Слайд 0 - Gazprom

Scale Does Matter
Gazprom Investor Day
February 2012
0 Investor Day 2012

1
Disclaimer
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.
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.
Investor Day 2012

2
Strategy
Export
Finance
Gazprom Neft
Agenda
Gazprom Energoholding
Vlada Rusakova
Member of Gazprom Management Committee
Alexander Medvedev
Deputy Chairman of Gazprom Management Committee
Director General of Gazprom Export
Andrey Kruglov
Deputy Chairman of Gazprom Management Committee
Head of the Department for Finance and Economics
Vadim Yakovlev
Deputy Chairman of the Management Board of Gazprom Neft
First Deputy CEO of Gazprom Neft
Denis Fedorov
Head of Gazprom Directorate for Development of Power Generation Sector
and Power Generation Marketing, General Director of Gazprom
Energoholding
Investor Day 2012

Sustainable development
Huge gas reserve base
Largest gas producer
Social & Ecological
Responsibilities
Impeccable corporate governance
Transparent strategy
Fundamentals:
Biggest gas supplier
Sole gas exporter
3 Investor Day 2012

4
Strategy
Part 1. Vlada Rusakova
Member of Gazprom Management Committee
Investor Day 2012

5
Gas demand 2030
Share of gas in World energy consumption
2009
2030F
– Natural Gas
– Other
Source: Gazprom
1. Cubic meter – 8,850 kcal
2. Including Baltic States
3. Excluding Baltic States
21%
26%
3.2 tcm
Gas consumption by region (1)
5.1 tcm
0.2
0.3
0.7
0.8
0.9
1.1
1.1
2010 2030F
– Africa
– Latin America
– Europe (2)
– Middle East
– FSU (3)
– Asia/Oceania
– North America
Strategy - Investor Day 2012

6
6
6:1
5
5:1
4
4:1
3
3:1
2
2:1
1
1:1
0
Oil price (WTI) to gas price (Henry Hub) ratio
1:5
1:4
1:3
1:2
1:1
US oil and gas prices
2005 2006 2007 2008 2009 2010 2011 E 2012 F
Source: Bloomberg
Using natural gas as motor fuel (for cars, trucks, buses,
ships) and consequent replacing of oil products with natural
gas are raising. The only restriction is lack of infrastructure
An area for further development is electric cars which can
increase consumption of electricity and as a consequence of
natural gas
In future, gas consumption will grow faster than was expected in 2010
Strategy - Investor Day 2012

7
1500
1200
900
600
300
0
Source: Gazprom
North America
2010 2020F 2030F
1500
1200
900
600
300
0
Global gas balance
Latin America
1500
1200
900
600
300
0
1500
1200
900
600
300
2010 2020F 2030F 0
Europe
2010 2020F 2030F
1500
1200
900
600
300
0
Africa
2010 2020F 2030F
1500
1200
900
600
300
0
Middle East
2010 2020F 2030F
Europe and Asia are two most important markets
FSU
2010 2020F 2030F
1500
1200
900
600
300
0
bcm
Asia/Oceania
2010 2020F 2030F
– Consumption
– Production
Strategy - Investor Day 2012

8
Exploration &
Production
Develop new production
regions:
– Yamal peninsula
– Eastern Siberia & the
Far East
– Russian continental
shelf
Prioritize development of
fields located close to
existing UGSS
infrastructure
Note: UGS is underground gas storage
UGSS is unified gas supply system
Strategic tasks of gas business
Transportation & UGS
Reconstruction within
UGSS
Create gas pipelines to
transport gas from new
production regions
Diversify export pipeline
routes:
– Nord Stream
– South Stream
Develop unified gas
supply system in the
East of Russia
Increase UGS capacity
Distribution &
Marketing
Retain current position in
the Russian market
Gain 32% in the
European market
Diversify markets by
entering into the most
promising North-East
Asian market (13%
market share)
Expand LNG business
(14% of world production)
Strategy - Investor Day 2012

9
bcm
800
700
600
500
400
300
200
100
0
Prospective sources of Gazprom’s gas production
2010 2020F 2030F
Currently existing projects
New fields in Nadym-Pur-Taz
Yamal Megaproject
Shtokman Project
Eastern Siberia and the Far East
400
300
200
100
0
Shtokman
2010 2020F 2030F
400
300
200
100
0
New fields in Nadym-
Pur-Taz
2010 2020F 2030F
400
300
200
100
0
Yamal
2010 2020F 2030F
400
300
200
100
0
bcm
Eastern Siberia and
the Far East
2010 2020F 2030F
Strategy - Investor Day 2012

10
Gazprom’s priority projects in transportation
Existing Under construction Planned
Project
UNDER CONSTRUCTION
Length,
km
km
Nord Stream 1224 1224 + 1224
(2 lines)
Gryazovets –
Vyborg
Pochinki –
Gryazovets
Bovanenkovo –
Ukhta
917
891 + 705
(incl. looping)
Linear part
Ø,
mm
Compressor
station
P,
MPa unit MW
Capacity,
bcmpa
1200 22/17 - - 55
1420/1220 9.8 5 + 2 538 + 617 59
650 650 1420 7.4 5 + 1 516 + 64 till 36
1110
2212
(2 lines)
1420 11.8 9 1842 115
SRTO – Torzhok 2200 2200 1420 7.4 10 + 3 728 + 240 28.5
Ukhta – Torzhok
(1 stage)
PLANNED
1371 1371 1420 9.8 8 805 45 (1 line)
South Stream 930 930 813 27.5 - - 63
Expand UGSS to
enable gas supply
via South Stream
pipeline
Murmansk –
Volkhov
XXXX – already built, XXXX – under construction/planned
2956 2446 1400-700 11.8/7.4 10 1475 63
1365 1365 1420 9.8 max 5 max 625 22-33
Strategy - Investor Day 2012

11
bcm
15
10
5
0
mm kWh
1,500
1,000
500
0
th. Gcal
1,000
750
500
250
0
Energy efficiency
Natural gas savings – 30.6 bcm
2002-2003 2004-2006 2007-2010 2011E-2013F
Electricity savings – 3,392 mm kWh
2002-2003 2004-2006 2007-2010 2011E-2013F
Heat energy savings – 2,449 th. Gcal
2002-2003 2004-2006 2007-2010 2011E-2013F
36.2 mm tce total energy savings in 2002-2013F
40
30
20
10
0
1% 1%
86%
12%
Production
Transportation & underground gas storage
Processing
Other
Gas consumption of Gazprom’s gas trunking processes
Cm/ mm cm*km
1999 2002 2005 2008 2010
Strategy - Investor Day 2012

