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Home , Aeroflot, Pobeda (airline), Rossiya Airlines, Sergey Chemezov, Vietnam Airlines

GROUP Q2 & 6M 2020 IFRS R ESULTS

31 August 2020

Speakers: Andrey Chikhanchin – Deputy CEO for Commerce and Finance Andrey Panov – Deputy CEO for Strategy, Service and Marketing Ivan Batanov – Head of Revenue Management Disclaimer

This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following.

This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its contents.

This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forward- looking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation.

2 Aeroflot Group 6M 2020 Highlights

PAX Yield Revenue External Factors

Million PAX RUB / RPK Billion RUB

- 54.2 % - 2.5 % - 52.0 % COVID-19

3.79 311.4 28.2 mln 3.69

149.4 12.9 mln

6M 2019 6M 2020 6M 2019 6M 2020 6M 2019 6M 2020

Note: immaterial deviations throughout the presentation are explained by rounding

• In 6M 2020 Aeroflot Group’s performance was seriously affected by COVID-19 amid significant pressure on demand in the domestic segment of the market and the complete closure of the international segment from the end of March with respective implications for financials.

3 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

4 Overview of the Russian Market

Passenger Traffic: Market vs Aeroflot Group Key Market Players

Russian Air Transportation Market (million PAX) Change in PAX million incl. PAX of Russian and Foreign Carriers and intl. transit PAX -15.3 (53.6)% International Routes 12.9 66.2 Domestic Routes -7.1 -3.4 33.0 -5.6 6.1 4.8 -2.2 -1.9 (87.9)% 2.9 30.7 38.1 2.0 1.9 11.6 19.7 33.2 Aeroflot S7 Group Ural Group Foreign Others Group Carriers 19.1 18.4 4.6 0.1 4.5 6M 2019 6M 2020 Q2 2019 Q2 2020 Market Shares

Aeroflot Group (million PAX) 6M 2019 6M 2020

(54.2)% 20.0% 19.9% 28.2 42.6% 42.1% (88.8)% 9.4% 12.7 12.8% 15.4 6.3% 5.8% 12.9 6.7% 6.4% 7.0 15.6% 4.6 12.3% 15.5 8.4 8.5 1.7 0.05 1.7 6M 2019 6M 2020 Q2 2019 Q2 2020 Foreign Carriers Others

Source: TCH, Aeroflot Group. Figures include foreign carriers’ traffic. • The market’s and Aeroflot Group’s performance remained under significant pressure in Q2 and 6M 2020 amid 5 adjustment in demand in the face of COVID-19 in the first quarter of 2020, which extended into following quarters. Material Impact of COVID-19 Starts from March

Monthly PAX Traffic (Russian Carriers) Capacity (Russian Carriers) and PLF

Million PAX Billion ASK, PLF in % Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul 30.5 8.9 8.0 26.7 23.5 6.8 6.4 17.6

79% 79% 75% 69% 2.8 9.5 58%

4.0 4.4 0.9 44% 0.7 39%

6.6% 6.4% (28.1)% (92.1)% (91.3)% (77.4)% (52.4)% 10.0% 8.7% (17.6)% (86.0)% (86.6)% (73.8)% (54.3)%

Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations • The Russian market was substantially hit by COVID in April and May 2020 with recovery starting from June and extending into Q3. • Load factor shows positive progression as airlines cautiously add capacity below demand recovery levels. 6 Domestic Segment Shows Gradual Recovery

PAX Traffic of Russian Airports Q3 – International Segment

PAX dynamics based on 33 key Russian airports Flights reopened starting from 20% 7% 7% 1 August with following countries:

0% • United Kingdom • Turkey

-20% • Tanzania • Switzerland (25)%

-40% Q3 – Domestic Segment (45)%

-60%

Steady recovery in domestic -80% (74)% segment continuing in July and (91)% (90)% August -100% Jan Feb Mar Apr May Jun Jul

Total Domestic International

Source: Russian international airports association (MAA), Federal Air Transport Agency

• Domestic segment showing signs of recovery from June as travelling restrictions within are gradually lifted while international segment opening only a handful of destinations from August. 7 Aeroflot Group Performance Across Different Brands

Brand Business Model 6M 2020 PAX Contribution1 and Dynamics July 2020

• Flagship carrier -56.1% • Premium product (4 Stars) 17.8 -72% PAX Premium • High income and middle class 60.4% 7.8 7.8 -74% ASK • Hub and spoke model 6M 2019 6M 2020

• Scheduled network under SU -64.1% (Aeroflot) code from 5.1 -49% PAX Mid-price − (SVO) 1.8 14.1% 1.8 − St. Petersburg (LED) -42% ASK • Charter operations 6M 2019 6M 2020

-35.8%

• Point-to-point carriage 4.6 • Focus on domestic +2% PAX 2.9 2.9 Low Cost segment and underserved 22.7% international routes -3% ASK 6M 2019 6M 2020

• for communities in the -51.6% offering 0.7 -62% PAX Regional flights 0.4 2.8% 0.4 − between large cities -48% ASK − to remote cities 6M 2019 6M 2020

Source: Aeroflot Group 1 PAX contribution as of 6M 2020. Absolute number of passengers in million in green circle • Material decline in demand and closed borders have resulted in 6M traffic decline for key carriers of the Group, including suspending operations for April and May. In Q3 the Group is observing the gradual recovery of 8 the domestic segment. Pobeda Airline: Timely Value Proposition

