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GazpromConsolidated 1Q 2009 IFRS

Financial Results Presentation

11

Disclaimers

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.

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. 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.

1Q 2009 Highlights

3

Key Financial Highlights from 1Q 2009

Revenue increased by 2% compared to 1Q 2008 to RR 931 Bn

Adjusted EBITDA(1)

decreased by 19% compared to 1Q 2008 to RR 343 Bn

Net Profit(2)

decreased by 62% compared to 1Q 2008 to RR 104 Bn

Leverage under control:

Total Debt increased in 1Q 2009 by 12% compared to December 31, 2008 to RR 1 534 Bn mostly due to revaluation of borrowings denominated in foreign currency

Total Debt / Adjusted EBITDA increased to 1.1x as of March 31, 2009 from 0.9xas of December 31, 2008

(1) Adjusted EBITDA calculated as operating profit plus depreciation and provisions for impairment of assets (includes provisions for impairment of accounts receivable and prepayments, assets under construction, Investments and other long-term assets and inventory obsolescence) except provisions for impairment of accounts receivable and prepayments.

(2) Attributable to owners of OAO Gazprom

4

1 6951 6671 641

1 301

1 129

1 655 1 6041 652

1 014

2005 2006 2007 2008 1q08 2q08 3q08 4q08 1q09

30

50

70

90

110

130

150

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09

ICE Brent

Market Conditions

Crude Oil Price

$/Bbl

(1) Average price calculated based on the IFRS financial statements and MD&A reports.

89 111151 148 167 170

272

159

61

383466438

390346

407

269262192

2005 2006 2007 2008 1q08 2q08 3q08 4q08 1q09

FSU Europe and other countries

Average Export Gas Prices

$/MCM

(1)Average Domestic Gas Prices

RUR/MCM

(1)

20

22

24

26

28

30

32

34

36

Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09

RUB to USD Exchange Rate

1Q 2009 Performance

6

339 323 331

438 433

83 80 86

107 85173

91 76

139 15858

77 56

24 36171

194188

100 98

1360

66 83

25843 839

16

16

15

2440

3126

31

33

27912 925 931

1Q08 2Q08 3Q08 4Q08 1Q09

Other

Electric andheat energysales

Transportation

Refinedproducts

Crude oil andgascondensate

Gas - Russia

Gas - FSU

Gas - Europeand othercountries

Revenue

Total Net Revenue (RR billion) Revenue Reconciliation (RR billion)

(1) Totals may not sum due to rounding.

(1)

931

912

94

2(15)

(73)

(22)43

(3) (5)

1Q08

Gas

sal

es to

Eur

ope

&ot

her c

ount

ries

Gas

sal

es to

FSU

Gas

sal

es to

Rus

sia

Sal

es o

f ref

ined

prod

ucts

Sal

es o

f cru

de o

il an

dga

s co

nden

sate

Ener

gy a

nd h

eatin

gsa

les

Tran

spor

tatio

n

Oth

er re

venu

e

1Q09

(1)

7

EBITDA and Net Profit

Adj. EBITDA decreased by 19% compared to 1Q 2008

Adj. EBITDA margin remained unchanged compared to 1Q 2008

Net profit decreased by 62% compared to 1Q 2008

Net profit margin decreased by 10% compared to 1Q2008

425394

353

292343

41.6%42.5%41.7%39.1%38.8%

1Q08 2Q08 3Q08 4Q08 1Q09

Adjusted EBITDA(1) and margin(2) Net profit(3) and margin(2)

(1) EBITDA calculated as operating profit plus depreciation and impairment provisions for assets (includes impairment provisions of accounts receivable and prepayments, assets under construction, investments and other long-term assets and inventory obsolescence) except for impairment provisions for accounts receivable and prepayments.

(2) Calculated on LTM basis

(3) Net profit attributable to owners of OAO Gazprom

273300

132104

38

26.5%

30.3%

27.9%

21.1%

16.2%

1Q08 2Q08 3Q08 4Q08 1Q09

(RR billion)(RR billion)

7

88

-50 -30 -10 10 30 50 70 90 110 130 150 170 190 210 230 250 270 290 310

1Q08 Change in 1Q09

Staff costs

Depreciation

Transit of gas, oil and refined products

Repairs and maintenance

Cost of goods for resale, including refined

products

Materials

Other(1)

Electricity and heating expenses

Taxes other than on income

Purchased oil and gas

(RR billion)

Growth mainly related to increase in price of gas

purchased from Central Asia

(1) Other include: social expenses, insurance expenses, rental expenses and other operating expenses.

