FROM PEAK INVESTMENTS TO HIGHER FCF DISCLAIMER

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2 STRATEGY PRESENTATION SPEAKERS

GAS BUSINESS EXPORT OIL BUSINESS FINANCE DEVELOPMENT STRATEGY

MR. OLEG AKSYUTIN MR.MS ELENA ALEXANDER BURMISTROVA MEDVEDEV MR. ALEXEY YANKEVICH MR. ANDREY KRUGLOV Member of the Management DeputyDirector Chairman General, of the Member of the Management Deputy Chairman of the Committee, Head of ManagementGazprom Export Committee, Board and CFO, Gazprom Neft Management Committee, CFO, Department, Gazprom Gazprom Gazprom

SLIDE 4 SLIDE 17 SLIDE 27 SLIDE 43 GAS BUSINESS DEVELOPMENT STRATEGY MR. OLEG AKSYUTIN Member of the Management Committee, Head of Department, Gazprom IS THE RESOURCE OF THE FUTURE NATURAL GAS CONSUMPTION WILL BY 2035, NATURAL GAS DEMAND WILL BY 2035, THE SHARE OF NATURAL GAS INCREASE BY 1.3 TCM; ~30% OF INCREASE BY A THIRD AND OVERTAKE COAL IN THE GLOBAL FUEL MIX WILL REACH ¼ INCREASE WILL ORIGINATE IN

+33% 23 % tcm 20181 5.5 GAS 2035 2035 14.4 5.1 25 % CHINA bn toе 4.5 2018 Othеr +1.3 COAL countriеs 2035 17.3 2018 bn toе 3.8 2018 3.5 2018 OIL Consumption 2035 in 2018 2035

bn toe 0 1 2 3 4 5 2.5 Natural gas Othеr еnеrgy sourcеs

Sources: Gazprom, Cedigaz, GECF, IHS Markit, IEA, Wood Mackenzie 1 The data for 2018 is preliminary; data is rounded 5 STRATEGY GAZPROM: THE GLOBAL ENERGY MARKET LEADER

NATURAL GAS 35 tcm EXPANSION OF RISK-FREE ENTRY TO THE CHINESE RESERVES 17% of global reserves EXPORT ROUTES TO EUROPE MARKET VIA THE PIPELINE NATURAL GAS 497.6 bcm PRODUCTION 12% of global volumes 22 +55 BCM POWER OF SHARE OF +38 BCM #1 CONVENTIONAL 100% TURKSTREAM PRODUCTION IN THE WORLD +31.5 BCM EXPORTS 1 201.8 bcm DIVERSIFICATION AND IMPROVEMENT OF EXPORT EFFICIENCY

1967 2003 2009 2018 2019 2020-2035 START OF THE RUSSIAN START OF RISK- FIRST RUSSIAN LNG FURTHER STRENGTHENING OF LEADING GAS SUPPLIES TO FREE SUPPLIES PLANT LAUNCH POSITION AMONG GLOBAL ENERGY COMPANIES EUROPE

1 Pipeline exports to far-abroad countries 2 The quoted figures indicate annual transportation volumes after reaching design capacity 6 STRATEGY NATURAL GAS PRODUCTION STRATEGY:

GROWTH AND DIVERSIFICATION Depletion level1 100%100% 2 OTHER REGIONS Orenburg, Astrakhan, Shtokman and other regions 90%90% Chayanda, Kovykta EAST SIBERIA AND THE FAR EAST Kirinskoye, Yuzhno-Kirinskoye 80%80% other fields Malyginskoye 70%70% YAMAL (TO BE LAUNCHED) Tambeyskoye 60%60% Kharasaveyskoye (cenoman-aptian and neocom-jur.) YAMAL Bovanenkovo (neocom-jurassic) 50%50% (IN OPERATION) other fields Bovanenkovo (cenoman-aptian) 40%40% NADYM–PUR–TAZ Urengoyskoye (cenoman) 30%30% Medvezhye (cenoman) Yamburg (cenoman) 20%20% Zapolyarnoye (cenoman) Yubileynoye 10%10% Yamsoveyskoye other fields 0%0% 20182018 2020 20252025 20302030 20352035 1 As of 2018 7 2 This category also includes production of associated gas by Gazprom Neft STRATEGY KEY EXPORT ROUTES: LOOKING WEST AND EAST PIPELAY COMPLETION3 LNG plant Production region Existing project 1.5 mtpa Export pipeline Nominal capacity Project under construction NORD STREAM 2: >30 % LNG Portovaya CS 1.5 mtpa

Nord Stream1 YAMAL 55 bcm TURKSTREAM: Nord Stream 2 100% 55 bcm Yamal – Europe 33 bcm EAST SIBERIA AND THE FAR EAST NADYM–PUR–TAZ Central Corridor2 n/a POWER OF SIBERIA: TurkStream >99% 31.5 bcm Power of Siberia Sakhalin–2 16 bcm 38 bcm 9.6 mtpa

1 The sum оf capacities does not equal to Gazprom’s full export capacity due to only largest infrastructure projects being shown on the graph. 2 Capacity of the Central Corridor remains unclear due to lack of accurate data on current state of the Ukrainian pipeline system. 3 8 As for 20.02.2019, construction status of Nord Stream 2, TurkStream (offshore part), “Chayanda field – -China border” part of Power of Siberia pipeline. STRATEGY GAZPROM IN EUROPE: STRENGTHENING PARTNERSHIP

EUROPEAN GAS DEMAND AND IMPORTS OUTLOOK EUROPEAN IMPORTS IN 2018

bcm bcm 200 1 600 550 Natural gas demand 559 201.8 1500.75 500 527 532 3:1 1000.5 55:1 400 322-324 407-454 Other countries NATURAL GAS IMPORTS 0.2550 bcm bcm Gazprom supply 300 countries 228 0 Pipeline gas from Russia*1 LNG, total imports**2 US LNG 200 203 125 DAILY RATION 1 FAST-FOOD MEAL 1 FIG 100 105

0

2019 2021 2023 2025 2027 2029 2031 2033 2035 URATIVE

Wood Mackenzie Minimum imports FIG HIS Markit Maximum imports 2500 kcal ~900 kcal ~46 kcal

