Aeroflot Group Investor Presentation. September 2018

Aeroflot Group Investor Presentation September 2018

Disclaimer This document has been prepared by PJSC Aeroflot (the Company ). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following. This document does not constitute or form part of any advertisement of securities, any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for, any securities of the Company in any jurisdiction, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purpose whatsoever on the information contained in this document or on assumptions made as to its completeness. 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

Russian Air Transportation Market Overview Passenger Traffic: Market vs Aeroflot Group Change in Airlines Passenger Numbers Russian Air Transportation Market (million PAX) inc. PAX of Russian and Foreign Carriers and int. transit PAX International Routes Domestic Routes mln PAX, 6M 2018 Increase in PAX million 12.5% 60.8 54.0 14.8% 30.1 26.2 10.4% 27.8 30.7 6M 2017 6M 2018 Aeroflot Group (million PAX) 8.2% 12.3% 31.4 14.4% 35.2 15.8 18.0 10.1% 15.6 17.2 Q2 2017 Q2 2018 +1.9 24.9 +1.9 +0.6 +1.6 +0.6 +0.2 11.9 9.3 7.1 3.9 3.6 Aeroflot Group Market Share (PAX) S7 Group Ural Airlines UTair Group Foreign Carriers Others Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group includes UTair, Utair-Cargo and Turuhan 1 23.0 10.2 7.9% 24.9 11.1 8.5% 12.7 13.8 6M 2017 6M 2018 Market Dynamics Net of Aeroflot Group Source: TCH, Company estimates Note: Incl. foreign carriers traffic. 9.6% 12.7 8.9% 13.9 5.7 6.2 7.0 10.1% 7.7 Q2 2017 Q2 2018 15.7% Total Market 14.1% 19.2% International 17.5% 12.0% Domestic 10.0% 6M 2017 18.6% 14.4% 6.2% 6.3% 12.0% 42.5% -1.6 p.p. Foreign Airlines 6M 2018 19.6% 15.3% 6.5% 5.9%11.8% Clean Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic) 40.3% Aeroflot Group 38.7% 40.9% Other Russian Airlines Aeroflot Group continued to deliver growth on further recovering market increasing PAX by 8.2% in 6M 2018 with acceleration in Q2 2018. 5

Capacity Trends Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers) Change in PAX traffic y-o-y, % Change in ASK y-o-y, % 25.7% 20.5% 16.4% 12.9% 12.2% 42.5 % 30.2 % 36.1 % 21.0% 21.8 % 17.2% 16.9 % 12.2% 7.4% 20.7 % 12.7% 15.3 % 10.8% 14.4 % 9.9% 13.0 % 14.6 % 11.9% 10.6% 9.0% Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 2018 International Domestic Total market Source: TCH, Company calculations Q2 2017 Q3 2017 Q4 2017 Q1 2018 Q2 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 6M 2018 are marked by further market recovery on the back of higher demand in both international and domestic segments and active capacity additions by market players. 6

A dark blue uniform was used in winter in the 1970s. It had a collarless jacket with five contrasting buttons and a white turtleneck-style blouse. An elegant summer dress was designed in the 1970s for flights to hot countries. Aeroflot Group Overview 02

Aeroflot Group Multi-Brand Strategy Brand Business Model Focus Airport PAX Contribution 1 PAX Growth Premium Flagship carrier Premium product (4 Stars) High income and middle class Hub and spoke model Moscow (Sheremetyevo) 6M 2018 16.2 65.3% +6.4% 15.2 16.2 6M 2017 6M 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 (Vnukovo) 4.8 19.1% (3.8)% 4.9 4.8 6M 2017 6M 2018 Low Cost Short and mid-haul flights Mostly domestic segment, selected international routes Point-to-point carriage Moscow (Vnukovo) 3.2 12.7% +50.8% 3.2 2.1 6M 2017 6M 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 0.7 2.9% +5.7% 0.69 0.73 6M 2017 6M 2018 1 PAX contribution as of 6M 2018. Absolute number of passengers in million in green circle Simplified multi-brand product offering to capture customers in every market segment: from premium to low-cost. Aeroflot and Pobeda key engines of the Group both increased traffic by c1.0 million PAX 8

Pobeda Airline: Acceleration of Growth Overview of Pobeda Network Fleet Key features and achievements in 6M 2018 2022 Goals Operating from Vnukovo airport (3 rd Moscow airport by PAX) Network comprising 62 routes (38 unique for the Group) Additional expansion to international destinations (10 countries) 20 Boeing 737-800 NG (30.06.2018) Plans for 4 more aircraft to be delivered in 2018 Single class cabin 189 seats per plane 3.2 million PAX in 6M 2018 (+50.8% y-o-y) 6M 2018 PLF of 93.4% (+0.4 p.p. y-o-y) International RPK is 26% of total Pobeda traffic Active development of intra-region flights, and international flights from the regions 45 aircraft c. 15-16 mln PAX Growing Passenger Flows thousand PAX 50.8% Pobeda s Network (Summer 2018) Saint Petersburg Routes from Moscow Routes from St.-Petersburg Routes from Sochi Improving Load Factor PLF, % Kaliningrad Alanya Paphos Moscow Cheboksary Kazan Samara Ufa Cologne Leipzig Karlovy Vary Baden-Baden Rostov Volgograd Memmingen Bratislava Astrakhan Bergamo Anapa Venice Nalchik Gelenzhik Nazran Tivat Sochi Makhachkala Girona Pisa Vladikavkaz Istanbul Batumi Tbilisi Reus Gyumri Larnaca Route from Makhachkala Route from Krasnoyarsk -0.6 p.p. Perm Tyumen Ekaterinburg Nab. Chelny Chelyabinsk Surgut Krasnoyarsk Novosibirsk Ulan-Ude, Irkutsk Routes from Rostov Routes from Ekaterinburg 58.4% 42.2% 1,754.7 1,401.7 985.7 1,108.1 2,093.7 3,156.4 91.6% +1.5 p.p. 93.1% 94.3% 93.7% 93.1% +0.4 p.p. 93.4% Q1 Q2 6M 2017 2018 Q1 Q2 6M 2017 2018 Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers. 9

