Q1 2021 Financial and Operational Results (Ifrs)

Q1 2021 FINANCIAL AND OPERATIONAL RESULTS (IFRS)

St Petersburg – May 18, 2021 Agenda

HIGHLIGHTS, Alexey Yankevich Member of the Management Board, FINANCIALS CFO

Igor Shkirov Head of Planning, Performance and UPSTREAM Data Management Department, Upstream

Nikita Anichkin DOWNSTREAM Head of Economics, Investment and Data Management Department, Downstream

Gazprom Neft 2 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 There are a number of factors that can affect the All forward-looking statements facts are, or may be deemed to be, forward- future operations of Gazprom Neft and can contained in this presentation are looking statements. Forward-looking statements cause those results to differ materially from expressly qualified in their entirety by are statements of future expectations that are those expressed in the forward-looking the cautionary statements contained or based on management’s current expectations statements included in this presentation, referred to in this section. Readers and assumptions and involve known and including (without limitation): should not place undue reliance on unknown risks and uncertainties that may cause these forward-looking statements. actual results, performance or events to differ a) price fluctuations in crude oil and oil Each forward-looking statement materially from those expressed or implied in products speaks only as of the date of this these statements. presentation. Neither Gazprom Neft b) changes in demand for the Company’s nor any of its subsidiaries undertake products any obligation to publicly update or Forward-looking statements include, among other c) currency fluctuations things, statements concerning the potential revise any forward-looking statement d) drilling and production results exposure of Gazprom Neft to market risks and as a result of new information, future statements expressing management’s e) reserve estimates events or other information. expectations, beliefs, estimates, forecasts, f) loss of market and industry competition projections and assumptions. These forward- g) environmental and physical risks looking statements are identified by their use of h) risks associated with the identification of terms and phrases such as ‘‘anticipate’’, suitable potential acquisition properties and ‘‘believe’’, ‘‘could’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, targets, and successful negotiation and ‘‘may’’, ‘‘plan’’, ‘‘objectives’’, ‘‘outlook’’, completion of such transactions ‘‘probably’’, ‘‘project’’, ‘‘will’’, ‘‘seek’’, ‘‘target’’, i) economic and financial market conditions in ‘‘risks’’, ‘‘goals’’, ‘‘should’’ and similar terms and various countries and regions phrases. j) political risks, project delays or advancements, approvals and cost estimates k) changes in trading conditions

Gazprom Neft 3 1Q 2021 highlights

1Q 2021 financial performance

. Revenue: ₽611 billion (+18.7% year on year) . Adjusted EBITDA*: ₽194 billion (+95.3% year on year) . Net income: ₽84 billion

Operational progress in 1Q 2021

. Hydrocarbon production down 2.8% year on year (mtoe) . Refining volumes down 2.9% year on year (mt)

1Q 2021 vs 4Q 2020

. Revenue up 11.1% . Adjusted EBITDA* up 24.1%, net income up 3.3% . Hydrocarbon production up 0.5% (mtoe) . Refining volumes down 2.3% (mt)

* Including GPN share in EBITDA of associates and joint ventures

Gazprom Neft 4 EXPLORATION AND PRODUCTION

FLEXIBLE PORTFOLIO MANAGEMENT IS ENSURING OPERATIONAL SUSTAINABILITY

Gazprom Neft 5 Higher hydrocarbon production due to relaxation of OPEC+ restrictions

Daily hydrocarbon production Production growth factors (thousand toe per day) (mtoe)

24.8 24.1 0,2 +3% -1.9 0,4 0,6

272,4 267,7 261,4 255,5 260,5

21,9 20,0 +4%

175,0 167,7 165,5 159,2 161,9 +43%

4,1 2,9

1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 1Q 20 Brownfields OGF, GPN- Others 1Q 21 Zima Zapolyarye

Hydrocarbons Greenfields Liquid hydrocarbons Brownfields

Percentage changes may differ from the calculated figures and values may not sum to total due to rounding

Gazprom Neft 6 Lower operating costs as a result of optimising expenditure on planned repairs and equipment maintenance

Operating expenses (RUB/toe)

