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

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Table line colour 178 2 178 178 Agenda

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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 Dmitry Saprykin (CEO of Rossiya ) 0 176 80 11.20 – 11.40 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

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135 157 179 AEROFLOT – INTRODUCTION IORGIO ALLEGARI 0 G C 112 DEPUTY CEO FOR STRATEGY 192 AND ALLIANCES 59 100 135

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Table line colour 178 4 178 178 2017 - Improvements Across the Board

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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 and Strongest 59 100 2011, 2013-2017 Airline Brand in the 135 World 2017

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1 40 120 Five Star Best Major Airline in Europe, Europe’s Leading Airline Brand, Favourite International 0 Global Airline Best 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 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, 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 Group

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 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. Highlight 0 2 0 • Aeroflot Group’s market share is not expected to exceed 50% by 2022.

1 Including International-to-International transit traffic via Aeroflot in SVO. 11 Table line colour 178 2 Market share calculated excluding International-to-International transit traffic via Russian points. 178 178 Multi-Brand Strategy

232 Chart Colours 235 240 2017 OFFERING:

182 196 Positioning Premium product Mid-price regional / charter product Low-cost product Product for far east 204 Scheduled flights Scheduled and charter flights Scheduled flights Scheduled flights . Network carrier with . Optimum relationship between quality and . Low cost of carriage . Regional carriage in 135 Positioning 157 premium level of price on modern aircraft the Far East 179 service

0 . Business tourism . Visiting friends and relatives . Tourism . Visiting friends and . Visiting friends and . Tourism . Visiting friends and relatives 112 Target group 192 relatives . Business tourism relatives . Tourism . Tourism . Business tourism 59 100 . : . Moscow: Vnukovo / Sheremetyevo . Moscow: Vnukovo . Vladivoskok 135 Focus airport Sheremetyevo . Saint-Petersburg: Pulkovo . . Yuzhno-Sakhalinsk 0 . Narrow-body aircraft . Narrow-body aircraft . Narrow-body aircraft . Narrow-body aircraft 176 Aircraft fleet 80 . Wide-body aircraft . Wide-body aircraft

22 44 Expected PAX ~45 ~12 ~16 ~2 66 in 2022 mln PAX mln PAX mln PAX mln PAX

1 40 . Growth of passenger . Increase in operational efficiency . Satisfying the demand . Medium-haul 120 traffic originating from . Development of Saint-Petersburg market for LCC carriage scheduled operating Strategic focus Sheremetyevo airport (Moscow and Russian programs from the Far in order to boost hub regions excl. the Far Eastern airports, 0 efficiency East social flights to local Message text 128 0 Far Eastern airports

255 Highlight 0 • Simplified multi-brand product offering to capture customers in every market segment: from 0 premium to low-cost.

Table line colour 178 12 178 178 Strengthening Position in International Connecting Traffic

232 Chart Colours 235 240 Key International Transit Markets Key Examples of SVO Competitive Position

London - Bangkok - Shanghai 182 196 204 NA

135 157 179 EE WE

0 NEA 112 192 ME SWA SEA 59 100 135 – Hong Kong New York - Delhi 0 International Transit Traffic 176 80 10.5% 10.3% 10.6% 11.6% 11.8% 14.0% 13.1% 17.6% CAGR: 22 13.5% 7.9 44 66

1 3.6 3.7 40 2.4 2.7 1.9 120 1.2 1.5

0 2010 2011 2012 2013 2014 2015 2016 2022F Message text 128 0 International Transit Traffic (PAX mn) Share of International Transit in Aeroflot Airline PAX Source: Great Circle Mapper, www.gcmap.com 255 Highlight 0 • Aeroflot gradually but consistently increases presence in key international markets. 0

Table line colour 178 13 178 178 Fleet Strategy

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PREMIUM PRODUCT MID-PRICE REGIONAL / CHARTER PRODUCT LOW-COST PRODUCT PRODUCT FOR FAR EAST 182 196 204 Manufacturer 135 157 179 Number of types Five aircraft types Four aircraft types One aircraft type Three aircraft types

0 112  A320 (Family)  Airbus A320 (Family)  737  192 Narrow-body   Boeing 737  DHC 8  SSJ 100  DHC 6 59 100  135 ― ― Wide-body   Boeing 777

0  Expansion of narrow-body  Maintaining narrow-body aircraft  Accelerated growing of  Optimization of 50-70 176 fleet (>85% of new additions) number (substituting additions) aircraft numbers seater aircraft numbers 80 Strategic focus in fleet  Strengthening wide-body  Expanding wide-body segment  Higher efficiency and  Higher utilization of 22 expansion segment by adding a new (addition of more Boeing 777) maintaining utilization of existing fleet 44 type (A350) single-type fleet 66

+36% +6% >3.5x (8)% 1 40 Expected fleet 120 expansion (annual average 276 62 66 45 24 22 0 number of a/c1) 202 Message text 128 13 0 2017E 2022F 2017E 2022F 2017E 2022F 2017E 2022F 1 Average calculated based on aircraft phase-in moment during the year 255 Highlight 0 0 • Expansion of Aeroflot Group fleet in line with existing guidelines on network development and demand expectations to allow profitable growth of business Table line colour 178 14 178 178 Exploring Additional Revenue Opportunities

