Aeroflot Group Investor Presentation. December 2018

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 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. 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 globally 1 3 Multi-brand offering to appeal to a broad customer spectrum across geographies Celebrating 95 years in the world s sky 5 4 Superior product and customer experience (Aeroflot airline awarded Four Star Airline status by Skytrax) 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 Russian Air Transportation Market (million PAX) inc. PAX of Russian and Foreign Carriers and int. transit PAX 95.6 47.7 10.8% 11.7% 9.9% 105.9 53.2 48.0 52.7 9M 2017 9M 2018 Aeroflot Group (million PAX) 10.2% International Routes Domestic Routes 8.5% 41.6 45.2 7.9% 21.5 23.2 9.1% 20.2 22.0 Q3 2017 Q3 2018 Change in Airlines Passenger Numbers mln PAX, 9M 2018 +3.9 42.2 Aeroflot Group +1.3 12.2 Market Share (PAX) +0.9 +0.1 7.0 5.9 16.7 S7 Group Ural Airlines UTair Group Foreign Carriers Increase in PAX million +2.0 21.8 Others Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group includes UTair, Utair-Cargo and Turuhan 1 +2.1 38.3 17.2 8.9% 42.2 18.8 11.2% 21.1 23.5 9M 2017 9M 2018 Market Dynamics Net of Aeroflot Group Source: TCH, Company estimates Note: Incl. foreign carriers traffic. 15.4 13.1% 10.4% 17.4 7.0 7.7 8.4 15.4% 9.7 Q3 2017 Q3 2018 11.1% Total Market 5.8% 13.2% International 6.7% 8.8% Domestic 4.6% 9M 2017-0.2 p.p. Foreign Airlines 9M 2018 Clean Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 37.8% Aeroflot Group 37.6% Other Russian Airlines Aeroflot Group continued to deliver growth on further recovering market increasing PAX by 10.2% in 9M 2018 with acceleration in Q3 2018. 20.7% 15.3% 40.1% 6.4% 6.0% 11.5% 20.6% 15.8% 39.9% 6.6% 5.6% 11.6% 5

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 % 20.7 % 17.2% 14.6 % 16.9 % 18.6 % 7.4% 12.7% 15.3 % 10.8% 14.4 % 9.9% 9.1% 7.9 % 11.9% 10.6% 9.0% 7.5% Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 International Domestic Total market Source: TCH, Company calculations Q3 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Foreign carriers Russian carriers 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 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 Contribution 1 PAX Growth Premium Flagship carrier Premium product (4 Stars) High income and middle class Hub and spoke model Moscow (Sheremetyevo) 9M 2018 26.8 63.4% +8.0% 24.8 26.8 9M 2017 9M 2018 Regional and Charter Regional and leisure product Focus on domestic flights Selected international routes, mostly out of VKO airport in Moscow Charter operations Saint-Petersburg (Pulkovo) Moscow (Sheremetyevo, Vnukovo) 9.0 21.4% +0.3% 9.0 9.0 9M 2017 9M 2018 Low Cost Short and mid-haul flights Mostly domestic segment, selected international routes Point-to-point carriage Moscow (Vnukovo) 5.2 12.3% +55.3% 5.2 3.3 9M 2017 9M 2018 Regional / Far-East The Far East airline flying on short- and mid-haul direct international and domestic routes Flights to remote cities (local flights) Vladivostok, Khabarovsk, Yuzhno-Sakhalinsk 1.3 3.0% +5.2% 1.2 1.3 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) Network Fleet Key features and achievements in 9M 2018 2023 Goals Operating from Vnukovo airport (3 rd Moscow airport by PAX) Network comprising 84 routes (44 unique for the Group) Additional expansion to international destinations (14 countries) 22 Boeing 737-800 NG (30.09.2018) Plans for 2 more aircraft to be delivered in Q4 2018 Single class cabin 189 seats per plane 5.2 million PAX in 9M 2018 (+55.3% y-o-y) 9M 2018 PLF of 94.6% (+0.1 p.p. y-o-y) International RPK is 23% of total Pobeda traffic Active development of intra-region flights, and international flights from the regions Accelerated expansion in domestic and international segments c25-30 mln PAX annually Growing Passenger Flows thousand PAX Eindhoven Berlin London Cologne Leipzig Baden-Baden Karlovy Vary Salzburg Memmingen Bratislava Innsbruck Bergamo Venice Pisa Girona Rome Tivat 17 Saint Petersburg Moscow Kazan Perm Tomsk Krasnoyarsk Ekaterinburg 49 Cheboksary Nizhnekamsk Novosibirsk Chelyabinsk Kemerovo Samara Volgograd Rostov Astrakhan Krasnodar Min.Vody Sochi Nazran Vladikavkaz Makhachkala Tbilisi Larnaca Strong Passenger Load Factor PLF, % Helsinki Kaliningrad Cities where the airline operates to Cities with <10 routes served from city Petrozavodsk XX Kirov Surgut Ulan-Ude, Irkutsk Base cities with >10 routes served from city (number of routes in circle) 55.3% 5,178 96.4% 62.9% 58.4% 42.2% 1,755 2,021 1,402 986 1,108 1,240 3,334 93.1% 93.7% 94.6% 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 Passenger traffic International transit traffic Regional bases 90-100 mln in 2023 accelerated expansion of (25-30 mln by 2023) 5 mln - 2017 10-15 mln - 2023 3 bases opening by 2023: Sochi, Ekaterinburg, Novosibirsk; 1 international hub in Krasnoyarsk 3x regional PAX Fleet expansion 520 aircraft in 2023 Digitalization Strengthens competitive edge 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. A new summer uniform was introduced in the late 1980s a light blue dress with a white collar symbolizing summer and the light blue sky. Network Strategy 03

