Gazprom Investor Day Presentation - Mar 3 2014

March, 2014
Investor Day 2014
Agenda
Presentation of gas business
Strategy
Dmitry Lyugai Member of Gazprom Management Committee Head of the Prospective Development Department
Transportation
Oleg Aksyutin Member of Gazprom Management Committee Head of the Gas Transportation, Underground Storage and Utilization Department, CEO & Executive Member of the BoD of South Stream Transport B.V.
Export
Alexander Medvedev
Deputy Chairman of Gazprom Management Committee CEO of Gazprom Export
Finance
Andrey Kruglov
Deputy Chairman of Gazprom Management Committee Head of the Department for Finance and Economics
Special sections
Gazprom Neft
Alexei Yankevich Member of the Management Board of Gazprom Neft Deputy CEO for Economics and Finance of Gazprom Neft
Gazprom Power Generation

Denis Fedorov Head of Gazprom Directorate for Development of Power and Heat Generation CEO of Gazprom Energoholding
Investor Day 2014
Disclaimer
This presentation has been prepared by OJSC Gazprom (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 or 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 Companys intentions, beliefs or current expectations concerning, among other things, the Companys results of operations, financial condition, liquidity, prospects, growth, strategies, and the industry in which the Company operates. 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 Companys 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 of 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.
The following sources are used in the presentation: BP Statistical Review of World Energy 2013 (June 2013); IEA, World Energy Outlook 2013, New Policies Scenario (November 2013); CEDIGAZ Statistical Database (August 2013); EIA, International Energy Outlook 2013, Reference case (July 2013); Wood Mackenzie; Platts; FactSet; Bloomberg Calorific value of natural gas = 8,850 kcal/m3 (20 0 )
Part 1. Strategy Dmitry Lyugai

Member of Gazprom Management Committee Head of Prospective Development Department
World gas demand 2030

SHARE OF NATURAL GAS IN WORLD TOTAL PRIMARY ENERGY CONSUMPTION NATURAL GAS CONSUMPTION BY REGION
2030 forecast
2012
19% 3% 26%
17% 4% 6% 9%
23% 24%
12%
3.6
tcm
20%
North America 5% 15% Central and South America OECD Europe Other Europe and Eurasia Middle East
2012
30% 25% 26%
2030 forecast
22%
33%
28% 4%
4.6
tcm
17%
Africa 5%
13% Asia Oceania
Gas Coal Renewables
Oil Nuclear
14%
Strategy - Investor Day 2014
Global gas import/export in 2030

1200 1000 800 NATURAL GAS CONSUMPTION AND PRODUCTION BY REGION IN 2012 AND 2030
2012 actual
2030 forecast
bcm
600 400 200 0 North Central OECD America and South Europe America Other Europe and Eurasia Middle East Africa Asia Australia North Central OECD America and South Europe America Other Europe and Eurasia Middle East Africa Asia Australia
Consumption
Production
WORLD NET NATURAL GAS TRADE BY REGION IN 2012 AND 2030 400 300 200 100 0 -100 -200 -300 -400 -500 North Central OECD America and South Europe America Other Europe and Eurasia
2012 actual
net import net export
2030 forecast
bcm
Middle East
Africa
Asia
Australia
North Central OECD America and South Europe America
Other Europe and Eurasia
Middle East
Africa
Asia
Australia
Europe, Asia 2 main gas import regions CIS, Middle East, Africa, Australia 4 exporting regions North America, Central and South America gas markets are self-sufficient
Gazprom in the Russian domestic market

STRUCTURE OF GAZPROMS GAS SALES REVENUE (1), 2012 51% 20% 29% 900 Europe FSU Countries Russia 80% 100% GAS PRODUCTION STRUCTURE IN RUSSIA GAS DELIVERIES TO RUSSIAN CONSUMERS * 500
Independent gas producers

78 74
Russian Energy Strategy target
bcm; RR bln
600 300
683
795
RR / 1 000 cm
bcm
2,373
2,745
2,961 815
3,000 2,000 1,000 0 60%
74
400
73 310
300
350
40% 200
288
0
290
2011
275
2012
2010
20%
Domestic Market Volumes (bcm) Revenue (RR bn) Domestic Average Price (RR / 1 000 cm)
* - incl. gas purchases from other companies

0%
2010 2015 2020 2025 2030 100 2010 2015 2020 2025 2030
TOTAL FINAL CONSUMPTION
2008
Coal
19% 51%
2012
Oil
19%
Energy Strategy of Russia Adopted

Oil
19%
2030
Coal
Energy Strategy of Russia Project

Other
15% 13% 20%
Other
11%
Coal
18%
Other
11%
Coal
19%
Other
12%
Oil
22%
Oil
52%
47%
52%
Gas
Source: Base Prospectus. 1. Excluding custom duties
Gas
Gas
Gas Gas share stabilization in Fuel and Energy Balance
Europe: Gazproms traditional market

FORECAST GAS PRODUCTION VS. CONSUMPTION IN EUROPE
300 800
GAZPROMS PIPELINE GAS DELIVERIES TO EUROPE decrease of indigenous gas production in Europe no success in shale gas developments slow down of nuclear energy development increase of gas consumption in transportation sector new sectors of gas consumption
700
600
Consumption
200
bcm
500 400 300
Production
207
517
bcm
100
200
100 0
regasification terminals network development policy approach diversification of suppliers and supply routes regulatory frameworks in energy sector become tougher policies on energy efficiency renewable sources of energy subsidizing
2010 2015 2020 2025 2030
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2030
2029
SHALE GAS IN EUROPE AND CIS
GAZPROMS SHARE AT THE EUROPEAN MARKET
UKRAINE
2012
2030
POLAND
49*
0*
26%
TURKEY
29% %
Min
28
GREAT BRITAIN
4*
5*
2013
* - number of wells, end 2013
2030
5-60 bcm
JSC "Gazprom"
Max
Other sources of gas
Production
0 bcm
Source: Wood Mackenzie, EIA, Platts, ERI RAS, IEA, IHS, Rystad Energy, BP
Upstream development
Key Gazprom gas greenfields
Urengoyskoye (achimov deposits) Pestsovoye (neocomian-jurassic) Yubileynoye (apt-albian, senomanian deposits) Bovanenkovskoye Kharasaveiskoye Severo-Kamennomysskoye Kamennomysskoye -sea Kirinskoye Kirinskiy licensed section Chayandinskoye Kovyktinskoye
Sakhalin-3
Field productivity in 2014-2030 period, bcm/year

24.7 2 1.75 115 32 16.1 15.1 5.5 14.6 16.0 25 35
North of West Siberia and Yamal peninsula Fields
Pre-Yamal shelf Pechorskoye Sea shelf Kharasaveiskoye Bovanenkovskoye
Severo-Kamennomysskoye Kamennomysskoye-sea Pestsovoye Urengoiskoye Yubileynoye Chayandinskoye
RUSSIA
Gas field Continental shelf area DYNAMICS OF PRODUCTION AND GAS RESERVES DEVELOPMENT
1,000
Eastern Siberia and Far East Fields
Kirinskoye Kirinskiy licensed section
Kovyktinskoye
140%
160 110 800 600
PROSPECTIVE SOURCES OF GAZPROMS GAS PRODUCTION Other new fields East Siberia and Far East fields Yamal Megaproject Operating fields
800
bcm
96%
400 200 0
522
540
545
555
556
549
550
462
509
513
60
bcm
600
79% 69%
105% 106% 108% 106% 102% 108%
118%
400
487
10 -40
200
0 2012 2020 min 2030 min 2020 max 2030 max
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Gas production
% of gas reserves replenishment
Gazprom LNG projects

Forecast of LNG demand in the world
800 Plants under construction Operating plants Consumption consensus forecast Pessimistic consumption forecast Optimistic consumption forecast
mln t/year
600
Baltic LNG Sakhalin-2 Vladivostok LNG
400
Operating LNG plant
Prospective LNG plant
200
Baltic LNG
Source: IS CERA, Wood Mackenzie, Pace Global, CEDIGAZ, Poten
Vladivostok LNG
Capacity 10 mln t/year Date of commissioning 2018 (1-st line) Project status feasibility study done (February 2013) Targeted markets Japan, Korea, China, Taiwan, Singapore, India
2005
2000
2010
2015
2020
2025
2030
Capacity 10 mln t/year Date of commissioning 2019 (1-st line) Project status pre-feasibility stage Targeted markets Spain, Portugal, Great Britain, Latin America, India, small-scale LNG
Gas infrastructure development in Eastern Siberia and Far East regions

Transportation site
Trunk pipeline Power of Siberia
Date of put into operation (not earlier)

