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A E R O F L O T G R O U P Q3 & 9M 2020 IFRS RESULTS 1 December 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 forwardlooking 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. 2Aeroflot Group Q3 2020 Highlights <ul style="display: flex;"><li style="flex:1">Total PAX Decline </li><li style="flex:1">Strong Domestic PAX </li><li style="flex:1">Recovery of Revenue </li><li style="flex:1">Raising Liquidity </li></ul>Million PAX <ul style="display: flex;"><li style="flex:1">Million PAX </li><li style="flex:1">Billion RUB </li><li style="flex:1">RUB </li></ul>(7.3)% 3.3x (45.3)% 10.3 mln 84.9 80 bn share placement 18.5 Proceeds from 10.1 9.5 mln 25.5 70 bn Loan agreements backed by state guarantees <ul style="display: flex;"><li style="flex:1">Q3 2019 </li><li style="flex:1">Q3 2020 </li></ul><ul style="display: flex;"><li style="flex:1">Q3 2019 Q3 2020 </li><li style="flex:1">Q2 2020 Q3 2020 </li></ul>Note: immaterial deviations throughout the p resentation are explained by rounding In Q3 2020 the Group recovered a significant portion of operations and improved financial performance compared to Q2 raising additional liquidity to withstand headwinds of the coming low season. 31. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 1: Strategy 2028 6. Appendix 2 4Overview of the Russian Market <ul style="display: flex;"><li style="flex:1">Passenger Traffic: Market vs Aeroflot Group </li><li style="flex:1">Key Market Players </li></ul>Russian Air Transportation Market (million PAX) incl. PAX of Russian and Foreign Carriers and intl. transit PAX Change in PAX million -23.7 (50.9)% 23.1 -4.7 9.2 -12.5 12.4 International Routes Domestic Routes 114.0 -2.9 4.5 -2.8 3.6 -11.5 3.4 (47.1)% 57.7 47.8 56.0 Aeroflot Group S7 Group Ural Airlines UTair Group Foreign Carriers Others 14.2 24.8 25.3 2.6 56.3 41.8 23.1 22.7 Market Shares <ul style="display: flex;"><li style="flex:1">Q3 2019 </li><li style="flex:1">Q3 2020 </li></ul><ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul><ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul>22.2% Aeroflot Group (million PAX) (50.7)% 21.8% (45.3)% 41.0% 41.2% 46.7 6.0% 6.3% 8.0% 13.0% 5.6% 21.0 18.5 23.1 6.5% 8.3 <ul style="display: flex;"><li style="flex:1">12.1% </li><li style="flex:1">16.3% </li></ul>10.1 9.5 5.2 0.6 25.8 10.3 17.9 <ul style="display: flex;"><li style="flex:1">Foreign Carriers </li><li style="flex:1">Others </li></ul><ul style="display: flex;"><li style="flex:1">Q3 2019 </li><li style="flex:1">Q3 2020 </li></ul><ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul>Source: TCH, Aeroflot Group. Figures include foreign carriers’ traffic. The market’s and Aeroflot Group’s performance substantially improved in Q3, though remained under pressure due to ongoing restrictions for international operations. 5Domestic Market Recovery in Q3 2020 <ul style="display: flex;"><li style="flex:1">Total PAX Traffic Trends: Q2 vs Q3 </li><li style="flex:1">Domestic PAX Traffic Trends: Q2 vs Q3 </li></ul><ul style="display: flex;"><li style="flex:1">Million PAX </li><li style="flex:1">Million PAX </li></ul>47.8 38.1 <ul style="display: flex;"><li style="flex:1">(87.9)% </li><li style="flex:1">(47.1)% </li><li style="flex:1">(75.8)% </li><li style="flex:1">(1.5)% </li></ul><ul style="display: flex;"><li style="flex:1">18.4 </li><li style="flex:1">23.1 </li></ul>22.7 25.3 4.5 4.6 <ul style="display: flex;"><li style="flex:1">Q2 2019 </li><li style="flex:1">Q2 2020 </li></ul><ul style="display: flex;"><li style="flex:1">Q3 2019 </li><li style="flex:1">Q3 2020 </li></ul><ul style="display: flex;"><li style="flex:1">Q2 2019 </li><li style="flex:1">Q2 2020 </li><li style="flex:1">Q3 2019 </li><li style="flex:1">Q3 2020 </li></ul>Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations Source: TCH, Federal Air Transport Agency, Aeroflot Group calculations Domestic segment which contributes around half of the total Russian market posted rapid recovery after easing of domestic travel restrictions in June 2020. 