1. 1 Moscow August 1, 20021 Financial Results (IAS) 2001

2. 2 Operating Results of activity 2001

3. 3 Operating Results 2001

4. 4 Seat Load Factor 2001 The seat load factor of the Company international and domestic routs stayed on the level of year 2000, at the same time passenger turnover ratio increased on 8.6%.

5. 5 Financial results of activity 2001 in accordance with IAS

6. 6 The Basic articles of Balance Sheets (IAS)

7. 7 Income Statement (IAS) Decrease of deferred liabilities of the Company on income tax (the change of income tax rate from 35% to 24% and also revaluation of several assets of the Company) was generally affected on the net income volume.

8. 8 Revenue and Costs of Aeroflot 1993-2001 (IAS) (million USD)

9. 9 Traffic Revenue (IAS) (million USD) 44,6% 16,6 12,2% Cargo traffic decrease might be explained by replacement of company’s fleet that is a result of prohibition of execution flights to the Europe with Il – 76 aircrafts. Aeroflot is planning to create regular cargo rout Europe - Asia, that is enjoy stable demand, using DC-10 aircrafts.

10. 10 Passengers Traffic revenue (IAS) (million USD) 31,2% 14,2% 157% 28,3%

11. 11 Operating Income (IAS)

12. 12 Passenger Traffic Revenue by Regions (IAS)

13. 13 Cargo Traffic Revenue by Regions (IAS)

14. 14 Operating costs (IAS) 113,4%1 073,91 218,3Total 168,2%32,454,5Other expenses -(34,2)5,6Increase in (release of) provision for bad and doubtful accounts 111,5%32,235,9Communication expenses 120,6%34,441,5Third-party passenger services 68,9%82,656,9Operating taxes 130,0%64,083,2Administration and general expenses 99,0%100,599,5Operating lease expenses 120,3%92,0110,7Sales and marketing 119,6%94,1112,5Maintenance 107,8%240,5259,3Aircraft and traffic servicing 106,9%335,4358,7Aircraft fuel (million USD) % to200020002001 (million USD)

15. 15 The Main factors of operating costs increase as referred to 2000 Increase of flight hours and passenger turnover caused the increase of fuel costs, aircraft and traffic servicing e.t.c. Re – equipment of passenger cabins of Russian made aircrafts Increase of prices on : fuel, rates and fares for airport and aero navigation services, maintenance and repairing of foreign made aircrafts, insurance and electricity Providing free transportation under the frequent flyer “Aeroflot Bonus” program

16. 16 Costs Structure (IAS) (%) 100 Total 3,04,5Other expenses (3,2)0,5 Increase in (release of) provision for bad and doubtful accounts 3,02,9Communication expenses 3,23,4 Third-party passenger services 7,74,7Operating taxes 6,06,8Administration and general expenses 9,48,2Operating lease expenses 8,59,1Sales and marketing 8,89,2Maintenance 22,421,3Aircraft and air traffic servicing 31,229,4Aircraft fuel 20002001 The Company developed cost saving program, introduction of these program have to provide expenses decrees in 2002 and further years. In particular the work under fleet optimization have to provide fuel expenses decrease that are the main component of operating costs of Aeroflot.

17. 17 Financial Results IAS (1998-2001) Creation of debt provisions influences on decrease of EBITDA rate. EBITDA rates in 2000 and и 2001 are the same in general, if not to take into account influence of debt provisions.

18. 18 Income Rates Income per 1 carried passenger (in USD) Income per 1 passenger kilometer (in cent USD) 7,3% 84,7% 23,1% 111,5% Income rate per 1 carried passenger: On International routs in 2001increased on 0.7% as compared with 2000, In Domestic routs in 2001 increased on 10,2% as compared with 2000. Income rate per 1 passenger-kilometer: On International routs in 2001increased on 14,3% as compared with 2000, On Domestic routs in 2001 increased on 12,2% as compared with 2000

19. 19 Asset Management Ratios Days Sales OutstandingThe Fixed Assets Turnover ratio The Total Assets Turnover Ratio -4,9% -14,8% 23,1% 18,8% 20,0% 16,7%

20. 20 Profitability Ratios Profit Margin on Sales (%)ROA (%) ROE (%)

21. 21 6 Months 2002 Results of Activity

22. 22 Operating Rates

23. 23 Operating Rates

24. 24 Passenger Traffic Revenue

25. 25 Operating Costs and Cost of 1 tkm

26. 26 Operating Result