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182 New Markets and Segments Ancillary Revenue 196 204  New routes in the markets of RUB 12.5 bn presence :  Partners, including under frequent flyer programme ancillary revenue in ― Domestic routes: , 9M 20171 135 Salekhard, Khanty-Mansiysk 157 ― International routes: Kostanay 179  Third-party refueling services, ground handling and MRO 0  New markets: Portugal () 69.6% 112 share of revenue from 192  Catering services onboard and Duty Free sales partners under frequent flyer programme in other 59 Aeroflot airline opened service to 5 new destinations (ancillary) revenue 100 135  Hotel revenue 4 new destinations were opened in 2016 (Alicante, , Lyon, ) 0 176  Baggage fees 2.4% 80 ancillary revenue New Products growth in 9M 2017 y-o-y 22 44 +  Seat upgrades (Space + business) 66  Pobeda addresses the LCC market segment that previously was underserved in Russia 1 LCC ancillary revenue in 40 9M 2017  Other partnerships – Europcar 120 Pobeda has generated new revenue and DreamLines cruise operator streams for the Group by untapping RUB 1.3 bn new market segment 0 Message text 128 0

255 Highlight 0 • Aeroflot Group strategy pursues opportunities for generating incremental revenue through new market and routes, 0 as well as an ever-expanding range of value-added ancillary services. 1 Other revenue as reported in IFRS accounts (excluding the line with airline agreements, refuelling services and other revenue). This amount doesn't include income from various 15 Table line colour 178 fees accounted as part of airline revenue. 178 178 Online Ancillary Revenue

232 Chart Colours 235 240 Aeroflot airline ancillary revenues offered online 2018 plans mn RUB 182 196 +30% Excess baggage fees 204 875 opportunity to purchase on 135 our web-site 157 179 +257%

0 127 A la carte menu 112 192 additional meals for passengers 59 100 +258% 135 Seat selection 65 +110% 0 seat selection for extra fees 176 for some fares 80 45 +210% +11% +67% +115% 22 - 20 44 18 16 66 10 7 Insurance

/ / selling insurance for foreign 1 Flight Virtual Gift Medical Hotels Aeroexpress Europecar Guarantied Cruises Other passengers 40 insurance Certificate insurance price 120

0 Message text 128 0 Profit Revenue Y-o-y change

255 • Aeroflot airline has achieved significant progress in ancillary revenue generated via online channels. Highlight 0 0 • Nest year we plan to increase profit from ancillary revenues offered via online channels by 60-70%

178 16 Table line colour Note: virtual certificate sales calculated net of refunds 178 178 Infrastructure Expansion to Support Future Growth

232 Chart Colours 235 240 Sheremetyevo development program overview Key infrastructure objects to be launched in 2018

. Sheremetyevo is set to become a prominent passenger and cargo hub 182 196 and provide all necessary conditions for long-term cooperation with 204 Aeroflot . For this purpose, Sheremetyevo developed a long-term modernization 135 program with the most important stage being the preparation of the 157 179 airport for the FIFA World Cup 2018 . Modernization program includes construction of the third runway, Terminal B Interterminal tunnel Runway 3 0 introduction of new passenger and cargo terminals as well as 112 reconstruction of existing premises 192

59 Evolution of key operating indicators (max. theoretical capacity) Sheremetyevo development plan 100 135 2017 2018 2026 Runway-3 Terminal C Warehouse Terminal B Fuel-filling 66 80 Complex 0 Annual pax 34 Terminal C-2 Cargo 176 capacity1 Terminals

80 pax mm

• Capacity – 1 mn tones in 2017 (30% of total 22 70 90 44 Flights per 50 airport volume) 66 1

hour flights

1 80 40 Minimum 50 50 120 transfer 2018 2 time minutes 2019 Runway-1 0 Runway-2 Message text 128 2021 700 0 3803 Cargo 230 2024 volumes Terminal F

th. tons Interterminal Tunnel 255 per month Terminal E Highlight 0 Terminal D 0 Source: Sheremetyevo press-center, aviation explorer, public sources Note:1 According to Airport Research Center; 2 Data for 2017 is presented on the basis of official Aeroflot estimates for minimum transfer time between international inbound flight to terminal F and outbound local flight from terminal D, time for 2018/2026 is presented on the basis of Sheremetyevo airport estimates for minimal transfer time from terminal B through interterminal tunnel; 3 New cargo terminal with capacity of Table line colour 178 handling up to 380 th. tons per month was launched in September 2017 17 178 178 [Option 1] Strengthening customer services with a focus on digitalisation and development of IT systems

232 Chart Colours 235 240 Business development priorities Development of IT systems for production 182 196 Data management 204 Digitalization 135 Cyber-defences 157 179 Agile and new work methods

0 NDC (New Distribution Capability) – direct distribution for agents 112 Airport services 192 Cloud-based technology – management via shared pool of resources 59 100 135 On-board services Big Data and computer-aided training Development of commercial IT systems 0 176 80 Corporate website Service marketing 22 Mobile services for customers 44 66 Mobile applications for staff 1

40 HR and other 120 Airport automation

0 Message text 128 Efficiency of business processes 0

255 • Aeroflot Group continues to implement new technologies and approaches strengthening its Highlight 0 0 customer services and brand in the global market

Table line colour 178 18 178 178 NETWORK OVERVIEW GIORGIO CALLEGARI DEPUTY CEO FOR STRATEGY AND ALLIANCES Aeroflot Group Network Development Strategy

232 Chart Colours 235 240 Relatively Stable Number of … due to Focus on Network Quality … with Further Improvements Destinations … and Frequency … Possible Across Segments. 182 # of destinations Average scheduled flight frequency1 Average scheduled flight frequency1 196 204

