A E R O F L O T G R O U PQ3 AND 9M 2019 IFRS R ESULTS

29 November 2019

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 9M 2019 Highlights

145.4 bn

129.4 bn42.2 mln

PAX

+ 10.6 %

ASK

+ 12.4 % + 12.4 %

466 bn524 bn

Revenue (RUB)

9M 2018 9M 2019

¹ Immaterial deviations throughout the presentation are explained by rounding

• In 9M 2019 Aeroflot Group has continued operational development via expanding capacity onthe back of opportunities provided by the market.

• Amid double-digit capacity growth which allowed the Group to significantly increase number ofpassengers transported, Aeroflot managed to improve yields and boost revenues y-o-y.

46.7 mln

+ 1.6 %

3.783.84

Blended Yield (RUB)

4

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

5

41.0%

12.1%6.5%5.6%

13.0%

21.8%

39.9%

11.6%6.6%5.6%

15.8%

20.6%

46.7

13.87.4 6.3

14.9

24.9

AeroflotGroup

S7 Group Ural Airlines UTair Group ForeignCarriers

Others

9.7 10.3

7.7 8.3

17.4 18.5

Q3 2018 Q3 2019

23.5 25.8

18.821.0

42.246.7

9M 2018 9M 2019

52.7 56.3

53.2 57.7

105.9 114.0

9M 2018 9M 2019

22.0 23.1

23.2 24.8

45.247.8

Q3 2018 Q3 2019

International Routes

Domestic Routes

Source: TCH, Company estimates. Figures include foreign carriers’ traffic.

Passenger Traffic: Market vs Aeroflot Group Change in Airlines’ Passenger Numbers

mln PAX, 9M 2019

9M 2018

Growing Market Share (PAX)

9M 2019

+4.5

+1.6

+0.4

+3.0

Change in PAX million

Source: TCH, Rosaviatsia, Company estimates / 1 UTair Group calculation in 2019 includes Utair and Utair-

Cargo, in 2018 includes UTair, Utair-Cargo and Turukhan

Foreign Airlines Other Russian Airlines

+1.1 p.p.

6.6%

5.8%

7.5%

5.0%

6.9%

5.6% Total Market 5.6%

6.7% International 6.6%

4.4% Domestic 4.3%

Russian Air Transportation Market (million PAX)

incl. PAX of Russian and Foreign Carriers and intl. transit PAX

Aeroflot Group (million PAX)

6.8%

8.5%

9.7%

11.7%

Market Dynamics Net of Aeroflot Group

• Aeroflot Group continued to deliver growth increasing PAX by 6.6% in 9M 2019 expanding market share.

7.6%

“Clean” Market Share of Aeroflot Group (Net of Intl.-Intl. Transit Traffic)

37.7% Aeroflot Group 38.7%

1

+0.4

-1.9

5.9%

10.6%

Competitive Dynamics

6

Aeroflot Group Multi-Brand Strategy

1.3 1.3

60.8%

• Flagship carrier

• Premium product (4 Stars)

• High income and middle class

• Hub and spoke model

• Scheduled network operated

under SU (Aeroflot) code

• Scheduled flights from

Moscow are integrated in

Aeroflot network in SVO

• Charter operations

Premium

Regional and Charter

Regional / Far-East

Low Cost

Business Model Focus Airport PAX Contribution1Brand PAX Growth

9M 2019

26.828.4

28.4

+6.2%

9.0 9.4

5.27.6

4.3%

+46.4%

+1.9%

9M 2018 9M 2019

9M 2018 9M 2019

9M 2018 9M 2019

9M 2018 9M 2019

20.2%

16.2%

2.7%

9.4

7.6

1.3

• Moscow

(Sheremetyevo)

• Saint-Petersburg

(Pulkovo)

• Moscow

(Sheremetyevo,

Vnukovo)

• Vladivostok,

Khabarovsk,

Yuzhno-Sakhalinsk

• Moscow (Vnukovo)

• Flights from the

regions

• Short and mid-haul flights

• Focus on domestic

segment,

• Popular underserved

international routes

• Point-to-point carriage

• The Far East airline flying on

short- and mid-haul direct

international and domestic

routes

• Flights to remote cities (local

flights)

• Multi-brand product offering to capture customers in every market segment: from premium to low-cost.

• Aeroflot and Pobeda – key engines of the Group – increased traffic by 1.6 and 2.4 million PAX respectively.

1 PAX contribution as of 9M 2019. Absolute number of passengers in million in green circle.

7

92.5% 92.6%

96.5%94.1%

Q1 Q2 Q3 9M

1,4021,755 2,021

5,178

2,0402,527

3,015

7,582

Q1 Q2 Q3 9M

2018 2019

62

Krasnodar

Rostov

NazranMakhachkala

Astrakhan

Volgograd

KazanPerm

Chelyabinsk

Ekaterinburg

Surgut

Novosibirsk

Bergamo

Bratislava

Cologne

Memmingen

Girona

Samara

Cheboksary

Larnaca

Tivat

Saint Petersburg14

Nizhnekamsk

Moscow

Vladikavkaz

Network • Operating from Vnukovo airport (3rd Moscow airport by PAX)

• Network comprising 108 routes (62 unique for the Group)

Fleet• 30 Boeing 737-800 NG (30.09.2019)

• Single class cabin with 189 seats per plane

Key features

and

achievements in

9M 2019

• 7.6 million PAX in 9M 2019 (+46.4% y-o-y)

• 9M 2019 PLF of 94.1%

• International RPK is 28% of total Pobeda traffic

• Intra-region and international flights from the regions development

2023 Goals• Accelerated expansion in domestic and international segments

• c25-30 mln PAX annually

Strong Passenger Load Factor

Overview of Pobeda

• Pobeda, the only Russian LCC, is a timely value proposition to cost conscious passengers.

