Tatneft increased its shareholding in Bank Zenit

30 June 2016

Tatneft has increased its shareholding in Bank Zenit

As result of share capital increase of PJSC Bank ZENIT (the "Bank"), PJSC Tatneft acquired 6,700,000,000 of the Bank's shares.

As a result of the additional share issue, carried out in accordance with the Bank's General Shareholders Meeting decision of 18 February 2016, Tatneft Group has increased its stake in the Bank to 48.88% and has become the Bank's largest shareholder. In accordance with the Federal Law "On Joint-Stock Companies", PJSC Tatneft will make a mandatory offer until late November 2016, as a result of which Tatneft Group may increase its stake in the Bank to more than 50%.

Tatneft, as a shareholder, intends to pursue an active policy with respect to the Bank's business development and strengthening the position of the ZENIT Banking Group on the Russian financial market.

Reference Information

ZENIT Banking Group

The ZENIT Banking Group was established in 2005 as a result of the ZENIT Bank acquiring a controlling stake in JSB Devon-Credit. Lipetskcombank and Sochigazprombank (renamed into Sochi ZENITH Bank) joined the Banking Group in 2007. December 2008 witnessed the inclusion of Spiritbank (Tula) in the Group. According to the consolidated financial statements of the Banking Group under IFRS for the 2015 the capital calculated in accordance with the requirements of the Basel Committee, amounted to 29.6 billion rubles, while the Group's assets accounted for RUB 314.8 billion. The Group provides for a full range of banking services: comprehensive services to corporate clients, retail services, Private Banking, investment banking services, interbank business. The ZENIT Banking Group is represented in 26 regions of the Russian Federation with the Group's own sales network totaling 162 points by the end of 2015. The Group has a broad international network of corresponding partner banks, cooperating with more than 100 international institutions in Europe, America and Asia. ZENIT Bank has ratings from international rating agencies at the level of B1 (Moody's) and BB- (Fitch).

Forward-looking statements: This press-release may contain certain forward-looking statements of PJSC Tatneft. PJSC Tatneft does not guarantee occurrence of any events mentioned in such statements as well as term of their occurrence.