OAOOAO GazpromGazprom ShareholdersShareholders Meeting,Meeting, JuneJune 29,29, 20072007 Financial highlights

2005 2006 Changes Receipts from gas and other product 272.2 sales, RUR bln 1,231.3 1,632.7 32.6 %

Net profit, RUR bln 203.4 343.7 68.9 %

Dividends per share, RUR 1.502.54 69.3 %

160.4

66.2

31.9 12.8 18.5 Market capitalization, USD bln

12.31.2001 12.31.2002 12.31.2003 12.31.2004 12.31.2005 12.29.2006

2 Equity capital structure

2002 2003 2004 2005 2006

The share controlled by the Russian Federation 39.262% 39.262% 39.262% 50.002% 50.002%

including

The Federal Agency for Federal Property Management 38.373% 38.373% 38.373% 38.373% 38.373%

ОАО Rosgazifikatsiya0.889% 0.889% 0.889% 0.889% 0.889%

ОАО Rosneftegaz --- 10.740% 10.740%

ADR holders4.422% 4.422% 4.422% 4.422% 13.200%

Other registered persons and legal entities 56.316% 56.316% 56.316% 45.576% 36.798%

3 Share Market

The closing price of Gazprom’s shares at the The closing price of ADR on Gazprom’s St. Petersburg stock exchange shares at the London stock exchange* RUR USD

350.38 52.64 302.5 46.0 215 ceiling ceiling 29.48

year-end year-end 314 195 bottom bottom 28.68 194.3 11.92 69.6

15.76 84.7 14.2 76.57 10.9 44.45 7.86 10.36 10.5 35.45 40.55 38.5 4.68 4.16 24.02 21.1 3.88 15.64

2002 2003 2004 2005 2006 2002 2003 2004 2005 2006

•The ADR price reflects a new Gazprom’s shares/one ADR ratio (one ADR = four shares)

4 Reserves

Total 29,854.1 1,217.0 1,386.9

4,114.5 28.5 93.2 47.4 21.3 8.8 Offshore 13.5 0.1 Northwest FD 2.7

21,937.2 FD 810.6 58.7 689.7 295.0 1,146.0 2,594.8 134.3 26.3 Gas, bcm 392.4 Volga FD Ural FD 38.5 Condensate, mln t 4.5 Siberian FD Oil, mln t Southern FD

5 Reserve buildup

Reserves Geological Reserves as at 12.31.05 exploration as at 12.31.06

Natural gas, bcm 29,130.7 590.9 29,854.1

Condensate, mln t 1,216.3 11.9 1,217.0

Oil, mln t 1,357.5 46.9 1,386.9

Three gas condensate and one oil fields discovered

Chikanskoye – Eastern

Yuzhno-Noyabrskoye – Western Siberia

Akobinskoye – Orenburg Oblast

Karmalinovskoye – Stavropol Krai

30 hydrocarbon reservoirs discovered

6 License Acquisitions

A total of 238 licenses held by Gazprom Group as at 12.31.2006

Hydrocarbon prospecting and production licenses – 169

Geological survey licenses– 59

32 subsoil use licenses obtained, including 9 licenses in Central 7 Audit

Appraisal of Gazprom Current value Group’s А+В+С1 reserves Gazprom’s reserves

94% of gas 182.5 USD bln

94% of oil 26.1 90% of condensate USD bln Gazprom Neft’s reserves

8 Gas production

by 2030 – no less than 610-630 bcm

630 by 2020 – no less than 580-590 bcm

by 2010 – no less than 560 bcm 590

560 556 557 552.5 555 547.6

521.9

2002 2003 2004 2005 2006 2007 2010 2020 2030

9 Gazprom’s production capacities

Aneryakhinskaya

Yamburgskoye

Pestsovoye Yen- Kharvutinskaya Yakhinskoye Tab- Yakhinskaya

Urengoyskoye Yuzhno- Russkoye

Between 2002 and 2006 production capacities Yety- with a total design capacity Purovskoye of over 170 bcm/yr commissioned Vyngayakhinskoye

