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Home , Aeroflot, Utair, UTair Cargo

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 ’ 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 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 • 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 flying on • , +2.3% , 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 – 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 • Network comprising 108 routes (62 unique for the Group) 14 Kirov Perm Moscow Ekaterinburg Krasnoyarsk • 30 737-800 NG (30.06.2019) 62 Cheboksary Nizhnekamsk Novosibirsk Fleet Ulyanovsk Kemerovo • Single class cabin with 189 seats per plane Kaliningrad Chelyabinsk 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 Key features Memmingen Bratislava Rostov Innsbruck Astrakhan and • 6M 2019 PLF of 92.5% Bergamo 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 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 8.1 % Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnevartovsk Nizhnekamsk Perm Ekaterinburg Magadan Tyumen Kemerovo MOSCOW Samara Krasnoyarsk Kaliningrad Omsk Novosibirsk Novokuznetsk Kazan Tomsk Hamburg Berlin Voronezh Chelyabinsk Abakan P. Kamchatsky Europe 12.1 % Minsk Saratov Kostanay Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Barnaul Orly Volgograd Aktobe Khabarovsk Munich Karaganda Paris Chisinau Rostov Atyrau Ulan Bator Harbin Yu. Sakhalinsk Vienna Astrakhan Milan Gelenzhdik Stavropol Nice Rimini Simferopol New York Anapa Adler Aktau Shymkent Beijing Vladivostok Rome Burgas Makhachkala Bishkek Barcelona Tivat Varna Mineral Waters Asia 15.7 % Istanbul Yerevan Samarkand Krasnodar Dalian Washington Antalya Tokyo Teheran Seoul Larnaca Beirut Busan Los Angeles North & Central America (10.3)% Tel Aviv Delhi Shanghai Miami Dubai Guangzhou Havana Hong Kong Hanoi CIS 5.8 % Bangkok Ho Chi Minh City Phuket Middle East & Africa 16.5 % Male

Aeroflot routes Total 9.6 % Rossiya routes routes

Average Scheduled Flight Frequency per Route (Aeroflot Group ex-Pobeda) Oslo Helsinki Increase in Group frequencies by 9.1% was mainly supported by expansion of the number of frequencies in domestic Tallinn segment (+15.8%) and in the sector of medium-haul routes (+9.9%). Riga Copenhagen MOSCOW 6M 2018 6M 2019 Hamburg Kaunas Minsk Amsterdam Hannover Berlin 15.8% London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague 9.9% Paris 9.1% Stuttgart Vienna Chisinau Zurich Munich 3.9% Geneva 16.9 Lyon Milan Venice Belgrade Nice 14.6 14.5 1.9% BolognaSplit Zagreb 13.8 Barcelona Sofia 13.2 Rome Tivat 12.6 Madrid Thessaloniki Istanbul Tbilisi 10.7 11.1 Valencia Lisbon Alicante Athens 7.9 8.1 Malaga Antalya Heraklion Larnaca

Tenerife

Total scheduled International Domestic Medium-haul Long-haul Note: 1 Scheduled flights of Aeroflot Group (excluding Pobeda LCC) • Accelerated growth of destinations, sustained focus on increase in frequencies on scheduled routes. • Aeroflot Group operates flights to 187 unique destinations in 57 countries (in 2019 summer schedule, incl. Russia). 10 Aeroflot Group Scheduled Flights Revenue Units

Q2 Yield (PAX Revenue / RPK) Q2 RASK (PAX Revenue / ASK) RUB RUB (3.7)% (4.4)% 0.4% 4.29 (0.4)% 6.1% 4.13 5.4% 3.35 3.93 3.95 3.20 3.16 3.72 3.07 3.15 3.51 2.92

Domestic International Total Domestic International Total 6M Yield (PAX Revenue / RPK) 6M RASK (PAX Revenue / ASK) RUB RUB (1.9)% (1.4)% 1.5% 2.2% 6.6% 3.08 7.4% 3.03 4.00 3.94 2.92 2.97 3.71 3.79 2.88 3.58 3.33 2.71

Domestic International Total Domestic International Total

% Y-o-Y increase 2018 2019 Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations.

• Competitive positioning, adjustment of fuel surcharges, changing mix of operations at subsidiaries’ level due to rapid expansion of LCC and high base of previous year affected RUB yields in 6M 2019. 11 Aeroflot Airline Yield Dynamics (Monthly)

Aeroflot Airline Total Yield, 2018 Aeroflot Airline Total Yield, 2019

RUB/RPK, Change y-o-y in % RUB/RPK, Change y-o-y in %

17.2%

9.4%

7.9% 7.7% 6.2% 5.8% 5.1% 5.4% 4.4% 4.6%

0.4% Jun

Jan Feb Mar Apr May Jun Jan Feb Mar Apr May

(5.8)% Jan Feb Mar Apr May Jun

Source: Company calculations, data presented based on management accounting figures for Aeroflot airline standalone; immaterial deviations vs. historical data may occur due to adjustments in Revenue Management System (RMS) • Aeroflot airline yields showed significant improvement on a monthly basis throughout both first half of 2018 and 2019 (y-o-y). • Having grown by an impressive 17.2% in June 2018 the level of yields represented high base for further yield increases in 2019 and resulted into adjustment of June 2019 yield by 5.8%. • July 2019 yields are also affected by high base effect of World Cup in 2018, which is exacerbated in international 12 segment by exchange rate dynamics of 2019. 1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