1 Including Turkey and excluding the Baltic states 2 9 Sources: Gazprom, Wood Mackenzie, IHS Markit Total LNG imports include supplies from projects in the US STRATEGY GAZPROM AND CHINA: MARKET LEADERS MEET

CHINA — WORLD’S GAS IMPORTER #1 GAZPROM’S SUPPLY TO CHINA GAZPROM — TO BECOME #1 CHINA SUPPLIER

bcm 15% 30%

600

10% 20% IMPORTS 400

UNCONVENTIONAL PRODUCTION1 OR 5% 10% 200 IMPORTS

Share in gas consumption (left axis) CONVENTIONAL PRODUCTION Share in total gas imports (right axis) 0% 0% 0 2018 2025 2035 2018 2025 2035 By 2035, gas consumption in China more than • The largest gas sales agreement in history 2019 - start of Gazprom’s supply to China doubles. Unclear future of unconventional gas • New projects are coming 2035 - Gazprom’s market share in China production reveals huge potential for • Proximity of resource base to the market • in gas consumption 13% additional gas imports • Risk-free supplies • in gas imports > 25% • Strong political ties

Sources: Gazprom, IEA, Wood Mackenzie, IHS Markit 1 10 Unconventional production includes shale gas, coal bed/mine methane, coal to gas and do not include tight gas STRATEGY GAS PROCESSING PLANT: MONETIZATION OF HELIUM AND LPG RESERVES

SCOPE OF THE PROJECT

Russia’s #1 and among top FEED GAS Pipeline PROCESSING world’s gas processing plants 42 bcm SUPPLIES TO ’S AMUR GAS CHEMICAL Railway World’s #1 helium COMPLEX ETHANE: 2 mmt production plant Vanino Sea routes

EXPORTS TO ASIA Truck CONSTRUCTION STATUS AND TIMELINE PROPANE: 1 mmt EXPORTS TO CHINA BUTANE: 0.5 mmt Amur gas MARKETED GAS 38 bcm processing plant 2015: 20.02.2019 2024: Start of Now: 30 % Reaching 100 % Gas supply route construction capacity Helium supply CHINA route

EXPORTS TO ASIA Tokyo LPG supply route HELIUM 60 mmcm JAPAN

11 STRATEGY GAZPROM IN RUSSIA: STRENGTHENING THE LEADING POSITION

GAS SHARE IN FUEL MIX IN RUSSIA GAS PRODUCTION IN RUSSIA1,2 GAS CONSUMPITION IN RUSSIA1,2

bcm +5-20% bcm +4-5% 2018 2035 900 757-875 520 497-503 800 480 725 480 700 440 ~53% 600 500 400 2018 2035 2018 2035

GAZPROM’S SHARE IN 2018 69% (+4 pp from 2016) 58% (+3 pp from 2016)3

SOURCES: Alteration of PJSC Gazprom organizational The functions of PJSC Gazprom 1 Draft Russian Energy Strategy until 2035 (as of March 2017) 2 2018 data is Gazprom’s estimate structure is neither expected nor legally will be retained in their 3 Share of Gazprom’s marketed gas and own use gas stipulated entirety in gas consumption in Russia, preliminary estimates 4 Draft was approved by Russia’s Security Council on November 29,2018 Russia's Energy Security Doctrine4 Draft Russian Еnergy Strategy until 2035

12 STRATEGY INVESTMENT IN SUSTAINABLE DEVELOPMENT OF GAS BUSINESS

ANNUAL AVERAGE INVESTMENT (IN REAL TERMS) ANNUAL AVERAGE INVESTMENT UP TO 2035

RUB bn1 BY SEGMENT 1,400 HIGH GAS DEMAND CASE 1,200 1,000 55% 45% 800 600 400 Downstream 200 Upstream 0 2019 2020 2021 2022-2035 (annual average) BY REGION

GROWTH TO 2018, % 2035 81% 19%

2 Production +[13-23]% Maintenance costs European Russia and West Siberia (UGTS) Exports to far-abroad countries +[22-39]% East Siberia and the Far East

1 2018 prices, including VAT 2 Costs of modifying of existing operational facilities, within the Unified Gas Supply System zone (including production, transport and processing) 13 STRATEGY ENVIRONMENTAL POLICY AND ENERGY EFFICIENCY

COST OF ENERGY RESOURCES SAVED KEY PERFORMANCE INDICATOR (KPI) through energy efficiency and energy saving programs target value by 2025 (compared to 2014 basis year) 80 RUB 64 bn Reduction of energy resources Reduction of greenhouse gases 60 consumption for own emissions per unit of products

40 technological usage (per unit) sold (СО2-equivalent per toe) 20 - 5.9 % - 6.6 % 0 RUB bn 2011 2012 2013 2014 2015 2016 2017 2018 Total

GAS USAGE FOR TECHNOLOGICAL NEEDS of new trunk pipelines (relative comparison1)

3-FOLD DECREASE GAZPROM APPLIES CERTIFIED 80 ENVIRONMENTAL MANAGEMENT SYSTEM 60 (ISO 14001:2015) 40

20

0 Central Corridor 2 Yamal-Europe Ukhta-Torzhok Bovanenkovo-Ukhta Nord Stream 1,2, RUB bn 1 Normalized to same transportation distance (taken as 4,000 km for comparison purposes) TurkStream 2 Urengoy–Pomary–Uzhgorod pipeline (via Ukraine) 14 STRATEGY LOW CARBON FOOTPRINT LEADER Proposed measures, if CARBON FOOTPRINT OF GAZPROM’S PRODUCTION: STAGES IN REACHING THE implemented, lead to THE LOWEST AMONG ENERGY COMPANIES CLIMATE CHANGE GOALS significant emissions reduction (cumulative, EU example) Sands/Bitumen (LHS) Crude/Condensate (LHS) NGL (LHS) Gas (LHS) Intensity (kgCO2e/boe) (LHS) 100% 500 SWITCHING TO NATURAL GAS 90% from less ecologically friendly fuels Up to 18 % 80% 450 (coal power, motor fuels) 447 70% Introduction of METHANE-HYDROGEN in 60% 400 various sectors (without costly Up to 35 % 50% 378 infrastructure changes) 376 375 371 371 40% 363 350 357 357 358 355 355 352 353 350 Transition to hydrogen energy based on 346 348 350 347 346 345 30% 335 337 Up to 80 % 330 efficient low-emission technologies of 323 20% 315 300 HYDROGEN PRODUCTION FROM METHANE

