Tatneft: 2017 Reserves Audit Results

Based on the audit by an independent oil and gas consulting firm Miller & Lents, Ltd. net recoverable oil and gas reserves of Tatneft in accordance with the standards of the Petroleum Resources Management System prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE-PRMS) as of 31 December 2017, assuming full economic life of the fields, were:

Reserves Category Crude and Condensate Gas

(MBbls) (MMcf)

Proved Developed 3 419 727 788 738

Producing

Proved Developed 2 186 158 511 370

Nonproducing

Proved 566 117 130 482

Undeveloped

Total Proved 6 172 003 1 430 590

Probable 2 541 263 589 655

Possible 570 093 10 246

In addition to the audit of reserves, net contingent resources in the company’s fields were estimated at year-end 2017:

Resources Category Crude and Condensate Gas

(MBbls) (MMcf)

Low Estimate (1С) 795 398 189 902

Best Estimate (2С) 1 046 870 272 467

High Estimates (3С) 1 972 670 1 091 410

Contingent resources are defined by the SPE-PRMS as those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects not currently considered to be commercially recoverable due to one or more contingencies.