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AEROFLOT GROUP Q3 & 9M 2020 IFRS R ESULTS 1 December 2020 Speakers: Andrey Chikhanchin – Deputy CEO for Commerce and Finance Andrey Panov – Deputy CEO for Strategy, Service and Marketing Ivan Batanov – Head of Revenue Management 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 Aeroflot Group Q3 2020 Highlights Total PAX Decline Strong Domestic PAX Recovery of Revenue Raising Liquidity Million PAX Million PAX Billion RUB RUB (45.3)% (7.3)% 3.3x 10.3 mln 84.9 18.5 80 bn Proceeds from share placement 10.1 9.5 mln 25.5 70 bn Loan agreements backed by state Q3 2019 Q3 2020 Q3 2019 Q3 2020 Q2 2020 Q3 2020 guarantees Note: immaterial deviations throughout the presentation are explained by rounding In Q3 2020 the Group recovered a significant portion of operations and improved financial performance compared to Q2 raising additional liquidity to withstand headwinds of the coming low season. 3 1. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 1: Strategy 2028 6. Appendix 2 4 Overview of the Russian Market Passenger Traffic: Market vs Aeroflot Group Key Market Players Russian Air Transportation Market (million PAX) Change in PAX million incl. PAX of Russian and Foreign Carriers and intl. transit PAX -23.7 (50.9)% 23.1 -12.5 International Routes 114.0 Domestic Routes -4.7 -2.9 -2.8 12.4 9.2 -11.5 (47.1)% 4.5 57.7 3.6 3.4 47.8 56.0 Aeroflot S7 Group Ural Airlines UTair Group Foreign Others 14.2 24.8 25.3 Group Carriers 2.6 56.3 41.8 23.1 22.7 Market Shares 9M 2019 9M 2020 Q3 2019 Q3 2020 9M 2019 9M 2020 Aeroflot Group (million PAX) (50.7)% 21.8% 22.2% (45.3)% 41.0% 41.2% 46.7 6.0% 13.0% 6.3% 21.0 18.5 5.6% 23.1 8.0% 8.3 10.1 6.5%12.1% 16.3% 5.2 0.6 25.8 17.9 10.3 9.5 9M 2019 9M 2020 Q3 2019 Q3 2020 Foreign Carriers Others Source: TCH, Aeroflot Group. Figures include foreign carriers’ traffic. The market’s and Aeroflot Group’s performance substantially improved in Q3, though remained under pressure due to ongoing restrictions for international operations. 5 Domestic Market Recovery in Q3 2020 Total PAX Traffic Trends: Q2 vs Q3 Domestic PAX Traffic Trends: Q2 vs Q3 Million PAX Million PAX 47.8 38.1 (87.9)% (47.1)% (75.8)% (1.5)% 18.4 23.1 22.7 25.3 4.5 4.6 Q2 2019 Q2 2020 Q3 2019 Q3 2020 Q2 2019 Q2 2020 Q3 2019 Q3 2020 Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations Domestic segment which contributes around half of the total Russian market posted rapid recovery after easing of domestic travel restrictions in June 2020. 6 Russian Domestic Market: Global Champion by Recovery Pace Russian domestic PAX has recovered almost immediately… … with PAX growth in various regions. Domestic PAX, y-o-y Selected Russian Airport Statistics (PAX), September, y-o-y change Jan Feb Mar Apr May Jun Jul Aug Sep 5% 8% 6% 7% Murmansk + 15% (15%) (16%) (59%) Source: TCH (87%) (84%) Kaliningrad Kirov + 35% … making Russian market the fastest to recover globally… + 47% September 2020, y-o-y Ulyanovsk Domestic markets RPK PLF (pp) PLF World share + 47% Anapa World -43% -12% 70% 36.2% +73% Russia 7% -3 pp 82% 1.5% China -3% -4 pp 79% 9.8% Sochi Makhachkala Brazil -55% -1 pp 81% 1.1% +41% +25% Japan -59% -20 pp 58% 1.1% USA -65% -26 pp 57% 14.0% Australia -89% -28 pp 54% 0.8% Source: IATA, FAVT, data for Russian market is taken from FAVT, world market share is based on FY2019 Source: based on FAVT and airport data Russian domestic market – the only one among key global markets to fully recover, already in August 2020 – just 1.5 months after the lockdown was over (based on IATA statistics). 