10%

0% 250 BP

Eni Gazprom is the leader of annual

Hess Shell

Total Gazprom’s GHG Emissions

Lukoil

Husky OMW

Statoil

Repsol

Suncor

Encana

Apache

Chevron CDP Russian climate rating

Anadarko Reports are verified by KPMG

Petrobras

Occidental

GAZPROM

Murphy Murphy Oil

ExxonMobil

BHP Billiton

Marathon Marathon Oil

Devon Devon Energy

ConocoPhillips Canadian Canadian Natural

15 Source: CDP (2017) STRATEGY GAZPROM AT A GLANCE

SHARE IN RUSSIA’S GAS PRODUCTION CONVENTIONAL RESERVES VERTICAL INTEGRATION AND SINGLE EXPORT CHANNEL 2018–2035 2/3+ ~100 %

MARKET SHARE ADDITIONAL TRANSPORT 2035 CAPACITY2 EUROPE CHINA SUPPLIER 2018–2035 2018–2035 TO EUROPE ~125 bcm AND CHINA % % % #1 35 + 0 13 TO BE LAUNCHED IN 2019

IMPORT INDEPENDENCE CONTRACT PORTFOLIO 2025 AVERAGE INVESTMENT PRODUCTION AND TRANSPORT1 HELIUM (GAS BUSINESS) 2018 PRODUCER IN THE WORLD 2018–2035 tcm ~ 95 % 3+ #1 ~RUB 1 trln / year At 01.01.2019 exchange rate (~ USD 14 bn)

1 Excluding equipment for LNG complex 2 16 I.е. nominal capacity of Nord Stream 2, TurkStream, Power of Siberia STRATEGY EXPORT ALEXANDERELENA BURMISTROVA MEDVEDEV DeputyDirector Chairman General, of the ManagementGazprom Export Committee, Gazprom GAZPROM BREAKS ONE RECORD AFTER ANOTHER EUROPEAN GAS BALANCE

100% 3% 4% 4% 8% 8% 5% 9% 8% 11% In 2018 Gazprom’s sales to the European market 90% 11% 13% 1 17% 13% 10% 10% 11% were record high of 201.8 bcm compared with 80% 194.4 bcm in 2017 and 150.3 bcm in 2011.

70% 30% Gazprom’s share in European consumption was 27% 30% 31% 26% 33% 34% 37% up to 36.7% in 2018 vs. 34.2% in 2017 and 27.3% 60% in 2011 50% Gazprom met about half of the incremental demand in 2018 and proved its ability to fill in 40% growing supply/demand gap 30% 52% 53% 56% 53% While modestly increasing their share in 2018, 52% 48% 47% 20% 46% LNG supplies to Europe still remain significantly below the 2011 record high level 10% Gazprom average export price increased by 0% 24.6% yoy, up to $245.5/mcm 2011 2012 2013 2014 2015 2016 2017 2018E Indigenous production Gazprom's export LNG Other Imports

Source: PJSC Gazprom, Eurostat, National Statistics, IEA, IHS Markit 1 18 Under Gazprom Export and Gazprom Schweiz contracts EXPORT UNFAVORABLE WEATHER CONDITIONS STALLED GAS DEMAND GROWTH IN EUROPE

EUROPEAN GAS BALANCE , BCM1

+17.1 % -3.4 % In 2018 European demand for natural gas was down by 19 bcm compared with 2017 due to unfavorable weather 568.8 600 541.8 549.5 conditions but was still 64 bcm above 551.4 542.1 540.5 506.8 485.6 2014. 500 Gas demand recovery trend originated 400 47.5% 46.5% 47.7% 51.9% 53.6% 53.7% 44.6% 47.9% from structural factors. In 2018 natural 300 gas retained its position in European power generation 200 Declining indigenous production over 52.5% 53.5% 52.3% 55.4% 52.1% 48.1% 46.4% 46.3% 100 the last years contributed to increased need for import 0 2011 2012 2013 2014 2015 2016 2017 2018E

Indigenous production Imports requirementsConsumption Consumption

1Hereinafter except as otherwise noted: European countries GCV = 8,850 kcal/cm, t = 20°C with Turkey (excluding CIS and Baltics) Source: IEA, Eurostat, National Statistics, IHS Markit 19 EXPORT MAJOR SUPPLIERS TO EUROPEAN MARKETS

DELIVERIES BY EUROPE’S MAJOR EXPORTERS AND PRODUCERS, BCM

Exporters Internal producers 201.8 194.4 In 2018, Gazprom marked another 200 record year, while deliveries of other 2017 2018 suppliers except for LNG contracted

150 134.8 130.5 The Netherlands inched further on the path of becoming a net importer

100 On 2 March 2018, Gazprom set an absolute record in terms of daily export deliveries at 713.4 mmcm/d, 49.4 48.4 45.0 43.7 demonstrating its robust ability 50 35.4 39.5 36.9 24.1 23.4 26.5 of being a swing supplier at a time of demand spikes

0 1 PJSC GAZPROM ALGERIA QATAR OTHER LNG NORWAY* UNITED NETHERLANDS (INCL. LNG) KINGDOM

1Including domestic consumption, pipeline and LNG deliveries from Norway to the European market, but not LNG to Asia and America Source: PJSC Gazprom, Eurostat, National Statistics, IEA 20 EXPORT GAZPROM’S EXPORT ROUTES

CAPACITY UTILIZATION OF MAIN ROUTES FOR GAS SUPPLIES TO EUROPE IN 20181

Gazprom transport Other routes suppliers 120% Gazprom transport routes 107% demonstrated high level of capacity 100% 92% utilization in 2018 83% 84% Utilization rate of the competing routes 80% was at the same level or even declined 65% Utilization rate of LNG terminals in 60% Europe increased from 29% in 2017 to 41% 31% in 2018 as a result of increased 40% 30% 31% LNG deliveries 25% 20%

