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

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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

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135 157 179 MARKET UPDATE

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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 ’ 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 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 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 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  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.

255 • Additional steps taken to simplify operational structure of regional companies targeting subsidiaries’ efficiency Highlight 0 0 enhancement. 8 Table line colour 178 178 * 6M 2016 calculated based on pro-forma figures (sum of Rossiya, and passenger traffic). 178 Aeroflot Group Network

232 Chart Colours 235 1 240 # of Flights Evolution by Region Geographic Network (6M 2017, y-o-y) 182 Russia 13.7 % Murmansk Salekhard 196 Arkhangelsk New Urengoy Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnevartovsk Yakutsk Nizhnekamsk Perm 204 Ekaterinburg Magadan Nizhny Novgorod Kemerovo MOSCOW Samara Krasnoyarsk Kaliningrad Omsk Novosibirsk Europe 11.2 % Novokuznetsk Kazan Tomsk Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan P. Kamchatsky Minsk Saratov Kostanay Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Barnaul Orly Prague Belgorod Volgograd Aktobe Khabarovsk Munich Karaganda Paris Chisinau Rostov Atyrau Ulan Bator Harbin Yu. Sakhalinsk Vienna Astrakhan 135 Milan Gelenzhdik Stavropol Nice Rimini Simferopol Asia 18.6 % New York Anapa Adler Aktau Shymkent Beijing Vladivostok Rome Burgas Sochi Makhachkala Bishkek Barcelona Tivat Varna Mineral Waters Baku 157 Istanbul Yerevan Samarkand Krasnodar Dalian Washington Antalya Teheran Seoul Larnaca 179 Beirut Busan Los Angeles North and Central America 4.7 % Tel Aviv Delhi Shanghai

Miami Dubai Guangzhou Havana Hong Kong 0 CIS (0.2)% Hanoi

112 Bangkok Ho Chi Minh City 192 Middle East 31.5 % Phuket Male Total 12.9 % Aeroflot routes 59 Rossiya routes 100 routes 135 Average Scheduled Flight Frequency per Route (Aeroflot Group ex-) 0 Stockholm Oslo 176 Increase in Group frequencies by 0.3% was supported by expansion of the number of frequencies in international segment Tallinn (+1.0%) and in the sector of medium-haul routes (+0.9%), but the optimization at subsidiaries’ level led to marginally lower Riga 80 Copenhagen MOSCOW overall number of frequencies of the Group in domestic segment and on long-haul routes (-0.7% and -2.3% respectively). Hamburg Kaunas Minsk Amsterdam Hannover Berlin 6M 2016 6M 2017 London Dusseldorf Warsaw Brussels Dresden 22 Frankfurt Prague (0.7)% Paris 0.9% Stuttgart Vienna Chisinau 44 Zurich Munich 0.3% Geneva 66 1.0% Lyon Milan Venice Belgrade Nice Bucharest 13.2 Bologna Split Zagreb 13.1 Barcelona Sofia 12.1 12.2 (2.3)% Rome Tivat 11.5 11.5 Madrid Thessaloniki Istanbul Tbilisi 1 9.7 9.8 Valencia Lisbon Alicante Athens 40 Malaga Antalya 120 6.7 6.6 Heraklion Larnaca

0 Tenerife Message text 128 0 Scheduled International Domestic Medium-haul Long-haul • Moderate growth of destinations, focus on increase in frequencies on scheduled routes and 255 destinations/frequencies optimization at subsidiaries’ level. Highlight 0 0 • Aeroflot Group operates flights to 158 unique destinations in 51 countries (in 2017 summer schedule). • In summer season of 2017 Aeroflot airline added flights to Lisbon and Kostanay from Moscow, expanded 9 178 domestic service to three new destinations as well as adding frequencies on a number of existing routes. Table line colour 1 178 Note: Scheduled flights of Aeroflot Group (excluding Pobeda LCC) 178 Aeroflot Airline Domestic and International Transit

232 Chart Colours 235 1 240 Growing Connectivity of Aeroflot Airline’s Flights ... … Results into a Flexible Approach to Transit Flows Average weekly frequency per route – Aeroflot airline Considerable share of transit of Aeroflot airline in Sheremetyevo Growth 182 13.5x 6M 2017 12.7x 16.0x 18.8x 20.7x 44.2% 196 42.1% 41.1% 42.2% 204 4.1% 39.2% 22.9 23.7 13.5% 22.8 12.1% 11.7% 12.0% 135 10.7% 20.3 16.1 16.8 157 19.3 16.0 14.4 4.9% 179 13.2 16.7% 16.7% 16.9% 16.2% 17.3% 5.3% 0 13.0 112 12.4 12.4 11.5 11.8% 14.0% 13.1% 13.2% 13.0% 192 10.7

2013 2014 2015 6М 2016 6М 2017 2014 2015 2016 6M 2016 6M 2017 59 Domestic - Domestic 100 International Domestic Combined Connectivity ratio International - Domestic / Domestic - International 135 International - International

0 … Backed by Convenient Location of Aeroflot Hub Increase in International – International Traffic 176 Shortest 80 Total Aeroflot airline int. – int. transit traffic, million PAX geographical distance Moscow 12.4% 22 44 3.6 3.7 66 2.0 1.7 2.7 1 40 120 From/To Paris London Vienna Stockholm Rome Via Moscow 15:00 15:05 13:45 13:15 14:55 Tokyo Via Dubai 18:30 18:55 17:15 17:45 17:30 0 Via Moscow 14:05 14:10 12:50 12:20 14:00 Message text 128 Shanghai Via Dubai 17:25 17:50 16:10 16:40 16:25 0 Via Moscow 15:00 14:40 13:20 12:50 14:30 2014 2015 2016 6M 2016 6M 2017 Hong Kong Via Dubai 18:30 17:10 15:30 16:00 15:45 Pickup in point-to-point demand combined with expanding capacities resulting in growing international transfer volumes 255 Source: Company data, IMF, Eurostat, RITA, Russian State Statistics Service, Rosaviatsia. 1 Highlight 0 Data for Aeroflot airline’s own flights; Aeroflot adopted new frequency per route and connectivity ratio calculation methodology and previous periods were recalculated retrospectively 0 • Increasing flight frequency improves connectivity and supports Aeroflot’s traffic growth in Sheremetyevo airport. 10 • Advantageous geographical positions and Group’s efforts support traffic growth on key European and Asian Table line colour 178 178 destinations. 178 Pobeda Airline: Group’s Low Cost Carrier