Aeroflot Group Network # of Flights Evolution by Region 1 (9M 2018, y-o-y) Geographic Network Russia Europe Asia North & Central America 2.0 % 5.1 % Los Angeles 9.1 % 10.8 % New York Washington Miami Havana Murmansk Arkhangelsk Salekhard New Urengoy Syktyvkar Khanty Mansiysk Saint Petersburg Surgut Nizhnekamsk Nizhnevartovsk Perm Nizhny Novgorod Ekaterinburg Kemerovo MOSCOW Tyumen Samara Krasnoyarsk Kaliningrad Kazan Omsk Novosibirsk Novokuznetsk Tomsk Hamburg Berlin Voronezh Ufa Chelyabinsk Abakan Minsk Irkutsk Saratov Kostanay Dusseldorf Frankfurt Orenburg Magnitogorsk Astana Barnaul Orly Prague Belgorod Volgograd Aktobe Paris Munich Rostov Atyrau Karaganda Chisinau Ulan Bator Vienna Gelenzhdik Astrakhan Milan Simferopol Stavropol Almaty Nice Rimini Anapa Adler Aktau Shymkent Sochi Bishkek Beijing Barcelona Rome Burgas Makhachkala Tivat Varna Mineral Waters Baku Tashkent Istanbul Yerevan Samarkand Antalya Krasnodar Dalian Teheran Larnaca Beirut Tel Aviv Delhi Dubai Hanoi Guangzhou Hong Kong Harbin Seoul Busan Shanghai Yakutsk Khabarovsk Vladivostok Yu. Sakhalinsk Tokyo Magadan P. Kamchatsky CIS 2.8 % Bangkok Ho Chi Minh City Phuket Middle East & Africa Total 6.8 % 16.6 % Male Aeroflot routes Rossiya routes Aurora routes Average Scheduled Flight Frequency per Route (Aeroflot Group ex-pobeda) Increase in Group frequencies by 13.4% was mainly supported by expansion of the number of frequencies in domestic segment (+16.0%) and in the sector of long-haul routes (+20.4%). 9M 2017 9M 2018 11.5 13.4% 13.1 9.8 11.5% 11.0 13.1 16.0% 15.2 12.1 12.2% 13.6 20.4% 6.8 8.2 Stockholm Oslo Helsinki Tallinn Riga Copenhagen MOSCOW Hamburg Kaunas Minsk Amsterdam Hannover Berlin London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague Paris Stuttgart Vienna Chisinau Zurich Munich Budapest Geneva Lyon Milan Venice Belgrade Nice Bologna Bucharest Split Zagreb Barcelona Sofia Rome Tivat Madrid Thessaloniki Istanbul Tbilisi Valencia Lisbon Alicante Athens Malaga Antalya Heraklion Larnaca Tenerife Total scheduled International Domestic Medium-haul Long-haul Note: 1 Scheduled flights of Aeroflot Group (excluding Pobeda LCC) Accelerated growth of destinations, sustained focus on increase in frequencies on scheduled routes. Aeroflot Group operates flights to 173 unique destinations in 57 countries (in 2018/2019 winter schedule, incl. Russia and new destinations launched in 2018). 12

Network Expansion Summer 2018 and Winter 2018/2019 Increased frequencies in Summer 2018 (examples) New destinations launched in Summer 2018 New destinations launched in Winter 2018/2019 season Yekaterinburg 56 7 1 Cairo (Egypt) 3 flights per week 1 Nalchik (Russia) 7 flights per week 8 Bukhara (Uzbekistan) 2 flights per week Rostov N.Novgorod 42 35 7 7 2 Saransk (Russia) 14 flights per week 2 Vladikavkaz (Russia) 7 flights per week 9 Osh (Kyrgyzstan) 7 flights per week Kaliningrad 38 4 3 Naples (Italy) 7 flights per week 3 Grozny (Russia) 7 flights per week 10 Colombo (Sri Lanka) 5 flights per week Ufa Prague Rome 35 35 28 7 7 7 4 5 Verona (Italy) 7 flights per week Burgas (Bulgaria) 7 flights per week 4 5 Izhevsk (Russia) 14 flights per week Makhachkala (Russia) 21 flights per week 11 12 Gothenburg (Sweden) 7 flights per week Ljubljana (Slovenia) 7 flights per week Milan Istanbul Antalya 28 14 14 14 7 7 6 7 Kyzylorda (Kazakhstan) 4 flights per week St.Pete London (LGW) 7 flights per week 6 7 Nazran (Russia) 7 flights per week Ulyanovsk (Russia) 14 flights per week 13 14 Dublin (Ireland) 7 flights per week Denpasar (Indonesia) 3 flights per week Weekly frequency in summer schedule 2017 Addition in weekly frequencies starting from summer schedule 2018 In Summer 2018 Aeroflot continued to increase frequencies both on the routes with already high capacity deployed as well as underserved routes. Starting from 2018/2019 winter schedule the Group launched 14 new destinations in Russia, Europe, and Asia. 13

Aeroflot Airline Domestic and International Transit Growing Connectivity of Aeroflot Airline s Flights 1... Average weekly frequency per route Aeroflot airline 16.0x 19.1x 21.2x 20.9x 22.6x 22.9 23.1 16.1 16.2 24.2 24.2 17.0 17.0 25.5 18.1 Growth 9M 2018 5.3% 6.9% Results into a Flexible Approach to Transit Flows Considerable share of transit of Aeroflot airline in Sheremetyevo 44.2% 42.1% 42.9% 43.7% 41.5% 13.5% 12.1% 11.8% 12.2% 11.6% 16.7% 16.9% 17.5% 18.0% 16.3% 12.4 12.5 13.1 13.0 14.0 7.6% 14.0% 13.1% 13.6% 13.5% 13.6% 2015 2016 2017 9M 2017 9M 2018 International Domestic Combined Backed by Convenient Location of Aeroflot Hub Moscow Connectivity ratio Shortest geographical distance 2015 2016 2017 9M 2017 9M 2018 Domestic - Domestic International - Domestic / Domestic - International International - International Increase in International International Traffic Total Aeroflot airline int. int. transit traffic, million PAX 9.3% 3.6 3.7 4.4 3.3 3.6 From/To Paris London Vienna Stockholm Rome Tokyo Via Moscow 15:00 15:05 13:45 13:15 14:55 Via Dubai 18:30 18:55 17:15 17:45 17:30 Shanghai Via Moscow 14:05 14:10 12:50 12:20 14:00 Via Dubai 17:25 17:50 16:10 16:40 16:25 Hong Kong Via Moscow 15:00 14:40 13:20 12:50 14:30 Via Dubai 18:30 17:10 15:30 16:00 15:45 Source: Company data, IMF, Eurostat, RITA, Russian State Statistics Service, Rosaviatsia. 1 Data for Aeroflot airline s own flights; Aeroflot adopted new frequency per route and connectivity ratio calculation methodology and previous periods were recalculated retrospectively 2015 2016 2017 9M 2017 9M 2018 Pickup in point-to-point demand combined with expanding capacities resulting in growing international transfer volumes Increasing flight frequency improves connectivity and supports Aeroflot s traffic growth in Sheremetyevo airport. Advantageous geographical positions and Group s efforts support traffic growth on key European and Asian destinations. 14

A uniform consisting of a dark blue plaid skirt and vest captured the spirit of the 1980s. In 1994, the renowned fashion designer Valentin Yudashkin created a new uniform: a black suit with a red vest, white shirt and bow tie. Operating Results and Yields 04

