2Q2014 IFRS Consolidated Financial Results. October 15, 2014

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1 2Q214 IFRS Consolidated Financial Results October 15, 214

2 Alexander Ivannikov First Deputy Head of the Department for Finance and Economics 1

3 Disclaimers 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. Any viewer of this presentation considering a purchase of such securities is hereby reminded that any such purchase should be made solely on the basis of the information contained in the prospectus or other offering document prepared in relation thereto and will be subject to the selling restrictions set out therein. 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 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 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 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 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. 2

4 Summary of Financial Results 2Q214 vs. 2Q213 Gazprom Group results 2Q 214 YoY Total net sales 1,315 bn RR 19% Adj. EBITDA 281 bn RR -36% Net Profit (1) 228 bn RR 13% Operating cash flow 298 bn RR -32% Free cash flow 76 bn RR -47% Net debt (2) 895 bn RR -2% Net debt/adj.ebitda LTM.5x 1. Profit for the period attributed to owners of OAO Gazprom 2. Compared to Net debt as of December 31, Q214 IFRS Consolidated Financial Results

5 Hydrocarbon Production, Electricity and Heat Generation Natural Gas, bcm Gas Condensate, mln ton Crude Oil, mln ton 2-4 % 6, % % 15 4, ,5 14,8 137,2 131,6 13,7 2, 3,6 3,4 3,8 3,9 3,6 5 8,3 8,6 8,7 8,6 8,6 2Q213 3Q213 4Q213 1Q214 2Q214, 2Q213 3Q213 4Q213 1Q214 2Q214 2Q213 3Q213 4Q213 1Q214 2Q214 Electricity generation, bn kwh Heat generation, mln Gcal % 8, % 4 6, 2 36,3 34,7 41,8 42,7 33,5 2Q213 3Q213 4Q213 1Q214 2Q214 4, 2,, 49, 32,3 15,3 8,8 18,1 2Q213 3Q213 4Q213 1Q214 2Q214 Including Russian generating companies: Mosenergo, OGK-2, TGK-1 4 2Q214 IFRS Consolidated Financial Results

6 Russian Natural Gas Balance Bcm 2Q213 2Q214 Natural gas sources Domestic gas production Other sources including Central Asian and Azerbaijani gas Gas withdrawn from underground storage in Russia, Latvia and Europe Decrease in the amount of gas within the gas transportation system Natural gas distribution Domestic consumption including needs of the gas transportation system and underground storages Gas pumped into underground storages Gas for LNG production Foreign supplies (including the Baltic States) FSU supplies (including the Republic of Ossetia and Georgia) Increase in the amount of gas within the gas transportation system Source: Company operating data 5 2Q214 IFRS Consolidated Financial Results

7 Gas Sales Gas Sales in Russia Gas Sales in Europe and Other Countries (2) Gas Sales in FSU Countries Net sales (1) Net sales (3,4) Net sales (3,4) RR bn + 8% RR bn + 1% RR bn + 136% Q213 3Q213 4Q213 1Q214 2Q214 2Q213 3Q213 4Q213 1Q214 2Q214 2Q213 3Q213 4Q213 1Q214 2Q214 bcm Volumes and prices RR/mcm bcm Volumes and prices (5) US$/mcm % - 2% Q213 3Q213 4Q213 1Q214 2Q214 2Q213 3Q213 4Q213 1Q214 2Q214 bcm Volumes and prices (3,5) US$/mcm % Q213 3Q213 4Q213 1Q214 2Q214 Calculations may diverge due to rounding. 1. Net of value added tax (VAT); 2. Other countries include LNG sales to Argentina, China, Japan, Korea, Nigeria and Vietnam; 3. VAT is not charged on sales to FSU, Europe and other countries; 4. Net of custom duties; 5. Gross average price including custom duties 6 2Q214 IFRS Consolidated Financial Results

8 Oil and Energy Businesses 2Q213 Net Sales (1) 2Q214 6% 58% Crude oil and gas condensate; refined products Gas business and other revenues Electric and heat energy 33% 7% 36% 6% Crude Oil and Gas Condensate; Refined Products RR bn Electric and Heat Energy + 27% + 16% RR bn Q213 3Q213 4Q213 1Q214 2Q Q213 3Q213 4Q213 1Q214 2Q214 Calculations may diverge due to rounding. 1. Net of value added tax (VAT) 7 2Q214 IFRS Consolidated Financial Results

