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Home , Aeroflot, Rossiya Airlines, Sergey Chemezov, Ural Airlines

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. Sakhalinsk Vienna Astrakhan Frankfurt Prague Milan Gelenzhdik Stavropol Almaty Nice Rimini Simferopol Paris Vienna Chisinau New York Anapa Adler Aktau Shymkent Beijing Vladivostok Stuttgart Rome Burgas Sochi Makhachkala Bishkek Budapest Barcelona Tivat Varna Mineral Waters Baku Tashkent Zurich Munich Istanbul Yerevan Samarkand Krasnodar Dalian Geneva Washington Antalya Tokyo Teheran Seoul Lyon Belgrade Larnaca Milan Venice Beirut Busan Bucharest Los Angeles Nice Tel Aviv Delhi Shanghai BolognaSplit Zagreb Barcelona Sofia Miami Rome Tivat Dubai Guangzhou Istanbul Havana Madrid Thessaloniki Tbilisi Hong Kong Valencia Hanoi Lisbon Alicante Athens Antalya Malaga Bangkok Heraklion Larnaca Ho Chi Minh City Phuket

Male

Aeroflot routes Tenerife Rossiya routes Aurora routes

# of Flights Evolution by Region, 9M 2020 y-o-y1 2020 Domestic Scheduled Network (flights per day, av.)

Russia (27.9)% 409 132 327 Europe (73.0)%

Asia-Pacific (69.8)% 30 North & Central America (68.4)% 130 199

CIS (70.7)%

Middle East & Africa (68.0)% 93 40 157

Total (47.1)% Q1 Q2 Q3 Source: Aeroflot Group Note: 1 Scheduled flights of Aeroflot Group in 9M 2020 vs. 9M 2019 (excluding Pobeda LCC) Despite recovery of domestic segment international flights have mostly been under continued pressure. 11 Aeroflot Group Network Adjustments

Gradual reopening of international network Turkey market recovered 3 weeks after reopening

Aeroflot Airline, number of one-way weekly flights Aeroflot Airline, thousand PAX 39.6% Aug Sep Oct Nov Nov Istanbul Destination 89.5 20 20 20 20 19 +23% London 11 14 11 11 32 64.1 Belgrade - - 2 2 21 Antalya Geneva 1 1 2 3 14 +9% Istanbul 24 35 35 35 35 Antalya 14 14 28 14 14 Bodrum Dubai - 2 2 2 21 Sep'19 Sep'20 Dalaman (new) Cairo - 3 3 3 7 Male - 2 2 4 5 While others operate in line with deployed capacity Minsk - - 2 3 42 Bishkek - 1 5 7 14 Osh - - 4 6 7 London Nur-Sultan - 1 1 1 12 Geneva Tokyo - - - 1 7 Seoul - - 1 1 7 Dubai

Male Sep'2020 Sep'2019 + Indicator of relative ASK vs Cairo PAX performance Flights to select points in USA, EU, Asia (multiple destinations) for certain categories of passengers (passenger/cargo flights). 0.0 10.0 20.0 30.0 40.0 50.0

Source: Aeroflot Group Gradual reopening of international network indicates existing and delayed demand for international travel (based on load factors and yields performance) with Turkey market posting extraordinary performance in Q3. 12 Aeroflot Group Scheduled Flights Revenue Units

RUB RUB Q3 Scheduled Yield (PAX 0Revenue.7% / RPK) Q3 Scheduled RASK (PAX1.1 %Revenue / ASK) 3.2% RUB / RPK RUB / ASK 68.0% 35.5% 7.21

(24.5)% 4.94 (19.9)% (13.7)% (16.8)% 4.02 4.29 4.17 3.65 3.65 3.65 3.60 3.35 2.75 2.92

Domestic International Total Domestic International Total

RUB RUB 9M Scheduled Yield (PAX 0Revenue.7% / RPK) 9M Scheduled RASK (PAX1.1 Revenue% / ASK) 3.2%

RUB / RPK 1.4% RUB / ASK (12.2)% (7.0)% (20.9)% (18.1)% (9.2)% 4.07 4.13 3.93 3.18 3.24 3.21 3.76 3.66 2.84 3.41 2.51 2.63

Domestic International Total Domestic International Total % Y-o-Y increase 2019 2020 % Y-o-Y increase 2019 2020 Source: Aeroflot Group Note: Data presented based on management accounts, scheduled flights revenue is used for calculations

Negative though improving through the quarter yield dynamics in domestic segment due to extra capacity in the market and positive trends in international due to currency factor and extreme limitations on flights. 13 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

14 Fleet Update

Actual and expected additions 2020 Fleet Plans

Type of 9M 2020 Fleet as at aircraft Delivery Phase out 30.09.2020

Wide-body (long-haul) 1 (4) 56 In 9M 2020 Aeroflot Group operated 357 aircraft vs 364 A-330 - (4) 17 aircraft in 9M 2019 A-350 1 - 1 B-777 - - 29 B-747 - - 9 Narrow-body (medium-haul) - (3) 235 Part of the fleet is currently A-319 - - 30 temporarily grounded with A-320 - (3) 79 continuous rotation A-321 - - 33 B-737 - - 93 Narrow-body (regional) 6 (2) 66 SSJ-100 5 - 54 Further deliveries as well as DHC-8 1 (2) 9 phase-outs are being DHC-6 - - 3 discussed with lessors TOTAL 7 (9) 357