Corporate Strategy: New Vision 2025 Strategic Goals New Sources of Growth 2025 Strategic Target 2009 2017 Achievement TOP-20 airlines by PAX globally 68 19 TOP-5 airlines by PAX in Europe 15 5* Increasing depth and width of the network with increased focus on connecting passengers. Increasing population mobility, stimulation of passenger traffic and opening of new markets Improving efficiency of operations, relocation of Moscow operations from VKO to SVO Over 70 million passengers 11.1 mn 50.1 mn To be achieved by 2022 Over 30 million domestic passengers 4.9 mn To be achieved 27.6 mn by 2022 New Strategic Approach: Transfer traffic + LCC + Regional hubs Source: Air Transport World, Company estimates. Note: 2009 traffic number for Aeroflot and subsidiaries (Nordavia and Donavia). Aeroflot standalone 8.6 mn PAX. * Among traditional carriers excluding LCCs. Aeroflot Group plans to set new strategic goals with particular focus on transfer traffic and regional hubs driven by active development of its premium and LCC products. 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 (6M 2018, y-o-y) Geographic Network Russia Europe Asia North and Central America 4.2 % 3.1 % 8.4 % Los Angeles 15.8 % 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 3.2 % Bangkok Ho Chi Minh City Phuket Middle East Total 5.9 % 18.3 % Male Aeroflot routes Rossiya routes Aurora routes Average Scheduled Flight Frequency per Route (Aeroflot Group ex-pobeda) Increase in Group frequencies by 9.8% was predominantly supported by expansion of the number of frequencies in domestic segment (+11.3%) and in the sector of long-haul routes (+20.4%). 6M 2017 6M 2018 11.5 9.8% 12.6 9.8 8.8% 10.7 13.1 11.3% 14.6 12.2 8.2% 13.2 6.6 20.4% 7.9 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 Scheduled International Domestic Medium-haul Long-haul Note: 1 Scheduled flights of Aeroflot Group (excluding Pobeda LCC) Moderate growth of destinations, focus on increase in frequencies on scheduled routes. Aeroflot Group operates flights to 169 unique destinations in 53 countries (in 2018 summer schedule, incl. Russia and new destinations launched in the high season). 12

Network Expansion Summer 2018 and Winter 2018/2019 Increased frequencies in Summer 2018 (examples) New destinations launched in Summer 2018 New destinations to be launched in Winter 2018/2019 season Yekaterinburg 56 7 1 Cairo (Egypt) 3 flights per week 1 Nalchik (Russia) 7 flights per week 8 Gothenburg (Sweden) 7 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 Ljubljana (Slovenia) 7 flights per week Kaliningrad 38 4 3 Naples (Italy) 7 flights per week 3 Nazran (Russia) 7 flights per week 10 Dublin (Ireland) 7 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 Grozny (Russia) 7 flights per week Makhachkala (Russia) 14 flights per week 11 12 Osh (Kyrgyzstan) 7 flights per week Denpasar (Indonesia) 3 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 Izhevsk (Russia) 14 flights per week Colombo (Sri Lanka) 5 flights per week 13 14 Destination in Central Asia Destination in South Asia 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 Winter 2018/2019 schedule the Group targets 14 new destinations to be launched 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 20.7x 22.3x 22.9 23.1 16.1 16.2 24.2 23.7 17.0 16.8 24.3 17.6 Growth 6M 2018 2.7% 4.6% Results into a Flexible Approach to Transit Flows Considerable share of transit of Aeroflot airline in Sheremetyevo 44.2% 42.1% 42.9% 42.2% 39.7% 13.5% 12.1% 11.8% 12.0% 11.1% 16.7% 16.9% 17.5% 17.3% 15.8% 12.4 12.5 13.1 13.0 13.7 5.3% 14.0% 13.1% 13.6% 13.0% 12.8% 2015 2016 2017 6M 2017 6M 2018 International Domestic Combined Backed by Convenient Location of Aeroflot Hub Moscow Connectivity ratio Shortest geographical distance 2015 2016 2017 6M 2017 6M 2018 Domestic - Domestic International - Domestic / Domestic - International International - International Increase in International International Traffic Total Aeroflot airline int. int. transit traffic, million PAX 3.6 3.7 4.4 5.8% 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 2.0 2.1 2015 2016 2017 6M 2017 6M 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 Q2 & 6M 2018 Indicator Unit Q2 2017 Q2 2018 Aeroflot airline Y-o-Y 6M 2017 6M 2018 Y-o-Y Q2 2017 Q2 2018 Aeroflot Group Y-o-Y 6M 2017 6M 2018 Y-o-Y Passenger Traffic th PAX 8,230 8,829 7.3% 15,246 16,223 6.4% 12,660 13,871 9.6% 22,962 24,856 8.2% International Routes th PAX 4,253 4,452 4.7% 8,007 8,351 4.3% 5,668 6,171 8.9% 10,245 11,059 7.9% Domestic Routes th PAX 3,977 4,377 10.1% 7,239 7,872 8.7% 6,993 7,699 10.1% 12,717 13,797 8.5% Passenger Turnover mn pkm 22,742 23,951 5.3% 42,801 44,926 5.0% 32,459 35,244 8.6% 59,392 63,987 7.7% International Routes mn pkm 14,805 15,427 4.2% 28,565 29,752 4.2% 18,992 20,365 7.2% 35,523 37,932 6.8% Domestic Routes mn pkm 7,937 8,524 7.4% 14,236 15,175 6.6% 13,466 14,879 10.5% 23,869 26,054 9.2% Passenger Capacity mn ASK 27,484 30,206 9.9% 53,289 57,625 8.1% 39,209 43,358 10.6% 73,719 79,982 8.5% International Routes mn ASK 18,168 19,906 9.6% 35,891 38,818 8.2% 22,895 25,457 11.2% 43,741 47,961 9.6% Domestic Routes mn ASK 9,316 10,300 10.6% 17,398 18,807 8.1% 16,314 17,901 9.7% 29,977 32,020 6.8% Passenger Load Factor % 82.7% 79.3% (3.5) p.p. 80.3% 78.0% (2.3) p.p. 82.8% 81.3% (1.5) p.p. 80.6% 80.0% (0.6) p.p. International Routes % 81.5% 77.5% (4.0) p.p. 79.6% 76.6% (3.0) p.p. 83.0% 80.0% (3.0) p.p. 81.2% 79.1% (2.1) p.p. Domestic Routes % 85.2% 82.8% (2.4) p.p. 81.8% 80.7% (1.1) p.p. 82.5% 83.1% 0.6 p.p. 79.6% 81.4% 1.7 p.p. Tonne-Kilometres mn tkm 2,304 2,410 4.6% 4,335 4,522 4.3% 3,217 3,482 8.3% 5,899 6,340 7.5% International Routes mn tkm 1,508 1,566 3.9% 2,907 3,018 3.8% 1,888 2,023 7.1% 3,539 3,775 6.7% Domestic Routes mn tkm 796 843 6.0% 1,429 1,504 5.3% 1,329 1,460 9.9% 2,361 2,565 8.6% Revenue Flights flights 60,238 67,149 11.5% 115,745 127,381 10.1% 92,508 102,475 10.8% 174,858 191,013 9.2% International Routes flights 29,876 32,758 9.6% 57,905 63,017 8.8% 38,520 43,070 11.8% 72,285 79,939 10.6% Domestic Routes flights 30,362 34,391 13.3% 57,840 64,364 11.3% 53,988 59,405 10.0% 102,573 111,074 8.3% Flight Hours hours 172,911 190,834 10.4% 334,934 365,411 9.1% 252,280 279,969 11.0% 477,239 521,923 9.4% 16

