Moscow. - PJSC Aeroflot (Moscow Exchange ticker: MOEX) announces the results of a meeting of its Board of Directors held on 17 December 2020 by video conference.

The meeting agenda included the following items.

Results of implementation of Aeroflot Group's consolidated budget targets for 9M 2020.

Passenger traffic of the Russian airline market including foreign carriers of 9M 2020 totalled 56.0 mln people. Aeroflot Group's market share amounts to 41.2%. Growth rate of key operational and financial metrics of the Group for the period is comparable to that of international competitors likewise facing a considerably reduced demand amid COVID-19 pandemic.

The PJSC Aeroflot Auditor Report on the Group's IFRS financial statements for 9M 2020.

The PJSC Aeroflot Auditor Report on the Group's IFRS financial statements for 9M 2020 was taken in consideration. The report outlined that for the period, the implications of the COVID-19 spread continued to significantly affect financial statements of the biggest airlines.

Implementation of Aeroflot Group's long-term development programme (LDP) and achievement of key performance indicators (KPIs) for 3Q 2020.

Implementation of the Group's LDP for 3Q 2020 achieved KPIs in excess of the targets. The Group's LDP's implementation ensures the achievement of Aeroflot Group's strategic goals. Underachievement of KPIs for aircraft fleet and passenger traffic Group-wide is the result of the COVID-19 pandemic impact.

Aeroflot Group's 2021 IFRS consolidated budget.

The Board approved the outline of operational indicators of Aeroflot Group for 2021, Aeroflot Group's 2021 IFRS consolidated budget and the investment program of PJSC Aeroflot and Aeroflot Group.

Motivation system at PJSC Aeroflot.

It was decided to approve the results of the KPI implementation of the long-term development program of Aeroflot Group/CEO of PJSC Aeroflot for Q3 2020.

Related-party transaction (series of related transactions) for transfer by PJSC Aeroflot in a sublease to JSC Rossiya Airlines of 17 (seventeen) Superjet 100 regional jets (RRJ-95B modification).

It was resolved to approve the related-party transaction (series of related transactions) for the transfer by PJSC Aeroflot in a sublease to JSC Rossiya Airlines of 17 SSJ-100 regional jets.

Related-party transaction (series of related transactions) for assignment by PJSC Aeroflot to JSC Rossiya Airlines of all rights and obligations under the lease agreements on 5 (five) Superjet 100 regional jets (RRJ-95B modification), concluded between PJSC Aeroflot and LLC 'PSB Aviaprofleasing'.

It was resolved to approve the related-party transaction (series of related transactions) for assignment by PJSC Aeroflot to JSC Rossiya Airlines of all rights and obligations under the lease agreements on 5 Superjet 100 regional jets subject to contract thereof, concluded between PJSC Aeroflot and LLC 'PSB Aviaprofleasing'.

Related-party transaction (series of related transactions) for transfer by PJSC Aeroflot in a sublease to JSC Rossiya Airlines of 20 (twenty) Superjet 100 regional jets (RRJ-95B modification).

Related-party transaction (series of related transactions) fortransfer by PJSC Aeroflot in a sublease to JSC Rossiya Airlines of 20 Superjet 100 regional jets, subject to leasing contracts concluded between PJSC Aeroflot and JSC 'VEB-Leasing'.

Participation of PJSC Aeroflot in JSC Aurora Airlines.

It was resolved to terminate participation of PJSC Aeroflot in JSC Aurora Airlines through selling 396391 shares (51.00133%) of JSC Aurora Airlines in PJSC Aeroflot's ownership, in favour of JSC 'Sakhalin Oblast Development Corporation' at the total price of 1 ruble.

About Aeroflot

Aeroflot ranks among the 20 largest airlines globally.

In 2019, Aeroflot carried 37.2 million passengers (60.7 million passengers as Aeroflot Group including subsidiaries).

Aeroflot was the world's most on-time mainline airline in 2019 according to Cirium's On-Time Performance Review.

Aeroflot holds 4-Star Airline status from Skytrax and was named Best Airline in Eastern Europe for the eighth time at the 2019 Skytrax World Airline Awards. Aeroflot has also been awarded a five-star global airline rating by US aviation association APEX.

Aeroflot was named the strongest brand in Russia in 2020 and the world's strongest airline brand according to leading brand strategy consultancy Brand Finance. Aeroflot ranks fourth in the industry for digitalisation, according to Bain & Company research.

Find out more at http://www.aeroflot.com/

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