-2.7% -4 -20 -38 14

Operating expenses (RUB billion) 1,771 1,723 33 31 30 30 28

1Q 20 2Q 20 3Q 20 4Q 20 1Q 21

1Q 20 Brownfields* Major projects** Joint operations*** International assets 1Q 21

Percentage changes may differ from the calculated ones and * Noyabrskneftegas, Khantos, Vostok, Orenburg, GPN Yamal the values may not converge in the totals due to rounding ** Prirazlomnoye, Zapolyarye, Meretoyakhaneftegaz *** Tomskneft, SPD (proportionally consolidated companies)

Gazprom Neft 7 Operations at new assets – key highlights

Zima GPN-Zapolyarye

+107.7% +260.9% Hydrocarbon production 0,54 0,83 (mtoe)

0,26

0,23

1Q 2020 1Q 2021 1Q 2020 1Q 2021

Key events . 3D seismic surveying of the Vayskiy block . Heavy-weight oversize equipment – stabilisation column (471 km2) now complete – for the gas condensate stabilisation unit at the . Now moving on to cluster well development, Pestsovoye field delivered and installed with 13 new wells commissioned . Construction of the first production well at . Drilling services are transferred to captive Kharasaveyskoye field now complete, and anticipated power generation gas productivity confirmed . Preliminary water discharge oil-treatment . Delivery of modular equipment for the Chayandinskoye facility commissioned oil field now complete . 1MW-capacity power-supply service for . Construction of unique record-breaking 2,505-metre Blockchain computing modules launched horizontal-section well at the Chayandinskoye field now complete, with four additional 800-metre side-tracks drilled

Gazprom Neft 8 Commissioning of key infrastructure will facilitate higher oil production and supplies

10% Chayandinskoye oil 920,000 toe Share of oil-rims production and gas condensate after 2023 in the Group's production plan total hydrocarbon production field (OGCF) in 2021

oil rim

Plans to end-2021:

RUSSIA . to complete construction of modular oil Sakha Republic treatment facility

Chayandinskoye oilfield . to complete drilling of nine “Fishbone” wells

Well bushes Well bushes

Oil treatment plant

ESPO trunk pipeline A system for transporting oil from the Chayandinskoye field to the East Siberia– Pacific Ocean (ESPO) trunk pipeline is commissioned in Q1 2021

Gas treatment unit No. 3 Gazprom PJSC Acceptance point km mt Gazprom PJSC 70+ 1.5 in length annual throughput Oil pumping station capacity

Gazprom Neft 9 Partnerships to preserve the unique eco-system of the Polar Circle

Agreement signed between Messoyakhaneftegaz and the Government of the Yamalo-Nenets Autonomous Okrug on Development of an innovative dispersant for oil-spill working together on permafrost research and preservation liquidation under ice-bound conditions in cooperation with specialists from the Moscow Institute of Physics • collection of geocryological monitoring data and Technology’s Engineering Centre • analysis and evaluation of the condition of permafrost strata • development of solutions to regulate cryogenic processes

Risk-mitigation initiatives by Gazprom Neft 80% 100% dispersant effectiveness Russian-made under ice-bound components Geotechnical Pile-supported conditions monitoring system: construction to provide a “safety cushion” Dispersant action Ongoing monitoring of any . satellite monitoring foundation deformation to of pipelines ensure safe operation

. drone-imaging of potentially Temperature monitoring hazardous areas to ensure full reliability of building foundations . temperature measurements in 1 Oil film on the 2 The dispersant 3 These oil appraisal wells Thermal stabilisation surface of breaks the oil droplets are systems to prevent any water-ice film into small acted upon by permafrost melting mixture droplets micro- organisms

Gazprom Neft 10 DOWNSTREAM

LOWER DEMAND UNDER THE COVID-19 PANDEMIC HAS REFLECTED ON A YEAR-ON-YEAR REFINING VOLUMES

Gazprom Neft 11 Gradual recovery of the pricing environment

Crude price and average netbacks ($/bbl) Crude mix (mt)

80 -1.3% 16.3 16.1 0.2 0.2

60 4,7 4,4

0.3 1,1 1,2 40

20 10,3 10,0

0 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 1Q 20 1Q 21 Brent International market Refining netback Crude export Crude export netback Export to CIS Domestic market Refining Percentage changes may differ from the calculated ones and the values may not converge in the totals due to rounding

