A E R O F L O T G R O U PQ2 & 6M 2020 IFRS RESULTS

31 August 2020

Speakers:

Andrey Chikhanchin – Deputy CEO for Commerce and Finance

Andrey Panov – Deputy CEO for Strategy, Service and Marketing

Ivan Batanov – Head of Revenue Management

2

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 forward-

looking 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.

Disclaimer

3

Aeroflot Group 6M 2020 Highlights

Note: immaterial deviations throughout the presentation are explained by rounding

• In 6M 2020 Aeroflot Group’s performance was seriously affected by COVID-19 amid significant

pressure on demand in the domestic segment of the market and the complete closure of the

international segment from the end of March with respective implications for financials.

PAX Yield Revenue External Factors

12.9 mln

- 54.2 %

28.2 mln

- 52.0 %

311.4

149.4

- 2.5 %

3.79

3.69

COVID-19

6M 2019 6M 2020 6M 2019 6M 2020 6M 2019 6M 2020

Million PAX RUB / RPK Billion RUB

4

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

5

12.9

4.8

2.0 1.92.9

6.1

AeroflotGroup

S7 Group Ural Airlines UTair Group ForeignCarriers

Others33.2

19.1

33.0

11.6

66.2

30.7

6M 2019 6M 2020

18.4 4.5

19.7

0.1

38.1

4.6

Q2 2019 Q2 2020

International Routes

Domestic Routes

• The market’s and Aeroflot Group’s performance remained under significant pressure in Q2 and 6M 2020 amid

adjustment in demand in the face of COVID-19 in the first quarter of 2020, which extended into following quarters.

Overview of the Russian Market

Passenger Traffic: Market vs Aeroflot Group

Russian Air Transportation Market (million PAX)incl. PAX of Russian and Foreign Carriers and intl. transit PAX

Aeroflot Group (million PAX)

Key Market Players

Market Shares

(53.6)%

-15.3

Change in PAX million

-1.9-5.6

Foreign Carriers Others

6M 2019 6M 2020

Source: TCH, Aeroflot Group. Figures include foreign carriers’ traffic.

(87.9)%

15.5

8.4

12.7

4.6

28.2

12.9

6M 2019 6M 2020

8.5

1.7

7.0

0.05

15.4

1.7

Q2 2019 Q2 2020

(54.2)%

(88.8)%

-3.4

-2.2

-7.1

42.6%

12.3%6.4%

5.8%

12.8%

20.0%

42.1%

15.6%6.7%

6.3%

9.4%

19.9%

6

• The Russian market was substantially hit by COVID in April and May 2020 with recovery starting from June and

extending into Q3.

• Load factor shows positive progression as airlines cautiously add capacity below demand recovery levels.

Source: TCH, Federal Air Transport Agency, Aeroflot Group calculationsSource: TCH, Federal Air Transport Agency, Aeroflot Group calculations

Material Impact of COVID-19 Starts from March

8.9

8.0

6.4

0.7 0.9

2.8

6.8

Jan Feb Mar Apr May Jun Jul

(92.1)% (91.3)% (77.4)% (52.4)%

30.5

26.7

23.5

4.0 4.4

9.5

17.6

Jan Feb Mar Apr May Jun Jul

(86.0)% (86.6)% (73.8)% (54.3)%

39%

58%

Monthly PAX Traffic (Russian Carriers) Capacity (Russian Carriers) and PLF

44%

Million PAX Billion ASK, PLF in %

(28.1)%6.6% 6.4% 10.0% 8.7% (17.6)%

79%

69%

79%75%

7

Flights reopened starting from

1 August with following countries:

• United Kingdom

• Turkey

• Tanzania

• Switzerland

• Domestic segment showing signs of recovery from June as travelling restrictions within Russia are gradually lifted

while international segment opening only a handful of destinations from August.

PAX Traffic of Russian Airports

Domestic Segment Shows Gradual Recovery

Q3 – International Segment

Q3 – Domestic Segment

Source: Russian international airports association (MAA), Federal Air Transport Agency

PAX dynamics based on 33 key Russian airports

Steady recovery in domestic

segment continuing in July and

August

7% 7%

(25)%

(91)% (90)%

(74)%

(45)%

-100%

-80%

-60%

-40%

-20%

0%

20%

Jan Feb Mar Apr May Jun Jul

Total Domestic International

8

Aeroflot Group Performance Across Different Brands

0.7

0.4

60.4%

• Flagship carrier

• Premium product (4 Stars)

• High income and middle class

• Hub and spoke model

• Scheduled network under SU

(Aeroflot) code from

− Moscow (SVO)

− St. Petersburg (LED)

• Charter operations

Premium

17.8

7.87.8

-56.1%

5.1

1.8

4.62.9

-64.1%

-35.8%

-51.6%

6M 2019 6M 2020

14.1%

22.7%

2.8%

1.8

2.9

0.4

• Point-to-point carriage

• Focus on domestic

segment and underserved

international routes

• Airline for communities in the

Russian Far East offering

flights

− between large cities

− to remote cities

• Material decline in demand and closed borders have resulted in 6M traffic decline for key carriers of the Group,

including Pobeda suspending operations for April and May. In Q3 the Group is observing the gradual recovery of

the domestic segment.

Source: Aeroflot Group1 PAX contribution as of 6M 2020. Absolute number of passengers in million in green circle

6M 2019 6M 2020

6M 2019 6M 2020

6M 2019 6M 2020

Brand Business Model 6M 2020 PAX Contribution1 and Dynamics July 2020

Mid-price

Low Cost

Regional

-72% PAX

-74% ASK

-49% PAX

-42% ASK

+2% PAX

-3% ASK

-62% PAX

-48% ASK

9

1,0395,797

Traffic, th PAX Revenue flights,cycles

94.4%

PLF, %

Pobeda Airline: Timely Value Proposition

Operations restarted in June 2020after suspension in April and May amid demand decrease

Operating Indicators of July 2020 (Domestic)

62

Krasnodar

Rostov

NazranMakhachkala

Astrakhan

Volgograd

KazanPerm

Chelyabinsk

Ekaterinburg

Surgut

Novosibirsk

Bergamo

Bratislava

Cologne

Memmingen

Girona

Samara

Cheboksary

Larnaca

Tivat

Saint Petersburg14

Nizhnekamsk

Moscow

VladikavkazTbilisi

Krasnoyarsk

Pisa

Base cities with >10 routes served from city

(number of routes in circle)

