GazpromConsolidated 1H 2008 IFRS

Financial Results Presentation

1

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.

2

Key Highlights from 1H 2008

Record Revenue growth in 1H2008 – up 52% compared to 1H2007

Adjusted EBITDA(1) increased by 84% compared to 1H2007

Net Income increased by 83% compared to 1H2007

Leverage easing:

Total debt decreased in 1H2008 by 26% mostly due to Gazprombankdeconsolidation

Total Debt / Adjusted EBITDA dropped to 0.9x as of June 30, 2008 from 1.7x as of December 31, 2007

(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.

3

270246 259

346390

138192

269262

299

2004 2005 2006 2007 1q07 2q07 3q07 4q07 1q08 2q08

61

89

112 109 108 114

151 148

111

47

2004 2005 2006 2007 1q07 2q07 3q07 4q07 1q08 2q08

Market Environment

Crude Price Average Domestic Gas Price

Average FSU Gas Price Average Europe Gas Price

$/Bbl1 652 1 655

1 3231 301

1 129

1 014

1 318 1 2961 287

826

2004 2005 2006 2007 1q07 2q07 3q07 4q07 1q08 2q08

RUR/MCM

$/MCM $/MCM

Impressive Gas Price Growth in Europe. Gas Price in Russia and the FSU Remained Flat

30

50

70

90

110

130

Jun-07 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08

ICE Brent

(1) (1)

(1) Average ruble price calculated based on the 1q2008 and 1h2008 IFRS financial statements and MD&A reports, converted at the exchange rate as of June 30, 2008.

4

Operational Results

Gas Sales Volumes By Market, Bcm

165,1

50,4 49,5

79,4 99,7

294,9 309,1

159,9

1H07 1H08

Russia FSU Far abroad

Bcm

105,659,5 46,4

95,5 105,054,9

28,1

22,321,6

24,5

39,9

39,537,7

51,4

173,6

121,3105,7

171,4 183,5

125,6

24,5

25,046,2

53,5

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Russia FSU Far abroad

Bcm

+26%

-3%

-2%

+5%

Strong Demand in Europe Ensured Gas Sales Volumes Growth

(1) (1)

Gas Sales Volumes By Market, %

56% 52%

17% 16%

27% 32%

1H07 1H08

Russia FSU Far abroad

61% 49% 44% 56% 57% 44%

16%18% 20%

14%

23% 33% 36% 30%

19%14%

37%29%

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Russia FSU Far abroad

(1) Due to Mosenergo consolidation since June 2007.

5

Revenues

218 192 186277

339 323

7460 57

64

83 80136

78 61

124

1739132

4343

50

58

77106

116 130

140

162

191

15

64

63

11

10 10

11

16

34

34 29

72

612

516532

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Gas - Far abroad Gas - FSU

Gas - Russia Crude oil and gas condensate

Refined products Transportation

Other

1144

3050

132

6010

66 1743

1H2007 Gas salesto Farabroad

Gas salesto FSU

Gas salesto Russia

Sales ofrefined

products

Sales ofcrude oilang gas

condensate

Trans-portation

Otherrevenue

1H2008

Total Net Revenues (RR billion) Revenue Reconciliation (Y-o-Y, RR billion)

Record Revenue Increase

903

730

840

251

6

EBITDA and Net Profit

Maintaining Strong Profitability

260

186 191

255

425394

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

Adjusted EBITDA(1) (RR billion) Net Profit(2) (RR billion)

273

232

113103

210

300

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08

RR 45.8 billion profit in 2Q08 from change in fair value of call option

+192%+84%

(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) Net profit attributable to shareholders.

7

Debt structure

Total Debt(1), RR billion

Leverage Under Control: Securing Appropriate Level of Debt

Total Debt / Adjusted EBITDA

500797 808

1229 1103618

9551 117

837

1 511

1 080

1 478

2004 2005 2006 2007 1Q08 1H08

Net Debt

1,7x 1,6x

1,1x

1,7x

0,9x

2004 2005 2006 2007 1H08 LTM

28,9%35,1% 32,2% 35,0%

24,0%

2004 2005 2006 2007 1H08

Debt-to-Equity Ratio

(%)

Maturity profile

26,8% 19,6% 30,3% 33,9% 27,90%

9,3% 16,6%11,6% 12,7%

10,60%

31,3% 39,1% 25,3% 18,7%22,00%

32,6% 24,7% 32,8% 34,7% 39,50%

2004 2005 2006 2007 1H08

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

(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.

