Fitch Takes Rating Actions on Russian Corporates on Sovereign Outlook Fitch Ratings-London/Moscow/Warsaw-20 October 2016: Fitch Ratings has taken rating actions on Russian companies, following our revision of the Outlook of the Russian sovereign ratings.

On 14 October 2016, Fitch revised the Outlook on 's Foreign and Local Currency Issuer Default Ratings (IDR) to Stable from Negative and affirmed them at 'BBB-'. (See 'Fitch revises Outlook on Russia to Stable; Affirms at 'BBB-' at www.fitchratings.com).

The rating actions are as follows - a full list of rating actions is below.

JSC Atomic Energy Power Corporation (Atomenergoprom) Long-Term Foreign Currency IDR affirmed at 'BBB-'; The Outlook is revised to Stable from Negative The ratings of Atomenergoprom continue to be aligned with the Russian sovereign's reflecting sole indirect state ownership, its strategic importance to the implementation of the state's programme for civil nuclear development, record of tangible financial support, a centralised treasury at Rosatom level and full representation of Rosatom's management on Atomenergoprom's board of directors. We currently assess Atomenergoprom's standalone profile to be commensurate with the low 'BBB' rating category.

PJSC Long-Term Foreign Currency IDR Affirmed at 'BBB-'; Outlook revised to Stable from Negative. Gazprom's ratings and outlook are constrained by those of the sovereign, in view of the influence Russia exerts on the company as a key shareholder and through taxation.

PJSC Long-Term Foreign Currency IDR Affirmed at 'BBB-'; Outlook revised to Stable from Negative. Gazprom Neft's rating and Outlook are capped by those of PJSC Gazprom, its immediate parent, and Russia, due to the company's asset concentration in the country and the influence the state exercises on the oil and gas sector through taxes and regulation.

PJSC Long-Term Foreign Currency IDR Affirmed at 'BBB-'; Outlook revised to Stable from Negative. We cap LUKOIL's ratings at those of the Russian sovereign. This reflects the influence that the sovereign exercises over Russian O&G companies' operations and profitability through regulation and taxation.

OAO Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. Novatek's ratings are capped by Russia's rating and Outlook, due to the company's asset concentration in the country and the influence the state exercises on the oil and gas sector through taxes and regulation.

JSC Russian Railways (RZD) Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. The ratings of RZD continue to be aligned with those of the Russian Federation, reflecting its 100% state ownership, strategic importance to the Russian economy, strong operational links to the State, including tariff and capex approval by the government, and track record of state support. We view RZD's standalone profile as commensurate with a low 'BBB' rating category.

JSC Federal Passenger Company (FPC) Long-Term Foreign Currency IDR: affirmed at 'BB+'; Outlook revised to Stable from Negative. FPC continues to be rated one notch below RZD's IDR reflecting strong operational, strategic and, to a lesser extent, legal ties with RZD given the latter's 100% direct ownership, control over FPC's strategy, and inter-dependency of operations. Fitch has not aligned FPC's ratings with that of RZD's owing to the absence of explicit guarantees and also because FPC's revenue is just around the 10% threshold, as stipulated in RZD's Eurobonds documentation, for the company to qualify as a principal subsidiary. Therefore FPC may not always be captured within RZD's cross default provision.

PJSC Federal Grid Company of Unified Energy System (FedGrid) Long-Term Foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. Стр. 1 из 8 21.10.2016 FedGrid's 'BBB-' rating continues to incorporate a one-notch uplift for state support from its standalone rating of 'BB+'. The uplift is currently limited to one notch by Russia's IDR, although we continue to assess state support as commensurate with a two-notch uplift, reflecting ultimate majority indirect state ownership, its strategic importance as the national electricity transmission grid operator, strong operational ties including tariffs and capex approval and track record of state support.

Rostelecom PJSC Long-Term Foreign Currency IDR: Affirmed at 'BBB-'; Outlook revised to Stable from Negative. 's ratings are based on its standalone profile.

Sukhoi Civil Aircraft JSC (SCAC) Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook revised to Stable from Negative. SCAC's ratings are notched down three levels from the ratings of its ultimate majority shareholder, the Russian sovereign. The three-notch differential reflects the company's strong links to the state but also the lack of explicit state guarantee for SCAC's debt.

