Aeroflot Group. VTB Capital Investment Forum Russia Calling! October 2015

Aeroflot Group VTB Capital Investment Forum Russia Calling! 13-15 October 2015

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

6M 2015 Highlights Aeroflot Group Market Aeroflot Group carried 2.2 million more passengers in 6M 2015 compared to 6M 2014 (+14.0% passenger traffic; stable seat load factor of 75.7%). Expansion in the number of customers resulted in market share increase by 5.8 p.p. from 31.2% in 6M 2014 to 37.0% in 6M 2015. Swift actions have been taken to reshape subsidiaries in line with market evolution. Strong financials and significant efficiency gains: - Total revenue up 25.8% y-o-y. - EBITDAR and EBITDA margins increased by 6.9 p.p. and 3.9 p.p. respectively y-o-y. - Fuel consumption optimization (2.0% decline of gr/ask) and labor productivity growth (9.1% increase of PAX traffic/average airlines headcount). Russian aviation market is showing some remarkable resilience having demonstrated a traffic decline of only 3.9% y-o-y in 6M 2015 on the back of macroeconomic instability. This compares with 36.4% y-o-y decline of the car sales in Russia in 6M 2015 as well as 7.7% decline in food sales. - Domestic flights traffic growth of 13.4% y-o-y driven by a continuous switch from rail to airlines and growing popularity of domestic tourism. - Traffic in international segment declined by 15.6% y-o-y as a result of RUB depreciation and respective weakening of consumer confidence. Domestic and foreign carriers continue leaving the market either suspending some flights, or substantially reducing frequencies. 3

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 4

Russian Air Transportation Market Russian Total Passenger Traffic (m PAX) 1,2 150.0 130.0 110.0 90.0 70.0 50.0 30.0 10.0-10.0 50.0 40.0 Aeroflot Group Passenger Traffic (m PAX) 30.0 20.0 10.0 0.0 International Routes Domestic Routes 70.5 41.2 80.1 47.3 91.6 56.2 103.7 64.4 111.8 65.5 29.2 32.7 35.4 39.2 46.3 50.2 48.2 30.0 25.3 20.2 22.9 2010 2011 2012 2013 2014 6M 2014 6M 2015 14.1 16.4 7.9 9.4 6.2 7.0 2010 2014 6M 2015/2014 27.5 16.0 31.4 17.4 11.5 14.0 7.8% 10.7% 34.7 17.1 17.6 Growth FY13-14 15.7 7.9 17.9 7.6 7.7 10.3 2010 2011 2012 2013 2014 6M 2014 6M 2015 1.8% 18.0% Growth FY13-14 (1.7%) 26.0% CAGR FY09-14 14.9% 14.2% CAGR FY09-14 22.5% 29.2% (3.9%) 14.0% Growth 6M 14-15 (15.6)% 13.4% Growth 6M 14-15 (4.9)% 33.4% Aeroflot Group Overall 20.0% 20.5% 30.0% 30.3% 31.2% Market Share 2 31.1% International 2 19.2% 19.9% 28.5% 27.0% 26.1% Domestic 21.2% 21.4% 32.5% 35.7% 38.1% Russian air transportation market declined in 6M 2015 on the back of macroeconomic instability, the decline primarily driven by international market segment Aeroflot Group outperformed Russian market in 6M 2015 growing PAX by 14.0% with significant acceleration on domestic routes as well as a slight slowdown on international routes mainly driven by reshaping of the charter subsidiary Source: TCH, Company estimates 1 Incl. foreign carriers traffic 2 Market based on passenger traffic of both domestic and foreign carriers 3 In the charts, tables and text of this presentation, immaterial deviations in calculation of % change, subtotals and totals are due to rounding 37.0% 26.5% 29.8% 38.2% 44.9% 5

Aeroflot Group Market Position Increase in Aeroflot Group Passenger Number Faster Growth vs. Russian Market 1 (PAX) m PAX, 6M 2015 +2.2 Y-o-y 17.7% 17.8% 2 13.5% 14.3% 15.1% 14.1% 10.6% 14.0% 17.9 Aeroflot Group +0.0 5.8 +0.2 4.7 Transaero S7 Group (1.8) 3.5 UTair Group (0.0) 2.3 Ural Airlines (1.7) (0.8) 7.0 7.2 Foreign Carriers Other Russian Carriers Increase in PAX y-o-y (mln) Source: TCH, Rosaviatsia, Company estimates 1 Based on passenger traffic of both domestic and foreign carriers 2 Growth in number of passengers excluding Sochi destination. Lower l-f-l growth in February 2015 is associated with 2014 Sochi Olympics impact Continuing growth in the number of passengers of Aeroflot Group despite unfavourable macroeconomic situation 6 Aeroflot Group market share expansion amid domestic competitor weakness and foreign carriers scaling down Russian operations (3.9)% (13.8)% (8.1)% (7.5)% (19.0)% (18.3)% (4.6)% (14.1)% 0.3 % (5.5)% (3.2)% (8.8)% (3.9)% (12.2)% Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 6M2015 Aeroflot Group Total Market excl. Aeroflot Group Increasing Market Share 1 (PAX) 6M 2014 6M 2015 17.4% 17.5% 4.4% 9.0% 9.0% 31.2% 11.4% +5.8 p.p. Total Market (incl. Foreign Airlines) 14.6% 4.7% 14.9% 7.2% 9.7% Foreign Airlines 12.0% Other Russian Airlines 37.0%

Capacity Optimization by Russian and Foreign Airlines Domestic Carriers Cutting Capacity 1 (ASK) Y-o-y 6M 2015 vs. 6M 2014 13.0% 10.3% 8.3% 9.3% 8.7% 6.1% 6.4% (4.6)% (14.0)% (10.9)% (23.3)% (9.1)% (21.1)% (3.1)% (3.0)% (0.9)% (13.6)% (8.6)% (5.1)% (4.9)% (13.5)% Jan 15 Feb 15 Mar 15 Apr 15 May 15 June 15 6M2015 Aeroflot Group Russian Carriers Russian Carriers excl. Aeroflot Group Russian Peers Capacity Optimization (ASK phase out) 52.6% 11,949 mln ASK phased out in 6M 2015 5.3% 23.8% 18.3% Transaero UTAir Ural Airlines Other comps Russian airlines International Carriers Traffic Dynamics m PAX (19.6%) (3.9%) (21.3%) (22.6%) 7.0 (20.9%) (24.9%) (27.4%) 1.6 1.5 1.1 0.8 1.0 1.1 January February March April May June 6M 2015 x% Y-o-y change in PAX International Peers Capacity Optimization Regional flights suspension; Consolidation of flights in DME Significant reduction of flights to Russian regions Reduction of flights to Russia by 20%; Scaling down plans to open new destinations in Russia Expected reduction of frequencies to Russian destinations Flights from Hong Kong to Moscow suspended from 1 June Flights from Bangkok to Moscow suspended from 29 March New York Moscow flight frequency reduced; Moscow destination to be suspended from December 1 Moscow St. Petersburg flight frequency reduction London Moscow flight frequency reduced to one flight daily; suspension of flights starting from mid-march Threefold Abu-Dhabi Moscow flight frequency reduction Capacity optimization by key major domestic and foreign players supported by Group s proactive approach in capacity management are the key drivers of Aeroflot market share expansion Source: TCH, Rosaviatsia, Company estimates 1 Based on data for domestic carriers only 7

