Gazprom Neft PJSC (GAZ:LN)

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Business Description and Key Statistics

Gazprom Neft is a vertically integrated oil company. Co.'s principal Current YTY % Chg activities include exploration, production and development of crude oil and gas, production of refined petroleum products and Revenue LFY (M) 26,731 -31.2 distribution and marketing operations through its retail outlets. Co. EPS Diluted LFY 0.33 -76.5 manages its operations in two operating segments: Upstream and Downstream. Co.'s Upstream segment includes exploration, Market Value (M) 149,325 development, production and sale of crude oil and natural gas (including joint ventures results), oil field services. Co.'s Shares Outstanding LFY (000) 4,718,000 Downstream segment processes crude into refined products and Book Value Per Share 5.91 purchases, sells and transports crude oil and refined petroleum products. EBITDA Margin % 17.90 Net Margin % 5.5 Website: www.gazprom-neft.ru Long-Term Debt / Capital % 24.6 ICB Industry: Energy Dividends and Yield TTM 0.33 - 1.04% ICB Subsector: Integrated Oil and Gas Payout Ratio TTM % 100.0 Address: 3-5 Pochtamtskaya St. St. Petersburg 60-Day Average Volume (000) 9 RUS 52-Week High & Low 31.65 - 16.86 Employees: 82,960 Price / 52-Week High & Low 1.00 - 1.88

Price, Moving Averages & Volume

32.4 32.4 Gazprom Neft PJSC is currently trading at 31.65 which is 8.3% above its 50 day 30.4 30.4 moving average price of 29.23 and 22.5% above its 200 day 28.3 28.3 moving average price of 25.84. GAZ:LN is currently trading at 26.3 26.3 its 52-week high price of 31.65 and is 87.7% above its 52- week low price of 16.86. Over 24.3 24.3 the past 52-weeks, GAZ:LN is up 67.1% while on a calendar 22.2 22.2 year-to-date basis it is up 47.6%.

20.2 20.2 The Relative Strength Index (RSI) indicator for GAZ:LN is currently 66.55. An RSI value 18.2 18.2 of 70 and above is considered overbought and 30 and below 16.1 16.1 oversold. 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21 Volume (000) 116 116

87 87

58 58

29 29 Mean (18.39)

0 0 10/20 11/20 12/20 1/21 2/21 3/21 4/21 5/21 6/21 7/21 8/21 9/21

Price Price (50-Day Simple Moving Average) Price (200-Day Simple Moving Average)

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Price Performance, Technical Indicators & Risk Metrics

Difference Price Performance % Change vs FTSE 350 Technical Indicators 1-Day % 1.61 0.30 50-Day Average Price 29.23 1-Week % 2.26 1.23 Price / 50-Day Average 1.08 4-Week % 10.28 10.87 200-Day Average Price 25.84 52-Week % 67.11 43.74 Price / 200-Day Average 1.22 RSI - Relative Strength Index 66.55 Quarter-to-Date % 6.93 5.31

Year-to-Date % 47.55 36.80 Risk Metrics Last Month % 0.17 -1.75 Price Volatility 0.92 Last Quarter % 21.31 16.64 Sharpe Ratio 0.18 Last Calendar Year % -35.97 -22.98 Sortino Ratio 0.31

5-Year Price Performance vs. FTSE 350

Gazprom Neft PJSC Current: 2.27 CAGR: 17.9% Over the past five years, FTSE 350 Index Current: 1.19 CAGR: 3.5% Gazprom Neft PJSC's stock price is up 126.9% which is 2.8 2.8 107.9% above the FTSE 350 Index performance of 19.0% over the same period. 2.6 2.6 Gazprom Neft PJSC's cumulative annualized growth 2.4 2.4 rate (CAGR) over the five year period has been 17.9% while that of the FTSE 350 Index 2.3 GAZ:LN 2.3 has been 3.5%.

Over the past year, Gazprom 2.1 2.1 Neft PJSC's stock price performance of 67.1% has 1.9 1.9 outperformed that of the FTSE 350 Index by 43.7%. On a year-to-date basis, Gazprom 1.8 1.8 Neft PJSC's stock price performance of 47.6% has 1.6 1.6 outperformed the FTSE 350 Index by 36.8%.