0% Finland Blue Stream via Belarus Nord Stream via Ukraine2 from Lybia 3 from Algeria3 from Norway3 LNG 3

1 Deliveries under the contracts of Gazprom Export LLC 2 Capacity remains unclear due to lack of accurate data on current state of the Ukrainian pipeline system 3 Pipeline exports 4 Including LNG trading between European countries and capacity of FSRUs Source: ENTSOG, Bloomberg, IHS Markit 21 EXPORT GROWTH VECTOR: CHINA IS NOW WORLD’S TOP NATURAL GAS IMPORTER

GAS DEMAND IN CHINA, CHINA REMAINS THE KEY DRIVER OF GAS SUPPLY IN CHINA, BCM NATURAL GAS DEMAND GROWTH IN ASIA: BCM

1 440 450 . Gas demand: +17% YOY 450 440 . LNG imports: +40% YOY 400 ~9% (38 bcm) 400 Gazprom 350 pipeline gas 350 277 . Pipeline gas imports: +21% YOY 300 supplies share 237 by 2025 300 . Total gas imports: +32% YOY 250 74 Chinese 53 200 demand 250 277 51 . Gas production: +7% YOY 42 150 200 237 206 In 2018 Chinese gas import growth 100 193 179 147 157 150 continued and China became the largest 50 net importer of natural gas in the world 100 0 (overtaking Japan). 50 -50 2017 2018E 2025F 0 pipeline gas imports 2014 2015 2016 2017 2018E 2025F indigenous production LNG imports (incl. from Russia via Eastern Route in 2025F) pipeline gas exports2 1 Numbers below reflect 2018 growth as compared to 2017 2 Pipeline gas exports from mainland China to Hong Kong and Macau *The difference between gas consumption and total gas supply is due to gas in transit, volumes in storage, losses and statistical discrepancies Source: IEA; General Administration of Customs, National Bureau of Statistics, National Development and Reform Commission, National Energy Administration, People’s Republic of China; CNPC Research Institute of Economics and Technology 22 EXPORT EUROPEAN MARKET IS NOT THE FIRST OPTION FOR US LNG

ECONOMICS OF LNG SUPPLIES FROM USA

600 17.1

Hub prices significantly increased above 500 14.2 both short-run marginal and full cycle costs of US LNG making its deliveries to

400 11.4 Europe economically viable mmbtu

USD/mcm However, European market is not a first 300 8.5 USD/ choice for LNG from the USA due to higher attractiveness of other markets 200 5.7

100 2.8

0 0.0

1 Calculated on the basis of Henry Hub Futures prices, 1 US LNG breakeven prices (full cycle costs)* TTF, Month Ahead and Futures P = HH * 115% + X, where X – costs of liquefaction, shipping to Europe, regasification Germany border price (BAFA) Japanese LNG Import Price Source: IMF, Korea Customs Service, S. Korean LNG Import Price Asian spot prices (actual and forecast) Bloomberg, IHS Markit

23 EXPORT GAZPROM’S LNG BUSINESS

GAZPROM PORTFOLIO LNG SUPPLIES GAZPROM LNG PROJECTS

SAKHALIN 2 (T1,2) – 9.6 mmt/year1 GAZPROM IS COMMITTED TO BUILDING A DIVERSIFIED mmt LNG TRADING PORTFOLIO TO CONTINUE RELIABLE AND • 11.4 mmt of LNG produced in 2018. 5 TIMELY DELIVERIES OF LNG TO ITS CUSTOMERS • In 2018 Gazprom took delivery of INDIA - 19% 1.5 mmt of LNG from Sakhalin which was sold to IN 2018:

4.0 OPERATIONAL 2 customers in Asia Pacific. • Gazprom Group delivered 57 cargoes to customers in 4 3.7 3.6 8_countries throughout the world; 3.4 3.3 JAPAN - 16% PORTOVAYA LNG – 1.5 mmt/year • Gazprom Group started deliveries to India under LT contract with GAIL. India became the biggest importer of LNG • Mid-sized LNG Plant currently being constructed 3 sourced from Gazprom’s portfolio. in the vicinity of Portovaya Compressor Station; 2.3 • Gazprom Group started offtake under LT contracts from CHINA - 15% • Expected to start up in H2 of 2019; 1.9 Yamal LNG and Cameroon FLNG. 2 • Oriented towards both small and large scale LNG 1.5 CONSTRUCTION 1.4 1.4 demand in the region. GAZPROM LNG PORTFOLIO OVERVIEW KOREA - 14% LT LNG Purchase Agreements 1 other SAKHALIN 2 T3 – up to 5.4 mmt/year MT/ST/ KUWAIT - 11% SEIC • In 2015, Gazprom signed MOU with Shell on spot project implementation. 1.0 mmtpa/20y 1.2 mmtpa/8y 2.9 mmtpa/20y purchases TAIWAN - 10% • The project’s FEED was finalized in 2018.

other DES sales - 4%

2013 2010 2011 2012 2014 2015 2016 2017 2018 2009 BALTIC LNG – 10 mmt/year LT LNG Sale Agreements FOB sales – PROSPECTIVE • In 2017, Gazprom signed JVA Key terms with Shell other MT/ST/spot 11% for Joint Venture. sales • Concept select study is under development 2.9 mmtpa/20y

1 Nominal capacity. Gazprom holds 50%+1 share in SEIC (project operator company); 24 2 Under SPAs and spot purchases. Calculated as per PJSC Gazprom reporting methodology EXPORT GAZPROM’S NATURAL GAS BUSINESS IN ASIA PACIFIC

LNG IMPORTERS Western Route Eastern Route Far Eastern - EXISTING Route Gazprom continues to expand its natural - POTENTIAL Sakhalin 2 gas business in Asia Pacific by developing Sakhalin 2 new projects for both LNG and pipeline Train 3 gas deliveries. GAZPROM’S LNG ASSETS South - EXISTING Korea On December 1, 2019 Gazprom will - POTENTIAL China commence pipeline natural gas supplies Japan to China via the Eastern Route pipeline (Power of Siberia) under the Sales and GAZPROM’S LNG India Taiwan Purchase Agreement signed with CNPC in SUPPLY ROUTES 2014. - EXISTING Philippines - POTENTIAL Annual supply volumes via Eastern Route Thailand will ramp-up year by year and will reach Malaysia level of 38 bcm per year by 2025. GAZPROM’S PIPELINE Singapore NATURAL GAS SUPPLY ROUTES Gazprom also continues working on - UNDER CONSTRUCTION other supplies sourced other projects for increasing supply of - POTENTIAL from Gazprom Group’s LNG Portfolio Russian gas to China.

