Presentation (February 2012)

Цвет контура

R: 178 G: 178 Цвета B: 178 заливки Aeroflot Group графиков и фигур

Consolidated financials (IFRS) R: 182 G: 196 12M2011 B: 204 R: 135 Цвет G: 157 текста B: 179

R: 255 Moscow R: 0 G: 112 G: 255 May 17, 2012 B: 255 B: 192

R: 255 R: 59 G: 0 Speaker: G: 100 B: 0 Shamil Kurmashov B: 135 R: 0 G: 128 Deputy Director General R: 0 B: 0 Finance and investments G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 Table of contents

Цвет контура R: 178 1.Introduction G: 178 Цвета B: 178 заливки графиков и 2.Market position of the Group фигур R: 182 G: 196 3.Operating highlights B: 204 R: 135 Цвет G: 157 текста 4.Financial results B: 179

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 2 Key highlights for the 12 months 2011

Цвет контура • November 15, 2011 JSC “Aeroflot” completed the transaction of receiving airlines owned by State R: 178 Corporation “Russian Technogies”. LLC “Aeroflot-Finance” received stakes in JSC “Vladivostok Avia” G: 178 (52.156%), JSC “Saratov Airlines” (51%), JSC “SAT Airlines” (100%), JSC “Rossiya Airlines”(75% minus 1 Цвета B: 178 заливки share) , JSC “Orenburg Airlines” (100%) in exchange for 3.55% stake of charter capital of JSC “Aeroflot – графиков и Russian Airlines”. фигур • December 13, 2011 the agreement on JSC “Terminal” consolidation into JSC “Sheremetyevo International R: 182 Airport” has been signed. The agreement implies merger of the companies and conversion of 52.82% of G: 196 JSC “Terminal” stock, owned by Aeroflot Group, into 8.96% stake in joint company JSC “Sheremetyevo B: 204 International Airport”. R: 135 Цвет • Aeroflot received the award «Russian Business Travel & MICE Award» in category «Best company for G: 157 B: 179 текста business travelers». «Russian Business Travel & MICE Award» is an annual award established by Business R: 255 Travel magazine and internet portal Conference.ru. R: 0 G: 255 G: 112 • Aeroflot was awarded by SAP Company for best implementation SAP’s products in transport sector. SAP B: 192 B: 255 ERP system has been implementing in JSC “Aeroflot” since 2009. R: 255 • According to the rating of the Boston Consulting Group (BCG) – the world leader in operating consulting and R: 59 G: 0 G: 100 B: 0 business strategy developing, JSC “Aeroflot” took seventh place among top ten transport and tourist B: 135 R: 0 companies. Pursuant to the research total shareholder return, volume of sales, margin performed certain G: 128 growth in recent years. R: 0 B: 0 G: 176 • Despite negative market conditions in Eurozone and anticipated downgrades of countries’ credit ratings, on B: 80 R: 1 March 22, 2012 International Rating Agency “Fitch” has confirmed long-term rating for JSC “Aeroflot” at G: 40 “BB+” level with stable outlook. R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 3 Table of contents

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 4 Russian air transportation market

Цвет контура Passenger traffic of the Russian civil aviation 26,0% R: 178 24,6% 24,8% G: 178 [mln. pax.] 23,2% Цвета B: 178 64,1 заливки 57,0 графиков и 45,0 50,0 45,1 фигур 38,0 32,0 35,0 24,0 28,0 22,0 R: 182 11,6 11,1 14,1 16,7 G: 196 B: 204 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 R: 135 Source: TCH, Ministry of Transportation RCA Aeroflot Group Aeroflot Group market share in RCA Цвет G: 157 B: 179 текста Market share of the Group for 12m2011 Market share of the Group for 12m2011* [% of passenger turnover] [% of passenger traffic] R: 255 R: 0 G: 255 G: 112 B: 255 30,5 B: 192 28,0 30,9 26,0 21,6 R: 255 23,7 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 Total IAL DAL Total IAL DAL B: 0 G: 176 B: 80 R: 1 Source: TCH Source: TCH G: 40 * Passenger traffic of the Group includes passengers carried by Nordavia until deconsolidation and passengers carried by Rossiya Airlines, Vladivostok R: 22 Avia, Orenair and SAT Airlines starting from the day of consolidation B: 120 G: 44 R: 0 • At the end of 12 months of 2011 the share of Aeroflot Group in RCA amounted for 26.0%. B: 66 G: 0 • The estimated passenger traffic of RCA in 2011 reached 64.1 million people, which is 12.6% more than in B: 0 2010 5 Market position of the Group in 2011

Цвет контура Passenger traffic [mln.pax.] Passenger turnover [bln.pkm.] R: 178 36,3% 38,2% G: 178 23,3 63,7 Цвета B: 178 26,0% 28,0% заливки графиков и 16,7 46,7 19,9% фигур 13,2% 33,2 8,4% 10,3% 9,9% 7,1% R: 182 8,5 4,1% G: 196 6,6 6,3 3,9% 14,0 11,8 B: 204 2,5 6,8 R: 135 Цвет Aeroflot Aeroflot Transaero S7 Group UTair Ural Airlines Aeroflot Aeroflot Transaero S7 Group UTair Ural Airlines G: 157 текста Group* Group** Group* Group** B: 179 Source: TCH Share in RCA R: 0 R: 255 * Aeroflot Group including consolidation of Rossiya Airlines, Vladivostok Avia, Orenair and SAT Airlines results for 2011. G: 255 ** Aeroflot Group including consolidation of Rossiya Airlines, Vladivostok Avia, Orenair and SAT Airlines results from November 15, 2011. G: 112 B: 192 B: 255 Growth rates of basic operating indicators R: 255 [%, 12m2011 to 12m2010] R: 59 G: 0 G: 100 B: 0 12,2 10,8 12,1 8,9 7,1 8,0 B: 135 R: 0 G: 128 R: 0 B: 0 Aeroflot Group АЕА G: 176 B: 80 R: 1 Available seat-kilometre (ASK) Passenger traffic Realized passenger-kilometre (RPK) G: 40 Source: АЕА, estimates of Aeroflot R: 22 B: 120 * АЕА – Association of European Airlines (scheduled flights data) G: 44 R: 0 • Aeroflot is the leader of the Russian Civil Aviation B: 66 G: 0 B: 0 • The growth pace in operational performance of Aeroflot Group exceeds the dynamics of Association of European Airlines 6 Table of contents

