Aeroflot Group Investor Presentation September 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. 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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 Russian Air Transportation Market Overview Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers Russian Air Transportation Market (million PAX) International Routes mln PAX, 6M 2018 Increase in PAX million inc. PAX of Russian and Foreign Carriers and int. transit PAX Domestic Routes 12.5% +1.9 60.8 12.3% 24.9 54.0 +1.9 14.8% +1.6 30.1 +0.6 26.2 35.2 +0.6 +0.2 11.9 31.4 14.4% 9.3 10.4% 7.1 15.8 18.0 3.9 3.6 27.8 30.7 10.1% 15.6 17.2 1 Aeroflot S7 Group Ural Airlines UTair Group Foreign Others 6M 2017 6M 2018 Q2 2017 Q2 2018 Group Carriers Aeroflot Group (million PAX) Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group includes UTair, Utair-Cargo and Turuhan 8.2% Market Share (PAX) 6M 2017 6M 2018 24.9 9.6% 23.0 18.6% 19.6% 7.9% 11.1 13.9 10.2 12.7 -1.6 p.p. 8.9% 42.5% 40.9% 8.5% 5.7 6.2 14.4% 15.3% 12.7 13.8 10.1% 7.7 7.0 6.2% 6.5% 6.3%12.0% 5.9%11.8% 6M 2017 6M 2018 Q2 2017 Q2 2018 Market Dynamics Net of Aeroflot Group “Clean” Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 15.7% Total Market 14.1% 40.3% Aeroflot Group 38.7% 19.2% International 17.5% 12.0% Domestic 10.0% 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 8.2% in 6M 2018 with acceleration in Q2 2018. 5 Capacity Trends Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers) Change in PAX traffic y-o-y, % Change in ASK y-o-y, % 25.7% 20.5% 16.4% 12.9% 12.2% 30.2 % 42.5 % 36.1 % 21.8 % 21.0% 17.2% 16.9 % 20.7 % 14.6 % 13.0 % 11.9% 15.3 % 10.6% 14.4 % 9.0% 12.2% 12.7% 10.8% 9.9% 7.4% Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 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 • 6M 2018 are marked by further market recovery on the back of higher demand in both international and domestic segments and active capacity additions by market players. 6 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 6M 2018 +6.4% (Sheremetyevo) • Premium product (4 Stars) 15.2 16.2 • High income and middle class Premium 16.2 65.3% • Hub and spoke model 6M 2017 6M 2018 • Regional and leisure product • Saint-Petersburg (3.8)% Focus on domestic flights (Pulkovo) 4.9 4.8 Regional • Selected international routes, • Moscow (Vnukovo) 4.8 19.1% and Charter mostly out of VKO airport in Moscow • Charter operations 6M 2017 6M 2018 • Moscow (Vnukovo) • Short and mid-haul flights +50.8% • Mostly domestic segment, 3.2 12.7% Low Cost selected international 3.2 2.1 routes • Point-to-point carriage 6M 2017 6M 2018 • Vladivostok, • The Far East airline flying on +5.7% Khabarovsk, short- and mid-haul direct Regional / Yuzhno-Sakhalinsk 0.69 0.73 international and domestic 0.7 2.9% Far-East routes • Flights to remote cities (local flights) 6M 2017 6M 2018 1 PAX contribution as of 6M 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 – both increased traffic by c1.0 million PAX 8 Pobeda Airline: Acceleration of Growth Overview of Pobeda Pobeda’s Network (Summer 2018) • Operating from Vnukovo airport (3rd Moscow airport by PAX) Network • Network comprising 62 routes (38 unique for the Group) Surgut • Additional expansion to international destinations (10 countries) Saint Petersburg • 20 Boeing 737-800 NG (30.06.2018) Moscow Perm Tyumen Krasnoyarsk • Plans for 4 more aircraft to be delivered in 2018 Cheboksary Ekaterinburg Fleet Kazan Nab. Chelny • Single class cabin Kaliningrad Chelyabinsk Novosibirsk Ufa • 189 seats per plane Samara Cologne Leipzig Ulan-Ude, • 3.2 million PAX in 6M 2018 (+50.8% y-o-y) Karlovy Vary Irkutsk Key features Baden-Baden Volgograd • 6M 2018 PLF of 93.4% (+0.4 p.p. y-o-y) Memmingen Bratislava Rostov and Astrakhan Anapa • International RPK is 26% of total Pobeda traffic Bergamo Venice Nalchik achievements in Gelenzhik Nazran • Active development of intra-region flights, and international flights from Sochi 6M 2018 Pisa Tivat Vladikavkaz Makhachkala the regions Girona Istanbul Batumi Tbilisi Reus Gyumri • 45 aircraft 2022 Goals Alanya • c. 15-16 mln PAX Paphos Larnaca Routes from Moscow Route from Makhachkala Routes from Rostov Routes from St.-Petersburg Route from Krasnoyarsk Routes from Ekaterinburg Routes from Sochi Growing Passenger Flows Improving Load Factor thousand PAX PLF, % 50.8% -0.6 p.p. 94.3% +0.4 p.p. 3,156.4 +1.5 p.p. 93.7% 58.4% 93.4% 93.1% 93.1% 42.2% 2,093.7 1,754.7 1,401.7 91.6% 985.7 1,108.1 Q1 Q2 6M Q1 Q2 6M 2017 2018 2017 2018 • Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. 9 Corporate Strategy: New Vision 2025 Strategic Goals New Sources of Growth 2025 Strategic Target 2009 2017 Achievement TOP-20 airlines by PAX globally 68 19 Increasing depth and Increasing population Improving efficiency of TOP-5 airlines by width of the network mobility, stimulation of operations, relocation of with increased focus passenger traffic and PAX in Europe 15 5* Moscow operations on connecting opening of new from VKO to SVO passengers.