Operating Data Q3 & 9M 2018 Indicator Unit Q3 2017 Q3 2018 Aeroflot airline Y-o-Y 9M 2017 9M 2018 Y-o-Y Q3 2017 Q3 2018 Aeroflot Group Y-o-Y 9M 2017 9M 2018 Y-o-Y Passenger Traffic th PAX 9,544 10,547 10.5% 24,789 26,770 8.0% 15,378 17,393 13.1% 38,340 42,249 10.2% International Routes th PAX 4,950 5,336 7.8% 12,957 13,688 5.6% 6,975 7,700 10.4% 17,221 18,759 8.9% Domestic Routes th PAX 4,594 5,211 13.4% 11,832 13,082 10.6% 8,402 9,693 15.4% 21,119 23,490 11.2% Passenger Turnover mn pkm 26,372 28,599 8.4% 69,173 73,525 6.3% 39,990 44,441 11.1% 99,382 108,428 9.1% International Routes mn pkm 17,055 18,207 6.8% 45,620 47,958 5.1% 22,884 24,793 8.3% 58,408 62,725 7.4% Domestic Routes mn pkm 9,317 10,392 11.5% 23,553 25,567 8.6% 17,105 19,648 14.9% 40,974 45,703 11.5% Passenger Capacity mn ASK 30,267 32,463 7.3% 83,556 90,088 7.8% 45,035 49,411 9.7% 118,754 129,393 9.0% International Routes mn ASK 19,897 21,236 6.7% 55,788 60,054 7.6% 26,078 28,219 8.2% 69,820 76,180 9.1% Domestic Routes mn ASK 10,370 11,227 8.3% 27,768 30,034 8.2% 18,956 21,192 11.8% 48,934 53,213 8.7% Passenger Load Factor % 87.1% 88.1% 1.0 p.p. 82.8% 81.6% (1.2) p.p. 88.8% 89.9% 1.1 p.p. 83.7% 83.8% 0.1 p.p. International Routes % 85.7% 85.7% - 81.8% 79.9% (1.9) p.p. 87.8% 87.9% 0.1 p.p. 83.7% 82.3% (1.3) p.p. Domestic Routes % 89.8% 92.6% 2.7 p.p. 84.8% 85.1% 0.3 p.p. 90.2% 92.7% 2.5 p.p. 83.7% 85.9% 2.2 p.p. Tonne-Kilometres mn tkm 2,642 2,850 7.9% 6,977 7,372 5.7% 3,917 4,357 11.2% 9,817 10,697 9.0% International Routes mn tkm 1,720 1,834 6.6% 4,627 4,851 4.9% 2,248 2,441 8.6% 5,787 6,217 7.4% Domestic Routes mn tkm 922 1,016 10.3% 2,350 2,521 7.3% 1,669 1,916 14.8% 4,030 4,480 11.2% Revenue Flights flights 64,944 73,270 12.8% 180,689 200,651 11.0% 101,921 114,717 12.6% 276,779 305,730 10.5% International Routes flights 31,839 35,946 12.9% 89,744 98,963 10.3% 42,447 48,419 14.1% 114,732 128,358 11.9% Domestic Routes flights 33,105 37,324 12.7% 90,945 101,688 11.8% 59,474 66,298 11.5% 162,047 177,372 9.5% Flight Hours hours 185,732 206,592 11.2% 520,666 572,003 9.9% 279,066 311,853 11.7% 756,305 833,776 10.2% 16

Operating Data October & 10M 2018 Indicator Unit October 2017 October 2018 Aeroflot airline Y-o-Y 10M 2017 10M 2018 Y-o-Y October 2017 October 2018 Aeroflot Group Y-o-Y 10M 2017 10M 2018 Y-o-Y Passenger Traffic th PAX 2,913 3,145 8.0% 27,702 29,915 8.0% 4,301 4,792 11.4% 42,641 47,041 10.3% International Routes th PAX 1,505 1,574 4.6% 14,462 15,262 5.5% 1,997 2,162 8.3% 19,218 20,922 8.9% Domestic Routes th PAX 1,407 1,571 11.6% 13,240 14,653 10.7% 2,304 2,629 14.1% 23,423 26,119 11.5% Passenger Turnover mn pkm 8,167 8,590 5.2% 77,339 82,115 6.2% 11,271 12,304 9.2% 110,652 120,732 9.1% International Routes mn pkm 5,306 5,468 3.1% 50,926 53,427 4.9% 6,803 7,174 5.5% 65,210 69,899 7.2% Domestic Routes mn pkm 2,861 3,122 9.1% 26,413 28,688 8.6% 4,468 5,130 14.8% 45,442 50,832 11.9% Passenger Capacity mn ASK 10,029 10,589 5.6% 93,585 100,677 7.6% 13,712 14,855 8.3% 132,466 144,247 8.9% International Routes mn ASK 6,607 6,912 4.6% 62,395 66,966 7.3% 8,330 8,863 6.4% 78,150 85,043 8.8% Domestic Routes mn ASK 3,422 3,677 7.5% 31,190 33,711 8.1% 5,382 5,991 11.3% 54,316 59,204 9.0% Passenger Load Factor % 81.4% 81.1% (0.3) p.p. 82.6% 81.6% (1.0) p.p. 82.2% 82.8% 0.6 p.p. 83.5% 83.7% 0.2 p.p. International Routes % 80.3% 79.1% (1.2) p.p. 81.6% 79.8% (1.8) p.p. 81.7% 80.9% (0.7) p.p. 83.4% 82.2% (1.2) p.p. Domestic Routes % 83.6% 84.9% 1.3 p.p. 84.7% 85.1% 0.4 p.p. 83.0% 85.6% 2.6 p.p. 83.7% 85.9% 2.2 p.p. Tonne-Kilometres mn tkm 838 878 4.8% 7,815 8,250 5.6% 1,134 1,234 8.8% 10,951 11,930 8.9% International Routes mn tkm 548 565 3.1% 5,175 5,417 4.7% 685 724 5.7% 6,472 6,940 7.2% Domestic Routes mn tkm 290 312 7.9% 2,640 2,833 7.3% 449 510 13.5% 4,479 4,990 11.4% Revenue Flights flights 21,844 24,244 11.0% 202,533 224,895 11.0% 32,292 36,092 11.8% 309,071 341,822 10.6% International Routes flights 10,709 11,728 9.5% 100,453 110,691 10.2% 13,778 15,420 11.9% 128,510 143,778 11.9% Domestic Routes flights 11,135 12,516 12.4% 102,080 114,204 11.9% 18,514 20,672 11.7% 180,561 198,044 9.7% Flight Hours hours 62,966 68,484 8.8% 583,631 640,487 9.7% 88,980 98,393 10.6% 845,285 932,170 10.3% 17

9M 2018 Operating Data by Region (Scheduled Routes) Americas Russia CIS 6.6 % 6.0 % 9.9 % 12.4 % 12.9 % 9.7 % 4.1 % 2.4 p.p. 0.7 % 0.5 % 0.2 p.p. Passengers RPK ASK (3.0) p.p. PLF carried Performance of North and Central American market was supported by additional frequency to Miami in Summer schedule and increased ASK to other destinations, which weighted on PLF. Passengers carried RPK ASK PLF Russian market is continuing to show consistent growth in 2018 with strong PLF performance on the back of efficient capacity management and addition of new routes and frequencies. Passengers carried Europe Middle East Asia RPK ASK PLF Positive contribution to regions KPIs comes from increased frequencies of Aeroflot airline and stronger demand to local destinations, slightly dimmed by subsidiaries operating program optimization. 12.2 % 13.4 % 16.5 % 7.4 % 7.0 % 10.7 % 2.6 % 2.0 % 1.7 % 0.3 p.p. (2.2) p.p. (2.7) p.p. Passengers RPK ASK PLF Passengers RPK ASK PLF carried carried European market performance benefited from Operating performance of the region significantly launch of additional frequencies to key affected by increased frequencies to Istanbul, destinations and from new destinations opening, Antalya and Dubai backed by strong demand. putting slight pressure on PLF. PLF affected by stronger competition on select routes. Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) Passengers carried RPK ASK PLF More traffic on key scheduled destinations (Beijing, Seoul) as well as popular leisure destinations (Male) amid material increase in frequencies supportive for overall performance of the region. Strong operating performance on scheduled routes supported by FIFA World Cup and additionally influenced by selective route network adjustments and competition. 18

