JANUARY 2020 Disclaimer

This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following.

This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents.

This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

2

Airlines of Aeroflot Group

Business Flight Aircraft Focus International RPK PAX Positioning model range fleet airport Share1 contribution1

Scheduled flights • Short- to long-haul • Narrow-body aircraft • Moscow SVO • Flagship carrier • Wide-body aircraft • Krasnoyarsk • Hub and spoke model 68% 61%

product • High frequency Premium Premium

Scheduled and charter flights • Short- to long-haul • Narrow-body aircraft • Moscow SVO, VKO • Presence in second largest market • Wide-body aircraft (for • Saint-Petersburg (St.Petersburg) Far Eastern flights and • Social routes (flat-fares) from Moscow charter) 48% 20%

• Charter flights with the partner price regional / / regional price

- • Selected routes connected to Aeroflot charter product charter

Mid network

Scheduled flights • Short- and medium- • Narrow-body aircraft • Moscow VKO

• P2P flights via Moscow haul • Saint-Petersburg cost - • P2P flights within regions • Regional bases 28% 16%

• High passenger load factor and fleet product Low utilization

Scheduled flights • Short- and medium-haul • Narrow-body aircraft • Vladivoskok • Passenger flights in the Far East • Khabarovsk • Local flights to remote destinations within the • Yuzhno-Sakhalinsk 26% 3%

Product Product region for Far East for Far

1 Note: according to company data as of 9M 2019

Multi-brand product offering to capture customers in every market segment: from premium to low-cost

4

Competitive Dynamics on Russian market

Passenger Traffic: Russian Air Transportation Market Growing Market Share (PAX) mn PAX ml PAX 9M 2019 CAGR: 5.2% 137.0

123.7 +7.6% Other Russian Airlines 114.0 41.0% 111.8 21.8% 107.2 +10.8 p.p. 102.8 105.9 -9.1 p.p. 68.1

57.7 114.0 Foreign Airlines million 13.0% PAX -3.9 p.p.

68.8 56.3 5.6% -3.0 p.p. 6.5% 12.1% +1.9 p.p. +3.3 p.p. 2014 2015 2016 2017 2018 9M 2018 9M 2019 International routes Domestic routes International routes Domestic routes +X.X p.p. market share dynamics vs. 9M 2014 Source: TCH, Rosaviatsia, Company estimates. Figures include foreign carriers’ traffic Source: TCH, Rosaviatsia, Company estimates Russian market continues to grow. Aeroflot Group managed to increase market share on the growing market via presence in all market niches 6 Russian Market Continues its Robust Growth

Passenger traffic, mn PAX

CAGR +6.5% CAGR 189 +10.2%

147 137 124 112 104 107 103 92 80 70 57

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Reported Forecast

Sources: FAVT, internal analysis

1 Structural trends 2 Evolving airport infrastructure 3 Stimulation effect of LCCs

The Russian market will continue growing in future

7 Trends Supporting Industry

1 Structural (long-term) growth trends

2 Evolving airport infrastructure

3 Stimulation effect of LCCs

8 1 Long-term Market Growth Drivers

1 We remain constructive on Aeroflot’s prospects in the long-term, viewing it as well- 3 positioned to benefit from long-term growth in air traffic Recovering passenger traffic

Domestic air and railways PAX, mn 139 mln Domestic air transportation PAX, mn Railways long haul PAX, mn 136

Passenger Passenger traffic mln 117 115 115 117 111 110 1990 90-100 104 98 101 102 68 2023 56 63 46 53 mln 33 35 39 50.1 26 24 29 11.1 mln 3.1 mln 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Rosstat, Company data, FAVT 2009 1994 years 2 4 Russia still lags other key regions globally in terms of trips per capita Introduction of LCC

Domestic air and railways PAX, mn 3.7 BEFORE NOW 2.5

1.1 0.8 0.5 0.3

No low-cost carriers Source: Company data, FAVT 2018 2008

Despite substantial growth in the recent years Russian market remains underpenetrated, particularly considering size and distances of the country 9 2 Infrastructure: Upgrade Over the Recent Decade

Russia’s comprehensive modernization of regional airport network in the last decade…

Volgograd, 2018 Nizhniy Novgorod, 2017 Novosibirsk, 2015 Kazan, 2012

1.1mn 1.3mn 1.6mn 1.3mn New terminals Perm, 2017 Rostov-on-Don, 2017 Samara, 2014 Vladivostok, 2012