1.4 1.4 Over the past week, Gazprom Neft PJSC's stock price performance of 2.3% has 1.3 1.3 ^NMX:LN outperformed that of the FTSE 350 Index by 1.2%. 1.1 1.1

0.9 0.9

0.7 0.7 2016 2017 2018 2019 2020 2021 2022

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Growth and Profitability Metrics

5-Year 10-Year Historical Growth 3-Year 5-Year 10-Year Profitability Current Average Average Revenues % -5.1 6.7 -1.7 Gross Margin % 73.1 75.1 74.0 Revenues Per Share % -5.1 6.7 -2.0 EBITDA Margin % 17.9 23.8 22.4 EBITDA % -13.8 3.4 3.6 Pre-Tax Margin % 4.6 14.2 13.8 EPS Diluted % -29.7 0.0 -7.0 Net Margin % 5.5 13.3 12.4 Free Cash Flow % 7.4 999.9 -4.2 Return on Equity % 5.0 18.0 17.5 Cash from Operations % -1.8 12.3 2.5 Return on Capital % 3.5 12.1 12.5 Book Value % 1.2 12.2 4.1 Return on Assets % 2.6 9.4 9.9

Revenue (M) Gazprom Neft PJSC's cumulative annualized revenue Current: 26731.30 Median: 32136.43 High: 39933.21 Low: 25241.77 CAGR: 1.4% growth rate over the charted 42,871.5 42,871.5 39,933.2 period is 1.4%. This compares to cumulatative annualized 36,750.1 35,716.7 36,750.1 growth of -5.1% over the past 32,136.4 3 years. 30,628.6 30,628.6 26,731.3 25,241.8 24,507.2 24,507.2 2016 2017 2018 2019 2020 2021 Gazprom Neft PJSC's EPS Diluted cumulative annualized EPS Current: 0.33 Median: 0.93 High: 1.36 Low: 0.33 CAGR: -16.8% growth rate over the charted 1.57 1.57 period is -16.8%. This 1.36 compares to cumulatative 1.15 1.14 1.14 annualized growth of -29.7% 0.93 over the past 3 years. 0.69 0.71 0.71 0.33 0.28 0.28 2016 2017 2018 2019 2020 2021

Net Profit Margin % Gazprom Neft PJSC's net profit margin of 5.5% is 7.8% Current: 5.50 Median: 13.76 High: 16.07 Low: 5.50 CAGR: -16.2% below the period's mean net 16.6 16.6 margin of 13.3%. During the Mean (13.33) charted period, the observed 12.7 12.7 net profit margin high and low were 16.1% and 5.5% 8.8 8.8 respectively.

5.0 5.0 2016 2017 2018 2019 2020 2021 Gazprom Neft PJSC's return Return on Equity % on equity of 5.0% is 13.0% Current: 5.00 Median: 18.80 High: 23.50 Low: 5.00 CAGR: -26.8% below the period's mean return 24.4 24.4 on equity of 18.0%. During the charted period, the observed Mean (17.98) 17.6 17.6 ROE high and low were 23.5% and 5.0% respectively. 10.9 10.9

4.1 4.1 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Valuation Metrics

5-Year 10-Year 5-Year 10-Year Current Median Median Current Median Median

Price / EPS TTM 98.9 25.4 24.8 Earnings Yield % 1.24 3.98 4.07

Price / Sales 5.4 3.5 2.9 Free Cash Flow Yield % 0.93 1.37 1.45

Price / Operating Cash Flow 33.3 16.4 15.8 Dividend Yield % 1.04 6.88 5.97

Price / Book Value 5.4 4.3 4.0 Enterprise Value / EBITDA 31.9 15.8 14.3

Price / EPS TTM Gazprom Neft PJSC is trading at 98.91 times its EPS Current: 98.91 Median: 25.36 High: 98.91 Low: 13.06 CAGR: 28.9% generated during the latest 103.2 103.2 fiscal year. This multiple is above the historically observed 71.7 71.7 median of 25.36, while high and low observations have been 98.91 and 13.06. 40.2 40.2 Median (25.36)

8.8 8.8 2016 2017 2018 2019 2020 2021 Price / Sales Gazprom Neft PJSC is trading at a Price to Sales ratio of 5.44 Current: 5.44 Median: 3.49 High: 5.44 Low: 2.10 CAGR: 13.3% based on sales generated 5.61 5.61 during the latest fiscal year. This ratio is above the 4.38 4.38 historically observed median ratio of 3.49, while high and Median (3.49) low observations have been 3.16 3.16 5.44 and 2.10.