12
GAS RESERVES (А+В+С1+С2), bcm
Development of Gazprom’s business in East Siberia and
the Far East
Onshore 177 3,756
Offshore - 1,021 (1)
Total: 177 4,777
1. Including Gazprom’s 50% share in Sakhalin-2 project
CAPACITY OF GAS TRANSPORTATION SYSTEMS, bcm
Sakhalin — Khabarovsk — Vladivostok (the first start-up complex) - 6
Sakhalin-2 fields — LNG plant - 15
Sobolevo — Petropavlovsk-Kamchatsky - 1
Total: - 22
LNG CAPACITIES, mm t
01.01.2007 01.01.2012
Sakhalin-2 - 9.6
Strategy - Investor Day 2012

13
Hydrocarbon fields exploration
technology, including
development of alternative
resources
Potential economic effect as result of innovation
15.7
16.9
Technology to improve gas transportation efficiency
Technology to develop hydrocarbon resources in continental shelf
Gas processing and petrochemical technology
Technology for developing hydrocarbon
resources in permafrost areas
Implementation of technological priorities ensures an extra potential economic effect of 450 bln RR
45.9
54.6
55.6
83.1
Gas sale and utilization technology
18.7 Technology to improve gas storage efficiency
Hydrocarbon production technology on existing fields
NPV, bln RR
159.2
450
Strategy - Investor Day 2012

14
Gas CAPEX 2012-2030F
Structure of CAPEX by business segment
(average annual)
OTHER
PROCESSING
TRANSPORT
(incl. UGS)
PRODUCTION
EXPLORATION
Note: UGS is underground gas storage
UGSS is unified gas supply system
700-900 bln RR p.a.
6%
8%
47%
31%
8%
6%
15%
20%
Structure of CAPEX by major project
(2012F-2030F in total)
8% 8%
14%
29%
Shtokman project
Yamal Megaproject
Eastern Siberia and the Far East
Transport System Development (incl. UGS)
Reconstruction in Transport
Currently existing projects in Production
Other projects within UGSS
(exploration; new production and drilling
(excl. Yamal and Shtokman); processing;
others)
Strategy - Investor Day 2012

Export
Part 2. Alexander Medvedev
Deputy Chairman of Gazprom Management Committee
Director General of Gazprom Export
15
Investor Day 2012

16
Consumption (monthly), bcm
European natural gas market dynamics
European gas consumption and imports in 2011E
2008 2009 2010 2011E
2011E/10,
bcm
2011E/10,
%
Consumption (bcm) 600.7 565.2 609.8 563.5 -46.4 -7.6%
Domestic production
(bcm)
320.0 307.0 311.6 293.8 -17.8 -5.7%
Imports (1) (bcm) 280.3 258.2 298.2 269.7 -28.5 -9.6%
Source: International Energy Agency, Eurostat, Gazprom Export. Gas calorific value: 1cm = 37 MJ
90
80
70
60
50
40
30
20
10
0
0 5,000 10,000 15,000 20,000
Monthly Weather Index
Source: Gazprom Export (based upon monthly HDD/CDD for Europe)
1. Including balance of gas storage
10.0%
+10%
6.0%
+5%
2.0%
11 Year
Average -2.0%
-6.0% -5%
-10.0% -10%
2000
Net heating & cooling degree days
2001
2002
Source: Gazprom Export (based upon annualized HDD/CDD for Europe)
Natural gas consumption correlates primarily to weather conditions, not GDP
Consumption (1) (quarterly), bcm
Seasonally Adjusted
2003
2004
2005
160
155
150
145
140
135
130
125
120
115
110
95 100 105 110 115 120 125
2006
GDP SA Index (2001Q1=100)
Департамент стратегического развития
2007
2008
2009
2010
Export - Investor Day 2012
2011E

17
bcm USD/mcm bcm USD/mcm
169 168
164
156 162
160
600 120
$301
$320
350
150
148 148
300
154 156 153
160
100
150 154
141 101 $232
139
450
80
97 97
250
100
$202
$407
$415
77
$159
200
$384
300 60
70 71 75
$111
150
40
57
$262 $269
$297 $302
50
$61 $89
150
100
$192
20
50
0
73%
2005 2006 2007 2008 2009 2010 2011E 2012F
Export Volumes Other Deliveries Average European Price
27%
Gazprom sales to European and FSU markets
Gazprom Group gas deliveries to Europe
Projected Gazprom European market share
2011E 2020F 2030F
Source: Gazprom estimates
70%
30%
Gazprom Other Suppliers
0
68%
32%
0
Gazprom Group gas deliveries to FSU
2005 2006 2007 2008 2009 2010 2011E 2012F
Volumes Average FSU Price
Gazprom’s portfolio includes long term
contracts ensuring Minimum Annual
Quantities (MAQ) of 4 trillion cubic meters
of gas to Europe over the period
2012 - 2030
Департамент стратегического развития
Export - Investor Day 2012
0

18
bcm
900
800
700
600
500
400
300
200
100
0
2010
270 bcm
2011E
2012F
The gap is widening…
The gap is widening between European indigenous production and consumption
2013F
2014F
2015F
2016F
2017F
2018F
2019F
2020F
Range of production forecasts Range of consumption forecasts Production consensus forecast Consumption consensus forecast
Source: Consensus projections derived from EIA, CERA, Greenpeace, IEA, EuroGas, PIRA, EC, Cedigaz
370 bcm
2021F
2022F
2023F
2024F
2025F
2026F
Департамент стратегического развития
2027F
2028F
2029F
400 bcm
Export - Investor Day 2012
2030F

19
TWh
2000
1500
1000
500
0
800
Natural gas demand growth potential by sector
Anticipated market - Marine bunkering sector Anticipated market - Automotive sector
bcm bcm
250
150
50
-50
2010
2011E
2012F
2013F
2014F
2015F
2016F
2017F
2018F
2019F
2020F
2021F
2022F
2023F
2024F
2025F
2026F
2027F
2028F
2029F
2030F
Global consumption, CERA Global consumption, Pace Global
European consumption, Pace Global
Update: December 2011
Electricity produced from natural gas in 2030 carbon reduction road maps
2010 2030F
1,000
965
529
217
90
49
1,653
1,154
2010 2030 Average IEA HIS CERA EGAF Eurogas Eurelectric
250
150
50
-50
2010
2011E
2012F
2013F
2014F
2015F
2016F
2017F
2018F
2019F
2020F
2021F
2022F
2023F
2024F
2025F
2026F
2027F
2028F
2029F
2030F
Global consumption, CERA European consumption, Pace Global
European consumption, CERA European consumption, Eurogas
1,517
756
986
Департамент стратегического развития
831
625
191
80
28
24
Export - Investor Day 2012

