A E R O F L O T R U S S I A N A I R L I N E S ACHIEVEMENTS AND GOALS

A E R O F L O T R U S S I A N A I R L I N E S ACHIEVEMENTS AND GOALS

Aeroflot Today An Overview 1 #1 airline in one of the largest markets globally with leading positions on both domestic and international routes 2 Global network with 153 unique destinations (300+ routes) in 51 countries serviced by one of the youngest fleets globally 3 Multi-brand offering to appeal to a broad customer spectrum across different geographies 4 Superior product and customer experience (Aeroflot 4-star airline by Skytrax) 5 Efficient operating model underpinned by effective yield and cost management 6 Experienced management team and international standards of corporate governance Note: network statistics is based on summer 2015 schedule 1

Transformation of the Aeroflot Group x 3.5X x 3.9X (8.6 yrs) > (20.0%) + 8.1 p.p. >15 yrs 39.4 mn 11.1 mn 415.2 bn RUB 106.1 bn RUB 6.4 yrs >30.0 gr / ASK 23.1 gr / ASK 78% 78% PAX REVENUE FLEET AGE FUEL COMSUMPTION PASSENGER LOAD FACTOR 2009 2015 Over the course of the last 7 years the Group has shown an extraordinary operational and financial transformation. Note: fleet age for 2009 as of the beginning of the year. Average age of 6.4 in 2015 is for Aeroflot Group (for comparison purposes). Aeroflot s average fleet age is 4.3 years. 2

Russian Carrier With a Global Network One of the youngest fleets of any major airline group operating a global network 4.4 Murmansk Arkhangelsk Novy Urengoy Hainan Airlines Garuda Indonesia 4.6 4.8 Los Angeles New York Washington St. Petersburg Syktyvkar Surgut Nizhnevartovsk Stockholm Ekaterinburg Tomsk Kaliningrad MOSCOW Tyumen Krasnoyarsk Omsk Hamburg Minsk Abakan Irkutsk Chita Dusseldorf Berlin Voronezh Prague Astana Paris Volgograd Aktobe Vienna Geneva Rostov Atyrau Karaganda Ulaanbaatar Milan Simferopol Astrakhan Anapa Stavropol Bishkek Nice Almaty Tivat Varna Aktau Shymkent Sochi Beijing Barcelona Rome Istanbul Baku Khudzhand Yerevan Samarkand Antalya Teheran Larnaca Beirut Tel Aviv Deli Yakutsk Magadan P. Kamchatsky Blagoveshchensk Yu. Sakhalinsk Harbin Vladivostok Seoul Tokyo Busan Shanghai China Eastern Airlines 5.3 Miami Havana Dubai Guangzhou Hong Kong Hanoi Qatar Airways 5.6 Bangkok Phuket Ho Chi Minh Male Etihad Airways Air China Emirates Airline Turkish Airlines Singapore Airlines 5.8 6.2 6.4 6.5 7.4 Stockholm Oslo Helsinki Tallinn Riga Copenhagen Hamburg Vilnius Amsterdam Berlin London Dusseldorf Warsaw Brussels Dresden Frankfurt Prague Paris Stuttgart Vienna Zurich Munich Budapest Geneva Zagreb Milan Venice Belgrade Nice Bucharest Bologna Barcelona Sofia Rome Tivat Madrid Thessaloniki Istanbul MOSCOW Tbilisi Aeroflot routes Rossiya routes Donavia routes Aurora routes Orenair routes American Airlines 11.0 Malaga Athens Antalya Larnaca Lufthansa 11.1 Tenerife This map is saved in Dealworks folder 1873584-001.pptx Air France British Airways United Airlines Delta Airlines Notes: 1 As of 31 December 2015; 2 Aeroflot Group PAX in FY 2016; 3 Winter 2015-2016 schedule 11.6 12.6 13.5 17.1 258 aircraft 1 carrying over 40m passengers 2 to 153 unique destinations 3 in 51 countries 3 3

