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AEROFLOT GROUP Q2 AND 6M 2019 IFRS R ESULTS 30 August 2019 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 6M 2019 Highlights + 13.4 % + 14.9 % + 2.6 % + 17.2 % 3.73 311 bn 3.63 266 bn 28.2 mln 91.9 bn 24.9 mln 80.0 bn PAX ASK Blended Yield (RUB) Revenue (RUB) 6M 2018 6M 2019 • In 6M 2019 Aeroflot Group has continued operational development via expanding capacity on the back of opportunities provided by the market. • Notwithstanding double-digit capacity growth which allowed the Group to significantly increase number of passengers transported, Aeroflot managed to improve yields and boost revenues y-o-y. 3 ¹ Immaterial deviations throughout the presentation are explained by rounding 1. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 4 Competitive Dynamics Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers Russian Air Transportation Market (million PAX) mln PAX, 6M 2019 Change in PAX million incl. PAX of Russian and Foreign Carriers and intl. transit PAX International Routes Domestic Routes 8.9% +3.3 60.8 66.2 8.2% 28.2 38.1 +1.3 9.7% 33.0 35.2 +1.0 30.1 -0.8 13.2 +0.3 +0.2 8.2 8.5 18.0 9.1% 19.7 8.1% 4.2 3.9 30.7 33.2 7.2% 17.2 18.4 Aeroflot S7 Group Ural Airlines UTair Group1 Foreign Others Group Carriers 6M 2018 6M 2019 Q2 2018 Q2 2019 Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group calculation in 2019 includes Utair and Utair- Aeroflot Group (million PAX) Cargo, in 2018 includes UTair, Utair-Cargo and Turukhan 13.4% Growing Market Share (PAX) 28.2 11.2% 6M 2018 6M 2019 24.9 19.6% 20.0% 14.7% 15.4 12.7 13.9 11.1 +1.7 p.p. 12.6% 7.0 40.9% 42.6% 12.4% 6.2 15.3% 12.8% 10.1% 15.5 5.8% 13.8 8.5 5.9% 7.7 6.4% 6.5% 11.8% 12.3% 6M 2018 6M 2019 Q2 2018 Q2 2019 Market Dynamics Net of Aeroflot Group Foreign Airlines Other Russian Airlines 5.7% Total Market 6.2% 6.8% International 7.2% “Clean” Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 4.5% Domestic 4.8% 38.7% Aeroflot Group 40.3% Source: TCH, Company estimates. Figures include foreign carriers’ traffic. • Aeroflot Group continued to deliver growth increasing PAX by 13.4% in 6M 2019 expanding market share. 5 Aeroflot Group Multi-Brand Strategy Brand Business Model Focus Airport PAX Contribution1 PAX Growth • Flagship carrier • Moscow 6M 2019 +9.7% • Premium product (4 Stars) (Sheremetyevo) 16.2 17.8 • High income and middle class Premium 17.8 63.1% • Hub and spoke model 6M 2018 6M 2019 • Scheduled network operated • Saint-Petersburg 7.2% under SU (Aeroflot) code (Pulkovo) 4.8 5.1 Regional • Scheduled flights from • Moscow 5.1 18.1% and Charter Moscow are integrated in (Sheremetyevo, Aeroflot network in SVO Vnukovo) • Charter operations 6M 2018 6M 2019 • Short and mid-haul flights • Moscow (Vnukovo) +44.7% • Focus on domestic • Flights from the 4.6 segment, 3.2 Low Cost regions 4.6 16.2% • Popular underserved international routes • Point-to-point carriage 6M 2018 6M 2019 • The Far East airline flying on • Vladivostok, +2.3% Khabarovsk, short- and mid-haul direct Regional / Yuzhno-Sakhalinsk 0.7 0.7 international and domestic 0.7 2.6% Far-East routes • Flights to remote cities (local flights) 6M 2018 6M 2019 1 PAX contribution as of 6M 2019. Absolute number of passengers in million in green circle. • Multi-brand product offering to capture customers in every market segment: from premium to low-cost. Aeroflot and Pobeda – key engines of the Group – increased traffic by 1.6 and 1.4 million PAX respectively. • 6 Aeroflot Airline Domestic and