Overview Total PAX dynamics in 2020

mn PAX, change y-o-y 1.0 Operations restarted in June 2020 0.9 after suspension in April and May amid demand decrease 0.8 0.7 2.9 mm PAX transported in 6M 2020 (-35.8% y-o-y) 0.4 90.1% PLF LF remained high in 6M 2020 despite ongoing pressure 0.0 0.0 30 B737NG aircraft Jan Feb Mar Apr May Jun Jul with single class cabin (189 seats) 33.9% 31.7% 3.0% (99.9)% (99.9)% (51.5)% 1.6% 11 p.p. RPK mix shift from international to domestic in 6M 2020 y-o-y

Beginning of 2020 route network Operating Indicators of July 2020 (Domestic) Petrozavodsk Helsinki Domestic traffic already recovered to 2019 levels 14 Kirov Perm Krasnoyarsk Moscow Ekaterinburg Novosibirsk 62 Cheboksary Nizhnekamsk Ulyanovsk Kaliningrad Chelyabinsk Kemerovo Magnitogorsk Eindhoven Berlin Ostende Leipzig Ulan-Ude  5,797 Cologne Karlovy Vary 94.4% Baden-Baden 1,039 Memmingen Rostov Innsbruck Astrakhan Bergamo Venice Anapa Min.Vody Genova Gelendzhik Nazran Pisa Rimini Varna 12 Tivat Vladikavkaz Makhachkala Girona Rome Bari Istanbul Batumi Gyumri Cagliari Palermo Antalya Traffic, th PAX Revenue flights, PLF, % Catania Bodrum Gazipaşa Dalaman Larnaca cycles

Cities the airline operates flights to Base cities with >10 routes served from city XX 27.1% 30.4% (3.2) p.p. Cities with <10 routes served from city (number of routes in circle) Source: Aeroflot Group • Pobeda has restarted operations in June 2020 recovering significant volume of traffic in domestic segment 9 amid strong load factor and is uniquely positioned to bring back more capacity leveraging its value proposition appealing to cost conscious passengers. 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

10 Key Goals of the Updated Strategy

Key Strategic Goals

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

Aeroflot Group: Now and Then

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

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

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

1 Based on CASK ex.-fuel benchmarking, calculated based on airlines’ data. Aeroflot Group updated its long term targets: the Group intends to streamline its value proposition, increase focus 11 on LCC and further improve Aeroflot Airline’s product. The Group’s Target Network and Fleet Allocation

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

High-yield flights from Moscow

. Selected domestic . All destinations routes

. Key premium international routes

Destinations with high demand . Domestic and international routes  

Routes bypassing Moscow + social fares

. New regional bases . International and . Affordable domestic domestic routes from flights St. Petersburg Russian- . Feeder traffic to manufactured aircraft Aeroflot in Moscow . Leisure destinations Transfer of medium-haul aircraft to Pobeda and Rossiya and Aeroflot’s focus on long-haul aircraft will allow to strengthen specialization of the airlines, improve commonality of the fleet and value proposition. The Group’s network will be reallocated in accordance with airlines’ business models, while increasing cooperation between 12 them. Aeroflot Airline: 2028 Vision

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

Long-haul flights Medium-haul flights Decrease in aircraft types by transferring of Russian-

manufactured aircraft to Rossiya and B737-800 to Pobeda 2028 Development of narrow-body aircraft fleet by adding modern aircraft with higher capacity . Growing market with . Transfer of low-yield destinations to Pobeda premium product demand . Focus on destinations with high demand for . Launch of new routes (e.g. , Geneva, Zurich) Further wide-body aircraft fleet development and long-haul flights (e.g. Lisbon, Madrid)

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

Aeroflot in 2028

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

• Skytrax 5* product • Only markets with premium product demand • Fleet of several aircraft types • Europe – Asia transit • High load factor and yield of business and • Highly efficient aircraft of new generation • Key premium international destinations through withdrawal from low yield • Wide-body aircraft on most destinations • High-yield domestic flights markets By 2028, Aeroflot will increase efficiency and further enhance its premium level of service via streamlining its 13 value proposition Pobeda Airline: 2028 Vision

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

The fastest aircraft turnaround in Russia 2 Further fleet development by using modern 25 min aircraft with higher capacity

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

Pobeda in 2028

High market share Efficient fleet Affordable air travel

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

Notes: (1) Flights in 3Q 2019, according to Boeing; (2) Operating profit margin in 2019, according to Skift; (3) Calculated based on airlines’ public data as of 2019; (4) In 2019, among non-charter carriers on the Russian market, based on public statistics By 2028, Pobeda will significantly increase in size and ensure travel affordability for the Russian population via stimulating traffic and volumes backed by its operational and financial efficiency 14 Rossiya Airline: 2028 Vision

The key goals of Rossiya Airline strategy

Network development bypassing Moscow

Establishing a center of competence for Russian-manufactured aircraft development

Fulfilling social functions of the Group

Feeder traffic for Aeroflot’s flights to Moscow

Rossiya in 2028

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

Servicing inter-regional flights Creating of a system of linear stations and hangar Servicing socially significant routes from new regional bases facilities for servicing Russian-manufactured aircraft (also in regions) Rossiya will focus on the efficient development of flights bypassing Moscow as well as fulfilling the Group's social mission. 15 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

16 Aeroflot Group Scheduled Flights Revenue Units

RUB RUB 6M Yield (PAX Revenue / RPK)0.7% 6M RASK (PAX Revenue 1/.1ASK% ) 3.2% RUB / RPK RUB / ASK

