1

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

3Q2016 IFRS RESULTS

JANUARY 19, 2017

2

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

Igor Shatalov

First Deputy Head of Department

3

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

DISCLAIMERS

This presentation has been prepared by PJSC 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.

Any viewer of this presentation considering a purchase of such securities is hereby reminded that any such purchase should be made

solely on the basis of the information contained in the prospectus or other offering document prepared in relation thereto and will be

subject to the selling restrictions set out therein. The information in this presentation should not be treated as 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, such statements may also occur during the Q&A session.

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.

4

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

51.3

47.0

40

45

50

55

60

3q15 3q16

BRENT

HIGHLIGHTS

2016 • Record high gas exports to Europe – 179.3 bcm (+12.5% YoY)

Dec.

2016

• Binding Basic Agreement signed for an E&P asset swap with OMV

• Contract with Allseas Group S.A. for laying the first branch of the

TurkStream

• €800 mn loan from Mizuho, SMBC and J.P. Morgan

Nov.

2016

• Gazprom placed CHF 500 mn Eurobonds due in 2021 at a record low

coupon rate of 2.75%

• Gazprom placed €1,000 mn 3.125% Eurobonds due in 2023

Oct.

2016

• EU positive decision on Gazprom access to OPAL pipeline

• Parent company 2016 Investment Program revised. 18% lower than

the 2015 Program in RUB, 26% lower in USD

• S&P revised Gazprom‘s rating outlook from ‘Negative’ to ‘Stable’

• The Agreement on the TurkStream signed between Russia and Turkey

• Corporate governance improvement

- The Audit Committee of the Gazprom BoD headed by independent

BoD member

- The Nomination and Remuneration Committee established with two

independent BoD members

- The Corporate Secretary functions assigned to certain units

of Gazprom

Sept.

2016 • Fitch revised Gazprom‘s rating outlook from ‘Negative’ to ‘Stable’

Aug.

2016 • Gazprom BoD recognized 3 BoD members as independent

Jul.

2016 • Acquisition of 3.59% of Gazprom shares from VEB

Source: Company data, Bloomberg, Bank of Russia website 1 OC - Other countries: including LNG sales

62.9 64.6

66.2

63.2

50

55

60

65

70

3q15 3q16

USD/RUB AVERAGE RATE

USD/RUB AS OF THE END OF PERIOD

USD/RUB

USD

224.0

159.3

100

150

200

250

3q15 3q16

AVERAGE GAZPROM GAS SALES

PRICE IN EUROPE & OC

227.2

144.0

100

150

200

250

3q15 3q16

NBP

USD/bbl

Market environment in 3q15 vs 3q16

USD/mcm

1

5

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

-2 29

1,257

302 102

245 -101

2,180

-100

400

900

1400

1900

2400

2900

Total net sales Adj. EBITDA Net profit Operating CF Free CF Net debt1 2 3 4

1 EBITDA adjusted for changes in impairment provisions 2 Profit for the period attributed to shareholders of PJSC Gazprom 3 Free cash flow is calculated as Net cash provided by operating activities less capital expenditures 4 Compared to Net debt as of December 31, 2015

SUMMARY OF 3Q2016 IFRS FINANCIAL RESULTS

(3%)

(40%)

+5%

(38%)

3q15 vs 3q16

RUB bn

RUB bn

6

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

9.2 9.1 9.3 9.3 10.1

0.0

5.0

10.0

15.0

3q15 4q15 1q16 2q16 3q16

3.5 4.1 4.2

3.7 3.7

0

2

4

6

3q15 4q15 1q16 2q16 3q16

Crude oil production Gas condensate production

1. Includes Russian generating companies: Mosenergo, OGK-2, TGK-1, MOEK

Calculations may differ due to rounding.

mt mt +6% +10%

HYDROCARBON PRODUCTION, ELECTRICITY AND HEAT

GENERATION

29.7

40.8 41.4

33.1 34.7

0.0

20.0

40.0

60.0

3q15 4q15 1q16 2q16 3q16

8.7

39.0

48.9

16.5 9.5

0.0

20.0

40.0

60.0

80.0

3q15 4q15 1q16 2q16 3q16

Electricity generation 1 Heat generation 1

bn kWh mn Gcal +17% +9%

84.5

129.0 112.9

83.7 88.8

0

50

100

150

200

3q15 4q15 1q16 2q16 3q16

Natural gas production

bcm +5%

7

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

31

71 75

34 30

3,709 3,779 3,873 3,739 3,677

0

1,000

2,000

3,000

4,000

0

20

40

60

80

100

120

140

3q15 4q15 1q16 2q16 3q16

VOLUMES AVERAGE PRICE IN RUSSIA

45 59 58 51 52

224 229

188 173

159

0

100

200

300

0

25

50

75

100

3q15 4q15 1q16 2q16 3q16

VOLUMES AVERAGE PRICE IN EUROPE & OC

GAS SALES

113

267 292

129 110

0

50

100

150

200

250

300

3q15 4q15 1q16 2q16 3q16

NET SALES TO RUSSIA

RR/mcm bcm

RUB bn

Calculations may differ due to rounding. 1 Net of value added tax (VAT) 2 OC - Other countries: including LNG sales 3 VAT is not charged on sales 4 Net of custom duties and excise tax on gas exports

484

735 663

465 418

0

200

400

600

800

3q15 4q15 1q16 2q16 3q16

NET SALES TO EUROPE & OC

RUB bn

bcm

6 13 11

6 6

173 182 157 151 141

0

100

200

300

400

0

10

20

30

40

3q15 4q15 1q16 2q16 3q16

VOLUMES AVERAGE PRICE IN FSU

62

138 117

50 48

0

50

100

150

200

250

3q15 4q15 1q16 2q16 3q16

NET SALES TO FSU

bcm USD/mcm USD/mcm

1

Russia Europe & OC2 FSU

3,4 3,4

RUB bn

(3%) (14%) (23%)

8

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

36%

58%

6%

OIL AND ENERGY BUSINESS

Calculations may differ due to rounding. 1 Net of value added tax (VAT), excise tax and custom duties.