232 Chart Colours 235 240 Overview of Pobeda Pobeda’s Network

• Operating from Vnukovo airport (3rd Moscow airport by PAX) 182 Network • Network comprising 52 routes (32 unique for the Group) 196 • Additional expansion to international destinations (10 countries) Surgut 204 Saint Petersburg • 12 737-800 NG • Single class cabin Moscow Perm Tyumen Krasnoyarsk Fleet Cheboksary Ekaterinburg Nab. Chelny 135 • 189 seats per plane Kazan Chelyabinsk 157 Novosibirsk 2014 Ufa Samara 179 • December - First flight performed from Moscow to Volgograd Cologne 2015 Volgograd Memmingen Bratislava Rostov • April - Pobeda becomes Top-10 airline in Russia Astrakhan Anapa 0 Bergamo Nalchik • December - Launch of international flights Gelenzhik Nazran 112 Sochi Almaty • December - Cumulated PAX reached 3 mln Pisa Tivat Vladikavkaz Makhachkala 192 Key milestones Girona Tbilisi 2016 Reus Gyumri • Development of international network and intra-region flights Alanya 59 • December - Cumulated PAX exceeded 4 mln Paphos Larnaca 2017 100 Routes from Moscow Route from Samara Route from Rostov • Q2 2017 - PLF reaches historical high of 94.3% 135 Routes from St.-Petersburg Route from Makhachkala Routes from Ekaterinburg • Active development of intra-region flights Route from Anapa Routes from Sochi 0 Operating Results Strong Demand Growth on Domestic and Intl. Destinations 176 thousand PAX Pobeda’s seat load factor on domestic routes in 6M 2017 80 PLF, % (94.4%) substantially exceeds the one of Aeroflot Group (79.6%) that contributes to the efficiency of LCC 22 44 95.3% 1,108.1 2,093.7 94.4% 66 93.3% 91.1% 1 40 94.3% 89.2% 120 985.7 +6.5 p.p. +7.6 p.p. 93.1% 87.0% +8.5 p.p. 0 +16.7 p.p. +20.7 p.p. Message text 128 91.6% 0 +29.1 p.p.

255 1Q 2017 2Q 2017 6M 2017 1Q 2017 2Q 2017 6M 2017 Highlight 0 Passenger Load Factor (PLF), % International Domestic Increase in PLF y-o-y, p.p. 0 11 • Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. Table line colour 178 178 178 OPERATING PERFORMANCE Operating Data – 2Q & 6M 2017

232 Chart Colours 235 240 Aeroflot airline Aeroflot Group Indicator Unit 2Q 2Q 6M 6M 2Q 2Q 6M 6M Y-o-Y Y-o-Y Y-o-Y Y-o-Y 182 2016 2017 2016 2017 2016 2017 2016 2017 196 204 Passenger Traffic th PAX 7,209 8,230 14.2% 13,438 15,246 13.5% 10,674 12,660 18.6% 19,695 22,962 16.6%

International Routes th PAX 3,575 4,253 19.0% 6,783 8,007 18.0% 4,376 5,668 29.5% 8,092 10,245 26.6% 135 157 Domestic Routes th PAX 3,634 3,977 9.4% 6,655 7,239 8.8% 6,298 6,993 11.0% 11,603 12,717 9.6% 179 Passenger Turnover mln pkm 20,422 22,742 11.4% 38,327 42,801 11.7% 26,986 32,459 20.3% 50,011 59,392 18.8% 0 International Routes mln pkm 12,757 14,805 16.1% 24,549 28,565 16.4% 14,815 18,992 28.2% 28,276 35,523 25.6% 112 192 Domestic Routes mln pkm 7,666 7,937 3.5% 13,778 14,236 3.3% 12,171 13,466 10.6% 21,735 23,868 9.8%

59 Passenger Capacity mln ASK 25,200 27,484 9.1% 48,603 53,289 9.6% 33,474 39,208 17.1% 63,617 73,719 15.9% 100 135 International Routes mln ASK 16,222 18,168 12.0% 32,087 35,891 11.9% 18,813 22,895 21.7% 36,830 43,742 18.8% Domestic Routes mln ASK 8,978 9,316 3.8% 16,516 17,398 5.3% 14,661 16,313 11.3% 26,787 29,978 11.9% 0 176 Passenger Load Factor % 81.0% 82.7% 1.7 p.p. 78.9% 80.3% 1.4 p.p. 80.6% 82.8% 2.2 p.p. 78.6% 80.6% 2.0 p.p. 80 International Routes % 78.6% 81.5% 2.9 p.p. 76.5% 79.6% 3.1 p.p. 78.8% 83.0% 4.2 p.p. 76.8% 81.2% 4.4 p.p.

22 Domestic Routes % 85.4% 85.2% (0.2 p.p.) 83.4% 81.8% (1.6 p.p.) 83.0% 82.5% (0.5 p.p.) 81.1% 79.6% (1.5 p.p.) 44 66 Tonne-Kilometres mln tkm 2,026 2,304 13.7% 3,794 4,335 14.3% 2,633 3,217 22.1% 4,871 5,899 21.1%

International Routes mln tkm 1,243 1,508 21.3% 2,390 2,907 21.6% 1,430 1,888 32.1% 2,728 3,539 29.7% 1 40 Domestic Routes mln tkm 783 796 1.7% 1,404 1,429 1.8% 1,204 1,328 10.3% 2,143 2,361 10.2% 120 Revenue Flights flights 54,784 60,238 10.0% 105,726 115,745 9.5% 82,644 92,489 11.9% 158,314 174,858 10.5%

0 International Routes flights 27,105 29,876 10.2% 53,024 57,905 9.2% 33,654 38,519 14.5% 64,220 72,285 12.6% Message text 128 0 Domestic Routes flights 27,679 30,362 9.7% 52,702 57,840 9.7% 48,990 53,970 10.2% 94,094 102,573 9.0% Flight Hours hours 158,922 172,911 8.8% 308,269 334,934 8.6% 225,973 252,252 11.6% 430,868 477,239 10.8% 255 Highlight 0 0 • Strong operating results in 6M and Q2 2017: growing PAX flows and PLF on the back of balanced capacity expansion. 13 Table line colour 178 178 178 Aeroflot Group Monthly Operating Results

232 Chart Colours 235 240 Passenger Traffic Dynamics PAX Load Factor Change (PLFM 2017 – PLFM 2016 for respective month)

6.4 182 19.4% 196 5.6 204 15.8% 4.3 3.8 20.9% 14.5% 3.3 3.2 3.0 135 15.4% 2.5 157 12.6% 32.0% 1.7 1.6 1.7 179 26.3% 0.8 30.0% 21.7% 0 25.6% 22.4% 112 0.2 192 (0.9) (0.7) 10.7% 59 14.4% 8.4% (2.3) (2.2) 100 8.0% 6.0% 9.5% 135 (3.7)