Growing Passenger Flows

thousand PAX

Pobeda’s Network

PLF, %

Tbilisi

Krasnoyarsk

Pisa

Base cities with >10 routes served from city

(number of routes in circle)

Baden-Baden

Ulan-Ude

45.5%44.0%

46.4%

Karlovy VaryLeipzig

Venice

Kaliningrad

Eindhoven

Helsinki

Innsbruck

Kemerovo

Salzburg

Berlin

Rome

Kirov

Min.Vody

Petrozavodsk

Tomsk

XXCities with <10 routes served from city

Cities where the airline operates to

Anapa

AntalyaBodrum

Bari

Cagliari

CataniaDalaman

Gelendzhik SochiGenova

Gazipaşa

Istanbul Gyumri

Omsk

Ostende

Palermo

Riga

Rimini

TyumenUlyanovsk

Varna

Batumi

Magnitogorsk

12

Pobeda Airline: Acceleration of Growth

49.2%

8

14.0 14.0

25.5 25.3

18.1 18.2

22.6x 21.8x

9М 2018 9М 2019

12.5 13.113.9

23.124.2

25.5

16.217.0

18.0

19.1x 21.2x 22.0x

2016 2017 2018

International Domestic Combined

17.1 mln59.5%

4.1 mln14.7%

4.4 mln15.6%

2.9 mln10.2%

Point-to-pointInternational - InternationalInternational - Domestic / Domestic - InternationalDomestic - Domestic

3.74.4

4.8

3.64.1

2016 2017 2018 9М 2018 9М 2019

Aeroflot Airline Domestic and International Transit

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

13.1% 13.6% 13.6% 13.6% 14.7%

Increase in International – International Traffic

Average weekly frequency per route – Aeroflot airline Considerable share of transit of Aeroflot airline in SheremetyevoGrowth

9M 2019

… Results into a Flexible Approach to Transit FlowsGrowing Connectivity of Aeroflot Airline’s Flights1 ...

Total Aeroflot airline int. – int. transit traffic, million PAX (Aeroflot flights only)

13.8%

Key International Transit Markets

Connectivity ratio

0.1%

0.3%

(0.8)%

Total 9M 2019

traffic:

28.4 million pax

NEA

SWA

SEA

ME

WE

EE

NA

Source: Company data.1 Data for Aeroflot airline’s own flights

• 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.

9

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

10

13.111.0

15.213.6

8.2

14.0

11.3

17.1

14.7

8.4

Total scheduled International Domestic Medium-haul Long-haul

9M 2018 9M 2019

Aeroflot routes

Rossiya routes

Aurora routes

Average Scheduled Flight Frequency per Route (Aeroflot Group ex-Pobeda)

• Accelerated growth of destinations, sustained focus on increase in frequencies on scheduled routes.

• Aeroflot Group operates flights to 187 unique destinations in 57 countries (in 2019 summer schedule, incl. Russia).

(9M 2019, y-o-y)

Note: 1 Scheduled flights of Aeroflot Group (excluding Pobeda LCC)

7.0%3.0%

12.3%7.7%

1.6%

# of Flights Evolution by Region1

Increase in Group frequencies by 7.0% was mainly supported by expansion of the number of frequencies in domesticsegment (+12.3%) and in the sector of medium-haul routes (+7.7%).

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

Geographic Network

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

6.7 %

14.6 %

1.8 %

(6.8)%

14.3 %

8.8 %

5.2 %

Total

Middle East & Africa

CIS

North & Central America

Asia

Europe

Russia

11

3.01

3.363.213.17 3.24 3.21

Domestic International Total

3.52

4.18

3.883.76

4.073.93

Domestic International Total

3.49

3.863.693.64 3.65 3.65

Domestic International Total

3.77

4.47

4.144.024.30

4.17

Domestic International Total

• Competitive positioning, adjustment of fuel surcharges, changing mix of operations at subsidiaries’ level due to

rapid expansion of LCC and high base of previous year affected RUB yields in 9M 2019.

Note: Data presented based on management accounting figures, scheduled flights revenue is used for calculations.

% Y-o-Y increase 2018 2019

Q3 Yield (PAX Revenue / RPK)

RUB

Q3 RASK (PAX Revenue / ASK)

RUB

0.7% 4.4%(1.1)%(3.9)%

(5.3)%

6.6%

Aeroflot Group Scheduled Flights Revenue Units

9M Yield (PAX Revenue / RPK)

RUB

9M RASK (PAX Revenue / ASK)

RUB

1.4%5.3%

0.1%

(2.6)%(3.6)%

6.9%

12

0.4%

4.4%

7.7%

5.1%

6.2%

17.2%

8.2%

4.6%

7.5%

Jan Feb Mar Apr May Jun Jul Aug Sep

9.3%

5.2%

4.3%

5.8%

7.9%

(6.6)%

(0.6)%

6.4%

3.7%

Aeroflot Airline Total Yield, 2019

Aeroflot Airline Yield Dynamics (Monthly)

RUB/RPK, Change y-o-y in %

Aeroflot Airline Total Yield, 2018

• Aeroflot airline yields showed significant improvement on a monthly basis throughout 9M 2018 and 9M 2019 (y-o-y).

• June and July 2018 represented high base for further yield increases in 2019 which resulted into adjustment of 2019

yields in the respective months exacerbated in international segment by exchange rate dynamics of 2019.

RUB/RPK, Change y-o-y in %

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)

Jan Feb Mar Apr May

Jun Jul

Aug Sep

13

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

14

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

trends and opportunities.