1.1mn 1.1mn 1.2mn 0.6mn

X mn City population1, mn

…will be continued till 2024 in line with airport infrastructure overhaul plan

66 airports 171 RUB bn State + Private investments To be reconstructed and modernized To be invested

Russia has a well-developed regional airport network which is set for further improvement

Source: Rosstat, Russian government, public sources 10 Note: 1 As of 1 January 2019 3 Stimulation Effect of LCCs

Capacity at selected destinations: Aeroflot, Pobeda, Others Since its establishment in December 2014 Pobeda has expanded to ~351

Mn Seats destinations operated by Aeroflot from

5 Moscow.

4 Other carriers: CAGR +1% 2

3

3 2 Pobeda: CAGR +21%

1

Aeroflot: CAGR +10% 2

0

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Oct-14 Oct-15 Oct-16 Oct-17 Oct-18 Oct-19

Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Aeroflot demonstrates robust growth in passenger Aeroflot PAX growth on jointly Aeroflot revenue (rub) growth on jointly operated routes (2018 vs 2014) +48% operated routes (2018 vs 2014) +69% numbers and revenue on jointly operated routes

Aeroflot enjoys growth in passenger numbers and revenue amid Pobeda network expansion

1 The graph and figures above are based on 38 destinations operated from Moscow that Pobeda has launched on top of Aeroflot’s existent services and that have been launched before Sep-19. 2 5-year annual growth rate, 2019 vs 2014 calendar year. 3 4-year annual growth rate, 2019 vs 2015 11 calendar year. 3 Case Study 1: Moscow – Yekaterinburg Route

Yekaterinburg - largest city in the Urals - 2 hours East from Moscow by plane

Pobeda launched service in December 2014

Aeroflot and Pobeda have 66 and 16 flights per week, respectively

Aeroflot and Pobeda networks focus on different market segments due to different … providing for no cannibalization effect between business models… networks at the current stage

Aeroflot hub structure, Sheremetyevo : Thousand Seats Frequency

All Arrivals Departures Captured Arrival 250 P2P traffic Airline to Yekaterinburg Banks 2014 2019 1:55am Russia, Europe, ME High-yield, business 200 90x 74x Other 6:45am Russia, Europe, ME High-yield, business 150 8:30am Russia, Europe, ME, Asia, CIS High-yield, business

11:20am Russia, CIS, Asia, America High-yield, business - 16x Pobeda 100 1:30pm Russia, America High-yield, business

3:15pm - Low-yield 3:20pm Russia, America, Europe High-yield, business 50 40x 66x Aeroflot 5:30pm Russia, Asia, Europe High-yield, business

0 9:30pm Russia, CIS, Europe, ME High-yield, business 11:45pm Russia, Europe, ME High-yield, business

-

Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

11:55pm Low-yield Apr-14

Aug-14 Dec-14 Aug-15 Dec-15 Aug-16 Dec-16 Aug-17 Dec-17 Aug-18 Dec-18 Aug-19 Dec-19 Aeroflot, Pobeda (Vnukovo) Dec-13

Aeroflot and Pobeda both increased number of seats on Moscow – Yekaterinburg route on the back of the market growth focusing on different segments: Aeroflot on business and high-yield traffic demanding high frequency while Pobeda servicing low-yield P2P traffic 12 3 Case Study 2: Moscow – Milano Route

Italy, and Milano in particular, is a sizable international market from Russia

Pobeda launched service in December 2015 to secondary airport (Bergamo)

Aeroflot operates 35 flights per week to Malpensa a/p, Pobeda - 10 to Bergamo a/p

… providing for no cannibalization effect between Aeroflot and Pobeda networks focus on different market segments… networks the current stage

Aeroflot hub structure, Sheremetyevo : Thousand Seats Frequency All Arrivals Departures Captured Arrival 100 P2P traffic Airline to Milano Banks 2014 2019

80 16x 7x Other 6:50am Russia, Asia, ME High-yield, business

8:25am Russia, CIS, Asia, ME, America High-yield, business 60 - 10x Pobeda

11:00am Russia, CIS, Asia, ME, America High-yield, business

40 3:30pm - Low-yield 4:05pm Russia, America High-yield, business 20 21x 35x Aeroflot 7:55pm Russia, CIS, Asia, ME High-yield, business

0

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Aeroflot, Pobeda (Vnukovo) Mar-14

Aeroflot and Pobeda both increased number of seats on Moscow – Milano route on the back of the market growth focusing on different segments: Aeroflot on business and high-yield traffic demanding high frequency while Pobeda servicing low-yield P2P traffic 13

