LONDON 12 DECEMBER 2019 Disclaimer

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2 Agenda

9.20 – 10.00 Registration and Coffee

10.00 – 10.05 Introduction Andrey Napolnov Aeroflot Head of Investor Relations

10.05 – 10.40 Aeroflot Digital Transformation Vitaly Saveliev Aeroflot Chief Executive Officer

10.40 – 11.20 Market performance and Strategy 2023 Andrey Panov Aeroflot Deputy CEO for Strategy, Service and Marketing

11.20 – 12.10 Airlines, Network, Fleet and Finance Andrey Chikhanchin Aeroflot Deputy CEO for Commerce and Finance

12.10 – 12.40 Pobeda Overview Laszlo Szabo Pobeda Airlines Director of Services

12.40 – 13.30 Q&A Session

13.30 – 14.30 Lunch

3 Vitaly Saveliev Chief Executive Officer

4 Global Aviation Trends and Aeroflot Group Highlights

Passenger traffic globally and in Europe Passenger traffic in Russia (incl. foreign carriers) and of Aeroflot Group

Europe CAGR World CAGR Russia CAGR Group CAGR 4.6 ~147 5.5% for 2009-2019 6.7% for 2009-2019 4.4 10.0% for 2009-2019 18.6% for 2009-2019 137.0 4.1 3.8 123.7 3.6 111.8 3.3 107.2 103.7 3.1 102.8 3.0 2.8 91.6 2.6 2.4 80.1 70.5 ~61 56.7 55.7 50.1 43.4 1.2 39.4 1.1 1.0 1.0 34.7 0.9 0.9 31.4 0.8 0.8 0.8 27.5 0.7 0.7 14.1 16.4 11.1

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E (forecast) Europe, bn PAX World, bn PAX Russia, mn PAX Aeroflot Group, mn PAX

The Russian air passenger transportation market is on a recovery trend. Aeroflot Group’s traffic maintains a robust growth

5 Aeroflot: Yesterday and Today

Passenger load factor, % Aeroflot Group PAX, mn Employees per one million PAX

Workforce Productivity

+18.2% 5.0x (61.1)%

82.7 55.7 1,744

64.5

678

11.1

2009 2018 2009 2018 2009 2018

The transformation enabled Aeroflot to regain its positions and become a TOP 20 aviation group globally

6 Aeroflot’s Competitive Edge

Aeroflot aircraft fleet Aeroflot fleet average age, years Fleet average age, years²

4.2 Hainan Airlines 4.6 Ethiopian Airlines 5.2 Shandong Airlines 5.3 253 Spirit Airlines 5.3 Sichuan Airlines 5.4 IndiGo 5.5 9.5 Xiamen Airlines 5.5 Shanghai Airlines 5.6 Qatar Airways 5.9 Emirates Airline 6.0 China Eastern Airlines 6.1 Avianca 6.2 Azul 6.2 EasyJet Europe 6.2 1161 Ethiad Airways 6.4 Lion Air 6.4 4.2 Shenzhen Airlines 6.7 China Southern Airlines 6.8 Air China 6.9 Garuda Indonesia 6.9 Vueling Airlines 6.9 Air India 7.0 Turkish Airlines 7.1 Ryanair 7.3 Singapore Airlines 7.3 2009 2018 2009 2018 EasyJet 7.7

Aeroflot operates the youngest fleet in the industry among airlines with the active fleet of 100+ aircraft

Note: 1 26 Tu-154 (average age is 20 years), 6 Il-96 (average age is 14 years) ; 2 FlightGlobal data as of 01.10.2018 7 Airline Holding Establishment

In 2016 we completed creation of Aeroflot Group as a unified airline holding

Aeroflot Group operates across all segments of the aviation transportation market

Aeroflot – premium Rossiya – mid-price Pobeda – low-cost Aurora – regional carrier carrier carrier carrier for the Far East

Aeroflot Group is the largest and most efficient airline group in Eastern Europe

8 Aeroflot Group: 2023 Vision

1 Carry 90-100 mn passengers

2 Increase international transfer traffic to 10-15 mn PAX

Launch regional bases in Sochi, Yekaterinburg and Novosibirsk 3 and an international hub in Krasnoyarsk

4 Put into operation 200 domestic aircraft (SSJ100 and MC-21) by 2026

5 Enhance digitalization of the Group

Fleet Revenue RUB Strategic goal - increase 520 aircraft 1.3 trln market value of the Group

Ongoing digital transformation is crucial for reaching the strategic targets of the Group

9 Achievements To Date: Digital Take-off and New Heights

Aeroflot 2009 Aeroflot 2019

Flight management system

35% 100% of business Other IT of business processes are systems processes are automated automated

Other production and commercial IT systems

By 2019, key business processes at Aeroflot have been automated

10 Aeroflot IT Solutions

SAP ERP development Aeroflot’s IT backbone

1. Accounting Aeroflot website, including mobile Corporate loyalty program 19. Network profitability 2. Lease accounting check-in 18. Occupational safety Single payment solution Agency loyalty program management 3. Procurement and inventory E-commerce platform 17. Internal control and risk Investor Relations website 4. HR management: Tax monitoring Mobile app Aircraft electronic customs clearance 5. Treasury Internet and IFE 16. OPS BI operational Tax monitoring reporting Client loyalty management system 6. Legal documentation B2P Cargo agent personal online 15. Roles and responsibilities interface Big Data based on IBM solutions 14. Consolidation of the 7. Contract management Maintenance and repair management Electronic flight bag Group’s accounts system Crew Tablet (SITA) 13. Financial accounting 8. Budgeting Electronic document flow and signature system Voice platform for a contact center 9. Revenue management for cargo Manager’s monitor – analytical tool 12. Procurement SAP ERP

11. Tax monitoring 10. Internal audit Sirax revenue management Resource management system at base airport

SAP ERP ensures cross-functional digitalization of business processes Aeroflot is developing advanced IT solutions across all business segments

Aeroflot is developing solutions for all its operational areas

11 Innovations: Aeroflot’s Digital Transformation

Internet of things Artificial intelligence for aircraft operations

Digitalization of flight management Aircraft Online MRO All flight documentation automatically uploaded to the aircraft’s computer and EFB 1 2 Digital profile Aircraft transmits all key operational information during the flight Inventory mgmt Engineering Work and logistics support MRO planning accomplishment Aircraft flight hours of no less than All relevant data is updated not only at the SVO hub but also at all other airports on and MRO the route MRO operations Aircraft Quality 12 hours per day management equipment management Each flight analysis is used to improve piloting techniques and safety maintenance Financial Streamline repair maintenance and airworthiness Quality control management Aeroflot is ranked among the TOP 5

Aircraft Digital copy Interfaces most punctual airlines in the world Readiness to exchange messages with A350 equipment online Data management Forecast Accumulation of statistics and further application of big data and predictive models to Computer improve fleet MRO 3 vision 4 models Implementation of Aeroflot’s flight digitalization platform creates a single informational environment Effect from commercial operation of the intellectual support system for aircraft operations is expected to for flight operations and aircraft servicing digitally be equivalent to commissioning of additional 3 aircrafts Creating a multi-purpose portal for executives Crew tablet for flight attendants on the basis of manager’s monitor

flight schedule “Electronic Catering” module is being introduced throughout the flight load route network Development aircraft layout

passenger information Personal interface Interactive displays including FFP status Online search Alarm indicators and alerts “Electronic In-flight Magazine” Integral performance metrics special meal orders Composite indicators service is under development Automated Board meeting preparation documentation work Creating a multi-purpose Manager’s Monitor provides senior executives with a modern digital tool for Our goal is to have completely paperless cabin decision-making and access to operational information

12 Online Services Development

Aeroflot Group remains the largest online store in Russia New distribution capability (NDC)

Aeroflot Group's annual online sales, bn RUB Strong sales growth High level certification Payments through NDC for key partners RUB bn Level 3 IATA NDC Certificate

221 Level 4 IATA NDC Certificate is expected to be received in 10.0 195 early 2020

169

145

5.8 New metasearch Community 91 engines recognition In 2018, Yandex.Avia CNEWS AWARDS prize 62 meta-search engine was 2018 connected to Aeroflot’s 38 31 NDC system 19 0 2

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019E 2018 2019E

Aeroflot Group leads the way amongst the largest online stores and NDC project awarded the prestigious CNEWS AWARDS 2018 Prize in “IT project of the transportation companies year in the transport industry” category

13 Digitalization in Support Functions: Case Study

Digital transformation of the tax function “Tax monitoring” project development

Objectives of the “Tax Monitoring” project Increased tax reporting transparency Digitalization of traditional forms of communication with tax authorities 2021 Electronic exchange of 100% information with the Federal Tax Service

Reducing tax risks by obtaining motivated opinions of tax authorities 2020 Decrease in number and duration of desk audits 2019

2018 Benefits of Tax Function Transformation  Use of artificial intelligence Enhancing business process automation  Integration with technologies to Integration of automated functions within a single analytical environment  Development of production build predictive Shifting a focus of tax control from a total coverage to problem areas internal tax systems (Sirax  Data display models of tax controls system billing and (monitoring liabilities AMOS MRO) instrument)  Electronic  Implementation archive of SAF-T Tax  Internal tax On 13 February 2019 the project was presented to Dmitry Medvedev, Prime controls Audit File Minister of Russia, during his visit to the central office of the Federal Tax Service

Tax monitoring provides cost savings due synergies from digitalization of tax administration and a focus on methodological aspects of tax risk management