Aeroflot Group Network Development Strategy Growing Connectivity of operated flights 1... Average weekly frequency per route 12.7x 13.5x 16.0x 22.9 19.3 20.3 16.1 14.4 13.2 12.4 11.5 10.7 13.9x 18.8x 21.9 22.8 15.7 16.0 12.4 12.4 Growth 6M 2016 4.0% 2.2% 0.0% New Markets and Routes New routes in 1H2016 (vs 1H 2015): Domestic routes: Stavropol, Saratov, Magadan International routes: Alicante, Valencia, Lyon New markets: Kazakhstan (Aktau, Aktobe, Almaty, Astana, Atyrau, Shymkent) 2013 2014 2015 6М 2015 6М 2016 International Domestic Combined Connectivity ratio backed by convenient location of the hub (SVO) Moscow Shortest geographical distance Incremental revenue in H1 2016 from new destinations opened in LTM 3.3 bn Total revenue in H1 2016 from new destinations added in 2013 H1 2016 amounted to 8.1 bn RUB New Products Pobeda addresses the LCC market segment that previously was underserved in Russia 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. Incremental revenue from Pobeda amounted to RUB 4.7 bn in 1H2016 Increasing flight frequencies improves connectivity and supports Aeroflot s traffic growth in Sheremetyevo. 4

A Successful Multi-Brand Approach Regional PRODUCT product FOR FAR for EAST Far East POSITIONING PREMIUM PRODUCT MID-PRICE REGIONAL / CHARTER PRODUCT LOW-COST PRODUCT PRODUCT FOR FAR EAST Scheduled flights Scheduled and charter flights Scheduled flights Scheduled flights Business model Hub and spoke model, international and domestic flights High frequency Economy and business class Point-to-point (P2P) flights within Russia Limited connectivity Popular international destinations Charter flights to the most popular tourist destinations (international and domestic) Economy and business class P2P flights via Moscow P2P flights within regions High passenger load factor and fleet utilization Economy class Passenger flights in the Far East Local flights to remote destinations within the region Economy and business class Fleet Narrow-body aircraft Wide-body aircraft Narrow-body aircraft Wide-body aircraft Narrow-body aircraft Narrow-body aircraft Target group Business tourism Visiting friends and relatives Tourism Visiting friends and relatives Tourism Business tourism Tourism Visiting friends and relatives Visiting friends and relatives Tourism Business tourism Focus airport Moscow: Sheremetyevo Moscow: Vnukovo Saint-Petersburg: Pulkovo Moscow: Vnukovo Vladivoskok Khabarovsk Yuzhno-Sakhalinsk Share of int. routes in PAX 1 ~50% (extensive geography) ~20-30% (mainly within the CIS) and including charter ~9% (international flights launched in late 2015) ~20% (Asian countries) Multi-brand product offering to capture customers in key market segments: from premium to low-cost. 1 Data as of H1 2016. 5

Remarkable Operational and Financial Performance Outstanding operational performance 13.4% growth of passenger carried in 2015 5.6 p.p. increase in market share Load factor of 78.3% 8.8% CAGR passenger carried 2010-2015 (domestic: 12.5%; international: 5.8%) Fifth-highest RPKs among European carriers in 2015 Fifth-largest European carrier by revenue (World Airline Rankings 2015) driving resilient financial results World s most punctual airline March 2015; May, November 2014 29.8% increase in total revenue 4x increase in operating profit Market-leading EBITDAR and EBITDA margins 14.1%, respectively) (24.8% and Second-highest operational profitability among legacy European airline groups in 2015 6

A Reputation For Excellence In Safety And Service Awarded 2016 Best Russian Airline 2013, 2014, 2015 Official Carrier Best Airline in Eastern Europe 2011, 2013, 2014, 2015, 2016 Best Russian Airline 2013, 2014, 2015 Readers Choice Award 7-star safety rating Member since 2006 Best European Airline Best Airline in Russia and CIS Best Business-Class on Mid- Range Flights 7

Digital take-off Before 2009 2010 2015 2016 2020 Other XX% - share of automated business processes Flight management system (ASOU PD) Support systems 35% 100% B2P 100% Unstructured data Initial Digitalization IT-Systems Consolidation Cutting-Edge Technology Deployment Fragmented IT-systems impeding operational gains Core IT-systems for aviation operations support are developed Implementation of the three core platforms (Sabre, SAP and Lufthansa) allowed to optimize IT infrastructure in use and reduced operating expenses Over 50% of passengers use Aeroflot digital services (e.g. tickets sales, online check-ins etc) Broad use of Big Data analytics Personalized targeting of customer communication Successful implementation of the project could create incremental revenue for the Group 8

Goals for the future 2025 Strategic Targets Ranking in 2009 Ranking in 2015 2025 (Achievement Estimate) TOP-20 airlines by PAX globally 68 24 TOP-5 airlines by PAX in Europe 15 10 7 Over 70 million passengers 11.1 mn 39.4 mn Over 30 million domestic passengers 4.9 mn 23.4 mn Note: 2009 traffic number for Aeroflot and subsidiaries (Nordavia and Donavia). Aeroflot standalone 8.6 mn PAX. Source: Flightglobal, Company estimates. 9

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