Operating Data July & 7M 2018 Indicator Unit July 2017 July 2018 Aeroflot airline Y-o-Y 7M 2017 7M 2018 Y-o-Y July 2017 July 2018 Aeroflot Group Y-o-Y 7M 2017 7M 2018 Y-o-Y Passenger Traffic th PAX 3,301 3,621 9.7% 18,546 19,844 7.0% 5,327 5,987 12.4% 28,289 30,842 9.0% International Routes th PAX 1,717 1,835 6.9% 9,724 10,186 4.8% 2,409 2,644 9.7% 12,655 13,703 8.3% Domestic Routes th PAX 1,584 1,787 12.8% 8,823 9,658 9.5% 2,917 3,342 14.6% 15,634 17,139 9.6% Passenger Turnover mn pkm 9,087 9,745 7.2% 51,888 54,672 5.4% 13,796 15,207 10.2% 73,188 79,194 8.2% International Routes mn pkm 5,885 6,214 5.6% 34,450 35,966 4.4% 7,871 8,467 7.6% 43,394 46,399 6.9% Domestic Routes mn pkm 3,202 3,531 10.3% 17,438 18,706 7.3% 5,926 6,739 13.7% 29,795 32,794 10.1% Passenger Capacity mn ASK 10,188 10,914 7.1% 63,477 68,539 8.0% 15,175 16,669 9.8% 88,894 96,651 8.7% International Routes mn ASK 6,711 7,148 6.5% 42,603 45,966 7.9% 8,781 9,513 8.3% 52,523 57,474 9.4% Domestic Routes mn ASK 3,476 3,766 8.3% 20,874 22,573 8.1% 6,393 7,156 11.9% 36,371 39,177 7.7% Passenger Load Factor % 89.2% 89.3% 0.1 p.p. 81.7% 79.8% (1.9) p.p. 90.9% 91.2% 0.3 p.p. 82.3% 81.9% (0.4) p.p. International Routes % 87.7% 86.9% (0.8) p.p. 80.9% 78.2% (2.7) p.p. 89.6% 89.0% (0.6) p.p. 82.6% 80.7% (1.9) p.p. Domestic Routes % 92.1% 93.8% 1.7 p.p. 83.5% 82.9% (0.6) p.p. 92.7% 94.2% 1.5 p.p. 81.9% 83.7% 1.8 p.p. Tonne-Kilometres mn tkm 903 964 6.7% 5,239 5,486 4.7% 1,343 1,481 10.3% 7,243 7,821 8.0% International Routes mn tkm 588 622 5.8% 3,495 3,640 4.2% 767 830 8.1% 4,306 4,605 6.9% Domestic Routes mn tkm 316 342 8.4% 1,744 1,846 5.9% 576 652 13.1% 2,937 3,216 9.5% Revenue Flights flights 21,853 24,604 12.6% 137,598 151,985 10.5% 34,331 38,667 12.6% 209,189 229,680 9.8% International Routes flights 10,691 12,061 12.8% 68,596 75,078 9.4% 14,242 16,260 14.2% 86,527 96,199 11.2% Domestic Routes flights 11,162 12,543 12.4% 69,002 76,907 11.5% 20,089 22,407 11.5% 122,662 133,481 8.8% Flight Hours hours 62,396 69,070 10.7% 397,330 434,481 9.4% 93,770 104,522 11.5% 571,009 626,445 9.7% 17

6M 2018 Operating Data by Region (Scheduled Routes) Americas Russia CIS 9.6 % 8.5 % 16.9 % (5.9) p.p. Passengers RPK ASK PLF carried Performance of North and Central American market was supported by addition of 3rd frequency to NY and increased ASK to other destinations, which weighted on PLF. 9.6 % 10.6 % Passengers carried Russian market is continuing to show consistent growth in 2018 with strong PLF performance on the back of efficient capacity management. Europe Middle East Asia 7.7 % 2.1 p.p. RPK ASK PLF 0.2 % (2.7)% (0.8)% (1.6) p.p. Passengers RPK ASK PLF carried Group KPIs in CIS came under pressure as a result of subsidiaries operating program optimization while Aeroflot airline showed steady growth on all key routes including Kazakhstan. 10.0 % 11.3 % 14.4 % 8.6 % 4.9 % 4.3 % 1.9 % 1.2 % 2.7 % Passengers carried (2.1) p.p. RPK ASK PLF Passengers carried (3.1) p.p. RPK ASK PLF European market performance benefited from Operating performance of the region significantly launch of additional frequencies to key affected by stronger competition on key routes as destinations and from new destinations opening, well as increased frequencies to Istanbul, Antalya putting slight pressure on PLF. and Dubai backed by strong demand to the region Source: Data presented based on management accounting for scheduled flights of Aeroflot Group (excluding charter flights) Passengers carried (1.2) p.p. RPK ASK PLF Passenger traffic on key regional destinations stable or trending towards growth (China), higher number of frequencies to Male supportive for overall performance of the region. Strong operating performance on the scheduled routes was partially offset by selective adjustments in network due to internal and external reasons 18

Aeroflot Group Scheduled Flights Revenue Units Q2 Yield (PAX Revenue / RPK) Q2 RASK (PAX Revenue / ASK) RUB 3.44 6.6% 3.67 3.77 10.4% 4.16 3.62 8.6% 3.93 RUB 2.83 7.8% 3.05 3.07 5.7% 3.24 2.96 6.6% 3.16 Domestic International Total 6M Yield (PAX Revenue / RPK) RUB Domestic International Total 6M RASK (PAX Revenue / ASK) RUB 3.27 4.6% 3.42 3.64 8.0% 3.93 3.48 6.5% 3.71 2.59 7.4% 2.78 2.90 4.6% 3.03 2.77 5.7% 2.92 Domestic International Total Domestic International Total % Y-o-Y increase 2017 2018 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 due to rapid expansion of LCC affected RUB yields in Q2 and 6M 2018. 19