14 Big Data Project: Results and Plans

Big Data implementation Big Data and machine learning

Accumulation of data about existing clients from internal and Execution of Big Data business cases B2C external sources Look-alike customers attraction Demand forecasts and supply optimization on specific flights 1 ASKAR fare management Multi-brand offering for passengers 16 2 1 Use of partners’ data Unstructured data processing 11 2 (Aeroflot Group data usage) 15 3 Predictive MRO Identification of economic / IT security / fraud 10 3 Client recommendation system 14 4 Communications fine tuning and personalization risks based on behavioral analysis Complaints and Forecasting expected client 9 4 Segmentation based on behavioral 13 5 suggestions analysis revenue Increasing sales and improving loyalty to the company as the analysis on the website and in the app 8 5 Testing business hypotheses Price sensitivity scoring 12 6 nation’s flagship carrier 7 6 Pricing based on Marketing channels 11 7 Dynamic segmentation purchasing power efficiency analysis 10 8 The project has already generated more than RUB 3.5 bn in 9 Unstructured 2017–2018 The project has already generated more than RUB 3.5 bn in Key areas of Big Data development – expanding areas of application data income as of 2018 YE vs. project costs of RUB 150 mn and transition to artificial intelligence and machine learning

Automated System of Integrated Market Analysis (ASKAR) Big Data and Machine Learning

Big Data Project Development Booking volume 2020 2019 Aeroflot revenue Market 2018 ASKAR Forecast share Big data Fare analysts’ 2017 Application of AI technology productivity and machine learning across all key business processes 2016 Wider application of AI-based predictive models Introducing Artificial Intelligence • Aeroflot intends to move from Competitors’ Quality of (AI) elements • Machine learning wider use: analytical models to self-learning Big Data Development (predictive) fares decision-making Big Data Implementation • Building predictive models–search network and revenue management • Return on investment for implicit correlations • Big Data technologies have • Systems deployment proven their efficiency • Consolidation of internal client data • Expanding areas of application: • Review machine learning as a tool • Creation of first analytical models operations, safety and security to optimize performance The ASKAR project improved Aeroflot revenue management efficiency Aeroflot intends to move from analytical models to self-learning (predictive)

Big Data technologies have proven their efficiency

15 Aeroflot Ranks Fourth Globally by Digitalization

Global full service carriers digitalization rating1

Index: Singapore Airlines = 100

100 97 94 92 90 88 87 82 81 73

Source: 1 Digitalisation rating, Bain & Company

16 Aeroflot’s Awards and Recognition

Five Star Global Airline, Airline World’s Strongest Airline Brand, Best Airline in Eastern Europe, Passenger Experience Five-star punctuality rating 4 Star rating by Skytrax according to Brand Finance Skytrax World Airline Awards Association (APEX) for three from OAG (2019) (the only airline in Russia) (three years in a row) (8 times in airline’s history) years in a row

CNews AWARDS 2018 for the Project of the Year, Innovation “E-commerce Project of the Year” Tax Project of the Year, SAP Transportation Industry IT Project Global CIO IT in Finance Function, Time awards for the rollout of award for improvement of Value Award in the New Horizons of the Year for successful Project of the Year award (2019) “Digital Aeroflot” transformation passengers’ online experience category (2018) implementation of the new air plan (2018) (2019) service distribution standard NDC

17 Andrey Panov Deputy CEO for Strategy, Service and Marketing

18

Airline Industry: Material Improvement in Efficiency Over the Decades

Profitability profile of global air transportation industry has significantly improved

Cumulative net profit, $bn 2010 2017 +$28bn +$30bn

1947 2009 +$183bn for 8 years 2018 2019E -$13bn for 63 years

The industry demonstrates solid traffic growth… …which contributes to higher industry efficiency

Passenger traffic (RPK) growth, % year-on-year Passenger load factor achieved, %

8.1% 82.1% 7.4% 7.4% 7.4% 81.9% 81.5% 5.7% 6.0% 5.0% 80.5% 80.4% 79.8% 80.0%

2013 2014 2015 2016 2017 2018 2019F 2013 2014 2015 2016 2017 2018 2019F

Airline industry significantly improved its profitability profile on the back of increased efficiency

Source: IATA 20 Russian Market Growth vs. Global Multiples

Global aviation industry vs. GDP European aviation industry vs. GDP Russian aviation industry vs. GDP CAGR 2009-2018 CAGR 2009-2018 CAGR 2009-2018

10.1%

6.8% 6.1% 6.0x 1.8x 2.3x

3.3% 3.0%

1.7%

GDP growth RPK growth GDP growth RPK growth GDP growth RPK growth

Sources: Oxford Economics, Company’s calculations Russian aviation industry expanded much faster than average theoretical RPK-to-GDP growth ratio of 2.0x beating every single region globally 21 Competitive Dynamics on Russian market

Passenger Traffic: Russian Air Transportation Market Growing Market Share (PAX) mn PAX ml PAX 9M 2019 CAGR: 5.2% 137.0

123.7 +7.6% Other Russian Airlines 114.0 41.0% 111.8 21.8% 107.2 +10.8 p.p. 102.8 105.9 +2.9 p.p. 68.1

57.7 114.0 Foreign Airlines million 13.0% PAX -3.9 p.p.

68.8 56.3 5.6% -3.0 p.p. 6.5% 12.1% +1.9 p.p. +3.3 p.p. 2014 2015 2016 2017 2018 9M 2018 9M 2019 International routes Domestic routes International routes Domestic routes +X.X p.p. market share dynamics vs. 9M 2014 Source: TCH, Rosaviatsia, Company estimates. Figures include foreign carriers’ traffic Source: TCH, Rosaviatsia, Company estimates Russian market continues to grow. Aeroflot Group managed to increase market share on the growing market via presence in all market niches 22 Russian Market Continues its Robust Growth

Passenger traffic, mn PAX

CAGR +6.5% CAGR 189 +10.2%

147 137 124 112 104 107 103 92 80 70 57

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Reported Forecast

Sources: FAVT, internal analysis

1 Structural trends 2 Evolving airport infrastructure 3 Stimulation effect of LCCs

The Russian market will continue growing in future

23 Trends Supporting Industry

1 Structural (long-term) growth trends

2 Evolving airport infrastructure

3 Stimulation effect of LCCs

24 1 Long-term Market Growth Drivers

1 We remain constructive on Aeroflot’s prospects in the long-term, viewing it as well- 3 positioned to benefit from long-term growth in air traffic Recovering passenger traffic

Domestic air and railways PAX, mn 139 mln Domestic air transportation PAX, mn Railways long haul PAX, mn 136

Passenger Passenger traffic mln 117 115 115 117 111 110 1990 90-100 104 98 101 102 68 2023 56 63 46 53 mln 33 35 39 50.1 26 24 29 11.1 mln 3.1 mln 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Source: Rosstat, Company data, FAVT 2009 1994 years 2 4 Russia still lags other key regions globally in terms of trips per capita Introduction of LCC

Domestic air and railways PAX, mn 3.7 BEFORE NOW 2.5

1.1 0.8 0.5 0.3

No low-cost carriers Source: Company data, FAVT 2018 2008

Despite substantial growth in the recent years Russian market remains underpenetrated, particularly considering size and distances of the country 25 2 Infrastructure: Upgrade Over the Recent Decade

Russia’s comprehensive modernization of regional airport network in the last decade…

Volgograd, 2018 Nizhniy Novgorod, 2017 Novosibirsk, 2015 Kazan, 2012

1.1mn 1.3mn 1.6mn 1.3mn New terminals Perm, 2017 Rostov-on-Don, 2017 Samara, 2014 Vladivostok, 2012

1.1mn 1.1mn 1.2mn 0.6mn

X mn City population1, mn

…will be continued till 2024 in line with airport infrastructure overhaul plan

66 airports 171 RUB bn State + Private investments To be reconstructed and modernized To be invested

Russia has a well-developed regional airport network which is set for further improvement

Source: Rosstat, Russian government, public sources 26 Note: 1 As of 1 January 2019 2 Aeroflot’s Growth Supported by Development of SVO

Runway-3 Terminal C Terminal B 3rd runway increased operational capacity Terminal C-2 Cargo Terminals from 60-65 to 90 aircraft movements

Overall capacity to exceed 80 mn by 2026

Runway-1 Runway-2 Service improvement Recent additions (Terminal B already has Skytrax 5*) Future plans Terminal F Terminal D Terminal E Interterminal Tunnel Key recent additions Expected developments

Terminal B Tunnel 3rd Runway New terminals New train line Runway - 1

Strategic targets of our base airport will support Aeroflot’s growth and contribute to improved service quality

Source: based on public data 27 3 Stimulation Effect of LCCs

Capacity at selected destinations: Aeroflot, Pobeda, Others Since its establishment in December 2014 Pobeda has expanded to ~351

Mn Seats destinations operated by Aeroflot from

5 Moscow.

4 Other carriers: CAGR +1% 2

3

3 2 Pobeda: CAGR +21%

1

Aeroflot: CAGR +10% 2

0

Jul-14 Jul-15 Jul-16 Jul-17 Jul-18 Jul-19

Apr-14 Oct-14 Apr-15 Oct-15 Apr-16 Oct-16 Apr-17 Oct-17 Apr-18 Oct-18 Apr-19 Oct-19

Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19

Aeroflot demonstrates robust growth in passenger Aeroflot PAX growth on jointly Aeroflot revenue (rub) growth on jointly operated routes (2018 vs 2014) +48% operated routes (2018 vs 2014) +69% numbers and revenue on jointly operated routes

