FTSE COMPANY REPORT Share price analysis relative to sector and index performance LUKOIL Oil company (GDR) LKOD Oil Gas and Coal — USD 91.94 at close 18 June 2021 Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 18-Jun-2021 18-Jun-2021 18-Jun-2021 100 120 105 1D WTD MTD YTD Absolute 0.0 1.8 12.9 34.8 100 115 Rel.Sector 3.3 2.9 8.0 18.8 90 Rel.Market 1.8 3.5 13.3 23.7 95 110 80 VALUATION 90 105 Trailing 85 Relative Price Relative 70 Price Relative 100 PE +ve Absolute Price (local currency) (local Price Absolute 80 EV/EBITDA 5.9 60 95 75 PB 1.0 PCF 5.3 50 90 70 Div Yield 6.7 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Price/Sales 0.7 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.2 100 100 100 Div Payout +ve 90 90 90 ROE 0.3 80 80 80 Share Index) Share Share Sector) Share - 70 - 70 70 DESCRIPTION 60 60 60 50 50 50 The primary activities of OAO LUKOIL are oil RSI RSI (Absolute) 40 40 40 exploration, production, refining, marketing and distribution. 30 30 30 20 20 20 RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 10 10 10 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: LUKOIL Oil company (GDR) 18 June 2021 Valuation Metrics Price to Earnings (PE) EV to EBITDA Price to Book (PB) 31-May-2021 31-May-2021 31-May-2021 100 ‖ ‖ 6 1.2 90 5 1.1 80 +1SD 70 1 4 +1SD 60 Avg 0.9 50 3 Avg 40 -1SD 0.8 2 30 +1SD 0.7 -1SD 20 1 0.6 10 Avg 0 0 ‖ 0.5 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 LUKOIL Oil company (GDR) 120.0 Hunting 32.2 Energean 2.0 Harbour Energy PLC -0.2 BP 11.6 Petrofac 1.5 EnQuest -0.6 Diversified Energy Company 11.0 Lamprell 1.3 Pharos Energy -0.7 Oil Gas and Coal 8.1 BP 1.2 Tullow Oil Diversified Energy Company Tullow Oil -0.8 8.1 1.1 Royal Dutch Shell B 7.6 Oil Gas and Coal 1.0 Oil Gas and Coal -4.9 LUKOIL Oil company (GDR) 5.9 LUKOIL Oil company (GDR) 1.0 Royal Dutch Shell B -6.5 Cairn Energy 4.1 Wood Group (John) 0.6 Cairn Energy -9.0 Harbour Energy PLC 2.8 Pharos Energy 0.5 Wood Group (John) -9.4 Pharos Energy 2.5 Harbour Energy PLC 0.0 Energean -19.3 Lamprell 0.0 Tullow Oil 0.0 Diversified Energy Company -40.7 Energean 0.0 EnQuest 0.0 -60 -40 -20 0 20 40 60 80 100 120 140 0 5 10 15 20 25 30 35 0 0.5 1 1.5 2 2.5 Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS) 31-May-2021 31-May-2021 31-May-2021 5.5 11 0.7 5 10 0.65 9 0.6 4.5 +1SD 0.55 +1SD 8 4 0.5 +1SD 7 Avg 3.5 Avg 0.45 6 0.4 3 Avg -1SD 5 -1SD 0.35 2.5 4 -1SD 0.3 2 3 0.25 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Hunting 11.0 Diversified Energy Company 11.1 Energean 15.0 Wood Group (John) 9.8 LUKOIL Oil company (GDR) 6.7 Cairn Energy 2.7 BP 6.6 BP 6.6 Diversified Energy Company 2.3 LUKOIL Oil company (GDR) 5.3 Oil Gas and Coal 4.6 Lamprell 1.0 Pharos Energy Oil Gas and Coal 5.1 Royal Dutch Shell A 3.7 1.0 LUKOIL Oil company (GDR) 0.7 Royal Dutch Shell B 4.6 Royal Dutch Shell B 3.5 Oil Gas and Coal 0.6 EnQuest Wood Group (John) 0.8 0.0 BP 0.4 Harbour Energy PLC 0.6 Pharos Energy 0.0 EnQuest 0.4 Petrofac -14.9 Lamprell 0.0 Wood Group (John) 0.3 Energean -25.8 Energean 0.0 Harbour Energy PLC 0.3 Lamprell -46.4 Cairn Energy 0.0 Petrofac 0.1 -50 -40 -30 -20 -10 0 10 20 0 2 4 6 8 10 12 0 2 4 6 8 10 12 14 16 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 2 of 4 FTSE COMPANY REPORT: LUKOIL Oil company (GDR) 18 June 2021 Valuation Metrics Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE) 31-May-2021 31-May-2021 31-May-2021 0.3 100 ‖ ‖ 20 80 +1SD 0.25 15 +1SD 60 Avg 0.2 10 Avg 40 -1SD 0.15 5 20 +1SD -1SD 0.1 0 Avg 0 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Jun-2016 Jun-2017 Jun-2018 Jun-2019 Jun-2020 Petrofac 2.6 LUKOIL Oil company (GDR) 100.0 LUKOIL Oil company (GDR) 0.3 Energean 1.6 Wood Group (John) 0.0 Diversified Energy Company -2.7 BP 1.2 Tullow Oil 0.0 Wood Group (John) -5.6 Diversified Energy Company 0.8 Petrofac 0.0 Cairn Energy -9.4 Oil Gas and Coal 0.8 Lamprell 0.0 Energean -9.9 Royal Dutch Shell B 0.7 Hunting 0.0 Oil Gas and Coal -15.9 Lamprell 0.4 BP 0.0 Pharos Energy -50.0 Cairn Energy 0.2 Oil Gas and Coal 0.0 Lamprell -50.0 Pharos Energy 0.2 Royal Dutch Shell B 0.0 EnQuest -50.0 LUKOIL Oil company (GDR) 0.2 Royal Dutch Shell A 0.0 Harbour Energy PLC -50.0 Hunting 0.0 Cairn Energy 0.0 Tullow Oil -50.0 0 0.5 1 1.5 2 2.5 3 0 20 40 60 80 100 120 -60 -50 -40 -30 -20 -10 0 10 ROE vs. PB — sector Du Pont Analysis 2.0 ENOG 1.8 18 1.8 1.6 16 1.6 1.4 14 PFC 1.4 1.2 12 LAM Regression 1.2 BP. 1 10 DEC PB 1.0 Oil Gas and Coal RDSBCNE LKOD 0.8 8 RDSA 0.8 0.6 6 0.6 HTG WG. 0.4 4 PHAR 0.4 0.2 2 0.2 0 0 2017 2018 2019 2020 2021 0.0 TLWHBRENQ 0.00 0.02 0.04 0.06 0.08 0.10 0.12 0.14 0.16 0.18 0.20 0.22 0.24 0.26 0.28 0.30 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing. 3 of 4 FTSE COMPANY REPORT: LUKOIL Oil company (GDR) 18 June 2021 Brief description Brief description Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity.