Press release: The Board of Directors of Tatneft recommended to pay 30.27 rubles per each share as the dividend for the first half of 2018

On 13 August 2018 the Board of Directors of PJSC Tatneft by absentee voting resolved to convene an extraordinary general meeting of shareholders with the agenda to approve the dividends based on the results of the first half of 2018 and the procedure for the payment thereof, and issued a recommendation to the shareholders to approved the dividends for the first six months of this year in the amount of 30 rubles and 27 kopecks per each preferred and ordinary share of the Company (3027% of the par value), which constitutes approximately 75% of net income under the Russian Accounting Standards for the reporting period. 

The Board of Directors upon making its decisions relied on the dividend policy of the Company, which states that free cash flow generated after financing of the investment program, the fulfillment of obligations and satisfaction of other requirements can be distributed in the form of dividends. The total amount of dividends (70.4 billion rubles) recommended for the distribution by the Board of Directors corresponds to the free cash accumulated by the Company as of the end of the first half of this year.

PJSC Tatneft intends to return to the shareholders in the form of dividends free cash flow not used to finance its projects yielding an adequate return on investment and not required for the normal operation of the Company as often as would be justified to carry out the necessary corporate procedures and make the payments. In accordance with applicable law, the Charter and the dividend policy of the Company, the dividends can be paid based on the results of the year, first quarter, first half and nine months of the reporting year. 

The extraordinary general meeting of shareholders will be held on 28 September 2018 by absentee voting. List of persons entitled to participate in the extraordinary general meeting of shareholders will be determined as of 3 September 2018, and the list of persons entitled to the dividends is proposed to be drawn up based on the shareholding as of 12 October 2018. 

This press release contains inside information.

Forward-looking statements and waiver of liability: This press release contains statements about future events and expectations that are forward-looking in nature. Any statement in this press release 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. PJSC 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. The amounts and percentages mentioned or referred to in this press release could be presented after rounding and, therefore, they might differ from the actual sums and results contained in the Company’s reporting documents. PJSC Tatneft shall bear no responsibility to correct or reimburse any sums which might constitute the difference between the amounts mentioned in this press release and those in respective reporting documents, and all payments are made by PJSC Tatneft exclusively on the basis of decisions made by its authorised corporate bodies in the amounts and within the corporate proceedings set out in such decisions.

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