AEROFLOT GROUP C APITAL MARKETS DAY 2017 Moscow, 21 December 2017 Disclaimer 232 Chart Colours 235 240 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, 182 you agree to the following. 196 204 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 135 in connection with, any contract or investment decision. 157 179 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 0 accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents. 112 192 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, 59 growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to 100 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 135 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 0 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 176 presentation. 80 22 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 Table line colour 178 2 178 178 Agenda 232 Chart Colours 235 240 182 Time Content Speakers 196 204 9.30 – 10.00 Registration and Coffee 135 Management Presentations 157 179 10.00 – 10.30 Market Update and Strategy Overview Giorgio Callegari (Deputy CEO for Strategy and Alliances) 0 112 192 10.30 – 10.50 Financial Overview Shamil Kurmashov (Deputy CEO for Commerce and Finance) 59 10.50 – 11.00 Coffee Break 100 135 11.00 – 11.20 Rossiya Airline Dmitry Saprykin (CEO of Rossiya Airlines) 0 176 80 11.20 – 11.40 Pobeda Airline Andrey Kalmykov (CEO of Pobeda Airlines) 22 44 11.40 – 13.00 Q&A Session 66 13.00 – 13.30 Lunch 1 40 120 0 Message text 128 0 255 Highlight 0 0 Table line colour 178 3 178 178 232 Chart Colours 235 240 182 196 204 135 157 179 AEROFLOT – INTRODUCTION IORGIO ALLEGARI 0 G C 112 DEPUTY CEO FOR STRATEGY 192 AND ALLIANCES 59 100 135 0 176 80 22 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 Table line colour 178 4 178 178 2017 - Improvements Across the Board 232 Chart Colours 235 240 182 196 204 135 + 15.0 % + 16.0 % - 0.1 yrs - 0.4 % + 0.5 p.p. 157 179 0 112 192 ~50.0 mn ~130.0 bn 4.2 yrs 4.1 yrs 59 >30.0 100 22.9 22.8 135 81.5% ~82.0% 0 43.4 mn 112.1 bn 176 80 grgr / /ASK ASK gr / ASK 22 44 66 FUEL PASSENGER LOAD PAX RPK FLEET AGE¹ 1 COMSUMPTION² FACTOR 40 120 2016 2017Е 0 Message text 128 0 • In 2017, Aeroflot has continued improving its performance and operational 255 efficiency. Highlight 0 0 ¹ For Aeroflot airline. Average age of Aeroflot Group’s fleet decreased to 6.4 yrs in 2017 from 6.5 yrs in 2016. Table line colour 178 ² 2017 data for 9 months. 5 178 178 Recognized Level of Excellence 232 Chart Colours 235 240 182 196 204 135 157 179 0 112 192 Four Star Airline Best Airline Strongest Brand in Official carrier 2016 in Eastern Europe Russia and Strongest 59 100 2011, 2013-2017 Airline Brand in the 135 World 2017 0 176 80 22 44 66 1 40 120 Five Star Best Major Airline in Europe, Europe’s Leading Airline Brand, Favourite International 0 Global Airline Best Business Class globally, Europe’s Leading Airline – Airline in China, Message text 128 Best Airline in Russia 2017 Business Class Flyer Award Ceremony 2017 0 255 Highlight 0 0 Aeroflot’s achievements are recognised globally by industry and passengers. Table line colour 178 6 178 178 MARKET AND STRATEGY UPDATE GIORGIO CALLEGARI DEPUTY CEO FOR STRATEGY AND ALLIANCES Russian Market Development 232 Chart Colours 235 240 2000 – 2017 Growth of Russian Market 2018 and Beyond High growth of Russian air transportation market in 2017 is the consequence of: 182 – Low base effect after significant competitor left the market in October 2015. 196 204 – Materialization of deferred demand for tourist carriages amid macroeconomic stabilization in Russia. – Competition for market share on the growing market. 