Key Strategic Goals for 2023

1 Carry 90-100 mn passengers

2 Increase international transit traffic to 10-15 mn

3 Launch 3 new regional bases and 1 international hub

4 Enhance digitalisation of the Group

15 1 Strategic Goal: “90-100 mn PAX in 2023”

90–100 mn passengers in 2023

mn PAX mn PAX 52 36 mn PAX mn PAX 3 2023 25-30 1.6 2023 2018 ~4.0x 2018 11.1 10-15 7.2 2023 2-3X International transit will increase 2-3x to 2018 2023 10-15 mn PAX 2018 • Pobeda to benefit from large underpenetrated Key PAX driver market Key PAX driver 16 1 Strategic Goal “90-100 mn PAX”: Execution

Increase in Aeroflot Group passenger traffic… … with the highest growth rates posted by Pobeda LCC mn PAX mn PAX

+ ~9-10%

+11.1% + ~40% +10.6%

+46.4% ~61 +56.8% ~10 55.7 50.1 46.7 7.6 42.2 7.2

5.2 4.6

2017 2018 2019E 9M 2018 9M 2019 2017 2018 2019E 9M 2018 9M 2019

In 2019 the Group is progressing in line with Strategy 2023: Pobeda remains the most efficient and fast growing constituent of the Group

17 2 Strategic Goal “International Transfer” (1/2)

Aeroflot has a successful track records of international … and maintains leading positions on sizable O&D routes transfer development… between Europe and Asia

2.0х – 3.1x Shanghai 1 Istanbul 2.6х 4.8 10-15 Shanghai 1 Amsterdam 1.9 mn mn mn Beijing 1 Prague 2012 2018 2023 Note: historical transfer data is based only on Aeroflot flights, numbers adjusted for code-share and partner airline traffic are on average 5%-10% higher

Business Strengths of Aeroflot As a Player in Global Connecting Market: Location + Cost Advantage Time savings 3 hours CASK, RUB Helsinki Moscow Europe Asia 9,272 km

Helsinki 9,310 London Moscow Frankfurt 9,558 Munich Paris 9,838 Istanbul Paris London 9,939 Frankfurt Munich Istanbul 10,244 Dubai 11,546

Doha 11,601 Doha Dubai

In additional to geographical and financial advantages on sizable transcontinental routes Aeroflot has also successful execution track record in the transfer segment Note: The following cities were chosen to measure average distance: London, Paris, Rome, Frankfurt, Madrid in Europe; Beijing, Shanghai, Tokyo, Seoul, Hanoi in Asia. 18 2 Strategic Goal “International Transfer” (2/2)

SVO location on great-circle path between key Asian and … provides for a time saving when flying with Aeroflot European cities… via Moscow… From/To Via Paris Rome London Vienna Stockholm London - Bangkok Madrid - Shanghai SVO 14:22 14:17 14:34 13:13 12:40 Tokyo IST 16:35 15:31 17:02 15:08 16:27 DXB 19:43 18:40 19:59 18:17 19:00 SVO 14:09 14:04 14:21 13:00 12:27 Shanghai IST 16:00 14:56 16:27 14:33 15:52 DXB 17:45 16:42 18:01 16:19 17:02 SVO 14:27 14:22 14:39 13:18 12:45 Hong IST 16:00 14:56 16:27 14:33 15:52 Kong DXB 16:55 15:52 17:11 15:29 16:12 Note: Total flight time estimated based on sum of two flight segments’ block time, not including connection time. Source: SRS Analyser, November 2019.

London – Hong Kong New York - Delhi … while enjoying premium service at a competitive price

Four star rating Five star global airline Favorite international airline by Skytrax by APEX in China by Flyer Award

Moscow has a number of significant advantages upheld by financial and operational strengths of Aeroflot

Source: Great Circle Mapper, www.gcmap.com 19 2 Strategic Goal “International Transfer”: Execution

Increasing scale of …backed by improving quality of … and expansion of international transfer… our SVO hub… international network

Number of international transfer PAX, mn Average number of connecting flights per unique Number of routes (Aeroflot + Rossiya) destination +18.1% +8 international routes

4.3

Bukhara Dublin Denpasar 6 from winter Uzbekistan Ireland Indonesia 3.6 +9.8% 2018/19

157

Ljubljana Colombo Osh Slovenia Sri Lanka Kyrgyzstan 143 2 from summer 2019

Marseille Palma France Spain 9M 2018 9M 2019 Summer 2018 Summer 2019 + increase in frequencies