135 CAGR: 5.7% 157 158 179 2.8% 153 153 13.1 0 144 112 141 142 55 12.1 192 137 137 in 12.4 Russia 11.8 11.5 11.1 11.2 9.8 9M 2017 59 100 135 98 abroad 6.8 0 176 80

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1 2014 2015 2016 9M 2017 International Domestic Mid-haul Long-Haul 2014 2015 2016 9M 2016 9M 2017 40 120 Summer schedule Winter schedule

0 Message text 128 0 • Aeroflot Group continues to pursue a balanced approach to adding new destinations, with a focus on increasing frequencies on scheduled routes across all segments (international and domestic, long- and mid- 255 haul) to improve network quality. Highlight 0 0

178 20 Table line colour 1 Average weekly frequency per route for Aeroflot Group excl. Pobeda. 178 178 Aeroflot Airline Network – Plans for 2018

232 Chart Colours 235 240 Increased Frequencies (per Week) on the Following Routes: Operating Growth by Region PAX growth, y-o-y – for Aeroflot airline 182 196 Russia Europe CIS 20.6% 204 Khanty-Mansiisk+7 +7 135 Kaliningrad +4 +7 Astana+3 157 Krasnoyarsk+7 +7 11.1% 179 9.5% Magnitogorsk +7 Tenerife +1 total growth 9.0% 9.1% Novy Urengoy +7 Bologna +7 0 5.1% +7 4.2% 112 192 Perm +5 New routes: Mineralnye Vody+7 3 new destinations with 7 New routes: Syktyvkar+7 flight frequency per each Kyzylorda +4 59 100 +7 CIS Asia Americas Russia EuropeMiddle East 135 Total: +50 Total: +7 Growth Contribution by Segment Share of PAX growth, y-o-y 0 Asia 176 New routes: 80 +14 Dubai +7 Bangkok +7 Domestic +7 22 Male +1 46% 44 International 66 54% Total: +79 Total: +8 Total: +14 1 40 120 • Aeroflot will continue focusing on frequencies with a selective approach to adding new destinations (3-8 per 0 year): Message text 128 0 ― In 2017, Aeroflot launched services to Lisbon, Kostanay, Belgorod, Salekhard, Khanty-Mansiysk (5 new destinations). 255 ― In 2018, Aeroflot plans to begin servicing Saransk (a World Cup host city) and up to 3 destinations in Highlight 0 Europe and 1 in CIS (potential addition of Cairo). 0 • Increase in frequencies on key underserved markets with high transit potential. Table line colour 178 21 178 178 World Cup Case Study: Brazil 2014 and Germany 2006

232 Chart Colours 235 240 World Cup Air traffic evolution1 Impact on economy Carriers’ operating data 182 million PAX 196 204 480k 2013 2014 2015 100.4 of foreign World Cup guests PAX, million 66.7 67.8 67.8 135 95.6 change, % 3.1% 1.7% 0.0% 157 179 PLF 80.8% 83.4% 83.1% $13bn change, p.p. 2.2 2.6 (0.3) 0 112 injected in Brazil economy 192 2013 2014 2015 PAX, million 36.6 40.1 38.0 59 change, % n/a 9.5% (2.0)% 100 12 June – 13 July $2.3bn 135 2014 invested in airports PLF 69.9% 76.9% 77.2% 2013 2014 12 cities change, p.p. (0.3) 7.0 0.3 0 176 80 2005 2006 2007

22 99.6 $400mm 44 of additional tourism revenue PAX, million 51.3 53.4 62.9 66 90.8 1 change, % 0.7% 4.2% 17.7% 40 50k 120 additional jobs created PLF 75.0% 75.2% 77.4%

0 9 June – 9 July Message text 128 2006 change, p.p. 1.0 0.2 2.2 0 $2.6bn 12 cities 2005 2006 additional retail sales 255 Highlight 0 • World Cup had mixed effect on airlines in the hosting markets, with short-term increase in demand, but without any 0 changes in strategic trends and company-specific factors.

Source: World Bank, public sources, Economic Research Institute Foundation, Deutsche Welle Table line colour 178 Note: 1 Passengers carried in the country by the means of ; data presented under “impact on economy” are estimations of the third-party sources 2822 178 178 Aeroflot and FIFA World Cup in Russia

