The following statement, which should be read in conjunction with the independent auditors’ responsibilities stated in the auditors’ report set out on pages 2 and 3, is made with a view to distinguishing the respective responsibilities of management and those of the independent auditors in relation to the consolidated financial statements of Open Joint Stock Company Aeroflot — Russian Airlines and its subsidiaries (the “Group”).

Management is responsible for the preparation of consolidated financial statements that present fairly the consolidated financial position of the Group as at 31 December 2012, and the consolidated results of its operations, cash flows and changes in equity for the year then ended, in compliance with International Financial Reporting Standards (“IFRS”).

In preparing the consolidated financial statements, management is responsible for:

• selecting suitable accounting principles and applying them consistently;
• making judgments and estimates that are reasonable and prudent;
• stating whether IFRS have been complied with, subject to any material departures being disclosed and explained in the consolidated financial statements; and
• preparing the consolidated financial statements on a going concern basis, unless it is inappropriate to presume that the Group will continue in business for the foreseeable future.

Management is also responsible for:

• designing, implementing and maintaining an effective system of internal controls, throughout the Group;
• maintaining proper accounting records that disclose, with reasonable accuracy at any time, the financial position of the Group, and which enable them to ensure that the consolidated financial statements of the Group comply with IFRS;
• maintaining statutory accounting records in compliance with local legislation and accounting standards in the respective jurisdictions in which the Group operates;
• taking such steps as are reasonably available to them to safeguard the assets of the Group; and
• preventing and detecting fraud and other irregularities.

The consolidated financial statements as at and for the year ended 31 December 2012 were approved on 24 April 2013 by:

Chief Executive Officer
V. G. Saveliev

Deputy CEO for Commerce and Finance
Sh. R. Kurmashov