1.93 1.93 2016 2017 2018 2019 2020 2021 Gazprom Neft PJSC is trading Price / Book Value at a Price to Book ratio of 5.36 Current: 5.36 Median: 4.33 High: 6.37 Low: 2.48 CAGR: 2.9% based on book value at the 6.6 6.6 latest fiscal year end. This ratio is above the historically observed median of 4.33, 5.1 5.1 while high and low Median (4.33) observations have been 6.37 3.7 3.7 and 2.48.

2.3 2.3 2016 2017 2018 2019 2020 2021 Gazprom Neft PJSC has a Free Cash Flow Yield % Free Cash Flow Yield of 0.93% Current: 0.93 Median: 1.37 High: 2.99 Low: 0.00 CAGR: 0.2% based on free cash flow 3.1 3.1 generated during the latest fiscal year. This value is below the historically observed 2.0 2.0 median yield of 1.37%, while Median (1.37) high and low observations 0.9 0.9 have been 2.99 and 0.00.

-0.1 -0.1 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Dividends Data

Dividends Per Share TTM 0.33 Payout Ratio TTM % 100.00% Dividend Yield TTM % 1.04%

Rate Ex Date Record Date Payment Date Currency Note 0.330 28-12-2020 29-12-2020 01-02-2021 USD GROSS FINAL RATE 1.386 25-06-2020 26-06-2020 23-07-2020 USD GROSS FINAL RATE 1.419 17-10-2019 18-10-2019 15-11-2019 USD GROSS FINAL RATE 0.630 28-06-2019 01-07-2019 26-07-2019 USD GROSS FINAL RATE 1.666 27-12-2018 28-12-2018 01-02-2019 USD GROSS FINAL RATE 0.400 25-06-2018 26-06-2018 20-07-2018 USD GROSS FINAL RATE 0.889 28-12-2017 29-12-2017 02-02-2018 USD GROSS FINAL RATE 0.899 23-06-2017 26-06-2017 21-07-2017 USD FINAL RATE 0.044 24-06-2016 27-06-2016 22-07-2016 USD GROSS FINAL RATE 0.470 15-10-2015 16-10-2015 10-11-2015 USD GROSS FINAL RATE

Dividend Growth and Yield

Dividends Per Share TTM Gazprom Neft PJSC's trailing 12-month dividend per share Current: 0.33 Median: 1.76 High: 2.81 Low: 0.04 CAGR: -8.8% is 0.33 and its dividend has 2.95 2.95 grown at a cumulative annualized rate of -8.8% over 2.44 2.44 the charted period. This compares to dividend growth 1.93 1.93 of -88.20% over the past year and cumulative annualized growth of -36.50% over the 1.43 1.43 past 3 years.

0.92 0.92

0.41 0.41

-0.10 -0.10 2016 2017 2018 2019 2020 2021

Dividend Yield TTM % Gazprom Neft PJSC's current dividend yield is 1.04% based Current: 1.04 Median: 6.88 High: 16.64 Low: 0.21 CAGR: -22.4% on trailing 12 month 17.46 17.46 dividends. The current yield is below the historically observed 14.45 14.45 median of 6.88% and, over the charted time period, the 11.44 11.44 observed high yield has been 16.64% and the observed low yield has been 0.21%. 8.43 8.43

5.41 5.41

2.40 2.40

-0.61 -0.61 2016 2017 2018 2019 2020 2021

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 ICB Subsector Peer Comparisons

Price Change Year to Date % Price Change Last Calendar Year % -13.4 7.9 29.1 50.4 71.6 -51.8 -38.3 -24.9 -11.4 2.1

