Revisions to 2020-2025 Investment Strategy

Last year the management board resolved to examine the possibility of revising the agreed 2020-2025 Investment Strategy for potential savings, largely in order to mitigate the economic costs of the ongoing coronavirus pandemic. Ultimately, the Board of Directors last week convened and concluded after extensive deliberation that this stratagem should be significantly revised as a result. Ultimately, the Group’s previous cash flow forecasts for 2020 are notably different to the monetary reality, and to preserve the long-term financial integrity of the Rusneftegaz Group, it is integral to replenish cash balances. As such, it has been decided that the termination clauses of various contracts that Rusneftegaz and its subsidiaries are party to shall now be activated, and all non-urgent redevelopment proposals that are at pre-development or preliminary stages will go no further. However, the Board of Directors still intends to open a second international office by the end of 2022. Management intends to communicate the results of this revised investment strategy with the corresponding parties over the coming weeks, and will not announce publicly which projects are expected to be terminated at this time. We necessitate your cooperation and understanding in regards to these decisions, any questions affiliated with these changes should be directed via email or telephone.