0 176 Jan Feb Mar Apr May Jun Jan Feb Mar Apr May Jun 80 x.x% Change, y-o-y Domestic, PAX International, PAX Total Domestic International

22 The Group posted strong performance on international and domestic routes on Aeroflot Group and its flagship carrier Aeroflot airline in 6M 2017 supported PLF 44 close to market average (80.6% for AG vs. 80.7% for the market), outperforming 66 the back of positive market trends and stronger demand. the market in domestic segment (79.6% for AG vs 77.0% for the market). 6M 2017 Aeroflot Group Aeroflot Airline Russian Airlines 6M 2017 Aeroflot Group Aeroflot Airline Russian Airlines 1 40 Total PAX 16.6% 13.5% 21.5% Total PLF 80.6% 80.3% 80.7% 120 Domestic PAX 9.6% 8.8% 12.7% Domestic PLF 79.6% 81.8% 77.0% International PAX 26.6% 18.0% 37.6% International PLF 81.2% 79.6% 83.8% 0 Message text 128 Note: Numbers on this slide are presented only for Russian carries (for comparison purposes between PAX and PLF for the market) 0 Source: Rosstat, TCH, Aeroflot estimates • Strong double digit PAX growth on the back of solid market numbers. 255 Highlight 0 • Continued growth on international and domestic routes on the back of stabilizing macro and stronger demand. 0 • Increase in total PLF numbers throughout 6M 2017 on the back of strong international routes PLF dynamics. 14 Table line colour 178 178 178 REVENUE AND YIELD MANAGEMENT Traffic Revenue Analysis

232 Chart Colours 235 1 240 Traffic Revenue Breakdown by Type Revenue from Scheduled Passengers (RUB mln) 6M 2017 182 6M 2017, % of 196 Sheduled Passenger total Flights 90.6% Region 6M 2016 6M 2017 Y-o-Y 204 scheduled Charter Passenger revenue 135 Flights 6.0% 157 179 Russia 71,867 75,288 4.8% 40.0% Cargo 3.4% 0 112 192 Europe 48,414 50,832 5.0% 27.0%

59 100 Asia 29,992 31,367 4.6% 16.6% 135 Scheduled Traffic Revenue by POS 6M 2017 2 0 176 CIS 9,869 9,618 (2.5)% 5.1% 80 Sales abroad Sales in Russia 29.1% North and Central 22 35.8% 12,254 11,478 (6.3)% 6.1% 44 America 66

1 40 Middle East 8,700 9,833 13.0% 5.2% 120

Call center and own 0 Total 181,096 188,416 4.0% 100.0% Message text 128 branches Online 0 3.6% 31.6% • In 6M 2017 revenue from scheduled passengers grew by 4.0% mainly driven by revenue growth on Russian, European and 255 Highlight 0 Asian markets. 0 16 1 Data presented based on management accounting Table line colour 178 2 Data presented based on management accounting for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot 178 178 Scheduled Flights Revenue Units

232 Chart Colours 235 240 6M 2017 Yield (PAX Revenue / RPK) 6M 2017 RASK (PAX Revenue / ASK) RUB RUB 182 (7.8)% (6.6)% (12.0)% 196 (8.1)% (5.0)% 204 (2.8)% 3.14 2.96 4.13 2.90 2.77 3.64 3.79 2.72 2.59 135 3.36 3.27 3.48 157 179

0 112 192

59 Domestic International Total Domestic International Total 100 135 6M 2017 Yield ex. FX effect (PAX Revenue / RPK) 6M 2017 RASK ex. FX effect (PAX Revenue / ASK) EUR cents EUR cents 0 176 9.9% 15.1% 80 14.8% 16.6% 21.5% 18.8% 4.62 4.41 22 5.80 5.55 4.13 4.01 5.21 5.27 3.78 44 4.83 3.48 66 4.29

1 40 120

0 Message text 128 Domestic International Total Domestic International Total 0 % Y-o-Y increase 6M 2016 6M 2017

255 Highlight 0 • RUB appreciation and changing mix of operations at subsidiaries’ level affected RUB yields in 6M 2017. 0 17 Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations; 6M 2016 yields have been recalculated retrospectively based on Table line colour 178 updated breakdown of passenger turnover between scheduled and charter flights to ensure consistency with the current period. 178 178 Passenger Yields: Rossiya Airline

232 Chart Colours 235 240 1 As Higher Stage Length and Share of Long Haul 2 … Increased Focus on Long-Haul Segment due to Operations Usually Implies Lower Yield… Arrival of Wide-bodies to Rossiya Airline’s fleet… 182 Average stage length (thd km) and yield – Aeroflot airline example Stage length, thousand km 196 150% 204 (1.6%) 1.9% 122% 17.0% 135 2.9 2.8 157 100% 2.5 2.6 94% 96% 2.4 179 (5.7%) 2.1 8.2% 74% 1.6 1.7 0 1.5 1.5 112 192

59 100 135 < 1,500 1,501-3,000 Average 3,001-4,500 4,501-6,000 >6,001 Aeroflot Rossiya Aurora Pobeda Group (pro-forma) 6M 2016 6M 2017 0 3 4 1 176 … And Changing Mix of Regional Operations …Resulted into More Pronounced Yield Decline vs 80 (Growing Share of ASK to Asia, ME and Far East)… Other Airlines’ Results Primarily Affected by FX

Rossiya airline RPK breakdown by region 6M 2017 Yield (y-o-y change) 22 44 Share in RPK Stage 66 Region length 0.6% 6М 2016 6М 2017 Change 6M 2017 1 Russia 59.0% 51.5% (7.5) p.p. 1.9 thd km 40 incl Far East 4.7% 11.4% 6.7 p.p. 6.7 thd km 120 (8.0%) Asia 8.8% 14.1% 5.3 p.p. 7.2 thd km (9.4%) Middle East 12.1% 16.2% 4.1 p.p. 3.0 thd km 0 (17.1%) Message text 128 Europe 13.1% 11.6% (1.5) p.p. 2.3 thd km (20.0%) 0 Americas 2.4% 4.4% 2.0 p.p. 9.5 thd km Aeroflot Rossiya Aurora Pobeda FX CIS 4.5% 2.1% (2.4) p.p. 3.0 thd km (EUR/RUB) 255 Note: 6M 2016 figures are calculated as a pro-forma of three carriers, Rossiya, Donavia, Orenair 1 Yields calculated based on scheduled and charter flights (blended) Highlight 0 0 • After receiving 14 wide-bodies in 2016-2017 increased it’s share of long-haul operations (that have both lower yield and cask). 18 Table line colour 178 • Increased share of Rossiya’s long-haul operations contributed to dilution of Aeroflot Group’s yields. 178 178 FLEET OVERVIEW Aeroflot Group Fleet Breakdown