2019
Length, km
4,000
Fields
Trunk pipeline Power of Siberia
Pipelines: existing under construction possible designed Operating lines of LNG plants LNG plants under construction
CHINA
Production sites
Chayandinskoye Kovyktinskoye (incl. Chikanskoye field)
Date of put into operation (not earlier)

2019 2021
Plateau production, bcm /year

25 35
10
Mutual interest in gas export contract conclusion
RUSSIA
CHINA
DYNAMIC GAS CONSUMPTION GROWTH IN THE COUNTRY LIMITED RESOURCE BASE AT THE TARGETED RUSSIAN GAS MARKETS DETERIORATION OF ENVIRONMENTAL SITUATION IN THE COUNTRY HIGH CURRENT AND PROSPEKTIVE COST OF GAS IMPORT (PIPELINE AND LNG) FROM OTHER SOURCES SIGNIFICANT PRICE GROWTH ON GAS CONSUMPTION IN THE DOMESTIC MARKET AS A RESULT OF PRICING REFORM IN CHINA NO CONSIDERABLE PROGRESS IN SHALE GAS PRODUCTION DIVERSIFICATION OF IMPORT GAS SOURCES PROVISION OF THE COUNTRYS ENERGY SECURITY BY FUEL ENERGY BALANCE VIA GAS
DIVERSIFICATION OF EXPORT MARKETS POSSIBILITY OF GAS SALES AT THE PREMIUM MARKET (APR) WELL DEVELOPED RESERVES BASE RESULTING FROM EXPLORATION IN THE EAST MONETIZATION OF GAS RESERVES IN THE EAST GASIFICATION OF THE EAST SIBERIA AND FAR EAST REGIONS IN PARALLEL
EXPANSION OF TRADE AND ECONOMIC COLLABORATION BETWEEN RUSSIA AND CHINA, STRENGTHING THE COUNTRIES POSITIONS IN THE REGION AND WORLDWIDE SWITCH FROM WESTERN TO EASTERN ROUTE OF GAS DELIVERIES DURING THE NEGOTIATIONS
Logo Year of China in Russia 2007 was used in this slide.
11
Forecast of capital investments

Structure of CAPEX by gas business segment
GAZPROM DEVELOPMENT PROGRAM FOR A TEN-YEAR PERIOD
average annual Up to 960 bn RR p.a.

PROCESSING
8%
TRANSPORT (incl. UGS1)
52 %
GAZPROM'S INVESTMENT PROGRAM
INNOVATIVE DEVELOPMENT PROGRAM TO 2020
PRODUCTION
34 %
6% EXPLORATION 1.UGS is underground gas storage UGSS is unified gas supply system
Structure of CAPEX by major project

Yamal Megaproject
29%
NPRT Yamal South Stream
Eastern Program
LNG Projects
35%
Eastern Siberia and the Far East Reconstruction in Transport Reconstruction s in Production Other projects within UGSS exploration; existing and new production and transport projects, processing and LNG projects
3%
14%
NPTR Nadym-Pur-Taz Region
20%
12
Part 2. Transportation Oleg Aksyutin

Member of Gazprom Management Committee Head of the Gas Transportation, Underground Storage and Utilization Department CEO, Executive Member of the Board of Directors of South Stream Transport B.V
13
Gas transportation system

Total pipelines length 168.3 thousand km Number of compressor stations - 222 units Number of gas compressor units 3,738 units Gross installed capacity 43,9 million kW Number of gas distribution stations 3,945 units Average length of transportation for domestic market 2,780 km Average length of transportation for export 3,430 km
ANADYR
NORWAY
OSLO
SWEDEN
MURMANSK
STOCKHOLM
FINLAND ESTONIA
RIGA Tallinn HELSINKI SAINT PETERSBURG CHEREPOVETS GRYAZOVETC KOTLAS SMOLENSK TORZHOK BRYANSK MOSCOW RYAZAN KIROV SYKTYVKAR URENGOY ARKHANGELSK UKHTA SOBOLEVO
KALININGRAD
LITHUANIA LATVIA
VILNIUS MINSK PSKOV
PETROPAVLOVSKKAMCHATSKY
BELORUSSIA
KIEV
RUSSIA
Sea of Japan
TULA
YELETS
UKRAINE
KURSK
KAZAN
IZHEVSK NIZHNEKAMSK UFA NIZHNEVARTOVSK EKATERINBURG TYUMEN CHELYABINSK ORENBURG ORSK ASTANA OMSK NOVOSIBIRSK BOGUCHANY TOMSK KRASNOYARSK NIZHNYAYA POIMA BALAGANSK IRKUTSK CHITA
OSTROGOZHSK ALGASOVO PETROVSK SAMARA
SARATOV ROSTOV-ONDON ARMAVIR KRASNODAR NEFTEKUMSK SUKHUMI ASTRAKHAN ABKHAZIA MOZDOK TBILISI MAKHACHKALA
SKOVORODINO BLAGOVESHCHENSK BIROBIDZHAN
KOMSOMOLSKON-AMUR
KHABAROVSK
KORSAKOV
PROSKOKOVO ABAKAN
JAPAN
GEORGIA
BARNAUL BIYSK
NOVOKUZNETSK GORNOALTAYSK
CHINA
VLADIVOSTOK
ARMENIA
EREVAN
Caspian Sea BAKU
KAZAKHSTAN
AZERBAIJAN
CHINA
MONGOLIA
ULAN-BATOR
NORTH KOREA
14
Transportation - Investor Day 2014
Development of gas transportation system

Yamal
GERMANY
South Stream
BOVANENKOVO SWITZERLAND URENGOY FRANCE Tarvizio SLOVENIA ITALY UKHTA PEREGREBNOYE SURGUT YUGORSK CROATIA AUSTRIA HUNGARY ROMANIA Anapa SERBIA MOLDOVA SLOVAKIA UKRAINE
BARENTS SEA
NORWAY SWEDEN
NADYM
Svobodnica BOSNIA AND HERZEGOVINA
Zvornik
CS Russkaya
FINLAND
HELSINKI
TALLINN ESTONIA
RUSSIA
VYBORG SAINT PETERSBURG GRYAZOVETS KAZAN PERM UFA
MONTENEGRO
TYUMEN MACEDONIA ASTANA KAZAKHSTAN ALBANIA BULGARIA
South Stream Transport B.V.
Varna
RIGA TORZHOK LATVIA LITHUANIA VILNIUS MINSK BELORUSSIA
MOSCOW VOSKRESENSK TULA
South Stream pipeline route Russia Bulgaria Serbia Hungary Slovenia Italy
GREECE
TURKEY
Branches To Croatia from Serbia To Republic of Srpska from Serbia
Bovanenkovo Ukhta pipeline

length 1,100 km first string 2012 design capacity 115 bcm p.a. second string 2017 (plan)
Offshore part of South Stream

length 925 km design capacity 63 bcm p.a.
CS Pochinki
CS Mokshanskaya
RUSSIA
CS Petrovsk
first gas supplies are scheduled for the end of 2015

CS Pisarevka
CS Zhirnovskaya
Ukhta Torzhok pipeline

length 1,300 km design capacity 81.5 bcm p.a.
Onshore part of South Stream

length 2,506 km 10 compressor stations with a total capacity of 1,516 W
Ukraine
CS Shashtinskaya
CS Volgogradskaya
Sea of Azov
CS Korenovskaya CS Kazachya CS Russkaya
CS Salskaya
first string launching is scheduled for 2015
project to be finalized in 2018
CS Kubanskaya Projected CS Existing CS
Black Sea
15
Development of gas transportation systems in Eastern Siberia and the Far East
Gas production centers
URENGOY 1 Krasnoyarskiy 2 Irkutskiy 3 Yakutskiy OKHA
NIZHNEVARTOVSK TYUMEN
YurubchenoTokhomskoye
4 Sakhalin
SobinskoPaiginskoye Chayandinskoye
SAKHALIN
Planned GPP and Gas Chemical Complex Fields
BOGUCHANY
OMSK TOMSK KRASNOYARSK
3
SKOVORODINO
Malositinskoye UGS
KOMSOMOLSKON-AMUR KHABAROVSK
KORSAKOV
2
Kovyktinskoye
NOVOSIBIRSK
BLAGOVESHCHENSK
PROSKOKOVO ABAKAN BARNAUL KAZAKHSTAN NOVOKUZNETSK BALAGANSK IRKUSTK CHINA
BIROBIDZHAN
JAPAN
BIYSK
GORNO-ALTAYSK
VLADIVOSTOK
MONGOLIA CHINA
NORTH KOREA
Sakhalin Khabarovsk Vladivostok

