INVESTOR DAYPRESENTATION

July 8 ,2015, Abrau-Dyurso

| 2GAZPROM NEFT

2014 Gazprom neft results

| 3GAZPROM NEFT

HIGHLIGHTS

*Including GPN share in EBITDA of associates and jont ventures

Operational progress in FY2014:FY2014 Financial performance

Revenue, RUB 1,408 bln 2P PRMS reserves up

Net Income, RUB 122 bln Refining volumes up

reflects significant negative FX effect in 4Q2014

EBITDA*, RUB 343 bln Hydrocarbon production up

Premium sales up

+1.7% Y-o-Y +6.4% Y-o-Y

+7.5% Y-o-Y

+11.1% Y-o-Y +11.5% Y-o-Y

-31.4% Y-o-Y

+2.0% Y-o-Y

| 4GAZPROM NEFT

2014 KEY EVENTS

» Agreed 50/50 ownership of SeverEnergia with NOVATEK

» Aquired 9.1% stake in Northgas

» Obtained exploration and production licenses in YANAO, Orenburg and for oil horizons at southern Priobskoye

» Shipped first Arctic oil (ARCO) in April from Prirazlomnoye; aquired 100% of Gazpromneft Shelf

» Shipped first four cargoes of ’Novy Port’ crude

» 15,000 bpd production from Badra triggered cost reimbursement

» Refinery and storage terminal reconstruction and modernization continues

» Launched Russia’s most modern and powerful motor oil production plant at Omsk

» GPN-Total JV completed polymer-modified bitumen production facility

» Established joint venture with SIBUR and Titan Group for Omsk polypropyl-ene plant (Poliom)

» Retail network: built 20, reconstructed 62, rebranded 16 stations (excl. Europe)

» Increased average daily throughput per station for Russian network to 20.0 tpd

UPSTREAM DOWNSTREAM

| 5GAZPROM NEFT

2014 RESULTS: GROWTH IN ALL KEY PERFORMANCE INDICATORS

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

Hydrocarbon production, MMToe

Premium sales, MMTonnesRefining throughput, MMTonnes

1,343

948

1,443

1,112

2013 2014

+ 11.5 %

948

2012

1,200

927

43.3 42.6

2012 2013

43.5

2014

+ 2 %

59.7

62.3

2012 2013 2014

+

6.4

%

66.3

22.924.0

2012 2013

25.8

2014

+

7.5 %

| 6GAZPROM NEFT

BEST UPSTREAM RESULTS OF RUSSIAN PEERS IN 2014

Hydrocarbon production performance Y-o-Y, MMToe. Production dynamics comparison at fields of West Siberia

Gazprom neft Gazprom neft

Company 1 Company 1

Company 4

Company 2

Company 2

Company 5

Company 3

Company 3

4.2

-1.8%

-1.1%

-1.0%

0.9%

3.1

1.9

0.4

+6.9%

+1.3%

+11.8%

+0.4%

-3.0%

+0.4%0.1

-2.1

In 2014 Gazprom neft increased production at mature fields due to:

» High-tech workover program (Noyabrskneftegaz, Gazpromneft-Khantos); increased horizontal drilling 17% from 184 wells in 2013 to 215 in 2014, including 4% increase in multi-stage fracks from 137 wells in 2013 to 142 in 2014

» Involvement in development of 15 MMtonnes of hard-to-recover reserves

Source: CDU TEK

| 7GAZPROM NEFT

FINANCIAL PERFORMANCE IN THE CONTEXT OF PRICE VOLATILITY

Revenue, RUB bln EBITDA*, RUB bln.

Operating cash flow, RUB bln.Net income, RUB bln

1,233 1,268

2012 2013

1,408

2014

176 178

182**

2012 2013

122

188**

2014

323 337

2012 2013

343

2014

248277

2012 2013

284

2014

*Including GPN share in EBITDA of associates and joint ventures**Adjusted for the change in FX for the period

| 8GAZPROM NEFT

Delivering growth from mature field development and aquisitions

Exploration and Production

| 9GAZPROM NEFT

NEW FIELD RESOURCES EXCEED ONE BILLION TONNES OIL EQUIVALENT

ESPO

Eastern SiberiaKuyumba2P reserves: 229 MMTonnesStart up: 2018

Chonskiy 2P reserves: 63 MMToeStart up: 2020

Arctic offshore

Group share in proved and probable (PRMS) reserves at new projects exceeds one billion tonnes of oil equivalent*