Delivery/Phase-out Schedule1

Type of

aircraft

9M 2019 Fleet as at

30.09.20191

Q4 2019E

Delivery Phase out Delivery Phase out

Wide-body (long-haul) 2 - 60 - (3)

A-330 - - 22 - (3)3

B-777 2 - 29 - -

B-747 - - 9 - -

Narrow-body (medium-haul) 7 (9) 242 - (6)

A-319 - (4) 31 - (1)

A-320 1 (2) 84 - (4)

A-321 - (3) 34 - (1)

B-737 6 - 93 - -

Narrow-body (regional) - (2) 62 10 (1)

SSJ-1002 - (1) 49 10 -

DHC-8 - (1) 10 - (1)

DHC-6 - - 3 - -

TOTAL 9 (11) 364 10 (10)

1 As of 30.09.2019, not including aircraft leased or subleased to other operators.2 Additions are subject to corporate approval.3 Aircraft taken out of rotation and currently undergoing redelivery checks before being handed back to the lessor.

Fleet Plan

15

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

16

Financial Highlights: 9M 2019

• Financial results of 9M 2019 are impacted by high base of previous year as well as continuing fuel and

aircraft and passenger servicing costs pressure.

• IFRS 16 implementation also resulted in major changes on the EBITDA, Operating and Net Loss lines.

• Restated bottom line figure in 9M 2018 is connected with FX revaluation of operating lease liabilities on the

balance sheet as hedge accounting has been implemented prospectively starting from January 1, 2019.

1 Restated financial results presented based on IFRS 16 full retrospective application where applicable. Q3 and 9M 2019 presented based on IFRS 16 full retrospective application.

Q3 2018

restated1 Q3 2019 ChangeRUB mln

(where applicable)

9M 2018

restated1 9M 2019 Change

17,393 18,533 6.6% Passenger Traffic (mln PAX) 42,249 46,728 10.6%

200,523 212,543 6.0% Revenue 466,345 523,983 12.4%

177,622 190,323 7.2% PAX Traffic Revenue 409,974 462,034 12.7%

73,727 73,379 (0.5)% EBITDA 132,741 141,675 6.7%

36.8% 34.5% (2.3) p.p. EBITDA margin 28.5% 27.0% (1.5) p.p.

49,514 47,077 (4.9)% Operating Income 66,967 61,695 (7.9)%

12,997 29,089 >2x Net Income/(Loss) (17,382) 20,305 n/a

(14,825)Loss on FX (Operating Lease Aircraft

Liabilities Revaluation) After Tax(42,323)

27,822 29,089 4.4% Adjusted Net Income/(Loss) (ex. Loss on FX) 24,941 20,305 (18.6)%

17

466,345

39,231 9,283 8,025 1,099 523,983

9M 2018 Volume Currency Pricing Other 9M 2019

466,345

51,773 287 774 4,804 523,983

9M 2018 ScheduledPassenger

Flights

CharterPassenger

Flights

Cargo OtherRevenue

9M 2019

• 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

Revenue by Key Factors

RUB mln

12.4% 12.4%

Revenue by Business Segments

RUB mln

11.1% 0.1% 0.2% 1.0%+ + +

Growth in operating metrics:RPK + 10.9%PAX + 10.6%

Depreciation of RUB in 9M 2019 y-o-y by c6% vs. USD and flat vs. EUR

Growth across geographies:Russian revenue +17.0%International revenue +11.3%

Currency effect on other revenue

Domestic yield up by6.5%, international yieldunder pressure y-o-y

8.4% 2.0% 1.7% 0.2%+ + +

Revenue Growth Decomposition

18

Operating Costs

Q3 2018

restated1 Q3 2019Change

y-o-y

Change

ex. FX

Operating Expense

(RUB mln If not stated

otherwise)

9M 2018

restated1 9M 2019Change

y-o-y

Change

ex. FX

% of Total OpEx

(9M 2019)

54,080 52,861 (2.3)% (1.7)% Fuel 131,965 145,569 10.3% 8.4% 31.5%

96,929 112,605 16.2% 16.5% Opex (ex. Fuel) 267,413 316,719 18.4% 17.1% 68.5%

31,648 35,728 12.9% 15.2%Aircraft and passenger

servicing80,281 96,893 20.7% 20.2% 21.0%

24,213 26,302 8.6% 8.6% D&A and customs duties 65,774 79,980 21.6% 21.6% 17.3%

19,548 22,065 12.9% 13.3% Staff 60,846 66,859 9.9% 9.8% 14.5%

6,766 8,278 22.3% 16.5% SG&A2 19,858 22,481 13.2% 9.2% 4.9%

6,457 9,955 54.2% 48.1% Maintenance 16,558 23,942 44.6% 36.6% 5.2%

1,508 2,449 62.4% 62.6% Short-term and variable leases 4,232 5,758 36.1% 29.0% 1.2%

6,789 7,828 15.3% 19.2% Other expenses3 19,864 20,806 4.7% 1.1% 4.5%

151,009 165,466 9.6% 10.0% Total Opex 399,378 462,288 15.8% 14.2% 100.0%

• In 9M 2019 operating costs were significantly impacted by expansion of operations with fuel, aircraft and passenger

servicing and maintenance being the key contributors to growth.

• Lease, amortization, maintenance and other lines have been affected by IFRS 16 implementation.

1 Restated financials presented based on IFRS 16 full retrospective application. Q3 and 9M 2019 presented based on IFRS 16 full retrospective application.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.

19

3.09

(0.02) 0.05 0.04 (0.01) 0.00

0.04 0.01 (0.01)

3.18

(0.04)

3.14 3.09

Restated CASK9M 2018

Fuel Aircraft andPassengerServicing

D&A and CD* Staff SG&A Maintenance Short-term andImmaterial Lease

Other Expenses CASK 9M 2019 FX CASK 9M 2019ex. FX

Restated CASK9M 2018

Group Unit Costs

* Customs duties

• Cost per ASK increased by 3.0% from RUB 3.09 in 9M 2018 to RUB 3.18 in 9M 2019 on the back of aircraft and

passenger servicing and maintenance growth.