Aeroflot Airline Yield Dynamics (Monthly) Aeroflot Airline Total Yield Aeroflot Airline International Yield RUB/RPK, Change y-o-y in % 18.1% RUB/RPK, Change y-o-y in % 23.8% 4.5% 9.8% 6.2% 8.8% 4.4% 7.8% 5.1% 6.2% (4.2)% (4.2)% (2.6)% (1.8)% (0.1)% (9.5)% (7.3)% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 2017 2018 Aeroflot Airline Domestic Yield 0.0% 0.4% RUB/RPK, Change y-o-y in % 8.1% (1.3)% (2.3)% (2.4)% 4.1% 4.1% 3.7% 3.0% (6.1)% (4.8)% 0.4% 1.1% 1.1% 1.8% 2.1% 1.7% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun (0.0)% Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 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 6M 2018 international segment was the main driver of Aeroflot growth: yields were in higher single-digit growth mode during the period and in June yield dynamics reached +23.8% y-o-y supported by additional demand associated with FIFA World Cup. 20

Aeroflot Group Traffic Revenue Analysis Traffic Revenue Breakdown by Type 6M 2018 Sheduled Passenger Flights 89.8% Revenue from Scheduled Passengers (RUB mln) 1 Q2 2017 Q2 2018 Y-o-Y Region 6M 2017 6M 2018 Y-o-Y 6M 2018, % of sch. revenue 44,726 53,126 18.8% Russia 75,288 87,085 15.7% 40.3% 28,470 34,738 22.0% Europe 50,832 60,090 18.2% 27.8% Cargo 3.4% Charter Passenger Flights 6.8% Scheduled Traffic Revenue by POS 6M 2018 2 Sales in Russia 32.1% Call center and own branches 3.5% Online 32.8% Sales abroad 31.6% 15,280 16,903 10.6% Asia 31,367 34,368 9.6% 15.9% 5,560 6,074 9.2% CIS 9,618 10,538 9.6% 4.9% 6,481 7,771 19.9% North and Central America 11,478 12,936 12.7% 6.0% 5,564 6,250 12.3% Middle East 9,833 10,952 11.4% 5.1% 106,080 124,862 17.7% Total 188,416 215,969 14.6% 100.0% Total Passenger Revenue (Scheduled + Charter, RUB mln) Q2 2017 Q2 2018 Y-o-Y Segment 6M 2017 6M 2018 Y-o-Y 6M 2018, % of revenue 46,108 55,044 19.4% Domestic 77,824 89,823 15.4% 38.7% 67,486 80,412 19.2% International 122,975 142,529 15.9% 61.3% 113,594 135,456 19.2% Total 200,799 232,352 15.7% 100.0% In 6M 2018 revenue from scheduled passengers grew by 14.6% 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 6,1 289 Average Age 4.4 4.2 4.1 4,0 189 325 224 241 2013 2014 2015 2016 2017 30.06.2018 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 July 2018) excluding planes out of operation 350 2013 2014 2015 2016 2017 30.06.2018 Aeroflot Airline Fleet in Operation 1 Hainan Airlines Shandong Airlines Xiamen Airlines Sichuan Airlines Spirit Airlines China Eastern Airlines Azul Emirates Airline IndiGo Qatar Airways LATAM Airlines Chile Shanghai Airlines Lion Air Etihad Airways Garuda Indonesia EasyJet Europe Singapore Airlines Japan Airlines Qantas American Airlines 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 4.0 4.8 5.0 5.3 5.5 5.5 5.6 5.8 5.9 5.9 5.9 6.4 6.4 6.5 6.6 6.6 6.7 7.5 9.8 10.7 10.8 10.8 12.8 13.8 14.8 14.8 16.5 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-Jun-18 31-Dec-17 31-Dec-17 Wide-body 39 17 18 38-56 52 4 Airbus A330 22-8 14-22 22 - Boeing 777 17 8 10 15-25 21 4 Boeing 747-9 - 9-9 9 - Narrow-body (medium-haul) 157 78 18 217-235 222 13 Airbus A319-36 9 27-36 36 - Airbus A320 79 5-84 - 84 80 4 Airbus A321 37-9 28-37 38-1 Boeing 737 41 37-78 - 78 68 10 Narrow-body (regional) 45 14-53 6 59 51 8 DHC 8-11 - 5 6 11 11 - DHC 6-3 - 3-3 3 - SSJ 100 45 - - 45-45 37 8 Total fleet 1 241 109 36 308 6 350 325 25 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) 17% Narrowbody (mediumhaul) 67% 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 6M 2018 (Actual) Q3-Q4 2018 Current Delivery Phase out fleet (1) Delivery Phase out Number of aircraft 409 Wide-body (long-haul) 4-56 2 - A-330 - - 22 - - 331 325 B-777 4-25 2 - B-747 - - 9 - - Narrow-body (medium-haul) 22 (9) 235 14 (8) A-319 - - 36 - (3) A-320 9 (5) 84 2 (4) A-321 3 (4) 37 2 - B-737 10-78 10 (1) Narrow-body (regional) 8-59 5 (1) SSJ-100 8-45 5 - DHC-8 - - 11 - (1) DHC-6 - - 3 - - TOTAL 34 (9) 350 21 (9) Net additions (1) + 25 aircraft + 12 aircraft 2017 2018E 2019E 2020E 2021E 2022E 1 As of 30.06.2018, not including aircraft leased or subleased to other operator (1 An-24 and 5 An-148 ). Phase-out plans for Q3-Q4 2018 include aircraft in finance lease that will be phased out according to the existing plan. 2 According to existing strategy. Not including aircraft leased or subleased to other operator. 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

Managing revenue Controlling costs Revenue and Cost Management Strategy in Challenging Environment Brent oil price dynamics (RUB per barrell) 5,000 4,600 4,200 3,800 3,400 3,000 OPEC decision on cutting crude production, growth by 15% Hurricane Harvey, growth by 14% US sanctions against Russia, growth by 16% within two days US and Saudi Arabia joint sanctions against Iran, growth by 10% US sanctions against Russia, growth by 8% within one week 2,600 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Source: Bloomberg Revenue and Cost Management Strategy 1 Active revenue management Efficiency based strategy 1 2 Exploiting ancillary revenue opportunities Initiatives to improve financial performance Specific efficiency initiatives 2 3 Focus operational efficiency and network synergies Cost cutting programmes 3 In order to deliver results and support profitability despite fuel price headwinds Aeroflot focuses both on exploring revenue opportunities and strict cost control, including dedicated cost cutting initiatives. 27