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 7 Route network efficiency of JSC “Aeroflot” in 2011 Цвет контура

R: 178 Flights dynamics by region [%] Routes quantity, average week frequency per G: 178 route Цвета B: 178 заливки +23,0 Europe графиков и Average week frequency фигур 2010 2011 Change +45,6 CIS per route R: 182 +34,7 Russia Regular 8,27 10,2 23% G: 196 +32,0 Asia, Pacific Charter 0,38 0,21 -45% B: 204 +30,0 Central America IAL Regular 7,38 8,1 10% R: 135 Цвет DAL regular 10,3 16,2 57% G: 157 +5,4 North America B: 179 текста Medium-haul 9 11,9 32% -2,4 Middle East R: 255 Long-haul 3,63 4,62 27% R: 0 G: 112 G: 255 -74,7 Africa Total 7,68 8,05 5% B: 255 B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 • Timetable harmonization and wave structuring at Sheremetyevo Airport according to developed model B: 135 R: 0 support transfer passenger traffic growth. G: 128 R: 0 B: 0 • Transfer passenger traffic in Company’s route network grew by 32% and amounted to 4.2 mln. passengers, G: 176 B: 80 R: 1 30% of total passenger turnover. G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 8 Fleet of the Group as of 31.12.11

Цвет контура Type of aircraft Aeroflot Donavia Rossiya Orenair Vladivostok SAT Airlines Total R: 178 Airlines Avia Ilyushin Il-96-300 6 6 G: 178 v Tupolev Tu-154 5* 4 5* 14 Цвета B: 178 Antonov An-24 2* 6# 8 заливки Antonov An-26 1* 1 графиков и фигур Tupolev Tu-134 8* 8 Mil Mi-8 3 1 4 Yakovlev Yak-40 2 2 R: 182 Total number of aircraft owned 6 - 5 14 10 8 43 G: 196 Airbus A-319 4 9 13 B: 204 Airbus A-320 1 1 Airbus A-321 18 18 R: 135 Airbus A-330 3 3 G: 157 Цвет Boeing B-737 5 2 7 текста Antonov An-148 6 6 B: 179 Tupolev Tu-204 6 6 R: 255 Total number of aircraft under finance lease 26 5 15 - 6 2 54 R: 0 G: 255 SSJ 100 4 4 G: 112 Airbus A-319 11 11 B: 192 B: 255 Airbus A-320 42 6 7 55 R: 255 Airbus A-330 11 3 14 R: 59 Boeing B-737 5 5 19 1 30 G: 0 G: 100 B: 0 Boeing B-767 9 3 12 Boeing B-777 1 1 B: 135 R: 0 McDonnell Douglas MD-11 3 3 G: 128 DHC 8 Series 300 3 3 R: 0 B: 0 DHC 8 Series 200 2 2 G: 176 Tupolev Tu-154 1 1 B: 80 R: 1 Tupolev Tu-204 1 1 G: 40 Antonov An-12 2 2 R: 22 B: 120 Total number of aircraft under operating lease 80 5 14 22 10 8 139 G: 44 Total number of aircraft 112 10 34 36 26 18 236 R: 0 * As of 31.12.2011 operation of this aircraft was terminated B: 66 G: 0 V As of 31.12.2011 operation of one of four aircraft was terminated # As of 31.12.2011 operation of four of six aircraft was terminated • The operated fleet includes mainly modern fuel-efficient aircraft. B: 0 9 • 70% of the Group's aircraft were under operating lease agreements, 27% – under financial lease Order and phase off plan of JSC “Aeroflot” Цвет контура Delivery schedule in accordance with contracts in force R: 178 G: 178 Type of aircraft 2012 2013 2014 2015 Цвета B: 178 Regional заливки SSJ-100 10 6 10 - графиков и фигур Medium-haul A-320 - 3 2 - R: 182 A-321 3 5 - - G: 196 Long-haul B: 204 A-330 8 - - - R: 135 B-777 - 4 6 3 Цвет G: 157 текста B-787 - - 8 8 B: 179 TOTAL 21 18 26 11 R: 255 R: 0 G: 255 Phase off schedule of aircraft G: 112 B: 255 Type of aircraft 2012 2013 2014 2015 B: 192 R: 255 Medium-haul R: 59 G: 0 A-319 - 1 3 4 G: 100 B: 0 A-320 - 4 2 - B: 135 R: 0 Long-haul R: 0 G: 128 B-767 2 3* 4 - B: 0 G: 176 Ilyushin Il-96 - 2 3 1 B: 80 R: 1 TOTAL 2 10 12 5 G: 40 * Two aircraft have an option to extend lease terms not concluding supplementary agreements. R: 22 B: 120 G: 44 R: 0 • In 2012-2015 Aeroflot plans to extend its fleet by 76 modern aircraft. B: 66 G: 0 • Until the end of 2015 Company plans decommissioning of Il-96, B-767 and А-320 family, which terms of B: 0 lease expire. 10 Fuel expenses of Aeroflot Group