20
Export volumes in 2011E
278 m t
150 bcm
natural gas
1. by calorific value
CO 2 emissions
525 m t
Gas is the best fossil fuel and the cheapest path
to reach EU CO 2 reduction targets
= =
180 mm t
coal (1)
415 m t
135 mm t
fuel oil (1)
Gas-optimized
scenario
Renewables
60%
Renewable subsidies and other
incentives are equal to €820 bln
or 53% of the total All-In cost of
renewable generation over the
next 20 years.
€820 bln
Source: Pace Global
€1550 bln
Subsidies
53%
Cumulative cost advantages of gas-optimized scenario, Euro bln
2030F 2050F
700 1650
1200 2500
Source: McKinsey for the European Gas Advocacy Forum
850
capital
expenditures
350-
400
operational
expenditures
450-
500
total
savings
Департамент стратегического развития
Export - Investor Day 2012

USD per mcm
600
500
400
300
200
100
21
Sources: BMWi, Bloomberg, European Central Bank
Hybrid pricing - cornerstone of the European market
Hub and contract prices
0
Jan-08 Jun-08 Nov-08 Apr-09 Sep-09 Feb-10 Jul-10 Dec-10 May-11 Oct-11
NWE long-term contracts proxy (Platts) BAFA
TTF month ahead LNG import price, Japan
Hybrid pricing mechanism should be adjusted to
facilitate synergies and fairness in competition
“Free riders” produce no gas and have no import
contracts. They do not pay full cost for gas storage
and structuring of deliveries
Churn ratio remains below 5 at all continental hubs
A large portion of natural gas traded at the hubs is
derived from long term oil-indexed contracts
Importers are disadvantaged by reforms, not Gazprom
USD per mcm
Contract Prices
Hub Prices
! Only for small volumes
Департамент стратегического развития
Export - Investor Day 2012

22
USD/mm btu
22
20
18
16
14
12
10
8
6
4
2
0
300
250
200
150
100
50
Sep
10
174.9
184.4
220.6
Asian market – Key pillar for LNG growth
247.1
257.3 264.5 266.0
280.6
0
2008
Source: Woodmac
2009 2010 2011E 2012F 2013F 2014F 2015F
Long term contracts - oil parity level development in
the Asia-Pacific region
18%
16%
14%
12%
10%
8%
6%
4%
2001-2005
Headline slopes
as low as 4-6%,
S-curves
2005-2006
Discussions on
S-curve
eliminations
Source: Bloomberg, Platts Source: Gas Strategies, Platts, Poten
mm t
Oct
10
Nov
10
Dec
10
+$14
Jan
11
Feb
11
Global LNG production volume
CAGR
2011E-2015F
12%
Brent HH NBP JKM
Mar
11
Apr
11
May
11
Jun
11
Jul
11
Aug
11
+$5
Sep
11
Oct
11
Nov
11
Dec
11
CAGR
2011E-2015F
3%
Forward curves
Jan
12
Feb
12
Mar
12
Apr
12
May
12
22
20
18
16
14
12
10
8
6
4
2
0
Oil Parity
Fears about LNG
demand surge in
the US
Kashiwazaki-
Kariwa power
plant
shutdown
Late 2006-2008
Record high
slopes agreed:
16-17%
New LNG
projects
announced
2009-2010
14.85% - benchmark slope
for conventional LNG,
14-14.5% for CBM/FLNG
with S-curve
Earthquake in
Japan, nuclear
power plants
shutdowns
2011E-2012F
Market remains tight as
nuclear situation in
Japan takes time to
resolve
The Asia-Pacific region is a main source of growth: demand is strong with
prices continuing to rise, boosted by the earthquake in Japan
Asia attracts spare LNG volumes, including those redirected from Europe
LNG supply growth is limited in the next few years: the situation is unlikely
to change dramatically
Lack of excess LNG volumes will support European long-term contracts
pricing mechanisms
Департамент стратегического развития
Export - Investor Day 2012

23
bcm delivered
0.2
0.3
Gazprom – growing presence in LNG market
Traded volume dynamics (1)
0.4
0.5
0.2 0.3 0.4 0.5
2005 2006 2007 2008 2009 2010 2011E
1.8
0.7
1.2
2.4
0.4
2.1
3.0
1.8
1.2
Portfolio supply sources and destinations (2011E)
Russia
Nigeria
Egypt
Qatar
Australia
USA
Japan
India
China
Korea
Taiwan
Thailand
Dubai
Kuwait
UK
Gazprom LNG portfolio shows steady growth
Geographic diversification increases, both in terms of supply sources and marketing destinations – presence in both
Atlantic and Pacific basins
Access to shipping capacity supports portfolio flexibility
Long-term charter agreements for two newly build LNG carriers signed in addition to existing fleet of chartered
LNG vessels
1. Totals may not sum due to rounding
Russia Non-Russia
Департамент стратегического развития
Export - Investor Day 2012

25
Finance
Part 3. Andrey Kruglov
Deputy Chairman of Gazprom Management Committee
Head of the Department for Finance and Economics
Investor Day 2012

130%
115%
100%
85%
70%
15
10
5
0
J F M A M J J A S O N D
6.8
12.7
10.3
9.0
Gazprom shares and bonds: liquid Russian securities
Gazprom share price performance (2011) Bonds YTM (2011)
Gazprom MICEX
P/E multiple evolution (1)
11.8 11.2
11.1
9.4
9.3
7.3
10.0
8.7 8.3
4.9 4.4 4.0
2004 2005 2006 2007 2008 2009 2010 2011E
Gazprom Oil&Gas Majors median
Theoretical
potential
Investing in Gazprom should be viewed as safe and liquid
25 Finance - Investor Day 2012
8%
6%
4%
2%
10
8
6
4
2
0
J F M A M J J A S O N D J
Gazprom 6.51% due 2022 Russia 5% due 2020
5.7
4.9
EV/EBITDA multiple evolution (1)
6.2
5.0
8.0
4.6
7.4
5.6
5.1
4.6 4.7
4.2
3.7 4.3 4.1
3.2
2004 2005 2006 2007 2008 2009 2010 2011E
Source: Gazprom data, Bloomberg, FactSet
1. Average 1-year forward multiples. Oil & Gas Majors are the top 10 oil and gas companies by market capitalization as of the beginning of 2012,excluding Gazprom
Gazprom Oil&Gas Majors median
Theoretical
potential

