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Aeroflot Group UBS Emerging EMEA Corporate Day (Singapore) 9 February 2015 Disclaimer 232 Chart Colours 235 240 This document has been prepared by JSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the 182 presentation slides, you agree to the following. 196 204 This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form 135 157 the basis of, or be relied on in connection with, any contract or investment decision. 179 No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. 0 No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or 112 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 192 contents. 59 This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements 100 regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial 135 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 0 that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and 176 80 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 22 update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 2 Table line colour 178 178 178 232 Chart Colours 235 240 182 1. Market Update 196 204 2. Monthly Traffic Statistics 135 157 179 3. Operating Performance 0 112 192 4. Fleet Overview 59 100 135 5. Financial Performance 0 176 6. Capital Structure and Liquidity 80 22 7. Appendix 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 3 Table line colour 178 178 178 Russian Air Transportation Market 232 Chart Colours 235 240 2009 – 2013 Q3 2014/2013 9M 2014/2013 International Routes 9.6% 182 Domestic Routes 103.7 196 91.6 204 CAGR 87.7 80.1 2008-13 2014-17F 80.0 Russian Total 70.5 9.9% Passenger 64.4 12.8% 6.6% 135 56.7 56.2 4.0% Traffic 47.3 52.3 157 41.2 37.5 50.3 179 34.1 1,2 32.8 3.2% (m PAX) 8.4% 5.3% 21.6 22.3 19.1% 35.4 39.2 35.4 0 23.8 29.2 32.7 22.9% 29.8 12.5 15.3 112 192 50 2009 2010 2011 2012 2013 Q3 2013 Q3 2014 9M 2013 9M 2014 45 59 40 10.5% 100 135 35 31.3 30 27.5 26.5 Aeroflot Group CAGR 24.0 25 10.1% 0 Passenger 17.4 2008-2013 176 20 16.4 16.0 13.3 (1.2%) Traffic 14.1 13.4 80 15 11.1 21.4% 10.9 9.9 (2.8%) (m PAX) 10 7.9 9.4 6.2 13.9 5.5 5.3 25.4% 22 5 11.5 22.7% 26.4% 10.6 13.2 4.9 6.2 7.0 4.4 5.5 44 0 66 2009 2010 2011 2012 2013 Q3 2013 Q3 2014 9M 2013 9M 2014 1 Aeroflot Overall Market 19.6% 20.0% 20.5% 30.0% 30.2% 28.9% 29.0% 30.0% 30.2% 40 Share2 120 International2 18.9% 19.2% 19.9% 28.5% 27.0% 25.4% 24.0% 26.7% 25.4% 2 35.1% 36.1% 35.5% 37.4% 0 Domestic 20.6% 21.2% 21.4% 32.5% 35.5% Message text 128 0 • Russia remains high-growth air transportation market due to low penetration of air transportation services • Domestic segment continues to deliver strong double-digit growth 255 Highlight 0 0 Source: TCH, Company estimates 1 Incl. foreign carriers’ traffic 4 2 Market based on passenger traffic of both domestic and foreign carriers 178 Table line colour 3 In the charts, tables and text of this presentation, immaterial deviations in calculation of % change, subtotals and totals are due to rounding 178 178 Aeroflot Group Market Position 232 Chart Colours 235 1 240 Passenger Traffic (9M 2014, m PAX) Russian Passenger Traffic 182 30.2%1 196 2 204 36.3% 26.5 135 157 179 19.0% 20.0% 19.0% 20.0% 19.0% 18.0% 16.9% 1 0 18.9% 2 112 16.9%1 22.8% 18.0% 18.9% 192 18.0% 24.0% 22.0% n/a 16.6 28.0% 25.0% 59 11.9%1 14.9 100 2 135 14.3% 1 8.8% 8.6%1 10.5 2 0 10.6% 10.4%2 176 1 7.7 7.6 4.6% 63.0% 64.0% 64.1% 80 58.0% 5.6%2 53.0% 56.0% 55.0% 22 4.1 44 66 1 40 Aeroflot Transaero S7 Utair Ural Foreign Other 2008 2009 2010 2011 2012 2013 9M 2014 120 Group Group Group Airlines Carries Top 5 Carriers Other Russian Carriers Foreign Carriers 0 Market Share Message text 128 0 • Continuing growth of market share of the top-5 leading domestic players led by Aeroflot • Aeroflot market share exceeds combined market share of three nearest competitors 