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Company News

28 May 2015

Aeroflot Announces Results of Board of Directors Meeting

Moscow, 28 May 2015. — Aeroflot (Moscow Exchange ticker: AFLT) announces the results of a Board of Directors meeting held on 28 May 2015 under the chairmanship of Kirill Androsov.

The meeting’s agenda included the following items:

Execution of Aeroflot Group’s strategy. In light of the headwinds facing the air travel market, the Company has revised goals for Aeroflot Group. The revised targets call for the Group to achieve the following by the year 2020:

- passenger traffic of 64.7 million pax per year;

- market share of 43.1% (taking into account international as well as domestic airlines);

- a fleet of 367 aircraft.

Growth targets have been adjusted in order to enable the Group to achieve its economic targets in the current environment. The Group’s long-term goals and the implementation strategy were reconfirmed by the Board:

- crafting a multi-brand platform appropriate for the current market environment;

- strong focus on generating efficiencies;

- strict cost control;

- further expansion in the low-cost carrier (LCC) segment.

Implementation of Aeroflot Group’s Long-term Development Programme. Changes were approved related to implementation of the Group’s Long-term Development Programme. The Group expects to take measures in areas such as import substitution, reduction of operating costs and a program to increase labour productivity. A revised implementation plan for the Long-term Development Programme will be prepared and reviewed by the Board in due course.

Investor relations in Q1 2015. Aeroflot’s share price rose 5.5% in the first quarter, and increased 17% in the first four months of the year. In addition to generally strong performance of the Russian equity market, factors positively influencing the share price during the period included strong Group operational results and an increase in market share as other airlines and the market as a whole demonstrated weakness. Sell-side analysts continue to see upside in Aeroflot’s share price. The Company continues to actively engage with the investment community to ensure its equity story is properly understood amidst the current market environment.

Implementation of JSC Aeroflot’s Innovation Development Programme in 2014. In the accounting period Aeroflot implemented all the main measures planned as part of its Innovation Development Programme. The programme met or exceeded all of its key KPIs, and the most important projects to the company were financed. A Mid-Term Plan for implementing the Programme in 2015-2017 has been drawn up.

Disposal of non-core assets. The Board of Directors analysed the progress of JSC Aeroflot’s programme to dispose of non-core assets (assets not integrated into core activities in which Aeroflot has an ownership stake and real-estate). As of May 2015 five such assets had been sold at above-market prices, for a total gain of approximately RUB 770 million.

At the meeting, the Board approved the updated edition of the non-core asset disposal programme, including timeframes taking due account of the current economic situation. At the meeting a transaction was approved to lease three new Boeing 777-300ER aircraft on a «leaseback» scheme. The lease of each aircraft runs for 12 years from the date of delivery.

The meeting also approved a deal for a suite of services to create social packages and deliver them on a monthly basis to World War II veterans who previously worked for Aeroflot and are now retired.

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About Aeroflot

Aeroflot is Russia’s flagship carrier and one of the largest airline groups in Europe. In 2014, Aeroflot carried 23.6 million passengers (34.7 million passengers as Aeroflot Group including subsidiaries), a record for any Russian airline. A proud member of the SkyTeam global airline alliance, Aeroflot and its partners serve 1,052 destinations in 177 countries worldwide. Aeroflot operates the youngest fleet in the World (among the major airlines), numbering 158 Airbus, Boeing and Sukhoi airliners. Aeroflot is among the global leaders in aviation safety. The company’s European Community Safety Assessment of Foreign Aircraft (SAFA) Index, which is the main globally recognized safety parameter, is comparable to global peers. The first Russian carrier to enter the IATA Operational Safety Audit (IOSA) register, renewing its registration for the fifth time in 2013, Aeroflot has successfully passed the IATA Safety Audit for Ground Operations (ISAGO) and is fully ISO 9001:2008, ISO 14001:2004 compliant. In 2014 Aeroflot was named by SKYTRAX as the Best Airline in Eastern Europe for the third time. Find more at www.aeroflot.com.