Growth Potential of Russian Air Transportation Market Russian Market Remains Significantly Underpenetrated Airline PAX per capita per year 1 0.3 Domestic PAX per capita 3.4 2.7 2.1 1.6 1.5 1.2 2 0.8 0.3 0.5 0.9 0.3 UK USA Turkey EU-27 Russia Domestic Long-haul Rail Traffic (Russian Railways) Domestic Passenger Traffic (Russian Civil Aviation) m PAX 17.9% 10.8% 8.1% 12.0% 46.3 22.6% 39.2 35.4 13.5% 32.7 29.2 22.9 2010 2011 2012 2013 2014 6M 2015 Domestic Passenger Traffic (Aeroflot Group) m PAX (0.0%) (4.0%) 1.5% (5.0%) 119.6 114.8 116.5 110.7 (7.1%) 102.8 (6.4%) 43.4 m PAX 26.5% 12.9% 6.2 7.0 23.7% 3 21.7% 11.5 14.0 26.0% 17.6 33.4% 10.3 X.X% 2010 2011 2012 2013 2014 6M 2015 Growth/decline in PAX, Y-o-Y 2010 2011 2012 2013 2014 6M 2015 Russian Civil Aviation Market and Aeroflot Group in particular continue to benefit from redistribution of passenger traffic between air travel and rail Source: TCH, Aeroflot Group, Russian Railways 1 Data as of 2014 2 2025E 3 Pro-forma growth including results of acquired subsidiaries for 12m 2011; growth rate of the indicator in 12M 2012 on a consolidated basis amounted to 65.3% 8

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 9

Successful Multi-branding Strategy Network/ Scheduled Brand Business Model Focus Airport PAX Contribution 1 Flagship carrier Premium product High income, middle class, leisure segment Moscow (Sheremetyevo) 6M 2015 6M 2015 y-o-y 12.0 67.1% PAX Growth 9.3% Focus on direct and transit routes via St. Petersburg Middle class segment Saint-Petersburg (Pulkovo) 2.3 13.1% 7.8% Regional Short- and mid-haul direct domestic routes in the South of Russia Middle class segment Rostov-on-Don, Krasnodar, Sochi, Mineralnye Vody 0.7 4.1% (8.3%) The Far East airline flying on shortand mid-haul direct international and domestic routes Middle class segment Vladivostok, Khabarovsk, Yuzhno- Sakhalinsk 0.5 2.8% 8.7% Leisure and budget Strategic review completed Leisure segment significantly reduced Orenburg, Domodedovo, Vnukovo (Moscow) 1.2 6.7% (4.2%) Low Cost Short and mid-haul Point-to-point budget passenger carrier Vnukovo (Moscow) 1.1 6.2% n/a Multi-brand offering to capture customers in every market segment from premium to low-budget Wide geographic coverage of the Russian market Additional steps taken to simplify operational structure of regional companies Source: Company data 1 PAX contribution as of 6M 2015. Absolute number of passengers in million in green circle Total PAX (mln) 17.9 100% 14.0% 10

Low Cost Carrier Pobeda Overview of Pobeda Description Status 2018 Targets Operating from Vnukovo airport Regional network comprising 15 regular destinations 37 routes in the summer schedule (including seasonal) Fleet of 12 Boeing 737-800 NG (189 seats per plane) December 2014 - First flight performed from Moscow to Volgograd March 2015 - Seasonal summer route announcement April 2015 - Pobeda becomes Top-10 airline in Russia June 2015 - Cumulated PAX reached 1 mln c. 10m passengers 40 aircraft 47 routes (including CIS and international routes) Monthly Operating Results Pobeda s Network # Moscow Belgorod 34 Moscow Belgorod Rostov 9 Anapa 30 Gelenzhik 30 Sochi 125 Arkhangelsk Perm Kazan Ufa Samara 4 Volgograd 72 Volgograd Perm 72 Vladikavkaz 30 65 Makhachkala Ekaterinburg 98 64 Tumen Tyumen 30 Astrakhan 6M 2015 Route Operational Data 35 Kirov 5 5 Kazan 4 Ulyanovsk 69 5 Khanty-Mansiysk Chelyabinsk Magnitogorsk 4 Surgut Surgut 60 40 Nizhnevartovsk 8 Omsk Routes from Moscow Routes from Sochi Routes From Anapa Frequency per Month (one-way) 62% 76% 77% 83% 82% 81% 82% Top 5 routes of the airline, thd PAX PAX by regular and seasonal routes, % 283 237 215 178 110 79 40 Dec Jan Feb Mar Apr May June Yekaterinburg Volgograd Perm Ufa Tumen 170 106 102 88 87 Regular routes 88.6% Sochi and Anapa summer routes 11.4% thd PAX Seat Load Factor, % Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers Recently launched, the company has been demonstrating solid growth and attracting substantial customer attention Source: Company data 11

