BoD Summarizes Results of Public Offer

PRESS RELEASE

October 19, 2018

LUKOIL BOARD OF DIRECTORS APPROVED THE REPORT ON THE SUBMISSION OF APPLICATIONS BY SHAREHOLDERS

FOR THE SALE OF THEIR SHARES

The Board of Directors of PJSC "LUKOIL" (hereinafter - the Company) today approved the Report on the submission of applications by shareholders of the Company for the sale of their shares to PJSC "LUKOIL". The applications were submitted as a part of the public offer according to the Extraordinary General Shareholders Meeting resolution dated August 24, 2018 to reduce the Company's charter capital by acquiring 100,563,255 ordinary shares.

According to the public offer rules, the Company will acquire the shares in the following proportion:

· 100,551,214 ordinary shares will be acquired from LUKOIL SECURITIES LIMITED (a 100% subsidiary of the Company);

· 12,041 shares will be acquired from other shareholders.

The shares will be acquired at the price of RUB 3,949 per share and paid for through October 30, 2018. The acquired shares will be cancelled immediately upon the delivery on the PJSC "LUKOIL" treasury account, which will result in the reduction of PJSC "LUKOIL" charter capital to 750 million ordinary shares.