Цвет контура Flight Hours [hrs] R: 178 CAGR=7,8% G: 178 Цвета B: 178 461,3 заливки 399,7 графиков и 352,3 378,9 353,9 фигур 323,2 294,2 R: 182 G: 196 B: 204

R: 135 Цвет 2005 2006 2007 2008 2009 2010 2011 G: 157 текста Fuel Cost Per ASK * [US cents / ASK] B: 179 4,90 R: 255 R: 0 4,15 3,97 G: 112 G: 255 3,63 3,38 3,31 3,11 2,95 B: 255 2,46 B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 United Delta Airlines Singapore LAN-Airlines AirFrance IAG Lufthansa** Turkish Группа G: 128 Airlines Airlines KLM airlines Аэрофлот R: 0 * Summarizing the results of 2011. G: 176 B: 0 ** Includes only air transportation segment. B: 80 R: 1 • For the last 7 years the Group kept increasing its aircraft flight time on average by 7.8% per annum. In 2011 G: 40 aircraft flight time of the Group increased by 15.4 %. R: 22 B: 120 • Following fuel expenses growth by 56% in 2011, the indicator of fuel costs per available seat-kilometer of G: 44 B: 66 R: 0 the Group is at the lowest level, 2.46 US cents/ASK in comparison to the developed and developing G: 0 countries airlines. B: 0 11 Potential fuel cost saving

Цвет контура Potential fuel cost saving R: 178 [RUB mln] G: 178 201 432 . Transferring all Aeroflot subsidiaries to SVO would DME Цвета B: 178 most effectively lower the fuel costs since Aeroflot заливки графиков и VKO can negotiate preferential pricing for all its фигур 47 VKO operating subsidiaries at the base airport. 184 R: 182 . Alternatively, based on its status of the largest G: 196 State-owned carrier, the Group can switch between B: 204 the fuel suppliers in regional airports, where pricing policies can substantially differ. R: 135 RF a/p prices * International a/p Transfer of Total Цвет prices subsidiaries to G: 157 текста SVO B: 179

R: 255 R: 0 G: 255 * Excluding the cost saving effect gained from transferring of subsidiaries G: 112 airlines’ flights from VKO and DME to SVO B: 192 B: 255 Source: Aeroflot data; Bain analysis R: 255 Fuel hedging practice R: 59 G: 0 G: 100 B: 0 . In December 2010 the Group entered into an agreement with a Russian bank to hedge a portion of its fuel costs (less B: 135 R: 0 than 15%) from potential future price increases. G: 128 R: 0 B: 0 G: 176 • Aeroflot Group fuel cost saving potential can be achieved by rapid implementation of cost saving initiatives, B: 80 R: 1 centralizing procurement operations and financial instruments usage. G: 40 • By 2015 fuel efficiency of the Group is expected to improve substantially taking into account the plans to R: 22 B: 120 G: 44 renew the aircraft fleet R: 0 B: 66 G: 0 B: 0 12 Headcount and labor productivity

Цвет контура Headcount 31.12.2010 31.12.2011 vly R: 178 Aeroflot 14 319 15 500 8% G: 178 Aeromar 2 134 2 288 7% Цвета B: 178 Rossiya Airlines 0 3 312 100% заливки Orenair 0 2 227 100% графиков и Vladivostok Avia 0 2 180 100% фигур SAT Airlines 0 785 100% Donavia 1 304 1 234 -5% R: 182 Nordavia 1 257 0* -100% G: 196 Terminal 725 0** -100% B: 204 Aerofirst 613 632 3% Sherotel 286 276 -3% R: 135 Цвет Aerofot-Finance 2 4 100% G: 157 текста TOTAL 20 640 28 438 38% B: 179 Labor productivity R: 255 R: 0 G: 255 Passenger turnover/Average Passenger traffic/Average Revenue/Average headcount G: 112 B: 255 Headcount headcount [$ ths./units] B: 192 R: 255 [mln.pkm/units] [ths.pers./units] +13% +14% R: 59 G: 0 +12% +16% +8% 329 G: 100 B: 0 +8% 292 261 B: 135 R: 0 2,64 2,95 1,00 228 2010 2,24 0,86 G: 128 2,07 0,74 0,80 R: 0 B: 0 2011 G: 176 B: 80 R: 1 G: 40 JSC "Aeroflot" Aeroflot Group JSC "Aeroflot" Aeroflot Group JSC "Aeroflot" Aeroflot Group R: 22 B: 120 * Headcount of Nordavia on 31.05.2011 amounted to 1,351. ** Headcount of JSC “Terminal” on 31.12.2011 amounted to 660. G: 44 B: 66 R: 0 Headcount of JSC “Aeroflot” increased by 8% mainly due to increase in flight attendants count due to fleet G: 0 B: 0 expansion and growth of volume of Company’s operations. 13 Operating indicators of Aeroflot Group

