OIL AND GAS WEEKLY. Topic of the week. Week ahead. Ideas for this week. Contents: Companies mentioned

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OIL AND GAS WEEKLY APRIL 1, 2016

OIL AND GAS WEEKLY

Topic of the week

Lukoil 2015 IFRS preview — switch from US GAAP to IFRS

In this issue of Oil and Gas Weekly, we preview the 2015 IFRS results from Lukoil. The company this year is reporting unexpectedly late — last year the report came out almost a month earlier. The reason is the company’s switch from US GAAP reporting to IFRS. Lukoil is also changing its reporting currency from dollars to rubles, with the 2014 numbers to be restated accordingly.

In our view, there will be no large impact on the historical numbers. As we understand, there are relatively few significant differences between IFRS and US GAAP. Those differences include approaches to impairment, deferred tax accounting, depreciation, interest capitalization and business combination reporting. In fact, we expect few changes before the EBITDA line, with the main effect potentially being seen on the bottom line. As Lukoil’s 4Q bottom line is usually unpredictable (in 4Q14 the company reported a net loss due to impairment charges), the largest reporting surprise may fall on this line. To recap, in 2011, TNK-BP switched from US GAAP to IFRS, which impacted quarterly net profit by no more than 9%. We will focus instead on the FCF number, which should be in positive territory.

We expect a slight increase in leverage metrics following the switch to rubles, as LTM EBITDA will be slightly less due to ruble depreciation. Still, the metric should not exceed 1.0x, we estimate, nor should it lead to a significant reaction in the company’s bonds. Dividends and the capex outlook, as well as the potential privatization of Bashneft, will be in focus during the meeting with Lukoil management, which will take place the same day, April 4.

Week ahead

Aside from Lukoil, EDC may reports 2015 results next week. On Monday, CDU TEK will report preliminary O&G production and export numbers for March.

Ideas for this week

Equity. We would stay away from O&G equities in anticipation of a correction in the oil price.

Debt. We reiterate our idea to “BUY RUSSIA42 SELL GAZPRU37”. For details please see the next page.

Alexander Nazarov +7 (495) 980-4381 Alexander.Nazarov@gazprombank.ru Evgenia Dyshlyuk +7 (495) 983-1800 (ext. 5-4129) Evgenia.Dyshlyuk@gazprombank.ru Evgeniy Khilinskiy +7 (495) 287-6100 (ext. 5-1643) Evgeniy.Khilinskiy@gazprombank.ru Contents:

Trading ideas summary ... 2

Topic of the week ... 3

Week in review... 6

International markets ... 9

Equity valuation ... 13

Fixed Income valuation ... 15

Equity relative performance ... 24

Calendar of events ... 25 Companies mentioned Lukoil Tatneft Bashneft Rosneft

Charts of the week

Lukoil vs. RIOB index performance Russian O&G segment G-spreads, WoW

Source: Bloomberg, Gazprombank estimates Source: Bloomberg, Gazprombank estimates

-0.5 -0.4 -0.3 -0.2 -0.1 0 0.1 0.2 0.3 M AR 1 5 M AY 1 5 JU L 15 SE P 15 N OV 1 5 JA N 1 6 M AR 1 6

LUKOIL RIOB INDEX

-50 -40 -30 -20 -10 0 10 20 30 40 LU KOI L 18 GA ZP R OM 18 R OS N EFT 17 LU KOI L 17 TN K 16 TN K 18 TN K 17 N OV ATE K 16 GA ZP R OM 16 N OV TR AN SN EFT 18 SI BU R 1 8 GA ZP R OM 16 M AY R OS N EFT 22 SI BN EFT 22 TN K 20 SI BN EFT 23 GA ZP R OM 22 6 .5 1 GA ZP R OM 21 LU KOI L 22 GA ZP R OM 22 4 .9 5 LU KOI L 20 LU KOI L 23 GA ZP R OM 20 N OV ATE K 21 N OV ATE K 22 LU KOI L 19 GA ZP R OM 19 ED C 2 0 GA ZP R OM 37 GA ZP R OM 28 GA ZP R OM 34 BPS

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WEEKLY TRADING IDEAS SUMMARY

Equity

COMPANY TICKER CURRENT PRICE IDEA

- - - -

Fixed Income

IDEAS

We reiterate our idea to “BUY RUSSIA42 SELL GAZPRU37”. The respective spread of 97 bps is below 12M lows for no apparent fundamental reason. We believe that the 6M average level of 130 bps is fair. We are focusing on the GAZPRU37, as the GAZPRU37 – GAZPRU34 spread is also currently near 12M lows.

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TOPIC OF THE WEEK

Lukoil: 2015 report preview — switch from US GAAP to IFRS

In this issue of Oil and Gas Weekly, we preview the 2015 IFRS results from Lukoil. The company this year is reporting unexpectedly late — last year the report came out almost a month earlier. The reason is the company’s switch from US GAAP reporting to IFRS. Lukoil is also changing its reporting currency from dollars to rubles, with the 2014 numbers to be restated accordingly.

In our view, there will be no large impact on the historical numbers. As we understand, there are relatively few significant differences between IFRS and US GAAP. Those differences include approaches to impairment, deferred tax accounting, depreciation, interest capitalization and business combination reporting. In fact, we expect few changes before the EBITDA line, with the main effect potentially being seen on the bottom line. As Lukoil’s 4Q bottom line is usually unpredictable (to recap, in 4Q14 the company reported a net loss due to impairment charges), the largest reporting surprise may fall on this line.

We expect Lukoil’s RUB-denominated revenues to decline 4% QoQ in 4Q15 to RUB 1,421 bln, with the main effect coming from a decrease in European product prices toward quarter end. At the same time, we are looking for a less negative impact on EBITDA due to a negative pricing lag, which may be partially compensated by hedging operations, which we estimate could bring some $440 mln to Lukoil in 2015. EBITDA will likely decrease 22% QoQ to RUB 146 bln, but the margin should be slightly higher than a year ago, as price movements were not so sharp.

Cash flow will be more interesting, as Lukoil reported very strong FCF in 3Q15. Our base forecast assumes marginally positive FCF in 4Q15, but we see big upside risk on the back of compensation from Iraq. FCF will be our focus in the report.

Lukoil 2014-15 quarterly financials, RUB

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15E 2014 2015E YOY

IFRS, RUB MLN Revenues 1 247 408 1 316 620 1 412 560 1 486 413 1 464 449 1 479 676 1 474 866 1 420 743 5 463 001 5 839 733 7% EBITDA 160 187 199 460 207 607 140 320 177 830 187 592 229 625 180 016 707 574 775 064 10% EBITDA margin 13% 15% 15% 9% 12% 13% 16% 13% 13% 13% Net profit 60 586 84 725 58 970 -48 121 43 574 52 913 39 803 64 621 156 160 200 911 29% OCF 115 088 149 450 167 823 160 244 207 700 150 368 224 398 132 012 592 605 714 478 21% Capex -105 964 -143 570 -141 433 -166 663 -161 664 -157 476 -132 825 -130 034 -557 630 -581 999 4% FCF 9 125 5 880 26 390 -6 419 46 036 -7 108 91 573 1 978 34 975 132 480 279% Net debt 351 618 314 026 401 486 592 137 606 932 545 725 596 889 699 648 592 137 699 648 Net debt/LTM EBITDA, RUB 0,84 0,84 0,77 0,81 0,90 0,84 0,90

* actual 2014-15 numbers are US GAAP, recalculated at average quarterly USDRUB rates Source: company data, Gazprombank estimates

TNK-BP case — effect is not large and mainly involved deferred tax

To recap, in 2011, TNK-BP switched from US GAAP to IFRS reporting, which impacted quarterly net profit by no more than 9%.

In the presentation devoted to its 2011 results, TNK-BP International disclosed the effect of the switch from US GAAP to IFRS on two quarters (see charts below).

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In fact, the main differences in 1Q were attributable to deferred tax calculation, whereas in the 4Q figures the main difference involved the impairment charge. Slavneft’s restatement was another material effect. Lukoil has no JVs or business combinations that could have the same material effect on its financial statements.

Leverage to increase due to switch to ruble as reporting currency

We also expect a slight increase in leverage metrics following the switch to rubles, as LTM EBITDA will be slightly lower due to ruble depreciation (the average rate used for EBITDA translation is smaller than the YE rate used for debt). Still, the metric should not exceed 1.0x, we estimate, nor should it lead to a significant reaction in the company’s bonds. That said, the company remains the least leveraged in the CIS eurobond universe.

We note Lukoil’s excellent liquidity. As of end 3Q15, the company had short-term debt of $1.37 bln and a cash pile of $4 bln, well covering debt repayments over the next 24 months. Moreover, the company had ~$2 bln available in committed back-up facilities. Given positive (or at least neutral) FCF anticipated in 4Q15, we do not expect any adverse change in the liquidity position.

The maturity profile remains smooth: loans totaling $6.5 bln range from 2015 to 2024, while the $5.6 bln in eurobonds mature evenly in 2017-23.

To recap, Lukoil is the only investment-grade name in the Russian O&G universe.