International Transit Growing Connectivity of Aeroflot Airline’s Flights1 ... … Results into a Flexible Approach to Transit Flows Average weekly frequency per route – Aeroflot airline Considerable share of transit of Aeroflot airline in Sheremetyevo Growth 19.1x 21.2x 22.0x 22.3x 23.8x 6M 2019 11.0 mln 61.3% 2.7% 25.5 25.0 24.2 24.3 23.1 Total 6M 2019 18.0 17.6 17.9 17.0 2.0% 16.2 traffic: 17.8 million pax 1.2% 13.9 13.7 13.9 12.5 13.1 1.8 mln 2.5 mln 10.0% 14.2% 2016 2017 2018 6М 2018 6М 2019 Point-to-point 2.5 mln International - International 14.5% International - Domestic / Domestic - International International Domestic Combined Connectivity ratio Domestic - Domestic Key International Transit Markets Increase in International – International Traffic Total Aeroflot airline int. – int. transit traffic, million PAX (Aeroflot flights only) NA 4.8 4.4 EE 3.7 21.2% WE 2.5 NEA 2.1 ME SWA SEA 2016 2017 2018 6М 2018 6М 2019 Share of international-international transit in total traffic of Aeroflot Airline Source: Company data. 1 Data for Aeroflot airline’s own flights 13.1% 13.6% 13.6% 12.8% 14.2% • Increasing flight frequency improves connectivity and supports Aeroflot’s traffic growth in Sheremetyevo airport. • Advantageous geographical positions and Group’s efforts support traffic growth on key European and Asian 7 destinations. Pobeda Airline: Acceleration of Growth Overview of Pobeda Pobeda’s Network (Summer 2019) rd • Operating from Vnukovo airport (3 Moscow airport by PAX) Petrozavodsk Network Surgut • Network comprising 108 routes (62 unique for the Group) Helsinki 14 Saint Petersburg Kirov Perm Moscow Kazan Ekaterinburg Riga Tomsk Krasnoyarsk • 30 Boeing 737-800 NG (30.06.2019) 62 Cheboksary Nizhnekamsk Tyumen Novosibirsk Fleet Ulyanovsk Kemerovo • Single class cabin with 189 seats per plane Kaliningrad Chelyabinsk Omsk Samara Magnitogorsk Eindhoven Berlin Ostende Leipzig Ulan-Ude Cologne Karlovy Vary • 4.6 million PAX in 6M 2019 (+44.7% y-o-y) Baden-Baden Salzburg Volgograd Key features Memmingen Bratislava Rostov Innsbruck Astrakhan and • 6M 2019 PLF of 92.5% Bergamo Krasnodar Venice Anapa Min.Vody Genova Gelendzhik Nazran achievements in • International RPK is 30% of total Pobeda traffic Pisa Rimini Varna Sochi12 Tivat Vladikavkaz Makhachkala Girona Rome Tbilisi 6M 2019 • Intra-region and international flights from the regions development Bari Istanbul Batumi Gyumri Cagliari Palermo Antalya Catania Bodrum Gazipaşa Dalaman • Accelerated expansion in domestic and international segments Larnaca 2023 Goals Cities where the airline operates to Base cities with >10 routes served from city • c25-30 mln PAX annually XX Cities with <10 routes served from city (number of routes in circle) Growing Passenger Flows Strong Passenger Load Factor thousand PAX PLF, % 44.7% 4,566.6 92.5% 92.6% 92.5% 44.0% 45.5% 3,156.4 2,527.0 2,039.6 1,754.7 1,401.7 Q1 Q2 6M Q1 Q2 6M 2018 2019 • Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. 8 1. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 9 Aeroflot Group Network # of Flights Evolution by Region1 Geographic Network (6M 2019, y-o-y) Murmansk Salekhard Arkhangelsk New Urengoy Russia 8.1 % Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnevartovsk Yakutsk Nizhnekamsk Perm Ekaterinburg Magadan Nizhny Novgorod Tyumen Kemerovo MOSCOW Samara Krasnoyarsk Kaliningrad Omsk Novosibirsk Novokuznetsk Kazan Tomsk Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan Irkutsk P.

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