Цвет контура Passenger traffic Passenger turnover R: 178 [ths.pax.] [mln.pkm.] 1 842 5 100 G: 178 1 745 1 770 4 879 4 518 4 824 Цвета 4 509 4 529 B: 178 1 620 1 571 4 371 заливки 1 558 1 577 1 551 4 259 4 115 4 230 графиков и 1 530 1 459 3 960 1 417 3 622 3 787 фигур 1 322 1 338 3 588 4 211 4 207 1 315 1 506 1 519 3 275 3 339 1 203 3 123 3 705 3 794 1 157 1 365 1 363 2 889 R: 182 1 063 3 428 1 005 1 199 1 229 3 204 G: 196 2 832 2 769 2 944 2 903 2 667 2 443 B: 204 941 876 1 008 992 1 055 1 019 R: 135 Цвет G: 157 текста Seat load factor Passenger capacity B: 179 [%] 84,4 84,4 [mln.ask.] R: 255 6 834 R: 0 83,7 6 776 83,5 81,0 6 168 6 626 G: 112 G: 255 6 172 79,2 78,5 5 696 B: 192 B: 255 80,6 5 389 5 369 5 116 5 089 5 110 5 079 4 824 76,3 76,0 4 790 R: 255 77,8 4 403 4 378 75,0 77,5 74,3 4 364 R: 59 73,4 3 935 4 990 5 039 G: 0 75,4 72,8 4 676 4 705 72,0 74,6 74,9 4 405 G: 100 73,2 4 217 4 092 B: 0 72,6 3 789 3 797 3 674 4 054 70,9 72,6 3 365 B: 135 R: 0 70,4 70,9 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 * Proforma including results of integrated companies G: 40 • The majority of operating indicators of the Group exceed prior year figures. R: 22 B: 120 G: 44 • The seat load factor during the first half of 2011 was in line with figures of 2010, starting from August the R: 0 B: 66 G: 0 seat load factor exceeded the record figures of 2010. B: 0 • Sharp growth in traffic volume at the end of 2011 was due to consolidation of Rossiya Airlines, Orenair,14 Vladivostok Avia and SAT Airlines from November 15, 2011. Revenue rates

Цвет контура Yield: PAX revenue / RPK RASK: PAX revenue / ASK Cargo yield: Cargo revenue / CTK R: 178 [US cents / pkm.] [US cents / ask.] [US cents / tkm.] G: 178 +1% +4% +4% +1% Цвета B: 178 +4% +4% заливки графиков и 9,1 8,9 8,7 29,7 30,0 фигур 8,6 7,0 29,3 29,6 6,6 6,9 6,7 R: 182 G: 196 B: 204

R: 135 Цвет G: 157 B: 179 текста JSC "Aeroflot" Aeroflot Group JSC "Aeroflot" Aeroflot Group JSC "Aeroflot" Aeroflot Group R: 255 Yield of the Group RASK of the Group Cargo yield of the Group R: 0 G: 255 [US cents / pkm.] [US cents / pkm.] [US cents / pkm.] G: 112 B: 255 B: 192 7,4 7,6 R: 255 9,5 9,8 6,7 41,7 R: 59 8,7 6,3 G: 0 8,3 33,4 G: 100 B: 0 28,6 26,7 B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 IAL DAL IAL DAL IAL DAL R: 22 B: 120 2010 2011 G: 44 B: 66 R: 0 In 12 months 2011 revenue rates of the Group increased, confirming growth in demand for Aeroflot Group G: 0 services on passenger transportation market. B: 0 15 JSC “Aeroflot” operating indicators dynamics by region Цвет контура [%, 12m2011 vs 12m2010] R: 178 G: 178 America Europe Russia and CIS Цвета B: 178 +21,4% +20,4% заливки +18,5% +20,3% +19,1% графиков и +14,6% +14,6% фигур

+6,6% R: 182 +2,8% +2,9% G: 196 +0,6% +0,8% B: 204 RPK ASK SLF Yield* RPK ASK SLF Yield* RPK ASK SLF Yield* R: 135 G: 157 Цвет Asia текста Middle East and Africa B: 179 +34,4% +29,9% R: 255 +15,1% R: 0 G: 255 G: 112 B: 255 B: 192 +2,4% -3,4% -6,3% -2,6% -2,8% R: 255 R: 59 G: 0 G: 100 B: 0 RPK ASK SLF Yield* B: 135 R: 0 RPK ASK SLF Yield* R: 0 G: 128 * Data derived from managerial accounting B: 0 G: 176 B: 80 R: 1 • Following the approved strategy of strengthening positions on the popular tourist directions, Aeroflot G: 40 significantly increased its long-haul transportation capacities. The largest growth was demonstrated in R: 22 B: 120 Europe, Asia, Russia and CIS. G: 44 R: 0 B: 66 G: 0 • As a result of growing presence in the Asian market, growth rates of passenger capacity temporarily exceed the passenger turnover. B: 0 16 Traffic revenue of Aeroflot Group by region Цвет контура

R: 178 Revenue from regular passengers carriages Revenue from regular cargo carriages G: 178 [$ mln.] [$ mln.] Цвета B: 178 заливки 1 7 графиков и 286 0,8 192 4 110 14 11 278 фигур 212 16 26 333 R: 182 3 331 G: 196 B: 204

R: 135 -3% Цвет +23% G: 157 текста B: 179

R: 255 R: 0 G: 255 G: 112 B: 255 B: 192 R: 255 R: 59 G: 0 2010 Europe Asia North Others Russia 2011 2010 Europe Asia North Others Russia 2011 America America G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 The substantial growth in revenue from scheduled passenger carriages is observed primarily due to the G: 40 R: 22 B: 120 growing traffic volume of the Group in Asia, Europe and Russia G: 44 R: 0 B: 66 G: 0 B: 0 17 Table of contents