Length Capacity Date of coming on stream >1,800 km (1st section 1350) 30 bcm p.a. (1st section 6) 1st section - 2011
Power of Siberia
4,000 km 61 bcm p.a. 1st section late 2019
16
Underground gas storage

Gas storage of Gazprom(1)
Kaliningrad Saint Petersburg Arkhangelsk
853.6
Minsk
Ukhta Moscow RUSSIA Urengoy Khabarovsk
811.8 745.8 585.8 616 73.22 657.6 74.78
BELORUSSIA
Kazan Izhevsk Tyumen Saratov Volgograd Orenburg
Surgut
69.94
Tomsk
Novosibirsk Irkutsk
2013/2014F
Current underground gas storage facilities Under-construction and planned facilities of underground gas storage Areas under exploration for underground gas storage facilities
2014/2015F
2015/2016F
Underground gas storage in Europe

Active volume, bcm Daily capacity, mmcm per day
2013F
2.29 23.5
2014F
4.29 55.6
2018F
4.54 80.5
Operating reserve at the beginning of the withdrawal season, bcm Maximum daily production at the beginning of the season, mmcm per day Average daily production in December-February, mmcm per day
1. Including gas storage in Belorussia
17
Gazprom energy efficiency improvement

Fuel and Energy resources saving
Target savings for the period till 2020 28.2 mln toe
Reduction in specific gas consumption for own process needs and losses
Target reduction for the period till 2020 11.4%
Greenhouse gas emissions reduction

Target reduction for the period till 2020 48.6 mln t
7.3 7.96
17.6
Actually achieved savings in 2011-2013 7.3 mln toe
Actually achieved reduction in 2011-2013 7.96%
Actually achieved reduction in 2011-2013 17.6 mln t
18
Gas transportation system efficiency improvement

Implementation of innovative technologies
Specific gas consumption for process needs

cm/mmcm/km 35
Increase of operating pressure up to 11.8 mPa in the onshore of main gas pipelines and up to 22 MP (at the offshore Nord Stream gas pipeline)
31.7
30 25 20 2004
30.9
30.5
29.6
29.4 27.6 25.4
27.9 25.5 25.3
Use of high-strength large diameter pipes with flow coating

Use of tie-in pipeline under pressure technology Gas pumping from linear parts of main gas pipelines that are withdrawn for repair with the use of transportable compressor stations Use of renewable energy sources
2005
2006
2007
2008
2009
2010
2011
2012 2013F
Technological losses as a percentage of the transported gas volume

% 1
0.86
0.7
0.51
0.47
0.5
0.46
0 2009 2010 2011 2012 2013F
19
Part 3. Export Alexander Medvedev

Deputy Chairman of Gazprom Management Committee CEO of Gazprom export
20
European Natural Gas Market Dynamics

bcm 800 600 400 200
307.0 311.6
Balance of European Gas Consumption

565.2
258.2
Share of Gazprom Deliveries in European Consumption increased from 25.6% in 2012 to 30% in 2013
541.0
253.0 288.1
609.8
298.2
556.0
267.6 288.4
546.7
254.5 292.3
25.6%
30.0%
0 2009
2010
Domestic production Consumption
2011
2012
2013E
2012
2013
Imports (+balance of storage)
bcm 300 250 200 150 100

14.4 6.7 12.1
Import Deliveries by Sources

250.9
31.3 46.5
252.7 -20.9
24.8 37.9 13.6 6.2 7.5
bcm 250 200 150 100
Deliveries by Major European Producers

43.8 72.6
-2.9 +8.9 -6.0
40.9 81.5
50
0
139.9
+22.9
162.7
50 0
121.4
115.4
2012
Gazprom Nigeria, LNG Algeria, incl. LNG Libya, incl. LNG
2013
Qatar, LNG Other import deliveries
2012
Norway Netherlands
2013
UK
Source: IEA, Eurostat, Lloyds, GIE, Gazprom Export analysis, Gas calorific value: 1cm = 37 MJ
21
Export - Investor Day 2014
Gazprom Sales to European and CIS Markets

bcm 180
120 60 0 2010 Export volumes 2011 2012 Other deliveries
Gazprom Gas Deliveries to Europe*

148.1
9.5
156.6
6.6
151.0
11.1
173.7
11.0
$/mcm bcm 500 80

450 60 400 387 350 300 40 20
Gazprom Gas Deliveries to CIS and Baltics

68.0
71.1
$/mcm 400 350 300
64.4
56.1
138.6
150.0
383
139.9
402
162.7
298 235
308
302
274 250
250 2013E Average export price
0
2010 2011 Volumes 2012 Average price 2013E
200
* European countries including Turkey except for CIS and Baltics
The Gap is Widening Between European Indigenous Production and Consumption

102 100 98 96 94 92 90 88 86 84 2006
100%
Under current market conditions 2014-2017 estimate for

90,8% 90,4% 90.3 88.3 86.0 91,6% 90.6 90.2 88.5 86.2
gas deliveries to Europe is 155-160 bcma,

depending on weather
Actual 2006-12 CERA (2013-07) PIRA (2012-3) PIRA (2013-10) CEDIGAZ - base (2013-6)
CERA (2013-01) CERA (2013-11) PIRA (2013-7) CEDIGAZ - pessimistic (2013-6)
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
22
Hybrid Pricing - Cornerstone of the European Market

Integration of Contract Prices and Hub prices
14 12 10 8 6 4 2 0
75% of gas exported to Europe is oil-indexed
USD per mmbtu
Gas hub prices are not independent from oilindexed contract prices. The correlation coefficient between hub prices and oil prices moving average equals 0.85
ACER November 2013 Market Monitoring Report states that Oil prices is still the main determinant of wholesale gas prices in Europe(p.180) Gas Hub and Oil-indexed Prices Still Related
The correlation coefficient prove dependence
NBP from January 2010 to December 2013 versus: Brent 1st month futures Brent 1st month futures - 3 months moving average Brent 1st month futures - 6 months moving average Brent 1st month futures - 9 months moving average TTF from January 2010 to December 2013 versus: Brent 1st month futures Brent 1st month futures - 3 months moving average Brent 1st month futures - 6 months moving average Brent 1st month futures - 9 months moving average r 0.69 0.79 0.84 0.83 r 0.69 0.80 0.86 0.85
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jul-12
Jul-08
Jul-09
Jul-10
Jul-11
BAFA import price, Germany

Sources: BMWi, Bloomberg
TTF (ENDEX), 1st month
Gazprom is a major provider of supply flexibility to Europe

600 500 400 300 200 100 0
Seasonal swing in Russian gas daily deliveries doubled from 1998 to 2013
MCM/d
1998-2005 80-100MCM/d seasonal swing
2005-2013 100-220MCM/d seasonal swing
Source: IEA
23
Jul-13
Part 4. Finance Andrey Kruglov

Deputy Chairman of Gazprom Management Committee Head of the Department for Finance and Economics
24
Gazprom continues to maintain its strong financial position among Oil&Gas majors
Comparative Revenue, EBITDA, Net Income CAGR
14% 12% 10% 8% 6% 4% 2% 0% Revenue EBITDA Net income
CAGR of Gazprom for 2007-2012 (1) CAGR of oil & gas majors on average for 2007-2012
USD bln
Top-5 Oil&Gas Majors by 2013E Net Profit(2)

USD bln
12%
10% 8% 6% 4%
40 35 30
USD/boe
8%
25 20
15
10 5 0
Source: Companies websites, Factset, Bloomberg as of February 20, 2014 1. Oil & Gas Majors are the top 10 oil and gas companies by market capitalization as of February 20, 2014 2. Based on companies data and broker consensus as of February 20, 2014; for Gazprom 9m2013 LTM
25
Finance - Investor Day 2014
Revenue diversification: new source of growth

Net Sales
USD bln
Gas Condensate Production Sites

Mn tonnes
100
90
80 70 60 50 40 30 20 10 0 2010 Gas transportation
87.3 81.8
91.0
4.7
Yamburg
63.3
0.1 Orenburg Astrahan
5.5
Novy Urengoy
3.7
Tomsk 0.3
Mn tonnes
20 18 16 14 2011 2012 9m2013 LTM 12 10 8 2010

11
Gas Condensate Production(1)

+20%
Electricity and heat
12
13
15
15
17
18
Crude oil and gas condensate

Gas sales to Russia
Refined products
2011
2012
2013E
2014F
2015F
2016F
1. Management estimates; excluding associate companies production
26
Sustainable free cash flow generation

USD bln
Gazprom FCF Generation(1)

