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Pobeda Airline: Group’S Low Cost Carrier

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Pobeda Airline: Group’S Low Cost Carrier AEROFLOT GROUP INVESTOR PRESENTATION October 2017 Disclaimer 232 Chart Colours 235 240 This document has been prepared by PJSC “Aeroflot” (the “Company”). By attending the meeting where the presentation is made, or by reading the 182 presentation slides, you agree to the following. 196 204 This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form 135 157 the basis of, or be relied on in connection with, any contract or investment decision. 179 No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. 0 No representation or warranty, express or implied, is given by the Company, its subsidiaries or any of their respective advisers, officers, employees or 112 agents, as to the accuracy of the information or opinions or for any loss howsoever arising, directly or indirectly, from any use of this presentation or its 192 contents. 59 This document may include forward-looking statements. These forward-looking statements include matters that are not historical facts or statements 100 regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial 135 condition, liquidity, prospects, growth, strategies, and the market in which the Company operates. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you 0 that forward-looking statements are not guarantees of future performance and that the Company’s actual results of operations, financial condition and 176 80 liquidity and the development of the market in which the Company operates may differ materially from those made in or suggested by the forward- looking statements contained in this document. The Company does not undertake any obligation to review or confirm expectations or estimates or to 22 update any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 2 Table line colour 178 178 178 6M 2017 Highlights 232 Chart Colours 235 240 Aeroflot Group 182 • Aeroflot Group carried 23.0 mln passengers in 6M 2017 (up by 3.3 mln or +16.6% vs. 6M 2016) 196 204 • Passenger load factor increased 2.0 p.p. to 80.6% • 6M 2017 financials results: 135 157 - Total revenue of 234.9 bn RUB (up 4.9% y-o-y) 179 - EBITDAR and EBITDA margins of 19.6% and 6.6% 0 - Strong operating and free cash flow generation 112 192 - Net income of 2.9 billion RUB 59 - Further deleveraging from 3.4x Net Debt/EBITDA as at 31-Dec-2015 to 1.4x as at 31-Dec- 100 2016 and 0.7x as at 30-Jun-2017 due to debt repayment ahead of schedule and positive lease 135 revaluation Macro and Aviation Market 0 176 • Overall Russian aviation market showed continuing trend for recovery, accelerating 80 growth to 22.6% in 6M 2017 y-o-y, as a result of improving macroeconomic environment and growth in demand. 22 44 • Domestic traffic growth of 12.7% y-o-y driven by positive macro and additional demand 66 stemming from low-cost segment. 1 • Traffic to international destinations grew by 35.1% y-o-y as a result of improved consumer 40 confidence and appreciating RUB exchange rate. 120 • Foreign and domestic carriers capacity increases accelerated in 2Q 2017 on the back of 0 improved demand and ahead of high season in 3Q; capacity expansion is strongly correlated with Message text 128 demand as load factors are improving across the industry in 6M 2017 y-o-y. 0 255 Highlight 0 0 3 Table line colour 178 178 178 232 Chart Colours 235 240 182 196 204 135 157 179 MARKET UPDATE 0 112 192 59 100 135 0 176 80 22 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 4 Table line colour 178 178 178 Competitive Dynamics 232 Chart Colours 235 240 Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers Russian Air Transportation Market (million PAX) International Routes mln PAX, 6M 2017 Increase in PAX million 182 inc. PAX of Russian and Foreign Carriers and int. transit PAX Domestic Routes 196 204 (4.1%) 22.6% +3.3 107.2 102.8 23.0 135 54.1 157 44.2 179 (15.1)% +3.1 54.7 46.4 35.1% 26.3 +0.7 +1.8 19.5 +0.4 +0.7 10.0 0 7.9 7.3% 12.7% 6.5 112 52.6 56.4 3.4 3.3 192 24.7 27.8 1 59 2015 2016 6M 2016 6M 2017 Aeroflot Group S7 Group UTair Group