Central and Eastern Europe

Prirazlomnoye2P reserves: 51 MMToeStart up: 2014

DolginskoyeEstimated reserves: 70 MMTonnes Start up: 2021

Exploration projectsin Serbia, Hungary,Romania, Bosniaand Herzegovina

North of YANAO

Oil pipeline New projects

Oil pipeline under construction ESPO Mature field production areas

Junin 6 Estimated reserves: 1,8 bln tonnes Start up: 2012

Venezuela

Kurdistan (Iraq)Estimated reserves: 178 MMTonnesStart up : 2015

Badra2P reserves: 72 MMToeStart up : 2014

Iraq

China

MongoliaKazakhstan

66.3 MMToe total hydrocarbon production from over 100 mature fields in Khantiy-Mansiysk, Yamalo-Nenets, Krasnoyarsk, Tomsk, Omsk,

Tyumen, Orenburg regions and Serbia

Reserves data are for 100% share.* Group share of proved and probable reserves in accordance with PRMS classifications as of 31 December 2014; excludes estimated reserves associated with NIS exploration projects and Dolginskoe field.

Novoport2P reserves: 127 MMToeStart up: 2015-2016

Messoyakha2P reserves: 145 MMTonnes Start up: 2016

SeverEnergia2P reserves: 1,070 MMToeStart up: 2012

Northgas2P reserves: 242 MMToeStart up: 2001

| 10GAZPROM NEFT

NOVY PORT: FIRST SUMMER AND WINTER SHIPMENTS

» In August 2014, Gazprom Neft made the first summer oil shipment from the settlement of Mys Kamennyi. The quality of (trademarked) Novy Port crude is superior to the Brent benchmark

» February 2015: Winter shipping launched

» The crude was loaded onto the ocean tanker in accordance with a transitional scheme that was approved by an environmental review and confirmed in public hearings

» 11 tankers were sent during the 2014-2015 summer and winter seasons with a total volume of roughly 212 mt

3 421

Shipping/receivingpoint

Flexible pipe

Transfer to river tankervia flexible pipe

Transfer tosea-going tanker

Transfer from river tankerto sea tanker

Crudeshipment

Shuttle barge

Tanker

| 11GAZPROM NEFT

PRIRAZLOMNOYE: SHIPED ~ 470,000 TONNES CRUDE TO CUSTOMERS IN NORTHWEST EUROPE

* The vessel was built at the Admiralty Shipyards in St. Petersburg specifically for year-round transportation of oil from platforms in Arctic conditions

» Seven shipments completed

» Over 500,000 crude since first commercial production

» Two reinforced, double-hulled Arc6 tankers: Kirill Lavrov* and Mikhail Ulyanov*

» Two multifunctional icebreaker service boats provide uninterrupted support to the Prirazlomnoye platform

| 12GAZPROM NEFT

BADRA: FIRST OIL

January February March April May June July August September October November December

» Production reaches 15,000 bpd

» Completed construction of basic infrastructure; began filling oil tanks » Produced millionth barrel from Badra field

» First oil deliveries to Iraqi pipe-line system; official field startup ceremony

» Achieved commercial production level required for cost recovery (95 days at 15,000 bpd in a 120 day period)

» Commercial production startup

| 13GAZPROM NEFT

CONTINUED DEVELOPMENT OF NEW FIELDS IN KRASNOYARSK, EASTERN SIBERIA, AND IRAQI KURDESTAN

» Implemented reinjection scheme at productive formation

» Agreed new detailed geological mod-el of Kuyumba field

» Completed four exploration wells and nine horizontal production wells

» Completed 3D and 2D seismic

» Completed workover of Sarkala-1 well

» Drilled Shakal-2 and Shakal-3 wells to planned total depth

» Completed testing at three explo-ration wells in East Messoyakha license area and one well in West Messoyakha license area with up to 110 tpd oil

» Positive government expert review of all infrastructure elements

» Commenced infrastructure construc-tion

» Completed 900 km2 3D seismic, includ-ing 600 km2 using UniQ technology

» Drilled and tested five exploration wells

Chona Kurdistan (Iraq)MessoyakhaKuyumba

| 14GAZPROM NEFT

EXPANDED NEW PROJECT PORTFOLIO IN 2014

January February March April May June July August September October November December

*Reserves data shown for 100% stake

» Acquired a total of 10 licenses in 2014 in Yamalo-Nenets, Khantiy-Mansiysk, Orenburg regions and on Arctic shelf. ABC1 reserve growth: 5.1 MMToe

SeverEnergia » Reached agreement with NOVATEK on

50/50 ownership structure

» Completed first phase of ownership restructuring: effective Group share 45.1%

» 2P reserves (PRMS)*: 1.07 billion toe

Northgas » Obtained 9.1% effective share in Northgas

» 2P reserves (PRMS)*: 242 MMToe

Added 126 million toe of ABC1 reserves through asset acquisition, new licenses and asset transfer from Gazprom

| 15GAZPROM NEFT

INCREASINGLY SOPHISTICATED WELLS DELIVER INCREASED PRODUCTION

Share of horizontal wells , % Relative initial flow rate, (m3/day per meter thickness of effective oil-bearing layer)

