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INVESTOR DAY 2016

GAZPROM NEFT

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GAZPROM

INVESTOR DAY 2016 DISCLAIMER

This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses

of Gazprom Neft and its consolidated subsidiaries

All statements other than statements of historical fact

are, or may be deemed to be, forward-looking

statements. Forward-looking statements are statements

of future expectations that are based on management’s

current expectations and assumptions and involve

known and unknown risks and uncertainties that could

cause actual results, performance or events to differ

materially from those expressed or implied in these

statements.

Forward-looking statements include, among other

things, statements concerning the potential exposure of

Gazprom Neft to market risks and statements

expressing management’s expectations, beliefs,

estimates, forecasts, projections and assumptions.

These forward-looking statements are identified by their

use of terms and phrases such as ‘‘anticipate’’,

‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’,

‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, ‘‘probably’’,

‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, ‘‘risks’’, ‘‘goals’’,

‘‘should’’ and similar terms and phrases.

There are a number of factors that could affect the

future operations of Gazprom Neft and could cause

those results to differ materially from those expressed

in the forward-looking statements included in this

presentation, inclusively (without limitation):

(a) price fluctuations in crude oil and oil products;

(b) changes in demand for the Company’s products;

(c) currency fluctuations;

(d) drilling and production results;

(e) reserve estimates;

(f) loss of market and industry competition;

(g) environmental and physical risks;

(h) risks associated with the identification

of suitable potential acquisition properties

and targets, and successful negotiation

and completion of such transactions;

(i) economic and financial market conditions

in various countries and regions;

(j) political risks, project delay or advancement,

approvals and cost estimates; and

(k) changes in trading conditions.

All forward-looking statements contained in this

presentation are expressly qualified in their entirety by

the cautionary statements contained or referred to in

this section. Readers should not place undue reliance

on these forward-looking statements. Each forward-

looking statement speaks only as of the date of this

presentation. Neither Gazprom Neft nor any of its

subsidiaries undertake any obligation to publicly update

or revise any forward-looking statement as a result of

new information, future events or other information.

3

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INVESTOR DAY 2016

2015 GAZPROM NEFT RESULTS

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GAZPROM

INVESTOR DAY 2016

2015 KEY EVENTS

Upstream Downstream

Completed installation of the crude-loading terminal in the Ob Sea, northern

Yamal, allowing the year-round shipment of oil from Novoportovskoye oil field

Commissioned Yuzhno-Priobsky gas processing plant in Khanty-Mansiysk

Obtained management rights over controlling stake in Northgas

Began production from Yaro-Yakhinskoye, the third Arcticgas oilfield in March and