15%
10%
5%
0%
11%
Total sales revenue (2)(5)
USD bln
Strong financials: potential for future growth
8%
7%
Revenue EBITDA Net income
3%
(1)
CAGR Gazprom for 2006-2010 CAGR of oil & gas majors’(1) on average for 2006-2010
2009 2010 9m 2010 9m 2011 2011E
94.2 118.4 82.5 114.6 155
Adj. EBITDA (2)(3) , USD bln 34.3 44.7 31.7 47.9 63
Adj. EBITDA margin 36% 38% 38.4% 41.8% 41%
Comparative 5Y CAGR
Gazprom’s financials
1. Oil & Gas Majors are the top 10 oil and gas companies by market capitalization as of the beginning of 2012,excluding Gazprom
2. Converted using the annual average exchange rate as of the respecting period
3. Adjusted EBITDA is defined as operating profit before depreciation and changes in assets, impairment provision (impairment of accounts receivable and prepayments, assets under construction, investments and
other long-term assets, inventory)
4. Data are converted in USD using exchange rate USD 1 = 30.24 RR at the end of 2009, USD 1 = 30.48 RR at the end of 2010, USD 1 = 30.40 at the end of 9m2010, USD 1 = 31.88 at the end of 9m2011
5. Net of custom duties and VAT
26 Finance - Investor Day 2012
9%
1%
Gazprom’s net income —
the highest in the industry
2009 2010 9m 2010 9m 2011 2011E
Net Debt (4) , USD bln 45.4 28.6 32.0 32.8 34
Total debt (4) , USD bln 53.8 43.2 42.5 44.9 48
T. Debt / Adj. EBITDA (LTM) 1.49x 0.97x 1.0x 0.8x 0.8x
High net income is expected to deliver increased dividend payout

CAPEX structure to provide:
.
Well-managed CAPEX
– Production growth, depending on market
requirements
– Flexible company strategy in the future
Meticulous project prioritization allows rational
fund allocation
Cash CAPEX wholly financed with operating CF
1. Data are converted in USD using exchange rate USD 1 = 30.36 RR in 2010; USD 1 = 28.3 RR in 2011 and Gazprom’s budget exchange rate forecast for 2012 (USD 1 = 28.7 RR in 2012)
27 Finance - Investor Day 2012
USD bln
60
50
40
30
20
10
0
50 USD bln (1)
34 USD bln (1) 35 USD bln (1)
Transportation
Power & heat
generation
Gazprom Group cash CAPEX breakdown
2010 2011E 2012F
Gazprom Neft
Production
Other segments
(Including gas storage,
gas processing and
Gas distribution)
Investment policy will allow Gazprom to respond to future market requirements and gas demand

28
1,000
800
600
400
200
0
21.4%
459.2
528.5
-7.2%
12.2%
532.5
672.6
90.0 (3)
582.6
974.1
272.0 (3)
18.7% 10.7%
702.1
2008 2009 2010 2011E 2012F
Unit cost of gas production Mineral Extraction Tax (MET)
Producer price index
Effective cost management
Unit cost of gas production (1)
RR/1000 cm RR* 1000 cm/100km
60
50
40
30
20
10
0
21.4%
33.6
Unit cost of gas transportation (2)
38.6
-7.2%
12.2% 18.7% 10.7%
40.2
43.0 45.7
2008 2009 2010 2011E 2012F
Unit cost of gas production Producer price index
1. Unit cost of gas production per 1000 cm of sale gas among 7 majors Gazprom ‘s subsidiaries . Excludes cost of OAO Gazprom
2. Unit cost of gas transportation includes cost per1000 cm of gas transported 100 km by Gazprom’s gas transportation subsidiaries. Excludes cost of OAO Gazprom.
3. Unit cost increase of gas production due to MET growth
Increase in cost of gas production and transportation (excluding one-off MET increase) is in line with current
inflation rate
Finance - Investor Day 2012

Consumption,
bcm
500
450
400
350
300
250
200
150
100
50
0
179d
-1%
+29%
Development of Russian gas market
98d 98d
+27%
+4%
+31%
+4%
48d
0%
42d
+22%
+20% +23%
+11%
+3% +2% -1%
+15%
36d 35d 38d
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011E 2012E 2012F 2013E 2013F
Consumption in Russia Gazprom's account receivables turnover, days Gazprom's average domestic gas price
29 Finance - Investor Day 2012
+26%
40d
Improvement of payment discipline
Sustainability of gas supply
Price liberalization
+16%
-7%
49d
+26%
Recovery of gas consumption in Russian market
+7%
Revenue growth due to price increase and volume recovery
58d
+15%
+2%
59d
+8%
+3%
+16%
In 2009 obligatory prepayments
for gas deliveries on the
domestic market were cancelled
Average price,
RR/mcm
+1%
4000
3500
3000
2500
2000
1500
1000
500
0

USD bln
60
50
40
30
20
10
0
1.6
1.2
0.8
0.4
0.0
8.4
45.4
Impeccable credit history
14.6
12.1
12
28.6 32.8 34
2009 2010 9m2011LTM 2011E 2012F
Net debt Cash and equivalents Total debt
1.5
Total and net debt (1)
1.0
0.8 0.8 0.8
2009 2010 9m2011LTM 2011E 2012F
Total debt / adjusted EBITDA
48
Max level 1.5-1.7
Main debt ratios
30 Finance - Investor Day 2012
11.6
24.4
Gazprom maintains a comfortable level of debt
9%
7%
5%
3%
1%
2003 2004 2005 2006 2007 2008 2009 2010 9m2011
80
60
40
20
0
Cost of debt financing
Weighted average fixed interest rate
Weighted average floating interest rate
Weighted average interest rate
14.7
35.1
64.7
52.2
2007 2008 2009 2010 9m2011 2012F
1. Data are converted in USD using exchange rate USD 1 = 30.24 RR at the end of 2009, USD 1 = 30.48 RR at the end of 2010, USD 1 = 31.88 at the end of 9m2011
2. Gross interest is calculated as Interest expenses from Operating activities.
Adjusted EBITDA/Gross interest
(2)

31
Bond ratings (1)(2) :
Company ratings:
Sovereign rating:
State-controlled:
5Y MS-spread (3)(5) :
Spread to
Sovereign (4)(5) :
Gazprom’s credit strength
Baa1/BBB/BBB
Baa1/BBB/BBB
Baa1/BBB/BBB
Yes
+371bps
+140bps
1. S&P/Moody’s/ Fitch
2. Rating reflects bond ratings and not company ratings
3. Interpolated secondary curve spread to mid-swaps (MS)
4. Difference between 5Y MS-spread and interpolated Sovereign secondary MS-spread
5. The spreads are as of closing 7-February
6. Estimation, as Sovereign USD curve does not exist
A1/A+/A+
Aa3/AA-/A+
Aa3/AA-/A+
Yes
+141bps
-2bps (6)
Baa1/BBB/BBB
Baa1/BBB/BBB
Baa1/BBB/BBB
Yes
+204bps
+81bps
A3/BBB/BBB
A3/BBB/BBB
Baa2/BBB/BBB
Yes
+232bps
+137bps
Despite Gazprom’s strong credit ratings our bonds are trading at higher spreads than the international debt
capital market peers
Finance - Investor Day 2012