25 EXPORT COMPETITIVE ADVANTAGES

RELIABLE SUPPLIER GEOGRAPHICAL COMPETITIVE NEW APPLICATIONS DIVERSIFICATION PRICES FOR NATURAL GAS

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

28 OIL BEST IN CLASS AND FULLY INTEGRATED OIL MAJOR AFTER 10 YEARS OF DEVELOPMENT

2005 2018

A REGIONAL COMPANY NATIONWIDE PLAYER NO.3 in hydrocarbon production and refining1 LEADER in the Russian Arctic

672 filling stations Present at 1,801 LEADING in the domestic filling stations 6.6 tpd average filling-station throughput 260 airports bitumen market

1 airport presence 20.7 tpd 37 ports Oil exports to filling-station throughput 0 sea port presence (No.1)1 78 countries

1 in Russia 29 OIL CONSISTENTLY DELIVERING STRONG RESULTS

HYDROCARBON PRODUCTION, MTOE ADJ. EBITDA, US$ BN

89.8 92.9 12.7 9.4 46.8 5.4

2005 2017 2018 2005 2017 2018

REFINING THROUGHPUT, MT NET INCOME, US$ BN

6.0 40.1 42.9 4.3 17.6 2.8

2005 2017 2018 2005 2017 2018

30 OIL GROWING SHARE OF HIGH MARGIN NEW PROJECTS IN THE PORTFOLIO

SUCCESSFUL LAUNCH OF MAJOR UPSTREAM PROJECTS GAZPROM NEFT – A PRIORITY PARTNER DOWNSTREAM DEVELOPMENT

PRIRAZLOMNOYE Quality programmes completed • Russia’s first year-round oil- at all company refineries 2014 production project on the Arctic Shelf  100% output of Euro-5 fuels • Zero emissions Retail network development  “On Our Way” – Russia’s leading NOVOPORTOVSKOYE loyalty programme 2015 • Year-round oil shipments  G-Drive 100 gasoline is “Golden • The world’s only Arctic oil terminal prize” winner of “Russia’s 100 best products” VOSTOCHNO-MESSOYAKHSKOYE New product lines developed 2016 • Russia’s northernmost onshore field  The largest directly-owned sales network of any VIOC + 12.6 MTOE OF LIQUID  Wide product range 2018 HYDROCARBONS

31 OIL THE LEADER IN TREND-SETTING TECHNOLOGY PROJECTS

CHEMICAL ENHANCED DRILLING AND WELL BAZHEN CATALYSTS OIL RECOVERY COMPLETION DIGITISATION

A technological breakthrough: The biggest and most A “second life” for High-tech wells – the A new level in business the key to 760 mt of advanced production brownfields in Western cornerstone for major efficiency unconventional reserves facilities in Russia Siberia projects

+17% OIL RECOVERY “THE DIGITAL ENERGY” NATIONAL PROJECTS FACTOR >500 WELLS/YEAR PROGRAMME

32 OIL FIT FOR THE FUTURE A NEW APPROACH TO COMPANY DEVELOPMENT

2025 GROWTH STRATEGY 2030 EXCELLENCE STRATEGY

• Production - 100 mtoe • Maximizing added value from every barrel • Refining volumes – 40 mt1 • Maintaining the Top-10 position among public • Sales via directly-owned hydrocarbon producers (assuring annual production channels – 100% growth in line with industry)

• Leading the market by ROACE (at least 15%)

• Securing industry leadership in technology, efficiency and HSE

VOLATILE EXTERNAL INDUSTRY CHALLENGES NEW RULES OF THE GAME MARKET LEADERSHIP ENVIRONMENT

1 in Russia 33 OIL MANAGING THE UPSTREAM PROJECT PORTFOLIO IN A CHANGING WORLD

POTENTIAL DEVELOPMENT SCENARIOS PORTFOLIO RANKING

Increasing oil IV 20 consumption under SPEED AND I Basic assets 0.8%

ongoing price volatility FLEXIBILITY ) 15 Major Structural drop in boe OPERATIONAL II exploration 1.5% demand in the face of EFFICIENCY projects technological change III 10 New PRICE UNCERTAINTY II III exploration 4.2% areas Brent, $

Investments (US$/ Investments 5 80 New I 2.4% 60 IV technologies 0 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 10-year hydrocarbon potential 10-year cumulative potential production (mtoe) production CAGR 2018 2023 2025 2030

34 OIL ATTRACTIVE PORTFOLIO OF OPTIONS TO DELIVER THE STRATEGY POST 2020

MONETISING LIQUIDS IN DEVELOPING YAMAL: NADYM-PUR-TAZ: Pipeline construction from Development and monetisation of Novoportovskoye to the unified uniquely large hydrocarbon gas-supply system, resource-base reserves in a strategically development on the Yamal important region for the company Peninsula Assets include: the Yamburg, 140 mtoe Severo-Samburg, Tazovsky and fringe-oil accumulations

220 mtoe TECHNOLOGICAL DEVELOPMENT: Bringing currently unprofitable residual reserves into production SAKHALIN: at existing company assets Development of a production centre 47 mtoe offshore in Sakhalin Island 25 mt