PJSC Gazprom 67.8 China Petroleum & Chemical Corp -8.3 Novatek Joint Stock Co 59.2 Novatek Joint Stock Co -19.5 Gazprom Neft PJSC 47.6 Rosneft Oil Co OJSC (Moscow) -21.7 Rosneft Oil Co OJSC (Moscow) 43.7 TotalEnergies SE -28.0 PJSC Lukoil 36.3 PJSC Lukoil -31.2 Peer Group Average 28.1 PJSC Gazprom -32.0 BP PLC 24.7 Peer Group Average -32.0 Royal Dutch Shell Plc 17.4 Gazprom Neft PJSC -36.0 TotalEnergies SE 10.5 Royal Dutch Shell Plc -41.9 Tatneft PJSC 2.2 Surgutneftegas PJSC -42.7 China Petroleum & Chemical Corp 1.8 Tatneft PJSC -44.8 Surgutneftegas PJSC -2.5 BP PLC -46.0 -13.4 7.9 29.1 50.4 71.6 -51.8 -38.3 -24.9 -11.4 2.1

Price / EPS TTM Price / Book Value 0.0 26.2 52.4 78.7 104.9 0.0 13.1 26.2 39.3 52.3

Novatek Joint Stock Co 99.9 China Petroleum & Chemical Corp 49.9 PJSC Gazprom 99.9 Novatek Joint Stock Co 36.1 PJSC Lukoil 99.9 Peer Group Average 9.9 China Petroleum & Chemical Corp 99.9 Tatneft PJSC 7.9 Gazprom Neft PJSC 98.9 Gazprom Neft PJSC 5.4 Tatneft PJSC 69.5 Surgutneftegas PJSC 2.3 Peer Group Average 61.5 Rosneft Oil Co OJSC (Moscow) 1.4 Rosneft Oil Co OJSC (Moscow) 40.5 PJSC Gazprom 1.2 Royal Dutch Shell Plc 29.7 TotalEnergies SE 1.1 TotalEnergies SE 19.5 BP PLC 1.1 Surgutneftegas PJSC 18.8 PJSC Lukoil 1.1 BP PLC 0.2 Royal Dutch Shell Plc 1.0 0.0 26.2 52.4 78.7 104.9 0.0 13.1 26.2 39.3 52.3

EPS 5-Year Growth Rate % Revenue 5-Year Growth Rate % -205.0 110.6 426.1 741.7 1,057.3 -5.6 -2.0 1.6 5.2 8.8

Royal Dutch Shell Plc 999.9 Novatek Joint Stock Co 8.1 Gazprom Neft PJSC 6.7 BP PLC 999.9 Tatneft PJSC 5.7 Peer Group Average 215.7 Rosneft Oil Co OJSC (Moscow) 2.0 China Petroleum & Chemical Corp 17.6 Peer Group Average 1.8 TotalEnergies SE 13.0 PJSC Gazprom 1.7 Gazprom Neft PJSC 0.0 TotalEnergies SE 1.5 Surgutneftegas PJSC 1.1 Surgutneftegas PJSC -3.0 PJSC Lukoil -0.6 Rosneft Oil Co OJSC (Moscow) -14.6 Royal Dutch Shell Plc -1.4 PJSC Gazprom -28.5 BP PLC -1.5 PJSC Lukoil -43.3 China Petroleum & Chemical Corp -3.8 -205.0 110.6 426.1 741.7 1,057.3 -5.6 -2.0 1.6 5.2 8.8

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021 Abbreviations: CAGR - Cumulative annual growth rate. EBIT - Earnings before interest and taxes. EBITDA - Earnings before interest, taxes, depreciation & amortization. LFY - Last fiscal year M - Million LON - London Stock Exchange

