Interaction with Shareholders &Investors

The Company places great emphasis oninteraction with its current and prospective shareholders. Levels ofinformation disclosure toGazprom Nefts shareholders and toinvestors have increased significantly recently, asconfirmed byaseries ofinvestor relations studies byindependent agencies aswell asawards tothe Company for its achievements ininvestor relations.

Since 2008, the Company has organised investor conference calls with top investment managers on a regular basis. Since 2008, Gazprom Neft has published quarterly MD&As as an attachment to its US GAAPcompliant financial reports. Since 2009, the Company has published statistical reference books (Databook and Datafeed) to assist in-depth analysis of its operations.

The Company arranges meetings with investors and shareholders on a regular basis in order to promote awareness, and participates in all major investment conferences. About 300 meetings were held during 2011 and the Companys investor relations unit attended 17 investment conferences.

Every year since 2010, the Company has held an Investor Day with participation by top Company executives, where analysts and investors can obtain answers to their questions from the Companys principal decision makers.

Gazprom Neft won several awards for its investor relations between 2009 and 2011. The Company was pronounced best for financial information disclosure among global oil and gas companies in the IR Global Rankings (IRGR) 2010 and 2011. IRGR is a comprehensive international rating system that prepares rating lists of IR-websites, online corporate annual reports, financial information disclosure procedures, corporate governance, etc. The ratings are based on research into the activities of public corporations using methodology provided by MZ Consult, which is a leading IR consultancy. The IRGR rating also put Gazprom Neft among the top five companies for financial information disclosure in Europe, and second among oil and gas producers in the Best IR Website category.

The Company took a number of prizes in the annual IR Magazine Russia & CIS Awards. IR Magazine is the only specialist international magazine to have awarded prizes to best IR teams worldwide for 19 years. In 2009, Gazprom Neft ranked second in the Best IR in the Crisis Environment category. In 2010, the Company won Best Chairman/ CEO for Investor Relations and came third in the Best IR for a Corporate Transaction category.

In 2011, Gazprom Nefts website was named the best among the 30 largest Russian companies (measured by capitalization in the RTS Standard Index), according to Investis Co., which is the European leader in consulting services for website development.

Also in 2011, the Company received a Prizewinner Diploma in the 5th St. Petersburg competition for corporate websites and annual reports in the category of Best IR Section of a Corporate Website.