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 18 Key financials

Цвет контура

R: 178 JSC “Aeroflot” Aeroflot Group G: 178 Index unit 12m2010 12m2011 vly 12m2010 12m2011 vly Цвета B: 178 заливки графиков и Revenue $ mln. 3 848 4 686 22% 4 319 5 378 25% фигур Operating costs $ mln. 3 370 4 247 26% 3 838 4 990 30% R: 182 EBITDAR* $ mln. 948 957 1% 1 047 1 024 -2% G: 196 B: 204 EBITDA** $ mln. 645 625 -3% 709 646 -9% R: 135 Operating income $ mln. 478 439 -8% 481 388 -19% Цвет G: 157 B: 179 текста Net income $ mln. 346 508 47% 253 491 94% R: 255 EBITDAR margin % 25% 20% -5 p.p. 24% 19% -5 p.p. R: 0 G: 112 G: 255 EBITDA margin % B: 255 17% 13% -4 p.p. 16% 12% -4 p.p. B: 192 R: 255 * EBITDAR = EBITDA + Operating lease expenses R: 59 G: 0 ** EBITDA = Operating income + Amortization + Customs duties G: 100 B: 0 B: 135 R: 0 G: 128 • The revenue of JSC "Aeroflot“ for 12 months 2011 increased by 22% compared to 12 months 2010, R: 0 B: 0 operating income decreased by 8%. G: 176 B: 80 R: 1 • EBITDA of JSC "Aeroflot“ and Aeroflot Group went down by 3% and 9% respectively. G: 40 • The net income of JSC "Aeroflot“ grew by 47%, while that of the Group – by 94%. R: 22 B: 120 G: 44 • Negative impact on financial result of the Group was caused by consolidation of airlines purchased from R: 0 B: 66 G: 0 State Corporation “Russian Technologies” in fourth quarter of 2011 – traditionally weak season for air carriers. B: 0 19 Aeroflot Group’s financial indicators dynamics Цвет контура

R: 178 Key financial indicators of the Group G: 178 [$ mln] Цвета B: 178 заливки графиков и +25% фигур +30% R: 182 5 378 G: 196 4 990 B: 204

4 319 R: 135 Цвет 3 838 G: 157 текста B: 179

R: 255 R: 0 G: 112 G: 255 -2% B: 255 B: 192 R: 255 +94% R: 59 G: 0 1 047 1 024 G: 100 B: 0 B: 135 R: 0 491 253 G: 128 R: 0 B: 0 G: 176 Revenue Operating costs EBITDAR Net income B: 80 R: 1 G: 40 12m2010 12m2011 R: 22 B: 120 • EBITDAR declined by 2%, net income increased by 94%. G: 44 R: 0 B: 66 G: 0 • Substantial growth of operating costs is based on higher fuel prices and higher aircraft and traffic servicing costs due to increase in volume of operations. B: 0 20 Dynamics of the financial indicators of JSC “Aeroflot” Цвет контура

R: 178 Key financial indicators of JSC “Aeroflot” G: 178 [$ mln] Цвета B: 178 +22% заливки графиков и +26% фигур 4 686 4 247 R: 182 G: 196 3 848 B: 204 3 370 R: 135 Цвет G: 157 текста B: 179

R: 255 R: 0 G: 255 +1% G: 112 B: 255 B: 192 +47% R: 255 948 957 R: 59 G: 0 508 G: 100 B: 0 346 B: 135 R: 0 G: 128 R: 0 B: 0 Revenue Operating costs EBITDAR Net income G: 176 B: 80 R: 1 12m2010 12m2011 G: 40 R: 22 B: 120 • Key financial indicators of JSC “Aeroflot” demonstrate growth for 12 months 2011. G: 44 R: 0 • EBITDAR grew by 1%, Net income of JSC “Aeroflot” increased by 47% compared to 12 months 2010. B: 66 G: 0 B: 0 21 Group’s revenue factorial analysis

Цвет контура Revenue of the Group R: 178 [$ mln] Air carriage Others Traffic G: 178 tariff 292934 volume Цвета B: 178 169 заливки 596 графиков и фигур

R: 182 G: 196 B: 204

4 188 R: 135 Цвет Passenger traffic + 23% G: 157 текста B: 179 3 414 R: 255 R: 0 G: 255 G: 112 B: 255 B: 192 R: 255 R: 59 G: 0 Freight traffic - 3% 278 G: 100 B: 0 286 B: 135 R: 0 912 619 Other income + 47% G: 128 R: 0 B: 0 G: 176 12m2010 12m2011 B: 80 R: 1 Σ 4 319 Total revenue of the Group + 25% Σ 5 378 G: 40 R: 22 B: 120 • The substantial increase in Aeroflot Group’s revenue is caused primarily by the growing passenger traffic. G: 44 R: 0 • Other income rose by 47% as a result of Aerofirst consolidation and JSC “Terminal” revenue growth in B: 66 G: 0 2011. B: 0 22 Structure of the Group’s net income

Цвет контура Elements of Aeroflot Group’s net income R: 178 [$ mln] ∑= -$67 млн. G: 178 193 37 Цвета B: 178 заливки 23 13 5 25 графиков и 6 1 0,2 7 фигур 7 36 56 R: 182 29 G: 196 508 491 B: 204 R: 135 Цвет G: 157 текста B: 179