13 Aeroflot Group Fleet Breakdown

Aeroflot Group Fleet Overview Breakdown by Aircraft 1

Operated by Total as of Total as of Change vs. Aircraft Type Aeroflot Subsidiaries 30-June-19 31-Dec-18 31-Dec-18 Wide-body 16% Wide-body 41 19 60 58 2

Airbus A330 22 - 22 22 - Narrow- 19 10 29 27 2 body (regional) Narrow- 17% - 9 9 9 - body (medium- Narrow-body (medium-haul) 160 83 243 244 (1) haul) 67% A319 - 31 31 35 (4)

Airbus A320 78 6 84 85 (1) Breakdown by Company 1 35 - 35 37 (2) Pobeda 47 46 93 87 6 Aurora 8% 6% Narrow-body (regional) 49 13 62 64 (2)

DHC 8 - 10 10 11 (1) Rossiya 17% DHC 6 - 3 3 3 -

SSJ 100 49 - 49 50 (1) Aeroflot Total fleet1 250 115 365 366 (1) 69%

1 Excluding planes not operated by the airlines of the Group.

• Well-balanced fleet structure in line with Group’s strategy 14 Fleet Expansion Strategy

Delivery/Phase-out Schedule1 Aeroflot Group Fleet as at Year-end2

Number of aircraft Type of 6M 2019 Fleet as at Q3-Q4 2019E 1 30.06.2019 aircraft Delivery Phase out Delivery Phase out

Wide-body (long-haul) 2 - 60 - (3) ~520 A-330 - - 22 - (3)

B-777 2 - 29 - -

B-747 - - 9 - -

Narrow-body (medium-haul) 7 (8) 243 3 (7) 366 A-319 - (4) 31 - (1)

A-320 1 (2) 84 - (4)

A-321 - (2) 35 - (2) 3 B-737 6 - 93 3 -

Narrow-body (regional) - (2) 62 10 (1)

SSJ-1004 - (1) 49 10 -

DHC-8 - (1) 10 - (1)

DHC-6 - - 3 - -

TOTAL 9 (10) 365 13 (11)

1 As of 30.06.2019, not including aircraft leased or subleased to other operators. 12/31/2018 2019E 2020E 2021E 2022E 2023E 2 According to existing strategy. Not including aircraft leased or subleased to other operator. Number of planes in 2023 is average for the year. 3 Deliveries of 3 737 MAX are likely to be delayed to 2020. 4 Additions are subject to corporate approval. • Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 15 1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

16 Financial Highlights: 6M 2019

Q2 2018 RUB mln 6M 2018 Q2 2019 Change 6M 2019 Change restated1 (where applicable) restated1

13,871 15,431 11.2% Passenger Traffic (mln PAX) 24,856 28,195 13.4%

153,880 173,399 12.7% Revenue 265,822 311,440 17.2%

135,456 152,456 12.6% PAX Traffic Revenue 232,352 271,711 16.9%

41,431 46,963 13.4% EBITDA 59,014 68,296 15.7%

26.9% 27.1% 0.2 p.p. EBITDA margin 22.2% 21.9% (0.3) p.p.

20,649 20,517 (0.6)% Operating Income 17,453 14,618 (16.2)%

(19,963) 6,933 n/a Net Income/(Loss) (30,379) (8,784) (71.1)%

Loss on FX (Operating Lease Aircraft (28,944) (27,498) Liabilities Revaluation) After Tax 8,980 6,933 (22.8)% Adjusted Net Income/(Loss) (ex. Loss on FX) (2,881) (8,784) >3x

1 Restated financial results presented based on IFRS 16 full retrospective application where applicable. Q2 and 6M 2019 presented based on IFRS 16 full retrospective application. • Financial results of 6M 2019 are impacted by high base of previous year as well as continuing fuel and aircraft and passenger servicing costs pressure. • IFRS 16 implementation also resulted in major changes on the EBITDA, Operating and Net Loss lines. • Restated bottom line figure in 6M 2018 is connected with FX revaluation of operating lease liabilities on the balance sheet as hedge accounting has been implemented prospectively starting from January 1, 2019. 17 Revenue Growth Decomposition

Revenue by Key Factors Revenue by Business Segments RUB mln RUB mln 17.2% 17.2%

11.2% + 4.0% + 1.2% + 0.8% 14.6% + 0.2% + 0.2% + 2.1%

2,006 311,440 5,705 311,440 10,631 3,165 38,752 607 554 29,815

265,822 Domestic yield 265,822 Depreciation of up by 6.9%, Currency effect on RUB in 6M 2019 international other revenue y-o-y by c10% yield flat y-o-y vs. USD and by Growth in c3% vs. EUR operating Growth across geographies: metrics: Russian revenue +20.8% RPK + 14.0% International revenue +16.1% PAX + 13.4%

