Rosneft Oil Company
IFRS Results
Q3 2019

November 6, 2019

Important Notice
Information herein has been prepared by the Company. The presented conclusions are based on the general informationcollected as of the date hereof and can be amended without any additional notice. The Company relies on the information
obtained from the sources which it deems credible; however, it does not guarantee its accuracy or completeness.
These materials contain statements about future events and explanations representing a forecast of such events. Any
assertion in these materials that is not a statement of historical fact is a forward-looking statement that involves known andunknown risks, uncertainties and other factors, which may cause our actual results, performance or achievements to bematerially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. We assume no obligations to update the forward-looking statements contained herein to reflect actual results,changes in assumptions or changes in factors affecting such statements.
This presentation does not constitute an offer to sell, or any solicitation of any offer to subscribe for or purchase any
securities. It is understood that nothing in this report / presentation provides grounds for any contract or commitment
whatsoever. The information herein should not for any purpose be deemed complete, accurate or impartial. The information
herein in subject to verification, final formatting and modification. The contents hereof has not been verified by the Company.
Accordingly, we did not and do not give on behalf of the Company, its shareholders, directors, officers or employees or any
other person, any representations or warranties, either explicitly expressed or implied, as to the accuracy, completeness orobjectivity of information or opinions contained in it. None of the directors of the Company, its shareholders, officers or
employees or any other persons accepts any liability for any loss of any kind that may arise from any use of this presentation
or its contents or otherwise arising in connection therewith.

2

Improving Rosneft’s Investment Casethrough Effective ESG Communications
On December 20, 2018 the Board of Directors approved Rosneft strategy related to commitment
to the 17 Sustainable Development Goals of the United Nations1
Rosneft has determined five goals of strategic priority,
directly supported by our core operations

Public statement «Rosneft: contributing to implementation of UN Sustainable Development Goals» complies withthe principles of openness, transparency and informed dialogue with shareholders, investors and other stakeholders.

Note: (1) «Rosneft: contributing to implementation of UN Sustainable Development Goals» was updated on 2018 data in April 2019https://www.rosneft.com/Investors/Rosneft_contributing_to_implementation_of_UN3

Responsible Business is the Company’s Core Value«The Guidelines for
Methane Emission
Reduction in Natural
Gas Supply Chain»1methaneemission reductionby 46% in 2018
4 million tonne
reduction in CO2
equivalentemissions«Rosneft-2022»
Strategy: enter the
first quartile ofinternational oil andgas companies in
the area of HSEwith leadershipin unit GHG
reduction

The Energy Saving
Program in force
since 2009

Rub 9.3 bn energy
savings in 2018(+3.3% YoY)

In 2018, Rosneft launched sales of new motor fuels with improved
characteristics, Euro-6 and Pulsar 100. The Company’s retail network is
a promising platform for developing the electric vehicles charging
infrastructure

Note: (1) On June 4, 2019 Rosneft has joined the initiative

Innovative
Development
Program, 2018
investments«Rosneft-2022»
Strategy:
incremental
focus onRub 53.9 bn,(+9.6% YoY)

education, humancapitaldevelopment
and social projects

The social sphereinvestments
in 2018

Rub 45.7 bn,(+22% YoY)

Rosneft and the Kidzania children’s educational park held an excursion
for children from rehabilitation centers and children’s homes4Navigating OPEC+ Environment
Crude oil and condensate production in Russia
5.0

mmbpd

total Russia (RHS)

11.6

Brent price
90‘000 Rub/bbl 6

$/bbl
Rub
$

Rosneft (LHS)
entry level for the production cut
production losses (constraints on supplies)
4.8

11.2

75

5

4.6

10.8

60

4

4.4

10.4

45

3

production level after the OPEC+ restrictions

4.70
~2%

4.60

4.2
Oct-16

Mar-17Aug-17Jan-18Jun-18

Nov-18Apr-1910.0
Sep-1930
Oct-16

Mar-17Aug-17Jan-18Jun-18

Nov-18Apr-192
Sep-19

 Rosneft was in full compliance with the OPEC+ limitations. By July 1, 2019 the Company cut crude oil production in Russia
by c. 2% vs the October 2018 level. On July 2, 2019 at the 6th OPEС+ Ministerial Meeting it was agreed to extend
voluntary production adjustments until April 1, 2020 on the same terms