reached target production in June

Received first three shipments of oil in compensation for expenses at Badra

Began commercial oil production at Garmian (Kurdistan) in February

Continued reconstruction and modernization of refineries and storage

terminals

Increased number of active filling stations to 1,866 vs. 1,810 in 2014

Average daily throughput per station for Russian network 19.1 tpd

Dynamics of gasoline and diesel sales outpaced Russian market

Retained market share for all premium channels

5

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GAZPROM

INVESTOR DAY 2016

1,923 2,128

2,291 2,555

2,694

2011 2012 2013 2014 2015E

Probable

Proved 57.3 59.7 62.3 66.3 79.7

2011 2012 2013 2014 2015E

19.5 22.5 24.0 25.7 25.7

2011 2012 2013 2014 2015E

40.5 43.3 42.6 43.5 43.0

2011 2012 2013 2014 2015E

2015 RESULTS: GROWTH IN ALL KEY PERFORMANCE INDICATORS

Proved and probable reserves (PRMS) incl. JV, MMToe

Refining throughput, MMTonnes

Hydrocarbon production, MMToe

Premium sales, MMTonnes

~ Y2014

6

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GAZPROM

INVESTOR DAY 2016

-5%

0%

5%

10%

15%

20%

25%

GPN Peer 1 Peer 2 Peer 3 Peer 4 Peer 5

OUTPERFORMING RUSSIAN AND INTERNATIONAL PEERS

Growth in hydrocarbon production (FY2015 vs. FY2014) , %

SOURCE: CDU TEK

PEERS: ROSNEFT, LUKOIL, SURGUTNEFTEGAS, BASHNEFT, TATNEFT

7

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GAZPROM

INVESTOR DAY 2016

DELIVERING PRODUCTION GROWTH AND

AN INDUSTRY-LEADING REFINING ASSET BASE

Key strategic indicators 2015E 2025 target

79.7 100.0 Hydrocarbon production, MMtoe

Refining throughput in Russia, MMTonnes

Light products yield in Russia, %

Conversion rate in Russia, %

62

81

80

95

40.0 39.5

8

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INVESTOR DAY 2016

RESPONDING TO CHANGED MARKET ENVIRONMENT

Focusing on lower risk and

lower cost resources

Adjusting refinery upgrade

program

Growing marketing and

distribution profitably

Controlling cost

Highgrading international

project portfolio

Optimizing upstream growth

model

Completion of large projects at advanced stage of development (Novoport,

Messoyakha)

Deferring decisions on high risk international projects whilst maintaining future

optionality

Aligning timing of upgrades with external context and capital allocation priorities

Focusing on most profitable expansion opportunities

Tighter control of operational and capital costs

Prioritizing projects which will yield short-term production and cash flow increases

and deliver short payback periods

Continue exploration activities in accordance with license requirements

9

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INVESTOR DAY 2016

EXPLORATION AND PRODUCTION

10

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GAZPROM

INVESTOR DAY 2016

59.7 62.3

66.3

79.7

100.0

0

20

40

60

80

100

2012 2013 2014 2015E 2025

Gazprom Neft Joint operations* JVs**

MAJOR PROJECTS AND ACQUISITIONS ARE DRIVING

HYDROCARBON PRODUCTION GROWTH Hydrocarbon production, MMToe

*JOINT OPERATIONS: PROPORTIONALLY CONSOLIDATED COMPANIES (TOMSKNEFT, SPD)

** JOINT VENTURES: EQUITY ACCOUNTED ENTITIES (SLAVNEFT, SEVERENERGIA (ARCTICGAS), NORTHGAS)

____//_______

NOTE: DATA AS OF 1 JANUARY, 2015

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INVESTOR DAY 2016

CONTINUING VALUE CREATION FROM LEGACY FIELDS

2015 highlights Priorities for 2016

Brought 22 MMTonnes of hard-to-

recover reserves into production.

Increased production by 3% at

Vyngapurovskoye field

Increased horizontal drilling by

12.5% (+55 wells) and increased

wells with multi-stage fracs by 42%

(+70 wells)

Maintain current level of oil

production at brownfields

Increase development of hard-to-

recover reserves. Increase

development of low-permeability

resources using bilateral wells with

multi-stage fracs in each wellbore

Significantly reduce produced water

and unproductive water injection

12

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INVESTOR DAY 2016

KEY STEP TOWARDS YEAR-ROUND OIL SHIPMENTS FROM NOVOPORT

Arctic terminal

Completed assembly of Artic terminal in the Gulf of Ob

with full oil shipment infrastructure including a 10.5km pipeline with

underwater section

Tota

l h

eig

ht

ove

r 8

0 m

etr

es

Maximum capacity

over 8.5 Mm tonnes per year

CRUDE OIL ACCEPTANCE

AND DELIVERY POINT

SUPPLY VESSEL

UNDERWATER

PIPELINE

ARCTIC

TERMINAL

TANKER

13

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INVESTOR DAY 2016

DEVELOPING NEW PRODUCTION CLUSTER IN YAMAL-NENETS REGION

Jan 15 Feb 15 Mar 15 Apr 15 May 15 Jun 15 Jul 15 Aug 15 Sep 15 Oct 15 Nov 15 Dec 15

Obtained beneficial

ownership in Northgas from

Gazprom, GPN achieved

equal share in management

Launched Yaro-Yakhinskoye

gas processing facility,

capacity 20 MMm3/d

(Arcticgas)

Arcticgas obtained non-recourse Rub 181

bln loan facility agreement with PJSC

“Sberbank” and JSC “Gazprombank” to

refinance existing project debt at longer

maturity and lower interest rate

Reached target production volumes

of approximately 7.7 bcm of gas and

1.3 MMTonnes of de-ethanized gas

condensate per year at Yaro-

Yakhinskoye field (Arcticgas)

14

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INVESTOR DAY 2016

PROGRESSING NEW FIELD DEVELOPMENTS

Prirazlomnoye Messoyakha Badra Kurdistan (Iraq)