Focus on Revenue and Cost Efficiencies Initiatives on the revenue side More revenues in core business Initiatives on the cost side Company s strategy is efficiency based 2018 initiatives to further strengthen already efficient revenue management Examples: Increased day-to-day control over PLF and profitability Optimization in booking classes and within fare families Fuel surcharge Efficiency Based Strategy Examples: Multibrand approach Standardized modern and fuel efficient fleet Effective fuel supply management Development of hub in SVO Additional services to enhance passengers convenience Strategic initiatives that particularly target efficiency New services to extract more ancillary revenue (2018-2019) Examples: Paid seat selection for lower booking classes Introduction of paid upgrades Selling baggage online Long-Term Efficiency Initiatives Examples: IT solutions for optimization of fuel loading Optimization of loading processes for consumables KPI based remuneration Focus on efficiency of operations 2018 cost optimization initiatives Improving operational efficiency supported by new markets Examples: On-time performance Decrease in MCT to improve connectivity New routes will improve transfer potential of the network and increase utilization Active Phase of Cost-Cutting Examples: Optimization of SG&A and marketing budgets Negotiating discounts with all counterparties and service providers (including fuel) On-board service and catering: optimizing budgets, loading efficiency (incl. food, water, amenity kits) Aeroflot has long-term commitment and track records of improving operational and financial efficiency achieved via various means - from fundamental principles of business strategy to dedicated efficiency programmes. Active phase of revenue generation and cost-cutting initiatives launched in 2018 targets to partially absorb pressure on the Group s costs coming from macroeconomic factors (fuel and exchange rates). 28

Financial Highlights: Q2 and 6M 2018 Q2 2017 Q2 2018 Change RUB mln (where applicable) 6M 2017 6M 2018 Change 12,660 13,871 9.6% Passenger Traffic (mln PAX) 22,962 24,856 8.2% 131,735 153,880 16.8% Revenue 234,860 265,822 13.2% 113,594 135,456 19.2% Traffic Revenue 200,799 232,352 15.7% 32,315 35,596 10.2% EBITDAR 1 46,057 46,363 0.7% 24.5% 23.1% (1.4) p.p. EBITDAR 1 margin 19.6% 17.4% (2.2) p.p. 16,539 14,354 (13.2)% EBITDA 15,403 6,622 (57.0)% 12.6% 9.3% (3.3) p.p. EBITDA margin 6.6% 2.5% (4.1) p.p. 8,229 6,315 (23.3)% Net income / (loss) 2,890 (5,228) n/m Financial results of 6M 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. 1 EBITDAR = EBITDA + operating lease expenses. 29

Revenue Growth Decomposition Revenue by Key Factors Revenue by Business Segments RUB mln RUB mln 13.2% 13.2% 7.0% + 4.7% + 1.4% + 0.1% 11.7% + 1.7% + 0.4% + (0.7)% 234,860 16,420 Growth in operating metrics: RPK + 7.7% PAX + 8.2% 11,022 3,235 285 265,822 Depreciation of RUB in 6M 2018 y-o-y by c2% vs. USD and by Domestic yield up by 4.6%, international 234,860 27,553 4,000 995 (1,586) 265,822 Charter RPK up by 8.6% y-o-y up by 8.0% c15% vs. EUR Growth across geographies: Russian revenue + 15.5% International revenue +13.7% Cargo volumes +10.6% Mainly driven by lower ground handling and maintenance and refueling services revenue from third-parties 6M 2017 Volume Currency Pricing Other 6M 2018 6M 2017 Scheduled Passenger Flights Charter Passenger Flights Cargo Other Revenue 6M 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 30

Operating Costs Q2 2017 Q2 2018 Change y-o-y Change ex. FX & NRE Operating Expense (RUB mln If not stated otherwise) 6M 2017 6M 2018 Change y-o-y Change ex. FX & NRE % of Total OpEx (6M 2018) 28,790 43,843 52.3% 44.4% Fuel 56,217 77,885 38.5% 36.0% 29.3% 90,312 98,720 9.3% 6.0% Opex (ex. Fuel) 170,946 188,216 10.1% 8.8% 70.7% 24,807 26,726 7.7% 2.0% Aircraft, traffic and passenger servicing 45,961 48,634 5.8% 2.1% 18.3% 19,736 20,255 2.6% 6.6% Staff 38,324 41,659 8.7% 10.8% 15.7% 15,776 21,242 34.6% 25.2% Operating lease 30,654 39,741 29.6% 27.0% 14.9% 7,503 11,790 57.1% 47.7% Maintenance 1 15,682 20,259 29.2% 26.0% 7.6% 8,336 7,918 (5.0)% (8.2)% SG&A 2 14,507 14,078 (3.0)% (4.7)% 5.3% 3,906 3,037 (22.2)% (22.2)% D&A and customs duties 7,706 6,901 (10.4)% (10.4)% 2.6% 10,248 7,752 (24.3)% (23.3)% Other expenses 3 18,112 16,944 (6.4)% (4.9)% 6.4% 119,102 142,563 19.7% 15.3% Total Opex 227,163 266,101 17.1% 15.6% 100.0% 1 Normalized change in Maintenance expenses (including change in maintenance reserve) in 6M 2018 amounts to +26% y-o-y, in Q2 2018 +42% 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 6M 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. 31