Growth mainly resulted from operations of Gazprom Germania Group (purchase and

sale of electricity)

Due to Gazprombank Group deconsolidation

Decrease mainly related to foreign currency receivables

Mainly due to increase in transportation costs through the territory of Kazakhstan

and Uzbekistan

Operating Expenses

99

Operating Cash Flow

Operating cash flow

376

122

213

306

234

1Q08 2Q08 3Q08 4Q08 1Q09

-67%

Cash flow reconciliation

Net cash flow

344

234 (205)

(31) 3(0,1)

(18) 13 338

2008 Operatingcash flow

Capex OtherInvestingActivities

Debt NetChange

TreasuryStock

InterestPaid and

OtherFinancingActivities

Influenceof

ExchangeRate

Change

1Q09

+74%

+44% -24%

(RR billion)(RR billion)

200 (66)7 (54)

(236)

1 0,2 (17) (5)-20

80

180

280

380

Profit beforetax

Depreciationand Non-cash

Items

Change inWorkingCapital

Change inNon-current

Items

Profit tax paid Cash Flowsfrom

Inv.Activities

LT Borrowings(Net)

STBorrowings

(Net)

Cash Flowsfrom Other

Fin.Activities

Influence ofExchange

Rate Change

Change inCash and

CashEquivalents

13

(RR billion)

147

10

1 103837 868 1 018 1 191

1 478

1 117 1 1641 366

1 534

1Q08 1H08 9M08 2008 1Q09

Net Debt

1.10.9

1.7

1.1

1.6

0.90.7

1.4

0.8

1.4

2005 2006 2007 2008 1Q09

Total Debt / Adj. EBITDA Net Debt / Adj. EBITDA

10

Debt Strategy

(1) Total debt: short-term borrowings and current portion of long-term borrowings, short-term promissory notes payable, long-term borrowings, long-term promissory notes payable and restructured tax liabilities.(2) Excluding promissory notes.

20%30% 34% 32% 29%

17%12% 13% 13% 14%

39% 25% 19% 20% 24%

25% 33% 35% 35% 32%

2005 2006 2007 2008 1Q09

Less that 1 year 1-2 years 2-5 years More that 5 years

Credit metrics

(% o

f deb

t)

Funding facilities

Debt maturity profile (2)

Starting April 2009 we obtained $4.2 Bn loansIn April 2009 we issued:

- $2.25 Bn Loan Participation Notes(9.25% coupon; maturing 2019)

- CHF 0.5 Bn Loan Participation Notes(9.0% coupon; maturing 2011)

In July 2009 we issued:- $1.25 Bn Loan Participation Notes

(8.125% coupon; maturing 2014)- EUR 0.85 Bn Loan Participation Notes

(8.125% coupon; maturing 2015)In April 2009 we issued RR 10.0 Bn bonds (16.7% coupon; 2 years buy-back put option)In June 2009 we issued RR 5.0 Bn bonds (13.75% coupon; maturing 2014) and RR 10.0 Bn bonds (13.12% coupon; maturing 2012)

Total Debt (1), RR billion

Operational Results

1212

Operational Results

Gas sales volumes by markets

(Bcm)

54.9(44%)

105.0(57%)

45.5(42%)

86.8(55%)

93.2(67%)

24.5(19%)

25.0(14% )

22.4(21%)

24.6(16%)

9.7(7%)

53.5(29%)

39.6(37%)

46.2(37%)

45.1(29%) 37.1

(26%)

140.0

156.5

107.5

125.6

183.5

1Q 08 2Q 08 3Q 08 4Q 08 1Q 09

Russia FSU Europe & other countries

-48%

-2%

-32%

-14%+46%

-11%

-14%

-14%

-9%

-17%

+14%

+91%

+10%

-18%

+7%

-61%

1313

Export Markets

25 22 2510

25

272

151148

167 170

1Q08 2Q08 3Q08 4Q08 1Q08

FSU Volumes Prices

54 46 45 3740

466438383346 390

1Q08 2Q08 3Q08 4Q08 1Q09

Volumes Prices

339 323 331

438 433

1Q08 2Q08 3Q08 4Q08 1Q09

Net revenues from Europe & other countries

Gas prices and volumes in Europe & other countries Gas prices and volumes in FSU

851078680

83

1Q08 2Q08 3Q08 4Q08 1Q09

(RR billion) (RR billion)

Net revenues from FSU

($/mcm) ($/mcm)

(bcm)(bcm)

1414

Domestic Market

173

91 76

139158

1Q08 2Q08 3Q08 4Q08 1Q09

Net revenues

105.0

54.9 45.5

86.8 93.2

1 652 1 655 1 667 1 604 1 695

20,0

46,0

72,0

98,0

124,0

150,0

1Q08 2Q08 3Q08 4Q08 1Q09

Sales volumes in Russia Domestic prices

Key Future Value DriverGas prices and volumes

21%29%

5%

5%1%22%

17%

Power generation

Metallurgy

Agro chemistry

Cement industry

Households

Utility sector

Other

Domestic gas sales by consumer type in 1Q09 (1)

(1) Management estimates

(RR/mcm)

(bcm)

(RR billion)

15

Subsequent Events

On April 24, 2009 the Group purchased an additional 20% of Gazprom Neft from ENI for USD 4.1 Bn.