 Temporary constraints on crude oil transfer to the Transneft trunk pipeline system were an additional factor for production
declines in May-July 2019 (estimated at c. 1.8 mmt1)

 Average daily liquids production for 9M 2019 fullу met OPEC+ limitations
Source: Production data – CDU TEK, Company data; Crude prices – Bloomberg
Note: (1) Including the share in JSC Slavneft-Megionneftegaz

5Production Dynamics

Hydrocarbon production 9M 2019 vs 9M 2018
kboed

41

(46)

 Robust development of major greenfields

41(Kondinskoe, Srednebotuobinskoe,Yurubcheno-Tokhomskoe, Russkoe,
E. Messoyakha)

 Production ramp up at other brownfields(Samara, Nyagan, Varyoganneftegas)

+0.6%

5,747

9M 2018

VSNK

Zohr

5,783

Other

 Rapid development of the Zohr gas field(offshore Egypt)

9M 2019

6

Vostok Oil – the New Oil Province
in the North of the Krasnoyarsk Region
Strong government support
Strategically important new
production area to satisfy growing
future global oil demand

East-Taymyr
E&A licenses

Khatanga

DiksonTax incentives providing investors
with favorable conditions and fiscal
stability

Resource base

Bay “North”

Kara
sea

Significant reserves and resource
potential of crude oil exceeding
37 bboe

JV with BP - “Ermak”

Payakhacluster
DudinkaWest - Irkinskiy

Light sweet oil exceeds the qualityof ESPO and Brent blends

VankorclusterRosneft and 3rd parties projects

Production potential
Estimated production plateau equals to the largest
projects in the Middle East

Tested technologies and development plan – the project isa natural extension of the existing local technologies andinfrastructure

Pipeline

Ports

Flexible logistics
Direct access to European and Asian Markets via theNorthern Sea Route and a pricing premium for crudequality vs Brent
Long-reach tanker deliveries to the global markets
competing with other supplies
7Refining
Refining economics in Q3 2019

Refining margins
Россия
Russia 1

 Refining margin in Q3 2019 exceeded the Q2 level$/bblЕвропа
Europemainly due to positive macro including falling Brent andgrowing wholesale gasoline prices

9.23
7.52

7.62

 Growing refining margins in Germany following crack

7.78

5.63

5.27

spreads increase on key petroleum products as well ascompletion of turnaround at PCK Raffinerie GmbH

5.13

5.06
2.62
0.38
-1.30
1Q1
кв.2018
2018

2012
2Q2
кв.2018

Q3 2019 achievements

-0.10

-0.63

-1.00
3Q3
кв.2018
2018

4Q4
кв.2018
2018

1Q1
кв.2019
2019

2Q2
кв.20192019 Bashneft launched production of high-octane gasoline

3Q3
кв.2019
2019

RON-100 under proprietary technology

 Komsomolsk refinery launched production of lowsulphur bunker fuel RMLS in full compliance with IMO
2020 standards

Key refining indicatorsПереработка
РФ mmtRefining in Russia,Выходсветлых
Light product yield, %
35

58.4

Переработказа рубежом
Refining abroad,mmt

 RN-Kat specializing in manufacturing of catalysts

58.3

60

57.2
58

30

56

2.86

3.05

54

25

successfully tested the initial batch of hydrotreatment
catalysts at the Ufa group of refineries enabling to
produce Euro-5 compliant diesel fuel. This is the firstever hydrotreatment catalyst that allows to refuse offoreign analogues. The catalyst at least equals foreign
samples while outperforms them on some parameters

52

2.09
50

20

48

27.22

26.77

46

22.87
15

44

42

10

40

3Q3
кв.2018
2018

2Q2
кв.2019
2019

3Q3
кв.20192019

Note: (1) Including the reverse excise tax on crude and dampfer for motor fuels

8Focus on Distribution Channels Development
Netbacks for the main crude oil marketing channelsНетбэк
экспорта
Export,Asia в направлении АзииExport,EuropeНетбэк
экспортав направлении Европы

Нетбэк
переработка
Refining
in RussiaНетбэк
вн.рынок
Domestic
marketCrude oil marketing breakdown
mmt

430

59.1

61.7

66.3

Export, West

22%

24%

24%

Export, Asia

27%

$/t

390

350

310

270
1 кв.18
Q1
2018

2 кв.18
Q2
2012

3 кв.18
Q3
2018

4 кв.18
Q4
2018

1 кв.19
Q1
2019

2 кв.19
Q2
2019

3 кв.19
Q3
2019

34%

 Motor fuel sales on the domestic market increased by 7.7% YoY to22.4 mmt in 9M 2019