135 +18% CAGR 25/16 157 4.2% 140+ 179 CAGR 16/14 0 pax -4.6% 116.7 112 192 108.6 103.4 Slower growth of Russian aviation 98.9 market in 2018-2025 is the function of: 59 100 CAGR 14/00 – Suspension of low base effect after 135 10.9% market normalization. 69.3 – The need to grow fares in order to 0 ensure economic efficiency of the 176 sector. 80 milliontraffic,Passenger 41.8 22 44 66 25.6 1 40 120 2000 2005 2010 2014 2015 2016 2017E 2025F 0 Message text 128 0 Note: The histogram depicts market of Russia, which excludes International-to-International transit traffic via Russian points and includes only domestic carriage by Russian-based companies and international carriage by Russian-based and foreign-based carriers. 255 Highlight 0 • Russian air transportation market has a significant potential to grow in the coming years: CAGR 0 for the period of 2016-2025 is estimated at 4.2%, which is faster than the pace of global market 8 Table line colour 178 expansion. 178 178 Russian Passenger Transportation Market Dynamics (Air Transportation + Long-haul Rail) 232 Chart Colours 235 1 240 Air and Rail Carriage Volumes Dynamics Market Shares of Air and Rail Based on passenger traffic, y-o-y comparison 9M 2017, y-o-y comparison in p.p. 182 196 Air transportation grows 29% 204 54.6% faster than long-haul rail 24% 135 segment from October 2016 Increase in rail traffic to 23% 23% +4.8 p.p. 157 Russian holiday resorts 179 19% 19% 19% 45.4% 18% 18% 18% 0 112 (4.8) p.p. 192 13% 59 10% Contribution to Market1 Growth 100 8% 135 6% mln PAX (calculation includes only air transportation 4% 4% and long-haul rail markets) 3% 3% 0 1% 1% 1% 1% 1% 176 0% 0% +11% 80 11% 22 0% (2%) (3%) (3%) 44 (3%) 66 Recovery of air transportation Decreasing demand for (low base effect) 1 (9%) (9%) international tourist travel 175 40 (11%) 158 120 Air traffic Rail traffic 0 Message text 128 Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 9M 2016 Rail Air Transp. 9M 2017 0 2016 2017 Source: TCH, FAVT, Russian Railways 1 Market on this slide represents passenger air transportation and long-haul rail markets 255 Highlight 0 • Active expansion of passenger air transportation at the expense of long-haul rail segment. 0 • Share of air in total mix of passenger transportation exceeds 60% in September. 9 Table line colour 178 178 178 How Does the Russian Market Grow? 232 Chart Colours 235 1 240 Broad market recovery… …amid changes in Russian market Market Share mln PAX mln PAX 9M 2017, % 182 196 3.6 3.6 15.9% 204 8.2 5.4 135 157 37.8% 179 1.1 0.5 0.8 4.9 0 4.5 112 21.5% 192 59 100 92.1 92.1 135 6.6% 11.9% 6.2% 0 176 80 75.8 75.8 Aeroflot Group S7 Group 22 44 66 Utair Group Ural Airlines 1 OtherOther Russian Russian Carriers carriers Foreign Carriers carriers 40 120 9M 2016 Domestic International Foreign 9M 2017 9M Aeroflot S7 Utair Ural Other Foreign 9M carriers 2016 Group Group Airlines Russian carriers 2017 0 carriers Message text 128 0 1 Market share calculated excluding International-to-International transit traffic via Russian points. 255 Highlight 0 • In 9M 2017 passenger air transportation market in Russia shows a clear trend for recovery amid 0 growth across all market segments and majority of carriers. 10 Table line colour 178 178 178 Identifying Sources of Future Aeroflot Group’s Growth 232 Chart Colours 235 240 Aeroflot Group Traffic Growth Projected Sources of Growth PAX, mn 182 Russian market International transit traffic 196 204 CAGR: 9.4% 135 ~741 ~24 mn 157 incremental 179 PAX 0 112 192 +48% 59 Aeroflot Rossiya 100 ~50 135 Aurora Pobeda 43.4 0 176 Contribution of Growth by Segment 80 PAX, mn 14 22 44 66 10 74 1 40 120 50 0 2016A 2017E 2018 2019 2020 2021 2022F 2017E International Domestic 2022F Message text 128 0 255 • Aeroflot airline and Pobeda are expected to be the main drivers of Group’s growth in 2017-2022.