Presentation

Aeroflot Group Investor Presentation December 2018 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 – One of the Largest Airline Groups in the World 1 Top-20 airline group globally, one of Europe’s leading airlines, #1 airline in Russia with leading positions on both domestic and international routes 2 Global network with 169 unique destinations (300+ routes) in 53 countries serviced by one of the youngest fleet globally1 3 Multi-brand offering to appeal to a broad customer spectrum across geographies Celebrating 4 Superior product and customer experience (Aeroflot airline 95 years awarded Four Star Airline status by Skytrax) in the world’s sky 5 Efficient operating model underpinned by effective yield and cost management 6 Experienced management team and international standards of corporate governance Note: Network statistics are based on summer 2016 schedule. Youngest average fleet among airlines with fleet over 100 aircraft as of October 2016. 3 In the 1960s, flight attendant uniforms were styled in warm gray shades and the jacket was fastened with three shiny half-round buttons. The flight attendant uniform in the 1970s consisted of a jacket with white trim and buttons with the Aeroflot logo. Market Update 01 Competitive Dynamics Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers Russian Air Transportation Market (million PAX) International Routes mln PAX, 9M 2018 Increase in PAX million inc. PAX of Russian and Foreign Carriers and int. transit PAX Domestic Routes 10.8% +3.9 42.2 8.5% 105.9 95.6 +2.0 +2.1 11.7% +1.3 21.8 53.2 +0.9 47.7 45.2 +0.1 16.7 41.6 7.9% 12.2 9.9% 7.0 5.9 21.5 23.2 9.1% 48.0 52.7 22.0 1 20.2 Aeroflot S7 Group Ural Airlines UTair Group Foreign Others Group Carriers 9M 2017 9M 2018 Q3 2017 Q3 2018 Aeroflot Group (million PAX) Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group includes UTair, Utair-Cargo and Turuhan 10.2% Market Share (PAX) 42.2 9M 2017 9M 2018 38.3 13.1% 20.7% 20.6% 8.9% 18.8 17.2 17.4 15.4 10.4% 40.1% -0.2 p.p. 39.9% 11.2% 15.3% 15.8% 7.0 7.7 21.1 23.5 15.4% 8.4 9.7 6.4% 6.6% 6.0% 11.5% 5.6% 11.6% 9M 2017 9M 2018 Q3 2017 Q3 2018 Market Dynamics Net of Aeroflot Group “Clean” Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 11.1% Total Market 5.8% 37.8% Aeroflot Group 37.6% 13.2% International 6.7% 8.8% Domestic 4.6% Foreign Airlines Other Russian Airlines Source: TCH, Company estimates Note: Incl. foreign carriers’ traffic. • Aeroflot Group continued to deliver growth on further recovering market increasing PAX by 10.2% in 9M 2018 with 5 acceleration in Q3 2018. Continuing Market Recovery Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers) Change in PAX traffic y-o-y, % Change in ASK y-o-y, % 20.5% 16.4% 12.9% 12.2% 8.5% 30.2 % 36.1 % 21.8 % 18.6 % 17.2% 16.9 % 20.7 % 14.6 % 15.3 % 11.9% 14.4 % 10.6% 12.7% 10.8% 9.0% 9.9% 9.1% 7.5% 7.4% 7.9 % Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 International Domestic Total market Foreign carriers Russian carriers Source: TCH, Company calculations Source: SRS for foreign carriers, Rosaviatsia for domestic carriers before 2018, FAVT for domestic carriers in 2018, Company calculations. ASK is calculated based on published RPK and PLF data • 9M 2018 are marked by further market recovery on the back of higher demand in both international and domestic 6 segments and active capacity additions by market players. A dark blue uniform was used in winter in the 1970s. It had a collarless jacket with five contrasting buttons and a white turtleneck-style blouse. An elegant summer dress was designed in the 1970s for flights to hot countries. Aeroflot Group Overview 02 Aeroflot Group Multi-Brand Strategy Brand Business Model Focus Airport