Aeroflot Group Scheduled Flights Revenue Units Q3 Yield (PAX Revenue / RPK) Q3 RASK (PAX Revenue / ASK) RUB RUB 9.3% 9.6% 4.2% 5.9% 1.5% 3.86 (1.5)% 4.47 3.69 4.09 4.14 3.44 3.49 3.52 3.48 3.97 3.82 3.77 Domestic International Total 9M Yield (PAX Revenue / RPK) RUB Domestic International Total 9M RASK (PAX Revenue / ASK) RUB 3.50 0.5% 3.52 3.81 9.8% 4.18 3.67 5.6% 3.88 2.91 3.5% 3.01 3.12 7.8% 3.36 3.03 5.9% 3.21 Domestic International Total % Y-o-Y increase Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations. Domestic International Total 2017 2018 RUB dynamics and changing mix of operations at subsidiaries level due to rapid expansion of LCC affected RUB yields in Q3 and 9M 2018. 19

Aeroflot Airline Yield Dynamics (Monthly) Aeroflot Airline Total Yield Aeroflot Airline International Yield RUB/RPK, Change y-o-y in % 17.5% RUB/RPK, Change y-o-y in % 23.1% 4.5% 9.7% 6.2% 8.8% 12.6% 5.8% 9.8% 4.4% 7.8% 5.1% 6.2% 8.2% 4.7% 7.9% (4.2)% (2.6)%(1.8)%(0.1)% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2017 2018 Aeroflot Airline Domestic Yield RUB/RPK, Change y-o-y in % 7.8% (1.3)% 0.0% 0.4% (2.4)% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 1.1% 1.8% 4.1% 2.1% 4.1% 3.7% 3.0% 1.7% 0.3% 2.8% 4.5% Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 2017 2018 2017 2018 Source: Company calculations, data presented based on management accounting figures for Aeroflot airline standalone; immaterial deviations vs. historical data may occur due to adjustments in Revenue Management System (RMS) Note: Overall monthly yield performance of Aeroflot airline is consistent with the Group performance. Immaterial deviations of 1-2 p.p. in specific months can be the case, but yield performance trends are similar for the airline and the Group. Aeroflot airline yields showed improvement on a monthly basis throughout 2017 (y-o-y) and in 2018 yield dynamics entered positive zone in both international and domestic segments. In 9M 2018 international segment was the main driver of Aeroflot growth: yields were in higher single-digit growth mode during the period and in June-July yield dynamics accelerated y-o-y supported by additional demand associated with FIFA World Cup. 20

Traffic Revenue Analysis Traffic Revenue Breakdown by Type 9M 2018 Sheduled Passenger Flights 89.7% Revenue from Scheduled Passengers (RUB mln) 1 Q3 2017 Q3 2018 Y-o-Y Region 9M 2017 9M 2018 Y-o-Y 9M 2018, % of sch. revenue 62,086 71,101 14.5% Russia 137,374 155,892 13.5% 41.1% 37,319 45,267 21.3% Europe 88,151 106,577 20.9% 28.1% Cargo 3.0% Charter Passenger Flights 7.2% Scheduled Traffic Revenue by POS 9M 2018 2 Sales in Russia 31.8% Call center and ow n branches 3.6% Online 32.7% Sales abroad 31.8% 18,158 21,419 18.0% Asia 49,525 56,011 13.1% 14.8% 7,111 7,891 11.0% CIS 16,729 18,644 11.4% 4.9% 8,323 10,243 23.1% 6,313 7,518 19.1% North and Central America Middle East and Africa 19,801 23,523 18.8% 6.2% 16,146 18,761 16.2% 4.9% 139,310 163,439 17.3% Total 327,726 379,408 15.8% 100.0% Total Passenger Revenue (Scheduled + Charter, RUB mln) Q3 2017 Q3 2018 Y-o-Y Segment 9M 2017 9M 2018 Y-o-Y 9M 2018, % of revenue 63,976 73,633 15.1% Domestic 141,799 161,162 13.7% 39.3% 85,727 103,989 21.3% International 208,702 248,812 19.2% 60.7% 149,702 177,622 18.7% Total 350,502 409,974 17.0% 100.0% In 9M 2018 revenue from scheduled passengers grew by 15.8% mainly driven by revenue growth on Russian, European and Asian markets. 1 Data presented based on management accounting 2 Data presented based on management accounting for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot 21

The summer uniform of the 1980s took on the typical look of this time a short-sleeve cropped jacket with bold shoulders. At that time, Aeroflot was transporting more than 120 million passengers per year. This achievement was entered in the Guinness Book of Records. The scarlet uniform returned in the early 1990s. Aircraft Fleet 05

Aeroflot Group Fleet Evolution Aeroflot Group Fleet in Operation 1 Average Age of the Fleet 2 7.7 5.2 7.0 4.1 Aircraft 232 251 247 Aircraft 140 150 165 Average Age 6.4 6.5 6.2 6,2 289 Average Age 4.4 4.2 4.1 4,1 189 325 224 250 2013 2014 2015 2016 2017 9/30/2018 1 Excludes planes out of operation 2 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft according to FlightGlobal data (as of October 2018) excluding planes out of operation 361 2013 2014 2015 2016 2017 9/30/2018 Aeroflot Airline Fleet in Operation 1 Hainan Airlines Shandong Airlines Xiamen Airlines China Eastern Airlines Shanghai Airlines Sichuan Airlines Spirit Airlines IndiGo Qatar Airways Azul Emirates Airline Lion Air Saudia Etihad Airways Garuda Indonesia EasyJet Europe Singapore Airlines Japan Airlines American Airlines Qantas Lufthansa Air France British Airways Jazz United Airlines Delta Air Lines Aeroflot operates the youngest fleet in the industry among airlines with active fleet of 100+ aircraft Aeroflot achieved significant progress in fleet renewal both for Aeroflot airline and for the Group 4.1 4.8 5.1 5.3 5.6 5.6 5.6 5.6 5.8 5.8 6.0 6.0 6.0 6.1 6.2 6.4 6.5 7.5 10.0 10.5 10.7 12.0 13.0 13.8 13.9 14.9 16.3 23

Aeroflot Group Fleet Breakdown Aircraft Type Operated by Lease type Total as of Total as of Change vs. Owned Aeroflot Subsidiaries Finance Operating 30-Sept-18 31-Dec-17 31-Dec-17 Wide-body 39 18 18 39-57 52 5 Airbus A330 22-8 14-22 22 - Boeing 777 17 9 10 16-26 21 5 Boeing 747-9 - 9-9 9 - Narrow-body (medium-haul) 161 79 18 222-240 222 18 Airbus A319-36 9 27-36 36 - Airbus A320 80 5-85 - 85 80 5 Airbus A321 39-9 30-39 38 1 Boeing 737 42 38-80 - 80 68 12 Narrow-body (regional) 50 14-58 6 64 51 13 DHC 8-11 - 5 6 11 11 - DHC 6-3 - 3-3 3 - SSJ 100 50 - - 50-50 37 13 Total fleet 1 250 111 36 319 6 361 325 36 Breakdown by Aircraft 2 Breakdown by Company 2 Breakdown by Ownership Type 2 Wide-body 16% Pobeda Aurora 6% 7% Finance 10% Owned 2% Narrowbody (regional) 18% Narrowbody (mediumhaul) 66% Rossiya 18% Aeroflot 69% Operating 88% 1 Excluding An-24 and An-148 not operated by the airlines of the Group 2 Excludes planes out of operation Well-balanced fleet structure in line with Group s strategy 24

