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48<br />

1. Based on average Broker estimates on <strong>Gazprom</strong> Neft SOP valuation<br />

Current valuations do not fully reflect new and growth<br />

businesses<br />

<strong>Gazprom</strong> Neft Valuation (1)<br />

Analyst estimates Company valuation<br />

~10% Value<br />

~40%<br />

upside<br />

Analysts estimate New upstream projects, NIS and Downstream premium channels value ~10% of total<br />

Company value vs. <strong>Gazprom</strong> Neft estimate of 40%<br />

<strong>Gazprom</strong> Neft - Investor Day 2012

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