Aeroflot Group Network # of Flights Evolution by Region 1 Geographic Network Summer 2015 Schedule (6M 2015/2014) Russia Europe Asia North and Central America(28.1)% CIS Middle East and Africa Total 4.9 % 6.6 % New York Washington Los Angeles Miami Havana (0.1)% (2.1)% 12.5 % 21.4 % Average Scheduled Flight Frequency per Route 2 6M 2014 6M 2015 (0.7%) 10.2% 9.3% 15.9% 13.5 13.4 11.2 11.8 10.2 10.8 9.2 8.0 Hamburg Dusseldorf Barcelona Paris Geneva Milan 5.8 Nice Stockholm Rome 12.1% Kaliningrad Murmansk St. Petersburg MOSCOW Berlin Minsk Prague Kiev Vienna Odessa Tivat 6.5 Simferopol Varna Anapa Istanbul Antalya Larnaca Cairo Arkhangelsk Volgograd Rostov Astrakhan Sochi Beirut Tel Aviv Yerevan Syktyvkar Baku Teheran Surgut Ekaterinburg Tyumen Samarkand Dubai Novy Urengoy Nizhnevartovsk Tomsk Krasnoyarsk Omsk This map is saved Abakan in Dealworks Irkutsk folder Astana 1873584-001.pptx Karaganda Bishkek Khudzhand Malaga Male Almaty Deli Oslo Bangkok Phuket Hanoi Chita Ulaanbaatar Beijing Guangzhou Ho Chi Minh Stockholm Hong Kong Athens Heraklion Shanghai Yakutsk Blagoveshchensk Seoul Harbin Vladivostok Busan Yu. Sakhalinsk Tokyo Magadan P. Kamchatsky Aeroflot routes Rossiya routes Donavia routes Aurora routes Orenair routes Helsinki Tallinn Riga Copenhagen MOSCOW Hamburg Vilnius Amsterdam Berlin London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague Paris Stuttgart Vienna Zurich Munich Budapest Geneva Zagreb Milan Venice Belgrade Bucharest Nice Bologna Split Barcelona Tivat Sofia Rome Thessaloniki Istanbul Madrid Tbilisi Antalya Larnaca Scheduled International Domestic Medium-haul Long-haul Tenerife This map is saved in Dealworks folder 1873584-001.pptx Key focus on network quality, i.e. frequencies and connectivity, alongside with intelligent growth in destination number Aeroflot Group is operating flights to 142 unique destinations in 53 countries (in summer 2015 schedule) During 6M 2015 Aeroflot continued to develop its network adding new regular destinations in Russia (Murmansk, Arkhangelsk, Voronezh) and Samarkand (CIS) Note: 1 Scheduled flights of Aeroflot Group; 2 Average weekly frequency per route 12

Aeroflot is Uniquely Positioned to Capture Growing Transit Passenger Flows Connectivity ratio Average weekly frequency per route International Domestic Combined Los Angeles Increasing Frequency of Flights 1 Improves Connectivity New York 11.0x 12.7x 13.5x 13.9x 18.2 12.0 9.7 London 19.3 13.2 10.7 Aeroflot s top-10 transit routes in terms of PAX, 6M 2015 Berlin Moscow Paris Kiev Milano Prague Rome Tel Aviv 20.3 14.4 11.5 Erevan Beijing 21.9 15.7 12.4 2012 2013 2014 6М 2015 Well Positioned to Capture Profitable Transit Flows on Key Global Routes CAGR 2012-2014 5.6% 9.5% 8.9% Seoul Shanghai and Supports Aeroflot s Transit Traffic Growth in Sheremetyevo Share of Transit of Aeroflot airline in Sheremetyevo 32.7% 7.1% 7.9% 39.2% 10.7% 15.0% 16.0% 16.7% 10.6% 11.6% 11.8% 42.9% 11.6% 16.0% 15.3% 2012 2013 2014 1H 2015 Domestic - Domestic International - Domestic / Domestic - International International - International Resulted in Increased Traffic Turnover with Key Destinations To/from Asia 2.0 2.2 2.3 35.5% Total Group s traffic on scheduled flights, m PAX 1.1 1.3 To/from Europe 6.5 7.2 7.6 3.5 3.7 Hanoi 2012 2013 2014 6M 6M 2014 2015 2012 2013 2014 6M 6M 2014 2015 Aeroflot is the only Russian airline that is able to benefit from the growing passenger flows between Europe and Asia Tactical increase in Europe-Asia transit supports traffic on Aeroflot s international routes, promotes image of Aeroflot as a modern carrier with young fleet and quality service and may become additional contributor to the long-term strategy execution 13 Source: Company data, IMF, Eurostat, RITA, Russian State Statistics Service, Rosaviatsia, Airbus Global Market Forecast 2014-2033 1 Data for PJSC Aeroflot own flights

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 14

Aeroflot Group YTD Monthly Operating Results Monthly Passenger Traffic (m PAX) 8M 2015: +13.3% Y-o-Y August 2015: +13.0% Y-o-Y 17.7% 13.5% 2.7 2.3 2.4 2.2 14.3% 15.1% 2.8 2.9 2.5 2.5 14.1% 3.3 2.9 3.7 3.4 4.2 4.3 3.8 3.8 Monthly Passenger Turnover (bn pkm) 8M 2015: +7.9% Y-o-Y August 2015: +6.8% Y-o-Y 13.0% 10.6% 10.6% 6.3% 10.5% 6.2 6.8 10.6% 5.6 6.3 9.6% 8.3% 7.2 7.2 6.5 6.6 7.9% 7.3 7.9 8.6 9.2 6.8% 6.0% 10.3 10.5 9.8 9.8 Jan Feb Mar Apr May Jun Jul Aug Monthly ASK (bn ask) 8M 2015: +7.9% Y-o-Y August 2015: +6.0% Y-o-Y 10.3% 8.5 9.4 8.3% 7.8 8.4 9.3% 13.0% 9.6 9.6 8.8 8.5 6.4% 5.6% 6.0% 6.1% 11.3 11.9 10.6 11.3 11.3 12.0 10.5 9.9 Jan Feb Mar Apr May Jun Jul Aug Monthly Seat Load Factor (%) 8M 2015: LF 79.0%, increase of 0.1 p.p. August 2015: LF 87.4%, increase of 0.7 p.p. 0.1 1.6 0.2 (3.2) 1.3 (0.1) 0.3 0.7 72.5% 74.3% 74.8% 74.4% 75.7% 81.1% 86.9% 87.4% Jan Feb Mar Apr May Jun Jul Aug Jan Feb Mar Apr May Jun Jul Aug 2014 2015 % Y-o-Y increase 2014 2015 Y-o-y change in Seat load factor in p.p. % seat load factor respective period of 2015 Passenger traffic growth of 13.3% in 8M 2015 Moderate growth of ASK (7.9%) and RPK (7.9%) impacted by restructuring of fleet and network optimization at subsidiaries level Load factor of 79.0% in 8M 2015 supported by stable demand for the Group s air transportation services 15