Q3 2018

restated1 Q3 2019 Change Operating Expense per ASK (CASK), RUB9M 2018

restated1 9M 2019 Change

1.09 0.99 (9.7)% Fuel 1.02 1.00 (1.8)%

1.96 2.10 7.3% Opex (ex. Fuel): 2.07 2.18 5.4%

0.64 0.67 4.3% Aircraft and Passenger Servicing 0.62 0.67 7.4%

0.49 0.49 0.3% D&A and Customs Duties 0.51 0.55 8.2%

0.40 0.41 4.3% Staff 0.47 0.46 (2.2)%

0.14 0.15 13.0% SG&A 0.15 0.15 0.8%

0.13 0.19 42.4% Maintenance 0.13 0.16 28.7%

0.03 0.05 50.0% Short-term and Immaterial Lease 0.03 0.04 21.1%

0.14 0.15 6.5% Other Expenses 0.15 0.14 (6.8)%

3.06 3.09 1.2% Total Opex 3.09 3.18 3.0%

1.7%(1.3)%3.0%

1 Restated financials presented based on IFRS 16 full retrospective application. Q3 and 9M 2019 presented based on IFRS 16 full retrospective application.

20

132,741

39,231

8,025 1,099

9,283 (6,135)(11,057)

(5,945)(16,249)

(1,225) (6,054)

(1,828) (211)

141,675

Restated

EBITDA 9M

2018

Volume Pricing Other FX benefit on

revenue

FX drag on

costs

Fuel* Staff* Aircraft and

PAX*

Leases* Maintenance* Admin & Sales

& Marketing*

Other OPEX* EBITDA 9M

2019

EBITDA Evolution

(RUB mln)

* Excluding currency impact

** Restated EBITDA presented based on IFRS 16 full retrospective application. 9M 2019 EBITDA presented based on IFRS 16 full retrospective application.

• 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 aircraft and passenger servicing costs.

Net volume and price effect

∑=(42,569) RUB mln

Total effect on revenue

∑=57,638 RUB mlnTotal effect on costs

∑=(48,704) RUB mln

Net volume and price effect

∑=48,355 RUB mlnNet FX effect

∑=3,148 RUB mln

****

21

Pobeda Financial Results

Increasing PAX Traffic RASK dynamics

Increasing ASK CASK dynamics

2.66 2.80

9M 2018 9M 2019

5.2

7.6

9M 2018 9M 2019

Million passengers RUB

Pobeda Statement of Profit and Loss (IFRS, standalone)

2.14 2.23

9M 2018 9M 2019

PAX up by 46.4% in 9M 2019 RASK up by 5.5% in 9M 2019

ASK up by 45.9% in 9M 2019 CASK up by 4.4% in 9M 2019

Q3 2018

restated2 Q3 20192 Change RUB mln9M 2018

restated2 9M 20192Change

12,747 19,320 51.6% Revenue 26,483 40,779 54.0%

8,476 11,920 40.6%Operating

Expenses21,328 32,484 52.3%

4,271 7,400 73.3%Operating

Income5,155 8,295 60.9%

(2,325) (2,475) 6.5%Finance

Income/expenses

(net)3

(6,363) 201 n/a

1,823 4,222 >2xNet Income /

(Loss)3 (675) 7,423 n/a

5,596 9,483 69.4% EBITDA 8,645 14,173 64.0%

43.9% 49.1% 5.2 p.p. EBITDA margin 32.6% 34.8% 2.2 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 Restated financials presented based on IFRS 16 full retrospective application. Q3 and 9M 2019 presented based on IFRS 16 full retrospective application.3 Including net FX gain from lease liabilities revaluation in the amount of 3.8 bn RUB in 9M 2019 (4.5 bn RUB net FX loss in 9M 2018) and 1.2 bn RUB net FX loss in Q3 2019 (1.6 bn RUB

net FX loss in Q3 2018) ; eliminated in consolidated financials in 2019 due to hedging of FX-denominated liabilities with FX-denominated revenues (effectively non-cash income).

• Pobeda has demonstrated solid results backed by strong demand and active expansion of the fleet

in 9M 2019.

Billion ASK RUB

1

10.0

14.5

9M 2018 9M 2019

22

5.14.5

3.8 3.7

31-Dec-2018 31-Mar-2019 30-Jun-2019 30-Sep-2019

Leverage and Liquidity

RUB mln 31-Dec-2018 30-Sep-2019 Change

Borrowings 3,486 3,327 (4.6)%

Lease Liabilities 655,931 593,447 (9.5)%

Pension Liabilities 908 928 2.2%

Total Debt 660,325 597,702 (9.5)%

Cash and Short Term

Investments30,148 30,314 0.6%

Net Debt 630,177 567,388 (10.0)%

• Total debt decreased by 9.5% on the back of lower lease liabilities while Net Debt decreased by 10.0%.

• Cash position of RUB 30.3 billion and undrawn credit lines of RUB 96.4 billion.

1 Based on financial data under IFRS 16; 30-Sep-2019 exchange rate - 64.42 RUB per USD , 31-Dec-2018 exchange rate - 69.47 RUB per USD.2 Lease liabilities updated versus previously reported figure of 661,182 million RUB due to refinement of judgments & estimates. Net debt / EBITDA adjusted due to amendment of Lease liabilities in ratio numerator.

Debt Profile1 Net Debt / EBITDA (management accounting)

Borrowings breakdown by currency

Source: management accounting. Q1, Q2 and Q3 2019 EBITDA used in the calculation is based on data under IFRS 16; 2018 data is based on previously reported EBITDAR (pre-IFRS 16).