Aeroflot Group continues to control capacity expansion and negotiate with lessors amid demand shock caused by COVID-19. 15 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

16 Financial Highlights: Q3 and 9M 2020

Q3 2019 Q3 2020 Change Million RUB (where applicable) 9M 2019 9M 2020 Change

18,533 10,129 (45.3)% Passenger Traffic (mln PAX) 46,728 23,056 (50.7)%

212,543 84,861 (60.1)% Revenue 523,983 234,213 (55.3)%

190,323 73,984 (61.1)% PAX Traffic Revenue 462,034 193,575 (58.1)%

165,466 95,497 (42.3)% Operating Costs 462,288 290,968 (37.1)%

47,077 (10,636) n/a Operating Income/(Loss) 61,695 (56,755) n/a

73,379 20,088 (72.6)% EBITDA 141,675 31,180 (78.0)%

34.5% 23.7% (10.8) p.p. EBITDA Margin 27.0% 13.3% (13.7) p.p.

29,089 (21,136) n/a Net Income/(Loss) 20,305 (79,406) n/a

Financial results of 9M 2020 are impacted by weaker demand due to COVID-19, with Q3 financials showing significant improvement over Q2, following lifting of restrictions within Russia and gradual reopening of international segment. 17 Revenue Dynamics Decomposition

Revenue by Key Factors Revenue by Business Segments

Million RUB Million RUB 523,983 (244,903) 523,983 (251,826)

1,036 (21,135) (24,768) (16,633) 234,213 3,520 (24,831) 234,213

9M 2019 Volume Currency Pricing Other 9M 2020 9M 2019 Scheduled Charter Cargo Other 9M 2020 Passenger Passenger Revenue Flights Flights

Primary driver of revenue decline was scheduled passenger flights segment showing significant declines in every geographical segment. 18 Operating Costs

Operating Expenses Breakdown

Change Change Operating Expense Change Change % of OpEx Q3 2019 Q3 2020 9M 2019 9M 2020 y-o-y ex. FX (RUB mln if not stated otherwise) y-o-y ex. FX (9M 2020)

52,861 18,077 (65.8)% (66.8)% Fuel 145,569 62,006 (57.4)% (58.0)% 21.3%

112,605 77,420 (31.2)% (36.1)% Opex (ex. Fuel) 316,719 228,962 (27.7)% (29.9)% 78.7%

35,728 15,903 (55.5)% (58.5)% Aircraft and passenger servicing 96,893 48,840 (49.6)% (51.2)% 16.8%

26,302 30,724 16.8% 9.2% D&A and customs duties 79,980 87,935 9.9% 7.4% 30.2%

22,065 15,734 (28.7)% (29.2)% Staff 66,859 50,354 (24.7)% (25.1)% 17.3%

8,278 4,676 (43.5)% (45.1)% SG&A1 22,481 15,155 (32.6)% (33.7)% 5.2%

9,955 6,778 (31.9)% (49.9)% Maintenance 23,942 20,247 (15.4)% (24.7)% 7.0%

4,339 2,215 (48.9)% (54.2)% Communication Expenses 13,483 6,647 (50.7)% (53.9)% 2.3%

5,938 1,390 (76.6)% (78.4)% Other expenses2 13,081 (216) n/a n/a (0.1)%

165,466 95,497 (42.3)% (45.9)% Total Opex 462,288 290,968 (37.1)% (38.8)% 100.0%

1 Includes sales and marketing expenses and administration and general expenses. 2 Other expenses include short-term and immaterial lease, reserves accrual and reversal, catering, other income and 7.9 bn RUB government subsidy for lost traffic (Q2 2020). In 9M 2020 operating costs were significantly impacted by smaller volume of operations and supported by optimization initiatives. 19 Group Unit Costs

Unit Costs Dynamics Capacity: ASK adjustment

Billion ASK Operating Expense per ASK (CASK), RUB 9M 2019 9M 2020 Change (49.6)% Fuel 1.00 0.85 (15.5)% CASK (ex. Fuel): 2.18 3.13 43.5% 145.4 Aircraft and Passenger Servicing 0.67 0.67 0.0% D&A and Customs Duties 0.55 1.20 118.2% Staff 0.46 0.69 49.5% 73.3 SG&A 0.15 0.21 33.8% Maintenance 0.16 0.28 67.8% Communication expenses 0.09 0.09 (2.2)% Other Expenses 0.09 0.00 n/a Total CASK 3.18 3.97 24.9% 9M 2019 9M 2020

CASK Bridge

RUB / ASK 24.9% (2.7)% 21.5% 0.11 (0.00) (0.09) (0.11) 0.23 0.05 0.65

(0.15) 0.00 3.97 3.86

3.18 3.18

CASK 9M 2019 Fuel Aircraft and D&A and CD* Staff SG&A Maintenance Communication Other Expenses CASK 9M 2020 FX CASK 9M 2020 CASK 9M 2019 Passenger Expenses ex. FX Servicing Cost per ASK increased by 24.9% from RUB 3.18 in 9M 2019 to RUB 3.97 in 9M 2020 on the back of significant decrease in capacity and fixed costs allocated over reduced ASKs. 20 Fuel Cost Management

Aeroflot Airline Jet Fuel Price Fuel Efficiency

Thousand RUB per tonne of jet fuel (gramme / ASK)

50 2.5%

45 43.9 22.3 22.9

36.2 9M 2019 9M 2020 35 33.5 Average fuel price per tonne 30 31.1 Aeroflot Airline: 25 • 9M 2020: 36.2 thd RUB (-17.5% yoy).