(11.2)% (1.1)% (16.1)% (20.2)% 3.03 3.94 3.90 (2.5)% 2.97 3.79 2.88 (2.5)% 3.69 2.69 3.58 3.49 2.49

2.30

Domestic International Total Domestic International Total % Y-o-Y increase 2019 2020 % Y-o-Y increase 2019 2020 Source: Aeroflot Group Note: Data presented based on management accounts, scheduled flights revenue is used for calculations • Positive pricing trends of Q1 2020 were reversed in Q2 on the back of restrictions on movement both internationally and domestically, which had significant impact on 6M yields. • RASK was under pressure due to adjustment in PLF on the back of COVID-related demand pressure. 17 Aeroflot Group Network Adjustments

Beginning of 2020 route network

Stockholm Oslo Helsinki Tallinn Murmansk Salekhard Arkhangelsk New Urengoy Syktyvkar Khanty Mansiysk Riga Saint Petersburg Surgut Nizhnevartovsk MOSCOW Nizhnekamsk Perm Copenhagen Ekaterinburg Magadan Minsk Tyumen Kemerovo Kaunas MOSCOW Samara Krasnoyarsk Hamburg Kaliningrad Omsk Novosibirsk Novokuznetsk Kazan Tomsk Hamburg Berlin Voronezh Chelyabinsk Abakan P. Kamchatsky Hannover Berlin Minsk Saratov Kostanay London Warsaw Dusseldorf Orenburg Magnitogorsk Astana Barnaul Dusseldorf Orly Volgograd Aktobe Munich Karaganda Brussels Chisinau Rostov Atyrau Ulan Bator Harbin Yu. Sakhalinsk Vienna Astrakhan Frankfurt Prague Gelenzhdik Stavropol Nice Rimini Simferopol Paris Vienna Chisinau New York Anapa Adler Aktau Shymkent Stuttgart Rome Burgas Sochi Makhachkala Bishkek Budapest Barcelona Tivat Varna Mineral Waters Zurich Munich Istanbul Yerevan Samarkand Krasnodar Geneva Washington Antalya Teheran Lyon Belgrade Larnaca Milan Venice Beirut Busan Los Angeles Nice Tel Aviv Delhi Shanghai BolognaSplit Zagreb Barcelona Sofia Miami Rome Tivat Dubai Guangzhou Istanbul Havana Madrid Thessaloniki Tbilisi Valencia Lisbon Alicante Athens Antalya Malaga Heraklion Larnaca Phuket

Male

Aeroflot routes Tenerife Rossiya routes routes

# of Flights Evolution by Region, 6M 2020 y-o-y1 2020 Domestic Scheduled Network (flights per day, av.)

Russia (34.8)% 100 209 291 Europe (59.1)%

Asia-Pacific (55.3)% 0 90 187 North & Central America (54.5)%

CIS (57.4)% 28 64 Middle East & Africa (61.4)% 146

Total (45.2)% May Jun Jul Source: Aeroflot Group Note: 1 Scheduled flights of Aeroflot Group in 6M 2020 vs. 6M 2019 (excluding Pobeda LCC) • Starting from June Aeroflot Group gradually restores operating volumes in domestic segment of the market. • In August international flights to UK, Turkey and Switzerland were opened marking the first step of international 18 segment relaunch. Passenger and Cargo Operating Numbers

Total Domestic Cargo

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

Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul Jan Feb Mar Apr May Jun Jul (3) p.p. (1) p.p. (18) p.p. (32) p.p. (11) p.p. (16) p.p. (14) p.p. 25.4 (36) p.p. 23.4 23.7 (2) p.p. (3) p.p. (45) p.p. (23) p.p. (25) p.p. 17.8 (47) p.p. 75% 74% 79% 73% 76% 80% 12.9 PLF 63% 61% 65% 62% 11.9 45% 8.7 35% 34% 44%

PLF y-o-y change PLF y-o-y change thousand tons of cargo and mail

Source: Aeroflot Group • Gradual addition of capacity in domestic segment was aligned with higher demand for flights starting from June. • Cargo operations proved to be more resilient during the crisis which prompted Aeroflot to deploy wide-body 19 passenger aircraft for cargo transportation in order to support financial results. 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

20 Fleet Update

Actual and expected additions 2020 Fleet Plans

Type of 6M 2020 Fleet as at aircraft Delivery Phase out 30.06.2020

In 6M 2020 Aeroflot Group Wide-body (long-haul) 1 (3) 57 operated 360 aircraft vs 365 A-330 - (3) 18 aircraft in 6M 2019 A-350 1 - 1 B-777 - - 29 B-747 - - 9 Narrow-body (medium-haul) - (2) 236 A-319 - - 30 Part of the fleet is currently temporarily grounded A-320 - (2) 80 A-321 - - 33 B-737 - - 93 Narrow-body (regional) 6 (1) 67 SSJ-100 5 - 54 DHC-8 1 (1) 10 2020 deliveries as well as DHC-6 - - 3 phase-outs are being discussed with lessors TOTAL 7 (6) 360

• Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 21 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

22 Financial Highlights: Q2 and 6M 2020

Q2 2019 Q2 2020 Change Million RUB (where applicable) 6M 2019 6M 2020 Change

15,431 1,731 (88.8)% Passenger Traffic (mln PAX) 28,195 12,927 (54.2)%

173,399 25,458 (85.3)% Revenue 311,440 149,352 (52.0)%

152,456 12,983 (91.5)% PAX Traffic Revenue 271,711 119,591 (56.0)%

152,882 58,421 (61.8)% Operating Costs 296,822 195,471 (34.1)%

20,517 (32,963) n/a Operating Income/(Loss) 14,618 (46,119) n/a

46,963 (1,962) n/a EBITDA 68,296 11,092 (83.8)%

27.1% n/a n/a EBITDA Margin 21.9% 7.4% (14.5) p.p.