Group Unit Costs Q2 2017 Q2 2018 Change Operating Expense per ASK (CASK), RUB 6M 2017 6M 2018 Change 0.73 1.01 37.7% Fuel 0.76 0.97 27.7% 2.30 2.28 (1.1)% Opex (ex. Fuel): 2.32 2.35 1.5% 0.63 0.62 (2.6)% Aircraft, Traffic and Passenger Servicing 0.62 0.61 (2.5)% 0.50 0.47 (7.2)% Staff 0.52 0.52 0.2% 0.40 0.49 21.8% Operating Lease 0.42 0.50 19.5% 0.19 0.27 42.1% Maintenance 0.21 0.25 19.1% 0.21 0.18 (14.1)% SG&A 0.20 0.18 (10.6)% 0.10 0.07 (29.7)% D&A and Customs Duties 0.10 0.09 (17.5)% 0.26 0.18 (31.6)% Other Expenses 0.25 0.21 (13.8)% 3.04 3.29 8.2% Total Opex 3.08 3.33 8.0% 8.0% (1.3)% 6.6% 0.21 0.04 (0.02) 0.08 (0.02) (0.02) (0.03) (0.06) 0.02 0.00 3.33 3.28 3.08 3.08 Reported CASK 6M 2017 Staff Fuel Maintenance Aircraft, Traffic and Passenger Servicing Operating Lease D&A and CD* Admin & Sales & Marketing Other Costs Reported CASK 6M 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 6M 2018 Reported CASK ex. FX and 6M 2017 NRE** Cost per ASK increased by 8.0% from RUB 3.08 in 6M 2017 to RUB 3.33 in 6M 2018 on the back of fuel, maintenance and operating lease expenses pressure. 32

Fuel Cost Management Flight Hours Fuel Consumption per ASK Fuel Consumption per RTK (thousand hours) (gr/ask) (gr/rtk) 9.4% (1.4)% (0.4)% 522 22.8 22.5 284.7 283.5 477 Aeroflot Airline Jet Fuel Price (RUB per tonne of jet fuel) 50 000 40 000 30 000 6M 2017 6M 2018 42 273 32 671 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6M 1 (WA) 2018 2017 2018 56.6 56.8 57.1 60.9 62.3 62.8 USD/RUB 69.1 65.7 66.9 71.8 77.0 75.9 Brent (USD) Source: Bloomberg, Company data 1 Weighted average price for 6M 6M 2017 6M 2018 2 USD/RUB exchange rate as per the Central Bank of Russia 3 Assuming 18% VAT rate Comments 6M 2017 6M 2018 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. Weighted average fuel purchase price of $710/ton (RUB 42,273/ton) in 6M 2018 vs $563/ton (RUB 32,671/ton) in 6M 2017 (29.4% y-o-y increase in RUB terms) 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 6M 2018 33

Headcount Overview Aeroflot Group Headcount by Category Traffic Revenue / Average Airlines Headcount 31-Dec-2017 30-Jun-2018 % Cabin crew 11,259 11,821 5.0 % Airport services 7,034 7,163 1.8 % Technical maintenance and repair 4,702 5,068 7.8 % Flight crew 3,846 3,981 3.5 % Tickets and services sales, advertising 1,903 1,918 0.8 % Other airline personnel (inc. airlines head office) 5,430 5,582 2.8 % Other non-airline subsidiaries personnel 4,696 4,968 5.8 % Total 1 38,870 40,501 4.2 % 1 Aeroflot Group headcount table excludes Aeroflot Aviation School headcount amounting to 181 employees as at 31.12.2017 and 196 employees as at 30.06.2018. Other airline personnel 13.8% Airport services 17.7% Other non-airline personnel 12.3% Tickets and services sales, advertising 4.7% PAX Traffic / Average Airlines Headcount (million RUB per employee, annualized to 30.06.2018) (passengers per employee, annualized to 30.06.2018) Flight crew 9.8% Cabin crew 29.2% Technical maintenance and repair 12.5% 7.1% 5.4% 13.8 14.8 1,436 1,514 30.06.2017 (LTM) 30.06.2018 (LTM) 30.06.2017 (LTM) 30.06.2018 (LTM) Improvement in labour productivity has resulted in increase of key performance indicators in 6M 2018. Aeroflot Group headcount increased by 6.7% vs. June 30, 2017. 34

EBITDA Evolution (RUB mln) Total effect on revenue =30,962 RUB mln Total effect on costs =(39,745) RUB mln Net volume and price effect =19,939 RUB mln Net FX effect =6,116 RUB mln 11,022 (4,906) Net volume and price effect =(34,839) RUB mln (20,264) 3,235 285 Volume effect (4,792) RUB mln 16,420 Price effect (15,154) RUB mln (3,329) (958) (8,279) 15,403 (4,070) 676 1,385 (1,305) 6,622 5,317 Reported EBITDA 6M 2017 Volume Pricing Other FX benefit on revenue FX drag on costs Fuel* Staff* Aircraft, Traffic and PAX* Operating Leases* Maintenance* Admin & Sales & Marketing* Other OPEX* Reported EBITDA 6M 2018 * 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 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. NRE** Adjusted EBITDA 6M 2018 35

Operating and Free Cash Flows (RUB mln) Billion RUB 6M 2018 Other adjustments before working capital changes, incl. 6.3 Effect from revenue hedging (finance lease hedge accounting) 3.0 Change in provisions 4.2 Other (0.9) Billion RUB 6M 2018 Working capital changes and income tax, incl. 31.4 Change in accounts receivable and prepayments (6.2) Change in accounts payable and accrued liabilities 38.5 Change in expendable spare parts and inventories (1.6) Change in tax and restricted cash 0.7 (13.8)% 15,160 (573) 31,354 (5,750) 3,120 (569) 53,289 61,788 41,901 6,274 6,394 2,874 363 10,545 (5,358) 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 6M 2018 Strong Operating and Free Cash Flow generation in 6M 2018 on the back of growing business volumes and solid operating performance. Free Cash Flow 6M 2017 36

Pobeda Financial Results Increasing PAX Traffic 1 RASK dynamics Growing Revenues of LCC Segment Million passengers RUB 3.2 Q2 2017 Q2 2018 Change RUB mln 6M 2017 6M 2018 Change 2.1 2.20 2.28 4,991 8,656 73.4% Revenue 8,268 13,736 66.1% 6M 2017 6M 2018 6M 2017 6M 2018 1,905 2,396 25.8% EBITDAR 1 2,043 2,629 28.7% PAX up by 50.8% in 6M 2018 RASK up by 3.5% in 6M 2018 Increasing ASK CASK dynamics Billion ASK RUB 38.2% 27.7% (10.5) p.p. EBITDAR margin 24.7% 19.1% (5.6) p.p. 1,093 948 (13.2)% EBITDA 408 66 (83.8)% 3.8 6.0 2.09 2.27 21.9% 11.0% (10.9) p.p. EBITDA margin 4.9% 0.5% (4.6) p.p. 874 911 4.2% Net income 400 175 (56.2)% 6M 2017 6M 2018 6M 2017 6M 2018 ASK up by 60.6% in 6M 2018 CASK up by 8.3% in 6M 2018 17.5% 10.5% (7.0) p.p. Net margin 4.8% 1.3% (3.5) 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 6M 2018. 37