55.1 12% 10% 8% 6% 43.6 26.9 43.1 44.3 4% 2% 0% 2008-2009 2010-2011 2012 9m2013 LTM
60
Gazprom vs Russian Oil & Gas Majors Free Cash Flow Yield, 9m2013 LTM/2014(2)
11% 10% 9% 7% 6%
51.9
50 8.3 46.5 3.4 10.8
40
30 20 10 0
36.6
7.7
3%
Cash Capital Expenditures
Free Cash Flow
1. Period averages. 2013LTM = 9m2013+12m2012-9m2012 2. Five Russian oil and gas majors by capitalization as of 31 January 2014: Rosneft less increase in long term prepayments on oil supply agreements, Novatek, Lukoil, Surgutneftegaz, Tatneft
27
Increase of Mineral Extraction Tax (MET) transparency: transition to gas MET formula
Gas MET = 15% * Price ratio * Complexity ratio + Transportation ratio Condensate MET = 15% * Price ratio * complexity ratio
Gas MET formula effective from July 1, 2014 Benefits Direct link of tax rates to average realized prices Smoothening the effects of gas tariffs growth deceleration in Russia Tax breaks for key greenfields, depleted and complex fields Higher stability of gas taxation Transparent rules for gas condensate taxation
RR
MET Rate Calculation*

700 686
1000
800
1h2014
2h2014
693 602 590
674
717718
600
400 237
556 509
200
0
147
Key MET tax breaks: Greenfields: Yamal and Gydan peninsula, Irkutsk, Krasnoyarsk regions, Far East Depleted fields: depletion ratio over 70% Complex fields: Astrakhan region Deep layers: over 1,700 m deep
2010
2011
2012
2013
2014F
2015F
Natural gas MET, Gazprom (RR/mcm) Gas condensate MET, Gazprom (RR/1 ton)
* Before 2012 MET rates for gas condensate were set at 17.5% of realization price
28
CAPEX efficiency
USD bln
Capital Expenditures: Gazprom vs Russian oil majors(1)

127% 118% 108% 53.0 124% 140% 120% 100% 44.3 47.0 80%
80 70 60 50 40 30
USD/boe
Capex/hydrocarbon production: Gazprom vs Russian oil majors(1)

16.7 15.5 13.0 13.4 13.7
18 16 14 12
11.5
10.4 8.2
43.1
37.4 29.0 22.1 34.8
10
8 6 4
60%
40% 20% 0%
20
10 0 2006-2008 2009-2011 2012 9m2013 LTM Gazprom Russian oil majors aggregate Gazprom self funding (OpCF/Cash CAPEX)
0
2008-2009 2010-2011 2012 2013E Gazprom Russian oil majors
Source: Companies websites, media sources, Factset, Bloomberg as of February 6, 2014 1. Cash CAPEX; Russian oil & gas majors includes Lukoil, Surgutneftegas, Bashneft, Rosneft, TNK-BP, Tatneft and Transneft
29
Balanced CAPEX
USD bln
Gazprom Group CAPEX (1)

2014 Priorities
43 42-43
50.0 Gas Upstream Gas Midstream Gas Downstream 40.0
35-42
Gas Upstream
Oil
Power Generation 30.0
Bovanenkovo field Brown fields and Nadym-Pur-Taz region Field development projects abroad
Gas Midstream
Bovanenkovo-Ukhta pipeline GTS Extension Southern Corridor Long-term financial investments for the construction of the
South Stream pipeline outside Russia
20.0
The reconstruction of the Petrovsk Pisarevka section of the

Urengoy Novopskov
Other reconstruction and technical re-equipment of the GTS

Gas Downstream
10.0
Gas condensate refining

Oil
Novoportovskoe and Mesoyahinskoe fields

Power generation
0.0 2012
1. Source: Management Estimates
New capacity investments

2013F 2014F
30
Natural hedging against rouble volatility

Hard currency(1) denominated revenues
Gas sales, Europe Crude exports Gas sales, ex.USSR Domestic oil product sales Gas sales, Russia Electricity and heat Transport Other revenues 0% 20%
33% 15% 8% 10%
Hard currency 66% Roubles 34%
Hard-currency denominated OPEX

22% 7% 8% 2% 15% 3%
Gas and oil purchased Taxes other than income Transit of gas and oil products 7% Materials 15% Repairs Goods for resale 7% 3% Staff costs Other cash 2% 100% 0%
1%
1%
6%
5% 2% 2% 1% 1% 14% 10%
40%
60%
80%
25%
50%
75%
100%
Hard currency denominated CAPEX

Gas transportation Gas production Liquids production Refining Electricity Gas deliveries Gas storage Others
1. Mainly US Dollars and euro
Debt distribution by currency

EUR 30%
6%
23% 3% 20% 5%
17% 4% 2% 6% 5% 1% 1% 2% 1% 4%
USD 55%
Roubles 12%
Others 3%
0%
25%
50%
75%
100%
31
Top Russian borrower

USD bln
Total and Net Debt(1)

1 0.6x 0.7x 0.5x 31% 0.6x 0.5 42% 13% 15%
43.2 47.8 15.7 49.4 14.2 53.4
Debt Maturity Profile(2)

21% 26% 33% 19% 26% 36% 16% 22% 9m2013 More than 5 years
100
80
38% 17%
24% 2011 1-2 years
60
22%
2012 2-5 years
0
17.7
2010 Less than 1 year %
40
14.6
Cost of Debt Financing(2)

6.4% 5.8% 2.7%
20
28.6
-0.5
32.1 35.2 35.7
0 2010 2011 2012 9m2013 Cash&Cash equivalents and restricted cash Net debt Net Debt/Adj.EBITDA LTM
-1
9 7 5 3 1 2008
2009 2010 2011 2012 Weighted average fixed interest rate Weighted average floating interest rate Weighted average interest rate
9m2013
1. Data are converted in USD using exchange rate RR/USD as of the end of the period 30.48 for 2010, 32.2 for 2011, 30.37 for 2012, and 32.35 in 9m2013 2. Excluding promissory notes
32
Dividend payout
RR / Share
12
9 6 3 0 2010
3.85
Dividend Per Share(1)

8.97
5.99 6-8
8% 6% 4% 2% 0%
Dividend Yields of Major Oil & Gas companies, 2013F(2)

5.3% 4.8% 4.7% 4.7% 4.7%
4.3%
3.4%
2.6%
2011
2012
2013F
Dividend payments schedule of OAO Gazprom

according to the amendments to the Federal Law on Joint-Stock Companies that are effective from 01.01.2014
Record date for AGM
(8 March 2014)
AGM
(27June 2014)
Record date for dividends payout

not later than 10 working days
Dividend payments to nominees and trustees, who are registered with the Register of Shareholders
Approval of Record date for dividends payout
not later than 25 working days

Dividend payments to other persons registered in the Register of Shareholders
10 to 20 days after AGM
May
June
July
August
1. Company operating data estimates 2. Dividend yield is defined as approved dividends for the period divided to the share price as of February 14, 2014; Source: Companies data, FactSet
33
2014 Outlook Value drivers:

Stellar growth in the European gas market Improvement of the Russian gas market competitiveness
Outstanding growth of liquids in the production mix

Optimization of costs and financing solutions for upcoming projects Compliance with best corporate governance standards Robust financial performance
34
Part 5. Gazprom neft Alexei Yankevich

Member of the Management Board, Deputy CEO for Economics and Finance of Gazprom Neft
35
Investor day summary

Record Financial & Operating Results
Large scale deployment of new technologies

First Arctic Offshore Production Refinery Quality Program Completion Conversion Program at FEED Stage Domestic Retail Efficiency Growth Investments on Track Dividends at 25% IFRS Payout First Ever Interim Dividends Net Debt / EBITDA not to exceed 1.5X
36
Gazprom neft - Investor Day 2014
Executing Strategic Goals

Increased stake in SeverEnergia to 40.2% Expanded presence in Iraq (Halabja block acquisition) Launched production at Prirazlomnoye Signed a memorandum with Shell on development of liquids-rich shale Launched CPF and began deliveries of oil to condensate pipeline at SeverEnergia Entered development phase at Yuzhno-Kinyaminskoye field Launched Yuzhno-Priobskaya gas compressor station Completed quality program at all refineries Expanded G-Drive portfolio to include gasoline 98, planning to expand range of diesel fuels in 2014-2015 Expanded foreign jet fueling network to 125 airports (vs. 88 at Jan 1, 2013) Created a JV with Total to produce polymer-modified bitumen under G-Way Styrelf brand Acquired Russia's largest polymer modified bitumen plant Initiated interim dividend program

37
Targets on hydrocarbon production, refining, and marketing premium sales expected to be main vehicles for growth
Changes in PRMS (SPE) proved reserves, mmtoe
1,400 1,350 1,300 1,250 1,200 1,150 1,100 1,050 1,000
Hydrocarbon Production, mmtoe

