1st Quarter Results

Tatneft published its IFRS consolidated interim condensed financial statements for the first quarter of 2015

14 June 2015

OAO Tatneft (the "Company") announces today that it 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 2015 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 2015 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 2015 were 135,061 million Rubles (US$ 2,172 million) as compared to 116,740 million Rubles (US$ 3,339 million) in the first quarter of 2014. The consolidated profit attributable to Group shareholders in the first quarter of 2015 was 26,569 million Rubles (US$ 427 million) as compared to 24,391 million Rubles (US$ 698 million) in the first quarter of 2014.

Total consolidated assets of the Company increased from 732,934 million Rubles (US$ 13,028 million) as of 31 December 2014 to 761,314 million Rubles (decreased in US dollar terms to US$ 13,022 million) as of 31 March 2015.

Total consolidated liabilities of the Company increased from 150,690 million Rubles (US$ 2,679 million) as of 31 December 2014 to 151,036 million Rubles (decreased in US dollar terms to US$ 2,583 million) as of 31 March 2015.

Total consolidated shareholders' equity increased from 582,244 million Rubles (US$ 10,349 million) as of 31 December 2014 to 610,278 million Rubles (US$ 10,438 million) as of 31 March 2015.

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.