1H 2019 IFRS Results

Tatneft published its IFRS consolidated interim condensed financial statements for the three and six months ended 30 June 2019

28 August 2019

PJSC Tatneft (the "Company") published on its web-site (http://www.tatneft.ru/?lang=en) the unaudited consolidated interim condensed financial statements (the "Financial Statements") for the three and six months ended 30 June 2019 prepared in accordance with International Financial Reporting Standards ("IFRS") and the related Management Discussion and Analysis of Financial Condition and Results of Operations (the "MD&A").

Selected financial highlights below are based on the respective IFRS financial statements of the Company. These highlights do not replace the Financial Statements or the MD&A and all interested persons are encouraged to read these documents for full understanding of the IFRS results for the three and six months of 2019. Russian ruble amounts below have been translated into U.S. dollars, for sales and other operating revenues and net profit at the average exchange rate during the respective reporting period and for items of Statements of Financial Position at the exchange rate on the last date of the respective reporting period.

In the six months of 2019 Tatneft Group produced 14.8 million (105.6 MMbbl) of crude oil and 505 million cubic meters of gas. TANECO refinery output in the second quarter of 2019 was 4.5 million tonnes of refined products.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise tax in the second quarter of 2019 were 222,330 million rubles (US$ 3,444 million) as compared to 233,988 million rubles (US$ 3,786 million) in the second quarter of 2018. In the six months of 2019 the consolidated sales and other operating revenues net of export duties and excise tax were 449,656 million rubles (US$ 6,882 million) as compared to 422,333 million rubles (US$ 7,116 million) in the six months of 2018.

The consolidated profit attributable to Group shareholders in the second quarter of 2019 was 54,135 million rubles (US$ 839 million) as compared to 63,164 million rubles (US$ 1,022 million) in the second quarter of 2018. The consolidated profit attributable to Group shareholders in the six months of 2019 was 114,286 million Rubles (US$ 1,749 million) as compared to 105,174 million rubles (US$ 1,772 million) in the corresponding period of 2018.

Financial results of Tatneft Group in the three and six months of 2019 include total net interest, fee and commission and other operating income and gains on banking activities in the amounts of 395 and 523 million rubles, respectively.

The Company's EBITDA (a non-IFRS financial measure) in the second quarter of 2019 was 76,963 million rubles (US$ 1,192 million) as compared to 82,079 million Rubles (US$ 1,328) in the second quarter of 2018. The Company's EBITDA in the six months of 2019 was 164,382 million rubles (US$ 2,516 million) as compared to 143,246 million Rubles (US$ 2,414 million) in the corresponding period of 2018.

Total consolidated assets of the Company increased from 1,201,288 million rubles (US$ 17,292 million) as of 31 December 2018 to 1,265,969 million rubles (US$ 20,071 million) as of 30 June 2019.

Total consolidated liabilities of the Company increased from 424,507 million rubles (US$ 6, 111 million) as of 31 December 2018 to 446,306 million rubles (US$ 7,076 million) as of 30 June 2019.

Total consolidated shareholders' equity increased from 776,781 million rubles (US$ 11,182 million) as of 31 December 2018 to 819,663 million rubles (US$ 12,995 million) as of 30 June 2019.

The Company's representatives will discuss the IFRS financial highlights for the three and six months of 2019 on a conference call on 4 September at 16:00 Moscow time, 14:00 London time, 09:00 am New York time.

To participate in the conference call please preregister using the link www.diamondpass.net/9109308

The conference call replay will be available within 7 days after completion of the call by dialing* +27 10 500 4108 (international dial-in), +1 412 317 0088 (USA) or +44 203 608 8021 (UK), using Playback ID 27713.

* PJSC Tatneft shall not be liable for inability to use any of the free numbers.

This press release contains inside information.

Forward-looking statements: This press-release contains certain statements about future events and expectations that are forward-looking in nature. Any statement in this press-release that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.