Lukoil net debt/LTM EBITDA dynamics

Source: company data, Gazprombank estimates

0.0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9 1.0 4Q14 1Q15 2Q15 3Q15 4Q15E

NET DEBT/LTM EBITDA, $ NET DEBT/LTM EBITDA, RUB

TNK-BP 1Q11 net income, IFRS vs. US GAAP TNK-BP 4Q11 net income, IFRS vs. US GAAP

Source: TNK-BP Source: TNK-BP 2.4 2.6 7% 1% 1% 0.0 0.5 1.0 1.5 2.0 2.5 3.0 1Q1 1 U S GA AP D T R EC AL C U LA TI ON SL AV N EFT IFR S R ES TA TE M EN T OTH ER 1Q1 1 IFR S $ BLN 2.2 _2.1 2% _1% _1% _1% 0.0 0.5 1.0 1.5 2.0 2.5 4Q1 1 U S GA AP IM PA IR M EN T D T R EC AL C U LA TI ON SL AV N EFT IFR S R ES TA TE M EN T OTH ER 4Q1 1 IFR S $ BLN

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Dividends, capex and Bashneft privatization to be in focus during conference call

Dividends and the capex outlook, as well as the potential privatization of Bashneft, will be in focus during the meeting with Lukoil management, which will take place the same day, April 4.

To recap, based on decent FCF generation in 9M15 and the management’s comments, we assume that Lukoil will attempt to maintain dividend growth in 2015. We estimate final dividends at RUB 100 per share, with total dividends for 2015 thus amounting to RUB 165 per share.

Regarding capex guidance, our base case estimate stands at $7 bln. To recap, Lukoil CEO Vagit Alekperov said that a $30/bbl scenario for the company would imply capex of approximately $6.5 bln. As we assume a slightly higher average oil price, we are looking for slightly higher capex.

Finally, although we do not expect to hear anything from Lukoil during the management meeting regarding a possible government decision on the date and pricing of Bashneft’s privatization, we would welcome any comments regarding Lukoil’s position on the potential purchase of a non-controlling stake, as well any potential synergies from a deal.

Lukoil dividends, RUB per share

50 60 60 65 75 40 50 94 100 0 20 40 60 80 100 120 140 160 180 2011 2012 2013 2014 2015E INTERIM FINAL

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WEEK IN REVIEW

Oil news

The Brent price was broadly flat over the past week at $40/bbl, with a correction during the first half of the week shifting to an uptrend on Wednesday in response to US crude inventory data. The week is ending with Brent trading at around $40/bbl.

KEY CORPORATE NEWS

Tatneft might pay RUB 10.96 per share for 2015. Neutral

News. Tatneft published RAS results for 2015. As the company pays dividends equal to 30% of net income, the RAS figure is important. The company’s net income in 2015 rose 3.6% to RUB 85 bln.

Effect on company. Thus, the dividend may likewise increase 3.6% and amount to RUB 10.97, or slightly below our expectation of RUB 12.0 and compared with the Bloomberg consensus of RUB 11.4 per share. Moreover, we remind that in January Tatneft’s main shareholder announced a 35% YoY rise in pre-tax income.

The dividend yields might total 3% and 6% on common and preferred shares, respectively. Traditionally we anticipate the cut-off date to be set for mid-July.

Moreover, Tatneft revealed in its report that in March the company completed the deal to acquire 24.99% of common shares of Nizhnekamskneftekhim (NKNC) and 9% of common shares of TANECO for a total sum of RUB 20 bln. We note that this sum is below even the current market value of the stake in NKNC (~RUB 21 bln) and barely exceeds its 6M average value (RUB 18.8 bln). Thus, we consider the valuation of the assets as part of the deal as low, which undoubtedly is positive for Tatneft’s cash flows. However, we await details regarding the deal from the company’s management during the results conference call, which we expect to be held in the coming days.

Effect on shares. The size of the dividends is less than expected and the yield on common shares is small. Moreover, the price of the deal to acquire NKNC and TANECO shares is low, in our view. The overall effect on Tatneft shares is neutral.

Source: Bloomberg

TICKER ATAD LI GAZP RX NVTK LI

Target price $32.1 RUB 201.2 USD 161.0

Closing price $31.8 RUB 147.5 USD 99.9 Recommendation UNDERWEIGHT OVERWEIGHT OVERWEIGHT

Upside 1% 36% 61%

Ratings -/Ba1/BBB- BB+/Ba1/BBB- BB+/Ba1/BBB-

Tatneft 2015 IFRS review. Downgrade on FCF outlook, valuation

News. Tatneft reported IFRS results for 2015.

Effect on company. The P&L numbers were broadly in line, with EBITDA down just 10% QoQ. This was better than the figures from Bashneft and Gazprom Neft, probably on higher than expected volumes. Revenues were up 3% QoQ, while the bottom line decreased 16% QoQ.

The company’s cash flow was disappointing. Tatneft started to heavily invest in the second stage of TANECO refinery, with capex in 4Q (some 33% of full-year capex) totalling RUB 32 bln. Quarterly FCF was zero for the first time in the past three years. The price paid by Tatneft for the privatized stakes in Nizhnekamskneftekhim and TANECO is not negative by any means — Tatneft may easily accrue profits on the NKNC stake already in 1Q16, as the purchase price is below the current market price. However, to recap, the privatization list also includes a 4% stake in Tatneft, which may also be sold at a discount.

Tatneft will hold a conference call to discuss the results on Monday, April 4. To recap, the capex outlook will be the key topic during the call. Investors will also be interested in the rationale behind the purchase of NKNC, as well the low purchase price..

Effect on shares. We see no further upside for Tatneft shares based on zero expected FCF in 2016-17 on the back of TANECO construction, the relatively low dividend yield (lower than most blue chips in the sector), the expected tax hike and a premium

Source: Bloomberg

TICKER ATAD LI GAZP RX NVTK LI

Target price $32.1 RUB 201.2 USD 161.0 Closing price $31.8 RUB 147.5 USD 99.9 Recommendation UNDERWEIGHT OVERWEIGHT OVERWEIGHT

Upside 1% 36% 61%

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valuation (Tatneft trades at 2016E EV/EBITDA of 4.4 — the highest level among Russian oils). We therefore downgrade Tatneft common shares to UNDERWEIGHT and the preferred shares to NEUTRAL.

Tatneft 4Q15 IFRS preview, RUB mln

4Q15E 3Q15 4Q14 QOQ YOY

Revenues 138,613 134,588 152,959 3% -9%

EBITDA 30,896 34,365 23,403 -10% 32%

EBITDA margin 22.3% 25.5% 15.3%

Net income 19,627 23,272 18,643 -16% 5%

Net margin 14.2% 17.3% 12.2%

SurgutNG dividends on prefs may total RUB 6.92. Neutral

News. SurgutNG published RAS results for 2015.

Effect on company. To remind, the company pays a fixed percentage of RAS net income as dividends on preferred shares.

Net income totaled RUB 751 bln, which, according to our estimates, implies a dividend for 2015 of RUB 6.92 per preferred share, yielding 15.5%.

On commons, we expect a dividend at the level of last year, i.e. RUB 0.65 per share, yielding 2.0%.

The company’s cash pile, we estimate, totaled RUB 2.42 trln ($33.2 bln) as of end 2015 ($32.4 bln as of end 9M15).

Effect on shares. We consider the news as neutral, as these dividend levels are already priced into the market, in our view.

Source: Bloomberg

TICKER SNGSP RX GAZP RX NVTK LI

Target price RUB 40.5 RUB 201.2 USD 161.0

Closing price RUB 45.0 RUB 147.5 USD 99.9 Recommendation NEUTRAL OVERWEIGHT OVERWEIGHT

Upside -10% 36% 61%

Rosneft 4Q15 IFRS results: better than expected EBITDA and FCF

News. Rosneft released 4Q15 and 2015 IFRS results there were stronger than expected on the EBITDA and FCF levels..

Effect on company. Revenues of RUB 1,196 bln ($18.1 bln), down 7.7% QoQ, were in line with our and market expectations. We note that there was a reclassification: the item “gain/loss from hedging”, previously included in revenues, was moved from the top line to below the EBITDA line.

EBITDA of RUB 250 bln ($3.8 bln), down 8.8% QoQ, was substantially higher than our forecast (RUB 210 bln) and the market consensus (RUB 223 bln). The EBITDA margin remained unchanged from the 3Q15 level at 21%, while we expected deterioration in margins. The main factor that supported profitability was lower QoQ other than income taxes (MET and export duties).

Net income to shareholders of RUB 53 bln (~$800 mln), down 52.7% QoQ, was in line with market expectations. The bottom line was adversely affected by a net loss from hedging, a higher effective income tax rate, and other factors.

Another surprise was lower than forecast capex in 4Q15: cash capex stood at RUB 186 bln ($2.8 bln), up by around 33% QoQ. This brings total cash capex for the full year to RUB 595 bln ($9.5 bln) vs. RUB 630-650 bln expected. As a result of higher than expected EBITDA and moderate capex, FCF came in above our forecast, at RUB 206 bln ($3.1 bln), up 32.1% QoQ.