Ural AirlinesForeign Carriers Others 100 Source: TCH, Rosaviatsia, Company estimates Aeroflot Group (million PAX) 1 135 UTair Group includes UTair, Utair-Cargo and Turuhan 10.3% 1 16.6% Increasing Market Share (PAX) 0 43.4 176 39.4 6M 2016 6M 2017 23.0 80 14.1% 18.3 19.7 15.7% 18.5% 16.0 26.6% 10.2 22 8.1 -2.2 p.p. 42.4% 7.6% 13.8% 44.6% 14.6% 44 9.6% 66 23.4 25.2 12.7 6.0% 11.6 6.1% 6.8% 6.3% 1 13.1% 12.0% 40 2015 2016 6M 2016 6M 2017 120 Market Dynamics Net of Aeroflot Group “Clean” Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) (12.5)% Total Market 27.5% 42.4% Aeroflot Group 40.3% 0 (27.2)% International 41.2% Message text 128 0 7.0% Domestic 15.5% Foreign Airlines Other Russian Airlines Source: TCH, Company estimates 255 Note: Incl. foreign carriers’ traffic. Highlight 0 0 • Aeroflot Group continued to deliver profitable growth on recovering market increasing PAX by 16.6% with acceleration on both domestic and international routes. 5 Table line colour 178 178 178 Market Recovery Continued in 2017 232 Chart Colours 235 240 Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers) Change in 2016/2017 PAX traffic y-o-y, % Change in 2016/2017 ASK y-o-y, % 182 (7.2)% 10.6% 18.6% 25.7% 196 21.0% 19.6% 204 42.5 % 13.0 % 135 25.3 % 9.3% 157 179 13.6% 13.4% 12.2% 7.4 % 2.9% 0 112 (1.5)% (2.5)% 192 (4.8)% (16.8)% (10.0)% 59 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2016 4Q 2016 1Q 2017 2Q 2017 100 Foreign carriers Russian carriers 135 International Domestic Total market Source: SRS for foreign carriers, Rosaviatsia for domestic carriers, Company calculations Source: TCH, Company calculations ASK is calculated based on published RPK and PLF data 0 Capacity (Russian Carriers) Passenger Load Factor (Russian Carriers) 176 80 Change in 2016/2017 ASK y-o-y, % Change in 2016/2017 PLF y-o-y, percentage points 4.8 5.0 22 33.4 % 44 24.7 % 3.8 66 3.4 14.0% 9.3 % 9.4% 9.3% 2.0 1 1.6 40 120 (2.0)% 0.1 0 (17.2)% (0.3) Message text 128 3Q 2016 4Q 2016 1Q 2017 2Q 2017 0 3Q 2016 4Q 2016 1Q 2017 2Q 2017 International Domestic International Domestic 255 Source: Rosaviatsia, Company calculations Source: Rosaviatsia, Company calculations Highlight 0 ASK is calculated based on published RPK and PLF data Quarterly PLF is calculated based on published RPK and PLF data 0 • In 2017 positive trends of market revival which started in 4Q 2016 strengthened and accelerated on the back of higher 6 demand in both international and domestic segments supporting growth in PLF and leading to full-scale market Table line colour 178 recovery. 178 178 AEROFLOT GROUP OVERVIEW Aeroflot Group Multi-Brand Strategy 232 Chart Colours 235 240 182 POSITIONING PREMIUM PRODUCT MID-PRICE REGIONAL / CHARTER PRODUCT PRODUCT FOR FAR EAST LOW-COST PRODUCT 196 3.0% 204 21.5% 9.1% Contribution to 15.2 66.4% 4.9 0.7 2.1 135 PAX, 6M 2017 157 179 0 +13.5% +34.9% +13.1% +5.2% 112 15.2 4.9 0.7 2.1 192 PAX growth, y-o-y 13.4 3.7 0.6 2.0 59 6M 2016 6M 2017 6M 2016* 6M 2017 6M 2016 6M 2017 6M 2016 6M 2017 100 135 Flagship carrier Focus on domestic regional flights The Far East airline flying on Short and mid-haul flights Premium product Interregional flights short- and mid-haul direct Mostly domestic segment, High income and middle Selected international routes, mostly out of VKO international and domestic selected international routes 0 Business model 176 class airport in Moscow routes Point-to-point carriage 80 Hub and spoke model Natural connectivity in VKO and LED Regional flights to remote cities in the Far East 22 Moscow: Moscow: Vnukovo Vladivoskok Moscow: Vnukovo 44 Sheremetyevo Saint-Petersburg: Pulkovo Khabarovsk Focus airport 66 Regions: Orenburg, Rostov-on-Don Yuzhno-Sakhalinsk 1 Business (comfort Business (value and price-sensitive) Business (value and price- Traveler (price-sensitive) 40 Traveler (comfort) Practical (value) sensitive) People not traveling by air 120 Target group Vacationer (comfort) Vacationer (value) Practical (value) Charter 0 Message text 128 0 • Simplified multi-brand product offering to capture customers in every market segment: from premium to low-cost.
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