Price Drivers

Dividend 2003 announcement – expected at the end of April

Publication of 2003 full-year IAS on June 1—10, 2004

New aircraft leased or purchased, especially regional aircraft

Aeroflot’s monthly publications of 2004 operating results – domestic and international passenger traffic performance are areas to watch

– Quarterly publications of unaudited IAS financials

– Lease of cargo carriers. This would indicate that Aeroflot is looking to improve its position in the air cargo market.