Net leverage (net debt/EBITDA) as of end 2015 remained unchanged from 9M15, standing at 1.8х, while total leverage decreased by 0.2х to 2.9х. We note, however, that

Source: Bloomberg

TICKER ROSN RX GAZP RX NVTK LI

Target price RUB 311.7 RUB 201.2 USD 161.0 Closing price RUB 305.2 RUB 147.5 USD 99.9

Recommendation NEUTRAL OVERWEIGHT OVERWEIGHT

Upside 1% 36% 61%

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if we use the principles common to rating agencies and classify prepayments under long-term contracts on oil supplies as debt, the company’s net leverage would reach 3.4х (vs. 3.7x for 9M15 and 3.6х for 2014).

The share of FX debt in Rosneft’s debt portfolio structure stands at 89%, while that of export revenues in 2015 amounted to 75%.

We also note the company’s strong liquidity position. In 2016, Rosneft must repay $14.3 bln in debt, which can be more than covered by the company’s current cash of $19.2 bln (RUB 1.3 trln on accounts and short-term deposits). In addition, more than $1.7 bln (RUB 112 bln) has been held on the company’s deposits for more than one year

Effect on bonds. The strengthening of the credit portfolio and liquidity position is positive for the company’s bonds, although upside potential is limited, in our view. The ROSNRM22-GAZPRU22 spread stands at 12 bps, while Gazprom’s net leverage is far lower (1.1х). We still regard a premium of around 25 bps as justified. The ROSNRM22’s spread to the sovereign RUSSIA22 currently stands at 149 bps, the lowest level YTD.

Borets reports 2015 IFRS results. EBITDA declines, debt burden rises,

as expected

News. Borets reported IFRS results for 2015 and held a conference call.

Effect on company. Revenues in USD terms decreased 28% YoY in 2015 to $522 mln. The decline in RUB-based revenues was due to exchange rate differences (revenues in RUB terms increased 16%), while that of foreign-based revenues stemmed from volumes. The main fall in foreign-based revenues related to the US (-28%, $18 mln) and Venezuela (-50%, $18 mln), which is concerning, as almost all of the company’s debt is FX-denominated. EBITDA fell to $131 mln, while the EBITDA margin increased 5 pps to 25%. OCF also dropped, by 29% to $32 mln, while FCF totaled $17 mln (-30%).The net debt burden increased to 2.95x from 2.4x in 2014.

The liquidity position as of year end totaled $63 mln (vs. $75 mln in 2014). Debt payments (in 2016-17) until September 2018 (the maturity date for $412 mln in eurobonds) amount to $32 mln.

Effect on bonds. Despite the negative dynamic, the deterioration in financial and debt indicators was overall expected, while the increase in operating efficiency and revenues from operations in Russia (the company’s main market) partially compensate for the negative aspects. The company’s BORFIN18 bond (YTM 13.86%) showed no reaction to the report. The slight narrowing of the spread to the sovereign RUSSIA18 (3.2%) over the past few days to 1,066 bps from 1,074 bps overall corresponds to the market dynamic.

Source: Bloomberg

Bond TICKER BORFIN GAZP RX NVTK LI

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INTERNATIONAL MARKETS

Another double-digit decline for US rig count

The overall US drilling rig count dropped 12 units to 464 units working during the week ended March 24, shortened by the Good Friday holiday, according to Baker Hughes data.

During this year’s first 12 weeks, the count has dropped by double digits in all but two weeks. The overall count has now fallen for the 29th time in the past 31 weeks, continuing a slide that has resulted in new lows in recorded data.

Since a predrilling-dive peak of 1,920 on December 5, 2014, the count has plunged 1,456 units.

EIA: Well costs have fallen up to 30% since 2012

Well costs at some of the largest onshore plays fell by as much as 30% over the past three years, according to a new report commissioned by the US EIA.

The report, published Wednesday, found that average well drilling and completion costs in five onshore areas declined by 25-30% from 2012 to 2015. The study was completed by Houston-based IHS Global and focused on activity in the Bakken, Eagle Ford and Marcellus plays as well as the Midland and Delaware plays within the Permian Basin. The report found that nominal frac pumping costs have fallen by more than 40% since peaking in 2012, even though the number of pumping stages has grown from an average of 20 stages to about 25 stages. Declining crude prices and a growing supply glut helped push total well costs down by an estimated 15-18% in 2015 from average 2014 levels. Total well costs are expected to fall by another 3-5% in 2016.

Rig rates dropped by an estimated 25-30% last year compared to 2014 levels and are expected to fall by 5-10% in 2016 before climbing 5% in 2017 and 2018. Frac equipment and crew costs also declined by nearly a third from 2014 levels and are expected to fall in tandem with declining rig rate costs over the next two years. The report also found that additional efficiencies will further drive down cost measured in dollars per barrel of oil equivalent by 7-22% during the next two years.

Saudi Arabia loses oil market share to rivals in key nations

The world’s biggest oil exporter lost ground to rivals in nine out of 15 top markets between 2013 and 2015, including China, South Africa and the US, according to an analysis of customs data.

Saudi Arabia set itself a goal in late 2014 of maintaining its crude market share amid a glut that prompted a collapse in oil prices, but the imports data compiled by FGE, an energy consultancy, suggest the country’s strategy suffered setbacks in some of its key customer countries last year.

Other data show that Saudi Arabia achieved a limited increase in global market share in 2015 compared to 2014, although last year’s figure was lower than that recorded in 2013.

Saudi Aramco, the state-controlled energy company that is implementing the oil ministry’s strategy, has raised production to more than 10 mln bpd since the OPEC meeting. Saudi exports have held above 7 mln bpd.

Since late 2014, Saudi officials have repeatedly made the case for maintaining crude market share and sacrificing short-term oil revenue, saying the kingdom would not subsidize higher-cost rivals, including US shale operators, by reducing production. But FGE’s data shows Saudi Arabia’s share of total Chinese oil imports fell from more than 19% in 2013 to almost 15% in 2015, because of increased supplies from Russia.

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Saudi Arabia’s share of South African imports dropped sharply during this period, from almost 53% to 22%, as Nigeria and Angola increased their shipments.

Meanwhile, the US shale oil boom reduced the country’s need to buy crude from overseas. Saudi Arabia’s share of US imports fell from 17% to almost 14% between 2013 and 2015.

Over the three years, Saudi Arabia also lost ground in South Korea, Thailand, Taiwan and several West European countries. Saudi Arabia remains the largest oil supplier to many countries including China, however, and it secured crude market share gains in Brazil, India and Japan between 2013 and 2015.

Saudi crude exports represented 8.1% of global oil demand — excluding the kingdom’s own needs — in 2015, compared to 7.9% in 2014. The equivalent figure for 2013 was 8.5%.

Chinese company buys stake in Santos

Chinese gas distribution group, ENN Group, is to buy an 11.7% stake in Australian gas company, Santos, from Hony Capital for $750 mln. The acquisition marks the company’s first exposure to the upstream gas sector.

Over the past 15 years, ENN Group’s natural gas sales volumes have grown by a CAGR of 47%, establishing the company as the largest private natural gas company in China. It supplies natural gas to more than 12 mln households in 152 cities across China, as well as 56,000 industrial and commercial users.

The company also operates a network of 576 LNG and compressed natural gas refueling stations, distributing 1.88 mln tonnes of LNG annually – 20% of the LNG trade volume in China. It is building China’s first private LNG receiving terminal in Zhoushan, Zhejian Province, to receive imported gas.

As part of the deal, Hony Capital will become ENN’s A-share listed company through a private placement of new shares, equivalent to $380 mln.

Santos welcomes the deal and the knowledge of China’s gas industry that ENN Group would bring. The Australian company is one of the most experienced coalbed methane (CBM: called coal seam gas in Australia) operators in the country with operations in the Surat and Bowin Basins of Queensland.

Santos is also a partner with Malaysia’s PETRONAS and France’s Total in the Santos GLNG project, which feeds CBM to a two-train LNG plant on Curtis Island, Queensland, via a 420 km pipeline. First LNG production occurred in September 2015 with its first shipment reaching South Korea in October.

Schlumberger, Cameron merger wins Chinese approval

Chinese antitrust regulators have approved the pending $14.8 bln merger between Houston-based Schlumberger and Cameron International. The companies said Monday that the Chinese Ministry of Commerce (MOFCOM) has cleared their proposed merger without any conditions.

The approval is the last major closing condition for the proposed merger. The companies expect to close the transaction on April 1, 2016. Closing remains subject to the satisfaction or waiver of the remaining closing conditions contained in the merger agreement.

Schlumberger agreed in August to acquire Houston-based equipment firm Cameron in a stock and cash transaction. Under the terms of the agreement, Cameron shareholders will receive 0.716 shares of Schlumberger common stock and a cash payment of $14.44 in exchange for each Cameron share.

Schlumberger expects to realize $300 mln in pretax synergies in the first year following the acquisition and expects $600 mln in synergies the second year after the deal closes. On a pro forma basis, the combined company had 2014 revenues of $59 bln.

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PetroChina reports 70% drop in 2015 profits

China's biggest state-owned oil and gas producer, PetroChina, reported a near 70% fall in net profit for 2015, in line with earlier guidance. Like many other major oil companies, PetroChina's profits have been hit by the fall in oil prices over the past year.

Net profit totaled CNY 35.51 bln ($5.46 bln; GBP 3.85 bln) in 2015, down from CNY 107.17 bln the year before, the company said.

PetroChina is one of the world’s largest oil firms. Based in Beijing, it is the listed arm of state-owned China National Petroleum Corporation (CNPC).

CNOOC profits plunge on lower oil prices

The 2015 net profit figure of China's largest offshore oil and natural gas developer slumped 66.4% YoY due to lower oil prices.

China National Offshore Oil Corporation (CNOOC) earned net income of CNY 20.2 bln ($3.1 bln) last year, with earnings per share standing at CNY 0.45, according to the company's annual report.

The company's net production rose 14.6% YoY to 495.7 mln boe, but revenues dropped 32.8% to CNY 146.6 bln. The average price of oil sold by CNOOC fell 46.6% YoY to $51.3/bbl, while that of natural gas slipped 0.8%, the report said.

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EQUITY PERFORMANCE

Equity weekly performance, in USD, % change Gazprombank recommendations

GPB RATING TARGET PRICE, RUB/$ CLOSING PRICE, RUB/$ UPSIDE

Russian oil companies

Bashneft N 2323,0 2610,0 -11% Lukoil OW 2935,9 2622,0 12% Rosneft N 311,7 305,2 2% Surgutneftegas UW 31,8 39,7 -20% Gazprom Neft OW 201,2 149,8 34% Tatneft ADR UW 32,1 31,8 1% Preferred shares** Bashneft pref N 1861,0 1852,5 0% SurgutNG N 40,5 45,0 -10% Tatneft N 217,0 203,4 7%

Russian gas companies

Gazprom OW 201,2 147,8 36%

NOVATEK OW 110,0 89,9 22%

Russian pipeline companies

Transneft pref UW 76309,0 184400,0 -59%

Source: Bloomberg (as of March 31) Source: Gazprombank estimates, Bloomberg (as of March 31)

Financial valuation Operational valuation

Source: Gazprombank estimates, Bloomberg (as of March 31) Source: Gazprombank estimates, Bloomberg (as of March 31)

EBITDA growth valuation Net income growth valuation

Source: Gazprombank estimates, Bloomberg (as of March 31) Source: Gazprombank estimates, Bloomberg (as of March 31) 5.2% 3.6% 3.0% 2.7% 2.2% 1.9% 1.6% 0.0% -1% 1% 3% 5% Tatneft SurgutNG Gazprom neft Bashneft Lukoil Rosneft Transneft Novatek Bashneft Gazprom Neft Lukoil Rosneft SurgutNG Tatneft Gazprom Novatek PetroChina Petrobras BP Chevron ConocoPhillips ExxonMobil RD Shell Total Russian oils EM _DM 1 11 21 31 41 51 61 71 81 91 1 3 5 7 9 11 13 P/ E 16 EV/EBITDA 16 Bashneft Gazprom Neft Lukoil Rosneft SurgutNG _Tatneft Gazprom Novatek PetroChina Petrobras BP Chevron ConocoPhillips ExxonMobil RD Shell Total Russian oils EM DM 0 5 10 15 20 25 30 0 50 100 150 200 250 300 EV /R es er ve s EV/Production 14 Bashneft Gazprom Neft Lukoil Rosneft SurgutNG _Tatneft Gazprom Novatek BP Chevron ConocoPhillips ExxonMobil RD Shell Total PetroChina Petrobras -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 0 2 4 6 8 10 12 14 3-yr C A GR E B ITD A EV/EBITDA 16 Bashneft Gazprom Neft Lukoil Rosneft SurgutNG Tatneft Gazprom Novatek BP Chevron ConocoPhillips ExxonMobil RD Shell Total PetroChina Petrobras -180% -160% -140% -120% -100% -80% -60% -40% -20% 0% 20% 40% 0 10 20 30 40 50 60 70 80 90 3-yr C A GR N et inc om e P/E 16

(13)

EQUITY VALUATION

GPB RATING CLOSING PRICE, $ MARKET CAP, $ MLN

PERFORMANCE, $ EV/EBITDA P/E EV/PRODUCTION EV/

RESERVES

DIVIDEND YIELD, 21

5D 1M YTD 2015 2016 2015 2016 2015 2016

RUSSIAN OIL COMPANIES

Bashneft N 2,610.0 7,383 3% 11% 42% 3.8 3.6 6.2 6.3 61 55 3.2 6.0% Gazprom Neft OW 149.8 10,563 3% 13% 5% 4.3 3.8 4.4 3.7 45 42 1.9 6.7% Lukoil OW 2,622.0 33,179 2% 9% 20% 3.2 3.5 7.9 8.9 53 50 2.4 7.0% Rosneft N 305.2 48,121 2% 18% 29% 4.4 4.1 8.6 7.7 41 39 1.8 3.1% SurgutNG UW 39.7 26,258 4% 13% 23% 1.6 2.1 2.4 6.6 19 19 1.6 1.7% Tatneft UW 5.4 12,147 5% 25% 20% 4.7 4.5 7.6 7.5 58 58 1.8 3.2% Average 3.7 3.6 6.2 6.8 46 44 2.1 4.6%

RUSSIAN GAS COMPANIES

Gazprom OW 147.8 52 037 3% 17% 15% 3.0 3.4 3.0 3.3 27 27 0.7 4.7%

NOVATEK OW 598.0 27 013 0% 3% 7% 13.6 9.8 19.5 10.5 72 69 2.5 2.4%

Average 8.3 6.6 11.3 6.9 49 48 1.6 3.5%

RUSSIAN PIPELINE COMPANIES

Transneft pref UW 184,400.0 19 491 2% 15% 5% 3.8 4.1 7.3 7.3 n/a n/a n/a 0.4%

PREFERRED SHARES

Bashneft N 1,852.5 821 3% 11% 16% n/a n/a n/a n/a n/a n/a n/a 7.9%

SurgutNG N 45.0 5,152 4% 13% 10% n/a n/a n/a n/a n/a n/a n/a 15.4%

Tatneft N 203.4 446 3% 22% 13% n/a n/a n/a n/a n/a n/a n/a 6.4%

Average n/a n/a n/a n/a n/a n/a n/a 9.9%

EMERGING MARKET OILS

PetroChina n/r 0.7 202,105 -4% 4% 0% 7.3 8.3 38.1 104.3 214 214 13.4 2.0% Petrobras n/r 2.3 35,050 11% 81% 36% 5.4 5.6 24.1 30.5 131 131 9.3 10.8% Kunlun n/r 0.9 6,891 3% 22% -3% 5.8 5.5 15.2 13.4 531 540 102.7 1.9% Sinopec n/r 0.6 87,061 3% 18% 8% 5.7 5.5 18.8 18.5 301 301 32.4 3.0% YPF n/r 17.9 7,025 1% -1% 3% 4.2 3.3 13.2 8.9 82 68 11.5 0.6% CNOOC n/r 1.2 51,531 0% 15% 12% 5.1 6.3 18.8 170.2 176 167 16.1 3.8% PTT EP n/r 2.0 7,875 6% 5% 25% 2.4 2.8 12.4 23.2 72 66 11.1 3.1% ONGC n/r 3.2 27,502 1% 14% -10% 4.0 4.7 7.4 10.4 82 82 4.9 4.6% SasolLtd n/r 29.8 19,443 2% 11% 10% 4.9 6.8 8.8 14.3 286 271 21.7 4.0% MOL n/r 60.1 6,284 4% 23% 21% 3.8 4.5 9.4 11.6 242 257 24.8 3.1% Average 4.9 5.3 16.6 40.5 212 210 25 3.7%

DEVELOPED MARKETS MAJORS

BP n/r 30.2 93,772 -1% 4% -4% 5.4 5.7 14.5 30.1 105 107 7.0 7.9%

Chevron n/r 95.4 179,653 1% 14% 6% 7.5 8.4 25.7 81.1 220 127 18.7 4.5%

ConocoPhillips n/r 40.3 49,869 1% 19% -14% 9.5 11.3 neg neg 129 129 8.2 7.3%

ENI n/r 15.1 54,986 0% 7% 1% 4.7 5.6 62.0 96.5 128 130 11.5 6.1% ExxonMobil n/r 83.6 347,129 0% 4% 7% 9.2 10.9 21.6 36.3 255 268 15.4 3.4% RD Shell n/r 24.1 194,470 1% 6% 6% 6.4 6.4 18.0 25.0 190 198 17.0 7.8% Statoil n/r 15.7 50,176 -1% 8% 11% 3.2 3.5 22.2 34.4 87 88 11.5 5.6% Total n/r 45.6 111,835 0% 1% 1% 5.6 6.9 11.3 16.2 165 177 12.0 5.8% Average 6.4 7.4 25.0 45.7 160 153 12.7 6.1%

(14)

FIXED INCOME SUMMARY

Russian O&G majors capital structure EM O&G debt-relative valuation, as of February, 8

Source: companies, Gazprombank estimates Source: companies, Bloomberg, Gazprombank estimates

Russia O&G eurobonds weekly top 3-5Y movers (Z-spreads to MS) Russia O&G eurobonds weekly top >5Y movers (Z-spreads to MS)

Source: Bloomberg, Gazprombank estimates Source: Bloomberg, Gazprombank estimates