120 100 80 57.3 59.7 62.3
CAGR +7%
333% Reserves replacement ratio

91 1,200 61 114
1,343
100.0
60 40 20 0
YE2012
Group Revisions production
Acquisitions(1)
YE2013
2011
2012
2013
2020
Refining, mmt
80 70 60 50 40 30 20 10 0
Optional growth outside Russia
Premium Channel Sales, mmt

45 40 35 30 25 20 15 10 5 0
30.0 40.5 43.3 42.6
22.9 19.5
24.0 40.0
40.0
2011
2012
2013
2020
2011
2012
2013
2020
1. Acquisitions include increase of share in Sever Energia
38
Strong record of financial results continued throughout 2013

Revenue, RUB mm
1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 2011 2012 2013 1,031,794 1,232,649 1,267,603
400,000 350,000
300,000 250,000 200,000 150,000 100,000 50,000 0
Adj. EBITDA(1), RUB mm

300,077 323,106 336,752
2011
2012
2013
Net Income, RUB mm

200,000 180,000 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0
176,296 160,362 0.60 177,917 0.90
Net Debt / EBITDA

0.70 0.51 0.59
+1%
0.30
0.00 2011 2012 2013 2011 2012 2013
1. EBITDA includes share of EBITDA of associates and joint ventures Note: In accordance with the transition provisions of IFRS 11 Gazprom Neft has applied the new policy for interests in joint operations occurring on or after 1 January 2012. Gazprom Neft has assessed the nature of its joint arrangements and determined them to be joint ventures, except for its investments in Tomksneft and Salym Petroleum Development, which were determined to be joint operations. For purposes of this presentation the metrics Revenue and Net debt/EBITDA for Y2011 were restated to correctly compare data for 2011-2013.
39
Operational and financial efficiency backed by industryleading growth

Adj. EBITDA absolute 2013 Y-o-Y Growth, %
4.2 30 25 20 15 1.1 0.0 Gazprom Neft Lukoil Rosneft 10 24.2 19.8 23.1 23.7 18.8 19.6
Adj.EBITDA/boe, USD/boe
5
0 Lukoil Gazprom Neft 2013 2012 Rosneft*
ROACE, %
25 20 15 10 5 0 Gazprom Neft 2013
Source: MD&A of Companies and INFOTEK *includes TNK-BP
OCF/boe, USD/boe
30 25 22.8 25.1 21.6 21.4 14.2
17.4
19.4 15.3 11.7 11.1 12.4
20 15 10 5
18.2
Lukoil 2012
Rosneft
0 Gazprom Neft 2013 Lukoil 2012 Rosneft*
40
Combination of New Production and Legacy Fields Driving Growth

Traditional and new production centers in Russia
Arctic Shelf: Prirazlomnoye & Dolginsokye North of YNAO: SeverEnergia, Messoyakha & Novoportovskoye
Orenburg
East Siberia: Chonskiy Project & Kuyumba
41
Investment Decisions Reached at New Upstream Projects

Novoport Messoyakha Kuyumba Tsarichanskoye
Peak: 13 MMToe at 2022-2023 Completed first winter oil shipment
Peak: 12 MMToe at 2023 Completed first winter oil shipment
Peak: 12 MMToe at 2029-2030 Drilled 4 horizontal and 1 exploration

well
C1+C2 reserves: 27 MMtoe Peak: 2.3 MMToe at 2018
2P reserves (PRMS), MMtoe

160 140 120 100 80 60 40 20 0 40 35 30 25 20 15 10 5 0 2013
Production Profile, MMtoe
141
140
124
Kuyumba
Messoyahkha
Novoport
2015 Kuyumba
2017 Novoport
2019 2021 2023 Messoyahkha Tsarichanskoye
2025
42
Upstream Portfolio Expanding

Tomsk region
SeverEnergia
Increased stake to 40.2%
Acquired Yuzhno-Pudinskiy Block

Reserves (C1+C2): 6 MMToe Startup: 2016 Peak: 0.3 MMToe at 2019
Reserves (C1+C2): 1.7 bln toe Startup: 2012 Peak: 42 MMToe at 2020-2021
2013
February March April May June July August September October November December
Iraq
Partnership with Shell (KMPA)

Area of interest
Halabja block acquisition
Recoverable reserves: 79 MMToe Startup: 2016 Peak: 4.5 MMToe at 2024
Signed a memorandum confirming the General Agreement on Partnership in exploration and development of liquids-rich shales
43
Production Increase Driven by Orenburg, Muravlenkovskoye, SeverEnergia and Priobskoye

Hydrocarbon production
*Joint operations: proportionally consolidated entities (Tomskneft, SPD). ** Joint Ventures: Equity accounted entities (Slavneft, SeverEnergia)
Kboe/day
Average daily production
44
Technological Progress Driving Growth

The share of high-tech wells in total drilling in 2012-2013, increased from 4% to 35%
Horizontal wells drilled
2.7
Multi-stage well fracking
Multilateral wells drilled
5.1
4.8
2011
Length of horizontal part up to 300m 3 stage hydrofracs
2012
Length of horizontal part up to 800m 5-6 stage hydrofracs
2013
Length of horizontal part up to 1,030m 9-10 stage hydrofracs
45
First Arctic Offshore Production

Recoverable reserves (C1+C2): 74 MMTonnes Startup: 2013
Peak: 5.5 MMTonnes at 2021

Key events: Completed necessary audits ahead of platform launch Drilled first well with flow rate 1,750 tpd The government granted export duty for the first oil 2014 plans: The first oil shipment from Prirazlomnoye is expected in 1Q14
Barents Sea Murmansk
Kara Sea
Prirazlomnoye
Naryan-Mar White Sea
Arkhangelsk
Recoverable reserves, MMtonnes
Crude oil production, MMtonnes

5.5
25
2
4.1 2.7
3.6 2.7 2.1
49
Crude oil, MMTonnes
2012
2014
2016
2018
2020
2022
2024
2026
2028
2030
46
Refining Throughput Levels Remain High Amidst Investment Program

Refining throughput, MMTonnes
+13% 37.9 2.9
7.2 8.9 10.8 10.7 +7% 40.5 2.4 7.4 +7% 43.3 2.1 9.6 -10% +4% -2% +28% 42.6 2.7 8.6
NIS Slavneft Moscow
33.4 2.4 6.8 5.8
11.1
Omsk
18.4
19.0
19.9
20.9
-3%
20.2
2009
2010
2011
2012
2013
Peer comparison Refining throughput growth (CAGR) 2013 vs. 2009*

Gazprom Neft Rosneft Lukoil Bashneft
Surgutneftegaz
*Source: Company Reports
47
Completion of quality program leads to higher value product mix

Output by products, MMTonnes Gasoline yield
Diesel yield
48
Conversion investments will increase light product yields by about 20% between 2013 and 2020
Petroleum product yield structure, %
Half of conversion investment program expected to come online between 2013 and 2017 As a result, conversion rate is expected to increase by 15 ppts Light products will count for 80% of total yields by 2020
100
100
Gasoline
100
22 27 2 7
1 8
27
Naphtha Jet f uel Diesel Lubricants Other (Coke, Bitumen, Heating Oil) Fuel Oil
29
12
1 8 31
29 3
38 3 16 14 4 15 2
31
17
320 16
2013
14 61.3 2017
2014
2015
2016
2017
67.1 82.5 36.7
2018
2019
2020
80.6 94.2 37.9
Light Products Yield, % Conversion Rate, % Petroleum Product Output, mmt
79.2 36.5
Omsk
Hydrocracking Coking Unit
Moscow
Hydrocracking Flexi Coking
YANOS
Hydrocracking
Units to come online between 2017-2020
49
Rebranding pushes annual sales growth

1
Benchmarking Loyalty program
Accompanying goods and services
Retail metrics
Benchmarking (Avg. daily sales/site)
2
35%
Non oil sales, 1,000 RUB/sq.m.

