1. JSC " AEROFLOT " 6 months 2005 FINANCIAL RESULTS in accordance with IAS (non audited, non consolidated) Титульный лист

2. Current liabilities 498.8 456.8 42.0 9.2% Non-current liabilities 473.7 403.3 70.4 17.5% Shareholders` equity 548.3 507.0 41.3 8.1% 30.06.2005 31.12.2004 Change % Current assets 739.0 562.7 176.3 31.3% Non-current assets 781.8 804.4 (22.6) (2.8%) Total assets 1 520.8 1 367.1 153.7 11.2% Total liabilities and equity 1 520.8 367.1 153.7 11.2% Balance sheet (USD million)

3. 30.06.2005 Net Surplus Working assets (USD million) 240.2

4. Current ratio Quick ratio Parameters of liquidity 1.48 1.23 30.06.2005 31.12.2004 % 20.2% 0.83 0.54 53.4%

5. Parameters of financial stability 30.06.2005 31.12.2004 The attitude of borrowings to equity 0.9 time 0.8 time The attitude of operating profit to interest bearing 9.3 time 22.0 time

6. Revenue 1,043.5 879.3 164.2 18.7 % Operating costs (957.0) (776.0) (181.0) 23.3% Operating income 86.5 103.3 (16.8) (16.3%) 97.1 108.9 (11.8) (10.8%) Net income 69.3 83.6 (14.3) (17.1%) 6 month 2005 6 month 2004 Change % Statement of income (USD million) Income before taxes

7. OPERATING RESULTS 6 month 2005 6 month 2004 Change USD million % EBIT, USD million 86.5103.3 (16.8) (16.3%) EBITDA, USD million 124.0145.1 (21.1) (14.5%) EBITDAR, USD million 188.4206.4 (18.0) (8.7%)

8. PARAMETERS OF PROFITABILITY 6 months 2005 6 months 2004 % 8.3% 11.8% ( attitude of operating income to revenue) Net margin (attitude of net profit to revenue) 6.6% 9.5% (2.9%) (3.5%) Net operating margin