Gazprom Neft Annual General Meeting held 6 June 2014

JSC Gazprom Neft held its Annual General Meeting on6June 2014; shareholders adopted the 2013 Annual Report and Accounts.

Results for the 2013 financial year confirm JSC Gazprom Neft’s position asamarket leader interms ofproduction growth— the result ofoptimising the development ofexisting assets, the proactive implementation ofcutting-edge technologies, and improvements tothe company’s asset portfolio, all ofwhich have resulted ina4.3-percent increase inproduction volumes, to63.3Mtoe. The past year has seen alandmark development inexploration and production, with commercial production commencing atthe Prirazlomnoye field, Pechora Sea— the first project inthe world toextract hydrocarbons onthe Arctic Shelf, from astationary sea platform.

Gazprom Neft Annual General Meeting

Akey achievement inthe refining sector in2013 was the switch-over ofall refining facilities tothe production ofEuro-5 low-emission fuels, two years ahead ofregulatory requirements. With the quality improvement programme for refined products now complete, the company has been able toprogress tothe second phase ofmodernising its refining capacity— the results ofwhich should, inthe next few years, see improvements inrefining depth to94percent.

The sale ofpetroleum products through premium sales and distribution channels grew byalmost five percent (reaching 23.9 million tonnes) in2013, with bunkering, sales ofaviation fuels (kerosene), motor fuels and lubricants proving the most significant growth sectors. Sales ofpetroleum and diesel fuels also showed particular growth. Average daily sales atGazprom Neft filling stations grew byeight percent, reaching 19tonnes— arecord high inthe domestic oil industry.

Gazprom Neft Chairman ofthe Management Board Alexander Dyukov commented: “The past year has, again, seen Gazprom Neft lead the market onthe basis ofvarious management indicators— including, inparticular, growth inoperating and net profit. The company also leads the market interms ofdividend income for shareholders. Dividend payments have not only increased incomparison with last year (rising from 22to25percent), but payment ofinterim dividends has also been introduced. Gazprom Neft’s priorities to2025 remain maintaining the company’s leading position inimplementing production projects, development ofthe Arctic Shelf, the modernisation ofrefining facilities inRussia, and proactive development abroad. All ofwhich will enableus tocontinue tobuild shareholder value.”

Onthe basis of2013 year-end results shareholders confirmed the recommendation ofthe Board ofDirectors that dividends bepaid inthe order of25percent ofconsolidated net profits (IFRS), amounting toRUB44.47 billion orRUB9.38 per ordinary share (taking into account dividends paid onthe basis ofthe first half ofthe 2013 financial year). Dividend payments for the 2013 financial year are likely toexceed 2012 levels byalmost RUB380million.

The following have been elected tothe Gazprom Neft Board ofDirectors:

• Alexei Miller, Chairman ofthe Management Committee, JSCGazprom; Deputy Chairman ofthe Board ofDirectors, JSCGazprom;
• Vladimir Alisov, First Deputy Head ofthe Legal Department, JSCGazprom;
• Nicolai Dubik, Member ofthe Management Committee, JSCGazprom; Head ofthe Legal Department, JSCGazprom;
• Marat Garaev, Deputy Head ofthe Gas and Liquid Hydrocarbons Marketing and Processing Department, JSCGazprom; Head ofthe Industrial Output Marketing Division;
• Valery Golubev, Deputy Chairman ofthe Management Committee, JSCGazprom;
• Alexander Dykov, Chairman ofthe Management Board, JSC Gazprom Neft;
• Andrei Kruglov, Deputy Chairman ofthe Management Committee, JSCGazprom; Head ofthe Department for Finance and Economics, JSCGazprom;
• Elena Mikhailova, Member ofthe Management Committee, JSCGazprom; Head ofthe Asset Management and Corporate Relations Department, JSCGazprom;
• Kirill Seleznev, Member ofthe Management Committee, JSCGazprom; Head ofthe Gas and Liquid Hydrocarbons Marketing and Processing Department, JSCGazprom;
• Valery Serdukov, Independent Director;
• Mikhail Sereda, Deputy Chairman and Head ofAdministration ofthe Management Committee, JSCGazprom;
• Sergey Fursenko, Independent Director;
• Vsevolod Cherepanov, Member ofthe Management Committee, JSCGazprom; Head ofGas, Gas Condensate and Oil Production Department, JSCGazprom.

Anumber ofother issues were also reviewed during the course ofthe Annual General Meeting.