PJSC Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. Tatneft's ratings are based on its standalone profile.

PJSC Inter RAO Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. Inter RAO's 'BBB-' rating continues to incorporate a one-notch uplift for state support as we continue to assess the relatively strong operational and strategic and to a lesser extent legal ties between the company and its ultimate majority indirect shareholder, Russian Federation. This is due to the strategic importance of Inter RAO to the country's electricity production and supply as well as the track record of tangible state support, provided largely in kind.

PAO Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. Severstal's ratings are based on its standalone profile.

PJSC Novolipetsk Steel (NLMK) Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative. NLMK's ratings are based on its standalone profile.

KEY RATING DRIVERS See the relevant RAC referenced for each issuer at www.fitchratings.com. 'Fitch Affirms Atomenergoprom at 'BBB-'; Outlook Negative', dated 01 September 2016 'Fitch Affirms Gazprom at 'BBB-'; Outlook Negative', dated 17 August 2016 'Fitch Affirms Russia's Gazprom Neft at 'BBB-'; Outlook Negative', dated 13 November 2015 'Fitch Affirms Russia's LUKOIL at 'BBB-'; Outlook Negative', dated 14 June 2016 'Fitch Affirms Russia's Novatek at 'BBB-', Outlook Negative', dated 28 September 2016 'Fitch Affirms JSC Russian Railways at 'BBB-'/Negative', dated 20 May 2016 'Fitch Affirms Federal Passenger Company at 'BB+'; Outlook Negative', dated 23 June 2016 'Fitch Affirms PJSC Federal Grid Company UES at 'BBB-'; Outlook Negative', dated 13 July 2016 'Fitch Affirms Rostelecom at 'BBB-'; Outlook Negative', dated 3 December 2015 'Fitch Affirms Sukhoi Civil Aircraft at 'BB-'; Outlook Negative', dated 23 May 2016 'Fitch Affirms Tatneft at 'BBB-'; Outlook Negative', dated 11 July 2016 'Fitch Affirms Inter RAO at 'BBB-'; Outlook Negative', dated 9 June 2016 'Fitch Upgrades Severstal to 'BBB-'; Outlook Negative', dated 23 May 2016. 'Fitch Affirms NLMK at 'BBB-'; Outlook Negative', dated 23 May 2016

DERIVATION SUMMARY These rating actions followed an outlook revision for the Russian sovereign ratings. As a result of the application of Fitch's Parent and Subsidiary Rating Linkage criteria the outlooks of issuer's whose ratings were constrained by the Russian sovereign have been changed.

KEY ASSUMPTIONS See the relevant RAC referenced for each issuer.

RATING SENSITIVITIES See the relevant RAC referenced for each issuer.

Стр. 2 из 8 21.10.2016 LIQUIDITY See the relevant RAC referenced for each issuer.

FULL LIST OF RATING ACTIONS JSC Atomic Energy Power Corporation (Atomenergoprom) Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term Local Currency IDR affirmed at 'F3' Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term Foreign Currency IDR; affirmed at 'F3' Local Currency Senior Unsecured Rating affirmed at 'BBB-' Long-Term National Rating affirmed at 'AAA(rus)'; Outlook Stable

PJSC Gazprom Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term IDR: affirmed at 'F3' Long-Term Foreign Currency IDR affirmed at 'BBB-'; Outlook revised to Stable from Negative Foreign Currency senior unsecured rating affirmed at 'BBB-' Long-Term National Rating affirmed at AAA(rus); Outlook Stable Local Currency Senior Unsecured Rating for OOO Gazprom Capital: affirmed at 'BBB-' National Senior Unsecured Rating for OOO Gazprom Capital: affirmed at 'AAA(rus)' Short-Term Commercial Paper Rating for Gazprom ECP SA: affirmed at F3. Foreign Currency Senior Unsecured Rating for Gaz Capital SA: affirmed at 'BBB-'

PJSC Gazprom Neft Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative National Long-Term Rating affirmed at 'AA+(rus)'; Outlook Stable Senior Unsecured Rating: affirmed at 'BBB-' Short-Term IDR affirmed at 'F3' Senior Unsecured Rating for GPN Capital SA: affirmed at 'BBB-'

The rating actions on Gazprom Neft and GPN Capital SA applies to all debt issued prior to 1 August 2014.