21% 10%
16.4
Loyalty program, mln members

1,600 27% 1,400 1,200 1,000 800 3.3 600 400 200 -
4
1,600 10.1 1,400 1,200 4.2 181 1,000 800 600 947 400 200 2010
14.2 10.1 202 181
Retail metrics
17.7 14.2
205 202
19.0 17.7
228 205
74% x2.4
1.9 0.8
14.9 12.3
9.1
1,043 947
1,060 1,043
1,111 1,060
19.0 18.0 14.0 10.0 228 6.0 2.0 -2.0 -6.0 -10.0 -14.0 1,111 -18.0 -22.0 -26.0 -30.0
2010
2011
2012
2013
2010
2011
2012
2013
2011 2010
2012 2013 2011 2012 2013 Russia network Russia network CIS network CIS network Av/ Daily sales per site in Russia Av/ Daily sales per site in Russia
18 14 10 6.0 2.0 -2. -6. -10 -14 -18 -22 -26 -30
50
Capital Investments support strategic goals

Investments (RUB mln)
32% Y-o-Y growth in brownfield capex due to increase in use of new technologies in legacy fields Active development of Novoport field, Orenburg cluster and offshore projects drove 54% Y-o-Y increase in greenfield capex Refining capex decreased 35% Y-o-Y as quality improvement projects reached completion at all refineries 8% Y-o-Y increase in marketing capex due to continued reconstruction of newly acquired retail sites in Russia and abroad Investment in new projects* increased 58% as a result of active development of new projects (mainly offshore projects and Messoyakha field M&A includes premium channel network expansion and increase in shares of subsidiaries
15.6%
* Projects that are not consolidated under IFRS
51
US $2.1** Billion free cash flow generated in 2013

RUB million
Cash Flow Reconciliation FY2013

6 5 4 3.0
FCF/boe 2013, USD/boe

5.6
3
2 1 0 Gazprom Neft Lukoil 0.8
Rosneft*
* Includes TNK-BP
52
Diversified debt portfolio

Debt maturity profile at the end of FY2013 and comparison of profiles structures 2013 vs. 2012
100% 90% 80% 70% 60% 50% 40% 30% 20% 10%
From 31% to 15% 13% in-line Y-o-Y From 31% to 38% From 25% to 34%
Debt structure at the end of FY2013, RUB mln
21,235
Cash and cash equivalents
91,077 98,516
Short-term deposits
Other borrowings 61,583 Bank loans Bonds 132,534 LPN
36,869
185,922
0%
1 year 1 - 2 years 2 - 5 years Over 5 years
Debt
Fin. assets
Net debt
Net debt/EBITDA 0.59x vs. target <1.5x Increased average debt maturity from 3.81 years in 4Q12 to 5.15 years in 4Q13 Increased average interest rate from 3.48% at December 31, 2012 to 3.68% at December 31, 2013 Diversified debt portfolio: bank loans, bonds, PXF (pre-export finance facility), LPN (loan participation notes)
53
Continued commitment to shareholders via interim dividends

In 2013, the expected amount of annual dividends is 25% of IFRS Net Income Launched interim dividend program via payment of 6-month interim dividends
Dividend Yield Benchmarking, %

7% 6% 5% 4% 3% 2% 1% 0% 2009 2010 Gazprom Neft Lukoil 2011 Rosneft 2012
Dividends, 2009-2013, RUB bln
54
Appendix: 2014 plans for major upstream developments

Exploration Appraisal Selection Specification Realization Exploration Appraisal Selection Specification Realization
Chonskiy
North unit Complete 3D seismic field work using UniQ technology (400km2) and 3D seismic surveying (200 km2) Drill 3 exploration wells Carry out pilot well test - 1 well South unit Complete 3D seismic surveying (300 km2) Drill 2 exploration wells Carry out pilot well test - 1 well
Appraisal Selection Specification Realization
Exploration
Appraisal
Selection
Specification
Realization
Kuyumba,
Phase 1 Phase 2 and 3
Develop a concept for integrated field infrastructure Carry out 3D seismic surveying (1100 km2) and 2D seismic surveying (600 km) Drill 4 exploration wells Test production drill 8 horizontal wells with horizontal sections from 500 to 900m, confirm geological hydrodynamic models
Selection Specification Realization
Exploration
Exploration
Appraisal
Dolginskoye
Sign the necessary service contracts for exploratory drilling in 2014 (well 3SD) Drill well 3SD and test up to 3 productive zones Revision of the license obligations Search for a partner in the project Preparations for drilling in 2015
Kurdistan (Iraq)
Shakal Complete 3D seismic field work Drill 2 exploration wells Garmian Drill 1 exploration wells Halabja Complete interpretation of 2D seismic surveys
Appraisal Selection Specification Realization
Exploration
Appraisal
Selection
Specification
Realization
Exploration
Venezuela
Step-by-step realization of contractual agreement for supplementary exploration (first stage completion) Continue realization of Early production project Pipeline construction as part of Early production Continue construction of roads and bridges Base engineering of Upgrader and ground-level infrastructure
Partnership with Shell (KMPA)
Built a portfolio of license blocks for KMPA Create a first pass commercial view
55
Appendix: 2014 plans for major upstream developments (cont'd)

Exploration Exploration Appraisal Appraisal Selection Selection Specification Specification Realization Realization Exploration Exploration Appraisal Appraisal Selection Selection Specification Specification Realization Realization
Eastern part of Orenburg field
Orenburg
Phase 1-2 Phase 3
Commission high-pressure gas compressor and third technological line at CPF Complete well stock metering control project Commission external transport oil pipeline (2.4 MMTonnes/year) and the first start-up complex of CPF (1.5 MMTonnes/year) Begin construction of gas pipeline to Orenburg gas processing plant, booster compressor station and gas compressor station
Selection Selection Specification Specification Realization Realization
SeverEnergia
Tsarichanskoye

Exploration Appraisal
Drill 62 production wells Implement test production at oil rims (Samburgskoye and Yaro-Yakhinskoye fields) Commission 2 trains of GPF(14 bcm per year total) at Urengoyskoye field; GPF (7 bcm per year) at Yaro-Yakhinskoye; 3d train of GPF (2.3 bcm per year) at Samburgskoye field Implement program to explore oil part of achimovsky deposits at Samburgskiy license area Commission 1st train of CPF at Yaro-Yakhinskoye
Selection Specification Realization
Exploration
Appraisal
Appraisal
Exploration
Novoport
Phase 1 Phase 2
Drill 7 wells and carry out exploration wells test program (phases 1-2) Launch CPF (400 MTonnes/year) Complete oil pipeline construction (oil field to CPF) Start summer crude shipments (temporary scheme) Complete phase 1 design and survey work and get approval from the Directorate-General for State Environmental Review for the Arctic Terminal and infrastructure
Selection Selection Specification Realization
Prirazlomnoye
Complete design and survey work for the 3rd start-up complex Commission off-shore ice-resistant fixed platform Prirazlomnaya Commission 3 wells (1 production, 1 injection and 1 absorbing) Begin oil shipments Commission field camp and water-supply facilities
Exploration Exploration
Appraisal Appraisal
Exploration Exploration
Appraisal Appraisal
Selection Selection
Specification Specification
Specification
Realization
Realization Realization
Messoyakha
Phase 1 Phase 2

Carry out preliminary work for construction of gasturbine power plant, CPF and pipeline Complete phase 1 design and survey work of the key infrastructure Complete drilling well pads #1,2 and well testing Drill 2 exploration wells 3D seismic survey, Phase 2 West (drill and test 1 exploration well), East (drill well pad #4, 3D seismic 490 km2, drill 1 exploration well, test 2 objects, model specification)
Badra
1 (infrustructure) 2 (development)
Complete setting up a field development plan Launch: Technological line CPF In-field pipeline Export oil pipeline Wells BD4, BD5 Begin construction of Technological line GPF Commission well 8 Start commercial production Start production drilling (5 drilling rigs)
56
Appendix: Gazprom neft balance

Crude, MMTonnes
1.25 MMTonnes
Hydrocarbon production abroad
49.33 MMTonnes
4.74 MMTonnes
Crude oil production in Russia

0.4 MMTonnes Condensate 6.81 MMTonnes Hydrocarbon purchases
Petroleum products purchase
2.75 MMTonnes Refining abroad
14.24 MMTonnes CRUDE OIL SALES**
45.31MMTonnes PRODUCT OUTPUT***
Petroleum products, MMTonnes
7.10 MMTonnes Premium business segments 1.85 MMTonnes

Russian Federation 18.8 MMTonnes Filling stations and tank farms 4.7 MMTonnes 20.6 MMTonnes Other customers Export and state contracts
12.39 MMTonnes
Export sales (CIS, NIS a.d, NoviSad, Gazprom Neft Trading Gmbh)0
57
Part 6. Gazprom Energoholding

Denis Fedorov
Head of Gazprom Directorate for Development of Power and Heat Generation CEO of Gazprom Energoholding
58
Russian power generation

Russia is a Top-6 country in terms of installed capacity, 2012, GW
China US EU Japan India Russia 287* 234 223
6
Key facts about the market