2

2,888

439

RUB USD

23

1. Market Update and Operating Results

2. Network and Schedule Overview

3. Fleet Overview

4. Financial Performance

5. Appendix

24

46.3 52.6

56.4 62.6

68.8

2014 2015 2016 2017 2018

103.1 97.9 101.4 102.3 110.0

2014 2015 2016 2017 2018

46.3 52.6 56.4 62.6 68.8

65.5 54.7 46.461.1

68.1

111.8 107.3 102.8

123.7137.0

0.0

50.0

100.0

150.0

2014 2015 2016 2017 2018Domestic Routes International Routes

0.31

1.78

0.50 0.34 0.36 0.35

3.73

2.50

1.13 0.69

0.46 0.46

UK USA Turkey Russia China Brazil

… from airlines on domestic routesRailways facing increasing competition…

Notes: (1) Total local and foreign carriers’ traffic

Sources: FAVT, Aeroflot estimates

Total CAGR 5.2%

International – 1.0% | Domestic – 10.4%

Despite fast growth of the recent years,Russian airline industry still haspromising growth prospects

ChangeFY17-18

11.5%

10.0%

(6.9)% 3.6%

10.9%

17.9%

RZD long-haul rail traffic (mln PAX) Domestic air traffic (mln PAX)

(2) Airline O&D per capita per year, as of 2018

Sources: Oxford Economics, Aeroflot estimates

0.31

Domestic PAX per capita

1.78

0.50 0.34

x.xx

(5.0)%

13.6%

10.7%

• 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.

Russian Total Passenger Traffic Growth, mln PAX(1) Trips per Capita (2)

0.8%

7.3%

Long-distance rail routes facedvolatile passenger traffic dynamics inthe recent years and lost over10 mln PAX over a decade

Domestic air traffic grew at a much higherpace than other means of transportation

0.36 0.35

7.9%

10.0%

Russian Air Transportation Market: Room for Growth

25

7.9 %

10.9 %10.6 %

9.1 %

6.9 %

9.1%

10.5%

9.4%

7.2%

5.0%

8.5% 10.7% 10.0% 8.2% 5.9%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

International Domestic Total market

Passenger Traffic (Russian and Foreign Carriers) Capacity (Russian and Foreign Carriers)

Change in PAX traffic y-o-y, % Change in ASK y-o-y, %

• In 2019 market continues to grow on the back of higher demand in both international and domestic segments.

• Capacity additions are mostly carried out by Russian carriers with foreign airlines cutting their exposure

to Russian market in Q2 and Q3 2019.

Source: SRS for foreign carriers, TCH for domestic carriers, Company calculations.Source: TCH, Company calculations

Market Return to Growth

18.6 %

11.0 %

0.6 %

(14.8)%

(17.2)%

7.5%

11.9%

13.8% 14.4%

11.9%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Foreign carriers Russian carriers

26

Operating Data – Q3 & 9M 2019

Indicator Unit

Aeroflot airline Aeroflot Group

Q3

2018

Q3

2019Y-o-Y

9M

2018

9M

2019Y-o-Y

Q3

2018

Q3

2019Y-o-Y

9M

2018

9M

2019Y-o-Y

Passenger Traffic th PAX 10,547 10,638 0.9% 26,770 28,433 6.2% 17,393 18,533 6.6% 42,249 46,728 10.6%

International Routes th PAX 5,336 5,589 4.7% 13,688 14,907 8.9% 7,700 8,275 7.5% 18,759 20,957 11.7%

Domestic Routes th PAX 5,211 5,049 (3.1%) 13,082 13,526 3.4% 9,693 10,258 5.8% 23,490 25,771 9.7%

Passenger Turnover mn pkm 28,599 28,803 0.7% 73,525 77,622 5.6% 44,441 47,340 6.5% 108,428 120,265 10.9%

International Routes mn pkm 18,207 19,428 6.7% 47,958 52,823 10.1% 24,793 26,678 7.6% 62,725 70,209 11.9%

Domestic Routes mn pkm 10,392 9,375 (9.8%) 25,567 24,799 (3.0%) 19,648 20,662 5.2% 45,703 50,056 9.5%

Passenger Capacity mn ASK 32,463 33,567 3.4% 90,088 96,755 7.4% 49,411 53,497 8.3% 129,393 145,381 12.4%

International Routes mn ASK 21,236 23,028 8.4% 60,054 66,753 11.2% 28,219 30,762 9.0% 76,180 86,333 13.3%

Domestic Routes mn ASK 11,227 10,539 (6.1%) 30,034 30,002 (0.1%) 21,192 22,734 7.3% 53,213 59,048 11.0%

Passenger Load Factor % 88.1% 85.8% (2.3) p.p. 81.6% 80.2% (1.4) p.p. 89.9% 88.5% (1.5) p.p. 83.8% 82.7% (1.1) p.p.

International Routes % 85.7% 84.4% (1.4) p.p. 79.9% 79.1% (0.7) p.p. 87.9% 86.7% (1.1) p.p. 82.3% 81.3% (1.0) p.p.

Domestic Routes % 92.6% 89.0% (3.6) p.p. 85.1% 82.7% (2.5) p.p. 92.7% 90.9% (1.8) p.p. 85.9% 84.8% (1.1) p.p.