Definitions: Market Value - Weekly Price times latest Shares Outstanding times any applicable ADR factor. Revenue - Sum of the last four quarters of Revenues. Revenue Per Share - Sum of the last four quarters of Total Revenue divided by Weighted Average Shares Outstanding. Operating EPS LFY - EPS excluding non-recurring, non-operating items, fiscal year aligned TTM value. 60-Day Average Volume (000) - The average of the last 60 daily volume values in thousands of shares. Price 52-Week High - The high closing price from the last 52 weeks of daily closing prices. Price 52-Week Low - The low closing price from the last 52 weeks of daily closing prices. Price / 52-Week High - Latest price divided by the high price from the past 52 weeks of daily closing prices. Price / 52-Week Low - Latest price divided by the low price from the past 52 weeks of daily closing prices. 50-Day Average Price - Mean of last 50 daily closing prices. 200-Day Average Price - Mean of last 200 daily closing prices. Price / 50-Day Average Price - Latest closing price divided by mean of last 50 daily closing prices, as a percentage. Price / 200-Day Average Price - Latest closing price divided by mean of last 200 daily closing prices, as a percentage. Relative Strength Index - Relative Strength Index or RSI measures the magnitude of gains over a given time period against the magnitude of losses over that period. The equation is RSI = 100 - 100 / (1 + RS) where RS = (total gains / n) / (total losses / n) and n = number of RSI periods. In this item, 14 days is used and one year of daily prices are considered. A value of 30 or below may imply oversold and 70 or above may imply overbought. Price Volatility - The standard deviation of the last 20 days of daily closing prices. Sharpe Ratio - The 5 year average of the excess monthly return over the risk - free rate(1 - month T - bill) over the 5 year standard deviation of the same series. Sortino Ratio - The same calculation as the Sharpe Ratio but with positive excess returns set to zero for the standard deviation denominator, so only negative volatility weighs in. Dividends Per Share TTM - Sum of the last four quarters of Dividends Per Share. Payout Ratio - Dividends Per Share TTM divided by Operating EPS TTM. Dividend Yield TTM % - Sum of the last four quarter of Dividends Per Share divided by Weekly Price. EBITDA - Sum of the last four quarters of EBITDA (Operating Income + Depreciation & Amortization). Free Cash Flow - Sum of the last four quarters Net Cash from Operations minus Capital Expenditures (Purchase of Property, Plant & Equipment), from the Cash Flow Statement. Book Value Per Share - Total Common Equity last quarter divided by Shares Outstanding last quarter. Gross Margin % - Sum of the last four quarters Gross Profit divided by the sum of the last four quarters Revenues. EBITDA Margin % - Sum of the last four quarters EBITDA divided by the sum of the last four quarters Revenues. Pre-Tax Margin % - Sum of the last four quarters of Earnings Before Taxes divided by sum of the last four quarters Revenues. Net Profit Margin % - Sum of the last four quarters of Operating EPS divided by sum of the last four quarters Revenues Per Share. Return on Equity % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Book Value. Return on Capital % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Capital Per Share. Return on Assets % - Sum of the last four quarters of Operating EPS divided by the average of the last four quarters Total Assets Per Share. Price / EPS TTM - Weekly Price divided by the sum of the last four quarters of Operating EPS (capped at 99.9). Price / Sales - Weekly Price divided by Revenues Per Share TTM. Price / Book Value - Weekly Price divided by Book Value Per Share last quarter. Book Value Per Share is Total Common Equity last quarter divided by Shares Outstanding last quarter (capped at 49.9). Free Cash Flow Yield % - Free Cash Flow Per Share TTM divided by Weekly Price. Enterprise Value - Market Value plus Total Debt last year plus Preferred Equity last year minus Cash & Cash Equivalents last year. Enterprise Value / Sales - Enterprise Value divided by the sum of the last four quarters of Revenue. Enterprise Value / EBITDA - Enterprise Value divided by EBITDA TTM. Enterprise Value / EBIT - Enterprise Value divided by trailing four quarters of Operating Income. Enterprise Value / Free Cash Flow- Enterprise Value divided by the sum of the last four quarters of Free Cash Flow. Russell 1000 Index - The largest 1,000 stocks by market cap, the index comprehensively covers the US large cap universe. EPS 5-Year Growth Rate % is capped at 999.9%. Revenue 5-Year Growth Rate % is capped at 999.9%.

Energy/Integrated Oil and Gas Price: 31.65 USD Report Date: September 23, 2021

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