20 • Q3 2020: 29.8 thd RUB (-31.3% yoy).

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 9M 1 (WA) • Sep 2020: 30.7 thd RUB (-29.1% yoy). 2020 2019 2015-2017 FY weighted averages Source: Aeroflot Group 1 Weighted average price for 9M (2019 and 2020) and 12M (2015-2017). On the back of oil price weakness staring from March 2020 jet fuel prices moved towards more comfortable levels, which is supportive for the industry in the current environment. 21 Pobeda Financial Results

PAX Traffic and Other Operating Metrics Pobeda Statement of Profit and Loss (IFRS, standalone) Million PAX, dynamics y-o-y (16.7)% 7.6 Q3 2019 Q3 2020 Change Million RUB 9M 2019 9M 2020 Change 6.3 12.1% 3.4 3.0 19,320 15,846 (18.0)% Revenue 40,779 28,487 (30.1)%

9M 2019 9M 2020 Q3 2019 Q3 2020 11,920 10,480 (12.1)% Operating Expenses 32,484 24,663 (24.1)%

1 Operating Income / RASK 7,400 5,367 (27.5)% 8,295 3,824 (53.9)% (Loss) RUB / ASK, dynamics y-o-y (22.6)% (13.7)% 3.39 38.3% 33.9% (4.4) p.p. Operating margin 20.3% 13.4% (6.9) p.p. 2.80 2.42 2.63 Adjusted Net 4,222 3,650 (13.5)% 7,423 1,220 (83.6)% Income / (Loss)2

9M 2019 9M 2020 Q3 2019 Q3 2020 9,483 7,632 (19.5)% EBITDA 14,173 10,383 (26.7)%

CASK 49.1% 48.2% (0.9) p.p. EBITDA margin 34.8% 36.4% 1.6 p.p. RUB / ASK, dynamics y-o-y Note: based on managerial accounts transformed under IFRS principles. Includes 12 aircraft (6.2)% subleased from Aeroflot; provisions for heavy maintenance of 5 aircraft included in 2020 periods; (17.0)% 4 aircraft transferred to Pobeda from another company of the Group in Q3 2020 are temporarily accounted as short-term operating lease. 2.23 2.09 2.09 1.74 1 Calculation based on Total Revenue of the Company 2 Adjusted for (excluding) net FX loss from lease liabilities revaluation in the amount of 14.7 bn RUB in 9M 2020 (3.8 bn RUB net FX gain in 9M 2019) and net FX loss of 7.9 bn RUB in Q3 2020 (1.2 bn RUB net FX loss in Q3 2019) in 2019 and 2020 periods and the associated deferred tax in 2020 periods; FX gain/loss eliminated in consolidated financials due to hedging of FX- 9M 2019 9M 2020 Q3 2019 Q3 2020 denominated liabilities with FX-denominated revenues (non-cash income). In 9M 2020 Pobeda’s result was affected by softening demand and suspension of operations for April and May. Q3 showed a sizable recovery in operating indicators vs. Q2 which supported financial results of the period. 22 Leverage and Liquidity

Debt Profile1 Liquidity

Billion RUB Million RUB 31-Dec-2019 30-Sep-2020 Change 191.1 157.1 118.7 Borrowings 15,792 65,767 4.2x 148.0 108.4 81.3

Lease Liabilities 557,124 713,995 28.2% 37.4 48.7 43.1 31-Mar-20 30-Jun-20 30-Sep-20 Cash and ST investments Available credit lines Pension Liabilities 784 791 0.9% Net Debt / EBITDA

Total Debt 573,700 780,553 36.1% 12.6

Cash and Short-Term 25,861 43,088 66.6% Investments 5.8 4.4 3.2

Net Debt 547,839 737,465 34.6% 31-Dec-2019 31-Mar-2020 30-Jun-2020 30-Sep-2020

1 30-Sep-2020 exchange rate – 79.68 RUB per USD, 31-Dec-2019 exchange rate – 61.91 RUB per USD. Amid significant pressure on revenue, management team focused its efforts on raising and accumulating liquidity. Cash position of RUB 43 billion and undrawn credit lines of RUB 148 billion. 23 Optimizations with Liquidity in Focus

Reduced monthly costs Improved Operating Cash Flow Steps to improve liquidity

Billion RUB, monthly average, includes Billion RUB OPEX and net finance costs 80bn RUB SPO proceeds 59.3 Down 40% Up 2.7x 14.3 October 2020

35.9

5.2 ~148 bn RUB Available credit lines, including facilities backed by Monthly costs in Monthly costs in Q2'20 Q3'20 Q3'19 Q3'20 state guarantees

Quarterly lease payments: Q2 and Q3 trends ~ 57 bn RUB (26.4) bn RUB (15.6) bn RUB Accumulated PDPs to be refunded in 2021-2023 34.5 30.9 as additional support for 15.3 8.1 liquidity (excluding extra PDPs to be made in 2021) Q2'19 Q2'20 Q3'19 Q3'20

1 Cash outflows, including cash costs, interest on lease payments (accounted as interest expense in PL) and indirect taxes (including VAT, etc.). Based on managerial accounts.