Advanced well technologies, %

2011

100%

2014 2013 2012

■ Share of horizontal wells

13%

33% 40%

4%

2011

100%

2014 2013 2012

■ Multilateral ■ Horizontal with multi-stage frac ■ Share of horizontal wells

6% 10% 10%

33%

64%

57%

89% 61% 26%

33%

4%

7%

2011 2014 2013 2012

11.710.8

5.7

3.0

| 16GAZPROM NEFT

BAZHENOV MILESTONES IN 2014

Key activities in 2014

Confirmed geological understanding of Bazhenov accumulations

Technology development

Hydrodynamic modeling

Began first priority pilot projects: Palyanovskiy and Priobskiy

» Palyanovskiy project: Drilled five deviated wells with hy-drofracs

» Priobskiy project: Drilled four appraisal wells with hydrof-racs

» Developed exploration program to study potential of Ba-zhenov layers at all Group subsidiaries in Khantiy-Mansiysk and Yamalo-Nenets districts

Increasing resource base

» Received three geological study licenses (Yulskiy 4 and 5, South Lungorskiy)

» Successful bids for Nyalinskiy and Panlorskiy licence areas » Began work to transfer license for West-Yubileyniy from

Gazprom

| 17GAZPROM NEFT

Achieving strategic goals for refining and premium channels

Downstream

| 18GAZPROM NEFT

GROWTH IN REFINING THROUGHPUTS MAXIMIZING EFFICIENCY

7.7 MMTonnes Yaroslavl

Refining throughput, MMTonnesт

10.8 MMTonnes Moscow

1.2 MMTonnes Mozyr, Belarus

21.3 MMTonnes Omsk

2.6 MMTonnes NIS, Serbia 2010 2011 2012 2013 2014

19.0 19.9 20.9 20.2 21.3

8.910.8 10.7 11.1 10.8

7.2

7.4

9.6 8.6 8.82.9

2.4

2.12.7

2.6

37.9

40.5

43.3 42.6 43.5+14.7% +2.0%

Omsk Moscow Slavneft NIS

2014/2010Y-o-Y

Capacity: 15 MMTonnesQuality: 8.1 Nelson indexLocation: 270 km to Moscow. Sits on product exportspipeline; helps to cover the premium Moscow region,takes advantage of low cost export capacity

Capacity: 12.15 MMTonnesQuality: 7.0 Nelson indexLocation: Sits within the Moscow circle road; Coversthe highest margin and deepest market

Capacity: 21.57 MMTonnesQuality: 8.1 Nelson indexLocation: Mid-South of West Siberia – center of Russians oil production 1,200 km to the nearest competitor

Average Nelson index in Russia – 5.1

Capacity: 7.31 MMtonnesQuality: 7.9 Nelson indexLocation: Pancevo, Serbia. Covers the Balkans market, where it has a large retail chain

| 19GAZPROM NEFT

MODERNIZATION OF EXISTING UNITS WITH THE GOAL OF IMPROVING RELIABILITY AND ENVIRONMENTAL PERFORMANCE

2014

» Moscow: VDU reconstruction Launch of gas fractionation plant with cleaning reflux

» Omsk: SGC terminal

» Yaroslavl: Gasoline pool reconstruction Diesel hydrotreater reconstruction

Plans for 2015-2017

» Moscow: Reconstruction of catalytic cracking unit Improving efficiency of wastewater treatment

» Omsk: Reconstruction of distillation unit Reconstruction of deep conversion unit

» Yaroslavl: Group III base oils Hermetically-sealed oil product loading into rail tankers

| 20GAZPROM NEFT

LAUNCH OF DEEP CONVERSION INVESTMENT PROGRAM

MoscowComplex refining unit

OmskDelayed coker

Project details Target indicators

Depth of refining

Light product output

93% 96%71%

94%

2014 2020 2014 2020

Omsk Moscow

67% 80%53%

80%

2014 2020 2014 2020

Omsk Moscow

Complex refining unitTimeline 2014-2018

Deep conversion complexTimeline 2014-2020

CDU/VDUTimeline 2014-2018

Delayed cokerTimeline 2014-2018

Deep conversion complexTimeline 2014-2018

– Primary distillation project – Complexity project

| 21GAZPROM NEFT

SUCCESSFUL IMPLEMENTATION OF REBRANDING AND RECONSTRUCTION PROGRAM ALLOWS FOR INDUSTRY-LEADING RETAIL NETWORK

Retail metrics Benchmarking, tpd(Avg. daily sales/site in RU)

Loyalty program, mln members Non oil sales, 1,000 RUB/sq.m.

