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Pobeda Airline: Group’S Low Cost Carrier Aeroflot Group Non-deal roadshow London, Zurich, Moscow April 2016 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 12M 2015 Highlights 232 Chart Colours 235 240 Aeroflot Group 182 • Aeroflot Group carried 4.7 million more passengers in 12M 2015 compared to 12M 2014 196 (+13.4% passenger traffic; growing seat load factor of 78.3%). 204 • Expansion in the number of customers resulted in market share increase by 5.6 p.p. from 31.1% in 12M 2014 to 36.7% in 12M 2015. 135 157 • Strong 12M 2015 financials results: 179 - Total revenue up 29.8% y-o-y 0 - Strong yield performance on scheduled flights (+18.0%) exceeding CASK evolution (+11.7%) 112 192 - Solid operating profit (44.1 bn RUB) and cash flow - EBITDAR and EBITDA margins of 24.8% and 14.1% 59 100 - Successful operational management of Transaero demise 135 Macro and Aviation Market 0 • Russian aviation market is showing some remarkable resilience having demonstrated a 176 80 traffic decline of only 4.1% y-o-y in 12M 2015 despite tough economic environment: - Depreciation of Russian Rouble vs. US Dollar in 2015 by ~60% 22 44 - 4.0% decline in real disposable income and 9.5% decline in real wages in 12M 2015; 66 - 10.0% decline in retail sales (and 9.2% decline in food sales) in 12M 2015. 1 40 • Domestic flights traffic growth of 13.6% y-o-y driven by a continuous switch from rail to airlines 120 and growing popularity of domestic tourism. 0 • Traffic in international segment declined by 16.6% y-o-y as a result of RUB depreciation and Message text 128 respective weakening of consumer confidence. 0 • Foreign and domestic carriers further optimizing capacity either by suspending flights, or 255 reducing frequencies and seating capacities. Highlight 0 0 3 Table line colour 178 178 178 Market 232 Chart Colours 235 240 Update 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 0 255 Highlight 0 0 4 Table line colour 178 178 178 Russian Air Transportation Market: Room for Growth 232 Chart Colours 235 240 Russian Total Passenger Traffic Growth, mn PAX(1) Trips per Capita (2) Despite fast growth of the recent years, 182 Total CAGR 8.8% Russian airline industry still has 196 International – 5.8% | Domestic – 12.5% (4.1)% 3.4 promising growth prospects compared 204 to European & US markets 150.0 Change 2.7 103.7 111.8 107.2 FY14-15 135 91.6 100.0 80.1 2.1 157 70.5 (16.6)% 54.7 1.6 1.5 (3) 179 64.4 65.5 1.2 47.3 56.2 50.0 41.2 13.6% 0.8 0 39.2 46.3 52.6 0.9 112 29.2 32.7 35.4 0.3 0.5 0.3 192 0.0 2010 2011 2012 2013 2014 2015 Domestic Routes International Routes UK USA Turkey EU-27 Russia 59 Notes: (1) Total local and foreign carriers’ traffic Domestic PAX per capita (2) Airline PAX per capita per year, as of 2014 0.3 100 Sources: FAAT, Aeroflot estimates 135 (3) 2025E Continuing Switch from Rail to Air (mn PAX) Changing Mix of the Transportation Industry 0 176 RZD long-haul rail traffic Domestic air traffic 2010 2015 80 13.6% +23.4 mn Cars Cars -21.7 mn 17.9% 22 PAX PAX 52.6 17.3% Air 15.6% (0.0%) 44 30.0% 1.5% 10.8% 46.3 (4.0%) 66 8.1% 119.6 (5.0%) Air 116.5 12.0% 39.2 114.8 44.7% 110.7 22.6% 35.4 1 (7.1%) (4.8%) 32.7 40 102.8 29.2 120 97.9 Rail 39.7% 0 Rail Message text 128 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 52.7% 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 Highlight 0 0 • Russian market is well positioned for long-term growth on the back of still low penetration, additional potential from ongoing structural changes and increasing propensity to travel by air as well as advantageous geographical location. 5 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 Capacity Optimization by Russian and Foreign Airlines 232 Chart Colours 235 1 240 Russian Carriers Capacity Dynamics (ASK) Russian Peers Capacity Optimization (ASK phase out) Change, y-o-y 12M 2015 vs. 12M 2014 182 (0.1)% 196 (3.1)% (3.0)% (0.9)% (1.1)% (1.4)% (4.6)% (6.1)% (5.9)% 204 (9.1)% Transaero (10.9)% (3.4)% (5.1)% (5.0)% (5.7)% 135 (8.6)% (18.3)% 37.0% 27,533 mn UTAir 157 (21.1)% (14.0)% (23.3)% (13.6)% (14.3)% ASK 179 (16.3)% (19.1)% phased out 53.7% In 12M 2015 Ural Airlines 0 (35.6)% 112 OthersOther Russian airlines 192 8.3% (36.9)% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 12M 1.0% 59 2015 100 Russian Carriers Russian Carriers excl. Aeroflot Group 135 Foreign Carriers Capacity Optimization (to Russia) …Results in Foreign Carriers’ Traffic Decline (PAX) 0 12M 176 Airline Comment Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2015 80 Suspension of Bucharest – Moscow service from Mar 2016 22 Suspension of London – Moscow flights from Mar 2016 (3.9)% 44 66 Downscaling to 1 daily flight from Berlin to Moscow from Nov 2015 Regional flights suspension; consolidation of flights in DME 1 (13.3)% 40 Cancellation of flights to Russian regions (15.9)% 120 (18.3)% (17.6)% (18.6)% Complete cessation of flights to Russian destinations from Jan 2016 (21.3)% (20.9)% (18.7)% (19.7)% 0 Flights from Hong Kong to Moscow suspended from Jul 2015 (24.9)% (22.6)% Message text (27.4)% 128 Flights from Bangkok to Moscow suspended from Mar 2015 0 New York – Moscow flight suspended from Sep 2015 255 Flight frequency reduction to Russian destinations Highlight 0 0 • Capacity optimization by key major domestic and foreign players on the back of macroeconomic instability led to 6 a decline in Russian air transportation market in 12M 2015 Table line colour 178 Source: TCH, Rosaviatsia, Company estimates; 1 Based on data for domestic carriers only. 178 178 Aeroflot Group vs Air Transportation Market: Q4 & FY 2015 232 Chart Colours 235 240 Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers Russian Air Transportation Market (PAX) International Routes mn PAX, 12M 2015 Increase/decrease in PAX million 182 196 Domestic Routes (4.1%) 204 +4.7 (9.6%) 111.8 135 107.2 39.4 157 24.1 (3.1) 21.8 (3.5) 179 (16.6)% (2.0) +0.6 65.5 54.7 (21,7)% (1.6) +0.3 13.3 10.4 15.1 17.4 0 11.2 13.6% 5.3% 10.6 8.0 112 52.6 5.4 192 46.3 10.8 11.4 Aeroflot Transaero S7 Group UTair Ural Foreign Others 59 2014 2015 4Q 2014 4Q 2015 Group Group Airlines Carriers 100 Aeroflot Group (PAX) Source: TCH, Rosaviatsia, Company estimates 135 15 13.4% 13.8% 1 13 Increasing Market Share (PAX) 0 39.4 11 176 34.7 9.3 12M 2014 12M 2015 9 8.2 80 (6.2)% 16.0 (1.4)% 7 3.8 18.3% 17.1 3.8 16.2% 22 5 31.1% +5.6 p.p.
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