Tatneft Board Meeting

3 November 2016

Regular Board Meeting of Tatneft

A regular meeting of the Board of Directors of Tatneft (the "Company") was held on 3 November in Almetyevsk, Tatarstan.

The results of the budget performance of the Company for 9 months of 2016 were heard and the budget for November 2016 was approved.

The Board discussed forecast for business activities of the Company for 2017. The forecast is based on average annual price of Urals of USD40 per barrel and exchange rate of 64.8 rubles per USD and annual inflation of 5.5%. According to the approved strategy of the Company 28.6 tons of crude are planned to be produced in 2017 (without subsidiaries). The forecasted income for 2017 is 106.7 bln rubles (with the turnover of 469.5 bln rubles), net income is expected to be 84.1 bln rubles.

The Board also discussed further development of the project company "PD Tatneft Alabuga Fiberglass".

The Board discussed other issues of the Company's activities.

This press release contains inside information.

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials 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.