ACRA ASSIGNS eAAA(RU) TO THE SERIES BO-001P-11 BOND ISSUE OF GAZPROM CAPITAL LLC

Expected credit rating rationale. PJSC “GAZPROM” (hereinafter, Gazprom, the Company, or the Group; ACRA rating AAA(RU), outlook Stable) acts as the guarantor for the series BO-001P-11 bond issue of Gazprom capital LLC. Due to the absence of either structural or contractual subordination of the issue, ACRA regards it as equal to other existing and future unsecured and unsubordinated debt obligations of Gazprom in terms of priority. In accordance with ACRA’s methodology, the simplified approach is applicable, according to which the expected credit rating of the issue is eAAA(RU), i.e. on par with the credit rating of Gazprom — AAA(RU).

Gazprom’s credit rating is based on the very high assessment of support to the Company from the state. The Company’s standalone creditworthiness is determined taking into account its very strong business profile, low industry risk, and strong financial profile. Gazprom is one of the largest integrated energy companies in the world, and ranks first globally in terms of gas production. The Group is among the largest oil producers in Russia (through Gazprom Neft PJSC, ACRA rating AAA(RU), outlook Stable). Gazprom owns major power generation assets via Gazprom Energoholding. The Group also owns a gas pipeline network with a total length of 180,600 km.

key issue properties

Sources: ACRA, issuer’s data

REGULATORY DISCLOSURE

ACRA will assign a credit rating to the series BO-001P-11 bond issue of Gazprom capital LLC after the final documentation is presented. In case of any significant discrepancies between the final documentation and the preliminary materials, ACRA may change the issue’s credit rating against the expected credit rating.

The expected credit rating has been assigned to the series BO-001P-11 bond issue of Gazprom capital LLC under the national scale for the Russian Federation based on the Methodology for Assigning Credit Ratings to Financial Instruments under the National Scale of the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.

An expected credit rating has been assigned to the series BO-001P-11 bond issue of Gazprom capital LLC for the first time. The next rating action is expected within one year following the publication date of this press release.

The expected credit rating was assigned based on data provided by PJSC “GAZPROM” and Gazprom capital LLC, information from publicly available sources, and ACRA’s own databases. The expected credit rating is solicited and PJSC “GAZPROM” and Gazprom capital LLC participated in its assignment.

In assigning the expected credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.

ACRA provided additional services to PJSC “GAZPROM”. ACRA provided no additional services to Gazprom capital LLC. No conflicts of interest were discovered in the course of the expected credit rating assignment.