5.0%
4.0%
3.0%
2.0%
1.0%
0.0%
0.8% 0.8%
Increase of dividend payouts up to 25% of Net Income
0.3%
1.3%
2.0%
4.5%
2006 2007 2008 2009 2010 2011E
Dividend payouts for the coming years have been approved at the level of 25% of net income (RAS) (1)
Dividend payout amounts forecasts:
2012F – 198 bln RR
2013F – 180 bln RR
2014F – 210 bln RR
Dividend Yield
32 Finance - Investor Day 2012
RR
10
8
6
4
2
0
2.54
Dividend Per Share
1. As envisaged by OAO Gazprom budget approved by the BoD in December 2011. Subject to the final approval by Annual General Shareholders Meeting in June 2012
2.66
0.36
High dividend yield increases attractiveness of Gazprom shares
2.39
3.85
8.39
2006 2007 2008 2009 2010 2011E

Gasification Program for
Russian Regions
Sponsorships and charity
Social and ecological responsibility
Social Initiatives
Social projects and cultural
projects
Gazprom to Children Program
Environmental
Management System
Ecological Developments
Energy saving Program
Emissions Reduction
Program
Social and ecological activities provide for sustainable long-term development of Gazprom and Russia
33 Finance - Investor Day 2012

Conclusion
Natural gas – the future of world energy
Gazprom’s strategy responds to the global trend of growing gas demand
Core values, flexibility and consistent development – our key to strengthening our export position
Gazprom’s operating and financial performance continue to grow
Conservative financial strategy ensures Gazprom’s stable financial position
Gazprom’s securities should be viewed as defensive investments on Emerging markets
34 Finance - Investor Day 2012

35
Contacts for investors
Department for Finance & Economics
Capital Markets Directorate
Fax: (007) (495) 719-35-41
Oleg NAGOVITSYN
Deputy Head of Capital Markets Directorate
Phone: (007) (495) 719-26-25
E-mail: O.Nagovitsyn@adm.gazprom.ru
Andrei BARANOV
Investor Relations
Phone: (007) (495) 719-25-89
E-mail: ir@gazprom.ru
Finance - Investor Day 2012

36
Gazprom Neft
Part 4. Vadim Yakovlev
Deputy Chairman of the Management Board of Gazprom Neft
First Deputy CEO of Gazprom Neft
Investor Day 2012

37
1. Gazprom Neft estimates
2. Including GPN share in EBITDA of joint ventures
3. Adjusted foe one-off items
Strong financial performance while advancing on 2020
strategic goals
2011 estimated results (1)
– Revenue: USD 44,189 mln (+34.3% Y-o-Y)
– EBITDA (2) : USD 10,121 mln (+40.3% Y-o-Y)
– Net Income (3) : USD 5,750 mln (+87.0% Y-o-Y)
Continued operational progress (1)
– Production up 8% Y-o-Y (toe) due to continued rise at Priobskoye field and
Orenburg consolidation
– Refining volumes up 6.8% Y-o-Y
– Substantial gains in premium channels sales (+37.2 Y-o-Y)
– Average retail site throughput up 41.5% Y-o-Y
Strategic advances
– New Orenburg oil production cluster combines eastern Orenburg field (transferred
from Gazprom) and two new acquisitions - Kapitonovskoye and Tsarichanskoye
– Increased Sibir Energy share to 100% and effective share in Moscow refinery to
77.7%
– Launch of Europe’s largest Isomalk isomerization units at Omsk and Yaroslavl
refineries
– Began Euro-4 production at Omsk and Moscow refineries
– Retail expansion via acquisitions in Krasnodar, Chelyabinsk, Nizhniy Novgorod and
Novosibirsk
– Reduced average interest rate by 0.6 p.p. to 3.37%; increased average debt maturity
by 27% Y-o-Y
Gazprom Neft - Investor Day 2012

38
8% organic production growth in 2011
70
60
50
40
30
20
10
0
44.7
Gazprom Neft
Gazprom Neft
Hydrocarbon production, mm toe
48.7 50.2 52.8
Peer comparison Hydrocarbon
production increase 2011E vs 2010
57.3
2007 2008 2009 2010 2011E
Rosneft
Surgutneftegas
TNK-BP
Lukoil
-4%
1%
0.3%
3%
8%
-10% -5% 0% 5% 10%
Gazprom Neft - Investor Day 2012

39
1. Domestic refining only for all companies
Downstream: well positioned for profitable growth, maximum
utilization of high refining margins
45
36
27
18
9
0
26.2
Gazprom Neft
Gazprom Neft
Refining throughput, mm t
28.4
33.4
37.9
Peer comparison
Throughput increase 2011 vs 2010
40.5
2007 2008 2009 2010 2011E
TNK-BP
Rosneft
Surgutneftegas
Lukoil
0.3%
0.3%
0.2%
2.6%
8.9%
-10% -5% 0% 5% 10%
(1)
Gazprom Neft - Investor Day 2012

40
Focus on high margin retail sales and network growth
18
15
12
9
6
3
0
4.3
Retail sales, mm t
5.9
8.2
11.6
15.7
2007 2008 2009 2010 2011E
units
3,000
2,500
Filling sations (LHS) Av. daily throughput (RHS)
tonnes
9.1
11.0
10.9
8.0
7.7
7.1
9.0
2,000
1,500
1,546
1,596 1,689
7.0
5.0
1,000 783 865
3.0
500
0
Retail Network
2007 2008 2009 2010 2011E
1.0
-1.0
Gazprom Neft - Investor Day 2012

41
- Aviation
- Bunkering
- Lubricants
Continued development of other high margin channels
2011E premium sales growth
Retail
Lubricants
Aviation
Bunkering
35%
51%
53%
51%
0% 30% 60% 90% 120%
Gazprom Neft - Investor Day 2012

42
50,000
40,000
30,000
20,000
10,000
0
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
22,768
1. Including GPN share in EBITDA of joint ventures
2. Adjusted for one-off items
Continuing strongly positive financial trends
Revenue, USD mm EBITDA (1) , USD mm
33,870
24,166
32,912
44,189
2007 2008 2009 2010 2011E
4,143
Net income (2) , USD mm Net debt / EBITDA
4,658
3,013 3,075
5,750
2007 2008 2009 2010 2011E
12,000
10,000
8,000
6,000
4,000
2,000
0
1.20
1.00
0.80
0.60
0.40
0.20
0.00
6,601
8,610
5,977
7,212
10,121
2007 2008 2009 2010 2011E
0.46
0.21
1.08
0.75
0.57
2007 2008 2009 2010 2011E
Gazprom Neft - Investor Day 2012