Network expansion with focus on SVO hub quality provides for international transfer traffic increase

20 3 Strategic Goal “Regional Development”

Increase in regional traffic ~2x1

St Petersburg 2х 2023

2018 mn 19 passengers Moscow mn 9 passengers

Sochi Ekaterinburg

Novosibirsk

Krasnoyarsk New bases and hubs Khabarovsk 2х Bases – aircraft overnighting bases Hubs – wave transit schedule 2х Increase in passenger traffic in 2018-23 Vladivostok 2х

Aeroflot Group will be developing new bases across Russia and a new international hub in Krasnoyarsk supporting population mobility and contributing to economic development of the country

1 Company estimate. Regional traffic includes all traffic originating from Saint Petersburg, Far East and interregional traffic. 21 3 Strategic Goal “Regional Development”: Execution

1 2 The project launched to develop an international hub in Aeroflot Group is actively expanding routes from Russian Krasnoyarsk regions

13 new regional destinations in 2019 (incl. 7 destinations from Sochi) Working Group set up

Sales started Cooperation agreement Marketing campaign launch signed

First flight from Krasnoyarsk

February March October March

2019 2020

Regional bases are developed in line with the plan defined by the updated Group Development Strategy until 2023 22 4 Strategic Goal “Digital Transformation”

1 Industry trends 2 Technology trends 3 Managerial trends

Personalization (offering, passenger experience) Increasing importance of mobile devices Data management

IFE (In-Flight Entertainment) Cloud technologies Cyber security

New technologies in the airport RFID Agile and new managerial approaches

NDC (New Distribution Capability) Big Data Innovative culture

Artificial intelligence and machine learning

Aeroflot cooperates with leading international and domestic IT players to develop its IT backbone across all key functions AMOS

Passenger experience Commerce Operations IT systems

Booking and Modifications Network and revenue management Flight operations ERP

Payment Distribution Airport and ground operations Sophisticated analytics

Loyalty Marketing Maintenance Managerial reports

Aeroflot intends to keep up with key technological and industrial trends to further improve its efficiency and offer competitive product to its passengers by implementing new technologies across the board 23 4 Strategic Goal “Digital Transformation”: Execution

Higher online sales Higher sales Continued roll-out of IT projects and on Aeroflot website via mobile apps implementation of new technologies Share in money terms, % Share in money terms in overall online sales, % New functions of mobile application (maps, boarding pass, notifications)

Modern and convenient payment instruments and ancillary offers +1.2 p.p. +5.1 p.p. Targeted offers on the back of Big Data 34.3% initiative 33.1% 20.6% 31.9% 17.2% Automated services in SVO (self baggage check-in)

12.1% Gradual Development of NDC (Level 3 by IATA NDC)

IFE roll-out on narrow-body fleet (on top of IFE offered on wide-bodies)

IT backbone development (finance, loyalty, maintenance etc) 2017 2018 9M 2019 2017 2018 9M 2019

Process digitalization at Aeroflot is robustly progressing

24

Aeroflot Group: Key Developments 2019-2020

Ongoing infrastructure upgrade in SVO: separate operations from South and North Terminal B: Domestic flights 3rd runway: Opened Terminal C: Expected opening

Operational development of the airlines KJA hub Network Development Airlines transformation

Enhancing efficiency and improving value proposition of the airline New Airbus A350 Fare family development Boeing 777 reconfiguration

26 A Aeroflot’s Growth Supported by Development of SVO

Runway-3 Terminal C Terminal B 3rd runway increased operational capacity Terminal C-2 Cargo Terminals from 60-65 to 90 aircraft movements

Overall capacity to exceed 80 mn by 2026

Runway-1 Runway-2 Service improvement Recent additions (Terminal B already has Skytrax 5*) Future plans Terminal F Terminal D Terminal E Interterminal Tunnel Key recent additions Expected developments

Terminal B Tunnel 3rd Runway New terminals New train line Runway - 1

Strategic targets of our base airport will support Aeroflot’s growth and contribute to improved service quality

Source: based on public data 27 B Krasnoyarsk: New Home for Aeroflot

1 Where is Krasnoyarsk? 2 Why Aeroflot selected Krasnoyarsk

City population Region GRP Krasnoyarsk Moscow trn mn RUB Frankfurt 1.1 1.8 Vladivostok Bejing NO base airline

3 Is sufficient infrastructure in place? 4 Is there a development plan?

KRASNOYARSK 2020 2023 international airport

8 12 airсraft airсraft 0.4-0.5 Modern airport and well-developed 1.0 infrastructure PAX mn PAX mn