Baden-Baden

Ulan-Ude Karlovy VaryLeipzig

Venice

Kaliningrad

Eindhoven

Helsinki

Innsbruck

Kemerovo

Salzburg

Berlin

Rome

Kirov

Min.Vody

Petrozavodsk

Tomsk

XXCities with <10 routes served from city

Cities the airline operates flights to

Anapa

AntalyaBodrum

Bari

Cagliari

CataniaDalaman

Gelendzhik SochiGenova

Gazipaşa

Istanbul Gyumri

Omsk

Ostende

Palermo

Riga

Rimini

TyumenUlyanovsk

Varna

Batumi

Magnitogorsk

12

Total PAX dynamics in 2020Overview

30 B737NG aircraftwith single class cabin (189 seats)

2.9 mm PAXtransported in 6M 2020 (-35.8% y-o-y)

90.1% PLFLF remained high in 6M 2020 despite ongoing pressure

• Pobeda has restarted operations in June 2020 recovering significant volume of traffic in domestic segment

amid strong load factor and is uniquely positioned to bring back more capacity leveraging its value

proposition appealing to cost conscious passengers.

Source: Aeroflot Group

Beginning of 2020 route network

Domestic traffic already recovered to 2019 levels

11 p.p. RPK mix shiftfrom international to domestic in 6M 2020 y-o-y

0.90.8

0.7

0.0 0.0

0.4

1.0

Jan Feb Mar Apr May Jun Jul

(99.9)% (99.9)% (51.5)% 1.6%33.9% 31.7% 3.0%

mn PAX, change y-o-y

27.1% 30.4% (3.2) p.p.

10

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

11

Aeroflot Group: Now and Then

Key Strategic Goals

Key Goals of the Updated Strategy

Increase of

Aeroflot

Group’s PAX

Accelerated

development

of Pobeda Airline to

improve air travel

affordability and

stimulate demand

Stronger

position of

Aeroflot Airline

in the premium

segment due to

the Group’s

transformation

130PAX

37 35-40

10 55-65

12 20-30

2019 2028

• Optimization of the network according to routes’ yield

• Best-in-class premium quality service

• Supporting high population mobility

• Stimulating demand through more affordable ticket prices

• Operating modern Russian-manufactured aircraft

• Socially important routes, inter-regional network

Premium carrierwith international recognition, developing transit

Low-cost carrier, one of the largest and one of the most cost efficient in the world1

Regional carrier,

routes bypassing Moscow, social function and regional connectivity

PAX (mn)

m

Aeroflot Group updated its long term targets: the Group intends to streamline its value proposition, increase focus

on LCC and further improve Aeroflot Airline’s product.

1 Based on CASK ex.-fuel benchmarking, calculated based on airlines’ data.

12

The Group’s Target Network and Fleet Allocation

Medium-haul flights Long-haul flights

High-yield flights from Moscow

Destinations with high demand

Routes bypassing Moscow + social fares

Selected domestic routes

Key premium international routes

Domestic and international routes

New regional bases

International and domestic routes fromSt. Petersburg

Leisure destinations

Feeder traffic to Aeroflot in Moscow

Affordable domestic flights

All destinations

by 2028

~600 aircraft

Russian-manufactured aircraft

Network Fleet Network Fleet

Transfer of medium-haul aircraft to Pobeda and Rossiya and Aeroflot’s focus on long-haul aircraft will allow to

strengthen specialization of the airlines, improve commonality of the fleet and value proposition. The Group’s

network will be reallocated in accordance with airlines’ business models, while increasing cooperation between

them.

13

Global carrier with a 5-star Skytrax product

Focus on targetmarket segments

Optimized cost structure

• Skytrax 5* product

• Europe – Asia transit

• Key premium international destinations

• High-yield domestic flights

• Only markets with premium product demand

• High load factor and yield of business andeconomy class through withdrawal from low yield

markets

• Fleet of several aircraft types

• Highly efficient aircraft of new generation

• Wide-body aircraft on most destinations

Aeroflot in 2028

Aeroflot Airline’s fleet development strategy

Long-haul flights Medium-haul flights

Aeroflot Airline: 2028 Vision

Destinations with low premium product demand will be served by other carriers of the Group

Growing market with

premium product demand

Launch of new routes

Transfer of low-yield destinations to Pobeda

Focus on destinations with high demand for

business class (e.g. London, Geneva, Zurich)

and long-haul flights (e.g. Lisbon, Madrid)

2028

Decrease in aircraft types by transferring of Russian-

manufactured aircraft to Rossiya and B737-800 to Pobeda

Development of narrow-body aircraft fleet by adding

modern aircraft with higher capacity

Further wide-body aircraft fleet development

By 2028, Aeroflot Airline’s fleet will consist of only several aircraft types resulting in significant efficiency improvement

By 2028, Aeroflot will increase efficiency and further enhance its premium level of service via streamlining its

value proposition

The network development (Sheremetyevo Airport)

14

Pobeda in 2028

Pobeda’s fleet development strategyPobeda has become one of the most efficient low-cost carriers within only 5 years

Pobeda Airline: 2028 Vision

Pobeda is the most efficient low-cost carrier in the world based on selected performance indicators

Using modern aircraft with higher capacity will allow Pobeda to further decrease operating costs

Notes: (1) Flights in 3Q 2019, according to Boeing; (2) Operating profit margin in 2019, according to Skift; (3) Calculated based on airlines’ public data as of 2019; (4) In 2019, among non-charter carriers on the Russian market, based on public statistics

16.1 hours Global leader by aircraft utilization(1)

19 % Top-3 among global airlines by profitability(2)

25 min The fastest aircraft turnaround in Russia

6 700PAX per employee

The best productivity on the Russian market(3)

94 % The highest load factor(4)

Transfer of Boeing 737-800from the Group’s airlines to Pobeda

Further fleet development by using modern aircraft with higher capacity

Balanced growth of fleet size

1

2

3

c.30% market share in Russiawith further growth potential

More capacious aircraft of new generations will increase efficiency and decrease costs

Average ticket prices reduction by 30% on the domestic market for economy class

(not adjusted for inflation)

Affordable air travelEfficient fleetHigh market share

By 2028, Pobeda will significantly increase in size and ensure travel affordability

for the Russian population via stimulating traffic and volumes backed by its operational and financial efficiency

15

The largest carrier in Russia on routes

bypassing Moscow and Saint Petersburg

Leading operator of

Russian-manufactured aircraft

Fulfilling Aeroflot Group’s

social mission

Servicing inter-regional flights

from new regional bases

Creating of a system of linear stations and hangar

facilities for servicing Russian-manufactured aircraft

(also in regions)

Servicing socially significant routes

Rossiya in 2028

The key goals of Rossiya Airline strategy

Rossiya Airline: 2028 Vision

Fulfilling social functions of the Group

Establishing a center of competence for Russian-manufactured aircraft development

Network development bypassing Moscow

Feeder traffic for Aeroflot’s flights to Moscow

Rossiya will focus on the efficient development of flights bypassing Moscow as well as fulfilling the Group's

social mission.

