GAZPROM INVESTOR DAY GAS BUSINESS FEBRUARY 2015 HONG KONG, - - PowerPoint PPT Presentation

GAZPROM INVESTOR DAY

FEBRUARY 2015 HONG KONG, SINGAPORE

GAS BUSINESS

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

AGENDA

PRESENTATION SPEAKERS Strategy

Dmitry Lyug ugai ai

Member of Gazprom Management Committee Head of the Department

Export

Alexand ander Medvedev

Deputy Chairman of Gazprom Management Committee

Oil Business

Alexei i Yankevic ich

Member of the Management Board of Gazprom Neft Deputy CEO for Economics and Finance

• f Gazprom Neft

Project Finance

Oleg Nagov

• vit

itsyn

General Director of Gazprom Investproject

Upstream

Vsevol

• lod Cherepano

anov

Member of Gazprom Management Committee Head of the Department

Finance

Andrey Kruglov glov

Deputy Chairman of Gazprom Management Committee Head of the Department

Power Generation

Denis is Fedorov

Head of Gazprom Directorate General Director of Gazprom Energoholding

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

DISCLAIMER

This presentation has been prepared by OJSC Gazprom and its consolidated subsidiaries (the Company), and comprises the slides for a presentation to investors concerning the Company. This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities representing shares in the Company, nor shall it or any part of it nor the fact of its presentation or distribution form the basis of, or be relied on in connection with, any contract or investment decision. No reliance may be placed for any purposes whatsoever on the information contained in this presentation, or any other material discussed at any presentation or on its completeness, accuracy or fairness. The information in this presentation should not be treated as giving investment advice. Care has been taken to ensure that the facts stated in this presentation are accurate, and that the opinions expressed are fair and reasonable. However, the contents of this presentation have not been verified by the Company. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of the Company or any of its members, directors, officers

• r employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in or discussed

at this presentation. None of the Company or any of their respective members, directors, officers or employees nor any other person accepts any liability whatsoever for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. The information in this presentation includes forward-looking statements. These forward-looking statements include all matters that are not historical facts, statements regarding the Company’s intentions, beliefs or current expectations concerning, among other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company

• perates. By their nature, forward-looking statements involve risks and uncertainties, including, without limitation, the risks and

uncertainties to be set forth in the prospectus, because they relate to events and depend on circumstances that may or may not occur in the future. The Company cautions you that forward looking statements are not guarantees of future performance and that its actual results of operations, financial condition and liquidity and the development of the industry in which the Company operates may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company’s results of operations, financial condition and liquidity and the development of the industry in which the Company operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative

• f results or developments in future periods.

The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. No person is under any obligation to update or keep current the information contained herein. By attending the presentation you agree to be bound by the foregoing limitations.

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

STRATEGY

5

UPSTREAM

19

FINANCE

26

EXPORT

37

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

STRATEGY

DMITRY LYUGAI

MEMBER OF GAZPROM MANAGEMENT COMMITTEE – HEAD OF THE DEPARTMENT

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM AT A GLANCE

SHORT OVERVIEW

Gazprom is a Russian global energy company

Its majo jor busines iness lines es are:

 Geological exploration  Production  Transportation and Storage  Processing and sales of gas, gas

condensate and oil

 Sales of gas as a vehicle fuel  Generation and marketing of heat and

electric power GAZPROM is involved in hydrocarbon exploration and production projects in more than 10 foreign countries, incl. Algeria, Bolivia, Bosnia and Herzegovina, Great Britain, Hungary, Venezuela, Vietnam, Iraq, Kyrgyzstan, Romania, Tajikistan, Uzbekistan.

History

1906 1906 First commercial gas production from Russian gas field – “Dagestanskye Ogni” (Derbent city) 1943 1943 First Russian trunk gas pipeline “Buguruslan-Kuybyshev (Samara)” 1948 1948 Natural gas production department set up at the Ministry of oil industry 1965 1965 USSR Gas Industry Ministry established 1973 1973 First Russian gas delivered to Europe 1989 1989 USSR Gas Industry Ministry restructured into Gazprom State Gas Concern 1993 1993 ON THE BASIS OF GAZPROM STATE GAS CONCERN RUSSIAN JOINT-STOCK COMPANY "GAZPROM" (RAO "GAZPROM") WAS ESTABLISHED WHICH WAS TRANSFORMED IN 1998 INTO OPEN JOINT-STOCK COMPANY "GAZPROM" (OAO "GAZPROM") 2005 2005 Gazprom acquired “Gazprom neft” (formerly “Sibneft”) 2007 2007-2009 2009 Gazprom entered into the energy business (consolidated under “Gazprom Energoholding”)

Achievements for 22 years

12 12

tcm GAS PRODUCED OIL AND GAS CONDENSATE PRODUCED NEW GAS RESERVES DISCOVERED

546

mm tons

8.6

tcm

Gazprom revenue structure1

33 THOUSAND KM OF NEW PIPEL PELINES BUILT

1 According to International Financial Reporting Standards (IFRS) SOURCE CE: GAZPR PROM DATA

100%

1993 1993 2013 2013

69% 24% 7%

GAS OIL POWER

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM IN FIGURES

17%

Gas reserves

72% #1 #1 WORLD #1 #1 RUSSIA IA

 Gazprom gas reserves

(A+B+C1) – 36 tcm,

• incl. onshore – 29 tcm,
• ffshore – 7 tcm

Gas production

 Gazprom Group gas

production – 487 bcm

 Number of active gas

production wells – 7,263

 Number of producing

fields – 131

14% 73% #1 #1 WORLD #1 #1 RUSSIA IA

Gas transport system

 Length of Gazprom’s trunk pipelines in Russia – 169 thousand km  Aggregate active capacity of 26 UGSF1 in Russia – over 70 bcm  Access to active capacity of UGSF in Europe – above 4 bcm  Natural gas transported via GTS2 in Russia – 659 bcm

Gas processing

 Processing volumes – 32 bcm  Gas processing capacity – 54 bcm  Oil and gas condensate refining – 66 mm tons SOURCE CE: GAZPR PROM ANNUAL REPO PORT 2013, GAZPR PROM IN FIGURES 2009-2013 FACTBOOK 1 Underground gas storage facility 2 Gas transportation system

Oil and gas condensate production

9% RUSSIA IA

 Gazprom Group oil and gas

condensate production — 69 mm tons

 Number of active oil production

wells — 7,246

Electric power and heat generation

 Total electric power generating capacity — 39 GW  Total heat generating capacity — 73 Tcalh  Total electric power generated — 163 billion kWh  Total heat generated — 113 mm Gcal

Marketing

 Largest gas export company  European gas market share — 30%  Russian gasoline station oil product sales share — 13%  Russian electric power generation share — 15%