Operating Data August & 8M 2015 Aeroflot - Russian Airlines Aeroflot Group Indicator Unit August 2014 August 2015 Y-o-Y 8M 2014 8M 2015 Y-o-Y August 2014 August 2015 Y-o-Y 8M 2014 8M 2015 Y-o-Y Passenger Traffic th PAX 2,369 2,653 12.0% 15,682 17,275 10.2% 3,772 4,263 13.0% 23,234 26,317 13.3% International Routes th PAX 1,202 1,340 11.5% 8,312 9,018 8.5% 1,837 1,669 (9.2%) 11,667 10,882 (6.7%) Domestic Routes th PAX 1,167 1,314 12.6% 7,370 8,258 12.0% 1,935 2,595 34.1% 11,567 15,436 33.4% Passenger Turnover m pkm 6,789 7,523 10.8% 44,626 49,123 10.1% 9,836 10,509 6.8% 60,525 65,331 7.9% International Routes m pkm 4,156 4,560 9.7% 28,411 31,272 10.1% 5,867 5,363 (8.6%) 37,554 35,667 (5.0%) Domestic Routes m pkm 2,634 2,964 12.5% 16,214 17,850 10.1% 3,969 5,147 29.7% 22,971 29,665 29.1% Passenger Capacity m ASK 7,831 8,563 9.4% 56,335 61,449 9.1% 11,349 12,027 6.0% 76,688 82,720 7.9% International Routes m ASK 4,921 5,234 6.4% 36,859 39,509 7.2% 6,935 6,174 (11.0%) 48,509 45,292 (6.6%) Domestic Routes m ASK 2,909 3,329 14.4% 19,477 21,940 12.6% 4,414 5,853 32.6% 28,179 37,428 32.8% Seat Load Factor % 86.7% 87.9% 1.2 p.p. 79.2% 79.9% 0.7 p.p. 86.7% 87.4% 0.7 p.p. 78.9% 79.0% 0.1 p.p. International Routes % 84.4% 87.1% 2.7 p.p. 77.1% 79.2% 2.1 p.p. 84.6% 86.9% 2.3 p.p. 77.4% 78.7% 1.3 p.p. Domestic Routes % 90.5% 89.0% (1.5 p.p.) 83.2% 81.4% (1.8 p.p.) 89.9% 87.9% (2.0 p.p.) 81.5% 79.3% (2.2 p.p.) Tonne-Kilometres m tkm 664 733 10.5% 4,429 4,829 9.0% 942 1,006 6.8% 5,884 6,315 7.3% International Routes m tkm 401 443 10.6% 2,798 3,066 9.6% 556 516 (7.1%) 3,625 3,465 (4.4%) Domestic Routes m tkm 263 290 10.3% 1,631 1,763 8.1% 386 489 26.8% 2,259 2,850 26.1% Flight Hours hours 49,741 53,285 7.1% 364,880 392,164 7.5% 78,313 81,227 3.7% 539,318 573,661 6.4% Strong double-digit PAX growth on domestic market throughout the year on the back of increasing capacity Relatively stable seat-load factor despite softer demand for international travel as a result of pro-active and intelligent capacity management Stronger performance of Aeroflot airline compared to Aeroflot Group on international markets 16

6M 2015 Traffic and Capacity Dynamics (Y-o-Y) Americas Russia CIS 2.9 p.p. 33.9% 28.8% 32.7% 1.9 % 2.1 % 2.5 p.p. (6.5)% (6.6)% (10.0)% Passengers carried RPK ASK SLF Passengers carried (2.2) p.p. RPK ASK SLF Passengers carried (1.3)% RPK ASK SLF Europe Middle East Asia 4.9 % 3.6 % 3.4 % 5.5 % 8.6 % 19.9 % 21.0 % 14.7 % 0.1 p.p. 4.1 p.p. Passengers carried RPK ASK SLF (2.2)% Passengers carried (2.2) p.p. RPK ASK SLF Russian market is the star performer for the second year in row, despite high base of H1 2014 CIS region operating metrics showed material y-o-y improvements due to the launch of new flights to the region in the last twelve months Performance of North and Central American market is affected by network optimization and closure of commercially inefficient flights (Toronto, Cancun, Punta Cana) PAX growth on European and Asian markets was supported by expanded capacities on selected routes and softening competitive landscape as well as increased international transit via Aeroflot hub in Sheremetyevo Middle Eastern market performance affected by capacity additions across the region and softer demand on flights to Turkey 17 Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) Passengers carried RPK ASK SLF

Revenue Analysis Traffic Revenue Breakdown by Type 6M 2015 Revenue from Scheduled Passengers (RUBm) 1 Sheduled Passenger Flights 95.7% Charter Passenger Flights 1.4% Cargo 2.9% 6M 2014 6M 2015 Change Russia 42,965 57,422 33.6% Europe 30,855 36,794 19.2% Asia 15,378 24,381 58.5% Scheduled Traffic Revenue Breakdown 6M 2015 by region by point of sale 2 CIS 7,359 9,076 23.3% Russia 39.9% Europe 25.5% Asia 16.9% Sales abroad 30.9% On-line 23.5% Call center and ow n branches 4.0% Americas 7,665 8,357 9.0% Middle East 6,599 8,056 22.1% Total 110,823 144,087 30.0% Middle East 5.6% CIS 6.3% Americas 5.8% Sales in Russia 41.7% In H1 2015 revenue from scheduled passengers grew by 30.0% on the back of revenue growth across all regions Key drivers of revenue growth are Russian, European, 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 18

Scheduled Flights Revenue Units Traffic Yield: PAX Revenue / RPK (RUB / RPK) 6M 2015 12.0% 13.8% Traffic RASK: PAX Revenue / ASK (RUB / ASK) 6M 2015 12.4% 13.9% 2.93 3.29 3.34 2.21 2.48 2.52 6M 2014 6M 2015 6M 2015 6M 2014 6M 2015 6M 2015 (Excluding (excluding Pobeda) (Excluding (excluding Pobeda) Yield: PAX Revenue / RPK (RUB / RPK) 1 RASK: PAX Revenue / ASK (RUB / ASK) 1 6M 2015 6M 2015 18.7% 3.7% 7.0% 21.6% 0.7% 3.3% 2.99 3.55 2.85 2.95 3.05 2.21 2.69 2.21 2.23 2.29 International Domestic Domestic International (excluding Pobeda) x.x% x.x% Y-o-Y increase 2014 2015 Domestic Domestic (excluding Pobeda) Active revenue management strategy translates into gradual increase in yields Positive impact of RUB devaluation and subsequent increase in RUB yields for inbound and transit routes Negative impact of EUR-denominated fare reduction for outbound flights from Russia is being gradually eliminated Domestic yields are affected by aggressive pricing strategy of domestic competitors 1 Data presented based on management accounting 19