EM O&G primary market EM O&G latest deals

Source: Bond Radar, Gazprombank estimates Source: Bond Radar, Bloomberg, Gazprombank. estimates

0% 20% 40% 60% 80% 100%

GAZPROM ROSNEFT LUKOIL GAZPROM

NEFT NOVATEK BASHNEFT TRANSNEFT RUBLE BONDS EUROBONDS BANK LOANS AND OTHER INDEBTEDNESS EQUITY

GAZPRU 4.95 22 Lukoil 22 PEMEX 4.875 22 NVTKRM 22 ROSNRM 22 SIBNEF 22 EDCLLI 20 SIBUR 18 KZOKZ 21 SOIAZ 23 200 300 400 500 600 700 800 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Z-SPREAD, BPS

NET DEBT/ LTM EBITDA

-20 -15 -10 -5 0 5 Lukoil 20 Gazprom 20E Gazprom 21E Gazprom 20P Gazprom 19C -5 -4 -3 -2 -1 0 RosNeft 22 Gazprom 25E Gazprom 34 Gazprom 28 Lukoil 23 0% 15% 30% 45% 60% 75% 0 2 4 6 8 10 O C T 13 D EC 1 3 FE B 14 AP R 1 4 JU N 1 4 AU G 1 4 O C T 14 D EC 1 4 FE B 15 AP R 1 5 JU N 1 5 AU G 1 5 O C T 15 D EC 1 5 USD BLN

PRIMARY O&G DEALS SHARE OF TOTAL DEALS (RHS)

Date COMPANY RATINGS M/S/F COUNTRY CRNCY VOLUME, USD MLN

TENOR COUPON

29.04.15 BHARAT PETROLEUM -/Baa3/BBB- INDIA USD 496 10 4,0% 06.05.15 KUNLUN ENERGY A+/A1/A CHINA USD 498 5 2,9% 06.05.15 KUNLUN ENERGY A+/A1/A CHINA USD 495 10 3,8% 06.05.15 PT MEDCO ENERGI NR INDONESIA SGD 75 3 5,9% 01.06.15 PETROBRAS Ba2/BBB-/BBB- BRAZIL USD 2 500 100 6,9% 23.06.15 ECOPETROL Ваа2/ВВВ/ВВВ COLOMBIA USD 1 500 11 5,4% 14.07.15 KOREA GAS A+/Aa3/AA- KOREA USD 500 10 3,5% 16.07.15 RENAISSANCE SERVICES NR OMAN USD 125 Perpetual 7,9% 22.07.15 PETROLEOS MEXICANOS BBB+/A3/BBB+ MEXICO USD 525 10 2,5% 23.07.15 CHINA OILFIELD SERVICES

LIMITED A3/A-/A CHINA USD 500 5 3,5%

23.07.15 CHINA OILFIELD SERVICES _LIMITED A3/A-/A CHINA USD 500 10 4,5% 18.08.15 RELIANCE INDUSTRIES NR INDIA USD 225 10 2,5% 22.09.15 KOREA NATIONAL OIL CORP AA-/Aa3/AA- KOREA USD 600 10 3,3% 08.10.15 GAZPROM BB+/Ba1/BBB- RUSSIA EUR 1 130 3 4,6% 19.11.15 PETROLEOS MEXICANOS BBB+/A3/BBB+ MEXICO CHF 613 5 1,5% 02.12.15 YACIMIENTOS

(15)

FIXED INCOME VALUATION

Russian oil and gas: local and E/C bonds universe

Source: Bloomberg, Gazprombank estimates Russian oil and gas: USD eurobonds universe

Source: Bloomberg, Gazprombank estimates

Gazprom-21bo Novtk17R GazpCap-5 GazpCap-4 BashN-3 BashN-1 BashN-2 Rosneft-05 Rosneft-04 BashN-6 BashN-8 Rosneft-08 Rosneft-07 Rosneft-10 Rosneft-06 Rosneft-09 BashN-7 BashN-9 GazpNeft-11 GazpNeft-12

GazpNeft-10 GazpNeft-2bo GazpNeft-7bo GazpNeft-4 GazpNeft-2bo GazpNeft-7bo BKE Transneft-3bo Transneft-3 9.0 9.5 10.0 10.5 11.0 11.5 12.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 YI ELD , % DURATION, YEARS

● — YIELD TO MATURITY ▲ — YIELD TO PUT ■ — YIELD TO CALL BOND^ — SUBORDINATED

OFZ Curve Novtk21 Novtk22 Gaz16MAY Gaz16NOV Gaz18 Gaz19 Gaz20 Gaz21 Gaz22 6.51 Gaz22 4.95 Gaz28 Gaz34 Gaz37 SibNft22 SibNft23 TNK16 TNK17 Lukoil17 Lukoil18 Lukoil19 Lukoil20 Lukoil22 _Lukoil23 RosNft17 TNK18 TNK20 RosNft22 TrNft18 Rus17 Rus18 Rus19 Rus20 Rus30 Rus22 Rus23 Rus28 Rus42 Rus43 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 YI ELD , % DURATION, YEARS

(16)

FIXED INCOME VALUATION

Oil and gas: Russia vs. EM

Source: Bloomberg, Gazprombank estimates Oil and gas: Russia vs. CIS

Source: Bloomberg, Gazprombank estimates Gaz16MAY Gaz16NOV Gaz18 Gaz19 Gaz20 Gaz21 Gaz22 6.51 _{Gaz22 4.95} Gaz28 Gaz34 Gaz37 Petrobras16 6.125 Pemex18.4 Pemex19 Pemex19F Pemex20 Pemex21.2 Pemex22F.1 Pemex22.5 Pemex23 3.5 Pemex35.1 Pemex38 Pemex41 Pemex45 Pemex44.2 Pemex44.1 Petrobras17 Petrobras18 5.875 Petrobras18 8.375 Petrobras19 Petrobras20

Petrobras21 Petrobras40 Petrobras41

Rus17 Rus18 Rus19 Rus20 Rus30 Rus22 Rus23 Rus28 Rus42 Rus43 1 2 3 4 5 6 7 8 9 10 11 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 YI ELD , % DURATION, YEARS

UST Curve Novtk21 Novtk22 Gaz16MAY Gaz16NOV Gaz18 Gaz19 Gaz20 Gaz21 Gaz22 6.51 Gaz22 4.95 Gaz28 Gaz34 Gaz37 SOCAR17 GeoOilGas17 SibNft22 SOCAR23 SibNft23 TNK16 TNK17 Lukoil17 Lukoil18 Lukoil19 Lukoil20 Lukoil22 Lukoil23 KMG18 KMG20 KMG21 KMG23 _KMG25 KMG44 KMG43 RosNft17 TNK18 TNK20 RosNft22 KTG17 TrNft18 Rus17 Rus18 Rus19 Rus20 Rus30 Rus22 Rus23 Rus28 Rus42 Rus43 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 YI ELD , % DURATION, YEARS

(17)

FIXED INCOME VALUATION

Gazprom 19 – Pemex 18.4 Gazprom 19 – Petrobras 19

Source: Bloomberg, GPB Source: Bloomberg, GPB

Rosneft 22 –Pemex 22.5 Petrobras 17 –Lukoil 17

Gazprom 37 –Russia 42 Rosneft 22 – Russia 22

Rosneft 22 –Lukoil 23 Gazprom 25E – Gazprom 17E 5.136%

90 190 290 390 490 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 155 AVG 262 MAX 451 MIN 99

-1200 -1000 -800 -600 -400 -200 0 200 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST -512 AVG -361 MAX 76 MIN -990

40 140 240 340 440 APR -15 M AY -15 JUN -15 JUL -15 AU G -15 SEP -15 OC T-15 N OV -15 DE C -15 JAN -16 FE B-16 M AR -16

LAST 48 AVG 188 MAX 406 MIN 34

-200 0 200 400 600 800 1000 1200 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 304 AVG 314 MAX 969 MIN -37

0 50 100 150 200 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 97 AVG 134 MAX 172 MIN 96

80 130 180 230 280 330 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 149 AVG 207 MAX 282 MIN 149

-40 10 60 110 APR -15 M AY -15 JU N -15 JU L-15 AUG -15 SEP -15 OC T-15 NOV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 21 AVG 42 MAX 98 MIN -6

0 50 100 150 200 250 300 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

(18)

FIXED INCOME VALUATION

Gazprom Neft 12– OFZ 26206 Rosneft 04 – OFZ 26206

NOVATEK 17R – Gazprom Capital 05 Gazprom Capital 04 – OFZ 26204

Bashneft 06 –Gazprom Neft 12 Gazprom Neft 12 – Rosneft 04

-100 0 100 200 300 400 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 81 AVG 97 MAX 347 MIN -73

-50 0 50 100 150 200 250 300 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 88 AVG 99 MAX 242 MIN -17

-200 -100 0 100 200 300 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 50 AVG 71 MAX 504 MIN -87

-480 -320 -160 0 160 320 480 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 93 AVG 59 MAX 308 MIN -296

-300 -200 -100 0 100 200 300 400 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

LAST 50 AVG 13 MAX 276 MIN -249

-200 -100 0 100 200 300 APR -15 M AY -15 JU N -15 JU L-15 AU G -15 SEP -15 OC T-15 N OV -15 D EC -15 JAN -16 FE B-16 M AR -16