Improved operating cash flows in Q3 vs Q2 and reduced monthly costs of Q3 2020 supported recovery in financials. Additional liquidity raised in Q4 as well as available credit lines will facilitate further navigation through COVID-environment. 24 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

25 Key Goals of the Updated Strategy

Key Strategic Goals

Stronger Accelerated position of Increase of development Aeroflot Airline of Pobeda Airline to m Aeroflot in the premium 130 improve air travel PAX Group’s PAX segment due to affordability and the Group’s stimulate demand transformation

Aeroflot Group: Now and Then 2019 PAX (mn) 2028 • Optimization of the network Premium carrier according to routes’ yield with international recognition, 37 35-40 developing transit • Best-in-class premium quality service

Low-cost carrier, • Supporting high population one of the largest and one of the 10 55-65 mobility 1 most cost efficient in the world • Stimulating demand through more affordable ticket prices

Regional carrier, • Operating modern Russian- routes bypassing Moscow, social 12 20-30 manufactured aircraft function and regional connectivity • Socially important routes, inter-regional network

1 Based on CASK ex.-fuel benchmarking, calculated based on airlines’ data. Aeroflot Group updated its long term targets: the Group intends to streamline its value proposition, increase focus on LCC and further improve Aeroflot Airline’s product. 26 The Group’s Target Network and Fleet Allocation

Medium-haul flights Long-haul flights ~600 aircraft by 2028 Network Fleet Network Fleet

High-yield flights from Moscow

. Selected domestic . All destinations routes

. Key premium international routes

Destinations with high demand . Domestic and international routes  

Routes bypassing Moscow + social fares

. New regional bases . International and . Affordable domestic domestic routes from flights St. Petersburg Russian- . Feeder traffic to manufactured aircraft Aeroflot in Moscow . Leisure destinations

Transfer of medium-haul aircraft to Pobeda and Rossiya and Aeroflot’s focus on long-haul aircraft will allow to strengthen specialization of the airlines, improve commonality of the fleet and value proposition. 27 Aeroflot Airline: 2028 Vision

The network development (Sheremetyevo Airport) Aeroflot Airline’s fleet development strategy

Long-haul flights Medium-haul flights Decrease in aircraft types by transferring of Russian- manufactured aircraft to Rossiya and B737-800 to Pobeda

2028 Development of narrow-body aircraft fleet by adding . Growing market with . Transfer of low-yield destinations to Pobeda modern aircraft with higher capacity premium product demand . Focus on destinations with high demand for . Launch of new routes business class (e.g. London, Geneva, Zurich) and long-haul flights (e.g. Lisbon, Madrid) Further wide-body aircraft fleet development

Destinations with low premium product demand will be served By 2028, Aeroflot Airline’s fleet will consist of only several aircraft by other carriers of the Group types resulting in significant efficiency improvement

Aeroflot in 2028

Global carrier with Focus on target Optimized cost a 5-star Skytrax product market segments structure

• Skytrax 5* product • Only markets with premium product demand • Fleet of several aircraft types • Europe – Asia transit • High load factor and yield of business and • Highly efficient aircraft of new generation • Key premium international destinations economy class through withdrawal from low yield • Wide-body aircraft on most destinations • High-yield domestic flights markets By 2028 Aeroflot will increase efficiency and further enhance its premium level of service via streamlining its value proposition 28 Pobeda Airline: 2028 Vision

Pobeda has become one of the most efficient low-cost carriers within only 5 years Pobeda’s fleet development strategy 16.1 hours Global leader by aircraft utilization(1) 1 Transfer of Boeing 737-800 from the Group’s airlines to Pobeda 19 % Top-3 among global airlines by profitability(2)

25 min The fastest aircraft turnaround in Russia 2 Further fleet development by using modern aircraft with higher capacity 6 700 The best productivity on the Russian PAX per employee market(3) 3 Balanced growth of fleet size 94 % The highest load factor(4) Pobeda is the most efficient low-cost carrier in the world based on Using modern aircraft with higher capacity will allow Pobeda selected performance indicators to further decrease operating costs

Pobeda in 2028

High market share Efficient fleet Affordable air travel

c.30% market share in Russia More capacious aircraft of new generations will Average ticket prices reduction by 30% on the with further growth potential increase efficiency and decrease costs domestic market for economy class (not adjusted for inflation)

Notes: (1) Flights in 3Q 2019, according to Boeing; (2) Operating profit margin in 2019, according to Skift; (3) Calculated based on airlines’ public data as of 2019; (4) In 2019, among non-charter carriers on the Russian market, based on public statistics By 2028, Pobeda will significantly increase in size and ensure travel affordability for the Russian population via stimulating traffic and volumes backed by its operational and financial efficiency 29 Rossiya Airline: 2028 Vision

The key goals of Rossiya Airline strategy

Network development bypassing Moscow

Establishing a center of competence for Russian-manufactured aircraft development