232 Chart Colours 235 240 Routes to World Cup Locations Aeroflot Efforts

182 General preparation 196 sourced by: 1 204 * Establishment of specially-dedicated working group to coordinate preparation process and day-to-day routes 135 allocation for World Cup 2018 157 (4.5mm from Moscow) 179 Passengers 42 68 2 Transportation of football fans, delegations and athletes 0 38 Nizhny 49 Ekaterinburg 112 Novgorod (1.9mm from Moscow) 7 192 from St. Pete: 27 (520k from Moscow) from St. Pete: (270k from St. Pete) from Moscow: 7 from Moscow: 13 (31k from St. Pete) Operations Moscow 3 59 Kaliningrad (4.5mm from St.Pete) 56 Reserve aircraft to be based in the main cities of the World (1.2mm from Moscow) 100 (1.2mm from Moscow) (135k from St. Pete) Cup 135 (380k from St. Pete) from St. Pete: 7 from St. Pete: 68 Saransk (1.2mm from Moscow) IT infrastructure (225k from St. Pete) 0 42 4 176 42 Introduction of advanced IT solutions to automate 80 from St. Pete: 10 from St. Pete: 13 processing of personal details of the World Cup guests from Moscow: 14 (830k from Moscow) (48k from St. Pete) Staff 22 Rostov-on-Don 35 44 (1.6mm from Moscow) 5 66 (255k from St. Pete) Additional training sessions for staff and increased headcount of english-speaking personnel in call centres and representative offices 1 (3.6mm from Moscow) 63 40 (530k from St. Pete) 120 from St. Pete: 26 Spare parts from Moscow: 15 6 Increased warehouse stock of replacement components to 0 Aeroflot routes Rossiya routes - routes per week quickly repair aircraft and proceed with scheduled Message text 128 X – weekly # of flights in 2017 summer schedule maintenance works if needed 0 (XXmm from …) - 2017E PAX (based on traffic flows on the leg, not a city-pair market) Note: Pobeda also operates services to some host cities, including intra-regional flights. For information 7 255 on Pobeda’s flights please refer to the respective section of the presentation Other preparatory measures Highlight 0 0 • The 2018 World Championship is expected to result in traffic flow growth between city-pairs during the championship (mid-June – mid-July 2018) yet there is still risk of substitution effect (passengers travelling for holidays and fans). Also necessity to host the event at the highest level will inccur additional expenses. Table line colour 178 23 178 178 FINANCIAL OVERVIEW SHAMIL KURMASHOV DEPUTY CEO FOR COMMERCE AND FINANCE Guidance

232 Chart Colours 235 240 Aeroflot Group – operating targets 2017 and 2018 Indicator 9M 2017 YTD 2017 Updated Targets 2018 Target 182 196 204 Passenger +16.8% +14%-15% +11%-12% Traffic (PAX) 135 157 Passenger 179 +18.0% +15%-16% +9%-10% Traffic (RPK)

0 112 Capacity (ASK) +16.2% +14%-15% +9%-10% 192

59 Passenger Load 100 83.7% > 82.0% 82.0%+ Factor (%) 135 Aeroflot Group – financial targets 0 176 80 Indicator Short-mid term 2019 and beyond

22 44 Growth in line with operating 66 Revenue • 2017: +7%+ yoy growth expansion, company will target to growth • 2018: acceleration to 10-11%+ (ex FX), positive pricing effect achieve positive impact from yields 1 (ex FX) 40 120

• Pressure from fuel price, cockpit wage indexation Introduction of IFRS 16 (all lease 0 Costs recognized on BS, Operating lease Message text 128 • Selective investment in product improvement 0 cost migrates to depreciation and Interest) = EBITDA margin affected. Currently we are selecting the most 255 • Normalized level of approx. 10% with possible up and down efficient approach to standard Highlight 0 EBITDA margin 0 deviation based on the macro and market conditions application and analysing PL effects.

Table line colour 178 25 178 178

QUESTIONS AND ANSWERS SESSION

Aeroflot Group Capital Markets Day 2017 Dmitry Saprykin Chief Executive Officer Russia Airlines – Regional Product for Savvy Passengers

Business Highlights Airport Hubs and Fleet

1 Focus on the mid-price segment (optimal price & quality combination)

41 routes 31 aircraft from LED based at LED

St. Petersburg (LED) 2 Strong position in St. Petersburg - second largest market in Russia 14 routes 30 aircraft Moscow from VKO based at VKO (VKO)

Diversified operations with secondary base at 2 routes 3 Rostov from ROV - Moscow’s Vnukovo airport (ROV)

Focus on regional flights with selective exposure 4 Base airport Other airports (with P-t-P flights) to key international markets Based in LED Based in VKO

Strong positions in charter segment – long-term A320 Family B737 B777 B747 5 partnership with Biblio Globus (Russia’s largest tour operator) 31 aircraft 15 aircraft 6 aircraft 9 aircraft

• Aeroflot Group’s regional business was reorganised in 2016, when Rossiya Airlines merged with and . • Rossiya Airlines helps the Group capture all market segments and secures presence in the second largest domestic market – St. Petersburg. St. Petersburg – Second Largest Market in Russia

Pulkovo – Largest Regional Airport High Market Seasonality

million PAX CAGR: 12M 2016, million PAX (3.6%) +24.2% 1.8 14.3 1.6 13.5 13.3 12.6 1.4 10.2 1.2 7.1 5.6 5.0 5.0 1.0 4.0 0.8 0.6 7.9 8.3 7.7 7.2 6.2 0.4 0.2 0.0 2014 2015 2016 9М 2016 9М 2017 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Domestic International Domestic International Total

Established Links to Cities in Russia and Abroad Strong Market Position with Prospects for Growth

9M 2017, by number of seats 9M 2017, number of seats Rossiya Foreign carriers 24.8% Aeroflot Moscow 24.8% S7 Group 31.7% 35.6% 29.9% Other domestic regions Ural airlines Utair International 10.2% Pobeda 34.5% 13.3% 2.3% Other Russian carriers Russian carriers 7.7% 75.2% 4.5% Foreign carriers 5.5% • St. Petersburg is Russia’s largest regional market, with a large tourist component in the international segment, particularly in the summer season, and significant number of business passengers on domestic routes. • Rossiya is the leading airline in one of the country’s key markets. Rossiya Network