R: 255 R: 0 G: 255 G: 112 B: 255 B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 B: 0 * Result of deconsolidation of accumulated loss of disposed subsidiaries and affiliated companies. G: 176 ** Elimination of the reserve recovered by Aeroflot, previously accrued for Aeroflot-Cargo accounts receivable. B: 80 R: 1 *** Including minority interest, results of disposed and affiliated companies, intercompany transfers elimination. G: 40 R: 22 B: 120 • Financial result of the Group was positively affected by deconsolidation of the accumulated losses of G: 44 R: 0 disposed subsidiaries and affiliated companies. B: 66 G: 0 • Substantial loss by JSC “Rossiya Airlines” was based on negative foreign exchange differences from B: 0 revaluation of finance lease obligations in foreign currency. 23 Factorial analysis of the net income of JSC “Aeroflot Цвет контура Adjustments to the net income of JSC “Aeroflot” R: 178 [$ mln] G: 178 100 497 130 Цвета B: 178 заливки 609 графиков и фигур 156 R: 182 223 231 36 4 508 G: 196 346 B: 204 R: 135 Цвет G: 157 текста B: 179

R: 255 R: 0 G: 255 G: 112 B: 255 B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 G: 128 * The main share is attributed to the revenue from fueling and income from airline agreements R: 0 B: 0 ** Profit from disposal of investments in affiliated companies and subsidiaries G: 176 B: 80 R: 1 • Net income of JSC “Aeroflot” increased due to higher volume of operations as well as air carriage tariffs G: 40 growth. Increase in revenue from operations outperformed increase in operating costs. R: 22 B: 120 G: 44 R: 0 • Financial result of the Group was positively affected by the disposal of "Nordavia", "Moscow" Insurance B: 66 G: 0 Company", "TZK "Sheremetyevo" companies and deconsolidation of JSC “Terminal”. B: 0 24 Factorial analysis of the Group’s net income Цвет контура Adjustments to the Group’s net income R: 178 [$ mln] 293 529 G: 178 Цвета B: 178 169 заливки графиков и 596 фигур 184 437 424 90 R: 182 6 491 10 G: 196 253 B: 204 R: 135 Цвет G: 157 текста B: 179

R: 255 R: 0 G: 255 G: 112 B: 255 B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 B: 0 * The main share is attributed from revenue of duty free trading, fueling, airport services and income from airline agreements. G: 176 ** Including financial result from disposal of investments in subsidiaries and affiliates and deconsolidation of accumulated loss. B: 80 R: 1 G: 40 R: 22 B: 120 • The growth of non-aviation revenue is primarily driven by Aerofirst consolidation and increase in income G: 44 R: 0 of JSC “Terminal”. B: 66 G: 0 • Financial result of the Group was positively affected by the disposal of "Nordavia", "Moscow" Insurance B: 0 Company" and "TZK "Sheremetyevo" companies. 25 Operating income of the main subsidiaries Цвет контура Operating income / loss of the subsidiaries R: 178 [$ mln] G: 178 Цвета B: 178 Rossiya Vladivostok заливки Donavia Airlines* Orenair* Avia* SAT Airlines* Aeroflot-Cargo Aeromar Sherotel Terminal** Aerofirst графиков и 64,8 фигур R: 182 G: 196 B: 204

R: 135 Цвет G: 157 текста B: 179 17,0 12,9 R: 0 R: 255 8,1 8,0 5,9 G: 112 G: 255 1,4 B: 255 B: 192 (0,3) (0,8) (0,7) R: 255 (3,4) R: 59 (7,1) (6,1) G: 0 (7,7) G: 100 B: 0 B: 135 (18,9) R: 0 (20,1) 2010 2011 G: 128 R: 0 * Operating profit/loss starting from consolidation on November 15, 2011. G: 176 B: 0 ** Operating profit of JSC “Terminal” until deconsolidation on December 13, 2011. B: 80 R: 1 G: 40 R: 22 B: 120 • Operating losses of Rossiya Airlines and Vladivostok Avia are subject to low season. G: 44 R: 0 • Terminal, Donavia, Aeromar and Sherotel demonstrated positive results for 2011. B: 66 G: 0 B: 0 26 Debt leverage of Aeroflot Group

Цвет контура JSC “Aeroflot” Aeroflot Group Indicators unit R: 178 31.12.10 31.12.11 vly 31.12.10 31.12.11 vly G: 178 Borrowings $ mln. 402 513 28% 1 313 767 -42% Цвета B: 178 заливки Finance lease liabilities $ mln. 719 896 25% 734 1 500 104% графиков и Pension liabilities $ mln. 14 12 -14% 14 12 -14% фигур Customs duties $ mln. 89 2 -98% 91 18 -80% R: 182 Total debt $ mln. 1 224 1 423 16% 2 152 2 297 7% G: 196 Cash and short term investments $ mln. 668 456 -32% 666 414 -38% B: 204 Net Debt $ mln. 556 967 74% 1 486 1 883 27% R: 135 TOTAL DEBT / EBITDA* [x] NET DEBT / EBITDA* [x] Цвет G: 157 4,1 B: 179 текста 4,4 4,0 3,6 R: 0 R: 255 2,9 3,2 3,1 2,8 G: 112 G: 255 3,0 2,9 2,6 2,3 2,3 B: 192 B: 255 2,3 2,0 2,1 2,2 2,1 1,9 1,7 R: 255 1,7 1,8 1,5 R: 59 G: 0 1,1 0,9 0,9 0,9 G: 100 B: 0 0,3 B: 135 R: 0 G: 128 R: 0 B: 0 31.12.09 30.06.10 30.09.10 31.12.10 30.06.11 30.09.11 31.12.11 31.12.09 30.06.10 30.09.10 31.12.10 30.06.11 30.09.11 31.12.11 G: 176 B: 80 R: 1 * EBITDA = Operating profit + DD&A + Customs duties Aeroflot Group JSC “Aeroflot” For 6 and 9 months indicators EBITDA is annualized. G: 40 R: 22 B: 120 • The debt leverage of JSC ‘Aeroflot’ and the Group is at stable level. G: 44 R: 0 • Change in debt leverage and Total debt / EBITDA indicator is driven by JSC “Terminal” deconsolidation as B: 66 G: 0 well as consolidation of debt and operating losses of integrated airlines purchased from State Corporation B: 0 “Russian Technologies” during the low season – from mid-November 2011. 27 Aeroflot Group in comparison with European airlines Цвет контура