Fulfilling social functions of the Group

Feeder traffic for Aeroflot’s flights to Moscow

Rossiya in 2028 The largest carrier in Russia on routes Leading operator of Fulfilling Aeroflot Group’s bypassing Moscow and Saint Petersburg Russian-manufactured aircraft social mission

Servicing inter-regional flights Creating of a system of linear stations and hangar Servicing socially significant routes from new regional bases facilities for servicing Russian-manufactured aircraft (also in regions)

Rossiya will focus on the efficient development of flights bypassing Moscow as well as fulfilling the Group's social mission. 30 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

31 Operating Data – Q3 & 9M 2020

Indicators Aeroflot Airline Aeroflot Group

Q3 Q3 9M 9M Q3 Q3 9M 9M Unit Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2019 2020 2019 2020 2019 2020 2019 2020

Passenger Traffic th PAX 10,638 3,813 (64.2%) 28,433 11,621 (59.1%) 18,533 10,129 (45.3%) 46,728 23,056 (50.7%)

International Routes th PAX 5,589 348 (93.8%) 14,907 3,827 (74.3%) 8,275 619 (92.5%) 20,957 5,185 (75.3%)

Domestic Routes th PAX 5,049 3,465 (31.4%) 13,526 7,793 (42.4%) 10,258 9,510 (7.3%) 25,771 17,871 (30.7%)

Passenger Turnover mn pkm 28,803 7,828 (72.8%) 77,622 28,962 (62.7%) 47,343 21,015 (55.6%) 120,268 53,731 (55.3%)

International Routes mn pkm 19,428 1,061 (94.5%) 52,823 13,922 (73.6%) 26,678 1,786 (93.3%) 70,209 18,630 (73.5%)

Domestic Routes mn pkm 9,375 6,766 (27.8%) 24,799 15,040 (39.4%) 20,665 19,229 (6.9%) 50,058 35,101 (29.9%)

Passenger Capacity mn ASK 33,567 10,326 (69.2%) 96,755 43,308 (55.2%) 53,497 25,324 (52.7%) 145,380 73,262 (49.6%)

International Routes mn ASK 23,028 1,590 (93.1%) 66,753 20,752 (68.9%) 30,762 2,400 (92.2%) 86,333 26,338 (69.5%)

Domestic Routes mn ASK 10,539 8,735 (17.1%) 30,002 22,556 (24.8%) 22,735 22,924 0.8% 59,047 46,925 (20.5%)

Passenger Load Factor % 85.8% 75.8% (10.0) p.p. 80.2% 66.9% (13.4) p.p. 88.5% 83.0% (5.5) p.p. 82.7% 73.3% (9.4) p.p.

International Routes % 84.4% 66.8% (17.6) p.p. 79.1% 67.1% (12.0 p.p.) 86.7% 74.4% (12.3) p.p. 81.3% 70.7% (10.6) p.p.

Domestic Routes % 89.0% 77.5% (11.5) p.p. 82.7% 66.7% (16.0 p.p.) 90.9% 83.9% (7.0) p.p. 84.8% 74.8% (10.0) p.p.

Tonne-Kilometres mn tkm 2,849 853 (70.1%) 7,698 3,144 (59.2%) 4,613 2,129 (53.8%) 11,767 5,563 (52.7%)

International Routes mn tkm 1,935 163 (91.6%) 5,278 1,568 (70.3%) 2,607 231 (91.1%) 6,898 2,020 (70.7%)

Domestic Routes mn tkm 914 690 (24.5%) 2,420 1,575 (34.9%) 2,007 1,898 (5.4%) 4,869 3,543 (27.2%) Revenue Flights flights 76,424 32,615 (57.3%) 218,987 112,690 (48.5%) 122,140 70,900 (42.0%) 337,423 191,834 (43.1%) International Routes flights 37,106 2,527 (93.2%) 107,210 33,381 (68.9%) 50,639 3,576 (92.9%) 141,691 41,683 (70.6%)

Domestic Routes flights 39,318 30,088 (23.5%) 111,777 79,309 (29.0%) 71,501 67,324 (5.8%) 195,732 150,151 (23.3%) Flight Hours hours 216,015 75,506 (65.0%) 626,178 299,202 (52.2%) 333,413 167,993 (49.6%) 927,336 493,208 (46.8%)

32 Operating Data of Subsidiary Airlines – Q3 & 9M 2020

Indicators Rossiya Pobeda Aurora

Q3 9M Q3 9M Q3 9M Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2020 2020 2020 2020 2020 2020

Passenger Traffic th PAX 2,685 (38.2%) 4,512 (52.2%) 3,378 12.1% 6,312 (16.7%) 252 (53.1%) 611 (52.2%)

International Routes th PAX 191 (90.1%) 761 (80.8%) 78 (87.0%) 526 (69.8%) 1 (99.4%) 72 (79.0%)

Domestic Routes th PAX 2,494 3.8% 3,751 (31.4%) 3,300 37.0% 5,786 (0.9%) 251 (36.9%) 540 (42.5%)

Passenger Turnover mn pkm 7,096 (42.1%) 13,002 (52.0%) 5,740 4.5% 10,924 (20.2%) 351 (56.1%) 843 (54.6%)