Fleet Expansion Strategy Delivery/Phase-out Schedule 1 Aeroflot Group Fleet as at Year-end 2 Type of aircraft Q1-Q3 2018 (Actual) Current Q4 2018 (Plan) Delivery Phase out fleet (1) Delivery Phase out Number of aircraft ~520 Wide-body (long-haul) 5-57 1 - A-330 - - 22 - - B-777 5-26 1 - B-747 - - 9 - - 361 Narrow-body (medium-haul) 28 (10) 240 8 (8) A-319 - - 36 - (2) A-320 10 (5) 85 1 (4) A-321 5 (4) 39 - (2) B-737 13 (1) 80 7 - Narrow-body (regional) 13-64 - (1) SSJ-100 13-50 - - DHC-8 - - 11 - (1) DHC-6 - - 3 - - TOTAL 46 (10) 361 9 (9) Net additions (1) + 36 aircraft no net addition 30.09.2018 2019E 2020E 2021E 2022E 2023E 1 As of 30.09.2018, not including aircraft leased or subleased to other operator (1 An-24 and 5 An-148 ). 2 According to existing strategy. Not including aircraft leased or subleased to other operator. Number of planes in 2023 is average for the year. Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 25

The renowned Russian fashion designer, Victoria Andreyanova, created a dark blue uniform in 2004. A dark blue uniform for flights in autumn and winter was introduced in 2010 and ranked first in international ratings for being the most stylish and elegant flight attendant uniform. Financial Results 06

Financial Highlights: Q3 and 9M 2018 Q3 2017 Q3 2018 Change RUB mln (where applicable) 9M 2017 9M 2018 Change 15,378 17,393 13.1% Passenger Traffic (mln PAX) 38,340 42,249 10.2% 169,915 200,523 18.0% Revenue 404,773 466,345 15.2% 149,702 177,622 18.7% Traffic Revenue 350,502 409,974 17.0% 54,958 64,594 17.5% EBITDAR 1 101,016 110,957 9.8% 32.3% 32.2% (0.1) p.p. EBITDAR 1 margin 25.0% 23.8% (1.2) p.p. 37,902 40,567 7.0% EBITDA 53,306 47,189 (11.5)% 22.3% 20.2% (2.1) p.p. EBITDA margin 13.2% 10.1% (3.1) p.p. 24,261 27,718 14.2% Net income 27,149 22,490 (17.2)% Financial results of 9M 2018 are explained by continuing pressure of macroeconomic factors fuel and exchange rate dynamics. Fuel cost pressure was partially offset by yield trends as well as cost-cutting initiatives particularly visible in Q3 2018. 27 1 EBITDAR = EBITDA + operating lease expenses.

Revenue Growth Decomposition Revenue by Key Factors Revenue by Business Segments RUB mln RUB mln 15.2% 15.2% 8.8% + 4.7% + 0.9% + 0.9% 12.8% + 1.9% + 0.4% + 0.1% 404,773 35,472 Growth in operating metrics: RPK + 9.1% PAX + 10.2% 19,056 3,450 3,595 466,345 Depreciation of RUB in 9M 2018 y-o-y by c5% vs. USD and by c13% vs. EUR Domestic yield up by 1.9%, international up by 11.0% More traffic served under agreements with airlines 404,773 51,682 Charter RPK up by 4.9% y-o-y, strong yields Growth across geographies: Russian revenue + 13.5% International revenue +17.4% 7,790 1,539 561 466,345 Cargo volumes +14.2% 9M 2017 Volume Currency Pricing Other 9M 2018 9M 2017 Scheduled Passenger Flights Charter Passenger Flights Cargo Other Revenue 9M 2018 Positive contribution of volume and pricing as well as support from FX were the main factors influencing revenue. Primary driver of revenue growth was expansion of scheduled passenger flights across all segments, notably in Russia, Europe and Asia 28

Operating Costs Q3 2017 Q3 2018 Change y-o-y Change ex. FX & NRE Operating Expense (RUB mln If not stated otherwise) 9M 2017 9M 2018 Change y-o-y Change ex. FX & NRE % of Total OpEx (9M 2018) 33,727 54,080 60.3% 49.9% Fuel 89,944 131,965 46.7% 41.3% 30.7% 102,024 109,318 7.1% 2.5% Opex (ex. Fuel) 272,967 297,534 9.0% 6.4% 69.3% 28,744 31,634 10.1% 5.7% Aircraft, traffic and passenger servicing 74,706 80,268 7.4% 3.5% 18.7% 22,186 19,656 (11.4)% (7.1)% Staff 60,509 61,315 1.3% 4.2% 14.3% 17,056 24,027 40.9% 27.0% Operating lease 47,710 63,768 33.7% 27.0% 14.8% 10,566 11,750 11.2% 1.1% Maintenance 1 26,247 32,009 22.0% 16.0% 7.5% 9,339 8,400 (10.1)% (13.8)% SG&A 2 23,846 22,478 (5.7)% (8.2)% 5.2% 3,738 3,442 (7.9)% (8.0)% D&A and customs duties 11,444 10,343 (9.6)% (9.6)% 2.4% 10,395 10,409 0.1% (6.5)% Other expenses 3 28,505 27,353 (4.1)% (5.5)% 6.4% 135,751 163,398 20.4% 14.3% Total Opex 362,911 429,499 18.3% 15.1% 100.0% 1 Normalized change in maintenance spending (including change in maintenance reserve in Other operating expenses line) in 9M 2018 amounts to +12% y-o-y, in Q3 2018 +2% y-o-y. 2 Includes sales and marketing expenses and administration and general expenses. 3 Other expenses include Global Distribution Systems cost, reserves accrual and reversal, catering expenses, banks commissions and other operating income and loss. In 9M 2018 operating costs were significantly impacted by expansion of operations, fuel price increase and growing fleet of the Group. FX dynamics also affected key operating expenses lines. 29

Group Unit Costs Q3 2017 Q3 2018 Change Operating Expense per ASK (CASK), RUB 9M 2017 9M 2018 Change 0.75 1.09 46.1% Fuel 0.76 1.02 34.7% 2.27 2.21 (2.3)% Opex (ex. Fuel): 2.30 2.30 0.0% 0.64 0.64 0.3% Aircraft, Traffic and Passenger Servicing 0.63 0.62 (1.4)% 0.49 0.40 (19.2)% Staff 0.51 0.47 (7.0)% 0.38 0.49 28.4% Operating Lease 0.40 0.49 22.7% 0.23 0.24 1.4% Maintenance 0.22 0.25 11.9% 0.21 0.17 (18.0)% SG&A 0.20 0.17 (13.5)% 0.08 0.07 (16.1)% D&A and Customs Duties 0.10 0.08 (17.1)% 0.23 0.21 (8.8)% Other Expenses 0.24 0.21 (11.9)% 3.01 3.31 9.7% Total Opex 3.06 3.32 8.6% 8.6% (2.8)% 5.6% 0.26 0.03 (0.01) 0.09 (0.02) (0.03) (0.03) (0.11) 0.02 (0.04) 3.32 3.23 3.06 3.06 Reported CASK 9M 2017 Staff Fuel Maintenance Aircraft, Traffic and Passenger Servicing Operating Lease D&A and CD* Admin & Sales & Marketing Other Costs Reported CASK 9M 2018 * Customs duties ** NRE includes insurance refund for the aircraft and recovery of part of the provision created for compensation under long-term motivation programs FX NRE** CASK 9M 2018 Reported CASK ex. FX and 9M 2017 NRE** Cost per ASK increased by 8.6% from RUB 3.06 in 9M 2017 to RUB 3.32 in 9M 2018 on the back of fuel, maintenance and operating lease expenses pressure. 30