Opportune Time for Aeroflot Competitive Strengths Description 6M 15 Results Checklist 1 Balanced global network and strategic partnerships based on the hub in Sheremetyevo Diversified network balanced between the regions with different demand drivers The only Russian airline to capture selected profitable transit flows on key global routes via hub in Sheremetyevo Partnerships and JVs with international airlines, membership in SkyTeam Improved network convenience (frequencies up by 10.2%) Increased number of international transit passengers supporting load factors and contributing to Group s revenue growth 2 High quality service and reliable operations Extremely efficient fleet strategy: five major aircraft types for the Group working in different market segments is unmatched anywhere in the world. Young western-built fleet easily transferable from one route to another High quality service recognized by numerous international awards and reliable operations support customer retention Tourists switch to self-booking and to regular airlines after turmoil in the tour operators industry Aeroflot - Best Airline in Eastern Europe 2015 (by Skytrax for the 4 th time) Continued phase-out of outdated aircraft in the fleet 3 Diversified product offering Group s offering covers various price segments from up-scale to low budget economy Pobeda, the only domestic LCC currently in Russia, is a timely value proposition to cost conscious passengers - recently launched, the company has been demonstrating solid growth and attracting substantial customer attention Strong PAX growth of Aeroflot domestically and internationally Pobeda becomes Top-10 airline in Russia Orenair demonstrates improving trends in operational results 4 Efficient operating model underpinned by thorough cost management Substantial savings in fuel and maintenance costs as a result of young fleet Cost control programs targeting higher fuel efficiency High labour productivity Double digit growth of yields and RASK Manageable growth of the operating costs despite high pressure from the FX Increased market share both on domestic and international routes Aeroflot was able to transform complicated environment into growth factor and significantly increased market share. 20

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 21

Aeroflot Group Fleet Overview Aeroflot Group Fleet in Operation 1 Average Age of the Fleet 2 Aircraft Average Age 10.4 8.8 7.7 7.0 6.5 209 222 232 251 258 2011 2012 2013 2014 6M 2015 Aeroflot Airline Fleet in Operation 1 Aircraft Average Age Azul Hainan Airlines Lion Air Garuda Indonesia Sichuan Airlines China Eastern Airlines Qatar Airways Republic Airlines Xiamen Airlines Etihad Airways Virgin Australia Shenzhen Airlines Air China Jet Airways easyjet 3 4.1 4.3 4.4 4.5 4.8 5.2 5.5 5.5 5.5 5.6 5.7 5.8 5.9 6.0 6.0 6.1 5.3 5.2 5.2 4.1 4.3 109 125 140 150 161 2011 2012 2013 2014 6M 2015 Turkish Airlines (THY) Emirates Airline KLM Royal Dutch Airlines Lufthansa Air France American Airlines British Airways United Airlines Transaero Airlines Delta Airlines 6.2 6.5 9.0 11.1 11.3 11.6 12.6 13.4 16.5 17.0 Aeroflot operates one of the youngest fleets 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 1 Excludes planes out of operation 2 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft According to ACAS Statistics Excluding Aeroflot (as of June 2015) excluding planes out of operation 3 Predominantly regional aircraft 22

Short-haul Medium-haul Long-haul Aeroflot Group Fleet Structure Type Aeroflot Subsidiaries Financial Lease Operating Lease Total as of 30-Jun-2015 Total as of 31-Dec-2014 Change vs. 31-Dec-2014 Boeing 767-3 - 3 3 3 - Airbus A330 22-8 14 22 22 - Boeing 777 13 3 10 6 16 13 3 Total 35 6 18 23 41 38 3 Airbus A319 7 33 13 27 40 39 1 Airbus A320 63 11 1 73 74 75 (1) Airbus A321 26-21 5 26 26 - Boeing 737 10 32 2 40 42 43 (1) Total 106 76 37 145 182 183 (1) DHC 8-7 - 7 7 7 - DHC 6-2 - 2 2 2 - An 148-6 6-6 6 - SSJ 100 20 - - 20 20 16 4 Total 20 15 6 29 35 31 4 Total fleet 1 161 97 61 197 258 252 6 Continued renewal of fleet, replacing older aircraft with modern fuel-efficient aircraft Disciplined approach to adding new capacity to the market 1 Excluding 1 An-24 aircraft, 1 IL-96 (as of 30 June 2015 Group owned 1 IL-96 aircraft; 5 aircraft as of 31 December 2014; 6 aircraft as of 31 December 2013) and 3 DHC-8 (as of 30 June 2015 these aircraft were in the process of commissioning) 23

Aeroflot Group Fleet Order and Phase-Out Schedule Total Aircraft Delivery Schedule in Accordance with Existing Contracts Type of Aircraft Delivered during 6M 2015 H2 2015 2016 2017 2018 2019-2024 Long-haul 3-2 1 5 17 B777 3-2 1 - - A350 - - - - 5 17 Medium-haul 9 5 24 32 23 - A319 1 - - - - - A320 - - 9 11 10 - A321 - - 7 8 4 - B737 8 5 8 13 9 - Short-haul 4 9 14 10 - - SSJ100 4 8 12 10 - - DHC-8-1 2 - - - Total 1 16 14 40 43 28 17 Aircraft Phase-Out Schedule in Accordance with Existing Contracts Type of Aircraft Phased out during 6M 2015 H2 2015 2016 2017 2018 2019-2024 Long-haul 4-1 2 3 22 B767 - - - 1 2 - B777 - - 1 1 1 - A330 - - - - - 22 Il-96 4 - - - - - Medium-haul 10 5 15 13 29 73 A319-4 - 6 7 23 A320 1-6 3 17 30 A321 - - 3-4 14 B737 9 1 6 4 1 6 Short-haul - 3 1 1 1 11 DHC-8-3 1 1 1 1 SSJ100 - - - - - 10 Total 14 8 17 16 33 106 Net addition of two aircraft in 6M 2015 Further progress in rescheduling deliveries for long-haul and medium haul aircraft in conjunction with adjustments in the Group s strategy 24 1 Excluding 3 DHC-8 (as of 30 June 2015 these aircraft were in the process of commissioning)

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 25

Financial Highlights RUBm (where applicable) 6M 2014 6M 2015 Change Revenue 140,281 176,467 25.8 % EBITDAR 1 16,656 33,252 99.6 % EBITDAR 1 margin 11.9 % 18.8 % 6.9p.p. EBITDA 5,029 13,311 >2x EBITDA margin 3.6 % 7.5 % 3.9p.p. Operating profit/(loss) (1,384) 5,866 n/a Operating margin neg. margin 3.3% n/a Net loss (1,905) (3,541) n/a Net margin neg. margin neg. margin n/a Net income adjusted for NRE 2 375 3,414 >9x Adjusted net income margin 0.3 % 1.9 % 1.6p.p. Revenue growth driven by expanding passenger traffic, active revenue management and positive impact from currency devaluation. Increase in EBITDAR and EBITDA margins in 6M 2015 y-o-y on the back of revenue growth and strict effective cost control. 1 EBITDAR = EBITDA + operating lease expenses; 2 Non-recurring expenses in 2015 include pre-term return of aircraft at Orenair and Rossiya airlines, fixed assets write off at Vladavia, derivatives and FX effects 26