R: 178 Indicators unit 12m2010 12m2011 vly 12m2010 12m2011 vly 12m2010* 12m2011* vly 12m2010 12m2011 vly G: 178 Financial indicators Цвета B: 178 Revenue $ mln. 4 319 5 378 25% 35 101 40 009 14% 30 939 33 923 10% 5 592 7 065 26% заливки EBITDA** $ mln. 665 609 -8% 3 884 3 922 1% 2 249 1 871 -17% 610 688 13% графиков и Net income $ mln. 253 491 94% 1 500 (18) -101% 383 (1 126) -394% 190 11 -94% фигур Total Debt*** $ mln. 2 047 2 266 11% 9 749 8 491 -13% 14 282 13 684 -4% 2 706 4 199 55% Operating indicators R: 182 Passenger turnover bln.pkm 39 46 18% 186 200 8% 203 217 7% 48 59 23% G: 196 Passenger capacity bln.ask 51 60 18% 234 258 10% 249 265 6% 65 81 25% B: 204 Seat load factor % 77% 77% 0% 80% 78% -2% 82% 82% 0% 74% 73% -1% Source: Bloomberg * Financial and operating indicators for the period from January, 1 till December, 31 of 2011 R: 135 ** EBITDA = Operating income + DD&A G: 157 Цвет *** Total Debt = Borrowings + Financial lease liabilities текста B: 179 Total Debt / EBITDA [x] EBITDA margin [%] R: 255 R: 0 7,3 G: 255 15% G: 112 6,4 6,1 B: 255 B: 192 11% 11% 11% 4,4 10% 10% R: 255 3,7 3,1 7% R: 59 G: 0 2,5 2,2 6% G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 Aeroflot Group Deutsche Air France-KLM Turkish Airlines Aeroflot Group Deutsche Air France-KLM Turkish Airlines B: 0 Lufthansa Lufthansa G: 176 2010 2011 B: 80 R: 1 • Revenue of the Group increased by 25%, exceeding the performance of major European airlines. G: 40 R: 22 B: 120 Moreover, Aeroflot Group consistently demonstrates one of the highest EBITDA margin. G: 44 R: 0 • Growth rates of the Group’s operating figures exceed those of numerous major European companies. B: 66 G: 0 B: 0 28 Aeroflot Group in comparison with Russian competitors Цвет контура EBITDA* [$ mln.] EBITDA margin [%] R: 178 +20% (CAGR=6%) G: 178 +6% (CAGR=2%) Цвета B: 178 заливки 665 графиков и 609 фигур 510 15% 12% 394 11% 11% 11% 11% R: 182 8% 7% G: 196 161 180 170 B: 204 87 R: 135 Цвет 2008 2009 2010 2011 2008 2009 2010 2011 G: 157 текста B: 179 Total Debt** [$ mln.] Total Debt / EBITDA [x] R: 255 +78% (CAGR=21%) R: 0 G: 112 G: 255 +130% (CAGR=32%) B: 255 B: 192 12,6 2 146 2 266 11,2 R: 255 2 047 R: 59 G: 0 1 711 8,6 1 545 5,8 G: 100 B: 0 1 275 4,3 3,1 3,7 B: 135 R: 0 933 976 2,5 G: 128 R: 0 B: 0 2008 2009 2010 2011 2008 2009 2010 2011 G: 176 B: 80 R: 1 * EBITDA = Operating income + DD&A ** Total Debt = Borrowings + Financial lease liabilities Transaero Aeroflot Group G: 40 Transaero company data is consistent with investor presentation (February 2012). R: 22 B: 120 Transaero operating lease expenses in 2010-2011 are valued according to market rates. G: 44 R: 0 • Transaero is aggressively expanding its debt, but income does not increase at consistent rates. Debt / B: 66 G: 0 EBITDA ratio of Transaero has reached critical level. B: 0 • Debt / EBITDA ratio of Aeroflot Group remains at consistently acceptable level 29 Table of contents

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 30 Conclusions

Цвет контура R: 178 • Twelve months of 2011 resulted in growth of main operating indicators. The actions taken to G: 178 refine the route network as well as wise revenue rates management speeded up the Цвета B: 178 заливки operating and financial indicators growth during twelve months of 2011 графиков и фигур

R: 182 • Revenue of Aeroflot rose by 22% compared to the same period in 2010, EBITDAR rose by G: 196 1%. Net profit of JSC "Aeroflot“ increased by 47%, while that of the Group increased by 94% B: 204

R: 135 Цвет • The debt leverage of JSC “Aeroflot” and the Group is rather low. Following the G: 157 текста B: 179 deconsolidation of JSC “Terminal” and consolidation of JSC “Rossiya Airlines”, JSC “SAT R: 255 Airlines”, JSC “Vladivostok Avia”, JSC “Orenburg Airlines” the Total Debt/EBITDA ratio R: 0 G: 112 G: 255 increased insignificantly to 3.6x B: 255 B: 192