Personnel

Number of employees — 459,500, including:

 gas production, transportation, underground storage and processing

subsidiaries — 228,600

 Gazprom neft — 62,800  Gazprom Energoholding — 50,800  overseas companies — 27,400

All figures are dated of 31.12.2013 Calorific value of natural gas = 8,850 kcal/m3 (20 0С )

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM GROUP’S MISSION AND STRATEGIC GOAL

RELIABLE, EFFICIENT AND BALANCED SUPPLY OF NATURAL GAS, OTHER ENERGY RESOURCES AND REFINED PRODUCTS TO CONSUMERS

MISSION ION

ESTABLISH ITSELF AS A LEADER AMONG GLOBAL ENERGY COMPANIES BY DIVERSIFYING SALES MARKETS, ENSURING RELIABLE SUPPLIES, IMPROVING PERFORMANCE AND UTILIZING R&D POTENTIAL

STR TRATEGIC EGIC GOAL AL

BUSINESS TYPE

EXPLORATION AND PRODUCTION MARKETING AND SALES TRANSPORTATION AND STORAGE PROCESSING AND ENERGY PRODUCTION

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

WORLD GAS DEMAND

Share of natural gas in world total primary energy consumption Natural gas consumption by region

24% 33% 30% 4% 9% 23% 28% 26% 6% 17%

GAS OIL COAL NUCLEAR RENEWABLES 2030 FORECAS AST 2013 2013

26% 5% 14% 19% 13% 3% 20%

NORTH AMERICA LATIN AMERICA OECD EUROPE OTHER EUROPE AND EURASIA MIDDLE EAST AFRICA ASIA OCEANIA

24% 5% 12% 16% 13% 5% 25%

2013 2013 2030 FORECAS AST

4. 4.8

tcm

3. 3.6

tcm

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM ON THE RUSSIAN DOMESTIC MARKET

Gas deliveries to Russian consumers2 Structure of Gazprom’s gas sales revenue, 20131 Total final consumption

20% 52% 14% 14% GAS OIL COAL OTHER 20% 52% 15% 13% GAS OIL COAL OTHER

GAS SHARE STABILIZATION IN FUEL AND ENERGY BALANCE CE

SOURCE CE: GAZPR PROM IN FIGURES 2009-2013 2013 FACTBOOK, GAZPR PROM DATA

2014 14 2030 30 ENERG ERGY STRATEG EGY OF RUSSIA (PROJ PROJECT)

100 200 300 400 500 2015 2020 2025 2030 bcm

360 60

Gazprom is responsible for the large-scale Program for Expansion of Gas Infrastructure in Russian Regions. Level of natural gas gasification in Russia grew from 53 53.3% to 65 65.3% between 2005 and 2013. Length of Russian gas distribution system, operated by Gazprom Group, is 716 716 thousand kilometers.

2 incl. gas purchases from other companies 1 not including custom duties

265 250 228 723 740 774 1 000 2 000 3 000 4 000 300 600 900 2011 2012 2013 RR/mcm bcm; RR bn GAZPROM GROUP’S SALES IN RUSSIA (BCM) REVENUE (RR BN) DOMESTIC AVERAGE PRICE (RR/MCM)

58% 15% 27%

EUROPE FSU COUNTRIES RUSSIA

2,725 2,964 3,394

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

100 200 300 2010 2015 2020 2025 2030 bcm

EUROPE: GAZPROM’S TRADITIONAL MARKET

Gazprom’s pipeline gas deliveries to Europe Forecast — gas production vs. consumption in Europe Gazprom’s share in the European market Shale gas in Europe — an expected setback

100 200 300 400 500 600 700 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 bcm ~400 CONSUMPTIO MPTION PRODUCTI TION

Recent nt progress ess and current nt stat ate of development nt Estim imat ated ed shale ale gas technic hnically ally recover erab able le resour urces es – 16.9 tcm

SOURCE CE: WOOD MACKENZI ZIE, EIA, PLATTS, ERI RAS, IEA, IHS, RYSTAD ENERGY, BP

JSC "GAZPROM" OTHER SOURCES OF GAS

30% 30%

2013 13 2030 30

■ regasification terminals network development ■ European policy – diversification of suppliers and supply routes ■ regulatory frameworks in energy sector become tougher ■ policy in energy savings and energy efficiency ■ subsidizing of renewable energy sources ■ decrease of indigenous gas production in Europe ■ no success in shale gas developments ■ close of nuclear energy development ■ increase of gas consumption in transportation sector ■ new sectors of gas consumption

MAX MIN MIN

Poland 4.2 France 3.9 Ukraine 3.6 Rest of Europe 3.7 Romania 1.4

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INVESTOR DAY 2015 HONG KONG, SINGAPORE Yubileynoye Urengoiskoye Pestsovoye Bovanenkovskoye Kharasaveiskoye Severo-Kamennomysskoye Kamennomysskoye-sea North h of West Siberia ia and Yamal al penins nsul ula a Fields Kirinskoye «Sakha halin lin-3» Kirinskiy licensed section RUSSIA Pre-Yamal shelf Pechorskoye Sea shelf Kovyktinskoye Chayandinskoye Eastern n Siberia ia and Far East Fields ds Gas field Continental shelf

GAZPROM: UPSTREAM DEVELOPMENT

SOURCE CE: GAZPR PROM IN FIGURES 2009-2013 2013 FACTBOOK, GAZPR PROM DATA

Key Gazprom gas greenfields Field productivity plateau, bcm/year1 Urengoyskoye (Achimov deposits) 25 Pestsovoye (Neocomian-Jurassic) 2 Yubileynoye (Apt-Albian, Senomanian deposits) 2 Bovanenkovskoye 115 Kharasaveiskoye 32 Severo-Kamennomysskoye 16 Kamennomysskoye-sea 15 Kirinskoye 6 Kirinskiy licensed section 16 Chayandinskoye 25 Kovyktinskoye 35

Prospective sources of Gazprom’s gas production

200 400 600 800 2013 2020 min 2030 min 2020 max 2030 max bcm

OTHER NEW FIELDS EAST SIBERIA AND FAR EAST FIELDS YAMAL MEGAPROJECT JSC GAZPROM NEFT OPERATING FIELDS

1 whole number rounding

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

KEY CURRENT AND PROSPECTIVE RUSSIAN NATURAL GAS EXPORT DESTINATIONS

Altai ai project Power of Siberia ia Sakha hali lin-Khab Khabar arovsk-Vlad ladivos

• stok
• current Russian natural gas export destinations
• prospective and ongoing Russian natural gas export projects
• operating LNG projects
• prospective LNG projects

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM IN LNG MARKET

200 400 600 800 2005 2010 2015 2020 2025 2030 Mln t/year

LNG PLANTS UNDER CONSTRUCTION OPERATING LNG PLANTS OPTIMISTIC CONSUMPTION FORECAST PESSIMISTIC CONSUMPTION FORECAST

World LNG demand and production forecast

SOURCE CE: WOOD MACKENZI ZIE

RUSSIA

OPERATING LNG PLANT PROSPECTIVE LNG PLANT PLANT

Balt ltic ic LNG Vlad adiv ivostok

• k LNG

LNG EXPORTERS LNG IMPORTERS LNG EXPORTERS/IMPORTERS

World total in 2014:

■ 19 LNG exporting countries, 30 LNG importing countries, incl. 3 LNG exporting/importing

countries

■ 39 operating LNG plants with total capacity of 414 bcm (302 mm t/year),

19 LNG plants under construction with total capacity of 178 bcm (129 mm t/year)

■ 108 operating and 21 under construction regasification terminals

Sakha hali lin-2

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAS INFRASTRUCTURE DEVELOPMENT IN EASTERN SIBERIA AND FAR EAST REGIONS

Power of Siberia ia trunk unk pipeline line Trans nspor

• rtat

atio ion n site e Date when n put into operation n (not earlie lier) Lengt gth, , km km Trunk pipeline “Power of Siberia” 2018 4,000

CHINA

Produc uction ion sites Date when n put into

• operatio

ion (not earlie lier) Plateau au produc uction ion, bcm/year ear Chayandinskoye 2018 25 Kovyktinskoye (incl. Chikanskoye field) 2022 35

Fields ds Pipel elines es: existing under construction possible designed Opera erating g trains s of LNG NG plants Prosp spect ective ve trains s of LNG NG plants

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

RUSSIAN — CHINA GAS DEAL MAIN CHARACTERISTICS

SOURCE CE: * WOODMACK CKENZI ZIE, IHS PFC ENERGY

BCM per YEAR

CONTRA TRACT CT VOLUM UME

 CHINA GAS CONSUMPTION 10 YEARS AGO  10% OF CHINESE GAS MARKET AFTER RAMPING UP

CONTRA TRACT CT LIFETIME TIME

YEARS

 PERIOD COMPARABLE WITH TRUNK GAS

PIPELINE LIFE TIME

CONTRA TRACT CT VALUE UE

$ BLN

 TOTAL AMOUNT OF GAZPROM INVESTMENT

PROGRAM FOR LAST 10 YEARS

INVES ESTM TMENT ENT

$ BLN

 CAPITAL INVESTMENT COMPARABLE WITH

AUSTRALIAN GORGON PROJECT ($54 BLN*), RUSSIAN PROJECT VOLUME 75% HIGHER

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

RUSSIAN — CHINA GAS DEAL BOTTOM OF THE ICEBERG GAS DEAL

For Gazprom

 Market diversification  Russian pipeline natural gas popularization in the Asia Pacific

Region market

 Sales of Russian pipeline natural gas increase  Market niche decreasing for new high-cost LNG suppliers  Basic for “west” route negotiation  Long-term leadership in a strategic market – helium  Benchmark for Asia Pacific Region gas prices

For Russia

 Trade and economic Russia-China cooperation widening  Trade balance equalization  New well-paid high-skilled jobs  Fuel and energy balance optimization in Eastern Siberia and the Far East regions  Contribution to GDP, taxes and duties  Reduction of unemployment rate in Eastern Siberia and the Far East regions  Geopolitical interests  Eastern Siberia and the Far East regions gasification  Gas processing and gas chemical industries development. High added value

products: helium, ethylene, propylene, polyethylene, polypropylene, ethylene glycol

 Contribution to Russian natural gas production  Large order for manufacturers

For CNPC

 Favorable pricing versus LNG  Pipeline supply sources diversification  Natural gas supply sources diversification (from LNG)  Strengthening the company’s position in the gas supply market

For China

 Trade and economic Russia-China cooperation widening  New well-paid high-skilled jobs  Fuel and energy balance optimization (gas share increasing)  Providing secured sources of supply for growing gas demand  Border territories gasification  Increase of chemical production imports from Russia  Large orders to manufacturers. New jobs  Ecological issues solution: decreasing emissions of CO2, SO2, NOx

and ashes

RELIAB IABIL ILIT ITY Y OF SUPP PPLIE IES S DUE TO LACK K OF TRAN ANSIT SIT RISK SK

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

FORECAST OF CAPITAL INVESTMENTS

Structure of CAPEX by gas business segment

EXPLORATION PRODUCTION TRANSPORT (incl. UGS**) PROCESSING, LNG

46 % 38 % 12 % 4 % appro prox.

• x. 24 bln

bln USD* average annual 2015-2030

* May vary depending on USD/RUB

& EUR/RUB exchange rate

** UGS is underground gas storage

UGSS is unified gas supply system

Structure of CAPEX by major project

28% 19% 53%

YAMAL MEGAPROJECT EASTERN SIBERIA AND THE FAR EAST* OTHER PROJECTS*

* exploration; existing and new

production and transport projects, processing and LNG projects

INNOVATIVE DEVELOPMENT PROGRAM TO 2020 GAZPROM'S INVESTMENT PROGRAM GAZPROM’S DEVELOPMENT PROGRAM OVER A TEN- YEAR PERIOD

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

UPSTREAM

VSEVOLOD CHEREPANOV

MEMBER OF GAZPROM MANAGEMENT COMMITTEE – HEAD OF THE DEPARTMENT

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

2014 GEOLOGICAL EXPLORATION RESULTS

Russia ian gas reserves es Gazprom’s huge hydrocarbon reserves and longest reserve life Globa

• bal gas rese

serves es

20 40 60 80 100 120 140 123 (37 yrs) 96 (17 yrs) (12 yrs) 89

bboe

Gazprom Supermajor ajor Combine ined Major Emergin ging g Markets Combine ined

X - 2013 total proved reserves of hydrocarbons (bboe) (X) - Reserve life in years based on 2013 total proved reserves and 2013 production of hydrocarbons

SOURCES: BLOOMBERG, COMPANY’S DATA

Gazprom 17 % Gazprom 72% 4% Unallocated fund Independent Producers 24%

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

SUMMARY GAS RESERVES INFORMATION

1 ABC1 reserves - explored reserves according to Russian standards of classification. Explored gas reserves (categories ABC1) are considered fully recoverable.

For oil and gas condensate reserves a special index of extraction is used. This index is calculated taking into account geological and technical factors.