RUBm Revenue Analysis 25.8% 30,904 (4,436) 9,718 Net positive impact of RUB 26,468m 176,467 140,281 6M 2014 Volume Currency Pricing* 6M 2015 Positive contribution of volume and RUB devaluation to revenue growth was partially offset by softer fare policy in hard currency terms in the volatile macro environment * Pricing factor includes other factors which influenced revenue growth 27

Cost Analysis % in Total Operating Expense Operating Expense (RUB million If not stated otherwise) 6M 2014 6M 2015 Change Change ex. FX & NRE 26.2% Fuel 40,236 44,714 11.1 % (19.7)% Opex (ex. Fuel) 101,429 125,887 24.1 % 5.3 % 20.2% Aircraft, Traffic and Passenger Servicing 27,714 34,516 24.5 % 8.0 % 16.0% Staff 24,305 27,235 12.1 % 9.9 % 11.7% Operating Lease 11,627 19,941 71.5 % 14.9 % 7.7% Maintenance 9,268 13,098 41.3 % 0.3 % 6.7% SG&A 1 8,975 11,479 27.9 % 17.5 % 4.4% D&A and Customs Duties 6,414 7,445 16.1 % 16.1 % 7.1% Other Expenses 2 13,126 12,173 (7.3)% (33.4)% 100.0% Total Opex 141,665 170,601 20.4 % (1.9) % In 6M 2015 operating costs were significantly impacted by expansion of operations and RUB depreciation which mostly affected fuel expenses, operating lease expense, maintenance and aircraft, traffic and passenger servicing costs 1 Includes sales and marketing expenses and administration and general expenses 2 Other expenses include VAT under code-sharing agreement with Rossiya Airlines and fuel excise reimbursement during 6M 2015 28

Group Unit Costs Cost per ASK (RUB) Operating Expense 6M 2014 6M 2015 Change Fuel 0.74 0.76 2.2 % Opex (ex. Fuel): 1.88 2.14 14.1 % Aircraft, Traffic and Passenger Servicing 0.51 0.59 14.5 % Staff 0.45 0.46 3.1 % Operating Lease 0.22 0.34 57.7 % Maintenance 0.17 0.22 30.0 % SG&A 0.17 0.20 17.6 % D&A and Customs Duties 0.12 0.13 6.7 % Other Expenses 0.24 0.21 (14.7)% Total Opex 2.62 2.90 10.8 % 10.8% (19.7)% 0.01 0.03 (0.03) (11.1)% 0.01 0.02 0.05 0.07 0.12 2.90 2.62 2.62 0.53 0.04 2.33 CASK 6M 2014 Staff Fuel Maintenance Air, Traffic and PAX Operating Lease D&A and CD* Admin & Sales & Marketing Other Costs (ex. NRE**) CASK 6M 2015 FX NRE** CASK 6M 2015 ex. FX and NRE** Cost per ASK increased by 10.8% from RUB 2.62 in 6M 2014 to RUB 2.90 in 6M2015 on the back of operating expenses increase due to negative FX effects Efficient CASK management during the reporting period (net of FX) 29 * Customs duties ** Non-recurring expenses include pre-term return of aircraft at Orenair and Rossiya Airlines, fixed assets write off at Vladavia CASK 6M 2014

Effective Cost Management and Productivity Gains Flight Hours Fuel Consumption per ASK Fuel Consumption per TKM (th hours) (gr/ask) (gr/tkm) 7.4% (2.0 %) (2.7%) 412 23.7 23.2 197.8 192.4 383 6M 2014 6M 2015 6M 2014 6M 2015 6M 2014 6M 2015 PAX Traffic Revenue / Avg. Airlines Headcount (RUB 000 per employee) 18.4% PAX Traffic / Avg. Airlines Headcount (passengers per employee) 9.1% 4,425 5,238 569 621 6M 2014 6M 2015 6M 2014 6M 2015 Aeroflot is achieving efficiency gains in fuel costs as new aircraft are put into operation, while old and less fuel-efficient ones are in the process of phase out Significant improvement in labour productivity has resulted in increasing PAX traffic per employee 30

EBITDA 6M 2014 Volume Pricing* FX benefit FX drag Fuel** Staff** Aircraft, Traffic and PAX** Operating Leases** Admin & Sales & Marketing** Other OPEX** EBITDA 6M 2015 NRE*** Adjusted EBITDA 6M 2015 EBITDA Evolution (RUBm) Net FX =(544) RUBm 30,904 (31,448) Net volume and price =5,282 RUBm Net effect =0 7,907 9,718 (4,436) (2,405) (2,208) (1,729) (1,569) 3,547 13,311 2,206 15,517 5,029 FX impact on operating costs was almost offset by positive contribution of FX change to revenue Net of FX effect decrease in fuel price offset the increase in key operating costs Key driver of EBITDA increase is the growth in size and scale of operations and other operating income * Pricing and other factors ** Excluding currency impact *** Non-recurring expenses include pre-term return of aircraft at Orenair and Rossiya airlines, fixed assets write off at Vladavia 31

Operating Income 6M 2014 Volume Pricing* FX benefit FX drag Fuel** Staff** Aircraft, Traffic and PAX** Operating Leases** D&A and CD*** Admin & Sales & Marketing Other OPEX Operating Income 6M 2015 NRE**** Adjusted Operating Income 6M 2015 Operating Income Evolution (RUBm) Net FX =(544) RUBm 30,904 (31,448) Net volume and price =5,282 RUBm Net effect =(1,035) RUBm (1,384) 9,718 (4,436) 7,907 (2,405) (2,208) (1,729) (1,031) (1,569) 3,547 5,866 2,206 8,072 FX impact on operating costs was almost offset by positive contribution of FX change to revenue Net of FX effect decrease in fuel price almost offset the increase in key operating costs Key driver of operating income increase is the growth in size and scale of operation and other operating income * Pricing and other factors ** Excluding currency impact *** Custom Duties **** Non-recurring expenses include pre-term return of aircraft at Orenair and Rossiya Airlines, fixed assets write off at Vladavia 32

