Definitions & conversion methodology

This report offers areview ofGazprom Nefts financial position asofDecember31, 2011, and should beexamined together with the Companys financial statements and related explanations, prepared inaccordance with the USGenerally Accepted Accounting Principles (USGAAP)

This report discloses the financial situation and performance ofGazprom Neft onaconsolidated basis.

Toconvert tons ofproduced crude oil tobarrels, the report uses ratios that take account ofthe density ofcrude oil ateach ofour fields. Purchased petroleum, and other operating figures inbarrels, are converted tobarrels at7.3 bbl per ton. Cubic meters are converted tocubic feet at35.31ft³ per 1m³. Crude oil isconverted tobarrels ofoil equivalent (BOE) at1barrel per 1BOE and conversion ofgas isat6,000ft³ per 1BOE.