Tonne-Kilometres mn tkm 2,850 2,849 (0.0%) 7,372 7,698 4.4% 4,356 4,613 5.9% 10,696 11,767 10.0%

International Routes mn tkm 1,834 1,935 5.5% 4,851 5,278 8.8% 2,440 2,607 6.8% 6,216 6,898 11.0%

Domestic Routes mn tkm 1,016 914 (10.0%) 2,521 2,420 (4.0%) 1,916 2,006 4.7% 4,480 4,869 8.7%

Revenue Flights flights 73,270 76,424 4.3% 200,651 218,987 9.1% 114,717 122,139 6.5% 305,730 337,423 10.4%

International Routes flights 35,946 37,106 3.2% 98,963 107,210 8.3% 48,419 50,638 4.6% 128,358 141,691 10.4%

Domestic Routes flights 37,324 39,318 5.3% 101,688 111,777 9.9% 66,298 71,501 7.8% 177,372 195,732 10.4%

Flight Hours hours 206,592 216,015 4.6% 572,003 626,178 9.5% 311,854 333,409 6.9% 833,777 927,336 11.2%

27

Indicator UnitRossiya Airline Pobeda Airline Aurora Airline

9M 2019 Y-o-Y 9M 2019 Y-o-Y 9M 2019 Y-o-Y

Passenger Traffic th PAX 9,434 4.3% 7,582 46.4% 1,280 1.9%

International Routes th PAX 3,967 11.3% 1,742 45.9% 341 8.7%

Domestic Routes th PAX 5,467 (0.3%) 5,839 46.6% 939 (0.3%)

Passenger Turnover mn pkm 27,099 15.2% 13,688 45.1% 1,856 (4.7%)

International Routes mn pkm 13,012 11.2% 3,893 49.2% 481 6.6%

Domestic Routes mn pkm 14,087 19.2% 9,795 43.5% 1,375 (8.1%)

Passenger Capacity mn ASK 31,507 17.6% 14,547 45.9% 2,573 1.2%

International Routes mn ASK 14,594 14.7% 4,276 53.7% 710 14.4%

Domestic Routes mn ASK 16,913 20.2% 10,273 42.9% 1,862 (3.1%)

Passenger Load Factor % 86.0% (1.8) p.p. 94.1% (0.5) p.p. 72.1% (4.5) p.p.

International Routes % 89.2% (2.8) p.p. 91.0% (2.8) p.p. 67.7% (5.0) p.p.

Domestic Routes % 83.3% (0.7) p.p. 95.3% 0.4 p.p. 73.8% (4.1) p.p.

Flight Hours hours 163,818 4.8% 102,452 45.9% 34,886 (0.9%)

Key Operating Data of Subsidiary Airlines – 9M 2019

28

• Strong operating performance on scheduled routes supported by route network development.

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

Americas Russia CIS

Europe Middle East Asia

Performance of North and Central Americanmarket was influenced by reduction of capacity toJFK (two daily flights instead of three for Winterseason) as well as some other destinations.

Capacity have been increased to key domesticmarkets as well as smaller regional cities.Additional contribution from new services toCaucasus, Ulyanovsk and Izhevsk.

Positive contribution to regions’ KPIs comes fromincreased frequencies of Aeroflot airline andstronger demand to local destinations.

European markets performance benefited fromlaunching of additional frequencies as well asnew flights to Slovenia, Dublin, Naples, Verona,Marseille and Palma.

Operating performance of the region significantlyaffected by increased frequencies to Istanbul,Antalya and Dubai backed by strong demand.

More traffic on key scheduled destinations(Beijing, Tokyo) as well as popular leisuredestinations (Phuket, Male) amid increase infrequencies supportive for overall performance ofthe region.

9M 2019 Operating Data by Region (Scheduled Routes)

(4.1)% (4.0)% (8.0)%

3.5 p.p.

Passengerscarried

RPK ASK PLF

9.6 % 9.5 % 11.1 %

(1.3) p.p.Passengers

carriedRPK ASK PLF

4.6 % 8.8 %11.0 %

(1.7) p.p.

Passengerscarried

RPK ASK PLF

13.9 % 14.6 % 15.3 %

(0.4) p.p.

Passengerscarried

RPK ASK PLF

16.5 %19.2 % 18.0 %

2.8 p.p.

Passengerscarried

RPK ASK PLF

16.7 %21.6 %

26.5 %

(3.2) p.p.

Passengerscarried

RPK ASK PLF

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

Breakdown by Company

Breakdown by Aircraft

Narrow-body

(medium-haul)67%

Narrow-body

(regional) 17%

Wide-body16%

Aeroflot69%

Rossiya17%

Aurora6%

Pobeda8%

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

Aeroflot Subsidiaries 30-Sept-19 31-Dec-18 31-Dec-18

Wide-body 41 19 60 58 2

Airbus A330 22 - 22 22 -

Boeing 777 19 10 29 27 2

Boeing 747 - 9 9 9 -

Narrow-body (medium-haul)159 83 242 244 (2)

Airbus A319- 31 31 35 (4)

Airbus A32078 6 84 85 (1)

Airbus A32134 - 34 37 (3)

Boeing 73747 46 93 87 6

Narrow-body (regional) 49 13 62 64 (2)

DHC 8 - 10 10 11 (1)

DHC 6 - 3 3 3 -

SSJ 10049 - 49 50 (1)

Total fleet249 115 364 366 (2)

Aeroflot Group Fleet Overview

Aeroflot Group Fleet Breakdown

30

150 165189

224 253 249

4.14.4 4.2 4.1 4.2

4,8

2014 2015 2016 2017 2018 9/30/2019

Aircraft Average Age

251 247289

325366 364

7.06.4 6.5 6.2 6.2

6,7

2014 2015 2016 2017 2018 9/30/2019

Aircraft Average Age

• 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

Aeroflot Group Fleet in Operation

Aeroflot Airline Fleet in Operation

Average Age of the Fleet 1

1 Average Fleet Age of Selected Airlines with Active Fleet of 100+ Aircraft according to FlightGlobal data (as of October 2019, data by legal entity)