Aeroflot enjoys growth in passenger numbers and revenue amid Pobeda network expansion

1 The graph and figures above are based on 38 destinations operated from Moscow that Pobeda has launched on top of Aeroflot’s existent services and that have been launched before Sep-19. 2 5-year annual growth rate, 2019 vs 2014 calendar year. 3 4-year annual growth rate, 2019 vs 2015 28 calendar year. 3 Case Study 1: Moscow – Yekaterinburg Route

Yekaterinburg - largest city in the Urals - 2 hours East from Moscow by plane

Pobeda launched service in December 2014

Aeroflot and Pobeda have 66 and 16 flights per week, respectively

Aeroflot and Pobeda networks focus on different market segments due to different … providing for no cannibalization effect between business models… networks at the current stage

Aeroflot hub structure, Sheremetyevo : Thousand Seats Frequency

All Arrivals Departures Captured Arrival 250 P2P traffic Airline to Yekaterinburg Banks 2014 2019 1:55am Russia, Europe, ME High-yield, business 200 90x 74x Other 6:45am Russia, Europe, ME High-yield, business 150 8:30am Russia, Europe, ME, Asia, CIS High-yield, business

11:20am Russia, CIS, Asia, America High-yield, business - 16x Pobeda 100 1:30pm Russia, America High-yield, business

3:15pm - Low-yield 3:20pm Russia, America, Europe High-yield, business 50 40x 66x Aeroflot 5:30pm Russia, Asia, Europe High-yield, business

0 9:30pm Russia, CIS, Europe, ME High-yield, business 11:45pm Russia, Europe, ME High-yield, business

-

Apr-15 Apr-16 Apr-17 Apr-18 Apr-19

11:55pm Low-yield Apr-14

Aug-14 Dec-14 Aug-15 Dec-15 Aug-16 Dec-16 Aug-17 Dec-17 Aug-18 Dec-18 Aug-19 Dec-19 Aeroflot, Pobeda (Vnukovo) Dec-13

Aeroflot and Pobeda both increased number of seats on Moscow – Yekaterinburg route on the back of the market growth focusing on different segments: Aeroflot on business and high-yield traffic demanding high frequency while Pobeda servicing low-yield P2P traffic 29 3 Case Study 2: Moscow – Milano Route

Italy, and Milano in particular, is a sizable international market from Russia

Pobeda launched service in December 2015 to secondary airport (Bergamo)

Aeroflot operates 35 flights per week to Malpensa a/p, Pobeda - 10 to Bergamo a/p

… providing for no cannibalization effect between Aeroflot and Pobeda networks focus on different market segments… networks the current stage

Aeroflot hub structure, Sheremetyevo : Thousand Seats Frequency All Arrivals Departures Captured Arrival 100 P2P traffic Airline to Milano Banks 2014 2019

80 16x 7x Other 6:50am Russia, Asia, ME High-yield, business

8:25am Russia, CIS, Asia, ME, America High-yield, business 60 - 10x Pobeda

11:00am Russia, CIS, Asia, ME, America High-yield, business

40 3:30pm - Low-yield 4:05pm Russia, America High-yield, business 20 21x 35x Aeroflot 7:55pm Russia, CIS, Asia, ME High-yield, business

0

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19

Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19

Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Aeroflot, Pobeda (Vnukovo) Mar-14

Aeroflot and Pobeda both increased number of seats on Moscow – Milano route on the back of the market growth focusing on different segments: Aeroflot on business and high-yield traffic demanding high frequency while Pobeda servicing low-yield P2P traffic 30

Key Strategic Goals for 2023

1 Carry 90-100 mn passengers

2 Increase international transit traffic to 10-15 mn

3 Launch 3 new regional bases and 1 international hub

4 Enhance digitalisation of the Group

32 1 Strategic Goal: “90-100 mn PAX in 2023”

90–100 mn passengers in 2023

mn PAX mn PAX 52 36 mn PAX mn PAX 3 2023 25-30 1.6 2023 2018 ~4.0x 2018 11.1 10-15 7.2 2023 2-3X International transit will increase 2-3x to 2018 2023 10-15 mn PAX 2018 • Pobeda to benefit from large underpenetrated Key PAX driver market Key PAX driver 33 1 Strategic Goal “90-100 mn PAX”: Execution

Increase in Aeroflot Group passenger traffic… … with the highest growth rates posted by Pobeda LCC mn PAX mn PAX

+ ~9-10%

+11.1% + ~40% +10.6%

+46.4% ~61 +56.8% ~10 55.7 50.1 46.7 7.6 42.2 7.2

5.2 4.6

2017 2018 2019E 9M 2018 9M 2019 2017 2018 2019E 9M 2018 9M 2019

In 2019 the Group is progressing in line with Strategy 2023: Pobeda remains the most efficient and fast growing constituent of the Group

34 2 Strategic Goal “International Transfer” (1/2)

Aeroflot has a successful track records of international … and maintains leading positions on sizable O&D routes transfer development… between Europe and Asia

2.0х – 3.1x Shanghai 1 Istanbul 2.6х 4.8 10-15 Shanghai 1 Amsterdam 1.9 mn mn mn Beijing 1 Prague 2012 2018 2023 Note: historical transfer data is based only on Aeroflot flights, numbers adjusted for code-share and partner airline traffic are on average 5%-10% higher

Business Strengths of Aeroflot As a Player in Global Connecting Market: Location + Cost Advantage Time savings 3 hours CASK, RUB Helsinki Moscow Europe Asia 9,272 km

Helsinki 9,310 London Moscow Frankfurt 9,558 Munich Paris 9,838 Istanbul Paris London 9,939 Frankfurt Munich Istanbul 10,244 Dubai 11,546

Doha 11,601 Doha Dubai

In additional to geographical and financial advantages on sizable transcontinental routes Aeroflot has also successful execution track record in the transfer segment Note: The following cities were chosen to measure average distance: London, Paris, Rome, Frankfurt, Madrid in Europe; Beijing, Shanghai, Tokyo, Seoul, Hanoi in Asia. 35 2 Strategic Goal “International Transfer” (2/2)

SVO location on great-circle path between key Asian and … provides for a time saving when flying with Aeroflot European cities… via Moscow… From/To Via Paris Rome London Vienna Stockholm London - Bangkok Madrid - Shanghai SVO 14:22 14:17 14:34 13:13 12:40 Tokyo IST 16:35 15:31 17:02 15:08 16:27 DXB 19:43 18:40 19:59 18:17 19:00 SVO 14:09 14:04 14:21 13:00 12:27 Shanghai IST 16:00 14:56 16:27 14:33 15:52 DXB 17:45 16:42 18:01 16:19 17:02 SVO 14:27 14:22 14:39 13:18 12:45 Hong IST 16:00 14:56 16:27 14:33 15:52 Kong DXB 16:55 15:52 17:11 15:29 16:12 Note: Total flight time estimated based on sum of two flight segments’ block time, not including connection time. Source: SRS Analyser, November 2019.

London – Hong Kong New York - Delhi … while enjoying premium service at a competitive price

Four star rating Five star global airline Favorite international airline by Skytrax by APEX in China by Flyer Award

Moscow has a number of significant advantages upheld by financial and operational strengths of Aeroflot

Source: Great Circle Mapper, www.gcmap.com 36 2 Strategic Goal “International Transfer”: Execution

Increasing scale of …backed by improving quality of … and expansion of international transfer… our SVO hub… international network

Number of international transfer PAX, mn Average number of connecting flights per unique Number of routes (Aeroflot + Rossiya) destination +18.1% +8 international routes

4.3

Bukhara Dublin Denpasar 6 from winter Uzbekistan Ireland Indonesia 3.6 +9.8% 2018/19

157

Ljubljana Colombo Osh Slovenia Sri Lanka Kyrgyzstan 143 2 from summer 2019

Marseille Palma France Spain 9M 2018 9M 2019 Summer 2018 Summer 2019 + increase in frequencies

Network expansion with focus on SVO hub quality provides for international transfer traffic increase

37 3 Strategic Goal “Regional Development”

Increase in regional traffic ~2x1

St Petersburg 2х 2023

2018 mn 19 passengers Moscow mn 9 passengers

Sochi Ekaterinburg

Novosibirsk

Krasnoyarsk New bases and hubs Khabarovsk 2х Bases – aircraft overnighting bases Hubs – wave transit schedule 2х Increase in passenger traffic in 2018-23 Vladivostok 2х

Aeroflot Group will be developing new bases across Russia and a new international hub in Krasnoyarsk supporting population mobility and contributing to economic development of the country

1 Company estimate. Regional traffic includes all traffic originating from Saint Petersburg, Far East and interregional traffic. 38 3 Strategic Goal “Regional Development”: Execution

1 2 The project launched to develop an international hub in Aeroflot Group is actively expanding routes from Russian Krasnoyarsk regions

13 new regional destinations in 2019 (incl. 7 destinations from Sochi) Working Group set up

Sales started Cooperation agreement Marketing campaign launch signed

First flight from Krasnoyarsk

February March October March

2019 2020

Regional bases are developed in line with the plan defined by the updated Group Development Strategy until 2023 39 4 Strategic Goal “Digital Transformation”

1 Industry trends 2 Technology trends 3 Managerial trends

Personalization (offering, passenger experience) Increasing importance of mobile devices Data management

IFE (In-Flight Entertainment) Cloud technologies Cyber security

New technologies in the airport RFID Agile and new managerial approaches

NDC (New Distribution Capability) Big Data Innovative culture

Artificial intelligence and machine learning

Aeroflot cooperates with leading international and domestic IT players to develop its IT backbone across all key functions AMOS