16

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

17

2.88

3.032.97

2.30

2.69

2.49

Domestic International Total

3.58

3.94

3.79

3.49

3.90

3.69

Domestic International Total

• Positive pricing trends of Q1 2020 were reversed in Q2 on the back of restrictions on movement both internationally

and domestically, which had significant impact on 6M yields.

• RASK was under pressure due to adjustment in PLF on the back of COVID-related demand pressure.

Source: Aeroflot GroupNote: Data presented based on management accounts, scheduled flights revenue is used for calculations

RUB RUB

3.2%0.7% 1.1%

Aeroflot Group Scheduled Flights Revenue Units

6M Yield (PAX Revenue / RPK) 6M RASK (PAX Revenue / ASK)

RUB / RPK RUB / ASK

% Y-o-Y increase 2019 2020 % Y-o-Y increase 2019 2020

(20.2)%

(16.1)%(11.2)%

(2.5)%

(2.5)%

(1.1)%

18

Aeroflot routes

Rossiya routes

Aurora routes

• Starting from June Aeroflot Group gradually restores operating volumes in domestic segment of the market.

• In August international flights to UK, Turkey and Switzerland were opened marking the first step of international

segment relaunch.

Source: Aeroflot Group

Note: 1 Scheduled flights of Aeroflot Group in 6M 2020 vs. 6M 2019 (excluding Pobeda LCC)

Los Angeles

MOSCOW

Malaga

Alicante

Amsterdam

Brussels

Stockholm

AthensAntalya

Barcelona

Belgrade

Bologna

BudapestParis

Copenhagen

DresdenDusseldorf

Rome

Frankfurt

Geneva

Hannover

Hamburg

Helsinki

Heraklion

Istanbul

Larnaca

London

Lyon

Madrid

Munich

MilanNice

Oslo

Bucharest

Prague

Riga

Thessaloniki

SofiaSplit

Stuttgart

Berlin

Tbilisi

Tenerife

Tivat

Tallinn

Venice

Vienna

Valencia

Kaunas

Warsaw

Zagreb

Zurich

Lisbon

Havana

Washington

New York

Miami

Male

Phuket

Ho Chi Minh City

MOSCOW

Anapa

Abakan

Adler

Arkhangelsk

Astrakhan

Barnaul

Chelyabinsk

Belgorod

Magadan

Gelenzhdik

Khanty Mansiysk

Irkutsk

Kemerovo

Kaliningrad

Khabarovsk

Krasnoyarsk

Krasnodar

SamaraKazan

Saint Petersburg

Murmansk

Magnitogorsk

Mineral Waters

NizhnekamskNizhny Novgorod

Nizhnevartovsk

Novokuznetsk

New Urengoy

Novosibirsk

Perm

P. Kamchatsky

Orenburg

Rostov

Saratov

SyktyvkarSurgut

Simferopol

Salekhard

Stavropol

EkaterinburgTyumen

TomskUfa

Yu. Sakhalinsk

Volgograd

Voronezh

Vladivostok

Yakutsk

Aktobe

Almaty

Shymkent

Yerevan

Bishkek

Atyrau

Baku

KaragandaChisinau

KostanayMinsk

Aktau

SamarkandTashkent

Astana

Beirut

Dubai

Teheran

Tel Aviv

Bangkok

HanoiHong Kong

Guangzhou

Delhi Shanghai

Tokyo

Beijing

Seoul

Ulan Bator

Sochi

Frankfurt

Dalian

Harbin

Busan

Antalya

BarcelonaBurgas

Paris

Dusseldorf

Rome

Hamburg

Varna

Larnaca

Munich

MilanNice

Prague

Rimini

Berlin

TivatIstanbul

Vienna

Makhachkala

Orly

Omsk

Minsk

Chisinau

Aeroflot Group Network Adjustments

2020 Domestic Scheduled Network (flights per day, av.)# of Flights Evolution by Region, 6M 2020 y-o-y1

Beginning of 2020 route network

(45.2)%

(61.4)%

(57.4)%

(54.5)%

(55.3)%

(59.1)%

(34.8)%

Total

Middle East & Africa

CIS

North & Central America

Asia-Pacific

Europe

Russia

291

May Jun Jul

187

146

209

90

64

100

28

0

19

• Gradual addition of capacity in domestic segment was aligned with higher demand for flights starting from June.

• Cargo operations proved to be more resilient during the crisis which prompted Aeroflot to deploy wide-body

passenger aircraft for cargo transportation in order to support financial results.

Source: Aeroflot Group

Passenger and Cargo Operating Numbers

ASK

PLF

Total Domestic Cargo

15.0 13.8 12.1

1.6 1.63.9

7.6

2% 4% (20)%(90)%(90)%(78)%(58)%

Jan Feb Mar Apr May Jun Jul

ASK, bn %, y-o-y

6.0 5.5 6.01.5 1.5

3.77.4

6% 6% 5%(76)%(78)%(50)%

(5)%

Jan Feb Mar Apr May Jun Jul

ASK, bn %, y-o-y

75% 74%63%

35%45%

61%79%

(1) p.p.

(3) p.p.

(18) p.p.

(45) p.p.

(32) p.p.

(23) p.p.

(11) p.p.

Jan Feb Mar Apr May Jun Jul

PLF y-o-y change

73% 76%65%

34%44%

62%80%

(3) p.p.

(2) p.p.

(16) p.p.

(47) p.p.

(36) p.p.

(25) p.p.

(14) p.p.