1,220 1,168* 964 Market turnover 2008-2012, $bn
2008 2009 2010 2011 2012 Production
Source: companies data
24
16
23
30 16 19
33
23
32
22
Transmission
Thermal Depreciation in the generation sector Hydro Nuclear
26% 22% 65% < 30 years
52% 57%
22% 21% 35%
* Data as of 2011. Source: data of power authorities of the countries, EIA
Russia is a growing competitive market
31-50 years
> 50 years
Private investments in the industry exceed $40 bn since 2006 The electricity market is completely liberalized Projects within the Capacity Delivery Agreements (CDA) provide 14% IRR of the players investments
The largest generating companies in Russia, GW
Source: GEH analysis
GEH
37.7 37.5 33.5
RusHydro
Inter RAO RosAtom EuroSibEnergo
Source: companies data
59
25.2
19.5
Gazprom Energoholding - Investor Day 2014
Electricity consumption in Russia: Dynamics and drivers

Consumption of electricity in Russia has been growing at 1.8% annually in the recent 10 years The Russian GDP growth rate is expected to grow following the recovery of key industries Electricity prices in Russia have potential to grow
Forecast of electricity consumption in Russia, bn kWh

1,200 1,150 1,100 1,050 1,000 1,038 1,134 1,146 6.0%
Russias GDP growth rates
Electricity prices for industrial customers, EUR/MWh in 2012

150 120 90 60 30 0
Russia Germany Spain France Poland Italy UK
4.5% 4.4%
3.5% 1.5%
2.9%
3.5% 3.7% 3.9% 3.8%
1,049
1,062
1,076
1,091
1,106
1,121
3.0%
0.0% -3.0% -6.0% -7.8%
2012
2013
2014
2015
2017
2019
2016
2018
2020
-9.0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Source: EIU forecast 2014 Source: World Bank, EIA, statistical agencies of the countries
Sources: fact 2012 Energy Forecasting Agency, forecast is evaluated indicatively basing on GDP forecast of MED
Consumption of electricity is expected to grow at 1% annually in 2014-2020
GDP growth rates are expected to recover to 3-4% per year in 2014-2018
Elimination of cross-subsidization may become the growth driver
60
Gazprom Energoholding assets profile

Gazprom energoholding owns controlling stakes in Mosenergo, TGK-1, OGK-2 and MOEK GEH is the leading thermal generator in Russia More than 75% of GEH gas consumption is produced by the subsidiaries of Gazprom
As of 2013 Electricity Heat
Installed capacity
Production
37.7 GW
71.3 th. Gcal/h
159.6 bn kWh 124.8 mm Gcal Electricity Heat 12.3 GW 35,1 th. Gcal/h 58.6 bn kWh 67.6 mm Gcal $0.96 bn(1) 15% Electricity Heat 7.2 GW 14,2 th. Gcal/h 29.3 bn kWh 27.3 mm Gcal $0.70 bn(1) 22.6% Electricity Heat 18.0 GW 4.5 th. Gcal/h 70.7 bn kWh 6.8 mm Gcal 0.77 bn(1) 22.7% Electricity 0.2 GW 1.0 bn kWh Heat 17.5 th. Gcal/h 23.1 mm Gcal
Installed capacity Production
53.5%
MCap Free float
Installed capacity Production
51.8%
MCap Free float
Installed capacity
Production
77.3%
MCap Free float
Installed capacity
98.9%
1. As of February 25, 2014
Production
61
The management is focused on value creation

Environment
Prices for power Heat tariff Gas tariff Climate
We do not affect tariffs
GEH influence area 1 2 3 4 5

Operational efficiency Guaranteed IRR of investments Availability of debt funds Strategy and M&A, creation of synergies Corporate governance and IR
but we create value for shareholders via internal optimization
The industry specifics give less space for price and volume maneuver, therefore the company is focused on efficiency enhancement The strategic goals of GEH remain the retention of its leading position in the industry, entry into new markets and social responsibility to its personnel
62
Performance of management on GEH assets optimization

In 2013 GEH managed to reduce its expenses and strengthen the financial position of its assets GEH also executed the acquisition of MOEK which is expected to create significant synergies when integrated with Mosenergo
Cash flow of TGK-1 will grow following the execution of the investment program: Completion of CDA projects will allow to increase EBITDA of TGK-1 Program of operational effectiveness improvement: The overall effect reached RR 1.4 bn of EBITDA in 2012 and RR 881 mm of EBITDA in 2013 The key initiatives in 2013 are optimization of procurement and reduction of output by ineffective capacities
7.8 EBITDA TGK-1*, RR bn 15.4 11.9 16.5 17.3
2010 * IFRS
2011
2012
2013F 2014F
The company has executed the program of expense reduction: Successful operational activities (optimization of load conditions and fuel balance, reduction of worktime for unprofitable units, effect from new capacities)
-51% -13% -15%
Advisory, legal, auditor services(1) Transportation expenses (1) Materials and supplies expenses (1)
Enhancement of procurement system

Optimization of organizational structure (personnel down by 795 persons, effect was RR 225 mm)
Gazprom Energoholding completed its acquisition of MOEK : MOEK acquisition will allow Mosenergo to eliminate the risk related to the loss of a part of heat loads (due to the merger of MOEK and MTK) Commissioning of new effective units results in expense reduction: New CHPPs in TEC-21 and TEC-26 commissioned in recent years reduces the fuel consumption significantly
1. RAS as of December 31, 2013
Fuel rate in electricity production by new CHPPs, g/kWh
256
217
212
209
TEC-21 9m2012
TEC-26 9m2013
63
Growth of GEH assets financials

Gazprom Energoholding significantly outperformed the leading European power companies in terms of growth rates
15.0%
EBITDA CAGR 2009-2013F, IFRS
10.0%
Revenue CAGR in 2009-2013 reached 9%, EBITDA CAGR 9%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
35.0% -25.0%
-6% -4% -2% 0% 2% 4% 6% 8% 10% 12%
Source: Bloomberg consensus as of January 27, 2014 * Excluding MOEK The 2013 results exclude the depreciation tests and potential transactions with the assets of Khimki Heating Grids
Revenue CAGR 2009-2013F, IFRS
64
Expected effect from the drivers of 2013-2014 EBITDA

Costs optimization programs implemented by GEH are expected to result in EBITDA increase of over RR 4 bn in 2013 and over RR 2 bn in 2014
Expected effect on EBITDA from the costs optimization activities
+1.5
RR bn
+0.8
RR bn
+1.8
RR bn
+0.8
RR bn
+0.8
RR bn
+0.5
RR bn
2013
2014
2013
2014
2013
2014
Some measures/initiatives will also allow the company to increase its value in the future:
Expected growth drivers
Impact from the MOEK acquisition: Gas savings due to load switching Optimization of heat management system Sale of land Other*
CDA program finalization Improvement of corporate management by means of introducing Fortum representatives to the Board
CDA program implementation Execution of cost reduction program
CDA program finalization LEAN program
Management reporting data * Other effects include the use of equipment from MOEK boilers subject to be closed at other objects and extra income from the rental or sale of office buildings
65
Additional growth opportunities for GEH

Being a part of Gazprom Group, GEH positions itself as an international player
Along with the current work on efficiency improvement, the company continues to seek opportunities for added value creation both in Russia and abroad
1
Service business
GEH acquired a group of power maintenance companies TeploEnergoRemont in 2013

GEH holds the blocking stake of power service company Tekon-Engineering Both companies carry out contracting works for GEH generating subsidiaries, as well as for companies outside the group
Projects in Russia
Power fuel stations Agreement on power fuel stations was signed with the Government of Moscow Particularly, GEH reached the preliminary agreements concerning the measures for increasing the number of electric vehicles and building the required infrastructure in Moscow
Pancevo project Construction of a 208 MW CHPP in the town of Pancevo together with NIS Return on investments is guaranteed by long-term agreements on fuel supplies and sales of heat and electricity
Projects abroad
Potential foreign projects GEH is permanently monitoring markets which can be potentially interesting for business development. At the moment the company is evaluating the opportunities in Germany, Serbia and other Balkan countries, as well as in Japan, China and Vietnam
66
Appendix: GEH profile

General Information
Gazprom Energoholding is the largest owner of power generating assets in Russia (controlling stakes in Mosenergo, TGK-1, OGK-2 and MOEK) GEH unites 81 power stations with installed capacity of ca. 37.7 GW (about 17% of the total installed capacity of the Russian electric power industry), and is one of the Top-10 European power producers
Top-10 European power generating companies by installed capacity, 1H 2013, GW
139.5 97.8
Installed capacity in Russia as of 31.12.2012(1)
17%
83%
Source: System Operator
GEH fuel balance as of 30.09.2013