Passenger experience Commerce Operations IT systems

Booking and Modifications Network and revenue management Flight operations ERP

Payment Distribution Airport and ground operations Sophisticated analytics

Loyalty Marketing Maintenance Managerial reports

Aeroflot intends to keep up with key technological and industrial trends to further improve its efficiency and offer competitive product to its passengers by implementing new technologies across the board 40 4 Strategic Goal “Digital Transformation”: Execution

Higher online sales Higher sales Continued roll-out of IT projects and on Aeroflot website via mobile apps implementation of new technologies Share in money terms, % Share in money terms in overall online sales, % New functions of mobile application (maps, boarding pass, notifications)

Modern and convenient payment instruments and ancillary offers +1.2 p.p. +5.1 p.p. Targeted offers on the back of Big Data 34.3% initiative 33.1% 20.6% 31.9% 17.2% Automated services in SVO (self baggage check-in)

12.1% Gradual Development of NDC (Level 3 by IATA NDC)

IFE roll-out on narrow-body fleet (on top of IFE offered on wide-bodies)

IT backbone development (finance, loyalty, maintenance etc) 2017 2018 9M 2019 2017 2018 9M 2019

Process digitalization at Aeroflot is robustly progressing

41

Ancillary Revenue Strategy

Network carriers Low-cost segment

• Convenience as a core philosophy • Maximal unbundling • Targeting and individuality Passenger • Wide coverage and appeal to customers • Up-scale nature of our product experience and • Focus on execution Focus on • Sales channels convenience loyalty are crucial • Cross sell revenues

Key services +

Partners, including under Seat selection Baggage fees Catering services onboard Partnerships – car rental, Hotel revenue frequent flyer programme and upgrades and duty free sales transfer and etc

Ancillary Revenue as % of Revenues (for SU code airlines)

6.3% ~8% 5.3% ~7% 10.7 bn RUB ancillary revenue as % of SU airlines revenue from Aeroflot Bonus 3.7% revenue in 9M 2019 in 9M 2019

35% Roll-out of new ancillary 2016 2017 2018 2023 ancillary revenue growth in 9M 2019 y-o-y services with positive passenger feedback Airline's services Partnerships FFP

Group applies different strategies for ancillaries across business segments

43 New Ancillary Services: Case Study

Paid Upgrade to Comfort & Business Other popular services 1 3 Available 72h before departure Flight and medical insurance All fare classes eligible

Targets impulse purchases Virtual gift certificate 60 thd upgrades and ~1 bn RUB revenues in 9M’19

Extra Seat Selection for budget fares baggage 2

Available no later than 24h prior to departure Miles transfer For saver, light and promo fares

Increases convenience for budget travelers Hotels, cars, train tickets 1.0 mn transactions and ~400 mn RUB revenues in 9M’19 booking

44

Approach to Marketing and Customer Service

Aeroflot airline’s NPS performance (%) Key focus areas of customer service 2019 73 enhancements in 2018-2019

Customer 2018 72 excellence KPMG: the only Russian Skyway Service Award: 2013 58 In-flight services company in the TOP 10 Best online services; Best brands with the best service for PAX with 2010 44 customer service 2019 children and special needs

• Growing number of participants Aeroflot Bonus members (mn) Online services • More opportunities and flexibility 9M 2019 9.6 • Important contributor to customer retention Aeroflot bonus 2018 8.3 • Crucial tool for understanding customer profile 2017 6.7 Airport services • Positive contribution to financial results 2016 5.9 • Potential for further development Service

Aeroflot brand value ($bn)* Customer interaction platform 2019 1.5 Aeroflot was ranked three times as the strongest airline Marketing 2018 1.4 communications brand globally 2017 1.3 Contact centre

2016 0.9

Aeroflot is one of the most recognisable brands both in Russia and globally: the Company successfully maintains its high profile through a relentless focus on the customer experience

*Note: the year indicates the period of assessment, analysis is based on the result of the previous year 46 Marketing Strategy 2023: Key Markets for the Group

1 Russia: In/Outbound 2 Russia Domestic 3 Europe – Russia & CIS

4 Europe – Asia 5 China – Europe 6 China – Russia & CIS

1

For the purposes of Aeroflot Group marketing strategy we identified six focus markets for long-term growth

47 Customer Perception: Awareness & Considerations

Aeroflot Group Airlines: Russia Aeroflot Airline: International Market

97% 93% Europe-Asia Europe-Russia China-Europe China-Russia

70%

57% 57% 57% 55% 50% 44% 40% 41% 38% 35% 33% 30% 24%

Awareness Consideration Awareness Consideration

Airlines of the Group have strong position in the domestic market and have high potential for further increase of awareness and consideration to fly in the international markets 48 Manchester United: Strategic Marketing Partner

Key benefits of the partnership for Aeroflot

3bn Promotion of our brand among international people viewed the games with customers Aeroflot brand promoted 6% Increase in international traffic international PAX say partnership is crucial for their choice

AVE > Savings on Cost marketing budgets advertising value equivalent gives substantial effect

Aeroflot contract with MU is an efficient instrument to promote our brand in international markets

49 Enhanced Loyalty through Aeroflot Bonus Programme

Aeroflot Bonus Cobranding cards New opportunities

Key facts Partners of the Programme Key additional features 2018-2019 and onwards

Largest FFP in Russia and Eastern Europe Airline partners – 18 Improved functionality of the mobile app

9.6 million members to date Mile transfers and online upgrades

16% CAGR 2014–2018 Co-brand (banks) – 4 Development of partnerships

34% penetration rate Future plans: increase usability of miles, ongoing Other partners – 168 improvement of the app and its design, etc. Higher sales per FFP passenger vs average PAX

~250k Elite members (Silver, Gold and Platinum)

Best Elite Program Best Customer Service

Bonus programme aimed at retaining customers and increasing their loyalty

50 Andrey Chikhanchin Deputy CEO for Commerce and Finance

51

Airlines of Aeroflot Group

Business Flight Aircraft Focus International RPK PAX Positioning model range fleet airport Share1 contribution1

Scheduled flights • Short- to long-haul • Narrow-body aircraft • Moscow SVO • Flagship carrier • Wide-body aircraft • Krasnoyarsk • Hub and spoke model 68% 61%

product • High frequency Premium Premium

Scheduled and charter flights • Short- to long-haul • Narrow-body aircraft • Moscow SVO, VKO • Presence in second largest market • Wide-body aircraft (for • Saint-Petersburg (St.Petersburg) Far Eastern flights and • Social routes (flat-fares) from Moscow charter) 48% 20%

• Charter flights with the partner price regional / / regional price

- • Selected routes connected to Aeroflot charter product charter

Mid network

Scheduled flights • Short- and medium- • Narrow-body aircraft • Moscow VKO

• P2P flights via Moscow haul • Saint-Petersburg cost - • P2P flights within regions • Regional bases 28% 16%

• High passenger load factor and fleet product Low utilization

Scheduled flights • Short- and medium-haul • Narrow-body aircraft • Vladivoskok • Passenger flights in the Far East • Khabarovsk • Local flights to remote destinations within the • Yuzhno-Sakhalinsk 26% 3%

Product Product region for Far East for Far

1 Note: according to company data as of 9M 2019

Multi-brand product offering to capture customers in every market segment: from premium to low-cost

53 Aeroflot Group: Key Developments 2019-2020

Ongoing infrastructure upgrade in SVO: separate operations from South and North Terminal B: Domestic flights 3rd runway: Opened Terminal C: Expected opening

Operational development of the airlines KJA hub Long-haul network Airlines transformation

Enhancing efficiency and improving value proposition of the airline New Airbus A350 Fare family development Boeing 777 reconfiguration

54

Aeroflot Airline At a Glance

Key operational metrics Aeroflot airline route map

2018

Murmansk Salekhard Arkhangelsk New Urengoy Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnevartovsk Yakutsk Nizhnekamsk Perm Magadan Ekaterinburg Nizhny Novgorod Tyumen Kemerovo MOSCOW Samara Novosibirsk Krasnoyarsk Kaliningrad Kazan Omsk Tomsk London Novokuznetsk Dublin Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan Irkutsk P. Kamchatsky Minsk Saratov Kostanay Barnaul Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Prague Belgorod Volgograd Aktobe Khabarovsk Munich Karaganda Paris Chisinau Rostov Atyrau Ulan Bator Yu. Sakhalinsk Vienna Anapa Astrakhan Milan Gelenzhdik Stavropol Almaty Nice Rimini Simferopol Aktau New York Adler Shymkent Beijing Vladivostok Rome Burgas Sochi Makhachkala Bishkek Barcelona Tivat Mineral Waters Baku Tashkent Istanbul Yerevan Samarkand Krasnodar Washington Antalya Tokyo Teheran Seoul Larnaca Beirut Los Angeles Tel Aviv Delhi Shanghai mn PAX Cairo bn ASK Miami 35.8 Guangzhou 121.7 % PLF Dubai 80.5 Havana Hong Kong Hanoi

Oslo Stockholm Helsinki Tallinn Bangkok Ho Chi Minh City Riga Phuket Copenhagen MOSCOW 9M 2019 Kaunas Minsk Male Dublin Hamburg Amsterdam Hannover Berlin London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague ParisStuttgart Vienna Chisinau Zurich Munich Budapest Geneva Lyon Milan Venice Belgrade Nice Bucharest BolognaSplit Zagreb Barcelona Sofia Rome Tivat mn PAX bn ASK Madrid Thessaloniki Istanbul Tbilisi 28.4 96.8 Valencia % PLF Lisbon Alicante Athens 80.2 Antalya Malaga +6.2% y-o-y growth +7.4% y-o-y growth Heraklion Larnaca