6,933 (35,786) n/a Net Income/(Loss) (8,784) (58,270) 6.6x

• Financial results of 6M 2020 are impacted by weaker demand due to COVID-19, which was already reflected in results of Q1. • Following lifting of restrictions on movement within Russia from June and gradual reopening of international segment from August we see slow improvement in financial indicators as well. 23 Revenue Dynamics Decomposition

Revenue by Key Factors Revenue by Business Segments

Million RUB Million RUB

311,440 (140,705) 311,440 (140,218)

(1,903) (2,848) (16,632) (11,902) 3,550 (13,518) 149,352 149,352

6M 2019 Volume Currency Pricing Other 6M 2020 6M 2019 Scheduled Charter Cargo Other 6M 2020 Passenger Passenger Revenue Flights Flights

• Primary driver of revenue decline was scheduled passenger flights segment showing significant declines in every geographical segment. • Cargo offered some support to the Group revenue as we increased available capacities in the segment amid global shortage of available belly cargo opportunities. 24 Operating Costs

Operating Expenses Breakdown

Change Change Operating Expense Change Change % of OpEx Q2 2019 Q2 2020 6M 2019 6M 2020 y-o-y ex. FX (RUB mln if not stated otherwise) y-o-y ex. FX (6M 2020)

49,008 5,325 (89.1)% (89.8)% Fuel 92,708 43,929 (52.6)% (53.0)% 22.5%

103,874 53,096 (48.9)% (50.0)% Opex (ex. Fuel) 204,114 151,542 (25.8)% (26.5)% 77.5%

32,294 5,493 (83.0)% (84.0)% Aircraft and passenger servicing 61,165 32,937 (46.2)% (46.9)% 16.8%

26,446 31,001 17.2% 17.2% D&A and customs duties 53,678 57,211 6.6% 6.6% 29.3%

22,215 13,496 (39.2)% (39.8)% Staff 44,794 34,620 (22.7)% (23.0)% 17.7%

7,534 4,291 (43.0)% (46.8)% SG&A1 14,203 10,479 (26.2)% (27.0)% 5.4%

7,813 4,244 (45.7)% (49.5)% Maintenance 13,987 13,469 (3.7)% (6.7)% 6.9%

4,079 656 (83.9)% (83.3)% Communication Expenses 9,144 4,432 (51.5)% (53.8)% 2.2%

3,493 (6,085) n/a n/a Other expenses2 7,143 (1,606) n/a n/a (0.8)%

152,882 58,421 (61.8)% (62.7)% Total Opex 296,822 195,471 (34.1)% (34.8)% 100.0%

1 Includes sales and marketing expenses and administration and general expenses. 2 Other expenses include short-term and immaterial lease, reserves accrual and reversal, catering, other income and 7.9 bn RUB government subsidy for lost traffic.

• In 6M 2020 operating costs were significantly impacted by smaller volume of operations. 25 Group Unit Costs

Unit Costs Dynamics Capacity: ASK adjustment

Billion ASK Operating Expense per ASK (CASK), RUB 6M 2019 6M 2020 Change (47.8)% Fuel 1.01 0.92 (9.2)% CASK (ex. Fuel): 2.22 3.16 42.3% 91.9 Aircraft and Passenger Servicing 0.67 0.69 3.2% D&A and Customs Duties 0.58 1.19 104.3% Staff 0.49 0.72 48.1% SG&A 0.15 0.22 41.4% Maintenance 0.15 0.28 84.6% 47.9 Communication expenses 0.10 0.09 (7.1)% Other Expenses 0.08 (0.03) n/a Total CASK 3.23 4.08 26.2% 6M 2019 6M 2020

CASK Bridge

RUB / ASK 26.2% (0.9)% 25.0% 0.13 (0.01) (0.11) (0.04) 0.23 0.06 0.61

(0.09) 0.02 4.08 4.04

3.23 3.23

CASK 6M 2019 Fuel Aircraft and D&A and CD* Staff SG&A Maintenance Communication Other CASK 6M 2020 FX CASK 6M 2020 CASK 6M 2019 Passenger Expenses Expenses ex. FX Servicing

• Cost per ASK increased by 26.2% from RUB 3.23 in 6M 2019 to RUB 4.08 in 6M 2020 on the back of significant decrease in operating expenses which was outpaced by lower capacity amid softer demand. 26 Fuel Cost Management

Aeroflot Airline Jet Fuel Price Fuel Efficiency

Thousand RUB per tonne of jet fuel (gramme / ASK) 50 3.6%

45 44.2 22.3 23.1

40 38.4

6M 2019 6M 2020 35 33.5 Average fuel price per tonne 30 31.1 Aeroflot Airline: • 6M 2020: 38.4 thousand RUB 25 (-13.1% y-o-y). • June 2020: 23.4 thousand RUB 20 (-47.4% y-o-y).