Note: 2020 PAX is on top of the current traffic of SU airlines from Moscow, St. Petersburg and Far-Eastern Destinations 28 C Krasnoyarsk: Located at the Very Heart of Russia

3,350 km Krasnoyarsk 3,150 km Moscow Vladivostok

Helsinki Stockholm Krasnoyarsk London Amsterdam Petersburg Berlin Moscow Irkutsk Warsaw Frankfurt Prague Paris Munich Harbin Vladivostok Rome Beijing Seoul Tokyo

Chengdu Shanghai

Hong Kong

Range Hanoi B737-800 (С12/Y156) Re-engined aircraft1 Bangkok

Krasnoyarsk is attractively located in terms of a domestic transfer capturing large metropolitan areas in Europe and Asia

Note: (1) – long-range, new generation 29 C Krasnoyarsk: Well-developed Infrastructure

3,700 x 60 12 New Experienced 1980 2017 meters operations taxiway operator Year of New terminal Runway Current runways Infrastructure construction opened parameters capacity per hour development to double runway capacity

Airport has brand new facilities and continues to invest in infrastructure ahead of Aeroflot hub launch

Note: based on public sources 30 C Krasnoyarsk: Network

New destinations to be launched in the first year will compliment existing flights of Aeroflot, Rossiya and Aurora Network: 2023 vision

Existing network Domestic point-to-point and transfer flows Airline Frequency

28 flights from St. Petersburg Tyumen Moscow Yekaterinburg Tomsk Omsk Bratsk 7 flights Russia to/from Asia flows Moscow Novosibirsk Irkutsk from Khabarovsk Krasnodar St. Petersburg Krasnoyarsk

Vladivostok 3-7 flights Simferopol Sochi from Bejing Far East Russia to/from Europe flows

flights to Moscow Sanya

Asia to Europe transfer flows 13 3-14 4 domestic and international flights per week depending existing city-pairs services destinations on the destination by SU-airlines

Aeroflot commences gradual roll-out of the new hub, first flight to be operated in March 2020

31 D SVO: Performance of Routes Launched in 2018/2019

Russia Europe Mid-Haul CIS Mid-Haul World Long-Haul

7 routes lunched 5 routes launched in 2 routes launched 2 routes launched in Winter 2018/19 Winter 2018/19 and Summer in Winter 2018/2019 In Winter 2018/19

Network contribution

Further ramp-up possibility

Most routes launched in the recent year deliver as planned. Some routes’ capacity was adjusted upwards with most of them having substantial transfer potential 32 D New Route Launch: Moscow – Ljubljana Case

Analysis of the Market and Modeling Seasonality Analysis

Ranking of key markets with connection Market MOW–LJU, average PDEW per month to Moscow by PDEW over 12 months 64 PAX PDEW 65 64 PAX (57 PAX P-t-P + 7 PAX with 2 stops)

Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 25 PAX transfer estimate Competition analysis (at launch) LJU Competitor Frequency Seats SU product Analysis of direct and transit passenger traffic (DDS) 7 ~630

MOW–LJU Market: 64 PDEW

LJU BEG Route arrangement

With IST Direct connections Traffic Aircraft Opportunities to 57 PDEW XXX 7 PDEW WAW rights certification get a landing slot

Other MOW Results

Launched in Positive Transfer Relevant transit market* 25 PDEW PLF NYC TYO Winter results share ~ 80% 2018/2019 achieved in ~27% season Summer 2019

Note: 1 Current transit passenger traffic from the departure point to destinations of the SU network which may be convenient with a connection in MOW Sources: DDS, SRS 33 D New Services to be Launched in 2020

Mumbai Osaka Chengdu Goa Singapore

Traffic rights

Flight Launch

Network expansion in 2020 will be concentrated in the long-haul segment with a number of milestone destinations in Asia that will feed our European network 34 E Rossiya Airlines: Yesterday, Today and Tomorrow

Before 2016 2016 - 2018 2019 and onwards

Operational entities and brands

01 Presence in LED, VKO, DME, LED: Scheduled regional LED: Scheduled regional regional airports product product

02 Mid-price product and VKO: Scheduled operations Business segment SVO: Far East flat fares and positioning in mid-price segment select routes integrated in and focus airport without integration with SU network 03 Regional flights Aeroflot network

04 Charter flights Charter flights Charter flights

2016: Merge of the regional airlines, Comment Unstructured organization Scale-down of NB program and product 2018: Transfer scheduled flights to SVO