Completed construction of three wells

- production (starting production rate

1,800 tpd) , water injection and

cuttings injection

Produced the millionth tonne of oil in

November

Commissioned first stage of base

camp

Completed 2015 infrastructure

construction program: site and right-

of-way preparation for construction of

60 km high pressure oil pipeline and

gas-turbine electric power plant

system has been completed

Completed exploration program

(seismic exploration, drilling and

testing of two wells)

Drilled and completed three wells

with average initial production

11,000 bbl/day

Shipped three loads of cost recovery

oil

Completed construction of

CPF 2nd train

Engaged additional drilling rig,

bringing current total to four active

rigs

Produced millionth barrel of oil at

Sarkala field in early October

Confirmed availability of

hydrocarbons at Shakal block

Completed seismic interpretation of

2-D survey at Halabja block and 3-D

survey at Shakal block

15

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INVESTOR DAY 2016

DOWNSTREAM

16

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INVESTOR DAY 2016

19.9 20.9 20.2 21.3 20.9

10.8 10.7 11.1

10.8 11.0

7.4

9.6 8.6

8.8 8.2

2.4

2.1 2.7

2.6 2.9 40.5

43.3 42.6 43.5 43.0

0

5

10

15

20

25

30

35

40

45

2011 2012 2013 2014 2015E

Omsk Moscow Slavneft NIS

MAINTAIN REFINERY EFFICIENCY

Refining throughput, MMTonnes

17

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INVESTOR DAY 2016

REFINERY RECONSTRUCTION PROGRAM ON SCHEDULE

Omsk Completed:

Omsk: reconstruction of primary

distillation unit

Omsk: reconstruction of catalytic

cracking unit

In the process

Moscow: Reconstruction of catalytic

cracking unit

Moscow: Project “Biosphere”

(treatment complex)

Moscow: FEED and construction of

complex oil refining unit

Yaroslavl: Construction of Group III base

oils facility

Status as of 2015:

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INVESTOR DAY 2016

15.6 17.7 18.2 18.5 18.7

0

4

8

12

16

20

2011 2012 2013 2014 2015E

Retail Tank farms

2015E retail sales +2% in Russia and +7%

internationally vs. 2014

Average throughput at Russian stations 19.1 tpd

Increased active network to 1,866 stations

CONTINUED RETAIL GROWTH DESPITE CHALLENGING MARKET

• Station rebranding

• Advertising

Status as of 2015:

Sales of gasoline and diesel, MMTonnes

Driving sales growth through:

• Loyalty program

• G-Drive premium brand

19

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INVESTOR DAY 2016

145 170 190 228

0

50

100

150

200

250

2012 2013 2014 2015E

2.6 3.2

4.2 3.9

0

1

2

3

4

5

2012 2013 2014 2015E

2.1 2.4 2.8 2.8

0

1

2

3

2012 2013 2014 2015E

RETAINED MARKET SHARE FOR ALL PREMIUM CHANNELS

Premium sales, MMTonnes Premium sales, mt Premium sales, MMTonnes

Aviation Bunkering Lubricants

Presence in 208 airports

Refueling complexes: 41

Expanded global network to 160 airports

Presence in 37 ports (34 in Russia and 3 abroad -

Konstantsa, Tallinn, Riga)

Company-owned fleet of 11 vessels

Renewed annual contracts with leading international

shipping companies (CGM, Maersk, MSC, SCF, ZIM)

Lubricants range increased by 85 new products

(oils and greases)

Opened 22 branded G-Energy Service stations

Number of countries in which products are sold

has increased to 56

Market share

in Russia

29.1%

Market share

in Russia

20.6%

Market share

in Russia

16.7%

20

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INVESTOR DAY 2016

INVESTMENTS

21

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INVESTOR DAY 2016

CAPITAL DISCIPLINE: INVESTING SELECTIVELY FOR FUTURE SUCCESS

6.8

8.3

6.1

0

1

2

3

4

5

6

7

8

9

2013 2014 2015E

Investments outlook, US$ mln 2015 Investments breakdown, US$ mln

2.3

2.1

0.6

0.3

0.4

0.1 0.2

Brownfields

Greenfields

Refining

Marketing and distribution

Other

New projects

Other

6.1