Tatneft : A Regular Meeting of the TATNEFT’s Board of Directors Was Held

The first meeting of the Board of Directors of PJSC TATNEFT after the Meeting of the Shareholders was held in Kazan on June 30, 2021.

Rustam Minnikhanov, President of the Republic of Tatarstan, was unanimously elected as Chairman of the Board of Directors of the TATNEFT Public Joint Stock Company.

The Board of Directors reviewed the results of the Company's budget execution for five months of 2021 and approved the budget for July and the third quarter of the current year.

The information on the model of inventory management at the TATNEFT Group's enterprises, which covered all stages of the life cycle: procurement planning, logistics, operation, maintenance, and repair, as well as implementation was presented at the meeting. The Company had put into practice the inventory management in the context of categories, created a decision-making center for the inventory management, formed an effective institution of process owners, and tracked the management outward appearances. Monitoring of results in specific coordinates had been implemented: turnover by category, control of stocks, dynamics of the purchase index. The developed algorithm for improving the inventory turnover was replicated throughout the whole TATNEFT Group. The success of the changes made is based on the high professionalism of professionals, as well as the Company's organizational culture.

The information about the cost management system, automation of monitoring processes and cost optimization in the Company's business areas was presented to the Board of Directors. Projects in this area have been implemented since 2018 and today they are successfully replicated in key business areas with simultaneous introduction of the results obtained into the business planning processes. A decision was made at the meeting to continue the work in this area.

The information about the cost management system, automation of monitoring processes and cost optimization in the Company's business areas was presented to the Board of Directors and it was decided to continue working in this area.

As part of the meeting agenda, the Board considered the composition of the committees under the Board of Directors. Yury Levin was approved as Chairman of the Audit Committee; Rene Steiner, Chairman of the Human Resources and Remuneration Committee; while Nail Maganov was approved as Chairman of the Corporate Management Committee.

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

Forward-looking Statements and Disclaimers: This press release contains certain statements regarding future events and expectations, which are forward-looking statements in nature. Any statement in this press release that is not a historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ materially. PJSC TATNEFT shall assume no obligation to update such forecasts to reflect actual results, changes in assumptions or changes in factors affecting these statements. The amounts and the interest money indicated or referenced in this press release may be given taking into account the rounding and, accordingly, they may differ from the actual figures and results contained in the company's reporting documents. PJSC TATNEFT shall assume no obligation to adjust or reimburse any amounts that may make the difference between those specified in this press release and the relevant reporting documents, and all payments shall made by PJSC TATNEFT exclusively in accordance with the decisions of the competent Company's management bodies in the amount and manner specified in such decisions.