Aeroflot Group has gradually reorganized mid-tier product over recent years by transforming three independent entities with overlapping positions into the streamlined structure with a definitive value proposition 35 F Introduction of Airbus A350-900 in 2020

Airbus 330 Airbus 350

Range up to 12,000 km Range up to 15,000 km

300-350 seats 250-290 seats MTOW 280 t

MTOW 242 t Lower fuel consumption and CO2 emission per seat

In 2020 Aeroflot will introduce a brand new Airbus A350XWB aircraft which will gradually replace Airbus A330 and will become a key aircraft in the range of ~300 seat capacity Source: www.airbus.com 36 F A350/A330 Phase-in/Phase-out Plan

Aeroflot Airline Wide-body Fleet Vision Comments

A350-900 will replace A330 fleet in the 300 Potential WB aircraft growth in wide- seater capacity segment body segment

22 11 A350-900 will provide 22 New wide- 22 А350-900 body aircraft next stage of passenger type cabin comfort for 22 15 12 customers 7 3 А330-200/300

Currently 22 22 22 В777-300ER deployed 19 21 types A350-900 will inaugurate next level of seat-mile cost for airline Sep-19 2020 2021 2022 2023

А350XWB aircraft is a logical step in development of А330 fleet

37 F А350-900 Configuration

28 24 264 316 business + comfort + economy = seats

The configuration of A350 will further improve a long-haul proposition allowing our passengers to enjoy superior product in all classes 38 G Increasing Capital Efficiency

Aeroflot’s Boeing 777-300 Reconfiguration to Improve Value Intergroup redistribution of Rossiya’s B737 fleet to back continued Proposition and Create Unified Long-Haul Product Pobeda’s growth

B777-300 aircraft fleet to be reconfigured in 2020-2022 4

Seats: 189 Full Economy Improving configuration of the business class to ensure best- in-class product with 1-2-1 configuration

Reconfiguration of Comfort and Economy class to provide for better density while improving convenience 16 3

Seats: 12 Business Other improvements: seats, IFE, equipment and etc. Commercial 156 Economy management of (Configuration for KJA) Aeroflot and Charter Positive financial results: • Extra revenue per aircraft, • Positive NPV and PB of 4 years 9

Deployed in charter program

Aeroflot Group has a number of initiatives to improve efficiency of fleet deployment from fleet manoeuvre between Aeroflot and Rossiya for social routes to reconfiguration of wide-body fleet. Redistribution of B737 fleet also addresses Pobeda’s growth amid MAX deliveries delay 39 H Introduction of “Lite” Fares

Lite fare introduction rationale

Certain passengers do not Business trips Short tourist trips Family holidays need baggage allowance

Moscow Frankfurt Moscow Geneva

For these groups airlines RUB Customer Minimum RUB Customer Minimum choice Lite fare fare (with baggage) choice Lite fare fare (with baggage) with “lite” fares were preferable due to lower costs 15,291 18,331 16,264 19,304 - 17,631 - 17,698

Mid-haul network fare family evolution

Lite Budget Optimum Maximum

Baggage Purchase option 1 bag 1 bag 2 bags

Seat selection N/A at purchase N/A at purchase Available Available

Refund N/A N/A For a Fee For a Fee

Changes For a Fee For a Fee For a Fee For a Fee

Mile upgrade N/A N/A N/A Available Price

Introduction of non-baggage fares at Aeroflot increased competiveness of our offering and showed positive results

40 Low Cost Carrier - Pobeda Pobeda’s 5 Years in the Sky: Key Milestones

 First flight from Moscow  Development of international  Cumulative number of customers since the launch close to 20 mln to Volgograd on network and intra-regional flights  Pobeda accelerates growth: delivery of 8 Boeing 737NG December 1  Pobeda enters  Second award for record performance of the Boeing 737NG  Total fleet of 8 aircraft St. Petersburg market  New strategy: ambitious targets on the number of customers and new bases as of year-end

 Pobeda becomes Top-10 airline in Russia  Russia’s quickest-turnaround airline  Total fleet of 12 aircraft as of year-end  Award for maximum daily utilization of the Boeing 737NG globally  First international flight: Moscow-Bratislava 5  PLF reaches historical high of 96.8% in Q3 2017  4.6 mln customers for full year years in the sky

 Pobeda achieved 1 mln customers per month in July with 30 aircraft  Development of operations from Sochi