43
30
25
20
15
10
5
0
40
30
20
10
0
19.6
25.1
Growth and operating performance deliver industry-leading
results
EBITDA USD / boe
9M10 9M11
26.3 25.8 24.9
21.1
17.9
14.0
Lukoil Rosneft Gazprom Neft TNK-BP
37.1
20.3
EBITDA growth 9M11vs. 9M10
ROACE 12M trailing, % Total Shareholder Return (1) 2011 %
2010 2011E
20.3
17.3 16.4
14.3 14.2 13.6
TNK-BP Gazprom Neft Rosneft Lukoil
1. TSR = (Price end of the period – Price beginning of the period + Dividends per share)/Price beginning of the period
60%
50%
40%
30%
20%
10%
0%
20%
15%
10%
5%
0%
-5%
50% 48%
28%
25%
Gazprom Neft TNK-BP Lukoil Rosneft
16%
Capital gain
19.0%
Dividend yield TSR
3%
10.6%
2%
9%
1.7%
3%
1%
-2% -2%
-0.9%
Gazprom Neft TNK-BP Lukoil Rosneft
20%
15%
10%
5%
0%
-5%
Gazprom Neft - Investor Day 2012

44
6
5
4
3
2
1
0
Source: Gazprom Neft data;
1. 2012F Capex subject to final review
2. Including investments into JV projects
2012 outlook: 4% production growth from organic investment
projects
Investments (1) , USD bln
Upstream brownfield Upstream greenfield
Refining Marketing & distribution
NIS Other
M&A
5.4
5.5
2011E 2012F
(2)
2012F Highlights (1)
Organic Capex (4.1) USD bln (5.4) USD bln
M&A and
Divestments
2011E 2012F
Hydrocarbon
production (2) 57.3 mm toe 59.6 mm toe
Refining 40.5 mm t +/-0% 40.1 mm t
Retail products sales
via premium channels
19.5 mm t +/-0%
19.5 mm t
2012 Planned Capex and Investments (2)
(1.3) USD bln (0.07) USD bln
Gazprom Neft - Investor Day 2012

45
Novoport
0 stage
Preparation for development
Messoykha
Upstream project pipeline will deliver
substantial oil production growth
I stage
Production growth
Orenburg
SeverEnergy
Priobskoye
II stage
Stabilization
Vyngapurovskoye
Value growth
III stage
10-30% annual decline
Zymnee
expected production
IV stage
2-3% annual decline
Gazprom Neft - Investor Day 2012

46
1
2
3
Rotterdam
Yamal
peninsula
Prirazlomnoye (offshore)
Dolginskoye (offshore)
Novoport (YANAO)
Long term project pipeline includes synergistic offshore Arctic
developments
Barents Sea
Novaya
Zemlya
The Arctic
Ocean
3
Kara
Sea
▪ Oil field license transfers underway from Gazprom
▪ Gazprom Neft offshore production would reach 6.6 mm t of oil
by 2020, with an 8 year plateau
▪ Consolidation of Prirazlomnoye and Dolginskoye oil fields
▪ Synergy with Novoport project in the Northern Sea route
logistics
Reserves
(Recoverable С1, mm t)
Production start up
(year)
Peak production
(oil, mm t)
Prirazlomnoye Dolginskoye
74.4 68.5
2012 2018-2020
6.6 6.2
Platforms 1 1
Gazprom Neft - Investor Day 2012

47
Broker
Analyst target prices imply a 20% undervaluation
of Gazprom Neft stock
Date
EBITDA (USD mm)
2011E 2012F
Recommendation
Target price (rubles)
Alfa Bank 09/07/11 7,392 6,679 overweight 165.0
Citi Investments 06/30/11 9,277 7,176 buy 175.5
Deutsche Bank 12/02/11 8,022 7,108 buy 195.1
Goldman Sachs 05/23/11 8,848 9,417 neutral 169.4
IC Otkritye 02/06/12 6,957 3,499 sell 105.4
JP Morgan 01/31/12 8,441 7,701 overweight 175.7
Troika Dialog 10/11/11 8,034 7,491 buy 165.6
UniCredit 09/15/11 8,302 8,137 buy 182.5
Uralsib Capital 02/03/12 8,391 7,978 buy 175.0
VTB Capital 01/26/12 7,497 7,596 buy 269.4
Average 178
Consensus
SELL BUY
150
178
Current price Av. target price
Gazprom Neft - Investor Day 2012

48
1. Based on average Broker estimates on Gazprom Neft SOP valuation
Current valuations do not fully reflect new and growth
businesses
Gazprom Neft Valuation (1)
Analyst estimates Company valuation
~10% Value
~40%
upside
Analysts estimate New upstream projects, NIS and Downstream premium channels value ~10% of total
Company value vs. Gazprom Neft estimate of 40%
Gazprom Neft - Investor Day 2012

49
23
Source: Gazprom Neft estimates
New projects and other positives provide additional valuation
upside
Gazprom Neft valuation vs Market capitalization, USD bln
1 3
Value upside
+ 61%
Market cap 31.12.2011 Russian multiples NIS New upstream projects Downstream premium
channels
8
27
3
37
28
Estimated value Analyst consensus
Gazprom Neft - Investor Day 2012

50
Operational performance, financial discipline, long term
growth and unrecognized value
Leading Russian company in 2011 by production growth
Strong mid-term and long-term Upstream project pipelines
Incremental opportunities to optimize natural gas use
Most advantaged Russian refining portfolio
Diverse and fast growing premium products channels
Continuous operating improvement and financial discipline
Strongly positive financial trends and valuation upside
Gazprom Neft - Investor Day 2012

Department of Corporate Finance
Investor Relations
Tel: (007) (812) 385-9548
51
Alexey Kokorev
Contacts for investors
Head of Corporate Finance Department
Phone: (007) (812) 648-3117
E-mail: Kokorev.AS@gazprom-neft.ru
Anna Sidorkina
Head of Investor Relations
Phone: (007) (812) 385-9548
E-mail: Sidorkina.AV@gazprom-neft.ru
Gazprom Neft - Investor Day 2012

Part 5. Denis Fedorov
52
Gazprom Energoholding
Head of Gazprom Directorate for Development of Power Generation Sector and
Power Generation Marketing, General Director of Gazprom Energoholding
Investor Day 2012