R: 255 R: 59 G: 0 G: 100 B: 0 B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 31 Table of contents

R: 255 R: 0 G: 255 G: 112 B: 255 5.Conclusions B: 192 R: 255 R: 59 G: 0 G: 100 B: 0 6.Subsidiary airlines B: 135 R: 0 G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 G: 40 R: 22 B: 120 G: 44 R: 0 B: 66 G: 0 B: 0 32 Aeroflot Group Strategic business model

Цвет контура

R: 178 BUSINESS MODEL OF THE CONSUMER G: 178 MARKET PRODUCT ROLE COMPANY SEGMENT Цвета B: 178 заливки графиков и фигур Global High margin Major Premium-product Flagship airline (DAL, IAL) from passengers R: 182 airline Moscow G: 196 B: 204 DAL, IAL from NWFD to Russia R: 135 / CIS G: 157 Цвет / Far Abroad текста B: 179 DAL, IAL R: 255 from the Far East to R: 0 Regional / Passengers with Regional airlines, Russia / Southeast Co-branded high G: 112 G: 255 medium level of feeding / supplying Asia quality product B: 192 B: 255 feeder income Aeroflot’s network R: 255 carrier R: 59 G: 0 G: 100 B: 0 DAL B: 135 R: 0 from South/ Caucasus region to Russia/CIS G: 128 R: 0 B: 0 G: 176 B: 80 R: 1 Touristic airline that Chartered IAL G: 40 consolidates touristic R: 22 . Touristic/ regional Tourists Chartered product B: 120 carrier traffic of the Group G: 44 R: 0 B: 66 G: 0 • Given segmentation allows to eliminate competition within the Group B: 0 33 Key operating indicators of subsidiary airlines in 2010-2011 Цвет контура Passenger traffic [th. pax.] Passenger turnover [mln. pkm.] R: 178 7 500 G: 178 3 538 7 191 7 159 3 073 Цвета B: 178 6 243 заливки 2 507 графиков и 2 401 фигур 4 756 4 535

1 386 R: 182 1 262 1 214 2 423 864 G: 196 1 271 B: 204 294 298 278 296 R: 135 Цвет Rossiya Orenair Vladivostok SAT Airlines Donavia Rossiya Orenair Vladivostok SAT Airlines Donavia G: 157 текста Airlines Avia Airlines Avia B: 179 Flight hours [th. hrs] Seat load factor [%] R: 255 R: 0 G: 255 94,2 G: 112 96,9 95,0 B: 192 B: 255 74,8 68,7 75,3 75,3 75,2 79,1 R: 255 64,4 70,9 68,7 R: 59 G: 0 62,3 62,0 45,5 46,8 G: 100 B: 0 B: 135 R: 0 29,6 22,7 G: 128 R: 0 B: 0 10,2 10,2 G: 176 B: 80 R: 1 Rossiya Orenair Vladivostok SAT Airlines Donavia Rossiya Orenair Vladivostok SAT Airlines Donavia G: 40 Airlines Avia Airlines Avia R: 22 B: 120 12m2010 12m2011 G: 44 R: 0 B: 66 G: 0 In 2011 “Rossiya Airlines” demonstrated the highest increase in main operating indicators compared to 2010. B: 0 34 Key operating indicators of subsidiary airlines in 2010-2011 Цвет контура Rossiya Vladivostok SAT R: 178 Indicator Period Orenair Donavia Total Airlines Avia Airlines G: 178 Factual data for 12m2011 3 538 2 507 1 214 298 864 8 421 Цвета B: 178 заливки Passenger traffic (th. pax) Factual data for 12m2010 3 073 2 401 1 262 294 1 386 8 416 графиков и фигур Change, % 15% 4% -4% 1% -38% 0% Factual data for 12m2011 7 191 7 500 4 535 296 1 271 20 793 R: 182 G: 196 Passenger turnover (mln.pkm) Factual data for 12m2010 6 243 7 159 4 756 278 2 423 20 859 B: 204 Change, % 15% 5% -5% 6% -48% 0% R: 135 Factual data for 12m2011 75,3 95,0 70,9 62,0 68,7 Цвет G: 157 текста Seat load factor, % Factual data for 12m2010 75,3 96,9 75,2 62,3 79,1 B: 179 Change, p.p. 0,0 p.p. -1,9 p.p. -4,3 p.p. -0,3 p.p. -10,4 p.p. R: 255 R: 0 G: 255 Factual data for 12m2011 94 207 68 652 46 810 10 204 22 720 242 593 G: 112 B: 192 B: 255 Flight hours, hrs Factual data for 12m2010 74 847 64 446 45 455 10 248 29 624 224 620 R: 255 Change, % 26% 7% 3% 0% -23% 8% R: 59 G: 0 G: 100 Factual data for 12m2011 746 405 389 98 207 1 845 B: 0 B: 135 R: 0 Revenue*, mln.$ Factual data for 12m2010 601 342 369 81 232 1 625 R: 0 G: 128 Change, % 24% 18% 5% 21% -11% 13% B: 0 G: 176 Factual data for 12m2011 -23 7 -68 0 1 -84 B: 80 R: 1 Net profit/loss*, mln.$ Factual data for 12m2010 -23 4 -44 0 0 -63 G: 40 R: 22 B: 120 Change, % -4% 84% -55% 45% 376% 33% G: 44 R: 0 * Revenue and net income according to RAS. B: 66 G: 0 B: 0 35