Jan Feb Mar Apr May Jun Jul

PLF y-o-y change

deployed for cargo transportation

Wide-body

aircraft

vs. PAX transportation

Cargo more

resilient

23.425.4

23.7

8.711.9 12.9

17.8

Jan Feb Mar Apr May Jun Jul

thousand tons of cargo and mail

20

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

21• Aeroflot Group continues to intelligently manage capacity additions and develop its fleet taking into account market

trends and opportunities.

Type of

aircraft

6M 2020 Fleet as at

30.06.2020Delivery Phase out

Wide-body (long-haul) 1 (3) 57

A-330 - (3) 18

A-350 1 - 1

B-777 - - 29

B-747 - - 9

Narrow-body (medium-haul) - (2) 236

A-319 - - 30

A-320 - (2) 80

A-321 - - 33

B-737 - - 93

Narrow-body (regional) 6 (1) 67

SSJ-100 5 - 54

DHC-8 1 (1) 10

DHC-6 - - 3

TOTAL 7 (6) 360

Fleet Update

Actual and expected additions 2020 Fleet Plans

2020 deliveries as well as

phase-outs are being

discussed with lessors

Part of the fleet is currently

temporarily grounded

In 6M 2020 Aeroflot Group

operated 360 aircraft vs 365

aircraft in 6M 2019

22

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

23

Financial Highlights: Q2 and 6M 2020

• Financial results of 6M 2020 are impacted by weaker demand due to COVID-19, which was already

reflected in results of Q1.

• Following lifting of restrictions on movement within Russia from June and gradual reopening of

international segment from August we see slow improvement in financial indicators as well.

Q2 2019 Q2 2020 Change Million RUB (where applicable) 6M 2019 6M 2020 Change

15,431 1,731 (88.8)% Passenger Traffic (mln PAX) 28,195 12,927 (54.2)%

173,399 25,458 (85.3)% Revenue 311,440 149,352 (52.0)%

152,456 12,983 (91.5)% PAX Traffic Revenue 271,711 119,591 (56.0)%

152,882 58,421 (61.8)% Operating Costs 296,822 195,471 (34.1)%

20,517 (32,963) n/a Operating Income/(Loss) 14,618 (46,119) n/a

46,963 (1,962) n/a EBITDA 68,296 11,092 (83.8)%

27.1% n/a n/a EBITDA Margin 21.9% 7.4% (14.5) p.p.

6,933 (35,786) n/a Net Income/(Loss) (8,784) (58,270) 6.6x

24

311,440 (140,218)

(11,902)3,550 (13,518)

149,352

6M 2019 ScheduledPassenger

Flights

CharterPassenger

Flights

Cargo OtherRevenue

6M 2020

• Primary driver of revenue decline was scheduled passenger flights segment showing significant declines in every

geographical segment.

• Cargo offered some support to the Group revenue as we increased available capacities in the segment amid global

shortage of available belly cargo opportunities.

Revenue Dynamics Decomposition

Revenue by Key Factors Revenue by Business Segments

Million RUB Million RUB

311,440 (140,705)

(1,903) (2,848) (16,632)149,352

6M 2019 Volume Currency Pricing Other 6M 2020

25

Operating Costs

Q2 2019 Q2 2020Change

y-o-y

Change

ex. FX

Operating Expense

(RUB mln if not stated otherwise)6M 2019 6M 2020

Change

y-o-y

Change

ex. FX

% of OpEx

(6M 2020)

49,008 5,325 (89.1)% (89.8)% Fuel 92,708 43,929 (52.6)% (53.0)% 22.5%

103,874 53,096 (48.9)% (50.0)% Opex (ex. Fuel) 204,114 151,542 (25.8)% (26.5)% 77.5%

32,294 5,493 (83.0)% (84.0)% Aircraft and passenger servicing 61,165 32,937 (46.2)% (46.9)% 16.8%

26,446 31,001 17.2% 17.2% D&A and customs duties 53,678 57,211 6.6% 6.6% 29.3%

22,215 13,496 (39.2)% (39.8)% Staff 44,794 34,620 (22.7)% (23.0)% 17.7%

7,534 4,291 (43.0)% (46.8)% SG&A1 14,203 10,479 (26.2)% (27.0)% 5.4%

7,813 4,244 (45.7)% (49.5)% Maintenance 13,987 13,469 (3.7)% (6.7)% 6.9%

4,079 656 (83.9)% (83.3)% Communication Expenses 9,144 4,432 (51.5)% (53.8)% 2.2%

3,493 (6,085) n/a n/a Other expenses2 7,143 (1,606) n/a n/a (0.8)%

152,882 58,421 (61.8)% (62.7)% Total Opex 296,822 195,471 (34.1)% (34.8)% 100.0%

• In 6M 2020 operating costs were significantly impacted by smaller volume of operations.

1 Includes sales and marketing expenses and administration and general expenses.2 Other expenses include short-term and immaterial lease, reserves accrual and reversal, catering, other income and 7.9 bn RUB government subsidy for lost traffic.

Operating Expenses Breakdown

26

3.23

(0.09) 0.02

0.61

0.23 0.06 0.13 (0.01) (0.11)

4.08

(0.04)

4.04

3.23

CASK 6M 2019 Fuel Aircraft andPassengerServicing

D&A and CD* Staff SG&A Maintenance CommunicationExpenses

OtherExpenses

CASK 6M 2020 FX CASK 6M 2020ex. FX

CASK 6M 2019

Group Unit Costs

• Cost per ASK increased by 26.2% from RUB 3.23 in 6M 2019 to RUB 4.08 in 6M 2020 on the back of significant

decrease in operating expenses which was outpaced by lower capacity amid softer demand.

25.0%(0.9)%26.2%

Capacity: ASK adjustmentUnit Costs Dynamics

Operating Expense per ASK (CASK), RUB 6M 2019 6M 2020 Change

Fuel 1.01 0.92 (9.2)%

CASK (ex. Fuel): 2.22 3.16 42.3%

Aircraft and Passenger Servicing 0.67 0.69 3.2%

D&A and Customs Duties 0.58 1.19 104.3%

Staff 0.49 0.72 48.1%

SG&A 0.15 0.22 41.4%

Maintenance 0.15 0.28 84.6%

Communication expenses 0.10 0.09 (7.1)%

Other Expenses 0.08 (0.03) n/a

Total CASK 3.23 4.08 26.2%

CASK Bridge

(47.8)%

Billion ASK

RUB / ASK

91.9

47.9

6M 2019 6M 2020

27

38.4

44.2

30

40

50

45

35

20

25

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6M(WA)

2020 2019

Fuel Efficiency

• On the back of oil price weakness staring from March 2020 jet fuel prices moved towards more comfortable

levels, which is supportive for the industry in the current environment.