Cairo

Tenerife

9M 2019 share of Aeroflot Group RPK 159 Routes 249 Aircraft 65% served in Summer 2019 with an average age of 4.2 schedule years1

1 FlightGlobal data as of 2018 Aeroflot airline is a flagship carrier of the Group operating the youngest fleet globally. The Company operates in premium segment catering to the highest passenger demands. 56 Krasnoyarsk – New Home for Aeroflot

1 Where is Krasnoyarsk? 2 Why Aeroflot selected Krasnoyarsk

City population Region GRP Krasnoyarsk Moscow trn mn RUB Frankfurt 1.1 1.8 Vladivostok Bejing NO base airline

3 Is sufficient infrastructure in place? 4 Is there a development plan?

KRASNOYARSK 2020 2023 international airport

8 12 airсraft airсraft 0.4-0.5 Modern airport and well-developed 1.0 infrastructure PAX mn PAX mn

Note: 2020 PAX is on top of the current traffic of SU airlines from Moscow, St. Petersburg and Far-Eastern Destinations 57 Krasnoyarsk is Located at the Very Heart of Russia

3,350 km Krasnoyarsk 3,150 km Moscow Vladivostok

Helsinki Stockholm Krasnoyarsk London Amsterdam Petersburg Berlin Moscow Irkutsk Warsaw Frankfurt Prague Paris Munich Harbin Vladivostok Rome Beijing Seoul Tokyo

Chengdu Shanghai

Hong Kong

Range Hanoi B737-800 (С12/Y156) Re-engined aircraft1 Bangkok

Krasnoyarsk is attractively located in terms of a domestic transfer capturing large metropolitan areas in Europe and Asia

Note: (1) – long-range, new generation 58 Krasnoyarsk has Well-developed Infrastructure in Place

3,700 x 60 12 New Experienced 1980 2017 meters operations taxiway operator Year of New terminal Runway Current runways Infrastructure construction opened parameters capacity per hour development to double runway capacity

Airport has brand new facilities and continues to invest in infrastructure ahead of Aeroflot hub launch

Note: based on public sources 59 Network of the KJA Hub

New destinations to be launched in the first year will compliment existing flights of Aeroflot, Rossiya and Aurora Network: 2023 vision

Existing network Domestic point-to-point and transfer flows Airline Frequency

28 flights from St. Petersburg Tyumen Moscow Yekaterinburg Tomsk Omsk Bratsk 7 flights Russia to/from Asia flows Moscow Novosibirsk Irkutsk from Khabarovsk Krasnodar St. Petersburg Krasnoyarsk

Vladivostok 3-7 flights Simferopol Sochi from Bejing Far East Russia to/from Europe flows

flights to Moscow Sanya

Asia to Europe transfer flows 13 3-14 4 domestic and international flights per week depending existing city-pairs services destinations on the destination by SU-airlines

Aeroflot commences gradual roll-out of the new hub, first flight to be operated in March 2020

60 2020-2023 Development Plans

Number of Airplanes Passenger turnover, mm PAX

Sukhoi Superjet (Y100) Boeing 737-800 (C12Y156) Sukhoi Superjet (Y100) Boeing 737-800 (C12Y156)

12 1.0 11 0.9 10

0.7 8

0.4-0.5

2020 2021 2022 2023 2020 2021 2022 2023

Aeroflot fleet will include 12 aircraft at the Krasnoyarsk hub by 2023

61

Rossiya Airlines: Yesterday, Today and Tomorrow

Before 2016 2016 - 2018 2019 and onwards

Operational entities and brands

01 Presence in LED, VKO, DME, LED: Scheduled regional LED: Scheduled regional regional airports product product

02 Mid-price product and VKO: Scheduled operations Business segment SVO: Far East flat fares and positioning in mid-price segment select routes integrated in and focus airport without integration with SU network 03 Regional flights Aeroflot network

04 Charter flights Charter flights Charter flights

2016: Merge of the regional airlines, Comment Unstructured organization Scale-down of NB program and product 2018: Transfer scheduled flights to SVO

Aeroflot Group has gradually reorganized mid-tier product over recent years by transforming three independent entities with overlapping positions into the streamlined structure with a definitive value proposition 63 Network, Fleet and Operations Overview

Key operational metrics Rossiya airline route map

Murmansk Arkhangelsk 2018 Syktyvkar Saint Petersburg Surgut Tyumen Perm Magadan Samara Kaliningrad MOSCOW Ekaterinburg Krasnoyarsk Kazan Omsk Hamburg Berlin Ufa Chelyabinsk Novosibirsk London P. Kamchatsky Dusseldorf Orenburg Prague Khabarovsk Paris Munich Rostov Geneva Vienna Yu. Sakhalinsk Milan Krasnodar Nice Simferopol Sochi Mineral Waters Vladivostok Rome Tashkent Barcelona Samarkand

Larnaca 11.1mn PAX 34.2 bn ASK 86.6% PLF Tel Aviv

9M 2019 Bangkok

Colombo

9.4 mn PAX 31.5 bn ASK 86.0% PLF Denpasar +4.3% y-o-y growth +17.6% y-o-y growth Commercial management of Aeroflot (SU-code) after Rossiya’s Operational SVO mid-haul programe restructuring in Q4 2019 Management

LED SVO Charter 9M 2019 share of Aeroflot Group RPK 39 5+3 Defined by routes routes tour-operator

23% B747 aircraft A320 Family 27 Mostly B777 11 8 aircraft aircraft B737 9 aircraft

Rossiya airline is a combination of three sub-segments with dedicated fleet backing the network: St. Petersburg operations, long-haul network (mainly flat-fares) connected to Aeroflot from SVO and charter business

Note: for fleet numbers are presented as of September 2019, for routes – for winter schedule (after closure of narrow-body program) 64 Charter Operations Overview

Partnership and Asset Allocation 2019 and onwards Contribution to Group (FY)

Passenger traffic Reliable partner FY2018 9M 2019 6.9% 3.8 mn 3.5 mn

Turnover (RPK) FY2018 9M 2019 Long-term contract 9.1% 13.0 bn 10.6 bn

Revenue (RUB) Aircraft Fleet FY2018 9M 2019 6.2% 17 aircraft 37.8 bn 30.9 bn

Rossiya operates a sizable charter program with a leading tour operator on the Russian market

Note: contribution is based on FY2018 numbers 65

Aurora Overview

Key operational metrics Aurora airline’s route map

2018

Yakutsk Magadan

Krasnoyarsk Novosibirsk Petropavlovsk- Kamchatsky Irkutsk Blagoveshchensk Komsomolsk-on-Amur Aurora local routes in Far East 1.6 mn PAX 3.3 bn ASK % PLF 75.2 Khabarovsk Harbin Yuzhno- Sakhalinsk Sapporo Beijing Vladivostok 9M 2019 Neryungi Tynda Dalian Nikolayevsk-on-Amur Tokyo Okha Seoul Pusan Bogorodskoye Nogliki

Shakhtersk Yedinka Vostok Khabarovsk Svetlaya Yuzhno- Dalnerechensk Amgu Sakhalinsk Terney mn PAX bn ASK Hong Kong Plastun Kurilsk 1.3 2.6 Dalnegorsk Yuzhno-Kurilsk Vladivostok Kavalerovo 72.1% PLF Preobrazheniye +1.9% y-o-y growth +1.2% y-o-y growth

9M 2019 share of Aeroflot Group RPK 50 Scheduled 2% Routes 23 Aircraft Domestic: 35 / International: 15

Aurora airline plays crucial role in securing population mobility and interregional connectivity in the Far East of Russia

67

Aeroflot Group Network Overview

300+ 57 1 1 Murmansk countries Salekhard routes Arkhangelsk New Urengoy

Syktyvkar Khanty Mansiysk Saint Petersburg Yakutsk Nizhnekamsk Surgut Nizhnevartovsk Perm Ekaterinburg Magadan Nizhny Novgorod Tyumen Kemerovo MOSCOW Samara Kaliningrad Novokuznetsk Krasnoyarsk Kazan Omsk Novosibirsk Tomsk Voronezh Ufa Chelyabinsk Hamburg Minsk Abakan Irkutsk Berlin Saratov Kostanay P. Kamchatsky Astana Dusseldorf Magnitogorsk Barnaul Frankfurt Orenburg Orly Prague Belgorod Volgograd Aktobe Karaganda Khabarovsk Paris Munich Vienna Chisinau Rostov Atyrau Ulan Bator Harbin Yu. Sakhalinsk Astrakhan Milan Gelenzhdik Stavropol Almaty Nice Rimini Simferopol Aktau Shymkent Vladivostok Anapa Adler New York Sochi Makhachkala Rome Tivat Burgas Bishkek Beijing Varna Mineral Waters Tashkent Barcelona Baku 187 Istanbul Yerevan Samarkand Dalian 1 Washington Antalya Krasnodar unique points (airports) Seoul Tokyo Larnaca Teheran Beirut Busan Los Angeles Tel Aviv Shanghai Cairo Delhi Miami Dubai Guangzhou Havana Hong Kong Hanoi Aeroflot routes

Bangkok Rossiya routes 108 Ho Chi Minh City Aurora routes routes by Pobeda2 Colombo Phuket Male