Fuel Cost Management Flight Hours Fuel Consumption per ASK Fuel Consumption per RTK (thousand hours) (gr/ask) (gr/rtk) 10.2% (1.2)% (1.2)% 834 22.8 22.5 275.4 272.1 756 9M 2017 9M 2018 Aeroflot Airline Jet Fuel Price (RUB per tonne of jet fuel) 50 000 40 000 30 000 44 353 32 484 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 9M 2018 2017 (WA) 2018 56.6 56.8 57.1 60.9 62.3 62.8 62.8 66.5 67.6 USD/RUB 69.1 65.7 66.9 71.8 77.0 75.9 75.0 73.8 79.1 Brent (USD) Source: Bloomberg, Company data 1 Weighted average price for 9M 9M 2017 9M 2018 2 USD/RUB exchange rate as per the Central Bank of Russia 3 Assuming 18% VAT rate Efficient fuel procurement: 1-year supply contracts in airports across Russia Majority of fuel purchased in Russia and almost all fuel at international airports supplied at formulalinked price - Jet fuel price Intl = NW Europe (FOB Rotterdam) price x Discount x FX rate 2 x 1.18 3 + Storage/Fuelling/Supply fees (if any of these applicable) Increasing average fuel price per tonne. Aeroflot Airline: 9M 2018: 44,353 RUB (+36.5% y-o-y). Q3 2018: 48,019 RUB (+49.4% y-o-y). Aeroflot Group: 9M 2018: 45,252 RUB (+36.0% y-o-y). Q3 2018: 48,501 RUB (+47.5% y-o-y). Aeroflot is achieving efficiency gain in fuel costs as new aircraft are put into operation. Oil price and RUB fluctuations led to further upward pressure on jet fuel price in Q3 and 9M 2018. 1 Comments 9M 2017 9M 2018 31

Headcount Overview Aeroflot Group Headcount by Category Traffic Revenue / Average Airlines Headcount 31-Dec-2017 30-Sep-2018 % Cabin crew 11,259 11,947 6.1 % Airport services 7,034 7,117 1.2 % Technical maintenance and repair 4,702 5,196 10.5 % Flight crew 3,846 4,042 5.1 % Tickets and services sales, advertising 1,903 1,921 0.9 % Other airline personnel (inc. airlines head office) 5,430 5,586 2.9 % Other non-airline subsidiaries personnel 4,696 4,972 5.9 % Total 1 38,870 40,781 4.9 % 1 Aeroflot Group headcount table excludes Aeroflot Aviation School headcount amounting to 181 employees as at 31.12.2017 and 198 employees as at 30.09.2018. Other airline personnel 13.7% Airport services 17.5% Other non-airline personnel 12.2% Tickets and services sales, advertising 4.7% PAX Traffic / Average Airlines Headcount (million RUB per employee, annualized to 30.09.2018) (passengers per employee, annualized to 30.09.2018) Flight crew 9.9% Cabin crew 29.3% Technical maintenance and repair 12.7% 9.7% 4.2% 15.4 14.0 1,491 1,554 30.09.2017 (LTM) 30.09.2018 (LTM) 30.09.2017 (LTM) 30.09.2018 (LTM) Improvement in labour productivity has resulted in increase of key performance indicators in 9M 2018. Aeroflot Group headcount increased by 6.2% vs. September 30, 2017. 32

EBITDA Evolution (RUB mln) Total effect on revenue =61,572 RUB mln Total effect on costs =(67,687) RUB mln Net volume and price effect =42,516 RUB mln Net FX effect =4,802 RUB mln 19,056 (14,253) Net volume and price effect =(53,434) RUB mln 35,472 3,450 3,595 (37,107) Volume effect (8,441) RUB mln Price effect (28,306) RUB mln (754) (2,596) (12,877) (4,187) 1,962 2,124 (2,377) 53,306 47,189 44,812 Reported EBITDA 9M 2017 Volume Pricing Other FX benefit on revenue FX drag on costs Fuel* Staff* Aircraft, Traffic and PAX* Operating Leases* Maintenance* Admin & Sales & Marketing* * Excluding currency impact ** NRE includes insurance refund for the aircraft and recovery of part of the provision created for compensation under long-term motivation programs Other OPEX* Reported EBITDA 9M 2018 NRE** Adjusted EBITDA 9M 2018 Positive FX impact was observed on revenue side on the back of weakening RUB, which outpaced pressure on operating costs. Key drivers of EBITDA adjustment along with the growth in size and scale of operations were increase in jet fuel price and operating lease costs growth. 33

Operating and Free Cash Flows (RUB mln) Billion RUB 9M 2018 Other adjustments before working capital changes, incl. 10.2 Effect from revenue hedging (finance lease hedge accounting) 4.9 Change in provisions 8.1 Other (2.8) Billion RUB 9M 2018 Working capital changes and income tax, incl. (18.8) Change in accounts receivable and prepayments (17.5) Change in accounts payable and accrued liabilities 3.1 Change in expendable spare parts and inventories (1.2) Change in tax and restricted cash (3.2) (31.3)% 10,160 (18,801) 9,590 4,554 535 (8,592) 12,260 290 3,168 923 64,254 54,882 44,130 30,043 36,081 Profit Before Income Tax D&A Interest Expense Unrealized Net FX Loss Other Adj. Before Working Capital Changes Cash Flows From Operating Activities Before Working Capital Changes 1 Change in provisions line mainly consists of provision for regular repairs and maintenance Working Capital Changes and Income Tax Net Cash Flows From Operating Activities Capital Expenditures Proceeds From Sale of PPE Deposit Placement and Return Net Predelivery Payments for Aircraft Net Leasing Deposits for a/c in Operating Lease and Other Free Cash Flow 9M 2018 Free Cash Flow 9M 2017 Strong Operating and Free Cash Flow generation in 9M 2018 on the back of growing business volumes and solid operating performance. 34