Rossiya Airline’s Network (Winter Schedule 2017/2018) Number of Scheduled Routes

Murmansk 46 41

Arkhangelsk Syktyvkar Saint-Petersburg Magadan

Perm Kaliningrad Kazan Moscow Krasnoyarsk Omsk 18 Samara Chelyabinsk Novosibirsk Petropavlovsk-Kamchatskiy 16 14 Düsseldorf Orenburg Astana Rostov Khabarovsk Yuzhno-Sakhalinsk Milan Anapa Alma-Ata 2 Nice Adler Mineralnye Barcelona Istanbul Vody Samarkand Larnaca from St. Petersburg from Moscow from Russian regions Summer 2017 Winter 2017/2018

Rossiya Traffic Decomposition (9M 2017) Average Weekly Flight Frequency per Route

St. Petersburg Moscow Regions 8.3

5.3

Scheduled 42.1% 20.4% 3.0% 65.5% 4.5

2.1

Charter 6.9% 20.3% 7.2% 34.5% Domestic International International Rossiya Total Scheduled Scheduled Charter

• Scheduled passenger throughput from St. Petersburg forms the majority of Rossiya’s traffic; the airline’s secondary base in Moscow contributes the same level of passenger numbers but with a higher proportion from the charter segment. Operating Performance

Passenger Traffic Passenger Capacity Passenger Load Factor million PAX billion ASK %

+5.9 p.p. +32.6% +43.7% 92.0% 9.0 26.6

+1.9 p.p. +18.5% 6.8 86.1% 18.5 +30.2% 85.0% 5.7 (1.9 p.p.) +64.9% 83.2% 4.8 14.7 +66.2% 81.3% 11.9 11.3 3.3 79.4% 7.2 2.0

Total International Domestic Total International Domestic Total International Domestic

9M 2016 9M 2017 9M 2016 9M 2017 9M 2016 9M 2017

• In 2017 Rossiya significantly grew its operational volumes as capacity increased and demand for international flights revived. • High demand and the development of the charter segment supported high passenger load factor.

Note: 2016 data presented pro-forma (incl. operational results of Donavia and Orenair). Charter Segment

Highlights Growing Volumes of Charter Segment…

Key partner • Biblio-Globus PAX growth, million Revenue growth, RUB billion

Network • Popular international and Russian tourist routes >2.8x >2.6x Fleet • 8 Boeing 737-800 narrow-bodies • 7 Boeing 747-400 wide-bodies 3.1 • PAX: 3.1 million (>2.8x y-o-y), 21.7 Results • International + 73.1% • Domestic + 26.9% (9M 2017) • RPK: 10.1 billion pkm (>2.9x year-on-year) • PLF: 96.2% (+3.3 p.p. year-on-year) • Charter partner pays the cost of providing commercial capacity on the aircraft to carry passengers, luggage and cargo on each flight (aircraft Contract capacity price), which includes: 1.1 8.2 terms - direct costs of flight operation; - payment for flight hours based on number of flight hours for the flight and cost of flight hour for the aircraft type Length • Contract through 2018 • Plan to extend to 2022 9M 2016 9M 2017 9M 2016 9M 2017

Top 5 Charter Routes by PAX … Leads to Structural Changes in Business Mix thousand PAX RPK, 9M 2016 RPK, 9M 2017 Total Share of Rossiya’s 301.1 PAX – 35.4% 264.9 253.1 24,9% 44,6% 140.2 136.2

Moscow – Moscow – Moscow – St. Petersburg Moscow – Antalya Larnaca Sochi – Larnaca Phuket Scheduled Charter

• Charter segment has grown significantly, and has almost doubled its share of RPKs to 45%. Fleet Composition and 2018 Development Plan

Rossiya Airline’s Fleet Breakdown Rossiya’s Fleet by Type of Aircraft

31.12.2017 31.12.2018 Aircraft Type Change (expected) (plan) 23.0% Narrow-body Airbus A319-100 26 23 (3) Wide-body

77.0% Airbus A320-200 5 6 1

Boeing 737-800 16 16 -

Narrow-body 47 45 (2) Rossiya’s Fleet by Type of Ownership

Boeing 747-400 9 9 -

14.8% Boeing 777-300 5 10 5 Finance lease

Operating lease Wide-body 14 19 5 85.2%

Total fleet 61 64 3

• Rossiya’s fleet consists of 61 airliners. The airline plans to add wide-bodies and take a number of narrow-bodies out of operation.

Note: Excluding six An-148 aircraft which were subleased.

Focus for Rossiya in 2018 and Beyond

1• Further development of the route network in the scheduled and tourist segments, with tactical adjustments:

• Increase capacity on domestic routes

• Optimisation of a number of flights in the international segment (reopening of Egypt provides opportunities)

2• Regular passenger flights on available routes to the Far East and South of Russia

3• Transfer of Boeing 777-300 wide-bodies used on flights to Far East to SVO (SU code) in late 2018-early 2019 depending on infrastructure availability to promote connecting synergies

4• Growth of the wide-body fleet, with five Boeing 777-300ERs added in 2018

5• Long-term targets:

• Further increase of operational efficiency: increased flight time per aircraft, cost optimisation including by fleet renewal

• Development of St. Petersburg base, including long-haul operations and European network Thank you for your attention! Aeroflot Group Capital Markets Day 2017 Low Cost Carrier - Pobeda

Andrey Kalmykov Chief Executive Officer Graphics source files saved at Pobeda Airlines \\Iblns001vf\aeroflotcs\02 Presentations\2017\Graphics\ AI\02 Cover A4_Pobeda.ai

