Equity Market

Background Information on the Outstanding Securities of JSC Gazprom Neft:

Stock Trading Information

JSC Gazprom Neft shares are traded on the main trading floors in Russia: CJSC MICEX, where, as of 31 December 2010, they accounted for 0.51 % of the index and 0.9 % of OJSC RTS Stock Exchange.

The volume of trading in JSC Gazprom Neft shares on the MICEX Exchange totalled 76 bn RUB (2,481 mn USD) in 2010, compared to 77 bn RUB (2,468 mn USD) in 2009. At the end of 2010, the American Depository Receipts (ADR) issued for JSC Gazprom Neft shares accounted for 0.3 % of total trading volume among foreign company ADRs quoted on the London Stock Exchange in the IOB system (827 mn USD).

Changes in the price of JSC Gazprom Neft Shares, MICEX Stock Exchange

Changes in the price of JSC Gazprom Neft shares, MICEX Oil and Gas Index and price of Urals in 2010-2011

A year-end 2010 decrease in the price of company shares was recorded. In quarters 1 and 2 of 2010, the price dropped but the first drop was immediate and by the end of March, the quote was at the level of the beginning of the year. After the second drop (April-May), a long gradual corrective quotation shift was observed which did not reach the maximum values of the beginning of the year. The company's share price dropped by 21.6 % during the year (based on trading results at CJSC MICEX) and was 128.3 RUB at the end of the year. JSC Gazprom Neft capitalisation as of 31 December 2010 was 19.95 bn USD.

Among the major external factors that negatively affected the price of company shares, the investment community singled out the following:

• The indefinite future of fiscal policy in the Russian oil and gas industry.
• A general negative attitude of investors to perspectives of the Russian oil and gas industry development.

Despite a decrease in capitalisation in 2010, there were serious fundamental prerequisites for further growth of the company's shareholder value. It is the best 'value-added' business among Russian companies in terms of the extent of refining, the availability of distribution capacities, and plans for further developing the distribution business which, under the current tax regime, create considerable value for the company. Judging by commonly accepted market value indicators, the market underestimated JSC Gazprom Neft in 2010, compared to international oil companies and Russian competitors. All these factors provide a significant competitive edge for the company, creating considerable value growth potential in the long-term.

Participation in the American Depository Receipt Program

During 2010, the American and Global Depository Receipt Programmes for company shares traded in the US, UK, German and other over-the-counter markets were still operating. One ADR is the equivalent of 5 JSC Gazprom Neft ordinary shares. At the end of 2010, the total number of ADRs issued for ordinary shares was equivalent to 83 mn shares (1.7 % of the company's authorised capital).

Gazprom Neft's trading in 2010 amounted to 918 mn USD, including 827 mn USD at IOB London Stock Exchange, 48 mn USD at OTCQX, and 43 mn USD at other markets in Europe (mainly Germany).

The depository of JSC Gazprom Neft's receipts is The Bank of New York Mellon.

Information on JSC Gazprom Neft ADRs:

Trading volumes of JSC Gazprom Neft in 2010 on MICEX, RTS, LSE and OTCQX, mn USD

Trading volumes of JSC Gazprom Neft ADRs, Russian FTSE IOB index and Urals oil price in 2010