6M 2018 Volume Currency Pricing Other 6M 2019 6M 2018 Scheduled Charter Cargo Other 6M 2019 Passenger Passenger Revenue Flights Flights • Positive contribution of volume and pricing as well as support from FX were the main factors influencing revenue. • Primary driver of revenue growth was expansion of scheduled passenger flights across all segments, notably in Russia, Europe and Asia 18 Operating Costs

Operating Expense Q2 2018 Change Change 6M 2018 Change Change % of Total OpEx Q2 2019 (RUB mln If not stated 6M 2019 1 ex. FX 1 ex. FX (6M 2019) restated y-o-y otherwise) restated y-o-y

43,843 49,008 11.8% 10.2% Fuel 77,885 92,708 19.0% 15.4% 31.2%

89,388 103,874 16.2% 15.1% Opex (ex. Fuel) 170,484 204,114 19.7% 17.4% 68.8%

Aircraft and passenger 26,725 32,294 20.8% 20.5% 48,633 61,165 25.8% 23.5% 20.6% servicing

20,782 26,446 27.3% 27.3% D&A and customs duties 41,561 53,678 29.2% 29.2% 18.1%

20,080 22,215 10.6% 9.9% Staff 41,298 44,794 8.5% 8.1% 15.1%

6,932 7,534 8.7% 7.9% SG&A2 13,092 14,203 8.5% 5.4% 4.8%

5,992 7,813 30.4% 26.1% Maintenance 10,101 13,987 38.5% 29.2% 4.7%

1,953 2,135 9.3% (0.7)% Short-term and immaterial lease 2,724 3,309 21.5% 10.4% 1.1%

6,924 5,437 (21.5)% (25.3)% Other expenses3 13,075 12,978 (0.7)% (8.4)% 4.4%

133,231 152,882 14.7% 13.5% Total Opex 248,369 296,822 19.5% 16.8% 100.0%

1 Restated financials presented based on IFRS 16 full retrospective application. Q2 and 6M 2019 presented based on IFRS 16 full retrospective application. 2 Includes sales and marketing expenses and administration and general expenses. 3 Other expenses include Global Distribution Systems cost, reserves accrual and reversal, catering expenses, banks’ commissions and other operating income and loss.

• In 6M 2019 operating costs were significantly impacted by expansion of operations with fuel and aircraft and passenger servicing being the key contributors to growth. 19 • Lease, amortization, maintenance and other lines have been affected by IFRS 16 implementation. Group Unit Costs

Q2 2018 6M 2018 Q2 2019 Change Operating Expense per ASK (CASK), RUB 6M 2019 Change restated1 restated1 1.01 1.00 (0.8)% Fuel 0.97 1.01 3.6% 2.06 2.13 3.2% Opex (ex. Fuel): 2.13 2.22 4.2% 0.62 0.66 7.3% Aircraft and Passenger Servicing 0.61 0.67 9.5% 0.48 0.54 13.0% D&A and Customs Duties 0.52 0.58 12.4% 0.46 0.45 (1.8)% Staff 0.52 0.49 (5.6)% 0.16 0.15 (3.5)% SG&A 0.16 0.15 (5.6)% 0.14 0.16 15.8% Maintenance 0.13 0.15 20.5% 0.05 0.04 (3.2)% Short-term and Immaterial Lease 0.03 0.04 5.7% 0.16 0.11 (30.2)% Other Expenses 0.16 0.14 (13.6)% 3.07 3.13 1.9% Total Opex 3.11 3.23 4.0% 1 Restated financials presented based on IFRS 16 full retrospective application. Q2 and 6M 2019 presented based on IFRS 16 full retrospective application.

4.0% (2.3)% 1.7%

0.06 0.00 (0.02) (0.03) (0.01) 0.03 (0.07) 0.06 0.04

3.23 3.11 3.16 3.11

Restated CASK Fuel Aircraft and D&A and CD* Staff SG&A Maintenance Short-term and Other Expenses CASK 6M 2019 FX CASK 6M 2019 Restated CASK 6M 2018 Passenger Immaterial Lease ex. FX 6M 2018 Servicing * Customs duties

• Cost per ASK increased by 4.0% from RUB 3.11 in 6M 2018 to RUB 3.23 in 6M 2019 on the back of fuel, aircraft and 20 passenger servicing and maintenance growth. Fuel Cost Management

Aeroflot Airline Jet Fuel Price Fuel Consumption per ASK (thousand RUB per tonne of jet fuel) (gr/ASK) (0.6)%

50.0 22.5 22.3

(7)% 45.0 44.2 6M 2018 6M 2019

42.3 8% Comments 11% 8% 12% • Efficient fuel procurement: 1-year supply contracts in 40.0 airports across Russia • Majority of fuel purchased in Russia and almost all fuel at international airports supplied at formula-

linked price - Jet fuel priceIntl = NW Europe (FOB Rotterdam) price x Discount x FX rate2 x (VAT)3 + Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6M 1 Storage/Fuelling/Supply fees (if any of these applicable) (WA) • Increasing average fuel price per tonne. 2019 2018 Aeroflot Airline: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2019 • Q2 2019: 44.5 thousand RUB (-0.4% y-o-y). 66.8 65.8 65.2 64.5 64.9 64.1 ------USD/RUB • 6M 2019: 44.2 thousand RUB (+4.5% y-o-y). 60.0 64.4 67.0 71.6 70.3 63.0 ------Brent (USD) • Aeroflot Group: • Q2 2019: 44.9 thousand RUB (+0.1% y-o-y). Source: Bloomberg, Company data 2 USD/RUB exchange rate as per the Central Bank of Russia 1 Weighted average price for 6M 3 Assuming current VAT rate • 6M 2019: 44.6 thousand RUB (+4.5% y-o-y). • Aeroflot is achieving efficiency gain in fuel costs as new aircraft are put into operation. 21 • Oil price and RUB fluctuations led to upward pressure on jet fuel price in 6M 2019. EBITDA Evolution