Leverage and Liquidity Debt Profile 1 Net Debt / LTM EBITDA 2 RUB mln 31-Dec-2017 30-Jun-2018 Change Borrowings 3,181 3,524 10.8% Finance Lease Liabilities 100,689 92,632 (8.0)% 0.7 0.9 0.9 0.6 Pension Liabilities 922 943 2.2% Total Debt 104,792 97,099 (7.3)% Cash and Short Term Investments 54,909 97,755 78.0% Net Debt 49,883 (656) n/m 4 RUB mln Net Debt 2 EBITDA 2 30-Sep-2017 31-Dec-2017 31-Mar-2018 30-Jun-2018 48,925 49,883 29,470 (656) 54,147 56,015 49,420 47,234 Debt breakdown by currency Finance Lease Repayment Schedule (RUB billion) 3 n/m 30-Jun-2017 30-Sep-2017 31-Dec-2017 31-Mar-2018 30-Jun-2018 Borrowings 12% Finance Lease 2% 42.2 8.1 14.2 14.0 14.1 88% RUB 98% USD 2018 2019 2020 2021 2022+ 1 31-Dec-2017 exchange rate - 57.60 RUB per USD, 30-Jun-2018 exchange rate - 62.76 RUB per USD 3 Not including interest; future payments in dollars converted into roubles at exchange rate of 62.76 RUB per USD 2 Net debt does not include capitalised operating lease expenses; based on annualized EBITDA 4 From 01-Jan-2018 interest on bank deposits is included in Cash and Short Term Investments Net Debt turned negative as at 30.06.2018 due to decrease in finance lease obligations as well as accelerated growth in cash position. Cash position of RUB 98.0 billion and undrawn credit lines of RUB 91.7 billion 38

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. 40

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 has started transferring domestic flights to the new Terminal B starting from May. The Company plans to transfer all domestic flights to the new terminal by the beginning of Winter 2018/2019 season. 41

Key Operating Data of Subsidiary Airlines Indicator Unit Rossiya Airline Pobeda Airline Aurora Airline 6M 2018 Y-o-Y 6M 2018 Y-o-Y 6M 2018 Y-o-Y Passenger Traffic th PAX 4,751 (3.8)% 3,156 50.8% 726 5.7% International Routes th PAX 1,834 10.6% 690 72.0% 183 2.2% Domestic Routes th PAX 2,916 (11.0)% 2,466 45.7% 543 6.9% Passenger Turnover mn pkm 12,318 2.2% 5,641 61.2% 1,102 5.7% International Routes mn pkm 6,443 10.3% 1,471 72.5% 267 0.0% Domestic Routes mn pkm 5,876 (5.4)% 4,169 57.6% 835 7.7% Passenger Capacity mn ASK 14,760 (2.4)% 6,037 60.6% 1,560 1.1% International Routes mn ASK 7,172 10.1% 1,582 65.3% 390 3.2% Domestic Routes mn ASK 7,588 (11.9)% 4,455 58.9% 1,170 0.4% Passenger Load Factor % 83,5% 3.8 p.p. 93,4% 0.4 p.p. 70,6% 3.1 p.p. International Routes % 89,8% 0.2 p.p. 93,0% 3.8 p.p. 68,5% (2.2) p.p. Domestic Routes % 77,4% 5.3 p.p. 93,6% (0.8) p.p. 71,3% 4.9 p.p. Flight Hours hours 91,897 (2.2)% 42,794 59.0% 21,821 1.9% 42

Aeroflot Group Blended Flights Revenue Units Q2 Yield (Scheduled + Charter PAX Revenue / RPK) Q2 RASK (Scheduled + Charter PAX Revenue / ASK) RUB RUB 11.1% 7.2% 9.8% 7.8% 8.0% 8.8% 3.95 3.84 3.70 3.07 3.16 3.12 3.42 3.55 3.50 2.95 2.83 2.90 Domestic International Total Domestic International Total 6M Yield (Scheduled + Charter PAX Revenue / RPK) 6M RASK (Scheduled + Charter PAX Revenue / ASK) RUB RUB 8.5% 7.4% 5.7% 6.7% 8.1% 5.7% 3.76 2.97 3.63 2.91 3.45 3.46 2.81 2.81 3.38 2.72 3.26 2.60 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 Q2 and 6M 2018. 43

Aeroflot Group Scheduled Flights Revenue Units 6M Yield (PAX Revenue / RPK) RUB 6M RASK (PAX Revenue / ASK) RUB 3.27 4.6% 3.42 3.64 8.0% 3.93 3.48 6.5% 3.71 2.59 7.4% 2.78 2.90 4.6% 3.03 2.77 5.7% 2.92 Domestic International Total Domestic International Total 6M Yield ex. Pobeda (PAX Revenue / RPK) RUB 8.4% 8.1% 7.6% 3.97 3.85 3.66 3.66 3.56 3.40 6M RASK ex. Pobeda (PAX Revenue / ASK) RUB 4.5% 6.6% 9.8% 3.04 2.90 2.91 2.80 2.64 2.99 Domestic International Total Domestic International Total % Y-o-Y increase 2017 2018 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 6M 2018. 44

Statement of Comprehensive Income RUB mln, unless otherwise stated 2013 2014 2015 2016 2017 6M 2017 6M 2018 Traffic revenue 257,546 277,354 359,205 433,966 474,916 207,982 240,530 Other revenue 33,410 42,417 55,968 61,914 58,018 26,878 25,292 Revenue 290,956 319,771 415,173 495,880 532,934 234,860 265,822 Operating costs (271,161) (308,503) (371,066) (432,626) (492,523) (227,163) (266,101) Operating profit / (loss) 19,795 11,268 44,107 63,254 40,411 7,697 (279) Sale and impairment of investments, net - - (9,159) (2,935) (144) (70) 107 Finance income 2,686 2,471 15,811 19,802 7,127 4,783 2,124 Finance costs (8,814) (28,399) (28,556) (9,443) (8,225) (4,159) (4,369) Hedging result - (1,723) (23,746) (12,310) (5,613) (2,748) (2,984) Share of results of associates 37 31 (17) 12 170 34 43 Result from disposal of subsidiaries - - - (5,099) - - - Profit / (loss) before income tax 13,704 (16,352) (1,560) 53,281 33,726 5,537 (5,358) Income tax (6,369) (794) (4,934) (14,455) (10,666) (2,647) 130 Profit / (loss) for the period 7,335 (17,146) (6,494) 38,826 23,060 2,890 (5,228) EBITDAR 51,026 48,673 103,118 137,567 121,808 46,057 46,363 EBITDA 31,849 24,839 58,703 78,004 56,015 15,403 6,622 Traffic revenue growth 16.4% 7.7% 29.5% 20.8% 9.4% 7.6% 15.6% Revenue growth 15.0% 9.9% 29.8% 19.4% 7.5% 4.9% 13.2% Operating profit margin 6.8% 3.5% 10.6% 12.8% 7.6% 3.3% - EBITDAR margin 17.5% 15.2% 24.8% 27.7% 22.9% 19.6% 17.4% EBITDA margin 10.9% 7.8% 14.1% 15.7% 10.5% 6.6% 2.5% 45