2 C2 reserves belong to the estimated category and serve as a basis for setting up exploration work at a specific field.

Crude de Oil, , extract acted, mm tons АВС1

(1)

С2

(2)

1,937.2 1,594.4 Natur ural al Gas, , tcm АВС1

(1)

С2

(2)

36.1 10.1 Gas Condens nsate, , extrac acted, mm tons АВС1

(1)

С2

(2)

1,444.4 679.6

Discover very of 1 new w field eld and 8 n new w depo posit its within in previo iously ly discover vered ed field elds Gas reserv erves es repla lacem emen ent ratio io – 183 %

2014

28,0 28,9 29,1 29,9 29,8 33,1 33,6 33,1 35,1 35,1 35,6 36.1 25,3 27,7 27,8 27,9 28,4 29,2 29,9 30,6 31,7 32,9 33,2 18,5 21 20,8 20,8 20,8 21,3 21,9 22,5 22,8 23,4 23,3 78 92,9 160,8 208,6 230,3 230,1 241,4 269,6 299,2 279,6 299,6 50 100 150 200 250 300 10 20 30 40 50 60 70 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

GAZPROM GROUP GAS RESERVES (ABC1) AUDITED АВС1 RESERVES PROVED + PROBABLE RESERVES (PRMS) PRESENT VALUE (INCL. LIQUID HYDROCARBONS, SULFUR AND HELIUM)

tcm USD bn

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

PRODUCTION STRATEGY

Gaz azprom

• m main

in produc

• ductio

ion regio ions

79% 79% 183% 183% 20 40 60 80 100 120 140 160 180 200 300 600 900 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014F 2015F

YAMAL (BOVANENKOVSKOYE) ZAPOLYARNOYE FIELD MEDVEZHYE FIELD YAMBURGSKOYE FIELD URENGOYSKOYE FIELD - CENOMANIAN OTHER FIELDS OF NADYM-PUR-TAZ REGION OTHER REGIONS GAS RESERVE REPLACEMENT RATIO (RIGHT AXIS)

540.2 444.0 549.7 461.5 552.4 513.2 bcm

Gaz azprom

• m produc
• ductio

ion 2003-2015

Sakhalin gas production center Yakutsk gas production center Irkutsk gas production center Yamal Nadym- Pur-Taz

%

Krasno- yarsk gas production center

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

YAMAL MEGAPROJECT

KARA SEA

Rusanovskoye Leningradskoye Malyginskoye Taslyskoye Syadorskoye Kharasaveyskoye Kruzenshternovskoye Bovanenkovskoye Verhne- Tiuteyskoye Vostochno- Bovanenkovskoye Nerstinskoye Neytinskoye Arcticheskoye Baidarata Bay YAMA MAL PENINSU SULA Sredneyamalskoye Nurminskoye Khambateyskoye Novoportovskoye Kamennomysskoye more Obskoye Parusovoye OB BAY TAZ Z BAY Semakovskoye Teta-Yakinskoye Antipayutinskoye Severo-Urengoyskoye YAMB MBURG TAZO ZOVSK SKIY Tchugoriakhinskoye Severo- Kamenomysskoye GYDAN BAY Severo-Tambeyskoye Zapadno-Tambeyskoye Yuzhno-Tambeyskoye Zapadno- Seykhinskoye Operating gas pipelines Projected gas pipelines and gas pipelines under construction Continental fields Shell fields Wells, well clusters Comprehensive gas processing unit

С1+С2 Reserves es 8.5 tcm of gas 203.3 mn t of condensate Peak annual prod

• ducti

ction

• n

217 bcm of gas 4 mn t of stable condensate

Tamb mbeysk skoye industr stria ial l zone ne

С1+С2 Reserves es 3.9 tcm of gas 178.0 mn t of condensate Peak annual prod

• ducti

ction

• n

65 bcm of gas 2.8 mn t of stable condensate

Yuzhnaya industr tria ial l zone e

С1+С2 Reserves es 1.4 tcm of gas 60.0 mn t of condensate Peak annual prod

• ducti

ction

• n

30 bcm of gas 0.8 mn t of condensate

Bovanenk anenkovsk skoye industri strial l zone

• ne

Comb mbined ined CAPEX EX for Yama mal l Program m develo elopmen ment

201 2015 F 201 2016 F RR 118.6 bn RR 174.6 bn

Bovanenk anenkovsk skoye field ld (produc ductio ion forecast ecast)

20 40 2012 2013 2014 Plan 2015F bcm

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

EASTERN GAS PROGRAM

SAKHALIN CENTER IRKUTSK CENTER KRASNOYARSK CENTER NORTH OF THE TYUMEN REGION MONGOLIA CHINA KAZAKHSTAN JAPAN NORTH KOREA SOUTH KOREA BEIJING PYONGYANG TOKYO ULAN-BATOR

Operating LNG plants Pipelines under construction Operating gas pipeline LNG plants under construction in Vladivostok Projected gas processing plants Gas production center

Blagoveshensk Khabarovsk Oha Uzhno-Sakhalinsk YAKUTSK CENTER Tomsk CS Bogandinskaya Tyumen Chelabinsk Surgut Omsk Proskokovo Barnaul Novokyznetsk Taishet Boguchani Irkutsk Ulan-Ude Skovorodino Tinda Zabaykalsk Chita Shanghai Xinyang Xian Lanzhou Kitakyusyu Busan Osaka Shenyang Daqing Sovgava n Komsomolsk- na-Amyre KAMCHATS KCENTER Petropavlovs k- Kamchatsky Udachniy Yakutsk Novoisbirsk Kemerovo Achinsk Krasnoyarsk Abakan Kansk Sayansk Mirniy Biysk Gorno-Altaisk Balagansk

Yak akuts tsk k gas produ

• duction

tion center er - Chayan andin dinskoye field ld

С1+С2 Reserves es 1.4 tcm of gas 22.1 mn t of condensate Peak annual prod

• ducti

ction

• n

25 bcm of gas 0.4 mn t of stable condensate С1+С2 Reserves es 799 bcm of gas 116.4 mn t of condensate Peak annual prod

• ducti

ction

• n 21.5 bcm of gas

5.05 mn t of stable condensate

Krasn asnoyar arsk sk gas produc

• ductio

ion center er - Sobi binsk skoye field eld

С1+С2 Reserves es 154.4 bcm of gas 8.3 mn t of condensate Peak annual prod

• ducti

ction

• n

n/a n/a С1+С2 Reserves es 2.5 tcm of gas 85.7 mn t of condensate Peak annual prod

• ducti

ction

• n

35.3 bcm of gas 1.9 mn t of stable condensate

Irkutsk sk gas productio

• duction cen

enter er - Kovyktins inskoye field eld Sak akhal halin in gas productio

• duction cen

enter er Comb mbined ined CAPEX EX for East ster ern Program m develo elopmen ment

201 2015F 201 2016 F RR 57.4 bn RR 279.5 bn

Kirins inskoye field eld (prod

• duction

tion forec ecast st)

0,5 1 2013 2014 Plan 2015F bcm/year

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAS CONDENSATE – PREMIUM PRODUCT

Gas conden

• ndensat

sate e productio

• duction capac

acit ity

Astrakhan Novy Urengoy Yamburg Tomsk Orenburg

4.7 5.5 3.7 0.3 0.1 0. 0.2

Yuzhno-Sakhalinsk mn tonnes

Gas conden

• ndensat

sate e productio

• duction1

1 Calculations may diverge due to rounding

1 Management estimates; excluding associate companies’ production

11 12 13 15 15 15 16 17 8 10 12 14 16 18 20 2010 2011 2012 2013 2014 2015Plan 2016F 2017F mn tonnes