53
Russian thermal power sector
corporate structure
OGK’s
TGC’s
Russian power market
liberalization
Power price
Capacity price
Heat price
Russian Electricity Market
Power (primarily)
Power & Heat
Common use
To cover variable costs
To cover fixed costs
and CAPEX
Regulatory assets base
(RAB) regulation
expected
Source: company data, Minenergo
1. Industrial enterprises’ power plants, including thermal and hydro
Organization
Relatively large thermal power
plants located in distinct regions
Relatively small local combined
heat and power plants located in
particular region
Free pricing
Gazprom presence
Russian power plants installed
electric capacity
Nuclear
11%
Source: System operator of the UES data as of 01.12. 2011
Comment
Power market is a liberalized wholesale market (excluding
individuals - about 20% of the total consumption).
Regulation is through price caps and special tariffs for noncompetitive
producers. About 50% of market is under
regulation. Higher margin for the most effective producers
Heat market so far remains fully regulated. Base
principles of expected RAB: return on investment, longterm
tariffs and unchanged regulation base.
Gas (fuel) Gas market is expected to be liberalized after
2014
Hydro
20%
Other (1)
6%
Thermal
63%
Gazprom Energoholding - Investor Day 2012

54
Coal
11%
GEH fuel mix
Moscow
Oil-fuel
1%
Gas
88%
Key Assets Overview
St. Petersburg
Surgut
1. Since OGK-2 and OGK-6 merged at November 1st, 2011
2. As of 01.02.2012
3. As of 01.02.2012 (Includes the additional issue (1-02-65105-D-004D), traded since 22.12.2011)
Krasnoyarsk
Installed electric capacity 37.0 GW
Installed heat capacity 54.015 GCal/h
53.5%
Installed electric capacity 12.3 GW
Installed heat capacity 35.083 GCal/h
Market capitalization USD 2.5 bln (2)
51.8%
Installed electric capacity 6.8 GW
Installed heat capacity 14.616 GCal/h
Market capitalization USD 1.2 bln (2)
57.6%
Installed electric capacity 17.9 GW
Installed heat capacity 4.316 GCal/h
Market capitalization USD 1.6 bln (3)
Gazprom Energoholding is a leading power and heat generator in Russia operating through the wholesale market
(1)
Gazprom Energoholding - Investor Day 2012

55
37 35
Source: company data
RusHydro
Other 83%
Leading Positions in Electricity and Heat Generation
Installed capacity 2011E, GW Heat capacity 2011E, Gcal/h ths
Inter RAO
29
Rosatom
24
EuroSibEnergo
20
IES Holding
16
E.ON
10 9
Source: companies’ data as of 31.12.2011
Electricity generation, 2011E Heat generation, 2011E
172.7 bln
kWh (Е)
Enel
17%
IES Holding
67
GEH
54
Other 92%
Inter RAO
21
SUEK
16 16 14 10
Quadra
LUKOIL
98.8 mm
Gcal
FORTUM
Gazprom Energoholding - Investor Day 2012
8%

56
Cooperation of Gas and Electricity Business
GEH share in total gas consumption by Russia power
plants, 2010
Product
cooperation
Source: company data
Project
cooperation
Other
71%
Electricity supply for Gazprom investment projects
Gazprom
investment projects
Shtokman field
development
Astrakhan gas refinery
reconstruction
Source: Rosstat, company data
1. Energy consumption of key Gazprom subsidiaries operating in gas extraction, transportation, storage and refining businesses
29%
Gazprom power sector
investment project
Power plant in Teriberka
Astrakhan TPP
Gazprom share (1) of total electricity consumption in
Russia, 2010
Other
98%
Strategy
cooperation
2%
Europe
15 bln kWh
Gazprom Energoholding - Investor Day 2012
15
Electricity consumption
Cooperation in possible geographic expansion
North-East
Asia

57
Electricity
Generation,
kWh bln
Heat
Generation,
Gcal mm
Operating Results
65.4
+5.3% -0.6%
61.7 65.0 64.6
69.9
66.4
+1.5% +4.4%
26.8 27.2 28.4
26.9 28.8 26.1
6.8 6.7 6.3
2009 2010 2011E 2009 2010 2011E 2009 2010 2011E
76.1
+8.4% -3.4%
82.5 79.7
2009 2010 2011E 2009 2010 2011E 2009 2010 2011E
+6.9% -5.0%
Source: company data
1. Management reporting data. 12m2011 of consolidated OGK-2 and 10m2011 of OGK-6 included
+7.1% -9.4%
( ¹ )
-1.5% -6.0%
+6.1% -1.1%
164.6 174.7 172.7
2009 2010 2011E
+6.4% -6.3%
105.4
99.1 98.8
2009 2010 2011E
Gazprom Energoholding - Investor Day 2012

58
Sales,
RR bln
EBITDA,
RR bln
Net Profit,
RUR bln
Financial Results (RAS)
+28.2% +11.8%
112.2
17.8
4.5
143.8
21.0
7.6
160.8
24.6
10.4
38.4 50.6 57.7
7.9 9.3 9.4 8.7
2009 2010 2011E 2009 2010 2011E 2009 2010 2011E
3.4 3.6 3.6
2009 2010 2011E 2009 2010 2011E 2009 2010 2011E
Source: company data
1. Management reporting data. 12m2011 of consolidated OGK-2 and 10m2011 of OGK-6 included
2. Management reporting data: OGK-2 expects RR 1,138 mm consolidated net profit for 2011. Net loss of OGK-6 is expected at the amount RR 293 mm for 10 month 2011
82.6
4.5
103.9 105.0
2009 2010 2011E 2009 2010 2011E 2009 2010 2011E 2009 2010 2011E
+18.0% +17.1%
+68.9% +36.8%
+31.8% +14.0%
+17.7% +1.1%
+5.9% 0%
+25.8% +1.1%
+24.1% -50.9%
+33.3%
10.8
6.0
( ¹ )
-85.0%
5.3
0.9 (2)
233.2
34.4
12.4
+27.9% +8.4%
+19.5%
298.3
41.1 39.3
2009 2010 2011E
+38.7%
17.2
-4.4%
-13.4%
323.5
14.9
2009 2010 2011E
Gazprom Energoholding - Investor Day 2012

59
51 (1)
RR bln
Key Investment Projects
Key projects, 2010-2011
Ryazanskaya GRES
(OGK-2)
Yuzhnaya TPP-22
(TGC-1)
TPP-26 (Mosenergo)
Pervomayskaya TPP-14
(TGC-1)
Kirishskaya GRES
(OGK-2)
Investment program status
48 (1)
11m 2011 2012E
Source: company data, media
1. Net of Adlerskaya TPP investments
Total investment
Program 9 GW
420 MW
450 MW
420 MW
180 MW
800 MW
Commissioned
capacity 3.8 GW
42.2%
Serovskaya GRES
(OGK-2)
Troitskaya GRES
(OGK-2)
Stavropolskaya GRES
(OGK-2)
Cherepovetskaya
GRES
(OGK-2)
Key projects, 2012-2014
420 MW
660 MW
420 MW
420 MW
Adlerskaya TPP
(OGK-2)
TPP-16
(Mosenergo)
TPP-20
(Mosenergo)
TPP-12
(Mosenergo)
Central TPP
(TGC-1)
Novocherkasskaya
GRES (OGK-2)
Innovative projects (CSA included)
Novocherkasskaya GRES (OGK-2)
First Russian 330 MW modern
power facility with circulating boiling
layer equipment
Kirishskaya GRES (OGK-2)
360 MW
800MW combined cycle gas turbine power
facility based on existing steam turbine using
modern Siemens gas-turbine power unit
420 MW
420 MW
220 MW
100 MW
330 MW
Gazprom Energoholding - Investor Day 2012

