AEROFLOT GROUP C APITAL MARKETS DAY 2016 Moscow, 18 October 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 Table line colour 178 2 178 178 Agenda 232 Chart Colours 235 240 Time Content Speakers 182 196 9.00 – 10.00 Registration and Coffee 204 Part I – Management Presentations 135 157 10.00 – 10.15 Aeroflot Today and Tomorrow Vitaly Saveliev (CEO) 179 0 10.15 – 10.50 Market Update and Strategy Overview Giorgio Callegari (Deputy CEO for Strategy and Alliances) 112 192 10.50 – 11.30 Network, Fleet and Financial Overview Shamil Kurmashov (Deputy CEO for Commerce and Finance) 59 100 135 11.30 – 11.50 Marketing Strategy and Customer Service Mikhail Fandeyev (Marketing Director) 0 11.50 – 12.40 Q&A Session 176 80 12.40 – 13.00 Lunch Break 22 44 66 Part II – Site Visits 1 13.00 – 15.00 Flight Crew Training Center IR, Heads of Divisions 40 120 15.30 – 16.30 Hangar IR, Heads of Divisions 0 Message text 128 0 17.00 – 17.30 Hub Control Center IR, Heads of Divisions 255 Highlight 0 17.50 – 18.20 Operational Control Center IR, Heads of Divisions 0 Table line colour 178 3 178 178 232 Chart Colours 235 240 182 196 204 135 157 179 AEROFLOT TODAY AND TOMORROW VITALY SAVELIEV 0 112 192 CHIEF EXECUTIVE OFFICER 59 100 135 0 176 80 22 44 66 1 40 120 0 Message text 128 0 255 Highlight 0 0 Table line colour 178 4 178 178 Aeroflot – #1 Russian Carrier with a Global Network 232 Chart Colours 235 240 182 #1 airline in one of the world’s largest markets with leading 196 1 204 positions on both domestic and international routes 135 157 179 2 Global network with 153 unique destinations (300+ routes) in 51 countries serviced by one of the youngest fleet globally1 0 112 192 Multi-brand offering to appeal to a broad customer spectrum 59 3 100 across geographies 135 0 176 Superior product and customer experience (Aeroflot 80 4 awarded Four Star Airline status by Skytrax) 22 44 66 5 Efficient operating model underpinned by effective yield and 1 cost management 40 120 0 Experienced management team and international standards of Message text 128 6 0 corporate governance 255 Highlight 0 0 Table line colour 178 Note: Network statistics are based on summer 2016 schedule. Youngest average fleet among airlines with fleet over 100 aircraft as of October 2016. 5 178 178 Transformation of Aeroflot Group: Operational Improvements 232 Chart Colours 235 240 182 196 204 x x > + 135 3.5X 3.9X (8.6 yrs) (20.0%) 8.1 p.p. 157 179 >15 yrs 0 112 192 39.4 415.2 78% 59 >30.0 100 mn bn RUB 135 6.4 yrs 23.1 78% 0 176 11.1 80 106.1 mn bn RUB gr / ASK gr / ASK 22 44 66 FLEET FUEL PASSENGER LOAD PAX REVENUE 1 AGE COMSUMPTION FACTOR 40 120 2009 2015 0 Message text 128 0 • Over the course of the last 7 years the Group has shown an extraordinary operational and financial transformation. 255 Highlight 0 0 Note: fleet age for 2009 as of the beginning of the year. Average age of 6.4 in 2015 is for Aeroflot Group (for comparability purposes). For Aeroflot airline average age is 4.3 years. Table line colour 178 6 178 178 Transformation of Aeroflot Group: Optimization of Structure 232 Chart Colours 235 240 From Non-integrated Subsidiaries to Product- Development of LCC 182 focused Model 196 204 Not-integrated subsidiaries: • Established in 2014 Pobeda has quickly become one of the 1 largest airlines in the Russian market 135 157 179 • Leading (and only) true low-cost carrier in Russia (with 3.1 2 mn PAX transported in 2015) 0 112 192 3 • One of the fastest developing LCCs globally (according to Airline Business magazine) 59 100 135 Multi-brand product offering: 4 • Developed domestic route network with 35 unique routes 0 176 80 Premium Mid-priced Low-cost Far East • Focus on domestic market (10-15% capacity abroad on 5 highly-demanded routes) 22 44 66 6 • High share of promo to attract public attention: 10% of tickets sold for 999 RUB 1 40 120 7 • Financial performance ahead of the initial expectations 0 Message text 128 0 255 • Aeroflot Group completed reorganization