Net Sales1

467 456 413

457 498

0

100

200

300

400

500

600

3q15 4q15 1q16 2q16 3q16

74

133 148

89 86

0

30

60

90

120

150

180

3q15 4q15 1q16 2q16 3q16

RUB bn

+16%

3Q2015 3Q2016

+7%

Electricity and heat Crude Oil and Gas Condensate; Refined Products

40%

53%

7%

CRUDE OIL AND GAS CONDENSATE; REFINED PRODUCTS

GAS BUSINESS AND OTHER REVENUES

ELECTRICITY AND HEAT

RUB bn

9

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

1,397 1,262

1,641

1,166 1,069

0

400

800

1200

1600

2000

2013 2014 2015 9m15 9m16

Cash CapEx

1 CapEx breakdown as provided in Management Report

CAPITAL EXPENDITURES

(10%) +30%

(8%)

28%

26%

19%

11%

5%

11%

TRANSPORT

PRODUCTION OF CRUDE OIL AND GAS CONDENSATE

PRODUCTION OF NATURAL GAS

REFINING

ELECTRICITY AND HEAT

OTHER CAPEX

The Group’s 9M2016 CapEx breakdown1

43.9

33.2

27.1

19.7

15.7

0

10

20

30

40

50

2013 2014 2015 9m15 9m16

USD bn

(24%)

(19%)

(21%)

RUB bn

10

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

1,397 1,262

1,641

1,166 1,069

345 654

390

230

107

1,742

1,916 2,031

1,395

1,176

0

500

1000

1500

2000

2500

2013 2014 2015 9m15 9m16

Cash Capital Expenditures Free Cash FlowOperating Cash Flow

FREE CASH FLOW GENERATION

Free Cash Flow generation1

Gazprom self funding2

1 Free Cash Flow = Net Cash from operating activities – Cash CAPEX 2 Net Cash from operating activities /Cash CAPEX

125%

152%

124% 120%

110%

80%

100%

120%

140%

160%

2013 2014 2015 9m15 9m16

100%

1,176

RUB bn

11

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

18% 17% 19% 18%

13% 15% 14% 22%

36% 36% 42%

37%

33% 32% 25% 23%

2013 2014 2015 9m16

LESS THAN 1 YEAR 1-2 YEARS 2-5 YEARS MORE THAN 5 YEARS

KEY DEBT METRICS

Debt maturity profile2

Debt breakdown by currency Total and Net Debt

Cash & equivalents breakdown by currency

1,113 1,651

2,083 2,180 689

1,038

1,359 788 0.5

0.6

0.9

1.6

0.0

0.3

0.6

0.9

1.2

1.5

0

1000

2000

3000

4000

5000

6000

7000

2013 2014 2015 9m16

NET DEBT CASH&CASH EQUIVALENTS NET DEBT/ADJ.EBITDA LTM

RUB bn x

1

1 Calculated using dollar values of Net debt and EBITDA 2 Excluding promissory notes

RUB

14%

USD

51%

EUR

33%

Other

2%

RUB

48%

USD

34%

EUR

12%

Other

5%

12

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

ADDITIONAL INFORMATION

13

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

13

RUSSIAN NATURAL GAS BALANCE

Bcm 3Q2015 3Q2016 9M2015 9M2016

Natural gas resources 147.2 149.2 495.3 498.5

Domestic gas production 137.5 141.4 449.2 449.4

Other sources including Central Asia and Azerbaijan gas 7.7 5.4 19.6 16.3

Gas from underground storage facilities in Russia, Latvia

and Europe 0.9 1.4 23.3 29.8

Decrease in the amount of gas within the gas

transportation system 1.1 1.0 3.1 3.0

Natural gas distribution 147.2 149.2 495.3 498.5

Domestic consumption 77.3 81.1 308.9 309.5

including needs of the gas transportation system

and underground storage facilities 6.4 6.6 21.0 21.1

Gas pumped into underground storage facilities 17.3 16.5 28.8 26.5

Gas for LNG production 3.2 3.4 10.6 10.5

Foreign supplies 42.2 41.9 118.5 128.0

FSU supplies 6.1 5.5 25.3 21.3

Increase in the amount of gas within the gas

transportation system 1.2 0.8 3.1 2.7

Source: Company Operating Data

14

26; 124;195

150; 150; 150

68; 103; 124

69; 165; 187

245; 190; 50

100; 190; 235

90; 90; 90

140; 200; 40

1; 70; 122

Do not put anything

below this line 3Q2016 IFRS RESULTS

26; 124;195

THANK YOU!