10 New gas production provinces in ’s offshore

Sakhalin Northeast Barents offshore

Ludlovskoye Yamal offshore Fersman Rise

a y l Rusanovskoye Bely Island Ledovoye m Shtokman e Z Leningradskoye

a y a v Gydan Peninsula o Kharasaveyskoye N Kruzenshternskoye Antipayutinskaya Sev. Kildinskoye offshore Sev. Kamennomysskoye Rybachiy Peninsula

V Prirazlomnoyeai Caspian ga Kildin island ch Is Dolginskoye la Obskoye Sea Murmanskoye nd Amderma Kamennomysskoye Sea Murmansk d Teriberka n la Is Medyn Sea v e K u Varandey Sea lg o o la K P e Kanin Peninsula and Taz Bays n Yar-Sale in s u la Narian-Mar Salekhard

Oil and gas fields

Arkhangelsk Promising structures

11 Yamal - a new development stage for gas production and transportation

Rusanovskoye

Leningradskoye The Bovanenkovskoye field – Malyginskoye commissioning in 2011 of the first start-up Kharasaveyskoye complexes with a capacity of no less than 15 bcm Tambeyskaya group per year and a gas trunkline between Bovanenkovo

Bovanenkovskoye and Ukhta

Kruzenshternskoye

The aggregate reserves in the Bovanenkovskoye, Kharasaveyskoye and Novoportovskoye fields – Rostovtsevskoye 5.8 tcm of gas, 100.2 mln t of condensate, and 227 mln t of oil Novoportovskoye

Yamal’s explored gas reserves – 10.4 tcm 12 Eastern Russia

Udachny Yakutsk Russia Mirny centre Yakutsk centre Krasnoyarsk centre Komsomolsk- on-Amur Tyumen Tomsk Tynda Yuzhno- Sakhalinsk Boguchany Sovgavan Bogandinskaya CS Irkutsk Skovorodino to the USA Krasnoyarsk centre Khabarovsk Chelyabinsk Proskokovo Omsk Taishet Blagoveshchensk Novosibirsk Kansk Chita Kemerovo Abakan Zabaikalsk Barnaul Angarsk Irkutsk Novokuznetsk Ulan-Ude Gorno-Altaisk Nakhodka Vladivostok Kazakhstan Ulan -Bator Tokyo DPRK Mongolia Pyongyang Japan Korea Seoul Beijing

China

27% of Russia’s initial in-place resources – Shanghai more than 67 tcm

13 Oil business development Annual oil output by 2020 - 80 mln t 34

oil, mln t Oil and condensate reserves – 2.6 bln t condensate, mln t

Bringing onstream explored oil fields on a by-stage basis 11.5 11.4 9.5 Expanding the resource base

Developing the petrochemical sector, GTL technology 2005 2006

14 Gazprom’s gas transmission system

Current status The length of gas trunklines – 156.9 thousand km including spur lines – 44.5 thousand km

Compressor stations – 217 Gas pumping units – 3,629 with a total installed capacity of 41,000 MW

In 2006 717.8 bcm of gas was fed into Gazprom’s gas transmission system, including 115 bcm injected by independent producers

15 New gas pipeline routes

SWEDEN

NORWAY FINLAND

RUSSIAN FEDERATION IRELAND

ESTONIA DENMARK

GREAT BRITAIN LATVIA LITHUANIA MOSCOW

KAZAKHSTAN

BELARUS

CZECH POLAND GERMANY REPUBLIC UKRAINE SWITZERLAND FRANCE SLOVAKIA PORTUGAL AUSTRIA

ВЕНГРИЯ MOLDOVA SPAIN ROMANIA CROATIA UZBEKISTAN BOSNIA ITALY

YUGOSLAVIA BULGARIA GEORGIA TURKMENISTAN

MOROCCO

АЛЖИР ТУНИС Nord Stream Possible gas transmission route ТУРЦИЯ from the Shtokman field Gryazovets – Vyborg Sokhranovka CS–Oktyabrskaya CS gas pipeline South Stream Kasimovskoye UGS site – Izobilnoye CS gas pipeline NTO – Torzhok Urengoy transit centre expansion 16 Shaping a gas pipeline system in eastern Russia