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

EXPORT

ALEXANDER MEDVEDEV

DEPUTY CHAIRMAN OF GAZPROM MANAGEMENT COMMITTEE

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INVESTOR DAY 2015 HONG KONG, SINGAPORE

EUROPEAN NATURAL GAS MARKET DYNAMICS

335.8 345.6 332.4 324.8 311.9 325.2 307.3 311.7 290.6 292.6 282.8 264.1 228.5 231.6 260.7 262.6 274.0 274.6 258.2 290.3 266.7 254.2 255.4 214.3 564.2 577.3 593.1 587.4 585.9 599.8 565.2 602.0 557.3 546.8 538.2 478.4

100 200 300 400 500 600 700 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E INDIGENOUS PRODUCTION IMPORTS (+BALANCE OF STORAGE) CONSUMPTION

Balance of European Gas Consumption, bcm1 Gazprom’s Share is Stable Demand for Gas Dropped Due to

2012 2013 25.4% 30.0% 2014E 30.6%

 Weather index (HDD +

CDD) for Q1-Q3 2014 in Europe is 13% lower vs. average

 Power generation makes

20% in the European gas

• mix. In Q1-Q3 2014 it

decreased by 14% MILD WEATHER COMPETITION FROM RENEWABLES AND COAL

SOURCE CES: IEA, EUROSTAT , GAZPR PROM EXPO PORT ESTIMATES

20°C

28

INVESTOR DAY 2015 HONG KONG, SINGAPORE

RELIABLE GAS DELIVERIES TO EUROPE

Near 50 years of impeccable operating track record1

20 40 60 80 100 120 140 160 180 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E bcm

1 Total gas sales in foreign markets excluding FSU

Despit ite e any crisis is Gazprom

• m has always fulfill

illed d its export t obligati igation

• ns and will

l do so in the future re

29

INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM SALES TO EUROPEAN AND CIS MARKET

138.6 150.0 138.8 161.5 146.6 40 80 120 160 2009 2010 2011 2012 2013 2014E 140.6

$341

bcm

$383 $402 $385 $302 $296

per mcm 54.6 68.0 71.1 64.4 56.1 44.9 20 40 60 80 2009 2010 2011 2012 2013 2014E $308 $205 per mcm $235 $298 $274 $272 bcm

Gazprom Gas Deliveries to Europe1 Gazprom Gas Deliveries to CIS and Baltics

118.5 27.4 4.6 18.5 5.0 114.2 23.8 4.7 17.9 4.3 40 80 120 160

GAZPROM JSC ALGERIA (INCL. LNG) LYBIA (INCL. LNG) QATAR NIGERIA

1Q-3Q 2013 1Q-3Q 2014 bcm 84.1 30.8 55.6 82.1 30.5 45.1 40 80 120

NORWAY UNITED KINGDOM NETHERLANDS

1Q-3Q 2013 1Q-3Q 2014 bcm

Supply of the biggest gas exporters to Europe1 Supply of the EU biggest gas producers

1 European countries with Turkey (excluding CIS and Baltics)

30

INVESTOR DAY 2015 HONG KONG, SINGAPORE

MID-TERM PROVISIONS

 Actual forecasts of the

leading consulting companies are significantly below previous estimates because they take into account the sharp drop in demand for gas in 1-3 quarters of 2014

 Under current market

conditions, 2015-2017 Gazprom export’s estimates for gas deliveries to Europe are 155-160 bcm/year depending on weather

Short-term forecasts of European gas consumption by leading consulting companies (2008 consumption = 100%)

100% 89.7 79.8 84.4 89.0 89.0 82.8 83.3 86.0 86.2 90.8 91.6 88.1 86.5 87.6 78% 80% 82% 84% 86% 88% 90% 92% 94% 96% 98% 100% 102% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Actual demand 2006-14E CERA (2013-Nov) CERA (2014-Jun) PIRA (2013-Oct) PIRA (2014-Oct) CEDIGAZ - pessimistic (2013-Jun) CEDIGAZ - base (2013-Jun) IEA (2013-May) IEA (2014-May)

31

INVESTOR DAY 2015 HONG KONG, SINGAPORE

HYBRID PRICING — CORNERSTONE OF THE EUROPEAN MARKET

Natural Gas Prices in Europe Move in Common Trend Gazprom is a Major Provider of Supply Flexibility to Europe

• Roughly 2/3 of European gas import is still oil-indexed
• Oil price is still the main determinant of wholesale gas prices in Europe
• In 2008-2014, correlation between TTF and 6-month moving average of oil price was equal to 0.8

100 200 300 400 500 600 Jan-03 Sep-03 May-04 Jan-05 Sep-05 May-06 Jan-07 Sep-07 May-08 Jan-09 Sep-09 May-10 Jan-11 Sep-11 May-12 Jan-13 Sep-13 May-14 NBP Day-Ahead TTF Day-Ahead BAFA $/Mcm 200 250 300 350 400 450 500 550 600 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14

Seasonal swing in Russian gas daily deliveries doubled from 1998 to 2014

Mcm/Day

32

INVESTOR DAY 2015 HONG KONG, SINGAPORE

OBJECTIVE OF DECOUPLING OIL AND GAS PRICES NOT ACHIEVABLE IN A FORESEEABLE FUTURE

Oil-indexed Prices Still Dominant in European Gas Imports1 Forward Prices Put Henry Hub-based Cost-Plus Pricing in Europe Under Question2

200 220 240 260 280 300 320 340 360 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19 Nov-19 Henry Hub-Based Cost-Plus Prices Range NBP Forward Curve $/Mcm

SOURCE CE: PIRA 1 In 1-3Q 2014; for purposes of this comparison Europe is regarded without Norway 2 The price includes transportation from Henry Hub to Lake Charles, LA, liquefaction, transport, and regasification in the U.K. or Belgium

42,1% 10,8% 9,3% 1,8% 3,5% 2,4% 21,5% 3,5% 2,7% 2,4% Gazprom oil- and quasi-oil-indexed Norway 1/3 oil-indexed Algeria oil-indexed Libya oil-indexed Qatar oil-indexed

• ther LNG oil-indexed

Norway 2/3 hub-indexed Qatar hub-indexed Gazprom hub-indexed

• ther LNG hub-indexed

69.9% .9% 30.1% .1%

33

INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAS DEMAND WILL EVENTUALLY RETURN TO EUROPE

Bright Spots: New Applications for Gas in Europe Natural Gas in Power Generation Rebound

Small-scale CHP + 30 bcm

In 2035:

+ 50 bcm Bunkering + 60 bcm Road transport

By 2035, , bright ht spot

• ts could

ld add 140 bcm to to tot total l demand nd or

• r 25%

% above e curren ent t levels vels

 Small-scale CHP offers low-cost energy and tax benefits.  Environmental restrictions provide incentive for broader use

• f LNG in bunkering and road transport.