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6M1 • July 2020: 27.7 thousand RUB (WA) 2020 2019 2015-2017 FY weighted averages (-35.5% y-o-y). Source: Aeroflot Group 1 Weighted average price for 6M (2019 and 2020) and 12M (2015-2017). • On the back of oil price weakness staring from March 2020 jet fuel prices moved towards more comfortable 27 levels, which is supportive for the industry in the current environment. Pobeda Financial Results

PAX Traffic and Other Operating Metrics Pobeda Statement of Profit and Loss (IFRS, standalone) Million PAX, 6M 2020 dynamics y-o-y 4.6 Q2 2019 Q2 2020 Change Million RUB 6M 2019 6M 2020 Change 2.9 PAX -36% ASK -35% 13,108 1,527 (88.4)% Revenue 21,459 12,641 (41.1)%

6M 2019 6M 2020 PLF -2.4 p.p 10,650 3,734 (64.9)% Operating Expenses 20,046 14,184 (29.2)%

RASK Operating Income / 2,458 (2,207) n/a 1,413 (1,543) n/a (Loss) RUB / ASK

2.42 2.20 18.7% n/a n/a Operating margin 6.6% n/a n/a

Adjusted Net 1,027 (2,922) n/a 2 (754) (2,430) 3.2х RASK -9% Income / (Loss) 6M 2019 6M 2020 4,530 7 (99.8)% EBITDA 5,208 2,751 (47.2)%

CASK 34.6% 0.5% (34.1) p.p. EBITDA margin 24.3% 21.8% (2.5) p.p.

RUB / ASK Note: based on managerial accounts transformed under IFRS principles. Includes 12 aircraft 2.47 subleased from Aeroflot. 2.26 1 Calculation based on Total Revenue of the Company 2 Adjusted for (excluding) net FX loss from lease liabilities revaluation in the amount of 6.8 bn RUB in 6M 2020 (4.9 bn RUB net FX gain in 6M 2019) and net FX gain of 6.4 bn RUB in Q2 2020 (1.4 bn RUB net FX gain in Q2 2019) and the associated deferred tax; FX gain/loss eliminated in consolidated financials due to hedging of FX-denominated liabilities with FX-denominated CASK +9% revenues (non-cash income). 6M 2019 6M 2020

• In 6M 2020 Pobeda’s result was affected by softening demand on the back of COVID-19 spread as well as suspension of operations for April and May. 28 Leverage and Liquidity

Debt Profile1 Net Debt / EBITDA

Million RUB 31-Dec-2019 30-Jun-2020 Change 5.8 Borrowings 15,792 64,390 4.1x 4.4 Lease Liabilities 557,124 633,069 13.6% 3.2 Pension Liabilities 784 809 3.2% Total Debt 573,700 698,268 21.7% Cash and Short-Term 25,861 48,659 88.2% Investments

Net Debt 547,839 649,609 18.6% 31-Dec-2019 31-Mar-2020 30-Jun-2020

Liquidity Repayment Schedule Before Restructuring2 Billion RUB Billion RUB 321.7 168.2 157.1 118.7

108.4 111.4 81.3 90.9 81.9 73.3 40.5 37.4 48.7 56.8

31-Mar-20 30-Jun-20 31-Jul-20 2020 2021 2022 2023 2024+ Cash and cash equivalents Available credit lines 1 Based on financial data under IFRS 16; 30-Jun-2020 exchange rate – 69.95 RUB per USD, 31-Dec-2019 exchange rate – 61.91 RUB per USD. 2 Lease liabilities repayment schedule includes only principal amount and does not include future interest payments and liabilities for heavy maintenance. Does not include restructuring arrangements currently discussed but not finalized. • Total and Net debt increased on the back of management’s efforts to accumulate liquidity amid significant pressure on revenue. 29 • Cash position of RUB 48.7 billion and undrawn credit lines of RUB 108.4 billion. Aeroflot’s Steps to Navigate COVID-19 Crisis

Work stream Comments Results

Optimize key fixed cost lines and CAPEX Suspension of non-key spending

Negotiations with partners and suppliers Special terms with lessors + ongoing negotiations

Restructuring deliveries of the fleet Aircraft deliveries moved to later periods

Addressing liquidity risks of unearned revenue from ticket refunds Introduction of vouchers

Focus on domestic market and launching new domestic destinations New domestic routes in Summer 2020 schedule

Operating passenger aircraft as cargo with increased capacity Positive cargo revenue contribution

Decrease number of operations to reduce variable costs ~ 10% of capacity (ASK) operated in April and May

Management team is taking all necessary steps to minimize the financial consequences of the COVID-19 impact on Group’s operations and cash outflows from the Group to optimize cash position.

Optimizing monthly cash outflow(1) Reducing 2020 CAPEX State support

Billion RUB, Including VAT, monthly average Billion RUB ~65 ~10-11 • Other measures • A subsidy of RUB7.9bn from the Government including regulation • State guarantees for loans for RUB70bn, Down ~ 2x Up to 3x decrease amendments resulting Aeroflot has signed two loan agreements in the in indirect support are total amount of RUB70bn announced • The companies of Aeroflot Group entered into Monthly opex in normal Post management actions CMD 2019 plan Post management actions loan agreements in the total amount of environment RUB6.7bn with an interest rate of up to 2% per annum under state programmes to support business activity and employment

Source: Aeroflot Group. Note: (1) Cash outflows, including cash costs, interest on lease payments (accounted as interest expense in PL) and indirect taxes (including VAT, etc.). Based on management accounts. • Minimizing monthly cash burn via optimizing operating expenditures and reducing CAPEX coupled with roll-out of state support are key to navigating through COVID-19 environment 30 1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

31 Operating Data – Q2 & 6M 2020

Indicators Aeroflot Airline Aeroflot Group

Q2 Q2 6M 6M Q2 Q2 6M 6M Unit Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2019 2020 2019 2020 2019 2020 2019 2020

Passenger Traffic th PAX 9,343 877 (90.6%) 17,796 7,807 (56.1%) 15,431 1,731 (88.8%) 28,195 12,927 (54.2%)

International Routes th PAX 4,938 41 (99.2%) 9,318 3,479 (62.7%) 6,952 52 (99.3%) 12,682 4,567 (64.0%)

Domestic Routes th PAX 4,405 836 (81.0%) 8,477 4,328 (48.9%) 8,479 1,679 (80.2%) 15,513 8,361 (46.1%)

Passenger Turnover mn pkm 25,534 2,010 (92.1%) 48,820 21,134 (56.7%) 39,381 3,681 (90.7%) 72,924 32,716 (55.1%)

International Routes mn pkm 17,471 190 (98.9%) 33,396 12,860 (61.5%) 22,966 263 (98.9%) 43,531 16,844 (61.3%)

Domestic Routes mn pkm 8,064 1,821 (77.4%) 15,424 8,273 (46.4%) 16,415 3,417 (79.2%) 29,393 15,872 (46.0%)

Passenger Capacity mn ASK 32,472 4,298 (86.8%) 63,188 32,982 (47.8%) 48,839 7,080 (85.5%) 91,883 47,939 (47.8%)

International Routes mn ASK 22,662 404 (98.2%) 43,725 19,162 (56.2%) 29,024 487 (98.3%) 55,571 23,938 (56.9%)

Domestic Routes mn ASK 9,810 3,894 (60.3%) 19,463 13,821 (29.0%) 19,815 6,593 (66.7%) 36,312 24,001 (33.9%)

Passenger Load Factor % 78.6% 46.8% (31.9) p.p. 77.3% 64.1% (13.2) p.p. 80.6% 52.0% (28.6) p.p. 79.4% 68.2% (11.1) p.p.

International Routes % 77.1% 47.0% (30.1) p.p. 76.4% 67.1% (9.3) p.p. 79.1% 54.1% (25.0) p.p. 78.3% 70.4% (8.0) p.p.

Domestic Routes % 82.2% 46.8% (35.4) p.p. 79.2% 59.9% (19.4) p.p. 82.8% 51.8% (31.0) p.p. 80.9% 66.1% (14.8) p.p.

Tonne-Kilometres mn tkm 2,547 334 (86.9%) 4,849 2,291 (52.8%) 3,866 513 (86.7%) 7,154 3,433 (52.0%)

International Routes mn tkm 1,761 94 (94.7%) 3,343 1,406 (58.0%) 2,271 106 (95.3%) 4,291 1,789 (58.3%)

Domestic Routes mn tkm 787 240 (69.4%) 1,506 885 (41.2%) 1,595 408 (74.4%) 2,863 1,645 (42.5%) Revenue Flights flights 72,427 13,223 (81.7%) 142,563 80,075 (43.8%) 112,826 22,480 (80.1%) 215,283 120,934 (43.8%) International Routes flights 35,913 1,214 (96.6%) 70,104 30,854 (56.0%) 47,826 1,345 (97.2%) 91,052 38,107 (58.1%)

Domestic Routes flights 36,514 12,009 (67.1%) 72,459 49,221 (32.1%) 65,000 21,135 (67.5%) 124,231 82,827 (33.3%)

Flight Hours hours 208,037 34,961 (83.2%) 410,164 223,696 (45.5%) 310,399 56,685 (81.7%) 593,923 325,215 (45.2%)

32 Operating Data of Subsidiary Airlines – Q2 & 6M 2020

Indicators Rossiya Pobeda Aurora

Q2 6M Q2 6M Q2 6M Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y Y-o-Y 2020 2020 2020 2020 2020 2020

Passenger Traffic th PAX 335 (89.4%) 1,827 (64.1%) 441 (82.5%) 2,934 (35.8%) 78 (81.0%) 359 (51.6%)

International Routes th PAX 9 (99.3%) 569 (71.9%) - (100.0%) 447 (60.6%) 1 (98.7%) 71 (64.9%)

Domestic Routes th PAX 326 (81.9%) 1,257 (59.0%) 441 (77.6%) 2,486 (27.5%) 77 (74.6%) 289 (46.6%)

Passenger Turnover mn pkm 866 (90.1%) 5,906 (60.2%) 701 (84.4%) 5,184 (36.7% 103 (82.5%) 492 (53.4%)

International Routes mn pkm 70 (98.3%) 2,878 (61.0%) - (100.0%) 998 (59.6%) 4 (97.2%) 108 (61.6%)

Domestic Routes mn pkm 796 (82.8%) 3,029 (59.4%) 701 (78.6%) 4,186 (26.9%) 99 (77.5%) 384 (50.5%)

Passenger Capacity mn ASK 1,654 (84.4%) 8,193 (55.1%) 835 (82.8%) 5,752 (35.1%) 293 (67.1%) 1,011 (36.9%)

International Routes mn ASK 70 (98.5%) 3,425 (60.2%) - (100.0%) 1,141 (59.0%) 13 (94.7%) 210 (53.5%)

Domestic Routes mn ASK 1,584 (73.1%) 4,768 (50.5%) 835 (75.9%) 4,611 (24.1%) 280 (56.4%) 801 (30.4%)

Passenger Load Factor % 52.3% (30.2) p.p. 72.1% (9.4) p.p. 84.0% (8.6) p.p. 90.1% (2.4) p.p. 35.2% (31.2) p.p. 48.7% (17.2) p.p.