 Motor fuel sales via the exchange exceeded the required levels by overExport, CIS
Domestic market

4%2%

2x times in Q3 20193%
2%

 Crude oil supplies eastwards reached 56.4 mmt for 9M 2019

29%

4%
2%

(+31% YoY) In July 2019 Rosneft completed acquisition of a 100% stake in theentities of «Petersburg Fuel Company». Following the deal the
Company expanded its presence in the key country regions as well as
retail network by 141 filling station to 3 081 as of the end of September
2019

Refining in Russia

45%
37%

3 кв.18
Q3
2018

2 кв.19
Q2
2019

41%

3 кв.19
Q3
20199

Earnings Growth
EBITDA Q3 vs Q2 2019
Rub bn
14

7

6

4

(17)

(2)

42
(4)
(11)

554
(2)

2

515
External factors:
Rub -15 bn; -2.1%
Q2 2019

Exchange rate

Excess profit tax

Export duty

Crude oil priceInternal and seasonal factors:
Rub +54 bn; +10.6%

Share in profits ofassociates and JVs

Export duty lag

Other taxes

Number of days in the Change in Volumes
periodG&A costs

Others

Q3 2019

Net income Q3 vs Q2 2019
(8)

(4)

(1)

2

1

1

39

25

26

Net income attr. toshareholders Q2
2019

250

220

194

Minorities

Q2 2019

EBITDADDA

Income tax

Financial expenses(net)

Other income

Other costs

FX gains/losses

Q3 2019225

Minorities

Net income attr. toshareholders Q3
2019

10

Efficient Cost Control
Lifting costs
Rub/boe

Quarter

Refining costs in Russia

Average LTM% YoY

Rub/bblQuarter

Average LTM

202

201
215

193

205

195

203

5.4%

5.7%

206

3.0%

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Average LTM

98

Q3 2019

6.1%

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Producer Price Index (annual basis)
% YoY

82
88

16.1%

76

17.4%

8.9%

0.0%

Quarter

81

191
23.8%

6.7%

General and administrative costs1
Rub/boe

213
183

180
12.0%

2.1%

% YoY

11.4%
5.6%

15.3%

64

10.0%
-10.1%

6.6%-21.0%-0.6%

Q3 2018

Q4 2018

Note: (1) excl. provisions

Q1 2019

Q2 2019

Q3 2019

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

11

CAPEXCAPEX
 9M 2019 CAPEX was Rub 634 bn, down 7% YoY following drilling

Rub bnprogram optimization aimed at horizontal wells share increase toimprove brownfields efficiency

922

 CAPEX program priorities: maintaining stable production at brownfields through successful

936
630

679

634

drilling and wellworks while preserving high investment
efficiency

 execution of new highly-efficient upstream projects, theirsystematic launch and production ramp up

 construction and upgrade of refining units aimed at
improvement of refining depth and light product yield development of in-house OFS
2017

2018

2019
Outlook

9M 2017

9M 2018

9M 20192019 CAPEX breakdown
30%Зрелые
brownfields
30%РиД

9%Зрелые
brownfields
9%РиД

25%Крупные
greenfields
25%и новые проекты РиД6%Газовые
gas projects
6%проекты
7%Международные
international projects
7%проекты
3%Проекты
offshore ГРР и разработки шельфа
3%

1%Газовые
gas projects
1%проекты

19%

81%5%ПКиЛ
downstream
5%3%Нефтесервисы
OFS
3%6%ПКиЛ
downstream
6%3%Прочее
other3%1%Прочие
other upstream1%РиДDevelopmentРазвитие

MaintenanceПоддержание

12

Sustainable Free Cash Flow Generation
Free cash flow and crude oil price (LTM)
FCF, Rub bn

4.50

4.38

Uras, '000 Rub/bbl

4.48
4.25

4.15

1,188

1,133

3.68

1,102

916

3.26

874

422

286

Q1 2018

Q2 2018

Q3 2018

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Free cash flow calculation (9M 2019)
Rub bn

89

56

67

(116)

122
261

(634)
1,247

768

Reimbursement of prepayments underLT crude oil supply contracts(at an average FX rate)
Rub 472 bn

Net cash provided Reimbursement of Reimbursement of FX rate changeby operating
prepayments
other financial
effectactivities
received
obligations(hist. FX rate)