(gramme / ASK)Thousand RUB per tonne of jet fuel

1

Source: Aeroflot Group1 Weighted average price for 6M (2019 and 2020) and 12M (2015-2017).

3.6%

Fuel Cost Management

31.1

33.5

2015-2017 FY weighted averages

Average fuel price per tonne

Aeroflot Airline:

• 6M 2020: 38.4 thousand RUB

(-13.1% y-o-y).

• June 2020: 23.4 thousand RUB

(-47.4% y-o-y).

• July 2020: 27.7 thousand RUB

(-35.5% y-o-y).

Aeroflot Airline Jet Fuel Price

22.3 23.1

6M 2019 6M 2020

28

Pobeda Financial Results

• In 6M 2020 Pobeda’s result was affected by softening demand on the back of COVID-19 spread as

well as suspension of operations for April and May.

PAX Traffic and Other Operating Metrics

RASK

CASK

Pobeda Statement of Profit and Loss (IFRS, standalone)

Q2 2019 Q2 2020 Change Million RUB 6M 2019 6M 2020 Change

13,108 1,527 (88.4)% Revenue 21,459 12,641 (41.1)%

10,650 3,734 (64.9)% Operating Expenses 20,046 14,184 (29.2)%

2,458 (2,207) n/aOperating Income /

(Loss)1,413 (1,543) n/a

18.7% n/a n/a Operating margin 6.6% n/a n/a

1,027 (2,922) n/aAdjusted Net

Income / (Loss)2 (754) (2,430) 3.2х

4,530 7 (99.8)% EBITDA 5,208 2,751 (47.2)%

34.6% 0.5% (34.1) p.p. EBITDA margin 24.3% 21.8% (2.5) p.p.

Note: based on managerial accounts transformed under IFRS principles. Includes 12 aircraftsubleased from Aeroflot.1 Calculation based on Total Revenue of the Company2 Adjusted for (excluding) net FX loss from lease liabilities revaluation in the amount of 6.8 bn RUB

in 6M 2020 (4.9 bn RUB net FX gain in 6M 2019) and net FX gain of 6.4 bn RUB in Q2 2020 (1.4 bn RUB net FX gain in Q2 2019) and the associated deferred tax; FX gain/loss eliminated in consolidated financials due to hedging of FX-denominated liabilities with FX-denominated revenues (non-cash income).

2.42 2.20

6M 2019 6M 2020

4.6

2.9

6M 2019 6M 2020

2.26 2.47

6M 2019 6M 2020

RASK -9%

PAX -36%

ASK -35%

PLF -2.4 p.p

CASK +9%

Million PAX, 6M 2020 dynamics y-o-y

RUB / ASK

RUB / ASK

29

Net Debt / EBITDA

Leverage and Liquidity

Million RUB 31-Dec-2019 30-Jun-2020 Change

Borrowings 15,792 64,390 4.1x

Lease Liabilities 557,124 633,069 13.6%

Pension Liabilities 784 809 3.2%

Total Debt 573,700 698,268 21.7%

Cash and Short-Term

Investments25,861 48,659 88.2%

Net Debt 547,839 649,609 18.6%

• Total and Net debt increased on the back of management’s efforts to accumulate liquidity amid significant

pressure on revenue.

• Cash position of RUB 48.7 billion and undrawn credit lines of RUB 108.4 billion.

1 Based on financial data under IFRS 16; 30-Jun-2020 exchange rate – 69.95 RUB per USD, 31-Dec-2019 exchange rate – 61.91 RUB per USD.

2 Lease liabilities repayment schedule includes only principal amount and does not include future interest payments and liabilities for heavy maintenance. Does not include restructuring arrangements currently discussed but not finalized.

Repayment Schedule Before Restructuring2

Debt Profile1

Liquidity

Billion RUB Billion RUB

3.2

4.4

5.8

31-Dec-2019 31-Mar-2020 30-Jun-2020

37.4 48.7 56.8

81.3108.4 111.4

118.7

157.1168.2

31-Mar-20 30-Jun-20 31-Jul-20

Cash and cash equivalents Available credit lines

40.5

90.9 81.9 73.3

321.7

2020 2021 2022 2023 2024+

30

Aeroflot’s Steps to Navigate COVID-19 Crisis

Decrease number of operations to reduce variable costs

Optimize key fixed cost lines and CAPEX

Negotiations with partners and suppliers

Addressing liquidity risks of unearned revenue from ticket refunds

Restructuring deliveries of the fleet

Focus on domestic market and launching new domestic destinations

Operating passenger aircraft as cargo with increased capacity

~ 10% of capacity (ASK) operated in April and May

Suspension of non-key spending

Special terms with lessors + ongoing negotiations

Introduction of vouchers

Aircraft deliveries moved to later periods

New domestic routes in Summer 2020 schedule

Positive cargo revenue contribution

Work stream Comments Results

Optimizing monthly cash outflow(1) Reducing 2020 CAPEX State support

~10-11

CMD 2019 plan Post management actions

Billion RUB

~65

Up to 3x decrease

Monthly opex in normalenvironment

Post management actions

Billion RUB, Including VAT, monthly average

• A subsidy of RUB7.9bn from the Government

• State guarantees for loans for RUB70bn,

Aeroflot has signed two loan agreements in the

total amount of RUB70bn

• The companies of Aeroflot Group entered into

loan agreements in the total amount of

RUB6.7bn with an interest rate of up to 2% per

annum under state programmes to support

business activity and employment

• Other measures

including regulation

amendments resulting

in indirect support are

announced

Source: Aeroflot Group.

Note: (1) Cash outflows, including cash costs, interest on lease payments (accounted as interest expense in PL) and indirect taxes (including VAT, etc.). Based on management accounts.

Down ~ 2x

Management team is taking all necessary steps to minimize the financial consequences of the COVID-19 impact onGroup’s operations and cash outflows from the Group to optimize cash position.