International Routes mn pkm 531 (90.6%) 3,409 (73.8%) 192 (86.5%) 1,191 (69.4%) 1 (99.5%) 109 (77.3%)

Domestic Routes mn pkm 6,565 (0.9%) 9,594 (31.9%) 5,548 36.3% 9,734 (0.6%) 350 (41.6%) 734 (46.6%)

Passenger Capacity mn ASK 8,370 (36.9%) 16,563 (47.4%) 6,028 5.9% 11,780 (19.0%) 600 (38.1%) 1,611 (37.4%)

International Routes mn ASK 598 (90.0%) 4,023 (72.4%) 208 (86.1%) 1,349 (68.5%) 4 (98.3%) 215 (69.8%)

Domestic Routes mn ASK 7,772 6.7% 12,540 (25.8%) 5,820 38.7% 10,431 1.5% 596 (16.2%) 1,397 (25.0%)

Passenger Load Factor % 84.8% (7.5) p.p. 78.5% (7.5) p.p. 95.2% (1.3) p.p. 92.7% (1.4) p.p. 58.5% (24.0) p.p. 52.3% (19.8) p.p.

International Routes % 88.8% (5.2) p.p. 84.7% (4.4) p.p. 92.7% (2.7) p.p. 88.3% (2.8) p.p. 23.9% (53.5) p.p. 50.9% (16.8) p.p.

Domestic Routes % 84.5% (6.4) p.p. 76.5% (6.8) p.p. 95.3% (1.6) p.p. 93.3% (2.0) p.p. 58.7% (25.6) p.p. 52.5% (21.3) p.p.

Flight Hours hours 42,426 (34.5%) 88,696 (45.9%) 41,810 5.5% 82,603 (19.4%) 8,251 (36.5%) 22,607 (35.2%)

33 Passenger and Cargo Operating Numbers

Total Domestic Cargo

Jan Feb Mar Apr May Jun Jul AugSep Oct Jan Feb Mar Apr May Jun Jul AugSep Oct Wide-body 2% 6% 5% (5)% 1% (20)% aircraft (58)% (50)% (78)% (90)% 4% 6% 6% (8)% deployed for cargo transportation ASK (49)% (56)% (50)% 15.0 13.8 (90)% (78)% (76)% 12.1 9.2 7.6 8.5 7.1 7.4 8.3 7.3 6.0 5.5 6.0 5.8 3.9 3.7 1.6 1.6 1.5 1.5 Cargo more resilient ASK, bn %, y-o-y ASK, bn %, y-o-y vs. PAX transportation

Jan Feb Mar Apr May Jun Jul AugSep Oct Jan Feb Mar Apr May Jun Jul AugSep Oct Jan Feb Mar Apr May Jun Jul AugSep Oct (5) (3) (7) (3) (2) (16) 25.4 (1) (3) (23)(11) (4) (2) (5) (14) 23.4 23.7 23.7 (18) (45) (32) (25) 21.8 (47) (36) 20.5 17.8 88% PLF 86%84% 80% 84% 75%74% 79% 78% 73%76% 78% 11.9 12.9 63% 61% 65% 62% 8.7 45% 44% 35% 34%

PLF y-o-y change (p.p.) PLF y-o-y change (p.p.) thousand tons of cargo and mail

Source: Aeroflot Group Gradual addition of capacity in domestic segment was aligned with higher demand for flights starting from June. Aeroflot deployed wide-body passenger aircraft for cargo transportation in order to support financial results. 34 Aeroflot Domestic and International Transit

Growing Connectivity of Aeroflot Airline’s Flights1 ... … Results into a Flexible Approach to Transit Flows

21.2x 22.0x 23.6x 21.8x 20.7x 0.9 mln 8.2% 25.5 25.3 7.7 mln 24.2 25.3 65.3% 18.0 18.2 17.0 18.2 18.0 1.1 mln 13.6 9.2%

13.9 14.1 14.0 13.1 8.4 2.0 mln 17.3% 2017 2018 2019 9M 2019 9M 2020 Point-to-point International - International International Domestic Combined Connectivity ratio International - Domestic / Domestic - International Domestic - Domestic … Backed by expansion of international network … Increase in International – International Traffic2

6 from winter ‘18/19 2 from summer ‘19 Total int. – int. transit traffic, million PAX (Aeroflot and Rossiya flights)

5.5 (75.8)% 0.2 4.8 4.3 4.4 0.03 0.2

Bukhara Dublin Denpasar Marseille 5.3 Uzbekistan Ireland Indonesia France 4.8 4.1 4.4 1.0 0.1 0.9 2017 2018 2019 9M 2019 9M 2020 Aeroflot Rossiya Share of international-international transit in total traffic of Aeroflot Group2 Ljubljana Colombo Osh Palma Slovenia Sri Lanka Kyrgyzstan Spain 8.8% 8.7% 9.0% 9.1% 4.5% Source: Aeroflot Group. 1 Data for Aeroflot airline’s own flights. 2 From 2018 total international-international transit figures include Rossiya airline passenger traffic of the segment. Transit traffic segment experienced significant pressure from COVID-related decrease in demand in 9М 2020. 35 9M 2020 Operating Data by Region (Scheduled Routes)

Americas Russia CIS

(13.6) p.p. (10.9) p.p. (13.7) p.p. (23.5)% (33.4)% (33.3)% Passengers RPK ASK PLF (74.2)% (69.2)% (74.2)% carried (77.0)% (76.2)% (71.5)% Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried

Europe Middle East Asia

(12.7) p.p. (10.4) p.p. (7.8) p.p.