6Russian Domestic Market: Global Champion by Recovery Pace <ul style="display: flex;"><li style="flex:1">Russian domestic PAX has recovered almost immediately… </li><li style="flex:1">… with PAX growth in various regions. </li></ul>Domestic PAX, y-o-y Selected Russian Airport Statistics (PAX), September, y-o-y change <ul style="display: flex;"><li style="flex:1">Jan </li><li style="flex:1">Feb </li><li style="flex:1">Mar </li><li style="flex:1">Apr </li><li style="flex:1">May </li><li style="flex:1">Jun </li><li style="flex:1">Jul </li><li style="flex:1">Aug </li></ul>6% Sep 7% Murmansk + 15% 8% 5% (15%) (16%) (59%) <ul style="display: flex;"><li style="flex:1">(84%) </li><li style="flex:1">(87%) </li></ul>Source: TCH Kaliningrad Kirov + 35% + 47% … making Russian market the fastest to recover globally… September 2020, y-o-y Ulyanovsk <ul style="display: flex;"><li style="flex:1">Domestic markets </li><li style="flex:1">RPK </li><li style="flex:1">PLF (pp) </li><li style="flex:1">PLF </li><li style="flex:1">World share </li></ul>+ 47% Anapa +73% World Russia China Brazil -43% 7% -12% -3 pp -4 pp 70% 82% 79% 81% 58% 57% 54% 36.2% 1.5% 9.8% 1.1% 1.1% 14.0% 0.8% -3% Sochi +41% Makhachkala +25% -55% -59% -65% -89% -1 pp Japan USA -20 pp -26 pp <ul style="display: flex;"><li style="flex:1">-28 pp </li><li style="flex:1">Australia </li></ul>Source: IATA, FAVT, data for Russian market is taken from FAVT, world market share is based on FY2019 Source: based on FAVT and airport data Russian domestic market – the only one among key global markets to fully recover, already in August 2020 – just 1.5 months after the lockdown was over (based on IATA statistics). 7Aeroflot Group Performance Across Different Brands 9M 2020 PAX Contribution1 and Dynamics Brand October 2020 Business Model -59.1% ••••Flagship carrier 50.4% 28.4 -66% PAX -69% ASK Premium product (4 Stars) High income and middle class Hub and spoke model Premium Low Cost Mid-price 11.6 11.6 <ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul>-16.7% ••Point-to-point carriage Focus on domestic segment and underserved international routes 7.6 6.3 +11% PAX +7% ASK 6.3 27.4% <ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul>•Scheduled network under SU (Aeroflot) code from -52.2% -41% PAX -47% ASK 9.4 −Moscow (SVO) 4.5 19.6% 2.7% 4.5 −St. Petersburg (LED) •Charter operations <ul style="display: flex;"><li style="flex:1">9M 2019 </li><li style="flex:1">9M 2020 </li></ul>-52.2% •Airline for communities in the Russian Far East offering flights 1.3 -54% PAX -42% ASK 0.6 Regional 0.6 − between large cities − to remote cities 9M 2020 9M 2019 Source: Aeroflot Group 1 PAX contribution as of 9M 2020. Absolute number of passengers in million in green circle In Q3 2020 the Group recorded continued recovery of the domestic segment, but the overall result for 9M 2020 was still under pressure from international segment’s slower reopening. 8Pobeda Airline: Timely Value Proposition <ul style="display: flex;"><li style="flex:1">Total PAX dynamics in 2020 </li><li style="flex:1">Overview </li></ul>mn PAX, change y-o-y Growing PAX numbers from July 2020 after restarting operations in June 2019 2020 3.4 3.0 2.5 2.5 6.3 mm PAX transported in 9M 2020 (-16.7% y-o-y) 2.0 92.7% PLF 0.4 LF remained high in 9M 2020 despite ongoing pressure 34 B737NG aircraft Q1 22.2% Q2 (82.5)% Q3 with single class cabin (189 seats) 12.1% 17 p.p. RPK mix shift from international to domestic in 9M 2020 y-o-y Beginning of 2020 route network Operating Indicators of October 2020 Petrozavodsk Surgut Helsinki Traffic above 2019 levels Kirov 14 Saint Petersburg Perm Ekaterinburg Krasnoyarsk Tomsk Moscow Kazan Riga Novosibirsk Cheboksary 62 Tyumen Nizhnekamsk Ulyanovsk Samara Kemerovo <ul style="display: flex;"><li style="flex:1">Omsk </li><li style="flex:1">Kaliningrad </li></ul>Chelyabinsk Magnitogorsk Eindhoven Ostende Berlin <ul style="display: flex;"><li style="flex:1">Leipzig </li><li style="flex:1">Ulan-Ude  </li></ul>91.5% 6 045 Cologne Karlovy Vary Baden-Baden Memmingen Salzburg 1 044,3 Volgograd Astrakhan Nazran Bratislava Rostov Krasnodar Innsbruck Venice Bergamo Genova Pisa Min.Vody Anapa Gelendzhik Varna 12 Rimini Tivat Sochi Vladikavkaz Istanbul Makhachkala Tbilisi Gyumri <ul style="display: flex;"><li style="flex:1">Girona </li><li style="flex:1">Rome </li></ul><ul style="display: flex;"><li style="flex:1">Bari </li><li style="flex:1">Batumi </li></ul><ul style="display: flex;"><li style="flex:1">Traffic, th PAX </li><li style="flex:1">Revenue flights, </li></ul>cycles PLF, % Cagliari Palermo Antalya Gazipaşa Bodrum Dalaman Catania Larnaca <ul style="display: flex;"><li style="flex:1">15.6% </li><li style="flex:1">(4.2) p.p. </li><li style="flex:1">10.6% </li></ul>Cities the airline operates flights to Base cities with >10 routes served from city (number of routes in circle) XX Cities with <10 routes served from city Source: Aeroflot Group Pobeda continues to lead the industry recovery leveraging its value proposition appealing to cost conscious passengers. 