- Group now owns 95,68% of Gazprom Neft

In June 2009 the Group signed an asset swap agreement with E.ON Ruhrgas AG.

- E.ON Ruhrgas will receive 25% minus 3 ordinary shares and 3 preferred shares without voting rights of the charter capital of OAO Severneftegazprom

- Group will receive E.ON Ruhrgas’ stake in ZAO Gerosgaz.

- Transaction results in Group owing of additional 2,9% of treasury shares.

As a result of a number of transactions since April till June 2009 the Group acquired 55% of Sibir Energy for USD 1 670 mln.

Summary Financial Statements

1717

Balance Sheet

(1) Short-term interest bearing debt: short-term borrowings and current portion of long-term borrowings, short-term promissory notes payable. (2) Long-term interest bearing debt: long-term borrowings, long-term promissory notes payable, restructured tax liabilities.

Balance Sheet, RR million March 31, 2009

December 31, 2008

Change, RR million Change, +/(-)%

Total current assets, of which 1,716,541 1,572,075 144,466 9%

Cash and cash equivalents 338,417 343,833 (5,416) (2%)

Accounts receivable and prepayments 772,458 675,934 96,524 14%

Total non-current assets, of which 5,759,401 5,596,493 162,908 3%

Property, plant and equipment 4,148,963 4,020,522 128,441 3%

Investments in associated undertakings and jointly controlled entities 803,482 772,143 31,339 4%

Total assets 7,475,942 7,168,568 307,374 4%

Total current liabilities, of which 968,523 964,845 3,678 0,4%

Taxes payable 65,136 57,396 7,740 13%

Short-term interest bearing debt (1) 456,265 440,692 15,573 4%

Total non-current liabilities, of which 1,454,398 1,290,624 163,774 13%

Long-term interest bearing debt (2) 1,077,580 925,072 152,508 16%

Total liabilities 2,422,921 2,255,469 167,452 7%

Total liabilities and equity 7,475,942 7,168,568 307,374 4%

1818

Financial Results – Statement of Comprehensive Income

(1) Excluding non-controlling interest.

Statement of Comprehensive Income, RR million 1Q2009 1Q2008 Change, +/(-)%

Sales 931,403 911,750 2%

Operating expenses (648,810) (546,123) 19%

Operating profit / EBIT 282,593 365,627 (23%)

Finance income 119,014 56,644 110%

Finance expenses (268,438) (40,590) 561%

Share of net income of associated undertakings and jointly controlled entities 13,536 12,454 9%

Gains on disposal of available-for-sale financial assets 516 3,616 (86%)

Profit before profit tax 147,221 380,328 (61%)

Current profit tax expense (33,787) (92,196) (63%)

Deferred profit tax expense (3,257) (2,082) 56%

Profit tax expense (37,044) (94,278) (61%)

Profit attributable to owners of OAO Gazprom (1) 103,679 273,439 (62%)

1919

Cash Flow Statement

Cash flow from Operating activities, RR million 1Q2009 1Q2008 Change, +/(-)%

Profit before profit tax 147,221 380,328 (61%)

Depreciation 54,480 56,409 (3%)

Net unrealized foreign exchange losses (gains) 140,370 (16,553) (948%)

Interest expense 13,041 19,003 (31%)

Working capital changes (65,921) (28,597) 131%

Profit tax paid (54,192) (59,616) (9%)

Net cash provided by operating activities 233,963 375,935 (38%)

Investing Activities, RR million

Capex (205,417) (159,410) 29%

Other 6,673 (11,617) (157%)

Net cash used for investing activities (236,071) (232,832) 1%

Financing Activities, RR million

Long-term financing and loans, net 930 (50,036) (102%)

Interest paid (18,317) (16,254) 13%

Net cash used for financing activities (16,249) (47,888) (66%)

Cash and cash equivalents at the beginning of reporting period 343,833 279,109 23%

Cash and cash equivalents at the end of reporting period 338,417 371,654 (9%)