(19)

OIL AND GAS WEEKLY APRIL 1, 2016 ISSUE INDICATIVE DUR ISSUE VOLUME CPN DATES RATING

CLOSE PRICE CHG, BPS Z-SPD (SWAP) CHG, BPS AMT. OUTST. CCY PLACEMENT PUT/CALL MATURITY

DOMESTIC BONDS

BashNeft-1 98.10 -60 -178 +93 0.7 15,000 RUB 8.35 Dec 22, 2009 Dec 13, 2016 -/Ba1/BB+

BashNeft-2 98.40 -225 0.7 15,000 RUB 8.35 Dec 22, 2009 Dec 13, 2016 -/Ba1/BB+

BashNeft-3 99.00 -100 -318 +144 0.7 20,000 RUB 8.35 Dec 22, 2009 Dec 13, 2016 -/Ba1/BB+

BashNeft-3bo 5,000 RUB 12.0 May 22, 2015 May 9, 2025 -/Ba1/BB+

BashNeft-4 99.15 +69 10,000 RUB Feb 17, 2012 Feb 4, 2022 -/Ba1/BB+

BashNeft-4bo 100.00 196 3.9 5,000 RUB 12.0 Jun 1, 2015 May 25, 2020 May 19, 2025 -/Ba1/BB+

BashNeft-5bo 98.50 62 2.6 10,000 RUB 10.7 May 26, 2014 Nov 19, 2018 May 13, 2024 -/Ba1/BB+

BashNeft-6 96.51 -24 -67 +15 1.7 10,000 RUB 8.65 Feb 12, 2013 Feb 6, 2018 Jan 31, 2023 -/Ba1/BB+

BashNeft-7 94.50 -50 29 +17 3.3 10,000 RUB 8.85 Feb 12, 2013 Feb 4, 2020 Jan 31, 2023 -/Ba1/BB+

BashNeft-7bo 100.00 219 4.4 5,000 RUB 12.1 Jun 16, 2015 Jun 8, 2021 Jun 3, 2025 -/Ba1/BB+

BashNeft-8 96.85 - -88 - 1.8 5,000 RUB 8.65 Feb 12, 2013 Feb 6, 2018 Jan 31, 2023 -/Ba1/BB+

BashNeft-9 97.00 - -56 - 3.3 5,000 RUB 8.85 Feb 12, 2013 Feb 4, 2020 Jan 31, 2023 -/Ba1/BB+

BK Eurasia 99.35 - -374 - 0.3 5,000 RUB 8.4 Jun 29, 2011 Jun 27, 2016 Jun 20, 2018 -/-/BB

Gazprom Capital-4 95.80 +125 -139 -79 1.8 5,000 RUB 7.55 Feb 21, 2013 Feb 15, 2018 BB+/Ba1/BBB-

Gazprom Capital-5 97.80 +10 -227 -14 0.9 10,000 RUB 7.55 Feb 21, 2013 Feb 16, 2017 BB+/Ba1/BBB-

Gazprom neft-10 97.10 -15 -84 +10 1.7 10,000 RUB 8.9 Feb 8, 2011 Feb 5, 2018 Jan 26, 2021 BB+/Ba1/BBB-

Gazprom neft-11 100.13 -203 0.4 10,000 RUB Feb 7, 2012 Feb 2, 2016 Jan 25, 2022 BB+/Ba1/BBB-

Gazprom neft-12 97.30 +75 -131 -54 1.5 10,000 RUB 8.5 Dec 5, 2012 Nov 29, 2017 Nov 23, 2022 BB+/Ba1/BBB-

Gazprom neft-2bo 100.00 -74 1.8 0 RUB 10.65 Mar 25, 2016 Mar 19, 2021 Feb 16, 2046 BB+/Ba1/BBB-

Gazprom neft-4 95.32 -92 -56 +57 1.9 10,000 RUB 8.2 Apr 21, 2009 Apr 16, 2018 Apr 9, 2019 BB+/Ba1/BBB-

Gazprom neft-7bo 100.00 -74 1.8 15,000 RUB 10.65 Mar 23, 2016 Mar 19, 2021 Feb 16, 2046 BB+/Ba1/BBB-

Gazprom neft-9 99.94 -1,001 0.0 10,000 RUB Feb 8, 2011 Feb 8, 2016 Jan 26, 2021 BB+/Ba1/BBB-

Gazprom-19bo (CPI) 100.00 15,000 RUB 16.6 Nov 27, 2013 Oct 21, 2043 BB+/Ba1/BBB-

Gazprom-20bo (CPI) 100.00 15,000 RUB 16.6 Nov 27, 2013 Oct 21, 2043 BB+/Ba1/BBB-

Geotech Seismorazvedka-1 58.06 +301 13,448 -1210 0.5 3,000 RUB 10.5 Oct 23, 2013 Oct 19, 2016 Oct 17, 2018 B/-/-

NK Alliance-4 83.78 +79 9,209 +428 0.2 5,000 RUB 8.85 Jun 14, 2011 Jun 10, 2016 Jun 1, 2021 -/-/-

NK Alliance-6 83.20 +322 8,956 -1208 0.2 7,000 RUB 8.85 Jun 17, 2011 Jun 15, 2016 Jun 4, 2021 -/-/-

NPK-1 100.00 96 0.4 500 RUB 15.0 Dec 30, 2014 Jun 28, 2016 Dec 26, 2017 -/-/-

Rosneft-04 97.50 +54 -131 -40 1.4 10,000 RUB 8.6 Oct 29, 2012 Oct 23, 2017 Oct 17, 2022 BB+/Ba1/-

Rosneft-05 97.40 +20 -124 -14 1.4 10,000 RUB 8.6 Oct 29, 2012 Oct 23, 2017 Oct 17, 2022 BB+/Ba1/-

Rosneft-06 94.40 -38 2.1 10,000 RUB 7.95 Jun 11, 2013 Jun 5, 2018 May 30, 2023 BB+/Ba1/-

Rosneft-07 95.80 +60 -96 -36 1.9 15,000 RUB 8.0 Mar 22, 2013 Mar 16, 2018 Mar 10, 2023 BB+/Ba1/-

Rosneft-08 96.50 - -140 - 1.8 15,000 RUB 8.0 Mar 22, 2013 Mar 16, 2018 Mar 10, 2023 BB+/Ba1/-

(20)

Rosneft-10 95.30 +60 -83 -34 2.0 15,000 RUB 7.95 Jun 11, 2013 Jun 5, 2018 May 30, 2023 BB+/Ba1/-

Transneft-1 101.00 -757 0.2 35,000 RUB 11.5 May 25, 2009 May 16, 2016 May 13, 2019 BB+/Ba1/-

Transneft-2 100.00 35,000 RUB 12.0 Oct 13, 2009 Oct 3, 2017 Oct 1, 2019 BB+/Ba1/-

Transneft-3 100.00 - 123 - 2.9 65,000 RUB 12.05 Sep 30, 2009 Sep 18, 2019 BB+/Ba1/-

Transneft-3bo 100.00 +6 -448 -84 0.1 25,000 RUB 11.0 Oct 22, 2014 Apr 20, 2016 Oct 9, 2024 BB+/Ba1/-

Transneft-4bo 100.03 -18 1.4 17,000 RUB 11.5 Jul 16, 2015 Jan 12, 2017 Jul 3, 2025 BB+/Ba1/-

RUSSIA EUROBONDS

Alliance Oil 15 76.46 -166 2,286 +132 2.2 350 USD 10.5 Mar 11, 2010 Mar 11, 2019 -/-/-

Alliance Oil 20 69.88 -101 1,661 +67 3.4 500 USD 7.0 Apr 24, 2013 May 4, 2020 -/-/-

Borets 18 87.30 +36 1,295 +1 2.3 420 USD 7.625 Sep 11, 2013 Sep 26, 2018 BB-/B1/-

EDC 20 94.16 +28 549 +10 3.6 600 USD 4.875 Apr 11, 2013 Apr 17, 2020 BB/-/BB

Gazprom 16 MAY 100.41 -5 132 -20 0.1 1,000 USD 4.95 Nov 17, 2011 May 23, 2016 BB+/Ba1/BBB-

Gazprom 16 NOV 102.44 -7 176 -6 0.6 1,350 USD 6.212 Nov 22, 2006 Nov 22, 2016 BB+/Ba1/BBB-

Gazprom 17E 3.755 101.69 +6 154 -17 0.9 1,400 EUR 3.755 Jul 11, 2012 Mar 15, 2017 BB+/Ba1/BBB-

Gazprom 17E 5.136 102.97 -3 163 -11 1.0 500 EUR 5.136 Nov 22, 2006 Mar 22, 2017 BB+/Ba1/BBB-

Gazprom 17E.NOV 104.90 +0 231 -6 1.5 500 EUR 5.44 Mar 7, 2007 Nov 2, 2017 BB+/Ba1/BBB-

Gazprom 18 108.60 +20 276 -4 1.8 1,100 USD 8.146 Apr 11, 2008 Apr 11, 2018 BB+/Ba1/BBB-