PJSC LUKOIL Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Senior Unsecured Rating: affirmed at 'BBB-' Short-Term IDR affirmed at 'F3' Senior Unsecured Rating for LUKOIL International Finance BV: affirmed at 'BBB-'

OAO Novatek Long-Term Local Currency IDR: affirmed at BBB-; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at BBB-; Outlook revised to Stable from Negative Senior Unsecured Rating: affirmed at 'BBB-' Senior Unsecured Rating for Novatek Finance Limited: affirmed at 'BBB-' Long-Term National Rating affirmed at AA+(rus); The Outlook is Stable The affirmation of OAO Novatek and Novatek Finance applies to all debt issued prior to 1 August 2014.

JSC Russian Railways (RZD) Long-Term Unsecured Rating: affirmed at 'BBB-' Short-Term Foreign Local Currency IDR: affirmed at BBB-; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Local-Currency Senior Currency IDR affirmed at 'F3' Short-Term Local Currency IDR affirmed at 'F3' Long-Term National Rating affirmed at 'AAA(rus)'; Outlook Stable National Senior Unsecured Rating affirmed at 'AAA(rus)' RZD Capital PLC Foreign Currency Senior Unsecured Rating: affirmed at 'BBB-'

JSC Federal Passenger Company (FPC) Long-Term Local Currency IDR: affirmed at 'BB+'; The Outlook is revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BB+'; The Outlook is revised to Stable from Negative Short-Term Foreign Currency IDR affirmed at 'B'

Стр. 3 из 8 21.10.2016 Short-Term local currency IDR affirmed at 'B' Local Currency Senior Unsecured rating affirmed at 'BB+' Long-Term National Rating affirmed at 'AA+(rus)'; Outlook Stable

PJSC Federal Grid Company of Unified Energy System (FedGrid) Long-Term Local Currency IDR: affirmed at 'BBB-'; The Outlook is revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BBB-'; The Outlook is revised to Stable from Negative Local Currency Senior Unsecured Rating: affirmed at 'BBB-'; Short-Term Foreign Currency IDR affirmed at 'F3' Long-Term National Rating affirmed at 'AAA(rus)'; Outlook Stable Federal Grid Finance Limited Local Currency Senior Unsecured Rating affirmed at 'BBB-';

Rostelecom PJSC Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Senior Unsecured Rating: affirmed at 'BBB-' Long-Term National Rating affirmed at 'AA+(rus)'; The Outlook is Stable Long-Term National Senior Unsecured Rating affirmed at 'AA+(rus)';

Sukhoi Civil Aircraft (SCAC) Long-Term Local Currency IDR: affirmed at 'BB-'; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR affirmed at 'BB-'; Outlook revised to Stable from Negative Foreign and Local Currency Senior Unsecured Ratings affirmed at 'BB-' Short-Term IDR: affirmed at 'B' Local Currency Short-Term IDR: affirmed at 'B' Long-Term National Rating affirmed at 'A+(rus)'; Outlook revised to Stable from Negative Short-Term National Rating affirmed at 'F1(rus)' The rating action on SCAC applies to all debt issued prior to 1 August 2014

PJSC Tatneft Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term IDR affirmed at 'F3'

PJSC Inter RAO Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at' BBB-'; Outlook revised to Stable from Negative Short-Term Foreign Currency IDR affirmed at 'F3' Short-Term Local Currency IDR affirmed at 'F3' Long-Term National Rating affirmed at AA+(rus); The Outlook is Stable

PAO Severstal Long-Term Local Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Long-Term Foreign Currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term Foreign Currency IDR affirmed at 'F3' Long-Term National Rating affirmed at 'AA+(rus)'; Outlook revised to Stable from Negative Abigrove Limited senior unsecured rating affirmed at 'BBB-' Senior Unsecured Loan Participation Notes Issued by Steel Capital SA affirmed at 'BBB-'

PJSC Novolipetsk Steel (NLMK) Long-Term foreign currency IDR: affirmed at 'BBB-'; Outlook revised to Stable from Negative Short-Term foreign currency IDR affirmed at 'F3' Long-Term National Rating affirmed at 'AA+(rus)'; Outlook revised to Stable from Negative Senior Unsecured Foreign Currency Rating affirmed at 'BBB-' Steel Funding Limited Senior Unsecured Rating affirmed at 'BBB-';