(RUB mln)

Total effect on revenue Total effect on costs ∑=45,618 RUB mln ∑=(36,336) RUB mln

Net volume and price effect Net FX effect Net volume and price effect ∑=34,987 RUB mln ∑=3,885 RUB mln ∑=(29,590) RUB mln

10,631 (6,746) (11,971) 2,006 3,165 29,815 (3,340) (11,433)

(282) (2,948) (711) 1,095

59,014 68,296

Restated Volume Pricing Other FX benefit on FX drag on Fuel* Staff* Aircraft and Leases* Maintenance* Admin & Sales Other OPEX* EBITDA 6M EBITDA 6M revenue costs PAX* & Marketing* 2019** 2018** * Excluding currency impact ** Restated EBITDA presented based on IFRS 16 full retrospective application. 6M 2019 EBITDA presented based on IFRS 16 full retrospective application.

• Positive FX impact was observed on revenue side on the back of weakening RUB, which outpaced pressure on operating costs. • Key drivers of EBITDA adjustment along with the growth in size and scale of operations were increase in jet 22 fuel price and aircraft and passenger servicing costs. Pobeda Financial Results

Increasing PAX Traffic RASK1 dynamics Pobeda Statement of Profit and Loss (Standalone)

Million passengers RUB

4.6 Q2 2018 2 6M 2018 2 2 Q2 2019 Change RUB mln 2 6M 2019 Change 2.28 2.42 restated restated 3.2

8,657 13,108 51.4% Revenue 13,736 21,459 56.2%

Operating 6M 2018 6M 2019 6M 2018 6M 2019 7,688 11,717 52.4% 13,679 21,655 58.3% Expenses PAX up by 44.7% in 6M 2019 RASK up by 6.5% in 6M 2019 Operating 968 1,391 43.7% 56 (196) n/a Increasing ASK CASK dynamics Income / (Loss)

Billion ASK RUB Finance (1,228) 371 n/a Income/expenses (1,318) 1,644 n/a 2.45 8.9 2.27 (net)3

6.0 Net Income / (143) 1,796 n/a (984) 1,503 n/a (Loss)

1,706 3,022 77.1% EBITDA 1,296 2,668 >2x 6M 2018 6M 2019 6M 2018 6M 2019

ASK up by 46.7% in 6M 2019 CASK up by 7.9% in 6M 2019 19.7% 23.1% 3.4 p.p. EBITDA margin 9.4% 12.4% 3.0 p.p. Note: based on managerial accounts transformed under IFRS principles 1 Calculation based on Total Revenue of the Company 2 Restated financials presented based on IFRS 16 full retrospective application. Q2 and 6M 2019 presented based on IFRS 16 full retrospective application. 3 Including net FX gain from lease liabilities revaluation in the amount of 2.9 bn RUB in 6M 2019; eliminated in consolidated financials due to hedging of FX-denominated liabilities with FX- denominated revenues (effectively non-cash income). • Pobeda has demonstrated solid results backed by strong demand and active expansion of the fleet 23 in 6M 2019. Leverage and Liquidity

Debt Profile1 Net Debt / EBITDA (management accounting)

RUB mln 31-Dec-2018 30-Jun-2019 Change 5.12 4.5 3.8

Borrowings 3,486 3,359 (3.6)%

Lease Liabilities 655,9312 596,084 (9.1)% 31-Dec-2018 31-Mar-2019 30-Jun-2019

Source: management accounting. Q1 and 6M 2019 EBITDA used in the calculation is based on data under Pension Liabilities 908 916 0.9% IFRS 16; 2018 data is based on previously reported EBITDAR (pre-IFRS 16). Borrowings breakdown by currency

Total Debt 660,325 600,359 (9.1)% 428

Cash and Short Term 30,148 48,031 59.3% Investments

Net Debt 630,177 552,328 (12.4)% 2,931 RUB USD 1 Based on financial data under IFRS 16; 30-Jun-2019 exchange rate - 63.08 RUB per USD , 31-Dec-2018 exchange rate - 69.47 RUB per USD. 2 Lease liabilities updated versus previously reported figure of 661,182 million RUB due to refinement of judgments & estimates. Net debt / EBITDA adjusted due to amendment of Lease liabilities in ratio numerator.

