1st Quarter Results

Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2014

16 June 2014

OAO Tatneft (the "Company") has 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 2014 prepared in accordance with International Financial Reporting Standards ("IFRS") (the "Financial Statements") and related Management Discussion and Analysis of 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 first quarter 2014 IFRS results. 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.

The Company's consolidated sales and other operating revenues net of export duties and excise tax in the first quarter of 2014 were 116,740 million Rubles (US$ 3,339 million) as compared to 106,554 million Rubles (US$ 3,504 million) in the first quarter of 2013. The consolidated profit attributable to Group shareholders in the first quarter of 2014 was 24,391 million Rubles (US$ 698 million) as compared to 16,974 million Rubles (US$ 558 million) in the first quarter of 2013.

Total consolidated assets of the Company increased from 674,089 million Rubles (US$ 20,595 million) as of 31 December 2013 to 714,221 million Rubles (decreased in US dollar terms to US$ 20,012 million) as of 31 March 2014.

Total consolidated liabilities of the Company increased from 170,107 million Rubles (US$ 5,197 million) as of 31 December 2013 to 184,533 million Rubles (decreased in US dollar terms to US$ 5,171 million) as of 31 March 2014.

Total consolidated shareholders' equity increased from 503,982 million Rubles (US$ 15,398 million) as of 31 December 2013 to 529,688 million Rubles (decreased in US dollar terms to US$ 14,841 million) as of 31 March 2014.

The Company's representatives will discuss the IFRS financial highlights on a conference call, details of which will be announced separately.

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. OAO 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.