(62.9)% (64.2)% (58.8)% (69.5)% (68.0)% (64.5)% (76.9)% (77.5)% (73.1)% Passengers RPK ASK PLF carried Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried

Source: Data presented based on management accounts for scheduled flights of Aeroflot Group (excluding charter flights) Group operations in all regions of the world experienced significant pressure from COVID-related decline in demand. 36 Aeroflot Group Fleet Breakdown

Aeroflot Group Fleet Overview Breakdown by Aircraft

Operated by Total as of Total as of Change vs. Aircraft Type Wide-body Aeroflot Subsidiaries 30-Sep-20 31-Dec-19 31-Dec-19 16% Wide-body 37 19 56 59 (3)

Airbus A330 17 - 17 21 (4) Narrow- body Airbus A350 1 - 1 - 1 (regional) Narrow- 18% body Boeing 777 19 10 29 29 - (medium- haul) Boeing 747 - 9 9 9 - 66%

Narrow-body (medium-haul) 153 82 235 238 (3)

- 30 30 30 - Airbus A319 Breakdown by Company 73 6 79 82 (3) Airbus A320 33 - 33 33 - Airbus A321 Pobeda 10% 47 46 93 93 - Aurora Boeing 737 6% Narrow-body (regional) 54 12 66 62 4 Rossiya - 9 9 10 (1) DHC 8 16% - 3 3 3 - DHC 6 54 - 54 49 5 Aeroflot SSJ 100 68% Total fleet 244 113 357 359 (2)

Well-balanced fleet structure in line with Group’s strategy 37 Traffic Revenue Analysis – Q3 and 9M 2020

Traffic Revenue Breakdown by Type Revenue from Scheduled Passengers (RUB mln)1

Sheduled Passenger 9M 2020 9M 9M Flights 85.1% Q3 2019 Q32020 Y-o-Y Region Y-o-Y % of sch. 2019 2020 revenue

79,918 56,476 (29.3)% Russia 182,340 110,432 (39.4)% 61.6%

45,907 2,113 (95.4)% Europe 114,149 27,112 (76.2)% 15.1%

Cargo 8.1% 21,941 844 (96.2)% Asia 65,567 21,061 (67.9)% 11.7% Charter Passenger Flights 6.8% 7,777 590 (92.4)% CIS 20,658 4,850 (76.5)% 2.7% North and Central 9,659 657 (93.2)% 23,198 5,944 (74.4)% 3.3% Scheduled Traffic Revenue by POS2 America Middle East and 11,258 4,172 (62.9)% 25,269 9,956 (60.6)% 5.6% Africa Sales abroad 176,460 64,852 (63.2)% Total 431,181 179,355 (58.4)% 100.0% 15.2%

Sales in Russia Total Passenger Revenue (Scheduled + Charter, RUB mln) 40.3% 9M 9M 9M 2020 Q3 2019 Q32020 Y-o-Y Segment Y-o-Y 2019 2020 % of revenue 82,463 63,514 (23.0)% Domestic 187,985 119,140 (36.6)% 61.5% Online 39.8% 107,860 10,470 (90.3)% International 274,049 74,435 (72.8)% 38.5%

Call center and own branches 190,323 73,984 (61.1)% Total 462,034 193,575 (58.1)% 100.0% 4.7% 1 Data presented based on management accounts 2 Data presented based on management accounts for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot In 9M 2020 revenue from scheduled passengers decreased by 58% on the back of softer demand in all regions of operations due to COVID-19. 38 Aeroflot Group Blended Flights Revenue Units

RUB RUB Q3 Yield (Scheduled + Charter0.7% PAX Revenue / RPK) Q3 RASK (Scheduled + Charter1.1% PAX Revenue / ASK) 3.2% RUB / RPK RUB / ASK 24.4% 45.0% (23.6)% 4.36 (17.9)% (17.2)% 5.86 (12.4)% 3.63 3.51 3.56 2.92 3.99 4.04 4.02 2.77 3.30 3.52

Domestic International Total Domestic International Total

RUB RUB 9M Yield (Scheduled + Charter0.7% PAX Revenue / RPK) 9M RASK (Scheduled + Charter1.1% PAX Revenue / ASK) 3.2% RUB / RPK RUB / ASK 2.4% (11.0)% (6.2)% (20.2)% (16.9)% (9.6)% 3.18 3.17 3.18 3.90 4.00 3.76 3.84 3.60 2.83 2.64 3.39 2.54

RUB RUB Q3 Scheduled Yield ex. Pobeda0.7% (PAX Revenue / RPK) Q3 Scheduled RASK ex. Pobeda1.1% (PAX Revenue / ASK) 3.2% RUB / RPK RUB / ASK 80.9% 39.7% 5.10 7.83 (23.6)% (17.3)% (11.7)% (6.1)% 3.70 3.65 3.67 2.83 3.04 4.15 4.33 4.25 3.66 3.99

