Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2021

4 June 2021

PJSC Tatneft (the "Company") published on its web-site (http://www.tatneft.ru/?lang=en) the unaudited consolidated interim condensed financial statements for the three months ended 31 March 2021 (the "Financial Statements") prepared in accordance with International Financial Reporting Standards ("IFRS") and the related Management's 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 months ended 31 March 2021. For convenience Russian ruble amounts below have been translated into U.S. dollars, for sales and other operating revenues, net profit and EBITDA* 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 first quarter of 2021 Tatneft Group produced 6,463 thousand tonnes (46 MMbbl) of crude oil and 196.8 million cubic meters of gas compared to 6,465 thousand tonnes (46.1 MMbbl) of crude oil and 199.2 million cubic meters of gas in the fourth quarter of 2020. TANECO refinery output in the first quarter of 2021 was 2.8 million tonnes of refined products, the same level as in the fourth quarter of 2020.

The Company's consolidated sales and other operating revenues on non-banking activities net of export duties and excise taxes in the first quarter of 2021 were 257,832 million rubles (US$ 3,468 million) as compared to 198,754 million rubles (US$ 2,608 million) in the fourth quarter of 2020. The consolidated profit attributable to Group shareholders in the first quarter of 2021 was 43,589 million rubles (US$ 586 million) as compared to 24,893 million rubles (US$ 327 million) in the fourth quarter of 2020.

The Company's EBITDA* in the first quarter of 2021 was 65,845 million rubles (US$ 886 million) as compared to 49,505 million rubles (US$ 650 million) in the fourth quarter of 2020. The Company's EBITDA adjusted for exceptional items* in the first quarter of 2021 was 66,641 million rubles (US$ 896 million) as compared 49,400 million rubles (US$ 648 million) in the fourth quarter of 2020.

Total consolidated assets of the Company increased from 1,263,441 million rubles (US$ 17,101 million) as of 31 December 2020 to 1,317,551 million rubles (US$ 17,405 million) as of 31 March 2021.

Total consolidated liabilities of the Company increased from 431,851 million rubles (US$ 5,845 million) as of 31 December 2020 to 442,434 million rubles (US$ 5,845 million) as of 31 March 2021.

Total consolidated shareholders' equity increased from 831,590 million rubles (US$ 11,256 million) as of 31 December 2020 to 875,117 million rubles (US$ 11,560 million) as of 31 March 2021.

The Company's management will discuss the IFRS results for the first quarter of 2021 on a webinar on 4 June 2021 at 4pm Moscow time, 2pm London time, 9am US Eastern time. To participate in the webinar a request should be sent to ir@tatneft.net to obtain access details. The webinar will be recorded.

* Non-IFRS measures. Please see the MD&A for definitions and calculations.

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.