Condensed Statement of Financial Position Assets (RUB mln) 31.12.2013 31.12.2014 31.12.2015 31.12.2016 31.12.2017 30.06.2018 Cash and cash equivalents 18,660 26,547 30,693 31,476 45,978 87,785 Short-term financial investments 272 961 5,917 6,319 8,931 9,970 Accounts receivable and prepayments 55,691 56,769 76,317 78,172 92,932 83,106 Expendable spare parts and inventories 4,927 6,516 7,447 10,040 12,811 14,407 Property, plant and equipment 88,777 116,044 104,494 104,897 97,932 89,347 Prepayments for aircraft 12,318 29,241 35,291 27,830 13,089 10,545 Deferred tax assets 2,174 18,540 21,632 12,252 10,396 10,716 Goodwill 6,660 6,660 6,660 6,660 6,660 6,660 Other assets 19,705 16,440 26,743 21,661 34,601 50,070 Total Assets 209,184 277,718 315,194 299,307 323,330 362,606 Liabilities (RUB mln) Accounts payable and accrued liabilities 36,249 48,952 54,751 49,868 67,953 98,847 Unearned traffic revenue 16,334 22,469 28,691 39,044 43,695 80,056 Short-term loans and borrowings 5,029 17,343 54,085 9,309-175 Long-term loans and borrowings 8,377 6,860 14,375 11,058 3,181 3,349 Finance lease liabilities 63,348 132,366 145,020 107,143 84,674 15,333 Provisions for liabilities 1,655 4,845 6,917 10,791 16,949 21,272 Other liabilities 23,712 58,388 47,475 31,325 39,579 106,029 Total Liabilities 154,704 291,223 351,314 258,538 256,031 325,061 Hedge reserve (383) (48,657) (64,720) (34,187) (25,159) (29,242) Retained earnings 61,122 45,584 39,755 77,198 81,476 63,358 Total Equity 54,480 (13,505) (36,120) 40,769 67,299 37,545 Total Liabilities and Equity 209,184 277,718 315,194 299,307 323,330 362,606 46

Statement of Cash Flows RUB mln, unless otherwise stated 2013 2014 2015 2016 2017 6M 2017 6M 2018 Operating cash flows before working capital changes 32,944 31,603 64,269 81,994 65,330 19,326 10,546 Change in accounts receivable and prepayments (3,014) 4,658 (2,251) (6,191) (27,816) (16,516) (6,197) Change in expendable spare parts and inventories (1,019) (1,831) (1,216) (2,809) (2,672) (870) (1,596) Change in accounts payable and accrued liabilities 4,345 8,452 14,705 13,387 24,964 49,106 38,521 Operating cash flows after working capital changes 33,256 42,882 75,507 86,381 59,806 51,046 41,274 Income tax paid (4,260) (6,863) (6,041) (13,943) (13,019) (761) (644) Net cash flows from operating activities 28,945 35,977 69,664 73,647 47,432 50,288 41,900 Cash flows from investing activities: Purchases of PPE and intangible assets (4,410) (6,160) (9,196) (10,222) (7,681) (2,445) (5,750) Prepayments for aircraft (7,154) (21,361) (22,708) (18,806) (7,931) (166) (2,750) Return of prepayments for aircraft 7,783 9,620 7,828 29,362 26,274 11,909 17,910 Net cash flows from/(used in) investing activities (3,599) (18,492) (38,770) 10,331 14,369 11,500 11,388 Cash flows from financing activities: Repayment of loans and borrowings (14,579) (9,870) (36,267) (72,991) (17,417) (3,145) (44) Repayment of finance lease principal (9,795) (15,629) (19,455) (27,024) (15,513) (5,591) (9,893) Net cash used in financing activities (21,782) (14,673) (28,075) 80,495 46,821 (12,181) (12,009) Net increase in cash and cash equivalents 3,590 7,887 4,146 783 14,502 49,579 41,807 Cash and cash equivalents at the end of the period 18,660 26,547 30,693 31,476 45,978 81,055 87,785 47

Reported and Adjusted Net Loss Analysis 6M Adjusted Net Loss Build-Up (RUB mln) (5,228) 1,092 (228) (1,257) (7,099) (500) (978) Reported Net Loss 6M 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 Loss 6M 2018 One-off effects had limited influence on Aeroflot Group 6M 2018 financial results. 48

IFRS 16 (Accounting of Leases) IFRS 16 will replace IAS 17 and is mandatory applicable starting January 2019 All lease contracts will be recognized on balance sheet Operating lease 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 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 rental liabilities. 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. 49 33

Board of Directors Corporate Governance Board of Directors General Meeting of Shareholders Audit Committee (4 members) Name Mikhail Poluboyarinov Audit Committee Personnel and Remuneration Committee Strategy Committee Chairman of the Board of Directors Board of Directors Personnel and Remuneration Committee (7 members) Vitaly Saveliev Lars Erik Anders Bergstrom Sergey Chemezov Member Member Member Executive Board Strategy Committee (10 members) Alexey Germanovich Member Member Member Igor Kamenskoy Member Chairman Member Incorporated in Russia, PJSC Aeroflot is subject to Russian corporate governance regulations and follows Russian Corporate Governance Code Dmitry Peskov Member Member Roman Pakhomov Member Chairman Vasily Sidorov Chairman Member Member The Board of Directors is currently composed of 11 members. The Board s composition is well balanced from members background perspective, number of independent, non-executive and executive directors Yuri Slyusar Member Mikhail Voevodin Member Member Independent director according to the Russian Corporate Governance Code 50

Aeroflot Group Legal Structure PJSC Aeroflot (1) Airlines Ancillary Companies JSC Rossiya Airlines 75%-1 sh. CJSC Aeromar In-flight 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 June 30, 2018; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries. (2) Non-operating entities 51

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