7 Aeroflot Group Performance Across Different Brands Brand Business Model 9M 2020 PAX Contribution1 and Dynamics October 2020 • Flagship carrier -59.1% • Premium product (4 Stars) 50.4% 28.4 -66% PAX Premium • High income and middle class 11.6 11.6 -69% ASK • Hub and spoke model 9M 2019 9M 2020 -16.7% • Point-to-point carriage 7.6 • Focus on domestic 6.3 +11% PAX Low Cost 6.3 segment and underserved 27.4% international routes +7% ASK 9M 2019 9M 2020 • Scheduled network under SU -52.2% (Aeroflot) code from 9.4 -41% PAX − Moscow (SVO) Mid-price 4.5 19.6% 4.5 − St. Petersburg (LED) -47% ASK • Charter operations 9M 2019 9M 2020 • Airline for communities in the -52.2% Russian Far East offering 1.3 -54% PAX flights 2.7% Regional 0.6 0.6 − between large cities -42% ASK − to remote cities 9M 2019 9M 2020 Source: Aeroflot Group 1 PAX contribution as of 9M 2020. Absolute number of passengers in million in green circle In Q3 2020 the Group recorded continued recovery of the domestic segment, but the overall result for 9M 2020 was still under pressure from international segment’s slower reopening. 8 Pobeda Airline: Timely Value Proposition Overview Total PAX dynamics in 2020 mn PAX, change y-o-y Growing PAX numbers from July 2020 2019 2020 after restarting operations in June 3.4 3.0 2.5 2.5 6.3 mm PAX 2.0 transported in 9M 2020 (-16.7% y-o-y) 92.7% PLF 0.4 LF remained high in 9M 2020 despite ongoing pressure 34 B737NG aircraft Q1 Q2 Q3 with single class cabin (189 seats) 17 p.p. RPK mix shift 22.2% (82.5)% 12.1% from international to domestic in 9M 2020 y-o-y Beginning of 2020 route network Operating Indicators of October 2020 Petrozavodsk Surgut Helsinki Traffic above 2019 levels 14 Saint Petersburg Kirov Perm Krasnoyarsk Moscow Kazan Ekaterinburg Tomsk Riga Novosibirsk 62 Cheboksary Nizhnekamsk Tyumen Ulyanovsk Kaliningrad Chelyabinsk Omsk Kemerovo Samara Magnitogorsk Eindhoven Berlin Ostende Leipzig Ulan-Ude 6 045 91.5% Cologne Karlovy Vary Baden-Baden Salzburg Volgograd Memmingen Bratislava Rostov 1 044,3 Innsbruck Astrakhan Bergamo Krasnodar Venice Anapa Min.Vody Genova Gelendzhik Nazran Pisa Rimini Varna Sochi 12 Tivat Vladikavkaz Makhachkala Girona Rome Tbilisi Bari Istanbul Batumi Gyumri Cagliari Palermo Traffic, th PAX Revenue flights, PLF, % Antalya Catania Bodrum Gazipaşa cycles Dalaman Larnaca Cities the airline operates flights to Base cities with >10 routes served from city 10.6% 15.6% (4.2) p.p. XX Cities with <10 routes served from city (number of routes in circle) Source: Aeroflot Group Pobeda continues to lead the industry recovery leveraging its value proposition appealing to cost conscious passengers. 9 1. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 1: Strategy 2028 6. Appendix 2 10 Aeroflot Group Network Adjustments Beginning of 2020 route network Stockholm Oslo Helsinki Tallinn Murmansk Salekhard Arkhangelsk New Urengoy Syktyvkar Khanty Mansiysk Riga Saint Petersburg Surgut Nizhnevartovsk Yakutsk MOSCOW Nizhnekamsk Perm Copenhagen Ekaterinburg Magadan Minsk Nizhny Novgorod Tyumen Kemerovo Kaunas MOSCOW Samara Krasnoyarsk Hamburg Kaliningrad Omsk Novosibirsk Novokuznetsk Kazan Tomsk Amsterdam Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan Irkutsk P. Kamchatsky Hannover Berlin Minsk Saratov Kostanay London Warsaw Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Barnaul Dusseldorf Orly Prague Belgorod Volgograd Aktobe Khabarovsk Munich Karaganda Brussels Dresden Paris Chisinau Rostov Atyrau Ulan Bator Harbin Yu.