0.7%
67.7
(2)
52.0 50.7 39.4 37.7 37.4 36.5 33.5
14.9%
Gas Coal Fuel oil
84.5%
Source: company data
1. Source for the total installed capacity in Russia (223 GW) data of the System Operator 2. GdF Suez installed capacity in Europe
67
Appendix: Operational and financial results outlook for 2013/2014

Electricity output
+5.6%
166.9
158.6
167,5
Revenue (IFRS)
+5.3%
323.8
336.1
354.0
kWh bn
2012 61.3 27.3 75.2 166.9
2013 58.6 29.3 70.7 158.6

+1,9%
2014F 62.7 30.9 73.9 167.5
Change 7.0% 5.5% 4.5% 5.6%
RR bn
2012 157.1 62.5 104.2 323.8
2013F 156.7 67.5 112.0 336.1

+1.9%
2014F 168.0 73.1 112.9 354.0
Change 7.2% 8.3% 0.8% 5.3%
Mosenergo TGK-1 OGK-2 Total
Heat output
101.1
99.7
101.6
EBITDA (IFRS)
46.3
52.7
53.7
Gcal mm
2012 68.4 24.6 6.3 101.1
2013 67.6 27.3 6.8 99.7
2014F 67.6 27.3 6.7 101.6
Change 0% +7.9% -1.5% 1.9%
RR bn
2012 20.3 15.4 10.6 46.3
2013F 24.7 16.5 11.5 52.7
2014F 24.6 17.3 11.8 53.7
Change -0.4% 4.8% 2.6% 1.9%
Source: Companies data Data for Mosenergo and OGK-2 exclude the 2013-2014 depreciation tests. Data for Mosenergo are shown without the potential effects of the transactions with Khimki Heating Grids assets
68
Appendix: Investments of GEH companies guarantee value creation in the future

Upgraded CDA tariff guarantees return on investments
GEH invests into CDA projects, all of which are profitable Share of new capacities reached 15.9% in the 2013 revenue, and is still growing In 2014-2017 the company will continue the CDA program according to the accepted timeline
Basic IRR of investments on the basis of Capacity Delivery Agreements
RR ths. per 1 MW/month
499
4.2x
118 Essential tariff CDA tariff
IRR 13-14%
Share of new capacities in the revenue of GEH

11.1% 15.9%
Share of new capacities in the revenue of the subsidiaries (2013)

21.2% 15.3%
9.4%
14.0%
2011
2012
2013
Mosenergo
TGK-1
OGK-2
Commissioning timeline according to GEH investment program, GW

5.1 3.8 2.3 0.1 0.4
before 2013
2014
2015
2016
2017
In the coming years GEH will continue to execute the CDA program, and will also obtain additional income from the previously commissioned CDA units
69
Appendix: MOEK acquisition

In 2013 GEH acquired MOEK a strategic transaction which is expected to create the following synergy effects:
Economy due to the switch of loads from ineffective boiler stations of MOEK to GEH stations (potential effect over RR 10 bn) Up to 3,500 Gcal/h may be switched to combined cycle generation
The measures are expected to result in the reduction of heat losses by 1 mm Gcal by the end of 2013 headcount by 1 thousand employees
Potential sale of land plots under the boiler stations to be closed Obtaining the status of a Unified Heat Supplying Company in Moscow and other operational synergies
Upon acquisition of MOEK, GEH will control 93% of heat generation in Moscow The transaction will also allow GEH to control 93% of heat distribution market
Load switch synergies, tons of fuel equivalent
Structure of Moscow power market

Generation Distribution
7% 18% 70% 75% 7% 23%
75 ~300 ~225
Average fuel consumption by MOEK boiler stations
Potential economy
Average fuel consumption of Mosenergo (co-generation)
93%
Mosenergo MOEK
93%
Others
70
Appendix: Expected effect of tariffs freeze

The so-called tariffs freeze became an important event in power sector regulation in 2013
The freeze assumes indexation of gas, electricity and capacity tariffs (as well as rail) by 0% in 2014. Further, the Government is planning the indexation of the above tariffs by rates not higher than the previous years inflation As only the regulated tariffs, including the gas tariffs, will be frozen, while electricity prices are not fixed on a free market, the effect may not be negative for the electricity industry Markets Wholesale market Regulated agreements Resolution of the Government on the tariff change starting from 01.01.2014 N/A 0% 2014/2013 average growth rate + 6%(1) + 6-7%(2)
Segments Electricity
Competitive capacity outtake

Capacity Regulated agreements CDA Heat Industrial customers Households
0%
0% no resolution yet + 0-4,2% + 4,2%
3%
+ 3-4% same level + 0-4,2% + 4,2%
Fuel
Gas
Coal
0%
+ 0-1%(3)
+ 7%
+ 0-1%(3)
* 1. 2. 3.
Companys expectations based upon the recent public releases about the potential changes in tariffs and prices Market Council forecast In case the change is 0% starting from 01.01.2014 Excluding the Russian Railways tariff
71
Contacts for investors
Department for Finance&Economics Corporate Finance Directorate Fax: (007) (495) 719-35-41
Department of Corporate Finance Investor Relations Tel: (007) (812) 385-9548
Section of Investor Relations Tel: (007) (495) 428-47-83
Oleg NAGOVITSYN Deputy Head of Corporate Finance Directorate

Phone: (007) (495) 719-26-25 E-mail: O.Nagovitsyn@adm.gazprom.ru
Alexey KOKOREV Head of Corporate Finance Department

Phone: (007) (812) 648-3117 E-mail: Kokorev.AS@gazprom-neft.ru
Ekaterina PAVLOVA Head of Investor Relations

Phone: (007) (495) 428-47-83 (ext. 4607) E-mail: pavlovaea@gazenergocom.ru
Andrey BARANOV Head of Investor Relations E-mail: ir@gazprom.ru
Anna SIDORKINA Head of Investor Relations

Phone: (007) (812) 385-9548 E-mail: Sidorkina.AV@gazprom-neft.ru
72

Gazprom Investor Day Presentation - Mar 3 2014

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Gazprom Investor Day Presentation - Mar 3 2014

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March, 2014

Investor Day 2014

Gazprom Power Generation

Investor Day 2014

Part 1. Strategy Dmitry Lyugai

World gas demand 2030

Gas Coal Renewables

Strategy - Investor Day 2014

Global gas import/export in 2030

net import net export

North Central OECD America and South Europe America

Other Europe and Eurasia

Strategy - Investor Day 2014

Gazprom in the Russian domestic market

Independent gas producers

* - incl. gas purchases from other companies

TOTAL FINAL CONSUMPTION

Energy Strategy of Russia Adopted

Energy Strategy of Russia Project

Gas Gas share stabilization in Fuel and Energy Balance

Strategy - Investor Day 2014

Europe: Gazproms traditional market

500 400 300

SHALE GAS IN EUROPE AND CIS

GAZPROMS SHARE AT THE EUROPEAN MARKET

Strategy - Investor Day 2014

Field productivity in 2014-2030 period, bcm/year

North of West Siberia and Yamal peninsula Fields

Pre-Yamal shelf Pechorskoye Sea shelf Kharasaveiskoye Bovanenkovskoye

Severo-Kamennomysskoye Kamennomysskoye-sea Pestsovoye Urengoiskoye Yubileynoye Chayandinskoye

Eastern Siberia and Far East Fields

Kirinskoye Kirinskiy licensed section

105% 106% 108% 106% 102% 108%

% of gas reserves replenishment

Strategy - Investor Day 2014

Gazprom LNG projects

Baltic LNG Sakhalin-2 Vladivostok LNG

Operating LNG plant

Prospective LNG plant

Strategy - Investor Day 2014

Gas infrastructure development in Eastern Siberia and Far East regions

Date of put into operation (not earlier)

Trunk pipeline Power of Siberia

Date of put into operation (not earlier)

Plateau production, bcm /year

Strategy - Investor Day 2014

Mutual interest in gas export contract conclusion

Strategy - Investor Day 2014

Forecast of capital investments

average annual Up to 960 bn RR p.a.

TRANSPORT (incl. UGS1)

GAZPROM'S INVESTMENT PROGRAM

INNOVATIVE DEVELOPMENT PROGRAM TO 2020

Structure of CAPEX by major project

Strategy - Investor Day 2014

Part 2. Transportation Oleg Aksyutin

Gas transportation system

OSTROGOZHSK ALGASOVO PETROVSK SAMARA

SKOVORODINO BLAGOVESHCHENSK BIROBIDZHAN

Caspian Sea BAKU

Transportation - Investor Day 2014

Development of gas transportation system

Svobodnica BOSNIA AND HERZEGOVINA

South Stream Transport B.V.