Udachny Yakutsk Sakhalin RUSSIA Mirny centre Yakutsk centre Krasnoyarsk centre Komsomolsk- on-Amur Tyumen Tomsk Tynda Yuzhno-- Sakhalinsk Boguchany Sovgavan Bogandinskaya CS Irkutsk Skovorodino to the USA Krasnoyarsk centre Khabarovsk Chelyabinsk Proskokovo Omsk Taishet Blagoveshchensk Novosibirsk Kansk Chita Kemerovo Abakan Zabaikalsk Barnaul Angarsk Irkutsk Novokuznetsk Ulan-Ude Gorno-Altaisk Nakhodka Vladivostok KAZAKHSTAN Ulan -Bator Tokyo DPRK MONGOLIA Pyongyang JAPAN KOREA Seoul Beijing

CHINA Gas production centres Pipeline gas Shanghai LNG

17 Operations on the Russian market

356.0 +14.8%

316.3 +3.0% 310.0 307.0

2005 2006 2005 2006 Gas sales volume, bcm Receipts from gas sales, RUR bln

18 Regulated market sector reduction

Increasing the maximum level of changes in regulated gas prices: to 15% in 2007

to 25% in 2008

to 20% in 2009

to 28% in 2010

Introducing a pricing formula in long-term contracts

By 2011 sales profitability on the domestic market is planned to be brought in line with the European level adjusted to transportation costs and charges

19 Electronic trading dynamics

mln m³

221 200 258 254 235 165.9

134 94.5 64 90 91 33.7 73 29 95 25 30 25.1 60 1 24.3 3

11.22. 06 12.15. 06 01.07.07 02.01.07 02.09.07 02.15.07 02.20.07 03.01.07 03.12.07 03.15.07 03.20.07 Independent producers Gazprom Group

The prices at trading sessions exceeded the regulated ones by 30–40% 20 Gasification of Russian

The Gasification Program envisages construction of over 12,000 km of gas distribution pipelines between 2005 and 2007

In 2006 122 local pipelines with a total length of 1,313 km were completed

In 2007 the Program will enable to increase the number of gasified apartments and households by 15%

Gas will be additionally delivered to over 13 mln people

In 2006 the Program was funded with RUR 17.6 bln, with RUR 20.2 bln to be invested in 2007

21 Gas export to the CIS and Baltic countries

Switching to market relations with the CIS and Baltic countries

Expanding presence on the CIS and Baltic markets

– acquiring stakes in gas transmission and marketing companies

– establishing joint ventures

Gas sales volume – 101.0 bcm (up 31.9%), Receipts from sales – RUR 209.7 bln (up 93.5%)

22 European market

161.5 +3.5% 845.9 +36.6%

619.1

156.1

2005 2006 2005 2006

Gas sales volume, bcm Receipts from sales, RUR bln

23 Long-term contracts and strategic agreements

Contracts extended with

E.ON Ruhrgas – four contracts extended through 2035 for a total supply volume of up to 20 bcm per year OMV – extensions agreed on till 2027 and new contracts signed for the supply of 6.9 bcm/yr to Austria Eni – extensions till 2035 for the supply of gas to Italy

Gaz de France – extensions till 2031 for the supply of gas to France

RWE Transgas (Czech Republic) – till 2036. Deliveries will grow to 9 bcm starting 2010

Agreements signed on the Main Terms & Conditions of >20 bcm/yr Gas Deliveries through the Nord Stream Gas Pipeline with E.ON Ruhrgas, DONG Energy, Gazprom Marketing & Trading and Gas de France

with BASF and E.ON to swap assets

on the Strategic Partnership with Eni

24 UGS in Agreements concluded

to potentially create a Poederlee (Belgium) underground storage site, Gazprom’s share – 75%

to increase Gazprom’s share to 75% in the Humbly Grove UGS facility

Great Britain Gazprom has obtained the right to tap Jemgum Humbly Grove Hinrichshagen into the Hinrichshagen structure Rehden Poederlee (Germany) for UGS site construction Belgium Bernburg purposes

Gazprom takes UGS capacities on Germany Shonkirchen lease (between 2006 and 2007- 400 mln Haidach m³ of working gas volume in Germany Austria and Austria)