International Routes % 100.0% 12.7 p.p. 84.0% (1.7) p.p. - - 87.5% (1.3) p.p. 32.3% (29.0) p.p. 51.5% (10.8) p.p.

Domestic Routes % 50.2% (28.4) p.p. 63.5% (14.1) p.p. 84.0% (10.5) p.p. 90.8% (3.5) p.p. 35.4% (33.1) p.p. 47.9% (19.4) p.p.

Flight Hours hours 11,197 (80.1%) p.p. 46,270 (53.3%) 5,817 (83.0%) 40,792 (35.1%) 4,710 (60.5%) 14,356 (34.5%)

33 Aeroflot Domestic and International Transit

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

21.2x 22.0x 23.6x 23.8x n/a 0.9 mln 12.0% 25.5 25.3 24.2 25.0 4.9 mln 18.0 18.2 17.9 62.7% 17.0 17.1 0.9 mln 13.4 11.9%

14.1 13.9 13.1 13.9 9.9 1.0 mln 13.4% 2017 2018 2019 6M 2019 6M 2020 Point-to-point International - International International Domestic Combined Connectivity ratio International - Domestic / Domestic - International Domestic - Domestic

… Backed by expansion of international network … Increase in International – International Traffic2

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

5.5 4.8 0.2 (63.1)% 4.4 0.03 2.6 0.1 Bukhara Dublin Denpasar Marseille 5.3 4.8 1.0 Uzbekistan Ireland Indonesia 4.4 2.5 0.1 0.9 2017 2018 2019 6M 2019 6M 2020 Aeroflot Rossiya Share of international-international transit in total traffic of Aeroflot Group2 Ljubljana Colombo Osh Palma Slovenia Sri Lanka Kyrgyzstan Spain 8.8% 8.7% 9.0% 9.3% 7.9% Source: Aeroflot Group. 1 Data for Aeroflot airline’s own flights. 2 From 2018 total international-international transit figures include Rossiya airline passenger traffic of the segment. • Transit traffic segment experienced significant pressure from COVID-related decrease in demand in 6М 2020. 34 6M 2020 Operating Data by Region (Scheduled Routes)

Americas Russia CIS

(10.1) p.p. (14.7) p.p. (10.7) p.p. (55.2)% (34.0)% (60.8)% (60.7)% (46.1)% (46.0)% (66.0)% (60.8)% Passengers RPK ASK PLF Passengers RPK ASK PLF (67.4)% carried carried Passengers RPK ASK PLF carried

Europe Middle East Asia

(6.1) p.p. (8.1) p.p. (11.9) p.p.

(53.9)% (53.0)% (49.0)% (55.5)% Passengers RPK ASK PLF (63.2)% (63.9)% (59.5)% (63.2)% (62.4)% Passengers RPK ASK PLF carried Passengers RPK ASK PLF carried carried

Source: Data presented based on management accounts for scheduled flights of Aeroflot Group (excluding charter flights) • Group operations in all regions of the world experienced significant pressure from COVID-related decline in demand. 35 Aeroflot Group Fleet Breakdown

Aeroflot Group Fleet Overview Breakdown by Aircraft

Operated by Total as of Total as of Change vs. Aircraft Type Wide-body Aeroflot Subsidiaries 30-Jun-20 31-Dec-19 31-Dec-19 16%

Wide-body 38 19 57 59 (2)

Airbus A330 18 - 18 21 (3) Narrow- body (regional) A350 1 - 1 - 1 Narrow- 19% body 19 10 29 29 - (medium- haul) - 9 9 9 - 65% Narrow-body (medium-haul) 154 82 236 238 (2)

- 30 30 30 - Breakdown by Company 74 6 80 82 (2) Airbus A320 33 - 33 33 - Pobeda Aurora 8% 47 46 93 93 - 7% Narrow-body (regional) 54 13 67 62 5 Rossiya - 10 10 10 - 17% DHC 8 - 3 3 3 - DHC 6 54 - 54 49 5 Aeroflot SSJ 100 68% Total fleet 246 114 360 359 1

• Well-balanced fleet structure in line with Group’s strategy

36 Aeroflot Group Fleet Evolution

Aeroflot Group Fleet in Operation Average Age of the Fleet 1

Aircraft Average Age Malta Air 3.6 7.2 Frontier Airlines 3.9 6.9 6.5 6.4 6.2 6.2 5.2

366 359 360 IndiGo 5.5 325 289 Wizz Air 5.6 247 5.8 Airlines 6.1 Spirit Airlines 6.1 6.1 2015 2016 2017 2018 2019 6/30/2020 6.4 Aeroflot Airline Fleet in Operation Azul 6.4 Airlines 6.6

Aircraft Average Age 6.7 6.8 5.0 5.2 4.4 6.9 4.2 4.1 4.2 Xiamen Airlines 6.9 224 253 245 246 7.0 189 165 Lion Air 7.1 Airlines 7.1 7.1 Eastern Airlines 7.1 2015 2016 2017 2018 2019 6/30/2020

1 Average fleet age of selected airlines with fleet of 100+ aircraft according to FlightGlobal data (as of August 2020, data by legal entity) • Aeroflot operates one of the youngest fleets 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. 37 Traffic Revenue Analysis – Q2 and 6M 2020

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

Scheduled 6M 2020 Passenger Flights 6M 6M Q2 2019 Q2 2020 Y-o-Y Region Y-o-Y % of sch. 86.8% 2019 2020 revenue