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13 December 2017 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 Pobeda – Russia’s First Low-cost 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Carrier 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 Network Overview Fleet Overview 179 1.98” / 5.04cm 33 85 Heading Boxes 50  > 80 routes in total (2017)  12 Boeing 737-800NG¹ 113 102 200  47 routes in Winter Schedule 2017/2018  4 Aircraft delivered in 2017 Primary Eight 0 137 Chart Colours 152 221 214 – 33 domestic destinations 255  < 3y Average age of the fleet 102 – 14 international destinations 194 Page Setup 189 229 Width: 29.7cm (11.69”) 229  14 unique destinations (cities) for the Group 245 Height: 21.0cm (8.27”) Prints as A4 0 128 0.28” / 0.70cm 130 Efficiency Metrics Key Highlights (9M 2017) 214 Page Setup should 193 255 0.64” / 1.63cm only be changed if 185  One of the Most fuel efficient LCCs among  Top 7 largest airline in Russia 227 banker requests a 202 European airlines 234 specific size. If this is 210  18.7k Flights 237 the case, note the banker name and 229  25 minutes of airplane turnaround time  3.3mln PAX instructions in this box 10 128  96.8% passenger load factor in 3Q 2017  RUB 16.0bn in revenues 33  RUB 6.7bn in EBITDAR 50  6.0k PAX per employee² 102 2.81” / 7.14cm

77 3.16” / 8.02cm 204 ¹ As of 30 September 2017; ² Based on 30.09.2017 LTM passenger traffic and average headcount over the period 255

163 215 2 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 Pobeda Recognized as One of 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 the Most Efficient LCC in the Industry 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 179 1.98” / 5.04cm 33 85 Heading Boxes 50 113 CASK 102 3.0 3.61 5.82 3.13 3.7 4.14 200 (EUR cents) Primary Eight 0 137 Chart Colours 152 221 214 255 Single class Yes Yes Yes Yes Yes Yes 102 194 Page Setup 189 229 Width: 29.7cm (11.69”) 13.1 229 Aircraft utilization rate 245 Height: 21.0cm (8.27”) (15+ in summer 10.4 10.9 13.5 12.1 up to 15.0 (hours) Prints as A4 0 season) 128 0.28” / 0.70cm 130 214 193 Fleet composition & B737-800, A320Neo, 255 0.64” / 1.63cm Page Setup should B737-800 B737-800 A319, A320 A320, A321 A320 Family only be changed if average age A321Neo 185 Avg Age: <3.0 Avg Age: 6.5 Avg Age: 7.1 Avg Age: 4.5 Avg Age: 3.0 227 banker requests a (years) Avg Age: 5.9 202 234 specific size. If this is 210 237 the case, note the Ancillary revenue 5.9 14.01 13.52 29.33 10.13 NA banker name and 229 (EUR per PAX) instructions in this box 10 128 Use of secondary All International Half of Airports are Focused on Primary Majority of Flights Majority of Flights Majority of Flights 33 airports Flights Secondary Airports 50 102 2.81” / 7.14cm Source: Company data, public data 77 1 For 12 month ended 31 March 2017; 2 For 12 months ended 30 September 2017, financials are converted at GBP/ EUR exchange rate of 0.87; 3 For 6 months ended 30 September, 2017 ; 4 3.16” / 8.02cm 204 For 12 months ended 31 December 2016, financials are converted at AED / EUR exchange rate of 4.06. 255

163 215 3 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Development Milestones 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 179 1.98” / 5.04cm 33  PLF reaches historical high of 96.8% in Q3 2017 85 Heading Boxes 50  Active development of intra-regional flights as well 113 102 as international flights from the regions 200  Addition of 4 aircraft in Q4 2017 Primary Eight 0  Pobeda becomes Top-10 airline in  Cumulative PAX of c. 4.6 mln expected by the 137 Chart Colours 152 Russia year-end 221 214  Seasonal flights to Sochi and 255 Anapa are conducted from the 102 194 Page Setup regions 189  Launch of international flight service 229 Width: 29.7cm (11.69”) 229 245  Cumulative PAX of 3.1 mln Height: 21.0cm (8.27”)  First flight from Prints as A4 0 Moscow to Volgograd in  Total fleet of 12 aircraft as of year- 128 0.28” / 0.70cm 130 December end 214 Page Setup should 193  Total fleet of 8 aircraft 255 0.64” / 1.63cm only be changed if as of year-end 185 227 banker requests a 202 234 specific size. If this is 210 237 the case, note the banker name and 229 instructions in this box 10 128  Development of international 33 network and intra-regional flights 50  Pobeda enters St. Petersburg market 102 2.81” / 7.14cm  Cumulative PAX exceeds 4 mln 77 3.16” / 8.02cm 204 255

163 215 4 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Operational Highlights (1/2) 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 Number of Flights Capacity & Load Factor 179 1.98” / 5.04cm 33 81.2% 88.3% 87.6% 94.5% 85 Heading Boxes 50 113 27.9% 102 32.4% 200

0 137 Primary Eight 3.9% Chart Colours 152 (5.2%) 221 214 25,668 255 7,606 3,208 102 194 Page Setup 189 20,063 19,690 1,334 229 Width: 29.7cm (11.69”) 48 18,673 6,062 229 5,746 18 5,837 245 Height: 21.0cm (8.27”) 2,212 3,616 Prints as A4 0 941 1,504 128 0.28” / 0.70cm 130 214 193 255 0.64” / 1.63cm Page Setup should 22,460 only be changed if 20,015 6,272 185 17,478 5,729 227 banker requests a 4,896 202 15,057 4,558 234 specific size. If this is 210 237 the case, note the banker name and 229 instructions in this box 10 128 2015 2016 9M 2016 9M 2017 2015 2016 9M 2016 9M 2017 Domestic International 33 Domestic Flights (ASK, mln) International Flights (ASK, mln) 50  Pobeda continuously focuses on increasing the number of  For 9M 2017, Pobeda’s seat load factor reached 95%, one of 102 flights of its fleet, driving capacity utilization and operational the highest levels in the Russian airline space 2.81” / 7.14cm efficiency levels 77 3.16” / 8.02cm 204 Source: Company data 255