Interest on
prepayments

Prepayments for Reimbursement of Adjusted operating
future supplies
prepayments
cash flow
granted

613

CAPEX

Free cash flow

13

Financial Stability
Debt evolution

Reimbursement of prepayments received

Cash, cash equivalents and liquid financial assets
Net debt
IFRS 16 effect
Net debt/EBITDA

$ bn

1.5

1.1

1.4

71.9

Principal amount

57.6

+2,0

1.5

1.2
69.7

59.7

63.2

59.5

19.6

44.8

16.7

12.9

22.1

32.0

28.0

30.5

29.3

28.7

26.9

22.4

56.4

50.1

43.0
22.4
2013

Reclassification

2.1

1.7

15.5

$ bn

2014

2015

29.6
2016

2017

41.1

46.61

2018

Q3 2019

Dec 31,
2017

Short term debt reduction$ bnLong term

Mar 31,
2018

Jun 30,2018

Sep 30,2018

Dec 31,
2018

25.0

Mar 31,2019

Sep 30,2019

Short term

Reclassification$ bn

Kurdistan
63.2

PDVSA

2.1

59,5

2.1

44%

2.1

2.5
3.0

49.1

78%

47.0

56%
14.1

22%

12.5

-1,82

79%

4.6
38.7

Jun 30,2019

21.5

Reimbursement of prepayments provided

69.7

31.0

23.2

21%

1.4
4.0

3.6

3.1

2.3

1.8

1.9

2.2

1.1

0.8

Dec 31,Mar 31,
Jun 30,
Sep 30,Dec 31,Mar 31,
Jun 30,
Sep 30,
2017
2018
2018
2018
2018
2019
2019
2019
Note: (1) Including one-off increase of non-current assets and financial liabilities following the operating lease put onto the balance sheet in the amount of Rub 103 bn in accordance with
14
IFRS 16 Leases, (2) Company contribution to the equity capital of a JV operating a pipeline in Kurdistan
2017

2018

Q3 2019

Appendix

Key Operational Highlights
Indicator
Hydrocarbon production, incl.
kboed

Liquids
kbpd

Gas
kboed

Oil refining
mmt

Product output in Russia
mmt

Q3 19

Q2 19

%

9M 19

9M 18

%

5,740

5,710

0.5%

5,783

5,747

0.6%

4,661

4,618

0.9%

4,674

4,633

0.9%

1,079

1,092

(1.2)%

1,109

1,114

(0.4)%

30.07

24.96

20.5%

81.90

85.51

(4.2)%

26.31

22.09

19.1%

72.07

73.93

(2.5)%

16

Key Financial Highlights
Indicator

Q3 19

Q2 19

%

9M 19

9M 18

%

EBITDA, Rub bn

554

515

7.6%

1,617

1,593

1.5%

Net Income, Rub bn

225

194

16.0%

550

440

25.0%

262

230

14.0%

733

644

14.0%

Adjusted operating cashflow2, Rub bn

479

357

34.2%

1,247

1,551

(19.6)%CAPEX, Rub bn

198

222

(10.8)%

634

679(6.6)%

Free Cash Flow, Rub bn

281

135

>100%

613

872

(29.7)%EBITDA, $ bn

8.5

8.0

6.3%

24.8

25.7

(3.5)%Net Income, $ bn

3.6

3.0

20.0%

8.5

7.3

16.4%

4.1

3.6

14.0%

11.3

10.3

9.0%

Adjusted operating cashflow2, $ bn

7.4

5.5

34.5%

19.1

25.0

(23.6)%CAPEX, $ bn

3.0

3.5

(14.3)%

9.7

11.1(12.6)%

Free Cash Flow, $ bn

4.4

2.0

>100%

9.4

13.9

(32.4)%

Urals price, ‘000 Rub/bbl

3.96

4.38

(9.7)%

4.17

4.34(3.9)%

attributable to Rosneft shareholders

Adjusted net income1, Rub bn
attributable to Rosneft shareholders

attributable to Rosneft shareholders

Adjusted net income1, $ bn
attributable to Rosneft shareholders

Note: (1) Adjusted for FX gains/losses and other one-off effects; (2) Adjusted for prepayments under long-term crude oil supply contracts (including accrued interest) and operations withtrading securities (RUB equivalent)17