255 Highlight 0 0 Source: TCH, Rosaviatsia, Company estimates 1 Based on passenger traffic of both domestic and foreign carriers 5 2 Based on passenger traffic of domestic carriers only Table line colour 178 178 178 Multi-brand Offering of Aeroflot Group 232 Chart Colours 235 1 240 Brand Business model Focus Airport PAX Contribution • Flagship carrier • Moscow (Sheremetyevo) 182 • Premium product 67.2% 196 Network/ 204 Scheduled • High income, middle class, leisure segment 135 157 • Focus on direct and transit routes via • Saint-Petersburg 15.0% 179 St. Petersburg hub (Pulkovo) 0 • Middle class segment 112 5.1% 192 • Short- and mid-haul direct domestic • Rostov-on-Don, Regional routes in the South of Russia Krasnodar, Sochi, 59 • Middle class segment Mineralnye Vody 100 135 • The Far East airline flying on short- • Vladivostok, Khabarovsk, 3.0% and mid-haul direct international and Yuzhno-Sakhalinsk 0 domestic routes 176 80 • Middle class segment • Predominantly charter operations 9.4% 22 • Orenburg, Domodedovo 44 Charter • Leisure segment (Moscow) 66 • Strategic positioning currently under review 1 40 • Short and mid-haul • Vnukovo (Moscow) • Ticket sales started on 120 • Point-to-point budget passenger 11 Nov. 2014 Low Cost carrier • First flight performed on 0 (Pobeda) 1 Dec. 2014 Message text 128 0 • Multi-brand offering to capture customers in every market segment 255 • Wide geographic coverage of the Russian market Highlight 0 0 Source: Company data Note: PAX contribution as of 9M 2014, Dobrolet contribution is 0.3% 6 Table line colour 178 178 178 Aeroflot’s New Low Cost Carrier ‒ Pobeda 232 Chart Colours 235 240 Overview of Pobeda LCC Penetration Comparison by PAX (%) 38% 182 • Oct. 2013: launched under Dobrolet name 196 – 67.8 ths PAX carried by August 2014 30% 204 – Flights suspended in August 2014 due to EU sanctions 27% after 55 days of operations • Sep. 2014: new legal entity launched to run LCC business 17% 135 Status 157 • Oct. 2014: official press release on launch of the LCC carrier 179 under “Pobeda” brand 9% • Nov. 2014: n.m.1 0 – Ticket sales commenced on 11 November 2014 112 – First flight performed on 1 December 2014 192 Europe North South Asia Africa Russia America America 59 • A typical LCC offering to attract price sensitive customers 100 • Substantially different from Aeroflot’s product proposition: 9 Scheduled Destinations in 2014 135 – Food and drinks are not included in ticket price – Extra fees for non-carry on baggage Business – 20-40% discount compared to fares of “traditional” 0 model carriers 176 Surgut Network Regional 80 – Majority of tickets are non-refundable 7 • Sales of tickets via direct or online channels Perm Operating base VKO (Moscow) Moscow Ekaterinburg • Operating from Vnukovo thus reducing cannibalization risks 7 14 7 Tumen 22 Kazan 7 44 Chelyabinsk Destinations 9 (+2 seasonal destinations) 7 Samara 66 Belgorod • c. 10m passengers Volgograd Avg. Frequency / 7 7 7 flights per week 2018 • Expanding to 37 aircraft Destination 1 Targets • Expanding to 47 routes 8 Boeing 737-800 NG Fleet 40 • Expansion to CIS and international markets 7 Vladikavkaz (189 seats per plane) 120 # - frequency per week for 2014 0 Message text 128 • Pobeda will allow Aeroflot to develop more aggressively the price sensitive segment, attracting customers that currently either 0 don’t travel often or travel by other means of transportation 255 • Swift action by the management allowed the Group to restart the project with its original scope and focus in 4 months Highlight 0 0 Source: Company data 1 No LCC carrier is operating in the domestic Russian market currently, EasyJet and WizzAir are operating on a small number of international routes with negligible market share 7 Table line colour 178 178 178 232 Chart Colours 235 240 182 1.