25 Diversification of markets and geography of supply

Strategy to build up presence on the LNG market

Spot deals and LNG-for-pipeline gas swaps

From 2005 Gazprom Marketing & Trading has effectuated LNG spot deliveries to the USA, the Great Britain, South Korea, Japan, India and Mexico. The total sales volume – around 0.6 mln t (0.9 bcm)

In December 2006, Sakhalin Energy’s stockholders and Gazprom signed the Protocol on Gazprom’s entry into the Sakhalin-2 project as a leading stockholder

26 Sakhalin-2

Nyrovo Sakhalin-2 (Piltun-Astokhskoye) Nikolayevsk-on-Amur Okha

Val Lazarev Pogibi Katangli De-Kasti

Sakhalin-2 (Lunskoye)

d n Smirnykh la s I n The project contemplates developing li a h k a the Piltun-Astokhskoye oil (reserves – S Gastello around 600 mln t) and Lunskoye gas (reserves – 700 bcm) fields Dolinsk

Yuzhno-Sakhalinsk

Prigorodnoye

Kril’on

Wakkanai Gas pipeline LNG plant

Oil pipeline Hydrocarbon fields

The project is aimed at LNG supply to Asia-Pacific

27 Exploration and production abroad

Vietnam

Mong Cai CHINA Hanoi Halong

Hai Nan

CARRIBEAN SEA Aruba Island (Netherlands) Curacao Island (Holland) GUAJIRA CARDON-III Uzbekistan PENINSULA PARAGUANA Block 112 COLUMBIA PENINSULA URUMACO-I Punto Fijo Dong HA URUMACO-III Bay of La Vela URUMACO-III Gulf of Coro MORUY - III GULF OF VENEZUELA Coro Chimkent India Charvak VIETNAM El Tablazo

Tashkent

Almalyk VENEZUELA BANGLADESH UZBEKISTAN JHARKHAND Kungrad

Nukus WESTERN BENGALIA Nurata Ranchi

Urgench Navoi Buchar Samarkand a

Mubarek

Karshi Calcutta Chardzhou Haldia Termez ORISSA Kelif Block-26 Bhubaneshvar (NEC-OSN-97/1)

Paradip

BAY OF BENGAL

Vishakhapatnam

28 Power industry

Increasing profitability under the Russian power industry restructuring conditions

Achieving synergies with other business activities

Diversifying tariff control risks

Optimizing the share of natural gas in Russia’s fuel balance

Power generation activities abroad

The Agreement with the Armenian Government for ArmRosgazprom joint venture to acquire and complete the construction of the fifth 1,100 MW power generating unit at the Razdanskaya CHP

29 Electric power and СО2 emission quotas trading

May 2006

Gazprom Marketing & Trading joined the Code of Rules governing purchases, sales and transportation of electric power in the Great Britain

October 2006

First electric power trading deal

November 2006

Gazprom Marketing & Trading sealed its first deal to trade in СО2 emission quotas in Europe

30 New products and technologies

Synthetic liquid fuel (SLF) production Intensive development of low pressure gas reserves, associated gas, gas fields located at long distances from gas transportation infrastructure

Coalbed methane extraction Expansion of the hydrocarbon resource base and target markets

Gasification of the Kemerovo Oblast and southern Siberia

31 Debt portfolio management

Growth of Gazprom’s credit ratings confirms its status of a 56.6% reliable borrower

24.6%

14.1%

The share of long-term loans secured by export revenues

12.31.2004 12.31.2005 12.31.2006

32 Investments and capital investments

Capital investments - a total of RUR 410.4 bln (up 43.5%)

Transmission 47.9%

Oil and condensate production 11.3%

Processing 5.1% Other Gas production 8.1% 27.6%

33 Non core asset divestiture

Deals worth RUR 31 bln executed

excluding intra-Group transactions – RUR 9.4 bln

34 Structure improvement

Enhancing performance efficiency

Optimizing business management at the subsidiary level

Setting up specialized subsidiaries on the platform of gas transmission and production companies, and consolidating assets according to a field of action

35 OAOOAO GazpromGazprom ShareholdersShareholders Meeting,Meeting, JuneJune 29,29, 20072007