Projects Launched in 2016–2017
Suzun

E. Messoyakha2

Location

Krasnoyarsk Territory

Yamal-Nenets Autonomous District3Р PRMS reserves1

82 mmtoe / 623 mmboe

248 mmtoe / 1,707 mmboe

Commissioning year

2016

2016

Production in 2018 / 9M 2019

4.1 / 2.0 mmt

4.5 / 4.0 mmt

Oil production plateau4> 4.5 mmtpa

c. 6.0 mmtpa

Production plateau year

2020+

2021

Yurubcheno-Tokhomskoe

Kondinskoe

Krasnoyarsk Territory

Khanty-Mansi Autonomous District3Р PRMS reserves1309 mmtoe / 2,368 mmboe3

142 mmtoe / 1,034 mmboe

Commissioning year

2017

2017

Production in 2018 / 9M 2019

2.3 / 3.1 mmt

1.6 / 2.0 mmt

Oil production plateau4c. 5 mmtpa>2.5 mmtpa

Production plateau year

2020+

2019

Indicator

Indicator
Location

Note: (1) As of December 31, 2018, (2) The field license is owned by Messoyakhaneftegaz, a JV with Gazpromneft (50%/50%), data for a 100% stake, (3) Data for the Yurubchensky
block, (4) Production plateau figures provided regardless of OPEC+ limitations

18

Projects Launched in 2018
Indicator
Location

Tagul fieldTaas-Yuryakh(Srednebotuobinskoye field, Phase 2)

Krasnoyarsk Territory

The Sakha Yakutia Republic3Р PRMS reserves1456 mmtoe / 3,251 mmboe

281 mmtoe / 2,053 mmboe

Commissioning year

Q4 2018

Q4 2018

Production in 2018 / 9M 2019

1.3 / 1.0 mmt

2.9 / 2.9 mmt

Oil production plateau>4.5 mmtpa

c. 5 mmtpa

Production plateau year

2022+

2021+

Russkoye fieldKuyumba field3,4

Yamal-Nenets Autonomous District

Krasnoyarsk Territory3Р PRMS reserves1

416 mmtoe / 2,799 mmboe

285 mmtoe / 2,176 mmtoe

Commissioning year

Q4 20182

Q4 2018

Production in 2018 / 9M 2019

0.3 / 0.6 mmt

0.5 / 0.7 mmt

Oil production plateau>6.5 mmtpa

c. 3 mmtpa

Production plateau year

2022+

2021+

Indicator
Location

Note: (1) As of December 31, 2018, (2) Production in accordance with the approved development documentation, (3) License for the Kuyumba field belongs to OOO «SlavneftKrasnoyarskneftegaz», a JV with Gazpromneft, data for a 100% of the project, (4) Data on commissioning year, production plateau and plateau year of the first start-up complex

19

Progress on a Key Project: Rospan
MAJOR DRIVER OF THE COMPANY NEAR-TERM PRODUCTION GROWTH
Indicator
3Р reserves (PRMS)
9M 2019 production

Annual production

Value
891 bcm of gas, 207 mmt of gas condensate,
LPG and oil
4.9 bcm of gas
1.02 mmt of liquids
Potential:> 21 bcm of gas> 5 mmt of liquids
up to 1.3 mmt of LPG

Commissioning year

H1 2020

Current status and Q3 2019 results:
At 9M 2019 end key field facilities construction at final stage: 5 gas-turbine units were commissioned satisfying power demand of all 1st stage
facilities Finalizing installation and construction works to ensure the readiness of the oiltreatment unit, infield and trunk pipelines Rail unloading terminal at the Korotchaevo station: installation, tempering andhydro testing of spherical tanks was completed, setup of cable racks was
finished. Installation of containments and individual eqiupment testing isunderway Main on-site equipment at the Complex gas and gas condensate treatment unitof the Vostochno-Urengoiskiy LA was installed, hydro-testing of pipelines andreservoirs, setup of electric equipment and containments is underway

20Gas Greenfield Development: Kharampur
THE MOST SIGNIFICANT (AFTER ROSPAN) PROJECT IN TERMS OF GAS PRODUCTION GROWTH1
Indicator

Value

3Р reserves (PRMS), gas

650 bcm2

Gas production plateau:
Phase 1 (Senomanian)c. 11 bcmpa3

Commissioning year

2020

Current status and Q3 2019 results:

 Gas collection systems, HV grids and cluster pads are underconstruction

 57 of 61 wells have been drilled, including 5 wells in Q3 2019. As partof Turonian deposit operation 1 well was launched for ongoing
debugging Installation and construction works of the gas pipeline are continued,
water crossing through the river Pyakupur was completed

 The following site preparation was completed: rotators’ camp, water
development facilities and gas treatment unit. Construction andinstallation activities at the GTU are underway: construction of pilingfoundations, steel frame installation, pouring concrete

Note: (1) The project involves a partner - BP, (2) Excluding dissolved gas and including the reserves of Turonian deposit, (3) With the potential of further growth to 24 bcm p.a. through fullscale development of Turonian deposit21

Calculation of Adjusted OCF
Profit and Loss Statement

Cash Flow Statement№

Indicator

9M 2019,$ bn№

Indicator

100.6

1

Revenue, incl.

Reimbursement of prepayments andother financial obligations received

2

Costs and expenses, incl.

Reimbursement of prepayments
granted

3

4

5

6

Operating profit (1+2)

Expenses before income tax

Income before income tax (3+4)

Income tax

9M 2019,$ bn
Net income

1

8.5

Adjustments to reconcile net income tocash flow from operations, incl.

2

(5.4)

Reimbursement of prepayments
received under crude oil andpetroleum products supply contracts(1.9)

Reimbursement of other financial
obligations received

1.8

Reimbursement of prepayments
granted under crude oil and petroleum
products supply contracts(83.6)

17.0

(5.4)

(5.2)
(0.9)

9.6

Changes in operating assets andliabilities, incl.

3

Interest on prepayments under longterm crude oil supply contracts(1.2)

Income tax payments, interest anddividends received

4

11.7

Net cash from operating activities(1+2+3+4)5

1.0

Prepayments for future supplies

6

6.4

Effect from prepayments

7

19.1

Adjusted operational cash flow
(5+6+7)

8

11.6

(2.0)

№

9.6

7.3

(1.8)

Indicator

22

Finance Expenses, Rub bn
Indicator

Q3 19

Q2 19

%

9M 19

9M 18

%

1.

Interest accrued1

7071(1.4)%

215

208

3.4%

2.

Interest paid2

70

68

2.9%

211

202

4.5%

3.

Change in interest payable (1-2)–

3(100.0)%4

6(33.3)%

4.

Interest capitalized3

3941(4.9)%

121

108

12.0%

5.

Net loss from operations with financial derivatives4

–

–

–

–

14

(100.0)%6.

Increase in provision due to the unwinding of adiscount

4

5(20.0)%

14

14

–

7.

Interest on prepayments under long-term oil andpetroleum products supply contracts

1619(15.8)%

56

67(16.4)%

8.

Change in fair value of financial assets

–

–

–

–

9

(100.0)%9.

Increase in loss allowance for expected credit losses
on debt financial assets

1

1

–

3

6

(50.0)%

10.

Other finance expenses

4

1>100.0%

9

7

28.6%

Total finance expenses(1-4+5+6+7+8+9+10)

56

56

–

176

217

(18.9)%

Note: (1) Interest accrued on credits and loans and other financial obligations, (2) Interest is paid according to the schedule, (3) Interests paid shall be capitalized in accordance with IAS
23 standard Borrowing Costs. Capitalization rate is calculated by dividing the interest costs for borrowings related to capital expenditures by the average balance of loans. Capitalizedinterest shall be calculated by multiplying average balance of construction in progress by capitalization rate, (4) Net effect on operations with financial derivatives was related to FX
component fluctuations of cross-currency interest rate swaps.

23

Sensitivity Analysis

9M 2019 EBITDA and net income sensitivity to+/- 10% change in Urals price

9M 2019 EBITDA and net income sensitivity to+/- 10% change in Rub/$ exchange rate

Rub bnRub bnEBITDA(239)

EBITDA
239(288)

Net Income
(191)

-10%

Source: Company data

Net Income
191

64.1
$/bbl

288

+10%

(230)

-10%

230

65.1
Rub/$

+10%

24

Openness and transparency in information disclosure –ESG ratings increases in the nine months of 2019
rating + 4

rating + 8

55

59

63

2016

2017

2018

B
(63)
2016

A(77)

A
(85)

2017

2018

rating + 12

57
48

45

2016

2017

2018

Ongoing engagement with 16 leading ESG agencies
First ESG seminar with Nordic investors in Copenhagen (31 investment fund, 56 participants)
25

Q&A