• Minimizing monthly cash burn via optimizing operating expenditures and reducing CAPEX coupled with roll-out

of state support are key to navigating through COVID-19 environment

31

1. Market Update and Operating Results

2. Strategy 2028

3. Network and Schedule Overview

4. Fleet Overview

5. Financial Performance

6. Appendix

32

Operating Data – Q2 & 6M 2020

UnitQ2

2019

Q2

2020Y-o-Y

6M

2019

6M

2020Y-o-Y

Q2

2019

Q2

2020Y-o-Y

6M

2019

6M

2020Y-o-Y

Passenger Traffic th PAX 9,343 877 (90.6%) 17,796 7,807 (56.1%) 15,431 1,731 (88.8%) 28,195 12,927 (54.2%)

International Routes th PAX 4,938 41 (99.2%) 9,318 3,479 (62.7%) 6,952 52 (99.3%) 12,682 4,567 (64.0%)

Domestic Routes th PAX 4,405 836 (81.0%) 8,477 4,328 (48.9%) 8,479 1,679 (80.2%) 15,513 8,361 (46.1%)

Passenger Turnover mn pkm 25,534 2,010 (92.1%) 48,820 21,134 (56.7%) 39,381 3,681 (90.7%) 72,924 32,716 (55.1%)

International Routes mn pkm 17,471 190 (98.9%) 33,396 12,860 (61.5%) 22,966 263 (98.9%) 43,531 16,844 (61.3%)

Domestic Routes mn pkm 8,064 1,821 (77.4%) 15,424 8,273 (46.4%) 16,415 3,417 (79.2%) 29,393 15,872 (46.0%)

Passenger Capacity mn ASK 32,472 4,298 (86.8%) 63,188 32,982 (47.8%) 48,839 7,080 (85.5%) 91,883 47,939 (47.8%)

International Routes mn ASK 22,662 404 (98.2%) 43,725 19,162 (56.2%) 29,024 487 (98.3%) 55,571 23,938 (56.9%)

Domestic Routes mn ASK 9,810 3,894 (60.3%) 19,463 13,821 (29.0%) 19,815 6,593 (66.7%) 36,312 24,001 (33.9%)

Passenger Load Factor % 78.6% 46.8% (31.9) p.p. 77.3% 64.1% (13.2) p.p. 80.6% 52.0% (28.6) p.p. 79.4% 68.2% (11.1) p.p.

International Routes % 77.1% 47.0% (30.1) p.p. 76.4% 67.1% (9.3) p.p. 79.1% 54.1% (25.0) p.p. 78.3% 70.4% (8.0) p.p.

Domestic Routes % 82.2% 46.8% (35.4) p.p. 79.2% 59.9% (19.4) p.p. 82.8% 51.8% (31.0) p.p. 80.9% 66.1% (14.8) p.p.

Tonne-Kilometres mn tkm 2,547 334 (86.9%) 4,849 2,291 (52.8%) 3,866 513 (86.7%) 7,154 3,433 (52.0%)

International Routes mn tkm 1,761 94 (94.7%) 3,343 1,406 (58.0%) 2,271 106 (95.3%) 4,291 1,789 (58.3%)

Domestic Routes mn tkm 787 240 (69.4%) 1,506 885 (41.2%) 1,595 408 (74.4%) 2,863 1,645 (42.5%)

Revenue Flights flights 72,427 13,223 (81.7%) 142,563 80,075 (43.8%) 112,826 22,480 (80.1%) 215,283 120,934 (43.8%)

International Routes flights 35,913 1,214 (96.6%) 70,104 30,854 (56.0%) 47,826 1,345 (97.2%) 91,052 38,107 (58.1%)

Domestic Routes flights 36,514 12,009 (67.1%) 72,459 49,221 (32.1%) 65,000 21,135 (67.5%) 124,231 82,827 (33.3%)

Flight Hours hours 208,037 34,961 (83.2%) 410,164 223,696 (45.5%) 310,399 56,685 (81.7%) 593,923 325,215 (45.2%)

Aeroflot Airline Aeroflot GroupIndicators

33

Operating Data of Subsidiary Airlines – Q2 & 6M 2020

Indicators Pobeda AuroraRossiya

Q2

2020Y-o-Y

6M

2020Y-o-Y

Q2

2020Y-o-Y

6M

2020Y-o-Y

Q2

2020Y-o-Y

6M

2020Y-o-Y

Passenger Traffic th PAX 335 (89.4%) 1,827 (64.1%) 441 (82.5%) 2,934 (35.8%) 78 (81.0%) 359 (51.6%)

International Routes th PAX 9 (99.3%) 569 (71.9%) - (100.0%) 447 (60.6%) 1 (98.7%) 71 (64.9%)

Domestic Routes th PAX 326 (81.9%) 1,257 (59.0%) 441 (77.6%) 2,486 (27.5%) 77 (74.6%) 289 (46.6%)

Passenger Turnover mn pkm 866 (90.1%) 5,906 (60.2%) 701 (84.4%) 5,184 (36.7% 103 (82.5%) 492 (53.4%)

International Routes mn pkm 70 (98.3%) 2,878 (61.0%) - (100.0%) 998 (59.6%) 4 (97.2%) 108 (61.6%)

Domestic Routes mn pkm 796 (82.8%) 3,029 (59.4%) 701 (78.6%) 4,186 (26.9%) 99 (77.5%) 384 (50.5%)

Passenger Capacity mn ASK 1,654 (84.4%) 8,193 (55.1%) 835 (82.8%) 5,752 (35.1%) 293 (67.1%) 1,011 (36.9%)

International Routes mn ASK 70 (98.5%) 3,425 (60.2%) - (100.0%) 1,141 (59.0%) 13 (94.7%) 210 (53.5%)

Domestic Routes mn ASK 1,584 (73.1%) 4,768 (50.5%) 835 (75.9%) 4,611 (24.1%) 280 (56.4%) 801 (30.4%)

Passenger Load Factor % 52.3% (30.2) p.p. 72.1% (9.4) p.p. 84.0% (8.6) p.p. 90.1% (2.4) p.p. 35.2% (31.2) p.p. 48.7% (17.2) p.p.

International Routes % 100.0% 12.7 p.p. 84.0% (1.7) p.p. - - 87.5% (1.3) p.p. 32.3% (29.0) p.p. 51.5% (10.8) p.p.

Domestic Routes % 50.2% (28.4) p.p. 63.5% (14.1) p.p. 84.0% (10.5) p.p. 90.8% (3.5) p.p. 35.4% (33.1) p.p. 47.9% (19.4) p.p.