207 bcm

2010

139 bcm

2014E

234 bcm

2035F Due to:

 aging coal and nuclear plants retirement;  obligatory CCS for new-built coal power stations (UK);  adjustment of the carbon emission allowances market.

SOURCE CES: : IHS, GAZPR PROM EXPORT ESTIMATES

34

INVESTOR DAY 2015 HONG KONG, SINGAPORE

ENTERING NEW GAS MARKETS

Gaz azprom

• m in Asia

ia-Pac acif ific ic

Gazprom is set to build ild a diversified ified gas sale les portfol

• lio

io in Asia a compris ising ing both pipeline ine gas and LNG:

• In 2014 we finalized a long term SPA with CNPC for supplying 38

bcma of natural gas to China via Eastern Route pipeline. The deal will allow Gazprom to expand its gas transportation facilities in Eastern Russia and diversify pipeline exports.

• A broad geography of LNG deliveries to Asia is set to expand with the

launch of new LNG projects, making Gazprom one of the most active players in the Asian market.

WESTERN STERN ROUTE E PROJECT ECT

Further negotiations and firm agreements May, y, 2014 14 SPA signed Septem tember, 2014 14 Start of construction works Not t earlier er than 2018 18 Estimated commissioning date

EAST STERN ERN ROUT UTE E PROJECT ECT

Novem ember, 2014 14 Framework Agreement Signed Europe Asia- Pacific Atlantic LNG deliveries by Gazprom Group Pipeline gas deliveries by Gazprom

Pipeline eline gas exports to to China are plann nned ed to to reach h 68 bcm/year ear in 2020+ Gazprom

• m will

l supply ly >30 mmt mmt/year ear

• f
• f LNG

G in 202 022+ globally bally

Gazprom LNG Supply Source Structure

2014

LNG from Gazprom projects LNG Under Term Contracts Spot Trading

46% 46% 36% 36% 18% 18% 85% 85% 14% 14% 1% 1%

2025

35

INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM LNG BUSINESS

Existing ng supply ly sources ces Third-par arty supply ly sources New Gazprom LNG Projects Vlad adiv ivostok

• k LNG

10 mmt/year Balt ltic ic LNG 10 mmt/year Total l Output ut 25 mmt/year Sakha hali lin-2 10 mmt/year Gazprom Offtak ake 1 mmt/year Yamal al LNG 16.5 mmt/year Colombia a FLNG 0.5 mmt/year Gazprom Offtak ake 0.5 mmt/year Sakha hali lin-2 T3 5 mmt/year Gazprom Offtak ake 2.9 mmt/year LNG contracted under LT HOA with Yamal LNG project

up to 2.9 mmt/year LT GAIL SPA

Went “live” (CP lifted)

0.5 mmt/year

LNG contracted under MT SPA with Colombia LNG project

2 LNG Carriers

Newbuilds Velikiy Novgorod and Pskov were delivered to Gazprom

52

Cargoes were delivered by GM&T to Asia-Pacific and Atlantic markets

2014

Highlights

Global Contracted LNG Volumes vs. Demand Gazprom LNG Portfolio Development1

1 These volumes do not include spot trade

5 10 15 20 25 30 35 2015 2020 2025

Third party term volumes Sakhalin-2 T3 Baltic LNG Vladivostok LNG Yamal LNG Colombia FLNG Sakhalin-2 mmt

100 200 300 400 500 2015 2020 2025

mmt

Projected LNG Demand

SOURCE CE: WOOD MACKENZI ZIE

36

INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM ACTIVITIES IN THE GLOBAL NGV MARKET

Bunker ering ing On On-road ad tran ansp spor

• rt

0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 mt

LNG consumption as bunker fuel in Baltic and Northern seas in 2015-2025

SOURCE CE: SSPA SWEDEN AB

Pilot projec ject: t: port of Rostoc tock k (more than 13 mln tons of cargo and more than 2 mln passengers per year)

Partic ticipan ipants: s:

Project task: Creating a distribution center in the port of Rostock for LNG supply to marine/land transport and to remote industrial customers

Gazprom Group companies’ gas sales for on-road transport

5 10 15 20 2012 2013 2014 2015

Poland Czech Republic/Slovakia Germany

*

mcm/year

*Forecast

Gazprom Group companies G4T assets

 Gazprom Germania GmbH (100% owned by Gazprom

export): 23 stations

 Gazprom Germania GmbH: 6 stations + 3 in the

process of construction

 Vemex (more than 50% owned by Gazprom Germania

GmbH): 5 own stations + supplying 8 third party stations

 Gazprom Germania GmbH: 1 LNG station +1 in the

process of construction

 Cryogas (100% owned by Gazprombank): EPC-

contractor in SSLNG segment

 Vemex: gas supply to 1 third party station  JV between Gazprom and Petrovietnam: development

• f NGV-infrastructure and gas supply to gas-filling

stations GERMANY ANY CZECH REPUBL PUBLIC IC POLAND SLOVAK AKIA IA VIE IETNA NAM

37

INVESTOR DAY 2015 HONG KONG, SINGAPORE

FINANCE

ANDREY KRUGLOV

DEPUTY CHAIRMAN OF GAZPROM MANAGEMENT COMMITTEE – HEAD OF THE DEPARTMENT

38

INVESTOR DAY 2015 HONG KONG, SINGAPORE

GAZPROM POSITION IN GLOBAL ENERGY

Comparative revenues, EBITDA and net income CAGR1 Top-5 oil and gas majors by EBITDA, 9M2014 LTM

1 Median CAGR of top 10 oil & gas majors by market capitalization as of January 20, 2015 SOURCE CE: COMPA PANIES WEBSITES, BLOOMBERG AS OF JANUARY 20, 2015

19.2% 19.5% 19.4% 6.9% 4.4% 4.4% 5 10 15 20 25 REVENUES EBITDA NET INCOME GAZPROM TOP-10 OIL & GAS MAJORS % 56,1 55,5 53,9 48,0 39,9 10 20 30 40 50 60 USD bln

STRONG FINANCIAL POSITIONS AMONG OIL & GAS MAJORS

39

INVESTOR DAY 2015 HONG KONG, SINGAPORE

SUSTAINABLE FREE CASH FLOW GENERATION

Gazprom FCF generation1

8,2 18,7 27,0 43,6 43,7 37,9

• 0,3

3,0 7,7 8,3 7,5 12,9

• 1

10 20 30 40 50 60 2004-2005 2006-2007 2008-2009 2010-2011 2012-2013 9m2014 LTM CASH CAPITAL EXPENDITURES FREE CASH FLOW 51.9 51.2 34.7 21.7 7.9 50.8

Gazprom self funding2

97% 92% 99% 123% 110% 142% 113% 140% 105% 109% 125% 134% 80% 90% 100% 110% 120% 130% 140% 150% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 9m2014 LTM

1 Period averages 2 OCF/Cash CAPEX

USD bln 100%

40

INVESTOR DAY 2015 HONG KONG, SINGAPORE

BALANCED CAPEX

7 10 12 18 23 32 26 37 55 50 46 35 10 20 30 40 50 60 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015F GAS UPSTREAM GAS DOWNSTREAM OIL POWER GENERATION OTHER CASH CAPEX USD bln

 CapEx peak in 2010-2013 is associated with investments in greenfields development, construction and development of gas transportation

routes from Yamal and North of Western Siberia, Eastern Gas Program, South Stream project.