Pobeda Financial Results Increasing PAX Traffic 1 RASK dynamics Growing Revenues of LCC Segment Million passengers RUB 5.2 2.64 2.66 Q3 2017 Q3 2018 Change RUB mln 9M 2017 9M 2018 Change 3.3 7,733 12,747 64.8% Revenue 16,002 26,483 65.5% 9M 2017 9M 2018 9M 2017 9M 2018 4,660 5,464 17.3% EBITDAR 1 6,703 8,093 20.7% PAX up by 55.3% in 9M 2018 RASK up by 0.6% in 9M 2018 Increasing ASK CASK dynamics Billion ASK RUB 60.3% 42.9% (17.4) p.p. EBITDAR margin 41.9% 30.6% (11.3) p.p. 3,823 3,796 (0.7)% EBITDA 4,230 3,862 (8.7)% 6.1 10.0 1.94 2.27 49.4% 29.8% (19.6) p.p. EBITDA margin 26.4% 14.6% (11.8) p.p. 3,219 3,080 (4.3)% Net income 3,619 3,255 (10.1)% 9M 2017 9M 2018 9M 2017 9M 2018 ASK up by 64.5% in 9M 2018 CASK up by 16.8% in 9M 2018 41.6% 24.2% (17.4) p.p. Net margin 22.6% 12.3% (10.3) p.p. Note: based on managerial accounts transformed under IFRS standards 1 Calculation based on Total Revenue of the Company Pobeda has demonstrated solid results backed by strong demand and active expansion of the fleet in 9M 2018. 35

Leverage and Liquidity Debt Profile 1 Net Debt / LTM EBITDA 2 RUB mln 31-Dec-2017 30-Sep-2018 Change Borrowings 3,181 3,502 10.1% 0.9 0.9 0.6 0.7 Finance Lease Liabilities 100,689 92,449 (8.2)% Pension Liabilities 922 920 (0.2)% Total Debt 104,792 96,871 (7.6)% Cash and Short Term Investments 54,909 60,051 9.4% Net Debt 49,883 36,820 (26.2)% 30-Sep-2017 31-Dec-2017 31-Mar-2018 30-Jun-2018 30-Sep-2018 RUB mln Net Debt 2 EBITDA 2 31-Dec-2017 31-Mar-2018 30-Jun-2018 30-Sep-2018 49,883 29,470 (656) 36,820 Debt breakdown by currency Finance Lease Repayment Schedule (RUB billion) 3 n/m 56,015 49,420 47,234 49,898 Borrowings 13% Finance Lease 2% 44.1 14.8 14.6 14.7 87% RUB USD 98% 1 31-Dec-2017 exchange rate - 57.60 RUB per USD, 30-Sep-2018 exchange rate - 65.59 RUB per USD 3 Not including interest; future payments in dollars converted into roubles at exchange rate of 65.59 RUB per USD 2 Net debt does not include capitalised operating lease expenses; based on annualized EBITDA Net Debt decreased by 26.2% due to decrease in finance lease obligations as well as accelerated growth in cash position. Cash position of RUB 60.1 billion and undrawn credit lines of RUB 81.5 billion. 4.2 2018 2019 2020 2021 2022+ 36

Appendix 07

Russian Air Transportation Market: Room for Growth Russian Total Passenger Traffic Growth, mln PAX (1) Trips per Capita (2).0.0.0.0 103.7 64.4 Notes: (1) Total local and foreign carriers traffic Sources: FAAT, Aeroflot estimates Railways facing increasing competition (5.1)% 110.7 Total CAGR 4.5% International (1.3)% Domestic 12.4% 111.8 107.3 102.8 65.5 54.7 46.4 RZD long-haul rail traffic (mln PAX) (6.9)% (5.0)% 3.6% 123.7 61.1 39.2 46.3 52.6 56.4 62.6 2013 2014 2015 2016 2017 Domestic Routes International Routes Long-distance rail routes low over 10 mln PAX in the recent 5 years and over 30 mln PAX over a decade 0.8% 103.1 97.9 101.4 102.3 20.3% Change FY16-17 31.7% 11.0% 39.2 3.83 0.17 0.17 2.97 2.28 1.41 0.81 0.65 0.65 0.43 0.43 UK USA Turkey Russia (2) Airline PAX per capita per year, as of 2017 Sources: FAAT, Aeroflot estimates from airlines on domestic routes Domestic air traffic (mln PAX) 10.8% 17.9% 46.3 13.6% 52.6 Despite fast growth of the recent years, Russian airline industry still has promising growth prospects compared to European & US markets x.xx Domestic PAX per capita Domestic air traffic growth at a much higher pace than other means of transportation 7.3% 56.4 10.9% 62.6 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 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. 38

Key Operating Data of Subsidiary Airlines Indicator Unit Rossiya Airline Pobeda Airline Aurora Airline 9M 2018 Y-o-Y 9M 2018 Y-o-Y 9M 2018 Y-o-Y Passenger Traffic th PAX 9,046 0.3% 5,178 55.3% 1,255 5.2% International Routes th PAX 3,563 6.6% 1,195 92.3% 314 4.4% Domestic Routes th PAX 5,483 (3.5)% 3,983 46.8% 941 5.4% Passenger Turnover mn pkm 23,520 3.9% 9,436 64.7% 1,947 5.8% International Routes mn pkm 11,706 6.7% 2,610 90.0% 451 2.5% Domestic Routes mn pkm 11,814 1.3% 6,826 56.7% 1,496 6.8% Passenger Capacity mn ASK 26,791 0.6% 9,972 64.5% 2,542 1.0% International Routes mn ASK 12,723 6.7% 2,782 84.9% 621 3.1% Domestic Routes mn ASK 14,068 (4.3)% 7,190 57.7% 1,921 0.4% Passenger Load Factor % 87.8% 2.7 p.p. 94.6% 0.1 p.p. 76.6% 3.4 p.p. International Routes % 92.0% - 93.8% 2.5 p.p. 72.7% (0.4) p.p. Domestic Routes % 84.0% 4.6 p.p. 94.9% (0.6) p.p. 77.9% 4.7 p.p. Flight Hours hours 156,363 (0.7)% 70,210 63.5% 35,201 (0.2)% 39

flights mm pax Infrastructure Expansion to Support Future Growth New Terminal B Highlights New infrastructure objects launched in 2018 Capacity 20 mln PAX (4,200 PAX per hour) Size 110 thd sqm New technologies implemented in the new terminal Connected to terminal E via interteminal tunnels Terminal B Interterminal tunnel Express train Evolution of key operating indicators (max. theoretical capacity) Sheremetyevo development plan 2017 2026 80 Runway-3 Terminal C Warehouse Terminal B Fuel-filling Terminal C-2 Complex Cargo Terminals Annual pax capacity 40 1 90 Flights per 55 hour 2 Source: Sheremetyevo press-center, aviation explorer, public sources Note: 1 Actual passenger traffic of 2017 2 According to IATA Methodology 2018 2019 2021 2024 Runway-1 Runway-2 Terminal D Terminal F Terminal E Interterminal Tunnel Aeroflot finalized transfer of the majority of own domestic flights to the new Terminal B on November 15, 2018, leaving only eight daily flights to the Far East of Russia to ensure more efficient connections. 40