9 2Q214 vs. 2Q213 Changes of Operating Expenses Items Main drivers of change +/- RR bn (+/- %) Due to an increase in the tax rate for gas from RR 582 to RR 7 per mcm since Jan. 1, 214, and an increase in the tax rate on oil extraction from RR 47 to RR 493 per ton Cost of purchased gas increased by RR 9 bn or 7%; and cost of purchased oil increased by RR 11 bn or 22% relating to activity of Gazprom Neft Group Relates to average salary indexation and increase in average number of personnel Mainly driven by accrual of provision for doubtful trade accounts receivable of NAK Naftogaz Ukraine Mainly relates to consolidation of OAO MIPC from Sept. 213, increase of purchases of materials from third parties and increase in prices Mainly due to increase in volumes of refined products purchased from third parties Driven from depreciation of Euro and U.S. dollar against Rouble in 2Q214 and appreciation of Euro and U.S. dollar against Rouble in 2Q213 Due to an increase in the balances of inventories and finished goods Taxes other than on income Purchased gas and oil Staff costs Charge for impairment provisions Materials Cost of goods for resale, inc. refined products Exchange rate differences Changes in inventories of finished goods, work in progress and other effects The rest of OpEx +28 (+18%) + 2 (+11%) + 15 (+13%) + 17 (+31%) + 28 (+81%) + 31 (34%) + 43 (+13%) + 79 (+21%) (+758%) Total OpEx: + RR 39 bn (+51%) The rest of OpEx include: Depreciation; Transit of gas, oil and refined products; Repairs and maintenance; Electricity and heating expenses; Social expenses; Transportation services; Rental expenses; Insurance expenses; Processing services; Research and development expenses; Heat transmission; Derivatives gains (losses); Other OpEx. 8 2Q214 IFRS Consolidated Financial Results

10 Negative Effect of Changes in Working Capital in 2Q214 Decrease in accounts payable RR (4) bn Decrease in accounts receivable RR 26 bn RR (117) bn 2Q214 Total Changes in Working Capital Increase in cash in deposits Increase in gas inventories Changes in taxes payable RR (21) bn RR (58) bn RR (9) bn Negative impact on the company s operating cash flow during the period Other effects RR (51) bn 9 2Q214 IFRS Consolidated Financial Results

11 Capital Expenditures RR bn 3 Gazprom Group s CapEx (1) & self funding (2) position % % 19% 125% 148% 134% , , , Q213 2Q214-1 Transport Production of natural gas Production of crude oil and gas condensate Refining Electric and heat energy Distribution Gas storage Other Self funding (OpCF/Cash CapEx) 1. CapEx breakdown as provided in Management Discussion and Analysis of Financial Consolidation and Results of Operations 2. Self funding = Net cash provided by operating activities / CapEx as provided in IFRS Consolidated Financial Statements 1 2Q214 IFRS Consolidated Financial Results

12 Impeccable Free Cash Flow Generation RR bn Free Cash Flow , ,9 114,4 141,9 2,6 73,7 75,6 4Q212 1Q213 2Q213 3Q213 4Q213 1Q214 2Q Free Cash Flow = Net Cash from operating activities Capital expenditures 11 2Q214 IFRS Consolidated Financial Results

13 Debt Overview Total Debt (1), RR bn 1,838 1,82 1,537 1, ,28 1,71 1, Max 1.6x,8,5 Credit metrics,9,9 1,,7,6,5 9 % H214 Net Debt Cash&Cash equivalents and certain restricted cash Cost of debt financing (2) H214 Total Debt / Adj. EBITDA Net Debt / Adj. EBITDA Debt maturity profile (2) 21% 26% 33% 3% Weighted average fixed interest rate Less than 1 year 1-2 years 2-5 years More than 5 years Weighted average floating interest rate Weighted average interest rate Calculations may diverge due to rounding 1. Total debt: short-term borrowings and current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities 2. Excluding promissory notes % 5.5% 3 2.8% H214 38% 33% 17% 19% 36% 39% 13% 14% 24% 22% 18% 16% H214 2Q214 IFRS Consolidated Financial Results

14 Department for Finance & Economy Corporate finance directorate Fax: (7) (495) Contacts for Investors and Analysts Andrey BARANOV Deputy Head of Corporate finance directorate Phone: (7) (495)

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