232 Chart Colours 235 240 Operated by Lease type3 Total as of Total as of Change vs. Aircraft Type Owned Aeroflot Subsidiaries Finance Operating 30 Jun 17 31 Dec 16 31 Dec 16 182 Wide-body 38 15 18 35 - 53 50 3 196 A330 22 - 8 14 22 22 - 204 16 6 10 12 - 22 21 1 Boeing 747 - 9 - 9 - 9 7 2 135 Narrow-body (medium-haul) 131 69 24 176 - 200 192 8 157 179 - 36 9 27 - 36 36 - Airbus A320 69 5 - 74 - 74 75 (1) 0 36 - 15 21 - 36 32 4 112 26 28 - 54 - 54 49 5 192 Narrow-body (regional) 30 20 6 38 6 50 49 1 DHC 8 - 11 - 5 6 11 11 - 59 DHC 6 - 3 - 3 - 3 2 1 100 An 1482 - 6 6 - - 6 6 - 135 SSJ 100 30 - - 30 - 30 30 - Total fleet1 199 104 48 249 6 303 291 12 0 176 80 Breakdown by Aircraft Type Breakdown by Company Breakdown by Ownership Type

Pobeda Owned 22 Aurora Wide-body 4% Finance 2% 44 8% 66 17% 16%

1 40 Rossiya 120 Narrow- 22% body (regional) Narrow- 0 17% body Message text 128 Aeroflot (medium- Operating 0 66% haul) 82% 66% 255 Highlight 0 • Well-balanced fleet structure in line with Group’s strategy 0 1 Excluding 1 An-24 2 6 An-148 were not operated by the airlines of the Group 20 3 Lease type is determined according to IFRS requirements. In a number of exceptional cases IFRS lease type can differ from the actual lease type as per commercial terms of the contract Table line colour 178 178 178 Fleet Expansion Strategy

232 Chart Colours 235 240 Delivery/Phase-out Schedule in Accordance with Existing Contracts 2017 (Actual) 2017 2018 2019 2020 2021 and beyond 182 Current Type of aircraft Phase (1) Phase Phase Phase Phase Phase 196 Delivery fleet Delivery Delivery Delivery Delivery Delivery 204 out out out out out out Wide-body (long-haul) 3 - 53 - (1) 10 - 3 (3) 1 (4) 5 n/a 135 A-330 157 - - 22 - - - - - (3) - (4) - n/a 179 B-777 1 - 22 - (1) 5 ------n/a B-747 2 - 9 ------n/a 0 112 A-350 - - - - - 5 - 3 - 1 - 5 n/a 192 Narrow-body (medium-haul) 16 (8) 200 24 (7) 30 (18) 6 (22) - (13) - n/a A-319 59 - - 36 - (2) - (8) - (8) - (3) - n/a 100 A-320 4 (5) 74 7 (2) 10 (9) - (11) - (10) - n/a 135 A-321 4 - 36 5 (2) 4 - - (2) - - - n/a 0 B-737 8 (3) 54 12 (1) 16 (1) 6 (1) - - - n/a 176 80 Narrow-body (regional) 1 - 50 12 - 8 (1) - (3) - (1) - n/a SSJ-100 - - 30 12 - 8 ------n/a 22 (3) 44 An-148 - - 6 ------n/a 66 DHC-8 - - 11 - - - (1) - (3) - (1) - n/a DHC-6 1 - 3 ------n/a 1 40 TOTAL 20 (8) 303 36 (8) 48 (19) 9 (28) 1 (18) 5 n/a 120

0 (1) (2) (2) (2) Message text 128 Net additions + 12 aircraft + 28 aircraft + 29 aircraft n/a n/a n/a 0

255 • Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account Highlight 0 market trends and opportunities. 0 Notes: (1) As of 30.06.2017; Not including 1 An-24 21 Table line colour 178 (2) Net addition after 2019 is not applicable 178 (3) Phase out via sublease,Q2 2017 phase out according to LOI 178 FINANCIAL PERFORMANCE Financial Highlights

232 Chart Colours 235 240 Despite the decline in key P&L profitability lines in H1 … in historical context both margins and absolute net

182 2017 vs H1 2016… income and EBITDAR look quite strong (vs 2012-2016) 196 204 EBITDA, EBITDAR and Net Income Margins RUB mln 6M 2016 6M 2017 Change (where applicable) 30% 26.1% 135 25% 157 18.8% 19.6% 179 Revenue 223,824 234,860 4.9% 20% 15.6% 14.3% 13.4% 15% 11.9% 0 1 58,397 46,057 (21.1)% 8.5% 7.5% 112 EBITDAR 10% 6.8% 6.6% 192 3.6% 5% 0.2% 0.0% 1.1% 1.2% 1 (2.0)% EBITDAR margin 26.1% 19.6% (6.5) p.p. 0% (1.4)% 59 100 -5% 135 EBITDA 30,035 15,403 (48.7)% 6М 2012 6М 2013 6М 2014 6М 2015 6М 2016 6М 2017

0 EBITDA margin EBITDAR margin Net income margin 176 EBITDA margin 13.4% 6.6% (6.8) p.p. 80 EBITDAR, mln RUB 58,397 Net income 2,467 2,890 17.1% 46,057 33,252 22 19,967 44 15,821 16,657 66 Net margin 1.1% 1.2% 0.1 6М 2012 6М 2013 6М 2014 6М 2015 6М 2016 6М 2017 1 40 Free cash flow 64,783 61,788 (4.6)% Net income, mln RUB 120 2,467 2,890 Net debt 122,269 42,618 (65.1)% 218 45 (3,541) 0 (1,905) Message text 128 0 6М 2012 6М 2013 6М 2014 6М 2015 6М 2016 6М 2017 255 Highlight 0 • Operating costs growing ahead of revenue resulted in pressure on margins, however due to absence of one-offs 0 and improved debt profile net income was in line with last year. 23 Table line colour 178 1 EBITDAR = EBITDA + operating lease expenses; 178 178 Revenue Growth Decomposition

232 Chart Colours 235 240 Revenue by Key Factors Revenue by Business Segments RUB mln RUB mln 182 196 4.9% 4.9% 204

135 16.4% + (13.5)% + 1.8% + 0.2% 3.3% + 2.4% + 0.9% + (1.6)% 157 179 (30,117) 36,731 1,965 (3,616) 5,367 234,860 0 4,012 7,320 410 234,860 223,824 112 223,824 192