• Total debt decreased by 9.1% on the back of lower finance lease liabilities while Net Debt decreased by 12.4%. • Cash position of RUB 48.0 billion and undrawn credit lines of RUB 63.5 billion. 24 Adoption of IFRS 16 – Lease Liabilities Revaluation

Effect on Profit & Loss Exchange rate dynamics RUB/USD 6M 2018 6M 2018 million RUB Difference 69 reported1 restated2 67 +9.0% (31-Dec-17 – 30-Jun-18) EBITDA 6,622 59,014 + 52,392 65 63

61 D&A and Customs Duties 6,901 41,561 + 34,660 59

57 EBIT (Operating Profit) (279) 17,453 + 17,732 55 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18

Net Loss (5,228) (30,379) - 25,151 Lease Liabilities (1-Jan-18)

Finance Lease Operating Lease Total Lease Loss on FX (Operating Lease (IAS 17) (IFRS 16) Liabilities A/с Liabilities Revaluation) (27,498) After Tax 100,688 393,090 493,778 million RUB million RUB million RUB Adjusted Net Loss (5,228) (2,881) + 2,347 Hedge accounting Hedge accounting applied from not applied for 2018 1 Reported financial results represent 6M 2018 data reported in August 2018. 30-Sep-14 2 Restated financial results presented based on IFRS 16 full retrospective application. • Hedge accounting is applied to finance lease liabilities from 30-Sep-14, to operating lease liabilities – from 1-Jan-2019. • Prospective introduction of hedge accounting for operating leases from 2019 explains FX losses in restated figures for 2018. • In 6M 2018 RUB devaluation of 9% vs USD since the beginning of the year resulted in 28 billion 25 RUB paper loss on FX. 1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

26 Russian Air Transportation Market: Room for Growth

Russian Total Passenger Traffic Growth, mln PAX(1) Trips per Capita (2)

Despite fast growth of the recent years, Total CAGR 5.2% Russian airline industry still has International – 1.0% | Domestic – 10.4% 10.7% 3.73 promising growth prospects Change 150.0 137.0 123.7 FY17-18 111.8 2.50 107.3 102.8 68.1 11.5% 100.0 61.1 65.5 54.7 46.4 1.13 0.69 50.0 10.0% 1.78 0.46 0.46 68.8 1.78 46.3 52.6 56.4 62.6 0.31 0.0.5050 0.340.34 0.360.36 0.35 0.0 2014 2015 2016 2017 2018 UK USA Russia China Brazil Domestic Routes International Routes (2) Airline O&D per capita per year, as of 2018 Domestic PAX per capita Notes: (1) Total local and foreign carriers’ traffic x.xx Sources: Oxford Economics, Aeroflot estimates Sources: FAVT, Aeroflot estimates Railways facing increasing competition… … from airlines on domestic routes RZD long-haul rail traffic (mln PAX) Long-distance rail routes faced Domestic air traffic (mln PAX) Domestic air traffic grew at a much higher volatile passenger traffic dynamics in pace than other means of transportation the recent years and lost over 10 mln PAX over a decade 10.0% 10.9% 7.3% 7.9% 13.6% 68.8 (6.9)% 3.6% 0.8% (5.0)% 17.9% 62.6 110.0 56.4 103.1 101.4 102.3 52.6 97.9 46.3

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

• Russian market is well positioned for long-term growth on the back of still low penetration, additional potential from ongoing structural changes and increasing propensity to travel by air as well as advantageous geographical location. 27 Market Return to Growth

Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers)

Change in PAX traffic y-o-y, % Change in ASK y-o-y, %

12.2% 8.5% 10.7% 10.0% 8.2%

30.2 %

14.4 %

18.6 %

14.4% 10.9 % 13.8% 10.5% 10.6 % 11.9% 9.9% 11.0 % 9.0% 9.1% 9.4% 9.1 % 7.5% 7.9 % 7.2% 0.6 %

(14.8)%

Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 International Domestic Total market Foreign carriers Russian carriers Source: TCH, Company calculations Source: SRS for foreign carriers, TCH for domestic carriers, Company calculations. • In 2019 market continues to grow on the back of higher demand in both international and domestic segments. • Capacity additions are mostly carried out by Russian carriers with foreign airlines cutting their exposure to Russian market in Q2 2019. 28 Operating Data – Q2 & 6M 2019

Aeroflot airline Aeroflot Group Indicator Unit Q2 Q2 6M 6M Q2 Q2 6M 6M Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2018 2019 2018 2019 2018 2019 2018 2019

Passenger Traffic th PAX 8,829 9,343 5.8% 16,223 17,796 9.7% 13,871 15,431 11.2% 24,856 28,195 13.4%

International Routes th PAX 4,452 4,938 10.9% 8,351 9,318 11.6% 6,171 6,952 12.6% 11,059 12,683 14.7%

Domestic Routes th PAX 4,377 4,405 0.6% 7,872 8,477 7.7% 7,699 8,479 10.1% 13,797 15,513 12.4%

Passenger Turnover mn pkm 23,951 25,534 6.6% 44,926 48,820 8.7% 35,244 39,383 11.7% 63,987 72,925 14.0%

International Routes mn pkm 15,427 17,471 13.2% 29,752 33,396 12.2% 20,364 22,966 12.8% 37,932 43,531 14.8%

Domestic Routes mn pkm 8,524 8,064 (5.4%) 15,175 15,424 1.6% 14,880 16,417 10.3% 26,055 29,393 12.8%

Passenger Capacity mn ASK 30,206 32,472 7.5% 57,625 63,188 9.7% 43,358 48,842 12.6% 79,982 91,885 14.9%

International Routes mn ASK 19,906 22,662 13.8% 38,818 43,725 12.6% 25,457 29,024 14.0% 47,961 55,571 15.9%

Domestic Routes mn ASK 10,300 9,810 (4.8%) 18,807 19,463 3.5% 17,901 19,818 10.7% 32,020 36,314 13.4%

Passenger Load Factor % 79.3% 78.6% (0.7) p.p. 78.0% 77.3% (0.7) p.p. 81.3% 80.6% (0.7) p.p. 80.0% 79.4% (0.6) p.p.