Gazprom Neft 12 Greater motor fuels output following the launch of the Euro+ complex at the Moscow Refinery

Motor fuels production in Russia (mt) Refining throughput (mt)

-2.3% 4.7 4.7 10.7 10.3 10.2 10.0 0,8 0,8 9.2

5,0 5,2 4,8 4,8 4,8 2,7 2,5

2,8 2,5 +14.8% 2,4 2,6 2,3

1,9 1,9 2,0 1,2 1,4 1,4 1,9

0,8 0,7 0,9 0,9 0,7 1Q 20 1Q 21 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21

Yaroslavl Omsk NIS Omsk Moscow Moscow Yaroslavl

Gazprom Neft 13 Gazprom Neft signed an agreement with the Ministry of Energy on increasing oil refining depth

On March 22, Gazprom Neft and the Ministry of Energy Units’ capacity established agreements on developing new deep conversion refining facilities at the Omsk and Moscow Omsk refinery refineries

The conclusion of agreements allows the company to receive an investment premium being up to 30% of the excise duty on crude oil Hydrocracking unit 2 mtpa of crude oil for 10 years Delayed coking unit (DCU) 2 mtpa of crude oil

Increasing the depth up to thanks to the prompt conclusion of of oil refining 97.9% agreements, Gazprom Neft has the opportunity to receive an investment premium to the excise duty on crude oil at the Omsk and Moscow Moscow refinery refineries from Q1 2021 Hydrocracking unit 2 mtpa of crude oil

Delayed coking unit (DCU) mtpa of crude oil Projects included in the Agreement 2.4 • Omsk refinery: Deep processing unit Increasing the depth of (hydrocracking unit and DCU) oil refining up to 98.0% • Moscow refinery: Deep processing unit (hydrocracking unit and DCU)

Gazprom Neft 14 Expanding the geography of the Company's premium businesses

Aviation Bunkering Lubricants Bitumens

Premium sales in 1Q 2021 0.46 mt 0.37 mt 0.08 mt 0.08 mt

Market share in Russia 22.9% 20.0% 23.5% * The market leader in premium bitumens sales

Key events . The number of airports at which . GPN-Marine Bunker has won . Five Gazprom Neft products . Deliveries of Gazprom Neft now has a a tender to supply were among the winners at the environmentally friendly presence has increased to 300, environmentally friendly fuels 2020 “Russia’s 100 Best sealants – fully compliant covering 71 countries (+6 as at to Norilsk Nickel ships in the Products” awards with German quality end-2020) ports of Murmansk and standards – made to Arkhangelsk throughout 2021 . In a solution unique to GPN, an German following . GPN-Aero began selling JET- engine oil with enhanced successful selection of A1 aviation fuel for the first time . In 1Q 2021, the Company operational capacity for heavy- optimum formulations (the production line for this now managed to significantly duty mining and off-road being in full operation at the increase the volume of equipment was approved by . Sales to non-CIS countries Omsk Refinery) production of compounded Mercedes-Benz doubled in comparison to marine fuel with a sulfur Q1 2020 . GPN-Aero has successfully content of up to 0.5% completed testing of its own blockchain-based digital platform – Smart Fuel – cutting * Pre-packaged oils transaction times between and lubricants in the airline and fuel supplier Russian Federation – market share

Gazprom Neft 15 New technologies are making it possible for Gazprom Neft to increase production of high-tech bitumens

Construction has started on a new high-tech bitumen- binders production complex in Salsk

Q3 2021 completion of construction works

Feedstock: higher deliveries of polymer high-viscosity tar, bitumens to roadbuilding produced at the Moscow companies throughout Refinery’s Euro+ Russia’s Southern Federal combined oil refining District unit (CORU)

120,000 20 feedstock Technix* technology formulations . a sealed heat-recovery tonnes developed for high- system annual production of performance bitumen . very environmentally friendly polymer-bitumen binders binders . energy efficient

* Technix is a New Zealand company, specialising in the production of bitumen materials and in developing new binder-production technologies.