Up by 846 Cargo Other 59 Appreciation thd PAX (or volumes revenue 100 of RUB in 6M c2.3x times) + 44.3% (mainly Growth in 2017 y-o-y by agreements 135 operating Growth across geographies: 20% Russian revenue + 4.8% with airlines metrics: and FFP) PAX + 16.6% International revenue +3.6% 0 RPK+ 18.8% 176 80

22 44 66

1 40 120 6M 2016 Volume Currency Pricing Other 6M 2017 6M 2016 Scheduled Charter Cargo Other Revenue 6M 2017 Passenger Passenger 0 Message text 128 Flights Flights 0 • Positive contribution of volume and pressure from RUB appreciation were the main factors influencing revenue. 255 • Primary drivers of revenue growth was expansion of scheduled passenger flights and further development of the Highlight 0 0 Group’s charter programme. 24 Table line colour 178 178 178 Operating Costs

232 Chart Colours 235 240 % of Total Operating Operating Expense Change Change 6M 2016 6M 2017 Expense (RUB mln If not stated otherwise) y-o-y ex. FX & NRE 182 (6M 2017) 196 204 Fuel 44,790 56,217 25.5% 42.7% 24.7%

135 157 Opex (ex. Fuel) 155,784 170,946 9.7% 18.3% 75.3% 179

0 Aircraft, traffic and passenger servicing 40,120 45,961 14.6% 24.0% 20.2% 112 192 Staff 31,032 38,324 23.5% 24.9% 16.9% 59 100 135 Operating lease 28,362 30,654 8.1% 24.3% 13.5%

0 176 Maintenance 17,525 15,682 (10.5)% 8.6% 6.9% 80

22 SG&A1 12,843 14,507 13.0% 20.2% 6.4% 44 66 D&A and customs duties 6,785 7,706 13.6% 13.6% 3.4% 1 40 120 Other expenses2 19,117 18,112 (5.3)% (4.3)% 8.0%

0 Message text 128 Total Opex 200,574 227,163 13.3% 23.7% 100.0% 0

255 Highlight 0 • In 6M 2017 operating costs were significantly impacted by expansion of operations and RUB appreciation which mostly 0 affected fuel, operating lease expense, maintenance and aircraft, traffic and passenger servicing costs. 25 1 Includes sales and marketing expenses and administration and general expenses 178 Table line colour 2 Other expenses include Global Distribution Systems cost, reserves accrual, catering expenses, banks’ commissions 178 178 Group Unit Costs

232 Chart Colours 235 240 Operating Expense per ASK (CASK), RUB 6M 2016 6M 2017 Change

182 Fuel 0.70 0.76 8.3% 196 Opex (ex. Fuel): 2.45 2.32 (5.3)% 204 Aircraft, Traffic and Passenger Servicing 0.63 0.62 (1.1)% Staff 0.49 0.52 6.6% 135 Operating Lease 0.45 0.42 (6.7)% 157 179 Maintenance 0.28 0.21 (22.8)% SG&A 0.20 0.20 (2.5)% 0 D&A and Customs Duties 0.11 0.10 (2.0)% 112 Other Expenses 0.30 0.25 (18.2)% 192 Total Opex 3.15 3.08 (2.3)%

59 100 (2.3)% 9.3% 6.8% 135 0.30 0 176 0.06 (0.06) 0.03 (0.01) (0.03) 80 (0.00) (0.01) (0.03)

22 44 66 3.37

3.15 3.15 1 3.08 40 120

0 Message text 128 Reported CASK Staff Fuel Maintenance Aircraft, Traffic Operating Lease D&A and CD* Admin & Sales & Other Costs (ex. Reported CASK FX CASK 6M 2017 Reported CASK 0 6M 2016 and Passenger Marketing NRE**) 6M 2017 ex. FX and 6M 2016 Servicing NRE** 255 • Cost per ASK decreased by 2.3% from RUB 3.15 in 6M 2016 to RUB 3.08 in 6M 2017 on the back of positive impact from RUB Highlight 0 0 appreciation and continuous cost control initiatives. 26 * Table line colour 178 Customs duties 178 ** Non-recurring expenses include release of legal reserve and increase of reserve for social payments 178 Fuel Cost Management

232 Chart Colours 235 240 Flight Hours Fuel Consumption per ASK Fuel Consumption per RTK (thousand hours) (gr/ASK) (gr/RTK) 182 10.8% (0.3)% (4.6)% 196 204 298.4 477 22.85 22.79 284.7 135 157 179 431 0 112 192 6M 2016 6M 2017 6M 2016 6M 2017 6M 2016 6M 2017 59 100 Aeroflot Airline Jet Fuel Price Comments 135 (RUB per tonne of jet fuel) 0 • Efficient fuel procurement: 1-year supply contracts in 32,701 176 airports across Russia 80 • Majority of fuel purchased in Russia and almost all fuel at international airports supplied at formula- 22 29,716 44 linked price - Jet fuel priceIntl = NW Europe (FOB 66 Rotterdam) price x Discount x FX rate2 x 1.183 + Storage/Fuelling/Supply fees (if any of these applicable) 1 40 • Increasing average fuel price. 120 Jan Feb Mar Apr May Jun 6M1 2016 2017 Average fuel purchase price of $564/ton 2017 (RUB 32,701/ton) in 6M 2017 vs $425/ton 0 Message text 128 59.9 58.4 57.8 56.5 57.1 58.1 USD/RUB (RUB 29,716/ton) in 6M 2015 (10.0% y-o-y increase in 0 55.5 56.0 52.5 53.8 51.4 47.6 Brent (USD) RUB terms) 1 Average price for 6 months 2 USD/RUB exchange rate as per the Central Bank of Russia 255 3 Assuming 18% VAT rate Highlight 0 0 • Aeroflot is achieving efficiency gain in fuel costs as new aircraft are put into operation, while old and less fuel-efficient ones are in the process of phase out 27 Table line colour 178 • Oil price and RUB fluctuations led to upward pressure on jet fuel price for Aeroflot in 6M 2017 178 178 Headcount Overview

232 Chart Colours 235 240 Aeroflot Group Headcount by Category Other non-airline personnel Flight crew 31-Dec-2016 30-Jun-2017 Y-o-Y 12.6% 10.0% 182 196 Flight crew 3,741 3,799 1.6% 204 Other airline Cabin crew 10,263 10,834 5.6% personnel 14.2% 135 Technical maintenance and repair 4,396 4,519 2.8% Cabin crew 157 28.5% 179 Tickets and services sales, advertising 1,803 1,823 1.1% Airport services 6,554 6,803 3.8% 0 Other airline personnel (inc. airlines’ head office) 5,417 5,410 (0.1)% Airport services 112 17.9% 192 Other non-airline subsidiaries’ personnel 4,382 4,786 9.2% Tickets and Technical Total 36,556 37,974 3.9% services sales, maintenance and 59 advertising repair 100 4.8% 11.9% 135 Traffic Revenue / Average Airlines’ Headcount PAX Traffic / Average Airlines’ Headcount