Aeroflot routes in Europe Denpasar

Stockholm Helsinki Oslo Tallinn Gothenburg Riga 21 + 6 Copenhagen MOSCOW network carrier Hamburg Vilnus Minsk destinations in long-haul network Dublin Amsterdam Hannover Berlin London Dusseldorf Warsaw (international + domestic) Brussels Dresden Frankfurt Prague Paris Vienna Stuttgart Chisinau Zurich Munich Budapest network + charter Geneva Ljubljana Lyon Belgrade Milan Venice Bucharest Nice Bologna Zagreb Marseille Split Barcelona Rome Tivat Sofia Madrid Palma Thessaloniki Istanbul network + local Lisbon Valencia Alicante Athens 14 Malaga Antalya flights per week Heraklion Larnaca (frequency)3 point-to-point

Tenerife

The balanced and high quality network is built on the basis Aeroflot’s Sheremetyevo hub with synergies from integration with Rossiya’s and Aurora’s regional networks and additional market opportunities from P-t-P LCC operations Note: 1 All carriers of Aeroflot Group including Pobeda; Summer 2019 schedule 2 Pobeda LCC in Summer 2019 schedule 69 3 Scheduled flight frequency of Aeroflot Group excluding Pobeda LCC Network “Breadth” and “Depth” (Network Carriers)

Moderate increase in number of … combined with focus on network … across all domestic and International destinations … quality… network segments

# of destinations – network carriers1 Average weekly scheduled flight frequency1 Average weekly scheduled flight frequency1

163 17 157 150 14 15 14 9M 2019 144 13 140 139 58 12 134 in Russia 11

8

105 abroad

2016 2017 2018 2019

Summer schedule Winter schedule 2016 2017 2018 9M 2019 International Domestic Mid-haul Long-Haul

1 Average weekly frequency per route for Aeroflot Group excl. Pobeda.

Aeroflot Group’s network airlines are moderately expanding its destinations and improving network quality by increasing frequencies across all segments to provide passengers with more convenient flying options 70 Frequency for Selected Destinations

Weekly frequency evolution of Top-5 by 2014 PAX international flights Weekly frequency evolution of Top-5 by 2014 PAX domestic flights

2014 2016 2019 2014 2016 2019

Prague 28 35 42 St Petersburg 119 119 140

Erevan 28 28 42 Sochi 42 49 77

Minsk 21 35 42 Ekaterinburg 42 49 63

London 21 21 35 Kazan 35 42 56

Tel Aviv 14 35 36 Rostov 7 42 49

Key Aeroflot routes demonstrated significant frequency growth since 2014

71 New Route Launch: Moscow – Ljubljana Case

Analysis of the Market and Modeling Seasonality Analysis

Ranking of key markets with connection Market MOW–LJU, average PDEW per month to Moscow by PDEW over 12 months 64 PAX PDEW 65 64 PAX (57 PAX P-t-P + 7 PAX with 2 stops)

Jan 16 Apr 16 Jul 16 Oct 16 Jan 17 Apr 17 Jul 17 Oct 17 Jan 18 Apr 18 Jul 18 Oct 18 25 PAX transfer estimate Competition analysis (at launch) LJU Competitor Frequency Seats SU product Analysis of direct and transit passenger traffic (DDS) 7 ~630

MOW–LJU Market: 64 PDEW

LJU BEG Route arrangement

With IST Direct connections Traffic Aircraft Opportunities to 57 PDEW XXX 7 PDEW WAW rights certification get a landing slot

Other MOW Results

Launched in Positive Transfer Relevant transit market* 25 PDEW PLF NYC TYO Winter results share ~ 80% 2018/2019 achieved in ~27% season Summer 2019

Note: 1 Current transit passenger traffic from the departure point to destinations of the SU network which may be convenient with a connection in MOW Sources: DDS, SRS 72 Performance of Routes Launched in 2018/2019

Russia Europe Mid-Haul CIS Mid-Haul World Long-Haul

7 routes lunched 5 routes launched in 2 routes launched 2 routes launched in Winter 2018/19 Winter 2018/19 and Summer in Winter 2018/2019 In Winter 2018/19

Network contribution

Further ramp-up possibility

Most routes launched in the recent year deliver as planned. Some routes’ capacity was adjusted upwards with most of them having substantial transfer potential 73 New Services to be Launched in 2020

Mumbai Osaka Chengdu Goa Singapore

Traffic rights

Flight Launch

Network expansion in 2020 will be concentrated in the long-haul segment with a number of milestone destinations in Asia that will feed our European network 74 Strategic Partnerships of Aeroflot

87 codeshare destinations 16 in Europe 29 code-sharing partners codeshare destinations in the Americas

41 codeshare destinations 151 destinations in in Asia-Pacific addition to Aeroflot own network

7 ~430 thousand PAX codeshare destinations transported by partners in Africa and ME annually

Note: Summer 2019, PAX transported by partners for FY 2018

Aeroflot is actively developing strategic partnerships with multiple global carriers to increase its competitive position, brand visibility and increase economies of scale 75 Code-sharing: Case Studies

Bangkok Airways: Unlocking regional routes potential AeroMexico: Connecting Mexico market via European hubs

Code-sharing partners since Code-sharing partners since July 2014 December 2018

15 destinations from Bangkok (to Moscow No direct connection between points in Thailand, Cambodia, Laos and Moscow and Mexico City Myanmar) and 3 destinations from Moscow Intermediate transfer hubs ensure Phuket (to points in Thailand) available Bangkok connectivity between Aeroflot and Amsterdam to our passengers London AeroMexico networks Paris Phuket Aeroflot feeds flights to Bangkok Steady growth Barcelona Madrid Phuket with traffic to/from partner’s of PAX traffic and high market Mexico regional lines Havana potential of the City Flights operated by Aeroflot route The arrangement unlocks potential of Origin and destination (O&D) Flights operated by Bangkok Airways regional market to Aeroflot Intermediate transfer hubs Flights operated by Aeroflot passengers Flights operated by AeroMexico

Source: Company information Code-sharing allows Aeroflot to unlock potential of regional routes in various regions and connect origins and destinations which are currently not served directly 76

Highly Unified Aircraft Fleet

5 types 4 types 1 type 3 types

Narrow-body

• Airbus A320F • Airbus A319 In the last decade • Airbus A320F Aeroflot Group • Boeing 737 NG • Boeing 737 NG • DHC-6-400 • Boeing 737 NG substantially • SSJ100 • DHC-8-200/300/400 reduced number of aircraft types Wide-body operated from 18 to 8 • Airbus A330 • Boeing 747

• Boeing 777 • Boeing 777

Aeroflot Group’s streamlined fleet structure contributes to operational and financial efficiency of the company

78 Aeroflot Group Fleet Composition

Number of aircraft types operated

13 13

11 11 10 9 8

Lufthansa Air France - KLM Qantas Delta Turkish IAG Aeroflot

Aeroflot Group fleet is quite simple compared to the fleet operated by other carriers

Source: Companies’ data as at 31 December 2018 79 Aeroflot Group Fleet Overview

Breakdown by Aircraft Type Breakdown by Airline

Wide-body Narrow-body Narrow-body (medium-haul) (regional)

Wide-body 16% 41 159 49

19 43 17% Narrow-body (regional)

67% 30

10 13 Narrow-body (medium-haul) 60 242 62

Aeroflot Group’s aircraft fleet was built and is growing in line with specific business models and route networks of each airline Note: Aircraft fleet as at 30 September 2019 80 Aeroflot Group Fleet Expansion Plan

Fleet expansion in 2020-2023 (number of aircraft) Highlights

600 364

Extending aircraft as of 30 Sep 2019 lease terms 500 ~520 400 Shifting of aircraft to be operated by 2023YE planned deliveries

300 ~80 Existing widebody aircraft by 2023YE fleet with the 200 current phase-out schedule ~140 aircraft to be added (net) 100

0 75 2019 2020 2021 2022 2023 aircraft are currently contracted

The development plan of Aeroflot Group fleet is supportive for long-term targets with a certain degree of flexibility to be maintained due to the status of Group's contracting process 81 Introduction of Airbus A350-900 in 2020

Airbus 330 Airbus 350

Range up to 12,000 km Range up to 15,000 km

300-350 seats 250-290 seats MTOW 280 t

MTOW 242 t Lower fuel consumption and CO2 emission per seat

In 2020 Aeroflot will introduce a brand new Airbus A350XWB aircraft which will gradually replace Airbus A330 and will become a key aircraft in the range of ~300 seat capacity Source: www.airbus.com 82 A350/A330 Phase-in/Phase-out Plan

Aeroflot Airline Wide-body Fleet Vision Comments

A350-900 will replace A330 fleet in the 300 Potential WB aircraft growth in wide- seater capacity segment body segment

22 11 A350-900 will provide 22 New wide- 22 А350-900 body aircraft next stage of passenger type cabin comfort for 22 15 12 customers 7 3 А330-200/300

Currently 22 22 22 В777-300ER deployed 19 21 types A350-900 will inaugurate next level of seat-mile cost for airline Sep-19 2020 2021 2022 2023

А350XWB aircraft is a logical step in development of А330 fleet

83 А350-900 Configuration

28 24 264 316 business + comfort + economy = seats

The configuration of A350 will further improve a long-haul proposition allowing our passengers to enjoy superior product in all classes 84 Increasing Capital Efficiency

Aeroflot’s Boeing 777-300 Reconfiguration to Improve Value Intergroup redistribution of Rossiya’s B737 fleet to back continued Proposition and Create Unified Long-Haul Product Pobeda’s growth

B777-300 aircraft fleet to be reconfigured in 2020-2022 4

Seats: 189 Full Economy Improving configuration of the business class to ensure best- in-class product with 1-2-1 configuration