2014 2015 2016 2017 2018 2019

42 Pobeda’s Way of Doing Business

01 02 03 04

https://

Young and efficient fleet Steadily expanding route Low-cost online distribution Sustainably low of Boeing 737-800 NG network via pobeda.aero operating costs 08 07 06 05

Industry–leading aircraft High seat density Growing ancillary Outsourced utilization (16.1 hours2) and load factor revenue (€10.7/PAX1) business model Highest employee 09 productivity3 in Russia 10 11 12

Always on time #1 Russian Excellent NPS > 60% (92% on-time environmentally and growing brand performance) friendly airline awareness

Note: 1 - For 9 months 2019 converted at average EUR/RUB exchange rate of for 9 months ended September 2019. Only ancillaries collected from customers are included; 43 2 For 3 months ended September 2019; 3 Based on 2018 passenger traffic and average headcount over the period Route Network

Route network for summer 2019 Network highlights

Russia Pobeda’s network for summer 2019 comprises 108 routes, double Ulan-Ude compared to summer 2018

Mongolia

Petrozavodsk Surgut – 67 domestic routes Saint Petersburg Kirov Perm Tomsk Tyumen Riga Moscow Cheboksary Ekaterinburg Kemerovo Omsk Kazan Kaliningrad Chelyabinsk Krasnoyarsk Berlin (Tegel) Nizhnekamsk Novosibirsk Ulyanovsk Eindhoven Samara Magnitogorsk Ostend Leipzig – 41 international routes Cologne Karlovy Vary Volgograd Baden-Baden Bratislava Rostov Memmingen Krasnodar Mineralnye Astrakhan Bergamo (Milan) Treviso (Venice) Vody Girona Anapa Magas (Nazran) Genoa Tivat (Barcelona) Rimini Gelendzhik Vladikavkaz Pisa Varna Sochi Makhachkala Bari Batumi Cagliari Istanbul Tbilisi Rome 62 unique routes for the Group vs. 38 in summer 2018 Gazipasa Gyumri Catania Alanya Palermo Bodrum Current Destinations Dalaman Antalya Larnaca

44 Key Operational Highlights

Customers (thousand) Highlights  In 5 years Pobeda became Top-5 airline in Russia Pobeda is #4 airline in Russia by number 46.4%  In 2018, Pobeda’s passenger traffic increased by 56.8% year-on-year to 7.2 million passengers CAGR for of carried customers and continues to  […] 32% 2015-2018 increase its positions in the ranking (#2 airline 7,582  […] 7,185 transports 11 mln PAX)

5,178 In 9M 2019, Pobeda’s passenger traffic increased by 4,583 46% year-on-year to 7.6 million customers 4,286

3,090

Expected passenger traffic for 2019

is 10+ million customers

107

2014 2015 2016 2017 2018 9M 2018 9M 2019

45 Key Financial Highlights

Revenue (RUB mln) IFRS Net income1 (RUB mln)

55.0%

40,779 CAGR for 45% 2015-2018 34,373

26,483 3,747 3,664 20,633 19,131 2,834 1,763 11,248

–

– (80) 2014 2015 2016 2017 2018 9M 2018 9M 2019 2014 2015 2016 2017 2018 9M 2019

Since its inception, Pobeda was growing at 45% annually 01 01 Pobeda reached profitability in the early years of its operations reaching RUB 34bn revenue in 2018

9M 2019 revenue growth of 55% year-on-year was primarily Like other airlines Pobeda faced strong fuel headwinds in the 02 02 driven by traffic increase recent years, but managed to grow yields and control costs

Note: all numbers are presented under managerial accounting principles that are based on IFRS 1 Net income figures for 2014-2018 are reported under IAS 17, for 9M 2019 under IFRS 16 (excluding RUB 3.8 bn FX gains due to lease revaluation). 46 Market Stimulation Case Study: Nizhnekamsk Airport

Passenger traffic in Nizhnekamsk airport evolution Nizhnekamsk airport PAX, thousand

X% Pobeda’s share in total seats offered 6% 17% 21% 25% from the airport Sochi-Nizhnekamsk route moved to all year-round service in May 2019

Launched service from St.Petersburg to Nizhnekamsk in March 2018 ~820 777

Launched service from Moscow to NBC in October 2016 587

406 367 377 331

2013 2014 2015 2016 2017 2018 2019E

47 Source: FAVT, 2019 PAX for 2019 is estimated based on 9M data and extrapolation of the YTD growth for the rest of the year