International Routes % 77.5% 77.1% (0.4) p.p. 76.6% 76.4% (0.3) p.p. 80.0% 79.1% (0.9) p.p. 79.1% 78.3% (0.8) p.p.

Domestic Routes % 82.8% 82.2% (0.6) p.p. 80.7% 79.2% (1.4) p.p. 83.1% 82.8% (0.3) p.p. 81.4% 80.9% (0.4) p.p.

Tonne-Kilometres mn tkm 2,410 2,547 5.7% 4,522 4,849 7.2% 3,482 3,866 11.0% 6,340 7,154 12.8%

International Routes mn tkm 1,566 1,761 12.4% 3,018 3,343 10.8% 2,023 2,271 12.3% 3,775 4,291 13.7%

Domestic Routes mn tkm 843 787 (6.7%) 1,504 1,506 0.1% 1,460 1,595 9.3% 2,565 2,863 11.6%

Revenue Flights flights 67,149 72,427 7.9% 127,381 142,563 11.9% 102,477 112,826 10.1% 191,013 215,284 12.7%

International Routes flights 32,758 35,913 9.6% 63,017 70,104 11.2% 43,070 47,827 11.0% 79,939 91,053 13.9%

Domestic Routes flights 34,391 36,514 6.2% 64,364 72,459 12.6% 59,407 64,999 9.4% 111,074 124,231 11.8%

Flight Hours hours 190,834 208,037 9.0% 365,411 410,164 12.2% 279,971 310,389 10.9% 521,923 593,926 13.8%

29 Key Operating Data of Subsidiary Airlines – 6M 2019

Rossiya Airline Pobeda Airline Aurora Airline Indicator Unit 6M 2019 Y-o-Y 6M 2019 Y-o-Y 6M 2019 Y-o-Y

Passenger Traffic th PAX 5,091 7.2% 4,567 44.7% 742 2.3%

International Routes th PAX 2,026 10.4% 1,136 64.6% 202 10.1%

Domestic Routes th PAX 3,065 5.1% 3,430 39.1% 541 (0.4%)

Passenger Turnover mn pkm 14,853 20.6% 8,196 45.3% 1,057 (4.1%)

International Routes mn pkm 7,384 14.6% 2,470 67.9% 282 5.5%

Domestic Routes mn pkm 7,468 27.1% 5,726 37.3% 775 (7.1%)

Passenger Capacity mn ASK 18,237 23.6% 8,856 46.7% 1,604 2.8%

International Routes mn ASK 8,611 20.1% 2,783 76.0% 452 16.0%

Domestic Routes mn ASK 9,626 26.9% 6,075 36.3% 1,152 (1.6%)

Passenger Load Factor % 81.4% (2.0) p.p. 92.5% (0.9) p.p. 65.9% (4.7) p.p.

International Routes % 85.8% (4.1) p.p. 88.8% (4.3) p.p. 62.3% (6.2) p.p.

Domestic Routes % 77.6% (0.1) p.p. 94.3% 0.7 p.p. 67.3% (4.0) p.p.

Flight Hours hours 99,053 7.8% 62,809 46.8% 21,901 0.4%

30 6M 2019 Operating Data by Region (Scheduled Routes)

Americas Russia CIS

18.4 % 14.1 % 17.1 % 12.2 % 12.4 % 13.3 % 5.9 p.p.

(0.9) p.p. (5.1)% (4.9)% (11.7)% (0.6) p.p. Passengers RPK ASK PLF Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried carried Performance of North and Central American Capacity have been increased to key domestic Positive contribution to regions’ KPIs comes from market was influenced by reduction of capacity to markets as well as smaller regional cities. increased frequencies of Aeroflot airline and JFK (two daily flights instead of three for Winter Additional contribution from new services to stronger demand to local destinations. season) as well as some other destinations. Caucasus, Ulyanovsk and Izhevsk. Europe Middle East Asia

26.7 % 24.3 % 28.3 % 22.8 % 24.8 % 18.4 % 17.1 % 17.8 % 19.0 %

1.1 p.p.