■ Russia Network, units ■ Europe, units ■ CIS Network, units◆ Average daily sales per site in Russia,tpd

■ Gazprom Neft ■ Company 2■ Company 1

4

8

12

16

20

1.9

3.3 4.3

5.3

2011 2012 2013 2014

12.3 14.9

16.7 18.7

2011 2012 2013 2014 2011 2012 2013 20144q 2014

1,043 1,060 1,111 1,150

425 344 408 420

202 205 228 239

14.2 17.6 19.0 20.0

2011 2012 2013 2014

21.9 22

Recordrate

| 22GAZPROM NEFT

» Expanded presence from 170 to 198 airports » Expanded refueling complexes to 40 from 38 » Expanded global network to 149 from 125 airports » Number of aviation partners 74 » Signed agreement on refueling GPN-Aero clients via international Shell

aviation network

» Expanded presence from 32 to 34 ports » Increased fleet by 11 units, including high-tech vessel for Black Sea. » Renewed annual contracts with leading international shipping compa

nies (CGM, HMM, Maersk, MSC, SCF, Thenamaris, ZIM) » Began bunkering activities in Riga, Latvia

» Opened 11 branded G-Energy Service stations (4 in Russia, 3 in Italy, 3 in Georgia, 1 in Belarus)

» Opened automated blending line at Omsk » Number of countries in which products are sold has increased to 52

PREMIUM CHANNELS CONTINUE DOMESTIC AND GLOBAL EXPANSION IN 2014

Aviation Bunkering Lubricants

2012 2013 2014

2.9 3.2 4.2

Premium sales, MMTonnes

Market sharein Russia

Market sharein Russia

Market sharein Russia

Premium sales, MMTonnes Premium sales, mt

2012 2013 2014

2.12.4

2.8

2012 2013 2014

145 170 190

24.5%18

.6% 13.6

%

| 23GAZPROM NEFT

MOTOR OIL BLENDING COMPLEX AT OMSK

Produces 110 mt of motor oils

Gazprom Neft launched Russia’s most modern and powerful motor oil production plant

Simultaneous storage of 10 mt of motor oils

Packaging over 350 types of productsPackaging 180 mt of finished product

| 24GAZPROM NEFT

Yaroslavl

LEADING POSITION ON BITUMEN MARKET

production facilities Russian bitumen plants of Russia’s roads are built using Gazprom Neft bitumen

The company successfully cooperates with government cus-tomers and regulators

» Russian Federation Ministry of Transport » SC Avtodor, Rosavtodor » Moscow Government

Gazprom Neft bitumen is used in the construction and repair of all federal and inter-regional facilities; road networks of the Russian Federation

Traditional brands for Russia Moscow

Kazakhstan

Omsk

Omsk

Serbia

Moscow JV with TotalRyazan

Innovative premium brands

International bitumen production

mt/y of capacity for production of polymer-modified bitumen via GPN-Total JV

branded bitumen distributors deliv-ered over 100 mt to consumers in 2014

site in Russia for premium segment sales (polymer-bitumen binders)

7

32

2

60

30%

1

| 25GAZPROM NEFT

Dividend Policy and Investments Outlook

| 26GAZPROM NEFT

STABLE FULFILLMENT OF SHAREHOLDER OBLIGATIONS

Dividend yield benchmarking* Dividends, 2010-2014.

» Expect to pay 2014 dividends equivalent to 25% of IFRS Net Income » Continuing program of 6-month interim dividends

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2010 2011 2012** 2013** 2014

Gazprom Neft Company 2 Company 1

21,051

44,09434,611

44,473

30,676

4.44

7.30

9.30 9.38

6.47

3.00

2.00

1.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

0

5,000

15,000

25,000

35,000

45,000

55,000

65,000

2010 20122011 2013 2014

Dividends, RUB mln Dividends per share, RUB

* Calculated on the basis of dividends declared in the corresponding period and stock prices in rubles for Jan. 1, matching period (MICEX)** Began programs for payment of interim dividends of Gazprom Neft and Company 2

| 27GAZPROM NEFT

DISCIPLINED CAPITAL SPENDING TO DRIVE FUTURE SUCCESS

■ M&A■ New projects■ Other■ Marketing and distribution■ Refining■ Greenfields■ Brownfields

217.4

2013

318.5

2014

380.9

2015E

Investments outlook, RUB mln 2015 Investments breakdown, RUB mln

142.4

130.

9

40.6

21.6

26.9

6.911.6

380,9