 CapEx drop in 2014-2015 follows completion of peak phases of key investment projects realized in 2010-2013 and Rouble depreciation.

SOURCE CE: COMPA PANY DATA, , MANAGEMENT ESTIMATES

2015 Priorities

Gas Upstream eam

 Bovanenkovo field  Development of fields related to the Eastern Gas

Program and export to China

 Gas brownfields development and support

Gas Downstream eam

 Bovanenkovo-Ukhta pipeline  GTS Extension – Southern Corridor  Preliminary works, roll out of the Eastern Gas

Program and China export project Oil

 Novoportovskoe, Messoyakha and other greenfields

development, brownfields support and refining modernization Power generat atio ion

 Investments in new capacity

41

INVESTOR DAY 2015 HONG KONG, SINGAPORE

CAPEX EFFICIENCY

 CAPEX of Gazprom is historically comparable to that of the Russian oil industry, including Transneft  The largest portion of Gazprom CAPEX in 2009-2013 was allocated to the development of gas transportation assets  In 2009-2013 Gazprom put onstream Yamal, a new gas production province capable of becoming the main source of gas supplies for the next

several decades

 Per-barrel volume of Gazprom CAPEX is close to that of Russian oil majors.

CAPEX: Gazprom vs Russian oil majors1 CAPEX/hydrocarbon production: Gazprom vs Russian oil majors1

18,7 27,0 43,6 43,7 37,9 26,2 32,4 37,1 49,2 47,8 10 20 30 40 50 60 70 80 2006-2007 2008-2009 2010-2011 2012-2013 9m2014 LTM GAZPROM RUSSIAN OIL MAJORS AGGREGATE USD bln 5,2 8,2 12,9 13,2 12,2 8,8 10,4 11,5 14,4 12,5 2 4 6 8 10 12 14 16 2006-2007 2008-2009 2010-2011 2012-2013 9M2014LTM GAZPROM RUSSIAN OIL MAJORS AGGREGATE USD/boe

SOURCE CE: COMPA PANY DATA SOURCE CE: COMPA PANY DATA 1 Period averages

42

INVESTOR DAY 2015 HONG KONG, SINGAPORE

Jan 2004 Jan 2005 Jan 2006 Jan 2007 Jan 2008 Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 S&P MOODY'S FITCH INVESTMENT GRADE

TOP RUSSIAN BORROWER

Debt maturity profile Cost of debt financing One of the lowest levels of leverage, 9M2014 Gazprom credit ratings

24% 22% 18% 16% 17% 19% 13% 14% 38% 33% 36% 39% 21% 26% 33% 31% 2011 2012 2013 9M2014 LESS THAN 1 YEAR 1-2 YEARS 2-5 YEARS MORE THAN 5 YEARS 6.2% 2.7% 5.4% 2 4 6 8 10 2008 2009 2010 2011 2012 2013 9M2014 WEIGHTED AVERAGE FIXED INTEREST RATE WEIGHTED AVERAGE FLOATING INTEREST RATE WEIGHTED AVERAGE INTEREST RATE %

SOURCE CE: BLOOMBERG, 9M2014 COMPA PANY DATA

* Rosneft net debt is adjusted for prepayments on long-term oil supply agreements ** 1h2014 data

Moody's

A- A3 BBB+ Baa1 BBB Baa2 BBB- Baa3 BB+ Ba1 BB Ba2 BB- Ba3 B+ B1

S&P, Fitch

20 40 60 80 100 120 140 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

Debt, USD bln Net debt / EBITDALTM

* ** **

43

INVESTOR DAY 2015 HONG KONG, SINGAPORE

DIVIDEND PAYOUT

Dividend per share 12M dividend yields

• f major oil & gas companies1

1 Dividend yield is defined as approved dividends for the period divided by the share price as of December 31, 2014;

Source: Companies data, FactSet

0,69 1,19 1.50 2,54 2,66 0,36 2,39 3,85 8,97 5,99 7.20 11,5 17,5 17,5 17,5 17,5 4,9 9,1 25.0 24,1 25,5 25.0 5 10 15 20 25 30 2 4 6 8 10 12 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 DIVIDEND PAYOUT RATIO, % (RIGHT SCALE) RUB / Share % 7,7% 5,8% 5,8% 5,8% 5,3% 4,8% 4,8% 4,1% 3,8% 2,9% 0% 2% 4% 6% 8% 10%

44

INVESTOR DAY 2015 HONG KONG, SINGAPORE

NATURAL HEDGING AGAINST ROUBLE VOLATILITY

Hard currency denominated revenues Hard currency denominated cash OPEX Hard currency denominated CAPEX Debt distribution by currency

SOURCE CE: COMPA PANY DATA, MANAGEMENT ESTIMATES

Data for revenues, cash OPEX AND CAPEX is adjusted on RUB-denominated amounts linked to hard currency

* Hard currency — mainly USD and EUR

2% 5% 5% 3% 6% 3% 1% 2% 4% 5% 16% 17% 31% 0% 25% 50% 75% 100%

Other Gas storage Distribution Electric and heat energy generation and sales Refining Crude oil and gas condensate production Gas production Transportation HARD CURRENCY* - 21% ROUBLES - 79%

11% 7% 16% 31% 3% 3% 7% 14% 8% 0% 25% 50% 75% 100%

Other revenues Gas transportation Electricity and heat energy Gas sales, Russia Crude oil, gas condensate and refined products domestic sales Gas sales, FSU (ex. Russia) Crude oil, gas condensate and refined products export Gas sales, Europe HARD CURRENCY* - 65% ROUBLES - 35%

1% 1% 4% 1% 1% 8% 8% 20% 12% 13% 4% 4% 6% 3% 13% 1% 0% 25% 50% 75% 100%

Other cash operating expenses Staff costs Goods for resale Repairs Materials Transit of gas, oil and refined products Taxes other than income Purchased gas and oil HARD CURRENCY* - 44% ROUBLES - 56%