0 (million RUB per employee, annualized) (passengers per employee, annualized) 176 80 4.1% 5.4%

22 13.8 1,436 44 66

1 40 120 13.3 1,362

0 Message text 128 0 6M 2016 6M 2017 6M 2016 6M 2017 255 Highlight 0 0 • Significant improvement in labour productivity has resulted in increasing PAX traffic per employee. 28 Table line colour 178 178 178 EBITDA Evolution

232 Chart Colours 235 240 (RUB mln)

182 Total effect on revenue Total effect on costs 196 ∑=11,036 RUB mln ∑=(25,666) RUB mln 204

135 Net volume and price effect Net FX effect 157 ∑=41,153 RUB mln ∑=(7,881) RUB mln 179 Net volume and price effect 4,012 (30,117) ∑=(47,903) RUB mln 0 36,731 410 112 22,237 (19,115) 192

59 100 135 (7,720)

0 (9,623) 176 80 (6,903) 22 44 (1,506) (2,600) 66 (437) 1,253 30,035 1 40 16,656 15,403 120

0 Reported Volume Other Pricing FX drag on FX benefit on Fuel* Staff* Aircraft, Operating Maintenance* Admin & Other OPEX* Reported NRE** Adjusted EBITDA 6M revenue costs Traffic and Leases* Sales & EBITDA 6M EBITDA 6M Message text 128 2016 PAX* Marketing* 2017 2017 0

255 • Positive FX impact on operating costs was offset by pressure on revenue produced by RUB appreciation. Highlight 0 0 • Key driver of EBITDA adjustment is the growth in size and scale of operations 29 * Excluding currency impact Table line colour 178 ** Non-recurring expenses include release of legal reserve and increase of reserve for social payments 178 178 Reported and Adjusted Operating and Net Income Analysis

232 Chart Colours 235 240 6M Adjusted Operating Income Build-Up (RUB mln)

2,577 182 196 (1,324) 204

135 157 179 8,950 7,697

0 112 192

59 Reported Operating Income 6M 2017 Release of legal reserve Increase of liabilities for social payments Adjusted Operating Income 6M 2017 100 135 6M Adjusted Net Income Build-Up (RUB mln)

0 2,577 (1,749) 176 80 (1,324) 22 44 66 2,890 2,394 1 40 120 Reported Net Income 6M 2017 Release of legal reserve Increase of liabilities for social FOREX on PDP refund Adjusted Net Income 6M 2017 payments 0 Message text 128 0

255 Highlight 0 • Aeroflot Group delivered strong results despite impact of one-off effects in 6M 2017 0 30 Table line colour 178 178 178 Leverage and Liquidity

232 Chart Colours 235 1 2 240 Debt Profile Net Debt / LTM EBITDA

182 RUB mln 31-Dec-2016 30-Jun-2017 Change 1.6 196 204 1.4 Borrowings 20,367 17,448 (14.3)% 1.2

135 Finance Lease Liabilities 122,736 112,374 (8.4)% 0.7 157 179 Pension Liabilities 805 929 15.4%

0 Total Debt 143,908 130,751 (9.1)% 112 30-Jun-2016 30-Sep-16 31-Dec-16 30-Jun-17 192 Cash and Short Term 37,795 88,133 >2.3x Investments RUB mln 30-Jun-2016 30-Sep-2016 31-Dec-2016 30-Jun-2017 59 100 2 122,269 104,762 106,113 42,618 Net Debt 106,113 42,618 (59.8)% Net Debt 135 EBITDA 2 75,427 88,018 78,004 63,372

0 176 Debt breakdown by currency Finance Lease Repayment Schedule (RUB mln)3 80 Borrowings Finance Lease 22 55,684 44 27% 66 2%

1 40 120 2% 17,065 15,571 15,391 8,663 0 98% Message text 128 71% 0 2017 2018 2019 2020 2021+ RUB USD EUR 255 Highlight 0 • Net Debt decreased by 59.8% mainly due to decrease in borrowings and revaluation of finance lease obligations as well as 0 accelerated growth in cash ahead of high season. 31 • Cash position of RUB 88.1 billion and undrawn credit lines of RUB 92.8 billion Table line colour 178 1 31-Dec-2016 exchange rate - 60.66 RUB per USD, 30-Jun-2017 exchange rate - 59.09 RUB per USD 3 Not including interest; future payments in dollars converted into roubles at exchange rate of 59.09 RUB per USD 178 2 Net debt does not include capitalised operating lease expenses; based on annualized EBITDA 178 Operating and Free Cash Flows

232 Chart Colours 235 240 (RUB mln)

6M 2017 182 Other adjustments before working capital changes, incl. 7,665 196 Effect from revenue hedging (finance lease hedge accounting) 2,748 204 Loss on fixed assets disposal 688 (4.6)% Change in provisions1 4,783 135 Other (554) 157 11,743 (121) 179

0 30,585 (1,801) 112 (337) 192

59 100 61,788 64,783 135

52,304 0 176 80 7,665

3,906 (2,393)

22 7,004 44 66 21,719

1 5,537 40 120 Profit Before D&A Interest Unrealized Net Other Adj. Cash Flows Working Net Cash Net Capital Deposit Net Pre- Net leasing Free Cash Free Cash Income Tax Expense FX Gain Before Working From Capital Flows From Expenditures Placement and delivery deposits for a/c Flow 6M 2017 Flow 6M 2016 Capital Operating Changes and Operating Return Payments for in operating 0 Changes Activities Income Tax Activities Aircraft lease and other Message text 128 Before Working Capital 0 Changes

255 Highlight 0 0 • Strong Operating and Free Cash Flow in 6M 2017 on the back of growing business volumes, operating performance supported 32 by working capital improvement. Table line colour 178 178 1 Change in provisions includes decrease of provision for bad debt in the amount of 0.3 billion RUB 178 APPENDIX Russian Air Transportation Market: Room for Growth