Flight Hours hours 11,197 (80.1%) p.p. 46,270 (53.3%) 5,817 (83.0%) 40,792 (35.1%) 4,710 (60.5%) 14,356 (34.5%)

34

13.1 13.9 14.1

24.225.5 25.3

17.018.0 18.2

21.2x 22.0x 23.6x

2017 2018 2019

International Domestic Combined Connectivity ratio

2.5

0.9

0.1

0.1

2.6

1.0

6M 2019 6M 2020

13.9

9.9

25.0

17.117.9

13.4

6M 2019 6M 2020

4.9 mln62.7%

0.9 mln12.0%

0.9 mln11.9%

1.0 mln13.4%Point-to-point

International - InternationalInternational - Domestic / Domestic - InternationalDomestic - Domestic

Aeroflot Domestic and International Transit

… Results into a Flexible Approach to Transit Flows

Increase in International – International Traffic2

Growing Connectivity of Aeroflot Airline’s Flights1 ...

Source: Aeroflot Group.1 Data for Aeroflot airline’s own flights.2 From 2018 total international-international transit figures include Rossiya airline passenger traffic of the segment.

• Transit traffic segment experienced significant pressure from COVID-related decrease in demand in 6М 2020.

… Backed by expansion of international network …

4.44.8

5.3

0.03

0.2

4.44.8

5.5

2017 2018 2019Aeroflot Rossiya

Total int. – int. transit traffic, million PAX (Aeroflot and Rossiya flights)

(63.1)%

6 from winter ‘18/19 2 from summer ‘19

BukharaUzbekistan

DenpasarIndonesia

DublinIreland

LjubljanaSlovenia

OshKyrgyzstan

ColomboSri Lanka

MarseilleFrance

PalmaSpain

Share of international-international transit in total traffic of Aeroflot Group2

8.8% 8.7% 9.0% 9.3% 7.9%

23.8x n/a

35

• Group operations in all regions of the world experienced significant pressure from COVID-related

decline in demand.

Source: Data presented based on management accounts for scheduled flights of Aeroflot Group (excluding charter flights)

6M 2020 Operating Data by Region (Scheduled Routes)

Americas Russia CIS

Europe Middle East Asia

(60.8)% (60.7)% (55.2)%

(10.1) p.p.

Passengerscarried

RPK ASK PLF (67.4)% (66.0)% (60.8)%

(10.7) p.p.

Passengerscarried

RPK ASK PLF

(53.9)% (53.0)% (49.0)%

(6.1) p.p.

Passengerscarried

RPK ASK PLF

(46.1)% (46.0)%(34.0)%

(14.7) p.p.

Passengerscarried

RPK ASK PLF

(63.2)% (63.9)% (59.5)%

(8.1) p.p.

Passengerscarried

RPK ASK PLF

(63.2)% (62.4)%(55.5)%

(11.9) p.p.

Passengerscarried

RPK ASK PLF

36

• Well-balanced fleet structure in line with Group’s strategy

Aircraft TypeOperated by Total as of Total as of Change vs.

Aeroflot Subsidiaries 30-Jun-20 31-Dec-19 31-Dec-19

Wide-body 38 19 57 59 (2)

Airbus A330 18 - 18 21 (3)

Airbus A350 1 - 1 - 1

Boeing 777 19 10 29 29 -

Boeing 747 - 9 9 9 -

Narrow-body (medium-haul) 154 82 236 238 (2)

Airbus A319- 30 30 30 -

Airbus A32074 6 80 82 (2)

Airbus A32133 - 33 33 -

Boeing 73747 46 93 93 -

Narrow-body (regional) 54 13 67 62 5

DHC 8 - 10 10 10 -

DHC 6 - 3 3 3 -

SSJ 10054 - 54 49 5

Total fleet 246 114 360 359 1

Aeroflot Group Fleet Breakdown

Aeroflot Group Fleet Overview Breakdown by Aircraft

Breakdown by Company

Narrow-body

(medium-haul)65%

Narrow-body

(regional) 19%

Wide-body16%

Aeroflot68%

Rossiya17%

Aurora7%

Pobeda8%

37• 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 Average fleet age of selected airlines with fleet of 100+ aircraft according to FlightGlobal data (as of August 2020, data by legal entity)

Aeroflot Group Fleet Evolution

Aeroflot Group Fleet in Operation

Aeroflot Airline Fleet in Operation

Average Age of the Fleet 1

165189

224 253 245 246

4.44.2 4.1 4.2

5.05.2

2015 2016 2017 2018 2019 6/30/2020

Aircraft Average Age

247289

325366 359 360

6.4 6.5 6.2 6.26.9

7.2

2015 2016 2017 2018 2019 6/30/2020

Aircraft Average Age3.6

3.9

5.2

5.5

5.6

5.8

6.1

6.1

6.1

6.4

6.4

6.6

6.7

6.8

6.9

6.9

7.0

7.1

7.1

7.1

7.1

Malta Air

Frontier Airlines

IndiGo

Wizz Air

Hainan Airlines

Vietnam Airlines

Spirit Airlines

Qatar Airways

Sichuan Airlines

Azul

Singapore Airlines

Shandong Airlines

Etihad Airways

Tianjin Airlines

Xiamen Airlines

Shanghai Airlines

Lion Air

Vueling Airlines

Emirates

China Eastern Airlines

38

Sales abroad21.3%

Online38.8%

Call center and own branches

4.2%

Sales in Russia35.7%

Traffic Revenue Analysis – Q2 and 6M 2020

Q2 2019 Q2 2020 Y-o-Y Region6M

2019

6M

2020Y-o-Y

6M 2020

% of sch.

revenue

59,289 10,861 (81.7)% Russia 102,422 53,956 (47.3)% 47.1%

38,763 461 (98.8)% Europe 68,242 24,999 (63.4)% 21.8%

20,021 510 (97.5)% Asia 43,626 20,217 (53.7)% 17.7%

7,320 120 (98.4)% CIS 12,881 4,260 (66.9)% 3.7%

8,208 350 (95.7)%North and Central

America13,539 5,287 (60.9)% 4.6%

7,729 62 (99.2)%Middle East and

Africa14,011 5,784 (58.7)% 5.1%

141,330 12,364 (91.3)% Total 254,721 114,503 (55.0)% 100.0%

1 Data presented based on management accounts2 Data presented based on management accounts for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot

• In 6M 2020 revenue from scheduled passengers decreased by 55% on the back of softer demand in all regions of

operations due to COVID-19.

