Half Yearly Report

Tatneft published its IFRS consolidated interim condensed financial statements for the three and six months ended 30 June 2014

26 August 2014

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 and six months ended 30 June 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 the 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 second quarter of 2014 were 128,122 million Rubles (US$ 3,661 million) as compared to 104,696 million Rubles (US$ 3,312 million) in the corresponding period of 2013. In the first 6 months of 2014 the Company's consolidated sales and other operating revenues, net of export duties and excise tax, were 244,862 million Rubles (US$ 7,000 million) as compared to 211,250 million Rubles (US$ 6,810 million) in the first 6 months of 2013.

The consolidated profit attributable to Group shareholders in the second quarter of 2014 was 27,174 million Rubles (US$ 776 million) as compared to 14,935 million Rubles (US$ 472 million) in the second quarter of 2013. The consolidated profit attributable to Group shareholders in the first 6 months of 2014 was 51,565 million Rubles (US$ 1,474 million) as compared to 31,909 million Rubles (US$ 1,029 million) in the corresponding period of 2013.

Total consolidated assets of the Company increased from 674,089 million Rubles (US$ 20,595 million) as of 31 December 2013 to 715,041 million Rubles (US$ 21,262 million) as of 30 June 2014.

Total consolidated liabilities of the Company increased from 170,107 million Rubles (US$ 5,197 million) as of 31 December 2013 to 176,447 million Rubles (US$ 5,247 million) as of 30 June 2014.

Total consolidated shareholders' equity increased from 503,982 million Rubles (US$ 15,398 million) as of 31 December 2013 to 538,594 million Rubles (US$ 16,015 million) as of 30 June 2014.

The Company's representatives will discuss the IFRS financial highlights for the first 6 months of 2014 on a conference call on 26 August 2014 at 16:00 Moscow time, 13:00 London time, 08:00 New York time.

To participate in the conference call, please dial any of the following numbers*:

United Kingdom: 0800 068 0521;

USA: +1 855 442 0876;

Russia: 8 800 100 9635;

All other locations: +44 203 478 5921

Password to gain access to the conference call is "Tatneft".

The conference call replay will be available for 14 days upon completion of the call by dialing* +44 121 260 4861 (international dial-in) or +1 866 268 1947 (USA), using PIN 4699147 followed by the # sign.

* JSC Tatneft shall not be liable for inability to use any of the free numbers.

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.