232 Chart Colours 235 240 Russian Total Passenger Traffic Growth, mln PAX(1) Trips per Capita (2)

Despite fast growth of the recent years, 182 Total CAGR 2.9% 3.78 Russian airline industry still has 196 150.0 International – (4.7)% | Domestic – 12.3% (4.1)% promising growth prospects compared 204 2.88 to European & US markets 111.8 Change 103.7 107.2 102.8 FY15-16 135 100.0 91.6 157 65.5 54.7 46.4 (15.1)% 1.54 1.57 179 64.4 56.2 50.0 2.23 0.70 7.3% 0 52.6 56.4 1.271.27 35.4 39.2 46.3 112 0.32 0.640.64 0.39 192 0.0 0.32 0.39 2012 2013 2014 2015 2016 UK USA EU-27 Russia Domestic Routes International Routes 59 100 Notes: (1) Total local and foreign carriers’ traffic (2) Airline PAX per capita per year, as of 2016 x.xx Domestic PAX per capita 135 Sources: FAAT, Aeroflot estimates Sources: FAAT, Aeroflot estimates Railways facing increasing competition… … from airlines on domestic routes 0 176 RZD long-haul rail traffic (mln PAX) Long-distance rail routes Domestic air traffic (mln PAX) But domestic airlines continue to 80 posted first single digit traffic outperform rail sector. increase in 4 years in row. 7.3% 1.5% 13.6% 22 (5.0)% (7.1)% 3.6% 17.9% 44 116.5 (4.8)% 56.4 110.7 10.8% 52.6 66 102.8 97.9 101.4 8.1% 46.3 39.2 35.4 1 40 120

0 Message text 128 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 0 Growth in the number of domestic air passengers was supported by huge decline of Russian Railways’ long-distance traffic (mostly domestic) in the recent years as air transportation becomes more affordable 255 • Russian market is well positioned for long-term growth on the back of still low penetration, additional potential from Highlight 0 0 ongoing structural changes and increasing propensity to travel by air as well as advantageous geographical location. 34 Table line colour 178 178 *In the charts, tables and text of this presentation, immaterial deviations in calculation of % change, subtotals and totals are due to rounding 178 Customers’ Feedback: Crucial Component of Our Strategy

232 Chart Colours 235 240 Recognition for Outstanding Service Strong and Recognized Brand Growing Customer Loyalty

182 196 204 Brand Brand Change Airline rating value y-o-y 135 72% 72% 157 179 1 AAA #26 67%

0 112 192 America AAA #1

59 100 135 Delta AAA #2

0 Airport 176 Service 80 United AAA- #3

22 44 66 Emirates AAA #4

1 40 120 2014 2015 2016 Skytrax awarded Aeroflot airline with 4 stars in Brand finance, a leading world brand valuation NPS loyalty index calculated by an independent 0 2016, The audit of airline’s service covers all agency, recognized Aeroflot as the world’s most consultancy benchmarking a number of global Message text 128 aspects of travellers’ experience and very detailed powerful airline brand (based on familiarity, airlines shows that the number of customers 0 analysis of all service segments. preference and loyalty in the domestic market). wishing to promote Aeroflot is steadily rising • Aeroflot’s achievements in client services have been recognized by independent industry 255 Highlight 0 experts, professional community and passengers and helped to increase NPS significantly. 0 • Number of Aeroflot Bonus members in 2016 amounted to 5.9 million (having grown at +14,8% 35 Table line colour 178 CAGR from 2012). 178 178 Aeroflot Group Fleet Evolution

232 Chart Colours 235 240 Aeroflot Group Fleet in Operation1 Average Age of the Fleet2

182 196 Aircraft Average Age 4.3 204 Shandong Airlines 4.6 Hainan Airlines 4.9 8.8 135 7.7 Azul 5.2 7.0 157 6.4 6.5 6.5 Sichuan Airlines 5.2 179 Xiamen Airlines 5.2 289 297 China Eastern Airlines 5.3 232 251 247 0 222 Spirit Airlines 5.3 112 Emirates Airline 5.4 192 Garuda Indonesia 5.6 IndiGo 5.7 59 Lion Air 6.0 100 2012 2013 2014 2015 2016 30.06.2017 Saudia 6.0 135 Etihad Airways 6.1 Aeroflot Airline Fleet in Operation1 Qatar Airways 6.1 0 Air China 6.3 176 Shenzhen Airlines 6.4 80 Aircraft Average Age

5.2 5.2 Singapore Airlines 7.8 22 9.2 44 4.4 4.3 Qantas 10.2 66 4.1 4.2 American Airlines 10.3 Lufthansa 11.3 1 189 199 150 165 Air France 12.6 40 125 140 120 British Airways 13.2 United Airlines 14.2 Jazz 14.9 0 Delta Air Lines 17.1 Message text 128 2012 2013 2014 2015 2016 30.06.2017 0

255 • Aeroflot operates the youngest fleet in the industry among airlines with active fleet of 100+ aircraft Highlight 0 • Aeroflot achieved significant progress in fleet renewal both for Aeroflot airline and for the Group 0 36 1 Excludes planes out of operation Table line colour 178 2 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft according to Flightglobal data (as of August 2017) excluding planes out of operation 178 178 12M 2016 Operating Data by Region (Scheduled Routes)

232 Chart Colours 235 240 Americas Russia CIS

6.5 % 6.5 % 10.2 % 18.6 % 182 18.0 % 5.5 % 7.8 % 7.7 % 196 14.2 % 204

135 157 2.6 p.p. 179 (0.8) p.p. (1.8) p.p. Passengers RPK ASK PLF Passengers RPK ASK PLF Passengers RPK ASK PLF 0 carried 112 carried carried 192 Performance of North and Central American Russian market is growing for the fourth year in Operating indicators were supported by market was supported by addition of 3rd row with slight normalization of PLF attributed to additional demand on routes as well frequency to NY and increased ASK to other high base of 2016 which was affected by capacity as expansion of frequencies to the regional 59 destinations constraints. destinations 100 135 Europe Middle East Asia

23.5 % 0 21.5 % 29.9 % 28.6 % 16.1 % 176 14.8 % 80 16.0 % 19.2 % 8.8 % 22 44 4.6 p.p. 5.7 p.p. 4.3 p.p. 66

1 Passengers RPK ASK PLF Passengers RPK ASK PLF Passengers RPK ASK PLF 40 carried carried carried 120 European market performance benefited from Significantly affected by increased frequencies to Strong performance of Asian market is attributed launching of additional frequencies to key TLV in the previous periods, increasing to more traffic on the key leisure destinations, destinations in the last 12 months, opening of frequencies to Istanbul and Antalya to historical increase in frequencies to Delhi as well as growth 0 new destinations as well as strong demand levels backed by strong demand to the region of transit flows on most popular routes. Message text 128 support from leisure traffic 0

255 Highlight 0 • Strong operating performance on the scheduled routes was partially offset by selective adjustments 0 in network due to internal and external reasons 37 Table line colour 178 Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) 178 178 Blended Flights Revenue Units (scheduled + charter)