Reconfiguration of Comfort and Economy class to provide for better density while improving convenience 16 3

Seats: 12 Business Other improvements: seats, IFE, equipment and etc. Commercial 156 Economy management of (Configuration for KJA) Aeroflot and Charter Positive financial results: • Extra revenue per aircraft, • Positive NPV and PB of 4 years 9

Deployed in charter program

Aeroflot Group has a number of initiatives to improve efficiency of fleet deployment from fleet manoeuvre between Aeroflot and Rossiya for social routes to reconfiguration of wide-body fleet. Redistribution of B737 fleet also addresses Pobeda’s growth amid MAX deliveries delay 85

9М and Q3 2019 Results at a Glance

1 2 3 Operating Expansion and Active …Backed by Strict Cost Control and …Translated into Improved 9M and Q3 Revenue Management… Macro Environment… Financial Results

RPK, bn CASK, RUB EBITDA, bn RUB +10.9% +3.0% +1.2% +6.7% -0.5% +6.5% 3.09 3.18 3.06 3.09 73.7 73.4 108.4 120.3 132.7 141.7 44.4 47.3

9M Q3 9M Q3 9M Q3

Scheduled Yield, RUB Macro: FX headwinds & Reduced jet volatility Adjusted Net income, bn RUB +0.7% at elevated levels, y-o-y % +1.4% - 18.6% 4.4%

4.14 4.17 Indicator 9M 2019 Q3 2019 3.88 3.93 24.9 27.8 29.1 20.3 USD/RUB +5.9% -1.5%

EUR/RUB -0.2% -5.7%

Jet (RUB) -2.1% -9.6% 9M Q3 2018 2019 9M Q3

Note: Financials presented based on IFRS 16 full retrospective application Over 9M 2019 Aeroflot Group has continued operational development by expanding capacity on the back of opportunities provided by the market ensuring strict cost control which all together translated into better financial results 87 9M 2019 Results in Historical Context

Continued Operational … Backed by Yield Management Has Driven … and Created Opportunities to Development… Top-line Growth … Sustain Absolute Profitability

RPK, bn Traffic Revenue, bn RUB EBITDA (RUB bn) and Margin +9.9% +16.6% +10.9% +12.7% 28.5% 27.0% 143.2 534.3 130.2 120.3 458.4 462.0 141.7 132.7 108.4 410.0

2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019 9M 2018 9M 2019

Note: 9M 2018 and 2019 financials presented based on IFRS 16 full retrospective application Aeroflot Group delivers strong results amid expanding operations, active revenue management and strict cost control despite jet price remained at elevated levels 88 Revenue Management Delivered Positive Results

Competition and FX factors impacted yield … However Recent RASK Trend Confirms Demand dynamics… … and All Together Created Pressure on PLF… Resilience

Yield for scheduled flights (RUB/RPK) PLF (% and y-o-y p.p. change) RASK for scheduled flights (RUB/ASK)

+1.4% +4.9% +0.1% +5.0% -0.1 pp -1.1 pp 3.88 3.93 3.21 3.21 3.81 3.12 3.63 2.97 82.8% 82.7% 83.8% 82.7%

2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019 2017 2018 9M 2018 9M 2019

Well-planned capacity growth on the basis of market trends and balance of supply and demand helped to increase yields and unit revenues 89 Long Term Focus on Efficiency

Controlled CASK Inflation Cost Advantage vs. Foreign Peers

RUB/ASK US$ cents/ASK

8.5

+9.2% Lufthansa Air France-KLM 7.5 +3.0% (Eurowings) (network airlines)

3.42 6.5 3.13 3.18 3.09 Qantas easyJet Air Canada 5.5

Turkish Airlines LATAM 4.5

(Group) fuel, USD cents / ASK cents USD / fuel,

- 3.5 Ryanair Pobeda 2017 2018 9M 2018 9M 2019 2.5

2017 2018 9М 2018 9М 2019 Change y-o-y ex. CASK -0.3% 9.2% 8.6% 3.0% CASK1 1.5 -2.2% 0.7% 0.0% 5.4% CASK-ex.2

-13.0% 7.5% 5.3% 5.9% US$/RUB 0.5 0.5 1.0 1.5 2.0 2.5 3.0 1 Total CASK dynamics. 9M 2018 based on IAS 17 figures, 9M 2019 based on IFRS 16 figures. 2 CASK ex-fuel dynamics. 9M 2018 based on IAS 17 figures, 9M 2019 based on IFRS 16 figures. Stage length, thousand km Source: Companies data

Limited expansion of CASK due to strict cost control and efficiency initiatives within the Group in 9M 2019 – most of the growth explained by FX

90 Long Term Focus on Efficiency: Fuel

Jet Fuel Price As a Key Headwind to Results in 2017-2018 Our Approach to Fuel Management

Thousand RUB per tonne of jet fuel

2019 2018 2017 2016 Strategy based on young and modern fleet

50.0

Efficient procurement and contractual terms

40.0 Economy of scale and inter-group benefits

Tankering accounting price differential between 30.0 airports

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Optimization of operations (loading, etc)

Notwithstanding jet fuel price headwinds in recent years the Group continues to focus on efficiency and prudent approach to fuel cost management 91 Aeroflot Group CAPEX and FCF

Aeroflot Group target capex amounts to ~10 bn RUB FCF remains strong affected By PDPs

RUB, bn RUB, bn -18.0% -60.6%

107.2 9.8 ~10-11 87.9 8.8 61.8 5.7

24.3

2017 2018 2019E 2020E 2017 2018 9M 2018 9M 2019 Note: based on PPE line in IFRS statements; 2019 estimates based on IFRS 16 data Note: 2017, 2018 annual numbers are based on IAS 17, 9M are restated IFRS 16 numbers Most of investment spent on IT (2019E) Reverse in PDP payments is expected in the years to come

% Ground handling and $mn, net Software and IT aircraft maintenance ~350 ~350 14.7% systems development 34.7%

Modernization of aircraft and ~75 Acquisition of aircraft and aircraft engines 2019E 14.6%

Other capital Construction of new investments in fixed ~(275) facilities assets 20.9% 15.2% 2019E 2020E 2021E 2022E Note: based on 2019 expectations Note: based on existing contracts Aeroflot maintains stable CAPEX throughout the years with investments mostly focused on operational infrastructure expansion. FCF remains strong regardless of macro challenges and is still subject to effects from pre-delivery payments volatility 92 Financial Framework

Supporting a value creation model Achieving top financial performance

Revenue Growth Target EBITDA Margin Net Debt/EBITDA to RUB 1.3 trillion at 24% to 26% Projection ~3-4x based on RPK and yield growth normalized normalized

trillion RUB Pursuing strategic targets

and improving financial 1.3 4.5 performance of the Group ~25%

~3.5 20.0%

Long-term goal: market 0.6 capitalization growth and value creation for shareholders

2018 2023E 2018 Target 3Y Average Target

Note: total revenue Note: EBITDAR for FY 2018 Note: Adj ND/EBITDAR for 3Y average

93 Aeroflot Group Capital Markets Day 2019

Low Cost Carrier – Pobeda Airlines

LASZLO SZABO Director of Services, Pobeda Airlines Russian LCC Market is Fundamentally Underpenetrated and Set for Accelerated Growth

Russian low cost air transportation market in global context Evolution of the European LCC market LCC market highlights

Share of Low Cost Carriers in PAX, 9M 2019, % Share of the market controlled by LCC Emergence of LCC Russian LCC market still remains 90’s model in Europe underpenetrated, accounting for only 8% of

Increase in market share over customers in 9M 2019 7 p.p. the recent decade to 37% 37% 37% 36% 35% 35% 34% 31% 30% 30% Ongoing worldwide trend towards growth in LCC 28% segment

15% Growth of Russian LCC market will be driven by 8% increasing penetration via network expansion resulting in traffic stimulation by Pobeda

Europe L. America N. America Asia Africa 2009 2011 2013 2015 2017 9M 2019

Source: Company data, Euromonitor, CAPA 2 Pobeda’s 5 Years in the Sky: Key Milestones

 First flight from Moscow  Development of international  Cumulative number of customers since the launch close to 20 mln to Volgograd on network and intra-regional flights  Pobeda accelerates growth: delivery of 8 Boeing 737NG December 1  Pobeda enters  Second award for record performance of the Boeing 737NG  Total fleet of 8 aircraft St. Petersburg market  New strategy: ambitious targets on the number of customers and new bases as of year-end

 Pobeda becomes Top-10 airline in Russia  Russia’s quickest-turnaround airline  Total fleet of 12 aircraft as of year-end  Award for maximum daily utilization of the Boeing 737NG globally  First international flight: Moscow-Bratislava 5  PLF reaches historical high of 96.8% in Q3 2017  4.6 mln customers for full year years in the sky

 Pobeda achieved 1 mln customers per month in July with 30 aircraft  Development of operations from Sochi

2014 2015 2016 2017 2018 2019

3 Pobeda – Russia’s First and Only Low-Cost Carrier

9M 2019 highlights

#4 airline 7.6 mln 14.5 bn 42.7 thd in Russia customers ASK flights

Industry-leading efficiency Modern fleet Rapidly growing network

96.5% load factor in Q3 2019 108 routes in summer schedule 2019 30 Boeing 737-800 NG aircraft

customers per employee1 – highest 4,900 67 domestic routes employee productivity in Russia 6 aircraft delivered in 2019

25 minutes average turnaround time 62 unique destinations for the Group

< 3 years average age of the fleet 16.1 hour utilization – industry record2 28% RPK from international flights