8

Operating Expenses

Operating Expenses Increase Compared to Revenue GrowthOperating Expenses,

RR million 1H2008 1H2007Y-o-Y,% Increase

% ofTotal

increase

Purchased oil and gas 284 048 188 436 51%

27%

20%

7%

21%

-1%

25%

179%

29%

206%

19%

28%

Rental expenses 6 305 8 153 -23% -0,8%

9%

30%

Taxes other than on income 124 389 98 074

41%

11%

9%

3%

7%

-0,3%

5%

16%

3%

2%

0,6%

0,7%

3%

Staff costs 130 125 108 399

Depreciation 99 747 93 024

Transit of gas, oil and refined products 93 157 77 063

Materials 44 890 45 554

Repairs and maintenance 56 801 45 479

Cost of goods for resale 59 072 21 178

Electricity and heating expenses 29 285 22 748

Charge for provisions 8 506 2 778

Social expenses 8 317 6 981

Insurance expenses 7 257 5 673

100% (2)

Other operating expenses 74 677 68 675

Total operating expenses 1 026 576 792 215

12% 12%

3% 4%5%

7%6%

8%7%

9%7%

9%

16%

4%3%

16%

1H2008 1H2007

Other Repairs and maintenance

Materials Transit

Depreciation Taxes other than on income

Staff costs Purchased oil and gas

Operating Expenses, % of Net Revenue

59%

69%

(1)

(1) Other include: cost of goods for resale, electricity and heating expenses, charge for provisions, social expenses, insurance expenses, rental expenses, other operating expenses.

(2) Totals may not sum due to rounding.

9

Subsequent Events

In November 2008, the amendments to the Tax Code were made cutting profit tax to 20% from24% starting from January 1, 2009.

Since July 2008, Gazprom Group has received US$500 million in bonds and US$1.433 million in loans.

In July 2008, the Group obtained a 44.4% interest in WGC-2 and 42.9% interest in WGC-6 increasing its interest to controlling 57.2% and 60.0% in WGC-2 and WGC-6 respectively.

In July 2008, the Group acquired the 28.7% interest in TGC-1 prepaid in February 2008.

In October 2008, the Group acquired a100% interest in OAO Sobinbank.

Appendix

11

Financial results – Income Statement (RR million)

Statement of Income, RR million 1H2007 1H2008 Change, +/(-)%

Sales 1 143 894

(792 215)

351 679

-

44 692

12 101

33 641

442 113

(112 063)

(16 870)

330 050

52%

Operating expenses

1 743 196

(1 026 576)

716 620

28 375

-

13 680

36 868

795 543

(186 190)

(35 596)

30%

Operating profit / EBIT 104%

Profit from change in fair value of call option -

609 353

Deconsolidation of NPF Gazfund -

Finance items (1) 13%

Other (2) 10%

Profit before profit tax 80%

Profit tax expense (3) 66%

Minority interest 111%

Shareholders’ profit 85%

(1) Finance items include: finance income, finance expense.(2) Other: share of net income of associated undertakings and jointly controlled entities, gains on disposal of available-for-sale financial assets.(3) Profit tax expense: current tax expense, deferred tax expense.

12

Balance sheet (RR million)

RR million December 31, 2007 June 30, 2008 Change,

RR million Change, +/(-)%

Total current assets, of which 1 566 417 1 545 445 (20 972) (1%)

Cash and cash equivalents and restricted cash 291 134 281 485 (9 649) (3%)

Accounts receivable and prepayments 697 464 655 294 (42 170) (6%)

Total long-term assets, of which 5 226 139 5 151 038 (75 101) (1%)

Property, plant and equipment 3 490 477 3 571 208 80 731 2%

Long-term accounts receivable and prepayments 402 382 269 899 (132 483) (33%)

Total assets 6 792 556 6 696 483 (96 073) (1%)

Total current liabilities, of which 1 084 554 844 060 (240 494) (22%)

Taxes payable 73 563 74 226 663 1%

Short-term interest bearing debt (1) 525 525 312 487 (213 038) (41%)

Total long term liabilities, of which 1 394 905 1 190 775 (204 130) (15%)

Long-term interest bearing debt (2) 985 141 804 859 (180 282) (18%)

Total liabilities 2 479 459 2 034 835 (444 624) (18%)

Total equity (including minority interest) 4 313 097 4 661 648 348 551 8%

Total liabilities and equity 6 792 556 6 696 483 (96 073) (1%)

Most of balance sheet items decreased due to Gazprombank deconsolidation

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