UNCONVENTIONAL RESOURCES: NEW EXPLORATION AREAS: Development of unprecedentedly high volumes of non-traditional reserves as Bazhenov Formation, Developing a resource base to ensure production beyond 2025 Domanic and Paleozoic deposits (the Krasnoyarsky Krai, the Volga-Urals region, the KhMAO and the YaNAO) 88 mtoe 60 mtoe

2020-30 hydrocarbon production (mtoe) 35 OIL EFFICIENT TRANSFORMATION AND DEVELOPMENT – KEY PRIORITY IN DOWNSTREAM BUSINESS

CURRENT BUSINESS Primary New downstream driver: • Cutting-edge refining Secondary logistics focusing on capacity logistics MANAGING THE INTENSIVE DEVELOPMENT • A balanced and VALUE CHAIN AS A Enhanced diverse product slate SINGLE business INTEGRATED ASSET efficiency Transformation of • An international retail management system network • Strong brands through cutting-edge portfolio bitumen technological and innovative • A wide product range solutions Refining • A developed client Sales base Consumers

• Minimising costs and losses at every stage • Improving asset safety, reliability and sustainability • Optimising use of resources 36 INTEGRATED PROJECT MANAGEMENT ACROSS KEY DOWNSTREAM STRATEGIC AREAS

INCREASING THE IMPROVING SALES BUSINESS CONVERSION RATE EFFICIENCY AND INDUSTRY DEVELOPMENT AND LIGHT PRODUCT TECHNOLOGICAL DEVELOPMENT YIELD PERFORMANCE

Optimising resources, Increasing the value of Increasing market cutting costs, the product slate, Business diversification leadership in new and transforming value- increasing FCF existing retail markets chain processes

POTENTIAL PROJECTS IN DEVELOPING STRATEGIC AREAS

• Increasing the • Control systems • Petrochemistry • Developing infrastructure assets conversion rate • Developing refining technologies development as part of • Expanding the product range • Developing energy infrastructure refineries • Developing the company’s own resource base • Geographical expansion

37 OIL CREATING ADVANTAGED MANUFACTURING

MOSCOW REFINERY OMSK REFINERY NIS

COMPLEX PROCESSING UNIT (EURO+) CDU/VDU UNIT DELAYED COKING UNIT (DCU) • Pre-commissioning 1Q–2Q 2019 • Operational availability 3Q 2020 • Operational availability 3Q 2019 • • Separate refining of crude oil and gas condensate Increase of throughput up to 12 million • Conversion rate up to 96.9% tonnes DEEP PROCESSING UNIT (DPU) • Getting the best out of existing • Increase in light product yield • Operational availability 2Q 2020 capacity and infrastructure at • Transition to four-year maintenance Panchevo refinery period • Conversion rate up to 97.4% (together with the DCU) • • 2’000 tpd unit capacity • Better energy efficiency and lower Production of raw materials for Group 2 and Group 3 environmental impacts base oils (raw materials) DEEP PROCESSING UNIT (DPU) DELAYED COKING UNIT (DCU) • Operational availability 4Q 2023 • Operational availability 3Q 2020 • Conversion rate up to 98% • Conversion rate up to 97.4% (together with the DPU) • Increased production of Anodic-grade coke X3 NCI X1.5 NCI X1.4 NCI Refining 7.3 10.5 Refining 8.5 10.4 Refining 8.5 9.6 margin margin margin

38 OIL SUSTAINABLE TRANSFORMATION

LTIFR INJURY RATE GROSS ATMOSPHERIC EMISSIONS (000 T)

TRAINING 705 1.4 employees 433 12,886 0.5 completed courses on occupational, industrial 0.8 0.4 0.3 and environmental safety in 2018

2005 2018 2005 2018 ENVIRONMENT SAFETY AND PROTECTION

SLUDGE PITS (NO.) APG UTILISATION (%) RUB 19.0 bn spent to ensure environmental safety and protection in 2018 603 78

35 SOCIAL PROJECTS employees 0 4,773 participated in social projects as volunteers 2005 2018 2005 2018

39 OIL SAFE, RELIABLE AND EFFICIENT EXECUTION

ULTIMATE BASIC OPERATIONAL RELIABILITY ACTIVE INITIAL . Reaching Q1 operational availability SYSTEMATIC . Criticality analysis and reduction of the risks’ occurring probability

DEVELOPED OPERATIONAL EFFICIENCY CURRENT . Maximum disclosure of asset potential through integrated evaluations – LEVEL EBITDA growth up to 15% Target level Level of OMS (after three CORPORATE CULTURE AND LEADERSHIP development years) . 100% dissemination and adoption of Regular Management Practices (RMP) Efficiency . Empowering employees in a culture of continuous improvement criteria CONTRACTOR MANAGEMENT . Proactive management of contractual obligations and the contracting ecosystem MANAGING INDUSTRIAL SAFETY . Planning and implementation of a Safety Framework . Independent inspection and certification

40 OIL A NEW APPROACH TO MANAGING THE CAPITAL INVESTMENTS

CORE PORTFOLIO 2019F INVESTMENTS (US$ BN)

• Base: sustainable projects under all development UPSTREAM scenarios • Development in line with 2025 Strategy • Strategic bets: removing 4.0 • Improving efficiency and uncertainty in key parts of cutting costs 5.0 new projects leading to FID 5.9 • Exploiting new technologies CORE PORTFOLIO OPEN OPTIONS DOWNSTREAM 1.9 • new oil- and gas-industry • Refinery modernisation projects dependent on 0.9 external environment 0.8 • Monetising Gazprom Group’s liquid hydrocarbon reserves • Developing new classes of reserves by applying breakthrough technologies • Possible M&A 41 OIL HIGHER DISTRIBUTIONS TO SHAREHOLDERS ARE BOOSTING SHAREHOLDER VALUE

ACQUISITION COSTS VS MARKET CAP AND DIVIDENDS, US$ MLN ATTRACTIVE DIVIDEND YIELD1

38.5

Dividends 11% announced 17.8 2006-2018 9% 20% interest in 7% 7% 7% Gazprom Neft, 2009 6%

Current Acquisition of a market cap 75.68% interest in 2% 3% Sibneft, 2005

Acquisition cost Market cap and dividends GAZPROMGazprom Rosneft Gazprom Bashneft Tatneft Surgut- NEFTNeft neftegaz

