Tatneft' PAO : The Board of Directors of PJSC TATNEFT Summarized the Results of the First Quarter of 2016

A regular meeting of the Board of Directors of PJSC TATNEFT chaired by R.N. Minnikhanov, President of the Republic of Tatarstan, was held on May 25, 2016 in Kazan.

The meeting discussed the results of the four months budget execution by the Company in 2016 and approved the budget for June of the current year, and also discussed the results of the financial and economic activities for the first quarter of the current year.

The Company produced 6 million 846 thousand tonnes of crude oil during the first three months of this year from TATNEFT oil fields, which was 5.4% higher than the production during the same period of the last year. 119,000 tonnes of oil was produced from Ashalchinskoye viscous oil field. The total volume since the beginning of production with application of thermal methods amounted to1.058 million tonnes of high-viscosity oil as of April 01, 2016.

The Company received net profit in the amount of RUB 20 billion as a result of the financial and economic activities during the reporting period.

The participants of the meeting discussed the current state of the environmental monitoring during development of bituminous oil deposits. Realizing all the possible environmental risks, TATNEFT Company is implementing an extensive environmental program: provides for continuous monitoring of air, water, and soil environment, and conducts comprehensive hydrodynamic monitoring, including satellite, leveling and seismological measurements.

The meeting was reported on the results of operation in the previous year, the annual financial statements, distribution of profits and losses for the financial year, the results of auditing the financial and economic activities of the Company in 2015 by the Company's Audit Committee and by the audit company ZAO 'PricewaterhouseCoopers Audit', as well as about holding the general annual meeting of the shareholders of PJSC TATNEFT.

The Board of Directors also considered a number of other issues of the Company's activity.