91. Market Update and Operating Results 2. Network and Schedule Overview 3. Fleet Overview 4. Financial Performance 5. Appendix 1: Strategy 2028 6. Appendix 2 10 Aeroflot Group Network Adjustments Beginning of 2020 route network <ul style="display: flex;"><li style="flex:1">Stockholm </li><li style="flex:1">Helsinki </li></ul>Tallinn Oslo Murmansk Salekhard Arkhangelsk New Urengoy <ul style="display: flex;"><li style="flex:1">Khanty Mansiysk </li><li style="flex:1">Syktyvkar </li></ul>Surgut Ekaterinburg Tyumen Riga Kaunas Berlin Saint Petersburg <ul style="display: flex;"><li style="flex:1">Yakutsk </li><li style="flex:1">Nizhnevartovsk </li></ul>Kemerovo Nizhnekamsk Nizhny Novgorod MOSCOW <ul style="display: flex;"><li style="flex:1">Perm </li><li style="flex:1">Magadan </li></ul>Copenhagen Minsk MOSCOW Hamburg Krasnoyarsk <ul style="display: flex;"><li style="flex:1">Samara </li><li style="flex:1">Novosibirsk </li></ul><ul style="display: flex;"><li style="flex:1">Omsk </li><li style="flex:1">Kaliningrad </li></ul>Berlin <ul style="display: flex;"><li style="flex:1">Kazan </li><li style="flex:1">Tomsk </li><li style="flex:1">Novokuznetsk </li></ul>Minsk <ul style="display: flex;"><li style="flex:1">Ufa </li><li style="flex:1">Voronezh </li></ul>Saratov Abakan Amsterdam Chelyabinsk Kostanay Irkutsk Hamburg Dusseldorf Orly Paris P. Kamchatsky Hannover Barnaul Warsaw Astana Karaganda Almaty Shymkent Bishkek Magnitogorsk London Brussels Frankfurt Paris <ul style="display: flex;"><li style="flex:1">Orenburg </li><li style="flex:1">Frankfurt </li></ul>Dusseldorf Dresden Prague Vienna Khabarovsk Yu. Sakhalinsk <ul style="display: flex;"><li style="flex:1">Belgorod Volgograd </li><li style="flex:1">Aktobe </li></ul>Prague Munich <ul style="display: flex;"><li style="flex:1">Rostov </li><li style="flex:1">Atyrau </li></ul>Astrakhan Stavropol Ulan Bator Beijing Chisinau Gelenzhdik Simferopol Sochi Mineral Waters Istanbul <ul style="display: flex;"><li style="flex:1">Harbin </li><li style="flex:1">Vienna </li></ul>Rimini Milan <ul style="display: flex;"><li style="flex:1">Nice </li><li style="flex:1">Aktau </li></ul>Makhachkala Baku Anapa Burgas Varna <ul style="display: flex;"><li style="flex:1">Adler </li><li style="flex:1">Vladivostok </li><li style="flex:1">New York </li></ul>Chisinau Stuttgart Rome <ul style="display: flex;"><li style="flex:1">Barcelona </li><li style="flex:1">Tivat </li><li style="flex:1">Tashkent </li></ul>Budapest <ul style="display: flex;"><li style="flex:1">Munich </li><li style="flex:1">Zurich </li></ul>Geneva Lyon <ul style="display: flex;"><li style="flex:1">Yerevan </li><li style="flex:1">Samarkand </li></ul>Krasnodar Teheran <ul style="display: flex;"><li style="flex:1">Dalian </li><li style="flex:1">Washington </li></ul>Antalya Larnaca Tokyo Seoul Busan Belgrade Venice Beirut Tel Aviv Milan Nice Los Angeles Bucharest Shanghai Delhi Zagreb Sofia Bologna Split Tivat Barcelona Miami Havana Guangzhou Hong Kong Dubai Rome <ul style="display: flex;"><li style="flex:1">Istanbul </li><li style="flex:1">Tbilisi </li></ul><ul style="display: flex;"><li style="flex:1">Madrid </li><li style="flex:1">Thessaloniki </li></ul>Hanoi Valencia Lisbon Alicante Malaga Athens Antalya Larnaca Bangkok Ho Chi Minh City Heraklion Phuket Male Aeroflot routes Rossiya routes Aurora routes Tenerife # of Flights Evolution by Region, 9M 2020 y-o-y1 2020 Domestic Scheduled Network (flights per day, av.) Russia Europe (27.9)% <ul style="display: flex;"><li style="flex:1">132 </li><li style="flex:1">327 </li></ul>199 409 130

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