and established airline holding with presence in all market segments. Highlight 0 0 Table line colour 178 7 178 178 Recognized Level of Excellence 232 Chart Colours 235 240 182 196 204 135 157 179 0 112 192 Skytrax Skytrax Best Russian Best Russian Airline Airline (2016, 2015, (2015, 2014, 2013) 59 4-star Airline Rating Best Airline in Eastern 100 (2016) Europe (2016, 2015, 2014, 2014, 2013) 135 2013, 2011) 0 176 80 22 44 66 1 Best European Airline, Best Airline in Readers’ Choice Best Airline Cuisine 7-star Safety Rating 40 Russia and CIS, Best Business-class Prize Top-10 120 in Mid-haul Segment 0 Message text 128 0 255 • Aeroflot service quality is recognized by a number of prestigious industrial awards and prizes. Highlight 0 0 Table line colour 178 8 178 178 Aeroflot – Digital Take-off 232 Chart Colours 235 240 182 Before 2009 2010 – 2015 2016 – 2020 196 204 XX% - share of automated business processes Support systems Flight management 135 system (ASOU PD) 157 179 Other 0 112 35% 100% 100% 192 B2P 59 100 Unstructured data 135 0 Initial Digitalization IT Systems Consolidation Cutting-Edge Technology Deployment 176 80 Fragmented IT-systems impeding Implementation of the three core platforms Broad use of Big Data analytics operational gains (Sabre, SAP and Lufthansa) to optimize IT 22 infrastructure and reduced operating expenses Personalized targeting of customer 44 Core IT-systems for aviation operations communication 66 support developed Over 50% of passengers use Aeroflot digital services (e.g. tickets sales, online check-in etc) Successful implementation could create incremental revenue for the Group 1 40 120 0 Message text 128 0 255 • Aeroflot’s current strategic focus is to further develop IT systems and introduce new digital technologies to Highlight 0 promote operational efficiencies and customer experience. 0 Table line colour 178 9 178 178 Key Strategic Priorities of Aeroflot Group 232 Chart Colours 235 240 Ranking in Ranking in 2025 Strategic Target 2025 (Achievement Estimate) 182 2009 2015 196 204 135 157 TOP-20 airlines by PAX globally 68 179 24 0 112 192 10 TOP-5 airlines by PAX in Europe 15 7 59 100 135 Over 70 million passengers 11.1 mn 39.4 mn 0 176 80 22 44 Over 30 million domestic passengers 4.9 mn 23.4 mn 66 1 40 120 0 Message text 128 • Aeroflot has made significant progress towards achieving its long-term goals. 0 • To achieve its long-term goals, Aeroflot plans to continue development of IT and introduce digital solutions, further consolidate its position in Skytrax rankings and continue active development of low-cost operations. 255 Highlight 0 0 Note: 2009 traffic number for Aeroflot and subsidiaries (Nordavia and Donavia). Aeroflot standalone – 8.6 mn PAX. Table line colour 178 Source: Flightglobal, Company estimates. 10 178 178 MARKET UPDATE GIORGIO CALLEGARI DEPUTY CEO FOR STRATEGY AND ALLIANCES Global Industry Trends 232 Chart Colours 235 240 Global Airline Industry Continues to Show Resilience… 182 Passenger Traffic Revenue Operating Profit ROIC 196 204 bn PAX $ bn $ bn % 751 9.3% 3.6 718 135 3.3 59.5 157 2005-2015 2005-2015 179 2.7 Average: 2.8 564 Average: 594 6.2% 5.9% 2.1 35.1 2005-2015 413 Average: 4.8% 0 27.6 112 2005-2015 Average: 20.5 3.3% 192 4.4 59 100 135 2005 2010 2014 2015E 2005 2010 2014 2015E 2005 2010 2014 2015E 2005 2010 2014 2015E 0 … on the Back of Operational Improvements in the Time of a Variety of External Challenges 176 80 Tourism Spending1 Air Connectivity Fuel Unit Cost Passenger Load Factor 2 $ bn # of unique city pairs, thousand $/gal of ATK % 22 44 16.3 16.6 844 2.70 66 80.4% 14.1 79.9% 641 11.9 2.15 78.7% 1 510 1.71 40 455 1.52 120 75.0% 0 Message text 128 0 2005 2010 2014 2015E 2005 2010 2014 2015 2005 2010 2014 2015 2005 2010 2014 2015E 255 Highlight 0 • Global airline industry shows strong growth in traffic and profitability and improved efficiency backed by 0 growing demand, connectivity and other factors despite external challenges.