PAX Contribution1 PAX Growth • Flagship carrier • Moscow 9M 2018 +8.0% (Sheremetyevo) • Premium product (4 Stars) 26.8 • High income and middle class 24.8 Premium 26.8 63.4% • Hub and spoke model 9M 2017 9M 2018 • Regional and leisure product • Saint-Petersburg +0.3% Focus on domestic flights (Pulkovo) 9.0 9.0 Regional • Selected international routes, • Moscow 9.0 21.4% and Charter mostly out of VKO airport in (Sheremetyevo, Moscow Vnukovo) • Charter operations 9M 2017 9M 2018 • Moscow (Vnukovo) • Short and mid-haul flights +55.3% • Mostly domestic segment, 5.2 12.3% Low Cost selected international 5.2 3.3 routes • Point-to-point carriage 9M 2017 9M 2018 • The Far East airline flying on • Vladivostok, +5.2% Khabarovsk, short- and mid-haul direct Regional / Yuzhno-Sakhalinsk 1.2 1.3 international and domestic 1.3 3.0% Far-East routes • Flights to remote cities (local flights) 9M 2017 9M 2018 1 PAX contribution as of 9M 2018. Absolute number of passengers in million in green circle • Simplified multi-brand product offering to capture customers in every market segment: from premium to low-cost. • Aeroflot and Pobeda – key engines of the Group – increased traffic by almost two million PAX each. 8 Pobeda Airline: Acceleration of Growth Overview of Pobeda Pobeda’s Network (Winter 2018/2019) • Operating from Vnukovo airport (3rd Moscow airport by PAX) Petrozavodsk Network • Network comprising 84 routes (44 unique for the Group) Surgut • Additional expansion to international destinations (14 countries) Helsinki 17 Saint Petersburg Kirov • 22 Boeing 737-800 NG (30.09.2018) Moscow Kazan Perm Tomsk Krasnoyarsk • Plans for 2 more aircraft to be delivered in Q4 2018 Ekaterinburg Fleet 49 Cheboksary Nizhnekamsk Novosibirsk Kaliningrad Chelyabinsk Kemerovo • Single class cabin Samara • 189 seats per plane Eindhoven Berlin London Leipzig Ulan-Ude, • 5.2 million PAX in 9M 2018 (+55.3% y-o-y) Cologne Irkutsk Key features Baden-Baden Karlovy Vary Salzburg Volgograd • 9M 2018 PLF of 94.6% (+0.1 p.p. y-o-y) Memmingen Bratislava Rostov and Innsbruck • International RPK is 23% of total Pobeda traffic Astrakhan achievements in Bergamo Venice Krasnodar Min.Vody • Active development of intra-region flights, and international flights from Pisa Sochi Nazran Tivat Vladikavkaz Makhachkala 9M 2018 the regions Girona Rome Tbilisi • Accelerated expansion in domestic and international segments 2023 Goals • c25-30 mln PAX annually Larnaca Cities where the airline operates to Base cities with >10 routes served from city XX Cities with <10 routes served from city (number of routes in circle) Growing Passenger Flows Strong Passenger Load Factor thousand PAX PLF, % 55.3% 5,178 96.4% 62.9% 94.6% 58.4% 3,334 42.2% 93.7% 93.1% 1,755 2,021 1,402 986 1,108 1,240 Q1 Q2 Q3 9M Q1 2018 Q2 2018 Q3 2018 9M 2018 2017 2018 • Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. 9 “100 By 100” Growth Strategy: strategic targets to be achieved by 100th anniversary of Aeroflot 90-100 mln in 2023 Passenger traffic accelerated expansion of (25-30 mln by 2023) International transit 5 mln - 2017 traffic ≈10-15 mln - 2023 3 bases opening by 2023: Sochi, Ekaterinburg, Novosibirsk; Regional bases 1 international hub in Krasnoyarsk 3x regional PAX Fleet expansion ≈ 520 aircraft in 2023 Strengthens competitive edge Digitalization Helps increase operational efficiency • Achieving our ambitious strategic goals will help Aeroflot Group reach new levels of operational efficiency and secure strong financial results 10 Passengers were especially delighted by the uniform of the 1970s, which consisted of a deep red French style suit, Russian shirt, felt hat and gloves.

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