Gazprom 18 EUR 104.21 +17 300 -7 2.4 1,000 EUR 4.625 Oct 8, 2015 Oct 15, 2018 BB+/Ba1/BBB-

Gazprom 18C 100.96 370 2.6 500 CHF 3.375 Mar 16, 2016 Nov 30, 2018 BB+/Ba1/BBB-

Gazprom 18E 3.7 102.19 +6 283 -3 2.2 900 EUR 3.7 Jul 17, 2013 Jul 25, 2018 BB+/Ba1/BBB-

Gazprom 18E 6.605 107.24 -10 266 -1 1.8 1,200 EUR 6.605 Oct 25, 2007 Feb 13, 2018 BB+/Ba1/BBB-

Gazprom 19 113.77 +42 343 -2 2.7 2,250 USD 9.25 Apr 23, 2009 Apr 23, 2019 BB+/Ba1/BBB-

Gazprom 19C 99.74 +3 350 -11 3.3 500 CHF 2.85 Oct 16, 2013 Oct 25, 2019 BB+/Ba1/BBB-

Gazprom 20 97.25 +22 360 +11 3.6 800 USD 3.85 Jan 30, 2013 Feb 6, 2020 BB+/Ba1/BBB-

Gazprom 20E 100.02 +32 344 -7 3.8 1,000 EUR 3.389 Mar 13, 2013 Mar 20, 2020 BB+/Ba1/BBB-

Gazprom 20P 101.32 +68 405 -12 4.0 500 GBP 5.338 Sep 18, 2013 Sep 25, 2020 BB+/Ba1/BBB-

Gazprom 21 103.67 +18 399 +13 4.2 600 USD 5.999 Nov 17, 2011 Jan 23, 2021 BB+/Ba1/BBB-

Gazprom 21E 100.37 +38 350 -6 4.6 750 EUR 3.6 Feb 19, 2014 Feb 26, 2021 BB+/Ba1/BBB-

Gazprom 22 4.95 97.87 +50 406 +7 5.4 1,000 USD 4.95 Jul 11, 2012 Jul 19, 2022 BB+/Ba1/BBB-

Gazprom 22 6.51 104.94 +32 428 +10 5.0 1,300 USD 6.51 Mar 7, 2007 Mar 7, 2022 BB+/Ba1/BBB-

Gazprom 25E 100.04 +23 397 +2 7.6 500 EUR 4.364 Mar 13, 2013 Mar 21, 2025 BB+/Ba1/BBB-

Gazprom 28 91.16 +85 431 +1 8.9 900 USD 4.95 Jan 30, 2013 Feb 6, 2028 BB+/Ba1/BBB-

Gazprom 34 118.67 +91 499 +3 9.8 1,200 USD 8.625 Apr 28, 2004 Apr 28, 2034 BB+/Ba1/BBB-

Gazprom 37 109.20 +58 459 +5 11.5 1,250 USD 7.288 Aug 16, 2007 Aug 16, 2037 BB+/Ba1/BBB-

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Lukoil 18 99.56 +13 273 +5 2.0 1,500 USD 3.416 Apr 17, 2013 Apr 24, 2018 BBB-/Ba1/BBB-

Lukoil 19 109.41 +23 338 +8 3.2 600 USD 7.25 Nov 5, 2009 Nov 5, 2019 BBB-/Ba1/BBB-

Lukoil 20 105.71 +44 361 +6 4.0 1,000 USD 6.125 Nov 9, 2010 Nov 9, 2020 BBB-/Ba1/BBB-

Lukoil 22 107.11 +66 402 +4 5.1 500 USD 6.656 Jun 7, 2007 Jun 7, 2022 BBB-/Ba1/BBB-

Lukoil 23 95.89 +94 390 -0 6.0 1,500 USD 4.563 Apr 17, 2013 Apr 24, 2023 BBB-/Ba1/BBB-

Novatek 17R 97.57 +10 -177 -14 0.9 14,000 RUB 7.75 Feb 12, 2013 Feb 21, 2017 BB+/Ba1/BBB-

Novatek 21 104.59 +40 437 +7 4.2 650 USD 6.604 Feb 3, 2011 Feb 3, 2021 BB+/Ba1/BBB-

Novatek 22 93.00 +55 436 +6 5.7 1,000 USD 4.422 Dec 6, 2012 Dec 13, 2022 BB+/Ba1/BBB-

RosNeft 17 99.76 +6 231 -2 1.1 1,000 USD 3.149 Nov 29, 2012 Jun 3, 2017 BB+/Ba1/-

RosNeft 22 93.41 +78 419 +1 5.4 2,000 USD 4.199 Nov 29, 2012 Jun 3, 2022 BB+/Ba1/-

SibNeft 18E 99.74 +27 318 -13 2.0 750 EUR 2.933 Apr 18, 2013 Apr 26, 2018 BB+/Ba1/BBB-

SibNeft 22 92.40 -3 449 +18 5.6 1,500 USD 4.375 Sep 10, 2012 Sep 19, 2022 BB+/Ba1/BBB-

SibNeft 23 99.19 +57 473 +6 6.1 1,500 USD 6.0 Nov 20, 2013 Nov 27, 2023 BB+/Ba1/BBB-

TNK 16 101.40 -15 204 -1 0.3 1,000 USD 7.5 Jul 18, 2006 Jul 18, 2016 BB+/Ba1/-

TNK 17 103.21 +3 241 -7 0.9 800 USD 6.625 Mar 19, 2007 Mar 20, 2017 BB+/Ba1/-

TNK 18 107.41 +36 295 -13 1.8 1,100 USD 7.875 Oct 10, 2007 Mar 13, 2018 BB+/Ba1/-

TNK 20 107.68 +38 399 +5 3.4 500 USD 7.25 Feb 2, 2010 Feb 2, 2020 BB+/Ba1/-

TransNeft 18 110.81 +22 292 -1 2.2 1,050 USD 8.7 Aug 7, 2008 Aug 7, 2018 BB+/Ba1/-

PEERS COMPARISON

Mexican Petroleum 16EF 101.94 -8 34 -25 0.3 850 EUR 6.375 Jul 22, 2004 Aug 5, 2016 BBB+/Baa3/BBB+

Mexican Petroleum 17.1 75 USD 10.61 Jul 20, 1999 Aug 15, 2017 A/Baa1/A+

Mexican Petroleum 17E 5.5 103.46 +11 77 -20 0.8 1,000 EUR 5.5 Sep 30, 2009 Jan 9, 2017 BBB+/Baa3/BBB+

Mexican Petroleum 17E 5.779 200 EUR 5.779 Aug 6, 2009 Nov 6, 2017 -/Baa3/BBB+

Mexican Petroleum 17F.2 125.14 145 7.9 75 USD 10.61 Aug 15, 1999 Aug 15, 2017 A/Baa1/A+

Mexican Petroleum 18.1 115.73 262 2.7 172 USD 9.15 Dec 4, 1998 Nov 15, 2018 A/Baa1/A+

Mexican Petroleum 18.2 124.59 29 7.2 172 USD 9.15 Aug 15, 1999 Nov 15, 2018 A/Baa1/A+

Mexican Petroleum 18.3 111.76 265 2.0 340 USD 9.25 Sep 30, 2005 Mar 30, 2018 BBB+/Baa3/BBB+

Mexican Petroleum 18.4 105.38 +34 190 -12 1.8 2,484 USD 5.75 Sep 1, 2008 Mar 1, 2018 BBB+/Baa3/BBB+

Mexican Petroleum 19 99.11 +14 253 +11 2.7 500 USD 3.125 Jan 15, 2014 Jan 23, 2019 BBB+/Baa3/BBB+

Mexican Petroleum 19C 101.72 +87 258 -41 2.8 300 CHF 2.5 Mar 12, 2012 Apr 10, 2019 BBB+/Baa3/BBB+

Mexican Petroleum 19F 111.43 -18 306 +18 2.7 1,937 USD 8.0 May 3, 2009 May 3, 2019 BBB+/Baa3/BBB+

Mexican Petroleum 20 105.78 -7 334 +18 3.5 991 USD 6.0 Aug 30, 2010 Mar 5, 2020 BBB+/Baa3/BBB+

Mexican Petroleum 20C 97.15 +99 273 -27 4.5 600 CHF 1.5 Nov 19, 2015 Dec 8, 2020 BBB+/-/BBB+

Mexican Petroleum 21.1 107.62 231 4.6 2,393 USD 5.5 Jul 13, 2010 Jan 21, 2021 BBB+/Baa3/BBB+

(22)

Mexican Petroleum 22.2 99.75 36 3.9 280 USD 2.0 Jun 26, 2012 Dec 20, 2022 -/-/-

Mexican Petroleum 22.3 100.21 37 3.6 280 USD 1.95 Jun 28, 2012 Dec 20, 2022 -/-/-

Mexican Petroleum 22.4 98.85 50 3.6 280 USD 1.7 Jul 17, 2012 Dec 20, 2022 -/-/-

Mexican Petroleum 22.5 99.39 -50 376 +27 5.1 2,091 USD 4.875 Jul 23, 2012 Jan 24, 2022 BBB+/Baa3/BBB+

Mexican Petroleum 22F.1 111.13 495 4.8 970 USD 8.625 Feb 1, 2003 Feb 1, 2022 BBB+/Baa3/BBB+

