Debentures

Long-term loans and credits toGazprom Neft rose toUSD 6,450bn during 2011, representing anincrease of1.5% from USD 6,357bn atthe end of2010. The current part ofthe long-term debt asofDecember31, 2011 was USD 1,030bn. Meanwhile, the Companys short-term debt dropped by24% in2011 toUSD 247mn from USD 325mn in2010.

New borrowing in 2011 was in the form of club loans and ruble bonds.

The currently effective loan contracts contain terms that impose certain restrictions oncorporate performance ratios such asconsolidated EBITDA toconsolidated interest payable, consolidated loan debt toconsolidated net asset value, and consolidated loan debt toconsolidated EBITDA. The Company complied with all such requirements asofDecember31, 2011.

Loan agreements with Sberbank ofRussia were signed inDecember 2011; these funds are expected tobedrawn mainly during the first and second quarters of2012.

Financing plans in2012

Gazprom Neft plans tosource borrowing inexcess ofUSD 2bn in2012. The following instruments might beused:

  • ruble bonds,
  • euro bonds,
  • bilateral loans,
  • club loans,
  • syndicated loan,
  • ECA financing,
  • other.

On February 7, 2012 theCompany successfully completed placement of its series-11 bonds (10-year maturity) with atotal value of RUB 10 bn. The yield was set at 8.25% with aput option exercisable three years after theplacement.

Creditor

Loan principal

Contract date

Maturity

Interest rate

Non-revolving line of credit, JSC Sberbank of Russia

RUB 9,000,000,000

December1,2011

November 2013

8.65%

Revolving line of credit, JSC Sberbank of Russia

RUB13,500,000,000

December 2, 2011

November 2012

8.25%

Key loans and credits in 2011 and after the reporting date

Creditor

Loan principal

Contract date

Maturity

Interest rate (incl. dollar swap)

Ruble bonds, series 08-09

RUB 20,000,000,000

February 8, 2011

February 2016

8.5%

Ruble bonds, series 10

RUB 10,000,000,000

February 8, 2011

January 2018

8.9%

Ruble bonds, series 04

RUB 10,000,000,000

August5,2011

April 2018

8.2%

Bank club loan

USD 870,000,000

April 29, 2011

October 2016

LIBOR + 1,5%

Ruble bonds, series 11

RUB10,000,000,000

February 7, 2012

February 2022

8.25%