Fleet Expansion Commitments Type of aircraft Notes: 1 As of 30.09.2018; Not including 1 An-24, 5 An-148 2 2019+ additions are subject to corporate approval Delivery/Phase-out Schedule in Accordance with Existing Contracts 9M 2018 (Actual) Delivery Phase out 4Q 2018 (Plan) 2019 (Plan) 2020 (Plan) 2021 (Plan) Current fleet 1 Phase Phase Phase Phase Delivery Delivery Delivery Delivery out out out out Wide-body (long-haul) 5-57 1-2 (3) 10 (4) 8 (3) A-330 - - 22 - - - (3) - (4) - (3) B-777 5-26 1-2 - 2-1 - B-747 - - 9 - - - - - - - - A-350 - - - - - - - 8-7 - Narrow-body (medium-haul) 28 (10) 240 8 (8) 10 (18) 15 (14) 15 (18) A-319 - - 36 - (2) - (4) - (3) - (4) A-320 10 (5) 85 1 (4) 1 (9) - (11) - (7) A-321 5 (4) 39 - (2) - (4) - - - (3) B-737 13 (1) 80 7-9 (1) 9-8 (4) МС-21 - - - - - - - 6-7 - Narrow-body (regional) 13-64 - (1) 12 (3) 12 (1) 12 - SSJ-100 2 13-50 - - 10-12 - 12 - DHC-8 - - 11 - (1) - (3) - (1) - - DHC-6 - - 3 - - 2 - - - - - TOTAL 46 (10) 361 9 (9) 24 (24) 37 (19) 35 (21) Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market trends and opportunities. 41

Aeroflot Group Scheduled Flights Revenue Units 9M Yield (PAX Revenue / RPK) 9M RASK (PAX Revenue / ASK) RUB 0.5% 3.50 3.52 9.8% 4.18 3.81 3.67 5.6% 3.88 RUB 3.5% 3.01 2.91 7.8% 3.36 3.12 3.03 5.9% 3.21 Domestic International Total 9M Yield ex. Pobeda (PAX Revenue / RPK) RUB 10.4% 2.3% 4.23 3.83 3.73 3.60 3.68 7.1% 4.00 Domestic International Total 9M RASK ex. Pobeda (PAX Revenue / ASK) RUB 8.0% 6.9% 5.2% 3.38 3.27 3.10 3.13 3.05 2.95 Domestic International Total Domestic % Y-o-Y increase 2017 2018 International Total Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations. RUB dynamics and changing mix of operations at subsidiaries level affected RUB yields in Q3 and 9M 2018. 42

Aeroflot Group Blended Flights Revenue Units Q3 Yield (Scheduled + Charter PAX Revenue / RPK) RUB 0.2% 12.0% 4.19 3.74 3.75 3.75 3.74 6.8% 4.00 Q3 RASK (Scheduled + Charter PAX Revenue / ASK) RUB 3.0% 12.1% 8.1% 3.69 3.59 3.37 3.47 3.29 3.32 Domestic International Total 9M Yield (Scheduled + Charter PAX Revenue / RPK) RUB Domestic International Total 9M RASK (Scheduled + Charter PAX Revenue / ASK) RUB 3.46 1.9% 3.53 11.0% 7.2% 9.3% 7.3% 4.5% 3.97 3.27 3.17 3.78 3.03 3.57 3.53 2.90 2.99 2.95 Domestic International Total Domestic International Total % Y-o-Y increase 2017 2018 Note: Data presented based on management accounting figures, scheduled and charter flights revenue is used for calculations RUB dynamics and changing mix of operations at subsidiaries level affected RUB yields in Q3 and 9M 2018. 43

Net Income Evolution (RUB mln) 61,011 561 (66,588) (3,038) 966 (699) 105 2,984 39 27,149 22,490 Reported Net Traffic Revenue Other Revenue Income 9M 2017 Operating Expenses Finance Income Finance Costs Hedging Result Revaluation of Equity Investments and other Taxation Other Reported Net Income 9M 2018 Increase in revenue generated by growing volumes was offset by a less favorable cost environment which resulted in adjustment of the bottom line. 44

Reported and Adjusted Net Income Analysis 9M Adjusted Net Income Build-Up (RUB mln) 196 (144) (1,327) (561) (2,222) 22,492 18,434 Reported Net Income 9M 2018 Discounting of receipt of lease deposits Change in the fair value of investments in equity securities FOREX on PDP Insurance refund (aircraft) Recovery of part of the provision created for compensation under long-term motivation programs Adjusted Net Income 9M 2018 One-off effects had limited influence on Aeroflot Group 9M 2018 financial results. 45

IFRS 16 (accounting of leases) IFRS 16 will replace IAS 17 and is mandatory applicable starting January 2019 Almost all lease contracts will be recognized on balance sheet Operating lease charges will be divided between depreciation and interest, implying increase in EBITDA Adoption of the standard may increase volatility of companies PL Aeroflot is analysing the implications of the new standard and looking for solutions to avoid increased volatility Balance sheet line BALANCE SHEET Finance leases IAS 17 IFRS 16 Operating leases Assets - All leases Liabilities $$ - $$$$$$$ P&L line Revenue Operating costs (excluding D&A) EBITDA INCOME STATEMENT Finance leases IAS 17 IFRS 16 Operating leases All leases - Expense - Depreciation and amortisation Depreciation - Depreciation Off balance sheet rights/ obligations - $$$$$ Operating profit Finance costs Interest - Interest Profit before tax Introduction of IFRS 16 will materially change financial statements of all companies with significant rent. Aeroflot will introduce IFRS 16 starting from 1 January 2019 and is currently preparing for its implementation and analyzing potential effect and solutions to minimize volatility. 46

Board of Directors Corporate Governance Board of Directors General Meeting of Shareholders Audit Committee (3 members) Name Mikhail Poluboyarinov Audit Committee Personnel and Remuneration Committee Strategy Committee Board of Directors Personnel and Remuneration Committee (3 members) Evgeny Ditrich Vitaly Saveliev Sergey Chemezov Executive Board Strategy Committee (9 members) Igor Kamenskoy Member Chairman Member Roman Pakhomov Member Chairman Incorporated in Russia, PJSC Aeroflot is subject to Russian corporate governance regulations and follows Russian Corporate Governance Code Dmitry Peskov Member Vasily Sidorov Chairman Member Member Yuri Slyusar Member The Board of Directors is currently composed of 11 members. The Board s composition is well balanced from members background perspective. Maxim Sokolov Member Mikhail Voevodin Member Member Independent director according to the Russian Corporate Governance Code 47

Aeroflot Group Structure PJSC Aeroflot (1) Airlines Ancillary Companies JSC Rossiya Airlines 75%-1 sh. CJSC Aeromar On-board sales/catering 51% JSC Donavia (2) 100% JSC Orenair (2) 100% JSC Aurora Airlines 51% LLC Pobeda Airlines 100% LLC Aeroflot-Finance Financial services JSC Sherotel Hotel services Aeroflot Aviation School Education services 100% 100% 100% A-Technics Maintenance 100% Over the past years the Group structure was refined with a focus on aviation assets and disposal of non-core assets, which is in compliance with the Group's strategy to streamline the core business PJSC Aeroflot also owns 45.0% of JSC AeroMASh-AB (Aviation security), 2.43% of JSC Sheremetyevo International Airport (base airport), 3.85% of PJSC Transport Clearing House (mutual settlements between agencies and airlines) and 49.0% of LLC Transnautic Aero (cargo sales, in liquidation) Notes: (1) The Group as of 30-Sep-2018; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. (2) Non-operating entities 48

Address: 119002, Russia, Moscow, Arbat St. 10 E-mail: ir@aeroflot.ru Website: www.aeroflot.ru