59,289 10,861 (81.7)% Russia 102,422 53,956 (47.3)% 47.1%

38,763 461 (98.8)% Europe 68,242 24,999 (63.4)% 21.8%

Cargo 9.3% 20,021 510 (97.5)% Asia 43,626 20,217 (53.7)% 17.7% Charter Passenger Flights 3.9% 7,320 120 (98.4)% CIS 12,881 4,260 (66.9)% 3.7% North and Central 8,208 350 (95.7)% 13,539 5,287 (60.9)% 4.6% Scheduled Traffic Revenue by POS2 America Middle East and 7,729 62 (99.2)% 14,011 5,784 (58.7)% 5.1% Africa Sales abroad 141,330 12,364 (91.3)% Total 254,721 114,503 (55.0)% 100.0% 21.3% Sales in Russia 35.7% Total Passenger Revenue (Scheduled + Charter, RUB mln)

6M 6M 6M 2020 Q2 2019 Q2 2020 Y-o-Y Segment Y-o-Y 2019 2020 % of revenue 61,175 11,479 (81.2)% Domestic 105,522 55,626 (47.3)% 46.5%

Call center and own Online 91,281 1,504 (98.4)% International 166,189 63,965 (61.5)% 53.5% branches 38.8% 4.2% 152,456 12,983 (91.5)% Total 271,711 119,591 (56.0)% 100.0%

1 Data presented based on management accounts 2 Data presented based on management accounts for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot • In 6M 2020 revenue from scheduled passengers decreased by 55% on the back of softer demand in all regions of operations due to COVID-19. 38 Aeroflot Group Blended Flights Revenue Units

RUB RUB 6M Yield (Scheduled + Charter0.7% PAX Revenue / RPK) 6M RASK (Scheduled + Charter1.1% PAX Revenue / RPK) 3.2% RUB / RPK RUB / ASK

(10.6)% (15.6)% (0.5)% (20.2)% 2.99 (1.9)% 2.96 2.91 (2.4)% 3.82 3.80 3.73 3.66 3.59 3.50 2.67

2.49

2.32

Domestic International Total Domestic International Total

% Y-o-Y increase 2019 2020 % Y-o-Y increase 2019 2020 Source: Aeroflot Group Note: Data presented based on management accounts, scheduled and charted passenger flights revenue is used for calculations • Positive pricing trends of Q1 2020 were reversed in Q2 on the back of restrictions on movement both internationally and domestically, which had significant impact on 6M yields. 39 • RASK was under pressure due to adjustment in PLF on the back of COVID-related demand pressure. EBITDA Evolution

Total effect on revenue Total effect on costs ∑=(162,088) RUB mln ∑=104,884 RUB mln

(140,705)

68,296

8,896 3,838 4,919 943 11,092 28,717

10,320 49,104

(2,848) (16,632)

(1,903) (1,853) Net volume and price effect Net FX effect Net volume and price effect ∑=(160,185) RUB mln ∑=(3,756) RUB mln ∑=106,737 RUB mln

EBITDA 6M Volume Pricing Other FX drag on FX drag on Fuel* Staff* Aircraft and Comm. Maintenance* Admin & Sales Other OPEX* EBITDA 6M 2019 revenue costs PAX* Expenses* & Marketing* 2020

* Excluding currency impact • Key driver of EBITDA adjustment was a decrease in size and scale of operations on the back of COVID-related pressure on demand as well as negative FX influence. 40 Operating and Free Cash Flows

79,022

10,659 (9,805) 4,493 (1,286) 1,151 15 22,435 4,243 19,044 13,612 8,385

56,897

(75,190)

Loss Before D&A Interest Other Adj. Cash Flows Working Net Cash Purchase of Proceeds Deposit Net Pre- Net Free Cash Free Cash Income Tax Expense Before From Capital Flows From PPE & From Sale of Placement delivery payments for Flow 6M Flow 6M Working Operating Changes Operating Capitalized PPE and Return Payments for financial 2020 2019 Capital Activities and Income Activities Expenses Aircraft assets under Changes Before Tax Working contracts Capital and Other Changes

• Operating and Free Cash Flow remained under pressure in 6M 2020 due to demand pressure and adjustment of 41 operating program. Headcount Overview

Aeroflot Group Headcount Headcount by Category

Other non-airline 31-Dec-2019 30-Jun-2020 % Flight crew personnel 11.6% 15.9% Flight crew 4,596 4,633 0.8 %

Cabin crew 12,822 12,579 (1.9)% Cabin crew Other airline personnel (incl. airlines’ head office) 16,885 16,395 (2.9)% 31.5%

Other airline Other non-airline subsidiaries’ personnel 6,993 6,356 (9.1)% personnel 41.0% Total1 41,296 39,963 (3.2)%

Traffic Revenue / Average Airlines’ Headcount PAX Traffic / Average Airlines’ Headcount Million RUB per employee, annualized to 30.06.2020 Passengers per employee, annualized to 30.06.2020 (19.4)% (20.9)%

16.7 1,664

13.5 1,317

30.06.2019 (LTM) 30.06.2020 (LTM) 30.06.2019 (LTM) 30.06.2020 (LTM)

1 Aeroflot School headcount is included in Other non-airline subsidiaries’ personnel • Aeroflot Group’s headcount decreased by 3.2% vs. December 31, 2019. 42 Board of Directors

Corporate Governance Board of Directors

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

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

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

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

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

follows Russian Corporate Governance Code Independent director according to the Russian Corporate Governance Code 43 Aeroflot Group Structure

PJSC Aeroflot

Airlines Ancillary Companies

JSC 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

LLC A-Technics 100% Maintenance

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

44 Investor Relations Contacts

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