163 215 5 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Operational Highlights (2/2) 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 Flight Hours Average Daily Flight Hours per Aircraft 179 1.98” / 5.04cm 33 85 Heading Boxes 50 113 102 200 31.4% 4.3% 4.7% 9.2% Primary Eight 0 137 Chart Colours 152 221 214 255 53,892 13.1 12.3 12.5 102 1 194 Page Setup 11.3 189 42,949 229 41,165 Width: 29.7cm (11.69”) 229 41,017 245 Height: 21.0cm (8.27”) Prints as A4 0 128 0.28” / 0.70cm 130 214 Page Setup should 193 255 0.64” / 1.63cm only be changed if 185 227 banker requests a 202 234 specific size. If this is 210 237 the case, note the banker name and 229 instructions in this box 10 128 2015 2016 9M 2016 9M 2017 2015 2016 9M 2016 9M 2017

33 50  Significant increase in the flight hours due to opening of new  For 9M 2017, daily utilization rate of Pobeda’s fleet reached routes and efficient utilization of the fleet 13.1 hours (exceeding 15h during peaks) – one of the highest 102 2.81” / 7.14cm levels in the industry 77 Source: Company data 3.16” / 8.02cm 204 1 Average number of aircraft calculated as number of a/c at the beginning of the period plus number of a/c at the end of the period divided by two 255

163 215 6 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Financial Highlights (1/3) 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 Revenue (RUB mln) Operating Expenses (RUB mln) 179 1.98” / 5.04cm 33 85 Heading Boxes 50 113

102 70.1% 14,697 200 3.6% 11,585 7.5% 11,791 1.8% 0 6.1% 10,516 137 Primary Eight 25.0% 10.3% 152 1.8% 10.0% 7.5% 221 Chart Colours 21.0% 214 25.2% 12.1% 26.7% 255 19,131 12.9% 12.0% 22.7% 12.1% 23.6% 102 18.6% 23.8% 194 16,002 Page Setup 189 15,723 28.2% 28.9% 30.4% 30.5% 229 Width: 29.7cm (11.69”) 229 (0.4)% 245 2015 2016 9M 2016 9M 2017 Height: 21.0cm (8.27”) Fuel Aircraft, Traffic and Passenger Servicing Staff Prints as A4 0 11,248 128 0.28” / 0.70cm Operating lease Maintenance Other 130 214 Page Setup should 193 Pobeda’s Headcount, 30.09.2017 255 0.64” / 1.63cm only be changed if 185 Ground Crew 227 banker requests a 202 803 total headcount and Other 234 specific size. If this is 210 23% 237 the case, note the Cabin Crew 50% banker name and 229 67 employees per aircraft 2015 2016 9M 2016 9M 2017 instructions in this box 10 Cockpit Crew 128 6.0k PAX per employee¹ 27% 33 50  Revenue growth was primarily driven by volume and increase  Growth in operating expenses was mainly attributed to 102 in PLF as number of aircraft remained flat in 9M 2017 growth of fuel costs, increase in maintenance expenses as 2.81” / 7.14cm well as aircraft and traffic servicing costs amid growing 77 Source: Company data volumes of business 3.16” / 8.02cm 204 ¹ Based on 30.09.2017 LTM passenger traffic and average headcount over the period 255

163 215 7 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Financial Highlights (2/3) 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 RASK (RUB) CASK (RUB) 179 1.98” / 5.04cm 33 (2.0%) 85 28.5% Heading Boxes 50 2.02 113 102 1.93 1.94 200 0.12 0.07 0.03 2.69 2.64 1.80 0 0.20 0.20 137 Primary Eight 2.52 0.14 0.13 Chart Colours 152 221 214 255 0.41 0.51 0.48 0.48 102 1.96 194 Page Setup 189 229 Width: 29.7cm (11.69”) 0.25 229 0.23 245 Height: 21.0cm (8.27”) 0.24 0.22 Prints as A4 0 128 0.28” / 0.70cm 130 0.46 214 0.37 0.44 0.43 Page Setup should 193 255 0.64” / 1.63cm only be changed if 185 227 banker requests a 202 234 specific size. If this is 210 0.57 0.56 0.55 0.59 237 the case, note the banker name and 229 instructions in this box 10 2015 2016 9M 2016 9M 2017 2015 2016 9M 2016 9M 2017 128 Fuel Aircraft, Traffic and Passenger Servicing Staff 33 Operating lease Maintenance Other 50  RASK growth was slightly impacted by increasing  Pobeda has significant cost advantages over other Russian and Foreign carriers. 102 competition on domestic routes and promotions aimed at 2.81” / 7.14cm increasing brand awareness  Increase in CASK was mainly driven by higher maintenance as 77 average age of the fleet increased to 3 years and higher fuel price 3.16” / 8.02cm 204 Source: Company data 255