Q2 2019 Q2 2020 Y-o-Y Segment6M

2019

6M

2020Y-o-Y

6M 2020

% of revenue

61,175 11,479 (81.2)% Domestic 105,522 55,626 (47.3)% 46.5%

91,281 1,504 (98.4)% International 166,189 63,965 (61.5)% 53.5%

152,456 12,983 (91.5)% Total 271,711 119,591 (56.0)% 100.0%

Traffic Revenue Breakdown by Type

Scheduled Traffic Revenue by POS2

Revenue from Scheduled Passengers (RUB mln)1

Total Passenger Revenue (Scheduled + Charter, RUB mln)

Scheduled Passenger Flights

86.8%

Charter Passenger Flights 3.9%

Cargo 9.3%

39

3.59

3.823.73

3.50

3.80

3.66

Domestic International Total

(1.9)%2.91

2.992.96

2.32

2.67

2.49

Domestic International Total

Source: Aeroflot GroupNote: Data presented based on management accounts, scheduled and charted passenger flights revenue is used for calculations

RUB RUB

3.2%0.7% 1.1%6M Yield (Scheduled + Charter PAX Revenue / RPK) 6M RASK (Scheduled + Charter PAX Revenue / RPK)

RUB / RPK RUB / ASK

• Positive pricing trends of Q1 2020 were reversed in Q2 on the back of restrictions on movement both internationally

and domestically, which had significant impact on 6M yields.

• RASK was under pressure due to adjustment in PLF on the back of COVID-related demand pressure.

% Y-o-Y increase 2019 2020

Aeroflot Group Blended Flights Revenue Units

% Y-o-Y increase 2019 2020

(0.5)% (20.2)%(15.6)%

(10.6)%

(2.4)%

40

68,296

(140,705)

(2,848)(16,632)

(1,903) (1,853)

49,104

10,320

28,717 4,919 943

3,838 8,896

11,092

EBITDA 6M2019

Volume Pricing Other FX drag onrevenue

FX drag oncosts

Fuel* Staff* Aircraft andPAX*

Comm.Expenses*

Maintenance* Admin & Sales& Marketing*

Other OPEX* EBITDA 6M2020

EBITDA Evolution

* Excluding currency impact

• Key driver of EBITDA adjustment was a decrease in size and scale of operations on the back of COVID-related

pressure on demand as well as negative FX influence.

Total effect on revenue

∑=(162,088) RUB mlnTotal effect on costs

∑=104,884 RUB mln

Net volume and price effect

∑=(160,185) RUB mln

Net FX effect

∑=(3,756) RUB mlnNet volume and price effect

∑=106,737 RUB mln

41

Operating and Free Cash Flows

• Operating and Free Cash Flow remained under pressure in 6M 2020 due to demand pressure and adjustment of

operating program.

79,022

(75,190)

56,897

22,435 4,243

8,385

10,659

19,044

(9,805)

15 4,493 (1,286) 1,151

13,612

Loss BeforeIncome Tax

D&A InterestExpense

Other Adj.Before

WorkingCapital

Changes

Cash FlowsFrom

OperatingActivitiesBefore

WorkingCapital

Changes

WorkingCapital

Changesand Income

Tax

Net CashFlows FromOperatingActivities

Purchase ofPPE &

CapitalizedExpenses

ProceedsFrom Sale of

PPE

DepositPlacementand Return

Net Pre-delivery

Payments forAircraft

Netpayments for

financialassets underaircraft lease

contractsand Other

Free CashFlow 6M

2020

Free CashFlow 6M

2019

42

31-Dec-2019 30-Jun-2020 %

Flight crew 4,596 4,633 0.8 %

Cabin crew 12,822 12,579 (1.9)%

Other airline personnel (incl. airlines’ head office) 16,885 16,395 (2.9)%

Other non-airline subsidiaries’ personnel 6,993 6,356 (9.1)%

Total1 41,296 39,963 (3.2)%

• Aeroflot Group’s headcount decreased by 3.2% vs. December 31, 2019.

(20.9)%

Million RUB per employee, annualized to 30.06.2020 Passengers per employee, annualized to 30.06.2020

(19.4)%

1 Aeroflot Aviation School headcount is included in Other non-airline subsidiaries’ personnel

Headcount Overview

Aeroflot Group Headcount

Traffic Revenue / Average Airlines’ Headcount PAX Traffic / Average Airlines’ Headcount

Headcount by Category

16.7

13.5

30.06.2019 (LTM) 30.06.2020 (LTM)

1,664

1,317

30.06.2019 (LTM) 30.06.2020 (LTM)

Flight crew11.6%

Cabin crew31.5%

Other airline personnel

41.0%

Other non-airline personnel

15.9%

Personnel and Remuneration

Committee

(3 members)

Audit Committee

(3 members)

Strategy Committee

(8 members)

NameAudit

Committee

Personnel and

Remuneration

Committee

Strategy

Committee

Evgeny Ditrich Chairman

Vitaly Saveliev

Maksut Shadayev

Igor Kamenskoy Member Chairman Chairman

Yaroslav Kuzminov Member Member

Maksim Liksutov

Roman Pakhomov Chairman Member Member

Dmitry Peskov Member

Mikhail Poluboyarinov

Yuri Slyusar Member

Sergey Chemezov

Independent director according to the Russian Corporate Governance Code 43

Board of Directors

Corporate Governance Board of Directors

Executive Board

General Meeting of Shareholders

Board of Directors

Incorporated in Russia, PJSC Aeroflot is subject to

Russian corporate governance regulations and

follows Russian Corporate Governance Code

The Board of Directors is currently composed

of 11 members. The Board’s composition is well

balanced from the members’ background perspective.

PJSC Aeroflot

JSC Rossiya Airlines 75%-1 sh.

LLC Pobeda Airlines 100%

JSC Aurora Airlines 51%

JSC Aeromar

On-board sales/catering51%

LLC Aeroflot-Finance

Financial services100%

JSC Sherotel

Hotel services100%

Aeroflot Aviation School

Education services100%

Note: The Group structure as at 30 June 2020; Aeroflot Group consolidates all entities: PJSC Aeroflot and all subsidiaries.

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).

• 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.

LLC A-Technics

Maintenance 100%

44

Aeroflot Group Structure

Airlines Ancillary Companies

Address: 119019, Russia, Moscow, Arbat St. 1

E-mail: ir@aeroflot.ru

Website: www.aeroflot.ru

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