Note: 1 - Based on 2018 passenger traffic and average headcount over the period 2 – per day in Q3 2019 according to Boeing 4 Pobeda’s Way of Doing Business

01 02 03 04

https://

Young and efficient fleet Steadily expanding route Low-cost online distribution Sustainably low of Boeing 737-800 NG network via pobeda.aero operating costs 08 07 06 05

Industry–leading aircraft High seat density Growing ancillary Outsourced utilization (16.1 hours2) and load factor revenue (€10.7/PAX1) business model Highest employee 09 productivity3 in Russia 10 11 12

Always on time #1 Russian Excellent NPS > 60% (92% on-time environmentally and growing brand performance) friendly airline awareness

Note: 1 - For 9 months 2019 converted at average EUR/RUB exchange rate of for 9 months ended September 2019. Only ancillaries collected from customers are included; 5 2 For 3 months ended September 2019; 3 Based on 2018 passenger traffic and average headcount over the period Pobeda Is One of the Most Efficient LCC in the Industry

Total CASK (EUR cents) 3.11 3.62 5.83 3.44 3.65 N/A6

Single class Yes Yes Yes Yes Yes Yes

Aircraft utilization rate (hours) 15.0 9.0 10.9 12.0 12.66 Around 14

B737-800, A320Neo, B737-800 B737-800, A320 A319, A320, A321 A320, A321 A320Ceo, A320Neo LR Fleet & average age (years) A321Neo Avg Age: <3 Avg Age: 7 Avg Age: 7.4 Avg Age: 4.7 Avg Age: N/A Avg Age: 4.9

Ancillary (EUR per PAX and %) 10.7 // 17% 17.2 // 32% 14.8 // 22% 27.6 // 41% 15.3 // 26% N/A

Most international Half of Airports are Focused on Primary Use of secondary airports Majority of Flights Majority of Flights Majority of Flights routes Secondary Airports

Source: Company data, public data published by companies and fleet age based on air fleet database stat Note: 1 Pobeda – data based on 9M 2019, managerial accounts based on IFRS; 2 Ryanair – data based for FY2019 ended March 31; 3 EasyJet – data for FY2019 ended September 30; 4 Wizz - for FY 2019 ended May 31 5 Pegasus – data based on 9M 2019 statistics; 5 Data based on 9M 2019 reports. Other comments: financials are converted at average EUR/GBP and EUR/RUB rate for reporting periods exchange rate, no adjustment made for the difference in accounts related to IFRS16 introduction implications. Definitions of utilization and ancillary are based on the companies’ approach to these metrics (Ryanair flight time, others – block). 6 Route Network

Route network for summer 2019 Network highlights

Russia Pobeda’s network for summer 2019 comprises 108 routes, double Ulan-Ude compared to summer 2018

Mongolia

Petrozavodsk Surgut – 67 domestic routes Saint Petersburg Kirov Perm Tomsk Tyumen Riga Moscow Cheboksary Ekaterinburg Kemerovo Omsk Kazan Kaliningrad Chelyabinsk Krasnoyarsk Berlin (Tegel) Nizhnekamsk Novosibirsk Ulyanovsk Eindhoven Samara Magnitogorsk Ostend Leipzig – 41 international routes Cologne Karlovy Vary Volgograd Baden-Baden Bratislava Rostov Memmingen Krasnodar Mineralnye Astrakhan Bergamo (Milan) Treviso (Venice) Vody Girona Anapa Magas (Nazran) Genoa Tivat (Barcelona) Rimini Gelendzhik Vladikavkaz Pisa Varna Sochi Makhachkala Bari Batumi Cagliari Istanbul Tbilisi Rome 62 unique routes for the Group vs. 38 in summer 2018 Gazipasa Gyumri Catania Alanya Palermo Bodrum Current Destinations Dalaman Antalya Larnaca

7 Who is Pobeda’s Customer?

Our customer More than 50% of first-flyers are switching from bus and rail Source: Sberbank CIB Ivanov confidence tracker

Males Females Didn't travel to destinations I fly now 42% 58% “I am an “I always choose 8% the cheapest Other efficiency 2% Train Gender 22% seeker” option” 18-24 65+ 7% 3% Car 55-64 Bus 36% 32% 7% 25-34 Age 39% 45-54 54% 15%

Foreigners, 11% 35-44 LCCs are one of the most important drivers of new air passengers 29% 01 traffic – around 13% of Pobeda’s customers didn’t fly before Country Russian citizens, 02 LCCs are taking customers from road and rail transportation 89% “Safety matters” The largest share of switching customer is attributable to 03 (36%) and to (32%)

Source: Company data, CINT, Sberbank CIB Investment Research, February 2019 8 Competition with Rail: Pobeda is Ahead

Pobeda’s offering is very attractive compared to Rail transportation

Prices for air/rail travel (RUB)1 x Time required (hours)²

Moscow Novosibirsk Moscow Surgut

4h 45h 45h 3h 46h 46h

6,889 6,698 4,530 2,930 3,179 2,512

Regular fare 3 Economy fare 4 Regular fare 3 Economy fare 4 RZD RZD RZD RZD

Moscow Nazran Moscow Rostov-on-Don

2.5h 31h 31h 2h 15.5h 15.5h

6,864 2,025 2,942 2,579 3,819 1,932

Regular fare 3 Economy fare 4 Regular fare 3 Economy fare 4 RZD RZD RZD RZD

Note: 1 Prices for tickets 1 month ahead of a trip based on tutu.ru as of 23.10.2019; ² Does not include time required for check-in and security check; 3 Compartment train; 4 Couchette train 9 Market Stimulation Case Study: Nizhnekamsk Airport

Passenger traffic in Nizhnekamsk airport evolution Nizhnekamsk airport PAX, thousand

X% Pobeda’s share in total seats offered 6% 17% 21% 25% from the airport Sochi-Nizhnekamsk route moved to all year-round service in May 2019

Launched service from St.Petersburg to Nizhnekamsk in March 2018 ~820 777

Launched service from Moscow to NBC in October 2016 587

406 367 377 331

2013 2014 2015 2016 2017 2018 2019E

Source: FAVT, 2019 PAX for 2019 is estimated based on 9M data and extrapolation of the YTD growth for the rest of the year 10 Key Operational Highlights (1/2)

Number of aircraft Capacity & load factor Capacity, mln ASK X% Load factor

3.8x 78.0% 81.2% 88.3% 94.2% 94.1% 94.6% 94.1%

45.9% CAGR for 34% 2015-2018 30 13,925 14,547 24 9,972 8,419 16 7,606 12 12 5,746 8

172

2014 2015 2016 2017 2018 9M 2019 2014 2015 2016 2017 2018 9M 2018 9M 2019

Fleet consists only of modern Boeing 737-800 NG with Sustainably high load factor underpins efficiency of Pobeda 01 01 average age below 3 years business model

02 Pobeda is committed to further expansion of its fleet 02 Growing capacity supports expansion of Pobeda operations

11 Key Operational Highlights (2/2)

Customers (thousand) Highlights  In 5 years Pobeda became Top-5 airline in Russia Pobeda is #4 airline in Russia by number 46.4%  In 2018, Pobeda’s passenger traffic increased by 56.8% year-on-year to 7.2 million passengers CAGR for of carried customers and continues to  […] 32% 2015-2018 increase its positions in the ranking (#2 airline 7,582  […] 7,185 transports 11 mln PAX)

5,178 In 9M 2019, Pobeda’s passenger traffic increased by 4,583 46% year-on-year to 7.6 million customers 4,286

3,090

Expected passenger traffic for 2019

is 10+ million customers

107

2014 2015 2016 2017 2018 9M 2018 9M 2019

12 Key Financial Highlights

Revenue (RUB mln) IFRS Net income1 (RUB mln)

55.0%

40,779 CAGR for 45% 2015-2018 34,373

26,483 3,747 3,664 20,633 19,131 2,834 1,763 11,248

–

– (80) 2014 2015 2016 2017 2018 9M 2018 9M 2019 2014 2015 2016 2017 2018 9M 2019

Since its inception, Pobeda was growing at 45% annually 01 01 Pobeda reached profitability in the early years of its operations reaching RUB 34bn revenue in 2018

9M 2019 revenue growth of 55% year-on-year was primarily Like other airlines Pobeda faced strong fuel headwinds in the 02 02 driven by traffic increase recent years, but managed to grow yields and control costs

Note: all numbers are presented under managerial accounting principles that are based on IFRS 1 Net income figures for 2014-2018 are reported under IAS 17, for 9M 2019 under IFRS 16 (excluding RUB 3.8 bn FX gains due to lease revaluation). 13 Pobeda’s Ancillary Revenue

Ancillary revenue evolution Key ancillary services for Pobeda customers

Ancillary revenue, RUB mln1 Baggage Seat selection X% Ancillary revenue as % of total revenue (%)

11% 11% 13% 17% 17%

6,801

5,961 CAGR for 67% 2015-2018

Fare bundles

2,576 2,023

1,280

33

2014 2015 2016 2017 2018 9M 2019

1 Pobeda considers the following categories as ancillary: seat selection, baggage, bundles, insurance, airport check-in service, priority onboarding and others 14 Long term Development Plans

2023

01 Passenger traffic increase 7.2 mln ~25-30 mln

02 Fleet expansion 30 aircraft1 ~80-85 aircraft

Moscow Regional Bases 03 Operational Bases Petersburg +

Above Group’s Above Group’s 04 Profitability average average

Note: 1 As of 9M 2019 15 1