232 Chart Colours 235 240 6M 2017 Yield (PAX Revenue / RPK) 6M 2017 RASK (PAX Revenue / ASK) RUB RUB 182 (9.8)% (7.9)% (14.7)% 196 (10.1)% (5.1)% 204 (3.3)% 3.12 4.06 2.81 2.96 3.76 2.74 2.72 3.46 2.60 135 3.37 3.26 3.38 157 179

0 112 192

Domestic International Total 59 Domestic International Total 100 135 6M 2017 Yield ex. FX effect (PAX Revenue / RPK) 6M 2017 RASK ex. FX effect (PAX Revenue / ASK) EUR cents EUR cents 0 176 6.5% 12.7% 80 12.3% 15.1% 20.8% 18.5% 5.52 5.39 4.48 22 5.20 5.18 4.14 4.34 44 4.80 3.98 4.30 3.77 66 3.49

1 40 120

0 Message text 128 0 Domestic International Total Domestic International Total % Y-o-Y increase 6M 2016 6M 2017 255 Highlight 0 • RUB appreciation and changing mix of operations at subsidiaries’ level affected RUB yields in 6M 2017. 0 38 Table line colour 178 Note: Data presented based on management accounting figures, scheduled and charter flights revenue is used for calculations 178 178 Net Income Evolution

232 Chart Colours 235 240 (RUB mln)

182 196 204 14,652 (3,616) 135 (26,589) 157 179

0 3,097 112 192 1,913 2,890 2,467 4,047 9,085 59 100 135 (2,166) 0 176 80

22 44 66 Reported Net Traffic Revenue Other Revenue Operating Financial Subs Settlement of Reclass from Taxation Reported Net Income 6M 2016 Expenses Income/Expense Reorganization and Derivative Reserve (Equity) Income 6M 2017 1 Reval. of Equity Contracts (previous Related to Finance 40 Investments period) Lease Liabilities 120 (previous period)

0 Message text 128 0 • Strong results at operating level as well as absence of a number of one-off factors in 6M 2017 255 ensured improvement of the bottom line Highlight 0 0 39 Table line colour 178 178 178 Integration Update

232 Chart Colours 235 240 1 2 3 New … require additional fleet to … and provide with ability to hire 182 routes… service enlarged network… more employees 196 204

135 B777 157 179 B747 4.3k 36 employees routes 0 B737 112 192 А321

59 100 Initial Plans Initial Plans Initial Plans 135 • New slots and designations for 56 routes • Aeroflot Group planned to take up to 34 • Aeroflot Group plans to employ ~6,000 out of 141 international routes serviced by aircraft from fleet 0 former Transaero personnel 176 Transaero previously • B777, B747, B737 and A321 represent a • 60% of employees to be hired – flight 80 • Capacity addition on non-regulated mix of pre-owned and new aircraft which crew domestic market are intended for Aeroflot and Rossiya fleet 22 44 Current Status Current Status Current Status 66 • Launched flights to new destinations (incl. • Aircraft that were exploited by Transaero • After assessment of applications received charter program) and increased capacity joined Rossiya fleet, new aircraft from the 4,255 were hired: 1 on the existing utilizing most of the order book entered Aeroflot fleet 40 ~550 cabin and 2,030 cockpit crew granted rights • As at 30.06.2017 9 B747, 5 B777 and 1 120 ~720 engineers • Negotiations on the slots with a number B737 were phased in by Rossiya (used aircraft) ~740 ground handling and security 0 of airports underway Message text 128 • As at 30.06.2017 5 A321 and 5 737 from ~ 220 administrative and other • Rights for thirteen routes were returned to 0 the order book were phased in by Aeroflot Aviation authorities voluntarily, seven • The hiring program has been closed. (new aircraft) destinations not extended after one year 255 • Expected additions in 2017: 5 B737 (new a/c) Highlight 0 period 0 • Additional designations received from the Russian aviation authorities (previously exploited by Transaero 40 Table line colour 178 airline that left the market after the bankruptcy) provide Aeroflot Group with further growth opportunities. 178 178 Key Operating Data of Subsidiary Airlines

232 Chart Colours 235 240

182 Indicator Rossiya¹ Pobeda Aurora Total 196 204 6M 2017 4,936 2,094 687 7,716 135 157 Passenger Traffic, th PAX 6M 2016 3,659 1,991 607 6,257 179 Y-o-Y 34.9% 5.2% 13.1% 23.3% 0 112 6M 2017 12,050 3,499 1,042 16,591 192 Passenger Turnover, mln pkm 6M 2016 7,634 3,074 976 11,684 59 100 Y-o-Y 57.8% 13.8% 6.7% 42.0% 135 6M 2017 79.7% 93.1% 67.5% 81.2% 0 176 Passenger Load Factor, % 6M 2016 77.0% 84.0% 68.0% 77.8% 80 Y-o-Y 2.7 p.p. 9.1 p.p. (0.5 p.p.) 3.4 p.p. 22 44 6M 2017 93,992 26,907 21,407 142,307 66 Flight Hours, hours 6M 2016 78,179 25,974 18,446 122,599 1 40 Y-o-Y 20.2% 3.6% 16.1% 16.1% 120 1 Data on Rossiya airline for 6M 2016 includes flights of Orenair and Donavia prior to their integration into Rossiya airline. 0 Message text 128 0

255 Highlight 0 0 41 Table line colour 178 178 178 Aeroflot Group Structure

232 Chart Colours 235 240

182 (1) 196 PJSC Aeroflot 204

135 157 Airlines Ancillary Companies 179 CJSC Aeromar JSC Rossiya Airlines 75%-1 sh. 51% 0 In-flight catering 112 192 (2) JSC Donavia 100% LLC Aeroflot-Finance 100% Financial services 59 100 JSC Orenair (2) 100% 135 JSC Sherotel 100% Hotel services 0 JSC Aurora Airlines 51% 176 80 Aeroflot Aviation School 100% LLC Pobeda Airlines 100% Education services 22 44 A-Technics 66 100% Maintenance

1 40 120

0 • Over the past years the Group structure was refined with a focus on aviation assets and disposal of non-core assets, which is Message text 128 in compliance with the Group's strategy to streamline the core business 0 • 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) and 49.0% of LLC 255 Highlight 0 Transnautic Aero (cargo sales, in liquidation) 0 Notes: (1) The Group as of June 30, 2017; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. 42 Table line colour 178 (2) Non-operating entities 178 178 Investor Relations Contacts

232 Chart Colours 235 240

182 196 204

135 157 179

0 112 192

59 100 135

0 176 80

22 44 66

1 40 120

0 Message text 128 0 Address: 119002, Russia, Moscow, Arbat St. 10

255 E-mail: [email protected] Highlight 0 0 Website: www.aeroflot.ru 43 Table line colour 178 178 178