(0.8) p.p. (2.5) p.p. Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried Passengers RPK ASK PLF carried European markets performance benefited from Operating performance of the region significantly More traffic on key scheduled destinations launching of additional frequencies as well as affected by increased frequencies to Istanbul, (Beijing, Tokyo) as well as popular leisure new flights to Slovenia, Dublin, Naples, Verona, Antalya and Dubai backed by strong demand. destinations (Phuket, Male) amid increase in Marseille and Palma. frequencies supportive for overall performance of the region. Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) • Strong operating performance on scheduled routes supported by route network development. 31 Aeroflot Group Fleet Evolution

Aeroflot Group Fleet in Operation 1 Average Age of the Fleet 2

Aircraft Average Age 4.6 5.1 Wizz Air 7.0 6,5 5.3 6.4 6.5 6.2 6.2 5.6 366 365 IndiGo 5.6 325 289 5.6 251 247 Spirit Airlines 5.8 5.9 6.1 Xiamen Airlines 6.1 2014 2015 2016 2017 2018 6/30/2019 Azul 6.2 Aeroflot Airline Fleet in Operation 1 6.3 6.4 Aircraft Average Age Airline 6.4 6.7 4,6 4.4 Airlines 6.7 4.1 4.2 4.1 4.2 7.0 224 253 250 189 EasyJet Europe 7.1 150 165 7.1 7.2 7.3 2014 2015 2016 2017 2018 6/30/2019 1 Excludes plane out of operation 2 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft according to FlightGlobal data (as of July 2019, data by legal entity) • Aeroflot operates the youngest fleet in the industry among airlines with active fleet of 100+ aircraft • Aeroflot achieved significant progress in fleet renewal both for Aeroflot airline and for the Group 32 Traffic Revenue Analysis

Traffic Revenue Breakdown by Type Revenue from Scheduled Passengers (RUB mln)1 6M 2019 6M 2019, % of Q2 2018 Q2 2019 Y-o-Y Region 6M 20186M 2019 Y-o-Y Sheduled sch. revenue Passenger Flights 90.8% 50,832 59,289 16.6% Russia 84,791 102,422 20.8% 40.2%

35,958 38,763 7.8% Europe 61,310 68,242 11.3% 26.8%

17,127 20,021 16.9% Asia 34,592 43,626 26.1% 17.1% Cargo 3.1% Charter Passenger 6,289 7,320 16.4% CIS 10,753 12,881 19.8% 5.1% Flights 6.1%

North and Central 8,115 8,208 1.1% 13,280 13,539 2.0% 5.3% America Scheduled Traffic Revenue by POS Middle East and 6,541 7,728 18.1% 11,243 14,011 24.6% 5.5% 6M 20192 Africa 124,862 141,329 13.2% Total 215,969 254,721 17.9% 100.0% Sales abroad Sales in Russia 29.4% 32.9% Total Passenger Revenue (Scheduled + Charter, RUB mln) 6M 2019, % of Q2 2018 Q2 2019 Y-o-Y Segment 6M 20186M 2019 Y-o-Y revenue 52,750 61,175 16.0% Domestic 87,529 105,522 20.6% 38.8%

Call center and own branches 82,706 91,280 10.4% International 144,823 166,189 14.8% 61.2% 3.4% Online 34.3% 135,456 152,455 12.5% Total 232,352 271,711 16.9% 100.0%

• In 6M 2019 revenue from scheduled passengers grew by 17.9% mainly driven by revenue growth on Russian, European and Asian markets. 33 1 Data presented based on management accounting 2 Data presented based on management accounting for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot Aeroflot Group Blended Flights Revenue Units

Q2 Yield (Scheduled + Charter PAX Revenue / RPK) Q2 RASK (Scheduled + Charter PAX Revenue / RPK) RUB RUB (2.1)% (3.2)% (0.1)% 0.7% 4.8% 5.1% 3.25 4.06 3.14 3.12 3.12 3.97 3.87 3.09 3.73 3.84 2.95 3.55

Domestic International Total Domestic International Total

6M Yield (Scheduled + Charter PAX Revenue / RPK) 6M RASK (Scheduled + Charter PAX Revenue / RPK) RUB RUB (1.0)% 0.0% 1.8% 2.6% 6.3% 6.9% 3.02 2.99 3.82 3.82 3.73 2.91 2.91 2.96 3.59 3.63 2.73 3.36

Domestic International Total Domestic International Total % Y-o-Y increase 2018 2019 Note: Data presented based on management accounting figures, scheduled and charter flights revenue is used for calculations

• Competitive positioning, adjustment of fuel surcharges and changing mix of operations at subsidiaries’ level due to rapid expansion of LCC as well as high base of previous year affected RUB yields in 6M 2019. 34 Headcount Overview

Aeroflot Group Headcount by Category Other non-airline personnel Flight crew 30-Jun-2018 30-Jun-2019 % 13.7% 10.8% Cabin crew 11,821 12,751 7.9 % Airport services 7,163 5,447 (24.0)% Other airline personnel Technical maintenance and repair 5,068 5,444 7.4 % 13.1% Flight crew 3,981 4,434 11.4 % Cabin crew 31.1% Tickets and services sales, advertising 1,918 1,966 2.5 % Airport services Other airline personnel (inc. airlines’ head office) 5,582 5,378 (3.7)% 13.3%

Other non-airline subsidiaries’ personnel 4,968 5,625 13.2 % Tickets and services Technical 1 sales, advertising Total 40,501 41,045 1.3 % 4.8% maintenance and 1 Aeroflot Group headcount table excludes Aeroflot School headcount amounting to 196 employees as at 30.06.2018 repair and 224 employees as at 30.06.2019. 13.3% Traffic Revenue / Average Airlines’ Headcount PAX Traffic / Average Airlines’ Headcount (million RUB per employee, annualized to 30.06.2019) (passengers per employee, annualized to 30.06.2019)