Contact:

Principal Analysts Peter Archbold (Abigrove Limited, PAO Severstal, PJSC Novolipetsk Steel, Steel Funding Limited, Steel Capital SA) Senior Director +44 20 3530 1172

Alexander Cherepovitsyn (Rostelecom PJSC) Analyst

Стр. 4 из 8 21.10.2016 +44 20 3530 1755 Slava Demchenko (Novatek Finance Limited, OAO Novatek, PJSC Tatneft, Gaz Capital SA, OOO Gazprom Capital, PJSC Gazprom) Analyst +7 495 956 9901

Dmitry Doronin (JSC Russian Railways, JSC Federal Passenger Company, RZD Capital PLC) Analyst +7 495 956 9984

Alexey Evstratenkov (Sukhoi Civil Aircraft JSC) Analyst +44 203 530 1089

Elina Kulieva (Federal Grid Finance Limited, PJSC Federal Grid Company of United Energy System) Associate Director +7 495 956 9901

Vladislav Nikolov (GPM Capital SA, PJSC Gazprom Neft, Lukoil International Finance BV, PJSC Lukoil) Analyst +44 20 3530 1288

Timo Tikkala (PJSC Inter RAO) Analyst +44 203 530 1202

Oxana Zguralskaya (JSC Atomic Energy Power Corporation) Director +7 495 956 7099

Supervisory Analysts Slava Bunkov (PJSC Rostelecom) Director Fitch Ratings CIS Limited 26 Valovaya Street Moscow Russia +7 495 956 9931

Tom Chruszcz (Sukhoi Civil Aircraft JSC) Director +48 22 338 6294 Fitch Polska SA Krolewska 16 Warsaw Poland

Maxim Edelson (PJSC Lukoil, Lukoil International Finance BV)) Senior Director +7 495 956 9986 Fitch Ratings CIS Limited 26 Valovaya Street Moscow Russia

Elina Kulieva (PJSC Inter RAO) +7 495 956 9901 Associate Director Fitch Ratings CIS Limited 26 Valovaya Street Moscow Russia

Стр. 5 из 8 21.10.2016 Dmitry Marinchenko (Novatek Finance Limited, OAO Novatek, GPN Capital SA, Gaz Capital SA, OOO Gazprom Capital, PJSC Gazprom, PJSC Gazprom Neft) Associate Director +44 20 3530 1056 Fitch Ratings 30 North Colonnade London United Kingdom

Roma Patel (Abigrove Limited, PAO Severstal, PJSC Novolipetsk Steel, Steel Funding Limited, Steel Capital SA) Associate Director +44 20 3530 1465 Fitch Ratings 30 North Colonnade London United Kingdom

Angelina Valavina (JSC Atomic Energy Power Corporation) Senior Director +44 20 3530 1314 Fitch Ratings 30 North Colonnade London United Kingdom

Jakub Zasada (PJSC Tatneft) Director +48 22 338 6295 Fitch Polska SA Krolewska 16 Warsaw Poland

Oxana Zguralskaya (JSC Russian Railways, JSC Federal Passenger Company, RZD Capital PLC, Federal Grid Finance Limited, PJSC Federal Grid Company of Unified Energy System) Director +7 495 956 7099 Fitch Ratings CIS Limited 26 Valovaya Street Moscow Russia

Committee Chairperson Arkadiusz Wicik Senior Director +48 22 338 6286

Media Relations: Julia Belskaya von Tell, Moscow, Tel: +7 495 956 9908 , Email: [email protected]; Peter Fitzpatrick, London, Tel: +44 20 3530 1103 , Email: [email protected].

Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary.

Applicable Criteria Criteria for Rating Non-Financial Corporates (pub. 27 Sep 2016) (https://www.fitchratings.com/site/re/885629) National Scale Ratings Criteria (pub. 30 Oct 2013) (https://www.fitchratings.com/site/re/720082) Parent and Subsidiary Rating Linkage (pub. 31 Aug 2016) (https://www.fitchratings.com/site/re/886557)

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