RUB 14% Other 1% USD 52% EUR 33%

45

INVESTOR DAY 2015 HONG KONG, SINGAPORE

20 40 60 80 100 120 140 160 1q08 1q09 1q10 1q11 OIL GAZPROM GAS EUROPE NBP % 10 20 30 40 50 60 70 20 40 60 80 100 120 140 1q08 1q09 1q10 1q11 1q12 1q13 1q14 1q15 OIL PRICE RUB/USD RATE $/bbl RUB/USD 20 40 60 80 100 120 10 20 30 40 50 60 70 2008 2009 2010 2011 2012 2013 9M14 LTM 2015E CAPEX FCF OIL PRICE (RIGHT SCALE) $bln $/bbl

SUBSTANTIAL RESILIENCE TO WORSENED ENVIRONMENT

HIGHER STABILITY OF GAS PRICES, RUBLE DEVALUATION AND CONSERVATIVE FINANCIAL POLICY ENSURE STRONG FOOTHOLD IN DIFFICULT TIMES Oil and gas prices in 2008-2010 crisis RUB/USD rates during 2014 & 2008 oil price shocks EBITDA and NET DEBT during 2008-2010 crisis Conservative financial policy improves FCF outlook

SOURCE CE: BLOOMBERG SOURCE CE: COMPA PANY DATA, BLOOMBERG

20 40 60 80 100 120 20 40 60 80 100 120 2008 2009 2010 2011 2012 2013 EBITDA NET DEBT OIL PRICE (RIGHT SCALE) $bln $/bbl

46

INVESTOR DAY 2015 HONG KONG, SINGAPORE

DIVERSIFICATION OF CAPITAL MARKETS

INCREASE OF GAZPROM GDR HOLDERS IN ASIA-PACIFIC Gazprom GDRs were listed on the Singapore Stock Exchange

 Growth of international investor base  Targeting 24-hour trading of the Company's securities

• n international platforms

Gazprom 2015 Investor Day held in Hong Kong and Singapore

 Special focus on Asian markets during road shows

and investor meetings

Gazprom obtains credit rating from an Asian rating agency

 Gazprom’s credit rating may potentially exceed the

sovereign credit rating of Russia

Potential listing on Hong Kong

• r other Asian stock exchanges

Northern America 48% Europe 48% Asia- Pasific 4% Other 0%

2008 2008

Northern America 46% Europe 43% Asia- Pacific 10% Other 1%

2014 2014

SOURCE CE: ANALYTIC C SURVEY NASDAQ OMX, X, T1IR DECEMBER 2014

47

INVESTOR DAY 2015 HONG KONG, SINGAPORE

CORPORATE GOVERNANCE

Timely and complete disclosure of information (including on Gazprom's website) as required by applicable laws and regulations Disclosure of all material information in the English language Clearly defined information disclosure processes set by robust internal regulations Equal access of all stakeholders to the disclosed information Transparency of Gazprom's activities is ensured through Over 18 years of audited IFRS reports publication

Information disclosure Corporate governance improvement

38,37% 10,97% 0,89% 26,23% 23,54%

2014 (AS

S OF 30.06) RUSSIAN FEDERATION ROSNEFTEGAZ* ROSGAZIFIKATSIYA* HOLDERS OF DEPOSITORY RECEIPTS OTHER LEGAL ENTITIES AND INDIVIDUALS

Gazprom shareholding structure

Action

• ns taken

en in 2014 14

• Gazprom shares included in the First Level

quotation list of Russian Stock Exchanges

• New indicators TSR and ROE (jointly weighing

30%) added to the KPIs for Management

• Extension of the period up to 38 days for

providing information materials for Shareholders Meetings

• The Corporate Ethics Committee established

according to the Gazprom's Code of Corporate Ethics Action

• ns in progr
• gress

ess

• Enhancement of the incentive programme for

the members of the Board of Directors

• Creation of a Corporate Secretary function
• Improvement of Gazprom's website content
• Continued efforts for implementation of

ethical business practices within the framework of the Corporate Ethics Committee's activities

* Entities controlled by the Russian Government

38,37% 10,74% 0,89% 13,20% 36,80%

2006 (AS

S OF 31.12) RUSSIAN FEDERATION ROSNEFTEGAZ* ROSGAZIFIKATSIYA* HOLDERS OF DEPOSITORY RECEIPTS OTHER LEGAL ENTITIES AND INDIVIDUALS

48

INVESTOR DAY 2015 HONG KONG, SINGAPORE

VALUATION COMPARISONS VS PEERS

EV/2013 proved reserves* EV/EBITDA 9M2014 LTM EV/2013 production P/E 9M2014 LTM

1 16 19 17 8 14 13 19 3 3 2 4 5 10 15 20 25 Gazprom Exxon Chevron Shell BP Total Petrobras** PetroChina Rosneft Lukoil Novatek Rosneft*** USD / boe 25 268 229 202 122 188 192 311 55 59 61 69 50 100 150 200 250 300 350 Gazprom Exxon Chevron Shell BP Total Petrobras** PetroChina Rosneft Lukoil Novatek Rosneft*** USD / boe 2 7 5 5 5 4 7 7 3 2 5 4 1 2 3 4 5 6 7 8 Gazprom Exxon Chevron Shell BP Total Petrobras** PetroChina Rosneft Lukoil Novatek Rosneft*** 2 11 10 13 13 10 6 16 3 6 7 3 2 4 6 8 10 12 14 16 18 Gazprom Exxon Chevron Shell BP Total Petrobras** PetroChina Rosneft Lukoil Novatek Rosneft***

SOURCE CE: BLOOMBERG, COMPA PANY DATA

* Gazprom’s reserves — prms, other companies — sec ** Petrobras’ financial statements data is on 1H2014 *** Rosneft’s data is adjusted on prepayment on long-term oil supply agreements

Market data as of 28/01/2015

49

INVESTOR DAY 2015 HONG KONG, SINGAPORE

 17% of global gas reserves  72% of Russian gas reserves  14% of global gas production  73% of Russian gas production  >100% Reserve replacement ratio  Focus on shareholders value  Solid dividend policy  Increased level of transparency  Commitment to sustainable

development

 Natural gas is future of the world energy  Gazprom is a global energy major  30% share in the European gas market  Diversification of products and export

markets is key to our business continuity

 Impressive profitability  Conservative CAPEX management  Efficient system of OPEX management  Strong liquidity ratios

Unparalleled Fundamentals

1

Sound Strategy & Strong Market Position

2

Improving Corporate Governance

3

Conservative Financial Policy

4

VALUE DRIVERS

50

INVESTOR DAY 2015 HONG KONG, SINGAPORE

CONTACTS FOR INVESTORS

ANDREY EY BARAN RANOV

Deputy Head of Directorate E-mail: ir@gazprom.ru

IVAN KHRO ROMU MUSH SHIN IN

Head of Division Phone: (007) (495) 719-3143 E-mail: I.Khromushin@adm.gazprom.ru