13.2% 9.9%

16.7 1,664 1,514 14.8

30.06.2018 (LTM) 30.06.2019 (LTM) 30.06.2018 (LTM) 30.06.2019 (LTM)

• Improvement in labour productivity has resulted in increase of key performance indicators in 6M 2019. 35 • Aeroflot Group headcount increased by 1.3% vs. June 30, 2018. Operating and Free Cash Flows

(RUB mln)

Million RUB 6M 2019 Million RUB 6M 2019 Other adjustments before working capital changes, incl. Working capital changes and income tax, incl. Change in provisions (1,990) Change in accounts receivable and prepayments (392) Effect from revenue hedging (finance lease hedge accounting) 1,337 Change in accounts payable and accrued liabilities 32,244 Interest income (2,110) Change in expendable spare parts and inventories (1,345) Other (2,606) Change in tax and restricted cash 1,678

(10.7)% 32,185 (9,436) 3,764 (1,447) (9,649)

(983)

26,843 275 (5,369)

53,305 96,773 88,506 79,022 64,588

(10,466)

Profit Before D&A Interest Unrealized Other Adj. Cash Flows Working Net Cash Purchase of Proceeds Deposit Net Pre- Net Leasing Free Cash Restated Income Tax Expense Net FX Loss Before From Capital Flows From PPE & From Sale of Placement delivery Deposits for Flow 6M Free Cash Working Operating Changes and Operating Capitalized PPE and Return Payments for a/c in 2019 Flow 6M Capital Activities Income Tax Activities Expenses Aircraft Operating 2018 Changes Before Lease and Working Other Capital Changes

* Restated data • Strong Operating and Free Cash Flow generation in 6M 2019 notwithstanding the macro challenges. 36 Net Income Evolution

(RUB mln)

5,705 (48,453) 39,913

1,647 40 (4,762) 27,333 (8,784) 53

(30,379)

119

Restated Net Traffic Revenue Other Revenue Operating Finance Income Finance Costs Hedging Result Revaluation of Taxation Other Net Income 6M Income 6M 2018 Expenses Equity 2019 Investments and other • Increase in revenue generated by growing volumes was offset by a less favorable operating cost environment. • No FX losses related to revaluation of liabilities in 6M 2019 due to hedge accounting in place resulted in significant improvement of Finance Costs in the respective period and supported the bottom line. 37 Introduction of IFRS 16

Significant changes are expected in Operating lease and Maintenance lines of PnL

PnL statement 2018 2019 Explanation

Operating lease expenses $$$ $$$ • Redistribution of Lease and Maintenance expenses to D&A and Finance costs due to reflecting aircraft and other leased assets on Company’s books. Maintenance and reserves $$$ $$$ • Operating lease expense line will still hold objects not influenced by IFRS 16. • D&A increase due to higher volume of assets reflected in statement of Depreciation & amortization (D&A) $$$ $$$ financial position, growth in maintenance capitalization. • Volatility in currency translation differences will be mostly “regulated” by hedge Curr. translation differences $$$ $$$ accounting. • Higher Finance costs due to larger volume of liabilities related to leased Finance costs $$$ $$$ objects reflected in statement of financial position.

Debt portfolio, % Impact on Key financial indicators 2018 2019E 5% 4% 12% Indicator Impact Explanation

Due to redistribution of Operating lease costs Operating income to Finance costs.

Due to redistribution of Lease and 96% EBITDA Maintenance expenses to D&A and Finance 83% costs.

Loans and credit lines Financial lease Net income No significant impact. Operating lease • Introduction of IFRS 16 standard will lead to an increase in the Group’s debt portfolio, higher Operating income and EBITDA due to redistribution of costs across PnL items. 38 Board of Directors

Corporate Governance Board of Directors

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

Mikhail Poluboyarinov Deputy Chairman Personnel and Remuneration Board of Directors Committee Vitaly Saveliev (5 members) Alexander Galushka Member Member

Strategy Committee Executive Board Igor Kamenskoy Member Member Chairman (10 members)

Maksim Liksutov

Incorporated in Russia, PJSC Aeroflot is subject to Dmitry Peskov Member Member Russian corporate governance regulations and follows Vasily Sidorov Chairman Member Member Russian Corporate Governance Code

Yuri Slyusar Member

The Board of Directors is currently composed of 11 Maxim Sokolov Member Chairman Member members. The Board’s composition is well balanced from members’ background perspective.

Independent director according to the Russian Corporate Governance Code 39 Aeroflot Group Structure

PJSC Aeroflot

Airlines Ancillary Companies

CJSC Aeromar JSC 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

A-Technics 100% Maintenance

Note: The Group structure as at 30 June 2019; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. PJSC Aeroflot also owns 100% of JSC (via JSC Rossiya; non-operating entity, in liquidation), 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). JSC was liquidated in July 2019.

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. 40 Investor Relations Contacts

Address: 119002, Russia, Moscow, Arbat St. 10 E-mail: [email protected] Website: www.aeroflot.ru