 Revenue rates RTK yield

20. 20 Traffic revenue structure

21. 21 Traffic revenue structure by region

22. 22 Operating costs and costs of production 13%

23. 23 Operating costs 1255,2Total 71,2Other expenses (0,2)(Decrease) increase in provision for bad and doubtful receivables 39,2Communication expenses 34,8Third-party passenger services 8,68,6Operating taxes 71,9Administration and general expenses 133,0Operating lease expenses 111,0Sales and marketing 162,4Maintenance 294,0Aircraft and traffic servicing 327,8Aircraft fuel (USD million) % to 200220022003 (USD million) 274,7 244,8 109,7 103,2 104,2 69,5 30,6 32,5 35,3 6,2 Fines and penalties1,516,4 54,7 1081,8 119,3 120,0 148,0 107,5 127,6 103,4 28,1 107,0 111,0 9,1 130,1 116,0

24. 24 Key figures 2003

25. 25 Strategic focus To join Sky team global alliance To increase market share on profitable routs To improve operating and financial results To increase quality of services To provide better brand recognition To reach leading role in Russian airline industry consolidation To build strategy-focused organisation Strategic projects: –New terminal –Group restructuring The work which was done in 2003 became a base for the beginning of renewed strategy development conception realization - the strategy of forward – looking growth as by operating measures so by financial measures.