Half Yearly Report

Tatneft published its U.S. GAAP consolidated interim condensed financial statements for the first 6 months of 2012

2 October 2012

OAO Tatneft (the "Company") announces today that it published on its web-site (http://www.tatneft.ru/eng) the reviewed consolidated interim condensed financial statements for the 6 months ended June 30, 2012 prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") (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 U.S. GAAP 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 the first 6 months 2012 U.S. GAAP results. Russian Ruble amounts below have been translated into U.S. Dollars, for revenue and net income at the average exchange rate during the respective reporting period, and for balance sheet items at the exchange rate on the last day of the respective reporting period.

The Company's consolidated revenues in the first 6 months of 2012 were 294,244 million Rubles (US$ 9,603 million) as compared to 293,990 million Rubles (US$ 10,272 million) in the first 6 months of 2011. The consolidated net income attributable to Group shareholders in the first 6 months of 2012 was 32,875 million Rubles (US$ 1,073 million) as compared to 39,467 million Rubles (US$ 1,379 million) in the first 6 months of 2011.

Total consolidated assets of the Company increased from 627,823 million Rubles (US$ 19,500 million) as of December 31, 2011, to 646,881 million Rubles (US$ 19,712 million) as of June 30, 2012.

Total consolidated liabilities of the Company decreased from 224,412 million Rubles (US$ 6,970 million) as of December 31, 2011, to 224,006 million Rubles (US$ 6,826 million) as of June 30, 2012.

Total consolidated shareholders' equity increased from 403,411 million Rubles (US$ 12,530 million) as of December 31, 2011, to 422,875 million Rubles (US$ 12,886 million) as of June 30, 2012.

The Company's representatives will discuss the U.S. GAAP financial highlights for the first6 months 2012 on a conference call on October 3, 2012 at 4.00 PM Moscow time, 1:00 PM UK time:

To participate in the conference call, please dial the following numbers: +44 (1452) 555 566 (international dial-in number), 0800 694 0257 (UK free call), 08444 933 800 (UK local call), +1 (866) 966 9439 (US free call), +1 (631) 510 7498 (US local call), 8108 002 097 2044 (Russia free call), in all cases using PIN 37338063#.

The conference call replay will be available upon completion of the call until October 9, 2012 by dialing +44 (1452) 550 000 (international dial-in), 0845 245 5205 (UK local call), + 1 (866) 247 4222 (USA dial-in), using PIN 37338063#.

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.