4.8

5.4

5.4

5.6

5.7

5.8

6.0

6.1

6.2

6.3

6.3

6.4

6.6

6.6

6.6

6.7

6.8

6.9

7.2

7.3

7.3

Hainan Airlines

Wizz Air

IndiGo

Etihad Airways

Sichuan Airlines

Qatar Airways

Spirit Airlines

Ethiopian Airlines

Shandong Airlines

Xiamen Airlines

Azul

China Eastern Airlines

Emirates Airline

Saudia

Vueling Airlines

Singapore Airlines

Avianca

China Southern Airlines

Lion Air

Shenzhen Airlines

Aeroflot Group Fleet Evolution

31

Traffic Revenue Analysis

Q3 2018 Q3 2019 Y-o-Y Region 9M 20189M 2019 Y-o-Y9M 2019, % of

sch. revenue

71,101 79,918 12.4% Russia 155,892 182,340 17.0% 42.3%

45,267 45,907 1.4% Europe 106,577 114,149 7.1% 26.5%

21,419 21,941 2.4% Asia 56,011 65,567 17.1% 15.2%

7,891 7,777 (1.4)% CIS 18,644 20,658 10.8% 4.8%

10,243 9,659 (5.7)%North and Central

America23,523 23,198 (1.4)% 5.4%

7,518 11,258 49.7%Middle East and

Africa18,761 25,269 34.7% 5.9%

163,439 176,460 8.0% Total 379,408 431,181 13.6% 100.0%

1 Data presented based on management accounting2 Data presented based on management accounting for Aeroflot airline and routes of subsidiary airlines under commercial management of Aeroflot

9M 2019

9M 20192

Traffic Revenue Breakdown by Type

Scheduled Traffic Revenue by POS

Revenue from Scheduled Passengers (RUB mln)1

• In 9M 2019 revenue from scheduled passengers grew by 13.6% mainly driven by revenue growth on Russian,

European and Asian markets.

Total Passenger Revenue (Scheduled + Charter, RUB mln)

Q3 2018 Q3 2019 Y-o-Y Segment 9M 20189M 2019 Y-o-Y9M 2019, % of

revenue

73,633 82,463 12.0% Domestic 161,162 187,985 16.6% 40.7%

103,989 107,860 3.7% International 248,812 274,049 10.1% 59.3%

177,622 190,323 7.2% Total 409,974 462,034 12.7% 100.0%

Sheduled Passenger Flights

90.7%

Charter Passenger Flights 6.5%

Cargo 2.9%

Sales abroad28.6%

Online34.3%

Call center and ow n branches

3.5%

Sales in Russia33.6%

32

3.53

3.973.783.76

3.90 3.84

Domestic International Total

3.75

4.194.003.99 4.04 4.02

Domestic International Total

Note: Data presented based on management accounting figures, scheduled and charter flights revenue is used for calculations

• Competitive positioning, adjustment of fuel surcharges and changing mix of operations at subsidiaries’ level due to

rapid expansion of LCC as well as high base of previous year affected RUB yields in 9M 2019.

% Y-o-Y increase 2018 2019

Q3 Yield (Scheduled + Charter PAX Revenue / RPK)

RUB

Q3 RASK (Scheduled + Charter PAX Revenue / RPK)

RUB

0.6% 4.4% (1.0)%(3.6)% (4.9)%

6.5%

9M Yield (Scheduled + Charter PAX Revenue / RPK)

RUB

9M RASK (Scheduled + Charter PAX Revenue / RPK)

RUB

1.6% 5.1%0.3%

(2.8)%

6.5%

Aeroflot Group Blended Flights Revenue Units

RUB RUB

3.473.69 3.593.63

3.51 3.56

Domestic International Total

3.03

3.273.173.18 3.17 3.18

Domestic International Total

(1.6)%

33• Improvement in labour productivity has resulted in increase of key performance indicators in 9M 2019.

• Aeroflot Group headcount increased by 0.8% vs. September 30, 2018.

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

8.9%

(million RUB per employee, annualized to 30.09.2019) (passengers per employee, annualized to 30.09.2019)

Aeroflot Group Headcount by Category

10.5%

1 Aeroflot Group headcount table excludes Aeroflot Aviation School headcount amounting to 198 employees as at 30-Sep-2018 and 223 employees as at 30-Sep-2019.

30-Sep-2018 30-Sep-2019 %

Cabin crew 11,947 12,700 6.3 %

Airport services 7,117 5,374 (24.5)%

Technical maintenance and repair 5,196 5,421 4.3 %

Flight crew 4,042 4,508 11.5 %

Tickets and services sales, advertising 1,921 1,967 2.4 %

Other airline personnel (inc. airlines’ head office) 5,586 5,385 (3.6)%

Other non-airline subsidiaries’ personnel 4,972 5,760 15.8 %

Total1 40,781 41,115 0.8 %

Headcount Overview

15.4

17.0

9/30/2018 (LTM) 9/30/2019 (LTM)

1,554

1,692

9/30/2018 (LTM) 9/30/2019 (LTM)

Flight crew11.0%

Cabin crew30.9%

Technical maintenance and

repair13.2%

Tickets and services sales, advertising

4.8%

Airport services13.1%

Other airline personnel

13.1%

Other non-airline personnel

14.0%

34

87,936

107,190

23,625

79,415

39,031 (296) (4,394)

137,381

(10,649)

126,732

(17,661)

4,926 (8,660)

(14,929)

(2,472)

Profit BeforeIncome Tax

D&A InterestExpense

UnrealizedNet FX Gain

Other Adj.Before

WorkingCapital

Changes

Cash FlowsFrom

OperatingActivitiesBefore

WorkingCapital

Changes

WorkingCapital

Changes andIncome Tax

Net CashFlows FromOperatingActivities

Purchase ofPPE &

CapitalizedExpenses

ProceedsFrom Sale of

PPE

DepositPlacementand Return

Net Pre-delivery

Payments forAircraft

Net LeaseDeposits for

a/c andOther

Free CashFlow 9M

2019

RestatedFree CashFlow 9M

2018

Operating and Free Cash Flows

• Strong Operating and Free Cash Flow generation in 9M 2019 notwithstanding the macro challenges.