Gazprom Neft 16 FINANCIALS

COMMITMENT TO STRATEGIC PRIORITIES WHILE MAINTAINING FOCUS ON FINANCIAL SUSTAINABILITY

Gazprom Neft 17 Continued improvement in financial performance

+19% +11% . Revenue is up 19% y-o-y and 11% q-o-q mainly due 611 to the oil and petroleum products prices recovery on 515 537 550 the international and domestic markets Revenue 398 (RUB bn) . The growth was partially restrained by the decline in sales of oil and petroleum products on the international and domestic markets

1Q 20 2Q 20 3Q 20 4Q 20 1Q 21

+95% +24% . Adjusted EBITDA increased by 95% y-o-y mainly due to the oil and petroleum products prices 194 recovery, as well as the positive impact of export 147 156 duty lag and an increase in the share of EBITDA of Adjusted joint ventures EBITDA* 99 83 (RUB bn) . Adjusted EBITDA increased by 24% q-o-q mainly due to oil and petroleum products prices recovery 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21 and higher efficiency

+3% . The y-o-y increase in net income attributable to 82 84 Gazprom Neft shareholders is mainly due to EBITDA increase and ruble appreciation Net income 22 28 . The q-o-q increase in net income is mainly due to (RUB bn) EBITDA increase, the growth was partially restrained by the change in the ruble exchange rate in 1Q 2021 -14 1Q 20 2Q 20 3Q 20 4Q 20 1Q 21

* Adjusted EBITDA includes the share of EBITDA of associated and jointly controlled companies Gazprom Neft 18 Adjusted EBITDA* reconciliation 1Q 2021 vs 1Q 2020 (RUB billion)

-1 -4 194 -12 42 112

Group share in 27 JV’s EBITDA 152

1Q 2020 Price factor COVID-19 OPEC+ Margin change & 1Q 2021 related costs Downstream volumes optimisation due to COVID-19

* Adjusted EBITDA includes the share of EBITDA of associated and jointly controlled companies The values may not converge in the totals due to rounding

Gazprom Neft 19 Adjusted EBITDA* reconciliation 1Q 2021 vs 4Q 2020 (RUB billion)

194 8

30 42 156

Group share in 36 JV’s EBITDA

152 120

4Q 20 Price factor Internal factors 1Q 21

* Adjusted EBITDA includes the share of EBITDA of associated and jointly controlled companies The values may not converge in the totals due to rounding

Gazprom Neft 20 Efficient operational activities and optimizing investments has made it possible to generate significant free cash flow

3M 2021 cash flow reconciliation (RUB billion)

-87

130

-6 Bank deposits -24 42 placement -5 -2

-30 -24

Operating cash flow Capital expenditures Free cash flow Acquisitions* Dividends Net borrowings Others Net cash flow

* Oil and gas licenses, intangible assets acquisitions Values may not converge in the totals due to rounding

Gazprom Neft 21 Controlling capital expenditures

-19.1% 108 2 -19 21 87 -2 -1 0 3

20 . Capital expenditures in Capital expenditures (RUB billion) Upstream decreased by 24.7% y-o-y mainly as a result of the -23.3% adjustment of the investment program on mature assets due to 112 113 108 OPEC+ restrictions 87 85 80 . Capital expenditures in Downstream remained at prior 64 year’s level

1Q 20 2Q 20 3Q 20 4Q 20 1Q 21

1Q 20 Brownfields New projects Refining Other projects 1Q 21

Upstream Downstream Values may not converge in the Other totals due to rounding

Gazprom Neft 22 Effective debt portfolio management

Debt maturity as at 31 March 2021 Debt-portfolio structure (by currency)

781 RUB 29% 20% USD 53% EUR 18%

48% 743 Net Debt/EBITDA

27% 1,50 213 1,22 1,32 1,06 0,88 5% 38 Cash* up to 1 year 2 years 3-5 years over 5 years Debt (RUB bn) (RUB bn)

1Q 2Q 3Q 4Q 1Q 20 20 20 20 21 * Cash and cash equivalents, short-term deposits

. Timely debt refinancing and cash reserves are key elements in ensuring sustainable liquidity . The average debt maturity decreased from 3.23 (end-2020) to 3.11 years as at 31 March 2021 . The average interest rate is 5.13% as at 31 March 2021

Gazprom Neft 23