Mexican Petroleum 22P 113.87 +7 445 +3 4.9 350 GBP 8.25 May 20, 2009 Jun 2, 2022 BBB+/Baa3/BBB+

Mexican Petroleum 23 3.5 89.26 - 395 - 6.1 2,100 USD 3.5 Jan 23, 2013 Jan 30, 2023 BBB+/Baa3/BBB+

Mexican Petroleum 23F 8.625 114.70 438 6.1 225 USD 8.625 Dec 1, 2005 Dec 1, 2023 BBB+/Baa3/BBB+

Mexican Petroleum 24 98.75 311 6.7 1,000 USD 4.875 Jul 11, 2013 Jan 18, 2024 BBB+/Baa3/BBB+

Mexican Petroleum 25E 105.79 +45 431 -2 7.3 1,000 EUR 5.5 Feb 15, 2005 Feb 24, 2025 BBB+/Baa3/BBB+

Mexican Petroleum 27.1 115.11 543 7.5 476 USD 9.5 Sep 18, 1997 Sep 15, 2027 BBB+/Baa3/BBB+

Mexican Petroleum 27.2 124.00 430 7.9 790 USD 9.5 Sep 15, 2005 Sep 15, 2027 BBB+/Baa3/BBB+

Mexican Petroleum 35.1 96.54 -186 509 +29 10.8 2,291 USD 6.625 Dec 15, 2005 Jun 15, 2035 BBB+/Baa3/BBB+

Mexican Petroleum 35.2 110.44 343 11.7 1,000 USD 6.625 Jun 15, 2010 Jun 15, 2035 BBB+/Baa3/BBB+

Mexican Petroleum 38 94.67 -126 520 +22 11.4 491 USD 6.625 Dec 15, 2008 Jun 15, 2038 BBB+/Baa3/BBB+

Mexican Petroleum 41 94.09 -199 507 +28 12.1 2,499 USD 6.5 Jun 2, 2011 Jun 2, 2041 BBB+/Baa3/BBB+

Mexican Petroleum 44.1 83.25 -163 488 +25 13.2 1,748 USD 5.5 Jun 26, 2012 Jun 27, 2044 BBB+/Baa3/BBB+

Mexican Petroleum 44.2 82.61 -217 494 +30 13.1 1,000 USD 5.5 Jun 26, 2012 Jun 27, 2044 -/Baa3/BBB+

Mexican Petroleum 45 91.95 -285 503 +31 12.8 3,000 USD 6.375 Jan 15, 2014 Jan 23, 2045 BBB+/Baa3/BBB+

Petrobras 16 6.125 100.98 +9 340 -34 0.5 899 USD 6.125 Sep 29, 2006 Oct 6, 2016 B+/B3/BB+

Petrobras 16Y 35,000 JPY 2.15 Sep 27, 2006 Sep 27, 2016 -/B3/BB+

Petrobras 17 98.31 +52 500 -52 0.8 1,750 USD 3.5 Feb 1, 2012 Feb 6, 2017 B+/B3/BB+

Petrobras 18 5.875 96.50 +62 695 -23 1.8 1,750 USD 5.875 Oct 29, 2007 Mar 1, 2018 B+/B3/BB+

Petrobras 18 8.375 100.10 +87 741 -22 2.4 750 USD 8.375 Dec 3, 2003 Dec 10, 2018 B+/B3/BB+

Petrobras 18E 2.75 90.74 +74 868 -41 1.8 1,500 EUR 2.75 Jan 7, 2014 Jan 15, 2018 B+/B3/BB+

Petrobras 18E 4,875 93.58 +77 873 -43 1.9 1,250 EUR 4.875 Dec 1, 2011 Mar 7, 2018 B+/B3/BB+

Petrobras 19 95.92 +26 855 +6 2.7 2,750 USD 7.875 Feb 4, 2009 Mar 15, 2019 B+/B3/BB+

Petrobras 19E 84.73 +101 945 -39 2.9 1,300 EUR 3.25 Sep 24, 2012 Apr 1, 2019 B+/B3/BB+

Petrobras 20 86.66 +55 904 +0 3.4 2,500 USD 5.75 Oct 23, 2009 Jan 20, 2020 B+/B3/BB+

Petrobras 21 82.79 +77 883 -4 4.2 5,250 USD 5.375 Jan 20, 2011 Jan 27, 2021 B+/B3/BB+

Petrobras 21E 78.89 +201 944 -59 4.4 750 EUR 3.75 Jan 7, 2014 Jan 14, 2021 B+/B3/BB+

Petrobras 22E 83.73 +245 950 -60 5.1 600 EUR 5.875 Dec 1, 2011 Mar 7, 2022 B+/B3/BB+

Petrobras 23E 72.66 +181 926 -37 6.2 700 EUR 4.25 Sep 24, 2012 Oct 2, 2023 B+/B3/BB+

Petrobras 25E 72.41 +176 916 -32 7.0 800 EUR 4.75 Jan 7, 2014 Jan 14, 2025 B+/B3/BB+

(23)

Petrobras 29P 63.51 +44 908 -4 8.6 450 GBP 5.375 Sep 24, 2012 Oct 1, 2029 B+/B3/BB+

Petrobras 34P 66.91 +100 939 -14 9.2 600 GBP 6.625 Jan 7, 2014 Jan 16, 2034 B+/B3/BB+

Petrobras 40 72.41 +106 806 -5 9.9 1,500 USD 6.875 Oct 23, 2009 Jan 20, 2040 B+/B3/BB+

Petrobras 41 71.97 +96 791 -3 10.2 2,250 USD 6.75 Jan 20, 2011 Jan 27, 2041 B+/B3/BB+

CIS EUROBONDS

KazMunaiGaz 18 109.41 +17 375 +0 2.0 1,600 USD 9.125 Jul 2, 2008 Jul 2, 2018 BB/Baa3/BBB

KazMunaiGaz 20 105.25 +2 449 +16 3.5 1,500 USD 7.0 May 5, 2010 May 5, 2020 BB/Baa3/BBB

KazMunaiGaz 21 103.16 +4 449 +16 4.3 1,250 USD 6.375 Nov 10, 2010 Apr 9, 2021 BB/Baa3/BBB

KazMunaiGaz 23 92.29 +22 438 +12 6.0 1,000 USD 4.4 Apr 24, 2013 Apr 30, 2023 BB/Baa3/BBB

KazMunaiGaz 25 94.29 -17 416 +17 7.2 500 USD 4.875 Oct 31, 2014 May 7, 2025 BB/Baa3/BBB

KazMunaiGaz 43 84.59 +34 507 +7 12.6 2,000 USD 5.75 Apr 24, 2013 Apr 30, 2043 BB/Baa3/BBB

KazMunaiGaz 44 83.63 +6 543 +9 12.4 1,000 USD 6.0 Oct 31, 2014 Nov 7, 2044 BB/Baa3/BBB

KazTransGaz 17 102.50 -3 305 +3 1.1 600 USD 6.375 May 14, 2007 May 14, 2017 BB/Baa3/BBB-

Zhaikmunai 19 6.375 79.15 -80 1,477 +64 2.6 400 USD 6.375 Feb 10, 2014 Feb 14, 2017 Feb 14, 2019 B/B2/-

Zhaikmunai 19 7.125 79.03 -91 1,383 +60 3.1 560 USD 7.125 Nov 2, 2012 Nov 13, 2019 B/B2/-

Georgian OGC 17 101.53 +103 444 -91 1.1 250 USD 6.875 May 9, 2012 May 16, 2017 B+/-/BB-

SOCAR 17 102.00 +10 242 -15 0.8 500 USD 5.45 Feb 2, 2012 Feb 9, 2017 BB/Ba1/BB+

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EQUITY RELATIVE PERFORMANCE

Gazprom ADR vs. NOVATEK GDR, 2 months perf., % Lukoil ADR vs. Rosneft GDR, 2 months perf., %

99 101 103 105 107 109 111 113 115

3-Mar 10-Mar 17-Mar 24-Mar

NVTK LI OGZD LI 95 100 105 110 115 120

LKOD LI ROSN LI

Source: Bloomberg (as of March 31 Source: Gazprombank estimates, Bloomberg (as of March 31)

Tatneft ADR vs. Surgutneftegas ADR, 2 months perf., % Tatneft, SurgutNG and Bashneft pref shares, 2 months perf., %

99 101 103 105 107 109 111 113 115

ATAD LI SGGD LI 96 97 98 99 100 101 102 103 104 105

TATNP RX SNGS RX BANE RX

Source: Gazprombank estimates, Bloomberg (as of March 31) Source: Gazprombank estimates, Bloomberg (as of March 31)

Bashneft shares vs. Gazprom Neft shares, 2 months perf., % MICEX Index vs. MICEX O&G Index, 2 months perf., %

97 98 99 100 101 102 103

BANE RX SIBN RX 98 98,5 99 99,5 100 100,5 101 101,5 102 102,5 103

MICEX MICEX OIL&GAS

(25)

CALENDAR OF EVENTS

7 April SIBUR: 2015 IFRS results 2015

4 April Lukoil: 2015 IFRS results 2015

April Transneft: 2015 IFRS results 2015

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Research Department

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