(RUB mln)

Million RUB 9M 2019

Other adjustments before working capital changes, incl.

Change in provisions (2,272)

Effect from revenue hedging (finance lease hedge accounting) 2,302

Interest income (3,001)

Other (1,423)

* Restated data

Million RUB 9M 2019

Working capital changes and income tax, incl.

Change in accounts receivable and prepayments (7,607)

Change in accounts payable and accrued liabilities (4,506)

Change in expendable spare parts and inventories (1,203)

Change in tax and restricted cash 2,667

(18.0)%

35

Net Income Evolution

(RUB mln)

• Increase in revenue generated by growing volumes was offset by a less favorable operating cost

environment.

• No FX losses related to revaluation of liabilities in 9M 2019 due to hedge accounting in place

resulted in significant improvement of Finance Costs in the respective period and supported the

bottom line.

(17,382)

20,305

(62,910)

52,834

4,804

263

45,400

2,623 361 (5,734)

46

Restated NetIncome 9M 2018

Traffic Revenue Other Revenue OperatingExpenses

Finance Income Finance Costs Hedging Result Revaluation ofEquity

Investments andother

Taxation Other Net Income 9M2019

36

4%

96%

5%

12%

83%

Loans and credit linesFinancial leaseOperating lease

• Higher Finance costs due to larger volume of liabilities related to leased

objects reflected in statement of financial position.

Indicator Impact Explanation

Operating incomeDue to redistribution of Operating lease costs

to Finance costs.

EBITDA

Due to redistribution of Lease and

Maintenance expenses to D&A and Finance

costs.

Net income No significant impact.

$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$

$$$

PnL statement 2018 2019

2018 2019E

Explanation

• Introduction of IFRS 16 standard will lead to an increase in the Group’s debt portfolio,higher Operating income and EBITDA due to redistribution of costs across PnL items.

Operating lease expenses

Maintenance and reserves

Depreciation & amortization (D&A)

Curr. translation differences

Finance costs

• Redistribution of Lease and Maintenance expenses to D&A and Finance costs

due to reflecting aircraft and other leased assets on Company’s books.

• Operating lease expense line will still hold objects not influenced by IFRS 16.

Significant changes are expected in Operating lease and Maintenance lines of PnL

• D&A increase due to higher volume of assets reflected in statement of

financial position, growth in maintenance capitalization.

• Volatility in currency translation differences will be mostly “regulated” by hedge

accounting.

Debt portfolio, % Impact on Key financial indicators

Introduction of IFRS 16

37

55

57

59

61

63

65

67

69

71

Adoption of IFRS 16 – Lease Liabilities Revaluation

• Hedge accounting is applied to finance lease liabilities from 30-Sep-14, to operating leaseliabilities – from 1-Jan-2019.

• Prospective introduction of hedge accounting for operating leases from 2019 explains FX lossesin restated figures for 2018.

• In 9M 2018 RUB devaluation of 14% vs USD since the beginning of the year resulted in 42 billionRUB paper loss on FX.

million RUB9M 2018

reported19M 2018

restated2 Difference

EBITDA 47,191 132,741 + 85,550

D&A and Customs Duties 10,342 65,774 + 55,432

EBIT (Operating Profit) 36,849 66,967 + 30,118

Net Loss 22,492 (17,382) - 39,874

Loss on FX (Operating Lease

A/с Liabilities Revaluation)

After Tax

(42,323)

Adjusted Net Loss 22,492 24,941 + 2,450

Finance Lease

(IAS 17)

RUB/USD

Effect on Profit & Loss Exchange rate dynamics

1 Reported financial results represent 9M 2018 data reported in November 2018.2 Restated financial results presented based on IFRS 16 full retrospective application.

+13.9% (31-Dec-17 – 30-Sep-18)

393,090

million RUB

Lease Liabilities (1-Jan-18)

Operating Lease

(IFRS 16)

Total Lease

Liabilities

100,688

million RUB

493,778

million RUB

Hedge accounting

applied from

30-Sep-14

Hedge accounting

not applied for 2018

Executive Board

Personnel and Remuneration

Committee

(5 members)

General Meeting of Shareholders

Board of Directors

Audit Committee

(3 members)

Strategy Committee

(10 members)

Corporate Governance

NameAudit

Committee

Personnel and

Remuneration

Committee

Strategy

Committee

Evgeny Ditrich Chairman

Mikhail Poluboyarinov Deputy Chairman

Vitaly Saveliev

Alexander Galushka Member Member

Igor Kamenskoy Member Member Chairman

Maksim Liksutov

Dmitry Peskov Member Member

Vasily Sidorov Chairman Member Member

Yuri Slyusar Member

Maxim Sokolov Member Chairman Member

Sergey Chemezov

Board of Directors

The Board of Directors is currently composed of 11

members. The Board’s composition is well balanced

from members’ background perspective.

Incorporated in Russia, PJSC Aeroflot is subject to

Russian corporate governance regulations and follows

Russian Corporate Governance Code

Independent director according to the Russian Corporate Governance Code 38

Board of Directors

Airlines Ancillary Companies

PJSC Aeroflot

JSC Rossiya Airlines 75%-1 sh.

LLC Pobeda Airlines 100%

JSC Aurora Airlines 51%

CJSC 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 September 2019; 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). JSC Orenair was liquidated in July 2019, JSC Donavia was liquidated in November 2019.

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.

A-Technics

Maintenance 100%

39

Aeroflot Group Structure

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

E-mail: ir@aeroflot.ru

Website: www.aeroflot.ru

Investor Relations Contacts