Domestic International Total Domestic International Total

RUB RUB 9M Scheduled Yield ex. Pobeda0.7% (PAX Revenue / RPK) 9M Scheduled RASK ex. Pobeda1.1% (PAX Revenue / ASK) 3.2% RUB / RPK RUB / ASK 1.9% (2.7)% (12.5)% (17.9)% (4.9)% (21.9)% 4.12 4.20 3.99 4.07 3.96 3.28 3.25 3.26 3.80 2.85 2.56 2.68

Total effect on revenue Total effect on costs ∑=(289,770) RUB mln ∑=179,275 RUB mln

(244,903)

141,675 13,555 7,574 7,270 5,913 49,622 31,180

16,773 84,409

(21,135) (24,768) 1,036 (5,841)

EBITDA 9M Volume Pricing Other FX benefit on FX drag on Fuel* Staff* Aircraft and Comm. Maintenance* Admin & Sales & Other OPEX* EBITDA 9M 2019 revenue costs PAX* Expenses* Marketing* 2020 Net volume and price effect Net FX effect Net volume and price effect ∑=(290,806) RUB mln ∑=(4,805) RUB mln ∑=185,116 RUB mln

* Excluding currency impact Key driver of EBITDA adjustment was a decrease in size and scale of operations on the back of COVID-related pressure on demand as well as negative FX influence. 41 Operating and Free Cash Flows

(12,078) 87,936 6,589 4,285 2,077 (597) (5,168) 33,534 1,834 26,711 33,300 17,291

87,525

(100,710)

Loss Before D&A Interest Unrealized Net Other Adj. Cash Flows Working Net Cash Purchase of Deposit Net Pre- Net Lease Free Cash Free Cash Income Tax Expense FX Gain Before From Capital Flows From PPE & Placement and delivery Deposits for Flow 9M 2020 Flow 9M 2019 Working Operating Changes and Operating Capitalized Return Payments for a/c and Other Capital Activities Income Tax Activities Expenses Aircraft Changes Before Working Capital Changes

Operating and Free Cash Flow remained under pressure in 9M 2020 due to demand pressure and adjustment of operating program. 42 Headcount Overview

Aeroflot Group Headcount Headcount by Category

31-Dec-2019 30-Sep-2020 % Other non-airline Flight crew personnel 11.8% Flight crew 4,596 4,598 0.0 % 14.9%

Cabin crew 12,822 12,285 (4.2)%

Other airline personnel (incl. airlines’ head office) 16,885 16,188 (4.1)% Cabin crew 31.6% Other non-airline subsidiaries’ personnel 6,993 5,809 (16.9)% Other airline personnel 41.6% Total1 41,296 38,880 (5.9)%

Traffic Revenue / Average Airlines’ Headcount PAX Traffic / Average Airlines’ Headcount Million RUB per employee, annualized to 30.09.2020 Passengers per employee, annualized to 30.09.2020 (40.1)% (36.0)%

17.0 1,692

1,083 10.2

30.09.2019 (LTM) 30.09.2020 (LTM) 30.09.2019 (LTM) 30.09.2020 (LTM) 1 Aeroflot Aviation School headcount is included in Other non-airline subsidiaries’ personnel Aeroflot Group’s headcount decreased by 5.9% vs. December 31, 2019. 43 Board of Directors

Corporate Governance Board of Directors

Personnel and Audit Strategy Name Remuneration Audit Committee Committee Committee General Meeting of Committee Shareholders (3 members) Vitaly Saveliev Chairman

Mikhail Poluboyarinov Personnel and Remuneration Maksut Shadayev Board of Directors Committee (3 members) Igor Kamenskoy Member Chairman Chairman

Yaroslav Kuzminov Member Member Strategy Executive Board Committee Maksim Liksutov (8 members) Roman Pakhomov Chairman Member Member

The Board of Directors is currently composed Dmitry Peskov Member of 11 members. The Board’s composition is well Evgeny Ditrich balanced from the members’ background perspective.

Yuri Slyusar Member Incorporated in Russia, PJSC Aeroflot is subject to Russian corporate governance regulations and Sergey Chemezov

follows Russian Corporate Governance Code Independent director according to the Russian Corporate Governance Code 44 Aeroflot Group Structure

PJSC Aeroflot

Airlines Ancillary Companies

JSC Aeromar JSC Rossiya Airlines 75%-1 sh. 51% On-board sales/catering

LLC Aeroflot-Finance LLC Pobeda Airlines 100% 100% Financial services

JSC Sherotel JSC Aurora Airlines 51% 100% Hotel services

Aeroflot Aviation School 100% Education services

LLC A-Technics 100% Maintenance

Note: The Group structure as at 30 September 2020; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. PJSC Aeroflot also owns 45.0% of JSC AeroMASh-AB (Aviation security), 2.43% of JSC Sheremetyevo International Airport (base airport), 3.85% of PJSC Transport Clearing House (mutual settlements between agencies and airlines). Over the past years the Group structure was refined with a focus on aviation assets and disposal of non-core assets, which is in compliance with the Group's strategy to streamline the core business. 45 Investor Relations Contacts

Address: 119019, Russia, Moscow, Arbat St. 1 E-mail: [email protected] Website: www.aeroflot.ru