9М and Q3 2019 Results at a Glance

1 2 3 Operating Expansion and Active …Backed by Strict Cost Control and …Translated into Improved 9M and Q3 Revenue Management… Macro Environment… Financial Results

RPK, bn CASK, RUB EBITDA, bn RUB +10.9% +3.0% +1.2% +6.7% -0.5% +6.5% 3.09 3.18 3.06 3.09 73.7 73.4 108.4 120.3 132.7 141.7 44.4 47.3

9M Q3 9M Q3 9M Q3

Scheduled Yield, RUB Macro: FX headwinds & Reduced jet volatility Adjusted Net income, bn RUB +0.7% at elevated levels, y-o-y % +1.4% - 18.6% 4.4%

4.14 4.17 Indicator 9M 2019 Q3 2019 3.88 3.93 24.9 27.8 29.1 20.3 USD/RUB +5.9% -1.5%

EUR/RUB -0.2% -5.7%

Jet (RUB) -2.1% -9.6% 9M Q3 2018 2019 9M Q3

Note: Financials presented based on IFRS 16 full retrospective application Over 9M 2019 Aeroflot Group has continued operational development by expanding capacity on the back of opportunities provided by the market ensuring strict cost control which all together translated into better financial results 49 9M 2019 Results in Historical Context

Continued Operational … Backed by Yield Management Has Driven … and Created Opportunities to Development… Top-line Growth … Sustain Absolute Profitability

RPK, bn Traffic Revenue, bn RUB EBITDA (RUB bn) and Margin +9.9% +16.6% +10.9% +12.7% 28.5% 27.0% 143.2 534.3 130.2 120.3 458.4 462.0 141.7 132.7 108.4 410.0

2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019 9M 2018 9M 2019

Note: 9M 2018 and 2019 financials presented based on IFRS 16 full retrospective application Aeroflot Group delivers strong results amid expanding operations, active revenue management and strict cost control despite jet price remained at elevated levels 50 Revenue Management Delivered Positive Results

Competition and FX factors impacted yield … However Recent RASK Trend Confirms Demand dynamics… … and All Together Created Pressure on PLF… Resilience

Yield for scheduled flights (RUB/RPK) PLF (% and y-o-y p.p. change) RASK for scheduled flights (RUB/ASK)

+1.4% +4.9% +0.1% +5.0% -0.1 pp -1.1 pp 3.88 3.93 3.21 3.21 3.81 3.12 3.63 2.97 82.8% 82.7% 83.8% 82.7%

2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019

Well-planned capacity growth on the basis of market trends and balance of supply and demand helped to increase yields and unit revenues 51 Long Term Focus on Efficiency

Controlled CASK Inflation Cost Advantage vs. Foreign Peers

RUB/ASK US$ cents/ASK

8.5

+9.2% Lufthansa Air France-KLM 7.5 +3.0% (Eurowings) (network airlines)

3.42 6.5 3.13 3.18 3.09 Qantas easyJet Air Canada 5.5

Turkish Airlines LATAM 4.5

(Group) fuel, USD cents / ASK cents USD / fuel,

- 3.5 Ryanair Pobeda 2017 2018 9M 2018 9M 2019 2.5

2017 2018 9М 2018 9М 2019 Change y-o-y ex. CASK -0.3% 9.2% 8.6% 3.0% CASK1 1.5 -2.2% 0.7% 0.0% 5.4% CASK-ex.fuel2

-13.0% 7.5% 5.3% 5.9% US$/RUB 0.5 0.5 1.0 1.5 2.0 2.5 3.0 1 Total CASK dynamics. 9M 2018 based on IAS 17 figures, 9M 2019 based on IFRS 16 figures. 2 CASK ex-fuel dynamics. 9M 2018 based on IAS 17 figures, 9M 2019 based on IFRS 16 figures. Stage length, thousand km Source: Companies data

Limited expansion of CASK due to strict cost control and efficiency initiatives within the Group in 9M 2019 – most of the growth explained by FX

52 Long Term Focus on Efficiency: Fuel

Jet Fuel Price As a Key Headwind to Results in 2017-2018 Our Approach to Fuel Management

Thousand RUB per tonne of jet fuel

2019 2018 2017 2016 Strategy based on young and modern fleet

50.0

Efficient procurement and contractual terms

40.0 Economy of scale and inter-group benefits

Tankering accounting price differential between 30.0 airports

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Optimization of operations (loading, etc)

Notwithstanding jet fuel price headwinds in recent years the Group continues to focus on efficiency and prudent approach to fuel cost management 53 54