Adjusted Operating and Net Income Analysis 6M Adjusted Operating Income Build-Up (RUBm) 1,639 567 5,866 8,072 Operating Income 6M 2015 Pre-term return of aircraft at Orenair and Rossiya Airlines* FA write off at Vladavia ** Adjusted Operating Income 6M 2015 6M Adjusted Net Income Build-Up (RUBm) 10,154 1,585 567 (5,351) 3,414 (3,541) Net Loss 6M 2015 Derivatives Pre-term return of aircraft at Orenair and Rossiya Airlines*** FA write off at Vladavia ** Forex**** Adjusted Net Income 6M 2015 Aeroflot Group remained profitable on net income basis adjusted for FX fluctuations related PDP refund and non-recurring provisions * Reserves on pre-term return of aircraft at Orenair and Rossiya airline ** Mostly land and buildings *** Reserves on pre-term return of aircraft at Orenair and Rossiya airline and positive forex difference **** Positive forex difference mostly related to PDP refund on Boeing 33

1. Market Update 2. Aeroflot Group Overview 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 34

Leverage and Liquidity Debt Profile Net Debt / LTM EBITDA¹ RUBm 31-Dec-2014 30-Jun-2015 Change 5.9 Borrowings 24,203 31,190 28.9% Finance Lease Liabilities 149,278 137,817 (7.7)% 2.9 4.7 3.6 Pension Liabilities 659 709 7.7% Customs Duties 169 - n/a Total Debt 174,309 169,716 (2.6)% Cash and Short Term Investments 27,508 50,067 82.0% Net Debt 146,800 119,649 (18.5)% RUB m Net Debt EBITDA 1 30-Jun-2014 30-Sep-2014 31-Dec-2014 30-Jun-2015 30-Jun-2014 30-Sep-2014 31-Dec-2014 30-Jun-2015 75,929 91,806 146,800 119,649 25,964 19,631 24,840 33,122 Debt breakdown by currency Finance Lease Repayment Schedule (RUBm) 2 Borrowings Finance Lease 78,959 USD 63% RUB 37% USD 99.99% RUB 0.01% 8,435 17,106 16,632 16,685 2015 2016 2017 2018 2019+ Total Debt decreased by 2.6% mainly due to revaluation of finance lease obligations Cash position of RUB 50.1 billion and undrawn credit lines of RUB 23.1 billion 1 Net debt does not include capitalised operating lease expenses, based on annualized EBITDA 2 Not including interest; future payments in dollars converted into roubles at exchange rate of 55.524 RUB per USD 35

Operating Free Cash Flow (RUBm) 26,639 (6,247) 36.8% (405) 14,668 42,736 36,084 26,379 6,710 3,419 (5,404) 16,097 (3,296) 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 Working Capital Changes and Income Tax Net Cash Flows From Operating Activities Net Capital Expenditures Net Predelivery Payments for Aircraft Free Cash Free Cash Flow 6M 2015Flow 6M 2014 Strong Operating and Free Cash Flow in 6M 2015 36

1. Market Update 2. Monthly Traffic Statistics 3. Operating Performance 4. Fleet Overview 5. Financial Performance 6. Capital Structure and Liquidity 7. Appendix 37

Aeroflot Airline and Aeroflot Group Operating Results Aeroflot airline Aeroflot Group Indicator Unit 6M 2014 6M 2015 Change 6M 2014 6M 2015 Change Passenger Traffic th PAX 10,962 11,981 9.3% 15,666 17,855 14.0% International Routes th PAX 5,918 6,356 7.4% 7,948 7,558 (4.9%) Domestic Routes th PAX 5,044 5,624 11.5% 7,718 10,297 33.4% Passenger Turnover m pkm 31,171 34,166 9.6% 40,927 44,479 8.7% International Routes m pkm 20,205 22,241 10.1% 25,787 25,019 (3.0%) Domestic Routes m pkm 10,966 11,925 8.7% 15,141 19,460 28.5% Passenger Capacity m ASK 40,749 44,419 9.0% 54,066 58,789 8.7% International Routes m ASK 27,065 29,116 7.6% 34,560 33,007 (4.5%) Domestic Routes m ASK 13,684 15,302 11.8% 19,507 25,782 32.2% Seat Load Factor % 76.5% 76.9% 0.4 p.p. 75.7% 75.7% (0.0) p.p. International Routes % 74.7% 76.4% 1.7 p.p. 74.6% 75.8% 1.2 p.p. Domestic Routes % 80.1% 77.9% (2.2) p.p. 77.6% 75.5% (2.1 p.p.) Tonne-Kilometres m tkm 3,113 3,371 8.3% 4,009 4,320 7.8% International Routes m tkm 2,003 2,186 9.2% 2,508 2,439 (2.7%) Domestic Routes m tkm 1,111 1,185 6.7% 1,501 1,881 25.3% Flight Hours hours 266,194 286,081 7.5% 383,431 411,986 7.4% Continued double-digit PAX growth on domestic market in 6M 2015 on the back of increasing capacities and strong domestic demand Stronger performance of Aeroflot airline compared to Aeroflot Group on international markets 38

Key Operating Data of Subsidiary Airlines Rossiya Orenair Donavia Aurora Vladivostok Air Pobeda Total Passenger Traffic, 6M 2015 2,348 1,191 728 506-1,102 5,874 000 PAX 6M 2014 2,177 1,244 794 466 4.6 19 4,704 Y-o-Y 7.8% (4.2%) (8.3%) 8.7% - - 24.9% Passenger Turnover, 6M 2015 4,391 2,431 967 836-1,688 10,313 m pkm 6M 2014 4,145 3,679 1,134 766 8.1 24 9,756 Y-o-Y 5.9% (33.9%) (14.7%) 9.1% - - 5.7% 6M 2015 71.8% 69.1% 69.4% 66.5% - 81.0% 71.8% Seat Load Factor, % 6M 2014 72.4% 75.8% 69.1% 72.9% 56.4% 88.6% 73.3% Y-o-Y (0.6 p.p.) (6.6 p.p.) 0.3 p.p. (6.4 p.p.) - - (1.5 p.p.) 6M 2015 57,216 23,795 14,204 15,746-14,946 125,907 Flight Hours, hours 6M 2014 54,810 32,483 16,602 12,969 122 251 117,237 Y-o-Y 4.4% (26.7%) (14.4%) 21.4% - - 7.4% Revenue 1, RUBm 6M 2015 19,765 7,840 5,678 6,319-3,329 176,467 2 Net Income 1, RUBm 6M 2015 159 (3,188) 483 (187) (251) (797) (3,541) 2 1 According to IFRS, before intercompany eliminations 2 Aeroflot Group consolidated data according to IFRS 39