163 215 8 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Key Financial Highlights (3/3) 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 EBITDAR and EBITDA (RUB mln) Net Income (RUB mln) 179 1.98” / 5.04cm 33 85 Heading Boxes 50 23% NM 42% 23% 51% 33% 42% 26% NM 20% 28% 23% 113 102 200 4,339 Primary Eight 0 8,122 8,021 137 3,747 3,619 Chart Colours 152 221 214 6,703 255 5,214 102 194 4,442 Page Setup 189 4,230 229 Width: 29.7cm (11.69”) 229 245 Height: 21.0cm (8.27”) 2,587 Prints as A4 0 128 0.28” / 0.70cm 130 214 Page Setup should 193 255 0.64” / 1.63cm only be changed if 185 (328) (80) 227 banker requests a 202 2015 2016 9M 2016 9M 2017 2015 2016 9M 2016 9M 2017 234 specific size. If this is 210 EBITDAR, RUB mln EBITDA, RUB mln NI margin, % 237 the case, note the EBITDAR margin, % EBITDA margin, % banker name and 229 instructions in this box 10 128  Revenue growth was offset by the less favourable fuel cost environment, increased spending on maintenance and staff cost 33 growing ahead of fleet expansion, resulting in pressures on margins compared to 9M 2016 results 50 102 2.81” / 7.14cm

77 3.16” / 8.02cm 204 Source: Company data 255

163 215 9 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Future Development Plans 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 179 1.98” / 5.04cm Over the Next Years We Plan To … Resulting in Strong PAX 33 Which Will Allow Us To Expand Our Route Network1 85 Heading Boxes 50 Increase Our Fleet Size… Growth Well Above the Market 113 102 Current Destinations 200 New Destinations Murmansk

Primary Eight 0 137

152 221 Chart Colours = 12

214 = 4.3mln 255

2016 2016 102 194 Page Setup 189 229 Width: 29.7cm (11.69”) 229 245 Height: 21.0cm (8.27”) Surgut +25% CAGR +24% CAGR Prints as A4 0 Saint Petersburg 128 0.28” / 0.70cm Perm Tyumen 130 Moscow 214 Nab. Chelny Ekaterinburg 193 Kazan 255 0.64” / 1.63cm Page Setup should Chelyabinsk Nizhnekamsk Ufa NovosibirskKrasnoyarsk Leipzig Saransk

only be changed if Paderborn Belgorod

185 227 banker requests a Samara = 45 Cologne Nuremberg =c15.7mln 202 Volgograd 234

specific size. If this is Memmingen Rostov 2022F 210 2022F 237 Bordeaux Verona Krasnodar the case, note the Anapa Krasnodar Bergamo Nazran banker name and Pisa Gelenzhik 229 Makhachkala Girona Sochi Kutaisi Tivat Istanbul instructions in this box 10 Reus 128 Gyumri Alanya Paphos Larnaca 33 • 4 Boeing 737-800NG to be 50 delivered in 4Q 2017 Network Development Principles 102 • 29 Boeing 737-800NG to be 2.81” / 7.14cm delivered in 2018-2022  Low frequency (< 14 flights per week) 77  Exploiting underserved and smaller markets, including inter-regional routes 3.16” / 8.02cm 204 1New destinations shown for 2018  Expanding international flights to secondary airports 255

163 215 10 239 5.30” / 13.46cm 0.13” / 0.33cm 0.13” / 0.33cm 5.30” / 13.46cm

33 65 Secondary Eight 50 193 Body Text Chart Colours 102 255 The GS logo and IBD identifier must appear 255 213 on every slide unless the banker has Background 255 Pobeda’s Peer Group Overview 223 obtained approval for their removal. You can 255 228 position them in the header or footer and resize as necessary 227 248 Message Box, 238 99 Table Highlight 2.36” / 5.99cm 249 179 1.98” / 5.04cm 33 LTM, 30.09.2017, in 85 Heading Boxes 50 millions EUR (if not 113 102 indicated otherwise) 200

Primary Eight 0 137 Chart Colours 152 Year of Incorporation 2014 1985 1995 2003 1990 2003 221 214 255

102 Passenger traffic 194 Page Setup 189 (million passengers, 4.4 127.1 80.2 26.9 26.8 8.6 229 Width: 29.7cm (11.69”) 229 LTM, 30.09.2017) 245 Height: 21.0cm (8.27”) Prints as A4 0 128 0.28” / 0.70cm 130 Revenue 298 6,942 5,794 1,799 1,294 912 214 Page Setup should 193 255 0.64” / 1.63cm only be changed if 185 227 banker requests a 202 Net Income 49 1,410 350 281 67 149 234 specific size. If this is 210 237 the case, note the banker name and 229 Market Capitalization, n/a 19,393 6,454 4,028 710 1,315 instructions in this box 10 millions EUR (14.12.2017) 128

Source: Bloomberg, Company data, public data 33 Note: Peers’ data obtained from Bloomberg on 15.12.2017 (except for passenger traffic). Income (Loss) from Continuing Operations used to derive comparable Net income data after tax. Data 50 annualized for the last twelve months preceding 30.09.2017 (9M 2017 + 4Q 2016). Pobeda’s financials annualized for the last twelve months preceding 30.09.2017, data converted from RUB 102 according to respective reporting periods average FX rates for periods used in the calculation (9M 2016, 12M 2016, 9M 2017). Passenger traffic data obtained from carriers’ websites. 2.81” / 7.14cm  We aim at expansion of Pobeda’s business, which will result in growing contribution of Company to the Group’s operating and 77 financial results and higher shareholder value 3.16” / 8.02cm 204 255

163 215 11 239 Graphics source files saved at

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13 December 2017