• Gazprom Neft paid more than US$14 bn in dividends to • Gazprom Neft has announced an interim dividend every year since PJSC Gazprom from 2006 through 2018, and more than 2013 (with the sole exception of 2016) US$600 mln to minority shareholders

Source: Company data, Bloomberg 1 Dividend yield calculated as a ratio of all announced dividends through 2018 and a share price as of 1/1/2018 42 OIL FINANCE MR. ANDREY KRUGLOV Deputy Chairman of the Management Committee, CFO, Gazprom STRONG FINANCIAL RESULTS

KEY HIGHLIGHTS: 35.7 +81% • 9m2018 EBITDA growth +54% y-o-y in dollar terms 31.7 • 7 consecutive quarters of LTM EBITDA growth in dollar terms 28.6 • $6 bn1 positive Free cash flow in 9m2018 (vs. –$0.9 bn1 in 9m 2017) 25.0 25.1 • Reduction of leverage continues: Net debt1/EBITDA decreased to 0.9 vs 1.4 in 2017 23.7 21.5 19.8 KEY FACTORS: • Record high gas exports to Europe in 2018 • Gas, oil and oil products price growth

• High level of cost control, optimization and prioritization of CAPEX schedule 2016 1q17 2q17 3q17 2017 1q18 2q18 3q18 • Lower costs due to Ruble weakening ЕBITDA LTM, USD bn • Robust oil business growth

1 Adjusted for bank deposits 44 FINANCE KEY GAS BUSINESS INVESTMENT PROJECTS, 2019

PJSC Gazprom BOVANENKOVO FIELD GRYAZOVETS- (parent company) SLAVYANSKAYA SMALL-SCALE LNG 39 2019 Investment Program AT PORTOVAYACS RUB BN 167 1,326 RUB BN NORD STREAM 21 15 RUB BN POWER OF SIBERIA (INCL. VAT) RUB BN 53 Ukhta RUSSIA CHAYANDA FIELD RUB BN 148 St. Petersburg UKHTA-TORZHOK 2 120 RUB BN AMUR GPP2 Gryazovets RUB BN Torzhok 31 320 RUB BN Moscow RUB BN Greifswald GERMANY Amur GPP TURKSTREAM Anapa KEY INVESTMENT 26 PROJECTS RUB BN • RUB BN — CAPEX 2019 Kiyikoy TURKEY CHINA (INCL. VAT)

1 PJSC Gazprom’s Share in Nord Stream 2 financing in 2019 2 2019 project CAPEX amount. Financing source is a bridge facility. Project is not included in PJSC Gazprom‘s Investment program, actual spending 45 will be reflected in Gazprom Group CAPEX volumes. FINANCE STRATEGIC PROJECTS TO DELIVER PROFIT GROWTH

Commissioning Expansion of direct Expansion to 2019 of strategic access to European Asia- Pacific region projects and Turkish markets

• Annual positive effect By 2025 PROJECT DESIGN 38 Nord Stream 2, VOLUMES OF GAS • Additional export of Nord Stream 2 and DELIVERIES TO BCM TurkStream and TurkStream on CHINA volumes to China via Power of Siberia Power of Siberia put EBITDA and FCF; pipeline • Up to 10% gas into operation • NPV >$17 bn @ 9% production and 20% 1 discount rate 2019 … 2025 gas exports growth

1 46 Compared with 2018 levels FINANCE CAPEX1 OUTLOOK PJSC GAZPROM – PARENT COMPANY GAZPROM NEFT GAZPROM ENERGOHOLDING (MOST OF GAS BUSINESS PROJECTS) (OIL BUSINESS) (POWER GENERATION BUSINESS)

RUB bn RUB bn RUB bn

1600 800 400 1400 600 300 1200 400 200 1000 200 100 800 0 0 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

KEY • Power of Siberia incl. upstream KEY • Key greenfieldsdevelopment KEY • Grozny TPP PROJECTS: • Nord Stream 2 PROJECTS: • Brownfields maintenance PROJECTS: • Svobodnenskaya TPP • TurkStream • Downstream projects: • Panchevo TPP • Kharasaveyskoye field Moscow and Omsk Refineries • Maintenance

COMPLETION OF • Start of production at Yamal Peninsula KEY PRIORITIES: • Ramp up of exports to China incl. Amur GPP 2010-2020 • Direct export routes to Europe 2020-2030 • Additional gas export projects to China INVESTMENT CYCLE: • Beginning of export to China • Yamal fields and Northern corridor development • Development of oil and utilities business • Baltic LNG and 3rd train of Sakhalin 2

1 Incl. VAT 47 FINANCE FCF RECOVERS DESPITE PEAK CAPEX

FCF vs. CAPEX 1 1 Cash CAPEX OCF adj. FCF adj. RUB bn 2,055 2000

1,610 1,494 1,430 1,426 1500 1,369 1,406

1,192

1000

445 500 369

125 24 0 2016 2017 9M2018 9M2018 LTM

1 Adjusted for changes in short-term bank deposits 48 FINANCE FCF FROM GAS BUSINESS, OIL AND POWER GENERATION

ADJ. FCF BREAKDOWN1

USD bn

8.0 7.5

6.3 6.0 6.0

4.0 3.0 2.3 2.2 1.9 2.0 1.1 0.5 0.8 0.4 0.8 0.0 -0.2 -1.0 -0.9 -2.0 -1.5 2015 2016 2017 9M2018

Gas business Oil business Power generation business Gazprom Group

• In 9M2018 50% of FCF was generated by oil and power business segments • Peak capex in gas business in 2018-2019, capex moderation after 2020 • Past investments in oil and power generation now bring healthy returns

1 Adjusted for short-term deposits 49 FINANCE KEY DEBT METRICS

TOTAL DEBT AND NET DEBT adj. 1.5 1.4 6,000 RUB bn 1.5 0.9 0.9 4,000 1.0 1,491 1,199 1,308 2,000 1,083 0.5 1,952 1,747 2,068 2,204 0 0.0 2015 2016 2017 3Q2018 Net debt adj. for bank deposits Cash&Cash equivalents (incl. deposits) Net Debt adj./Adj.EBITDA 1