Key Financial Data for Aeroflot Group RUBm, Unless Otherwise Stated 6M 2014 6M 2015 Y-o-Y Revenue 140,281 176,467 25.8 % RPK 1 (m pkm) 40,927 44,479 8.7 % Yield 2 (RUB/pkm) 2.88 3.29 14.0 % EBITDAR 3 16,656 33,252 99.6 % Margin (%) 11.9% 18.8% 6.9p.p. EBITDA 4 5,029 13,311 >2x Margin (%) 3.6% 7.5% 3.9p.p. Operating Income / (loss) (1,384) 5,866 n/a Margin (%) neg. margin 3.3% n/a Net Income / (loss) (1,905) (3,541) n/a Margin (%) neg. margin neg. margin n/a Net Debt 5 75,929 119,649 57.6 % 1 RPK = revenue passenger kilometre. 2 Yield = PAX Traffic Revenue / RPK (PAX Traffic Revenue includes revenue from scheduled and charter flights). 3 EBITDAR = EBITDA + operating lease expenses. 4 EBITDA = operating income + depreciation & amortisation + customs duties. 5 Net Debt = borrowings + finance lease liabilities + pension liabilities + custom duties cash and short-term investments. 40

Income Statement and Statement of Comprehensive Income RUBm, Unless Otherwise Stated 6M 2014 6M 2015 Change Traffic revenue 121,796 150,604 23.7% Other revenue 18,485 25,863 39.9% Revenue 140,281 176,467 25.8% Operating costs, excluding staff costs and depreciation and amortisation (109,009) (139,166) 27.7% Staff costs (24,304) (27,235) 12.1% Depreciation and amortisation (5,586) (6,710) 20.1% Other income and expenses, net (2,766) 2,510 - Operating costs Operating profit/(loss) (141,665) (170,601) 20.4% (1,384) 5,866 - Finance income 2,615 7,183 174.7% Finance costs (2,434) (7,441) 205.7% Hedging result - (8,848) Share of results of associates (2) (56) - Loss before income tax (1,205) (3,296) 173.5% Income tax expense (700) (245) (65.0%) Loss for the period Other comprehensive profit/(loss) : Items that may be reclassified subsequently to profit or loss: (1,905) (3,541) 85.9% Translation from the functional currency to the presentation currency 28 - - Profit/(loss) on the change in fair value of derivative financial instruments (233) 6,211 - Effect from hedging revenue with currency liabilities - 4,135 - Deferred tax related to the profit/(loss) on 65 (2,057) - Other comprehensive profit/(loss) for the period (140) 8,289 - TOTAL COMPREHENSIVE PROFIT/(LOSS) FOR THE PERIOD (2,045) 4,748-41

Condensed Balance Sheet RUBm, Unless Otherwise Stated 31-Dec-14 30-Jun-15 Change ASSETS Current assets Cash and cash equivalents 26,547 47,932 80.6% Accounts receivable and prepayments 56,769 63,289 11.5% Other current assets 8,897 13,227 48.7% Total current assets 92,213 124,448 35.0% Non-current assets Prepayments for aircraft 29,241 28,524 (2.5%) Property, plant and equipment 116,044 113,430 (2.3%) Other non-current assets 40,220 37,735 (6.2%) Total non-current assets 185,505 179,689 (3.1%) TOTAL ASSETS 277,718 304,137 9.5% LIABILITIES AND EQUITY Current liabilities Derivative financial instruments 26,312 24,343 (7.5%) Accounts payable and accrued liabilities 48,952 59,434 21.4% Unearned traffic revenue 22,469 39,844 77.3% Finance lease liabilities 16,912 16,984 0.4% Short-term loans and borrowings and current portion of long-term loans and borrowings 17,343 25,999 49.9% Other current assets 3,148 8,102 157.4% Total current liabilities 135,136 174,706 29.3% Non-current liabilities Long-term loans and borrowings 6,860 5,192 (24.3%) Finance lease liabilities 132,366 120,833 (8.7%) Other non-current liabilities 16,861 12,169 (27.8%) Total non-current liabilities 156,087 138,194 (11.5%) TOTAL LIABILITIES 291,223 312,900 7.4% Equity Share capital 1,359 1,359 - Hedge reserve (48,657) (40,368) (17.0%) Retained earnings 45,584 42,164 (7.5%) Other items (1,917) (1,917) - Equity attributable to shareholders of the Company (3,631) 1,238 n/a Non-controlling interest (9,874) (10,001) 1.3% TOTAL EQUITY (13,505) (8,763) (35.1%) TOTAL LIABILITIES AND EQUITY 277,718 304,137 9.5% 42

Condensed Cash Flow Statement RUBm, Unless Otherwise Stated 6M 2014 6M 2015 Change Operating cash flows before working capital changes 7,030 16,097 129.0% Increase in accounts receivable and prepayments (520) (3,442) 561.9% Increase in expendable spare parts and inventories (447) (438) (2.0%) Increase in accounts payable and accrued liabilities 22,051 31,632 43.4% Total operating cash flows after working capital changes 28,114 43,849 56.0% Net cash flows from operating activities 26,603 42,736 60.6% Net cash flows used in from investing activities (28) (7,155) - Source: Company data Net cash used in financing activities (8,632) (13,715) 58.9% Net increase in cash and cash equivalents 18,043 21,385 18.5% Cash and cash equivalents at the end of the period 36,703 47,932 30.6% 43

Derivatives and Hedging Result Effect on Statement of Profit or Loss and Statement of Comprehensive Income RUBm 6M 2015 Statement of Profit or Loss Financial income 7,183 Foreign exchange gain 5,404 Interest income on bank deposits 1,708 Other finance income 71 Instrument Currency options Change in Fair Value P/L Ineffective Portion Actual Cost Other Comprehensive Profit (962) - - - Fuel options (425) 1,595 (10,361) 4,186 Swap - - - 2,025 Lease (2,703) 4,135 Total (1,387) 1,595 (13,064) 10,346 Financial cost (7,441) Interest expenses (3,419) Loss on change in fair value of derivatives (1,387) Realised loss on derivatives (2,621) Other finance costs (14) Hedging result (8,848) Realised loss on derivatives (7,740) Ineffective portion of fuel hedging 1,595 Effect from finance lease liabilities hedging (2,703) Other Comprehensive Profit Profit on change in fair value of derivatives 6,211 Effect from finance lease liabilities hedging 4,135 44

Investor Relations Contacts Address: 119002, Russia, Moscow, Arbat St. 10 Telephone: +7 (495) 258-06-86 E-mail: ir@aeroflot.ru Website: www.aeroflot.ru 45