60
Completion of the OGK2 and OGK6 Merger:
Creation of a Leading Thermal Generation Company
Installed capacity
8.7 GW
Creation of a leading heat generating
company in Russia
Synergy effect
Installed capacity
9.2 GW
Total installed capacity 17.9 GW.
Consolidated revenue in 2011 is expected to exceed RR 100 bln
Efficiency increase in electricity production and sales Electricity production in 2011 is estimated at 79.7 bln KW∙h
Centralized procurement and optimization
of management structure
Optimization of investment
program funding
+
‘Scale effect’ implementation in the process of operating
and management costs decrease
Total installed
capacity
17.9 GW
Investment program is over 4 GW, guaranteed by Capacity Supply
Agreements. Investment Program equals to RR 165 bln
Potential merger synergies are expected to be at RR 7.8 bln in 2011-2015
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Value Drivers Summary
Efficiency increase
Prices growth potential
Capacity supply agreements
Gazprom Energoholding investment program
Current market undervaluation
The undervaluation, completed investment projects and expected price trends provide solid upside relative to
Gazprom Energoholding’s current valuation
Gazprom Energoholding - Investor Day 2012

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Multiples
EV/Sales
EV/IC
0.9x
0.7x
0.5x
1.1x
>0.2x

63
USD bln
Net debt - 1.3
Mcap - 5.3
Value Drivers [2/5]:
Undervaluation of Significant Progress
in Investment Program Completion
6.7
Costs based valuation shows upside
1.7
Current EV Old capacity valuation Capacity under construction New installed capacity Total
Source: company data
1. According to construction costs of USD 1,100/kW for gas consuming capacities and USD 1,800/kW for coal consuming
2. Valuation according USD 200/kW EV/IC multiple which is consistent with 4.0x EV/EBITDA for Russian energy sector
1.8x
(2) (1)
According to current investments, the company’s existing capacity is priced too low which implies solid
potential for unlocking the company’s value
3.7
12.1
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64
491
Value Drivers [3/5]:
Capacity Supply Agreements
Over 95% of the investment program is associated with Capacity Supply Agreements program, assuming increased
tariffs after power plants commissioning, which provides basis for increasing the company’s value
RR/ KW year
Increased new capacity profitability
+35%
(1) (1)
Spark spread: old power plants Spark spread: power plants with new blocks
Source: company data and analysis
1. Spark spread = revenue from electricity sales per 1 KW – fuel expense per 1 KW
2. Average price for Mosenergo, TGC-1 and OGK-2 in 2011
661
RR/ KW month
Russia existing
capacity average
price
Increased price for new capacity
120 (2)
3.6x price
increase for
CSA capacities
440 (2)
Regular capacity New capactiy under capacity supply
agreements
Source: company data and analysis
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65
Italy
Germany
Spain
Austria
UK
Poland
Portugal
Sweden
France
Russia
Value Drivers [4/5]:
Expected Price Growth
Electricity prices for industrial consumers Margins: Gazprom Energoholding vs. European Top-5
USD/MWh Net income margin (1)
93
70 - 80
108
128
140
138
USD 141
153
152
165
190
Russian industrial
electricity price is
43% below
European average
Source: European Energy Portal, Russian Energy Trade System Administrator, company data and analysis
1. IFRS data
Source: Bloomberg, company data
3.0%
2.9%
4.3%
5.9%
5.7%
Expected price growth
will likely add up to
Gazprom
Energoholding’s
margins
Russian electricity prices are >40% below European averages which implies further growth potential through gradual
increase in coal and gas prices
Given existing prices Gazprom Energoholding operates with margins which are in line with the top European peers
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Value Drivers [5/5]:
Efficiency Increase
I. Expected efficiency increase
for new capacity
Fuel consumption, gfe/kW
265
219
Old capacity New blocks Effect , RR
mm
Fuel consumption, gfe/kW
1,127
341 245
Fuel consumption, gfe/kW
II. Heat sales III. Operating expenses
optimization
Moscow Government
negotiations for load
capacities optimization and
optimization of heat
transmission
Consolidation of heat
network of Saint Petersburg
and heat load capacities
optimization
1. Indicative estimate of yearly economy on fuel consumption decrease on new blocks assuming 74% capacity load for new capacities and following 3% capacity price decrease
896
Old capacity New blocks Effect , RR
mm
368 322
621
Old capacity New blocks Effect , RR
mm
(1)
(1)
(1)
Development of Advanced
Health Safety Environment
System (HSE)
Further optimization
Hydro power assets utilization
Increase efficiency of variable
cost
Interest payments economy
Synergy effect of consolidation
OGK-2 and OGK-6
Development infrastructure for
different coal-type acceptance
Focus on increasing operational efficiency, which is expected to save over RR2.6bln annually after 2012
provides an additional value driver
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Gazprom Energoholding has
completed the second stage at
this point
Consolidation of
current assets
Further Steps in Business Development
OGK-2 and OGK-6
merger
Investment
program
completion
Expansion through
organic growth and
M&A
Achievements in blueprinted goals and electricity prices growth
will allow Gazprom Energoholding to reach developed countries
multiples:
EV, USD bln
Further optimization of
corporate governance and
operational efficiency
1. Indicative EV estimate based on post-CSA installed capacity of 39 GW and current top-5 European generating companies EV/IC multiple
7.1
5.5x
IPO
39.0
Current EV Potential EV
… turning Gazprom
Energoholding into a
“blue chip” company
with robust growth
opportunities
(1)
Gazprom Energoholding - Investor Day 2012

Gazprom Energoholding
Investor Relations
Tel: (007) (495) 428 47 83
68
Sergey Fil
Contacts for investors
Director of Corporate and Legal Development Gazprom Energoholing
Phone: (007) (495) 428 47 83 (ext.: 46-32)
E-mail: s.fil@gazenergocom.ru
Ekaterina Pavlova
Head of IR Gazprom Energoholding
Phone: (007) (495) 428 47 83 (ext.: 46-07)
E-mail: e.pavlova@gazenergocom.ru
Gazprom Energoholding - Investor Day 2012