3Q2018 ADJUSTED NET DEBT STRUCTURE CREDIT RATINGS OF GAZPROM

4,000 RUB bn 1.5 Gazprom’s rating Sovereign rating of Russia 1.1 BBB– (positive) BBB– (positive) 3,000 886 0.9 Fitch2 1 (investment grade) (investment grade) 421 1 2,000 Baa2 (stable) Baa 3 (positive) 3,512 Moody's2 2,627 0.5 (investment grade) (investment grade) 1,000 2,204 BBB– (stable) BBB– (stable) S&P2 0 0 (investment grade) (investment grade) Total Debt Cash & Net Debt ST deposits LT deposits Net Debt Dagong AAA (stable) A (stable) equivalents reported adjusted 1 NET DEBT ADJ./ADJ.EBITDA ACRA AAA (RU) (stable) -

1 Calculated using dollar values of Net debt and EBITDA. Net Debt adjusted for the bank deposits reported as a part of Other current and non-current assets 2 Gazprom’s ratings are caped by sovereign ceiling of Russia 50 FINANCE IMPACT OF BANK DEPOSITS: A $6 BN ISSUE ACCORDING TO GAZPROM 3Q2018 IFRS REPORT1

KEY FEATURES OF BANK DEPOSITS2: • Early withdrawal clause; • Deposit term of over 3 months

IMPACT OF BANK DEPOSITS ON NET DEBT: IMPACT OF CHANGES IN ST BANK DEPOSITS ON CASH FLOWS: • Bank deposits are NOT included in Сash and cash equivalents • Changes in working capital (a part of Operating cash flows) include • Net Debt and Net Debt/EBITDA need to be adjusted for bank changes in ST bank deposits deposits for analytical purposes • Operating cash flows and Free cash flow need to be adjusted for changes in ST bank deposits for analytical purposes ST AND LT BANK DEPOSITS VOLUMES ST BANK DEPOSITS CHANGES USD bn 10.1 USD bn 8.0 0.13 6.4 6 10 4.2 4.3 5.7 0.12 4 8 0.02 LT deposits 6 3.1 0.03 3 10.0 4 0.70 ST deposits 1 7.9 6.4 2 5.7 -1 2.4 0 -2 -1.2 -0.6 -1.1 2016 2017 1Q18 2Q18 3Q18 2016 2017 1Q18 2Q18 3Q18

APPLYING OF LT AND ST BANK DEPOSITS IS AIMED AT IMPROVING THE EFFICIENCY OF LIQUIDITY MANAGEMENT

1 Source: Gazprom 3Q2018 IFRS report, page 21 2 Reported as a part of Other current assets and Other non-current assets 51 FINANCE DIVIDEND GROWTH

1 DIVIDENDS 2 OUTLOOK FOR 2019 – 2020: 10.43 8.97 10 8.0397 8.04 7.2 7.2 7.89 • Keeping the DPS not lower than the 8 5.99 level of the previous payment in Ruble 6 3.85

4 2.39 terms RUB / / shareRUB 2 0.36 • Maintenance of conservative financial 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 strategy (budget) • Balanced approach to the dividend 1% 7% 9% 16% 12% 15% 107% 24% 20% 27% policy % Payout ratio FCF VS. DIVIDENDS1 DIVIDEND PER SHARE 400 369 Free Cash Flow adj. Dividends • Historically record-high dividends in 2 300 247 2019 expected bn 190 190 • Over the past few years, Gazprom 200 2 consistently increased its dividend RUB RUB 125 payments 100 24 0 2016 2017 9M2018

1 Dividends based on the results of the respective year 52 2 According to 2019 Budget. Dividend payable in respect of FY2018 FINANCE POTENTIAL IMPACT OF SANCTIONS ON GAZPROM’S BUSINESS

SANCTIONS PACKAGES KEY CONSTRAINTS SANCTIONS EFFECT

• Arctic offshore projects1 • Technological Restrictive measures: • Shale projects1 • Covers below 1% of Gazprom Group’s Gazprom Group’s oil exploration • Deepwater projects1 production and production activities • Yuzhno-Kirinskoye field development2

• Financial Restrictive measures: • Raising international debt finance by Gazprom Neft • No restrictions for Gazprom raising finance in Gazprom Group’s financing capital markets, with the Company being an active • Raising international debt finance by Gazprombank3 activities player in debt markets (except for Canada market)

• No explicit prohibitions on Gazprom, but the • The guidance published by the US Department new US law touches upon possible secondary • New restrictive measures under of State on October 31, 2017 “grandfathers” sanctions to be imposed on making significant the US law of August 2017 Russian energy export pipeline projects investments in Russian energy export pipelines “initiated” prior to August 2, 2017 or in a special Russian crude oil project.

• Chairman of Gazprom management Committee • Extension of the OFAC’s SDN list Mr. was included into the US • There is no impact on Gazprom’s in April 2018 sanction list as a private individual business operations

THE US AND EU SANCTIONS DO NOT LIMIT GAZPROM’S ACCESS TO THE GLOBAL CAPITAL MARKETS

1 Projects that have the potential to produce oil in the Russian Federation or that are initiated on or after January 29, 2018, outside Russia where Gazprom has control or has an interest not less than 33 % (US Directive 4 as amended on October 31, 2017); 2 According to the US BIS designation as of August 2015; 3 Gazprom Group’s associated company 53 FINANCE INVESTMENT CASE FROM PEAK INVESTMENTS TO HIGHER FCF

Conservative financial STRONGER Improving FCF profile Dividend growth FINANCIAL policy, costs control potential OUTLOOK

Strategic transformative Business growth in gas Improvement in gas markets and oil segments and outlook. Production and BUSINESS projects (capex peak in GROWTH 2018 - 2019) potential for further export growth. growth

Outstanding High competitiveness World largest producer and Low UNIQUE resource base of Gazprom’s gas. exporter of natural gas – the cost base FUNDAMENTALS and infrastructure Record high exports cleanest fossil fuel

54 FINANCE