Presentation for investors and shareholdersfor Q3 2013

31.10.2013.Novi Sad

Investor Relations

2

Disclaimer

This presentation has been prepared by NIS a.d. Novi Sad (the “Company”), and comprises the slides for a presentation to investors concerning the Company. Presentation does not constitute or form part of any offer or invitation, or any solicitation of any offer to sell or 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 sale or purchase should be made solely on the basis of the information contained in other publicly available documents and will be subject to the 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 or recommendation. All reasonable measures are 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 adopted by the corporate body’s of 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.

3

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 in other publicly available documents, 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 confirm that you have read and understood foregoing limitations.

4

Mission, vision and values of the company

VALUES OF THE COMPANY

MISSION

To give the people of the Balkans energy to move towards betterment by responsible use of natural resources and modern technologies

VISION

NIS is to become a recognised leader among energy

companies in the Balkans, by demonstrating high social and ecological responsibility and by providing its clients with modern

services

EXPERTISEgaining up-to-date

knowledge for the goal of constant professional development, and the

ability to implement it in an actual business

processes.

POSITIVISM AND COOPERATION

readiness to participate in multifunctional groups and

projects, eagerness to meet demands of colleagues from other units of the company,

willingness to exchange information, ability to work in

a team.

INITIATIVE AND RESPONSIBILITY

finding and suggesting new solutions both in

the working environment, and in the

sphere of company interests.

COLLECTIVE RESULTS

collective effort in achieving a visible and

meaningful result, a desire to succeed and provide each other with

needed assistance.

NIS in Q3 2013

• 3D seismic survey in the area and Itebej Kikinda completed; ongoing work in the area of Čoka and Miloševo; the initial work in Martonoš, Boka and Jermenovci.

• Gas discoveries in Vojvodina as a result of the application of new drilling technology

• Drilling of the first exploration well in the Republic of Srpska coming to an end

• NIS and Falcon's explorational drilling in Hungary has been completed, testing in progress

• Drilling of well Jimbolia in Romania completed (testing)

• Second phase of reconstruction of FCC completed

• Completion of the project of site preparation in Refinery Novi Sad for construction-assembly works on the base oils project.

• In the course of the tender procedure for selection ERCM contractor for the base oils project.

• Opening of the first petrol station under the brand GAZPROM in Bulgaria

• Gazprom network of petrol stations began operations in Bosnia and Herzegovina

• Agreement with McDonald's to open first restaurant concluded

• NIS is chosen to be the authorized distributor for the sale of subsidized fuel

• NIS and GSP "Beograd" signed a contract for the supply. Over the next three years, NIS will deliver more than 100 million liters of diesel euro to GSP.

• First cogeneration modules, in Sirakovo were put to operations.

• Preparations for commissioning of small power SOS Kikinda and SS1 Velebit in progress. The factory testing of equipment for the remaining 5 plants was performed.

• Memorandum on the implementation of the construction of steam-gas power plant, with the electric capacity of 208 MW in Pancevo.

• Works on construction of WPP Plandište

• Sales of gas to Pannonian Power Plants

Exploration and production Refining Sales Energy

5

First Serbian Wind Farm Construction of the first Serbian wind farm was launched in the Plandište municipality on 18 September 2013

• 34 wind generators will be constructed

• Total capacity - 102 megawatt.

• Project capital investments, including the preparation of base documents and obtaining the required permits, will amount to nearly 160 million euros.

• Funds invested by NIS j.s.c. will not exceed 23 million euros.

• Remaining funds will be provided through the project partnership investments and loans.

• Wind farm construction is expected to take 12 months maximum

Plandište

Additional Modernization of Pančevo RefineryApp. 40 small-scale technical-technological projects and improvements in the Refinery will be completed by the end of the year

7

The Danube Port Modernization

Thermal Insulation of 24 Reservoirs

FCC Complex Reconstruction

Refinery Loading Terminal Modernization

8

9М 2013: HSE indicessignificantly improved (except for the perforation coefficient), but still lower than world's best practice

Investment into environmental projects, mln. USD

36%

Transparency index increase Perforation coefficient *

43%

RAR Investigated casesLTIF

-24% -12%-3%-19%

-41% 89%

22%13%

Perforation coefficient is relation between the number of perforations, multiplied by 100 based on the total oil pipeline length in km LTIF - Lost time injury frequency rates (relation between the number of injured during accidents at work and the total working hours, multiplied by 100 thousandRAR - Road Accident Rates - relation between the number of road accidents as opposed to mileage in km, multiplied by 1 million

major accidents

serious incidents

minor incidents

potentially hazardous situations.

9М 2012 Plan 9М 2013 9М 2013

27.18

11.7816

9М 2012 9М 2013

4.631 4.609

214 586

101 112

0 4

9М 2012 Plan 9М 2013 9М 2013

1.081.43

2.04

9М 2012 Plan 9М 2013 9М 2013

0.5 0.470.38

9М 2012 Plan 9М 2013 9М 2013

2.08

1.91.84

9М 2012 Plan 9М 2013 9М 2013

56% 65% 78%

Macroeconomic indicators

9

2012 2013

-3% -3%

• Decline of USD/RSD rate in first 9M of 2013 was -1,5% or -1,29 RSD (USD/RSD rate changed from 86.1763 RSD as of January 1st 2013; to 84,8859 RSD as of September 30th 2013)

• Incline of EUR/RSD rate in first 9M of 2013 was 0.78% or 0.8861 RSD (EUR/RSD rate changed from 113.7183 RSD as of January 1st 2013; to 114.6044 RSD as of September 30th 2013)

• Incline of USD/RSD rate in the first 9 months of 2012 was 9,98 % or 8,07 RSD (USD/RSD rate changed from 80.8662 RSD as of January 1st 2012; to 88,9377 RSD as of September 30th 2012.)

• Incline of EUR/RSD rate in the first 9 months of 2012 was 9,93% or 10,39 RSD (EUR/RSD rate changed from 104.6409 RSD as of January 1st 2012.; to 115.0320 RSD as of September 30th 2012 .)

• Average price of “Urals” crude oil in first 9 months of 2013 was app. 108,06 USD/bbl

USD/RSD Urals, $/bbl

I II III IV V VI VII VII IX80

85

90

95

I II III IV V VI VII VII IX90

100

110

120

2012 2013 9М 2012 9М 2013

111 108

9М 2012 9М 2013

88.285.6

Representative offices and BranchesTurkmenistan branch, Representative Office in the Russian Federation, Representative Office in Angola, Representative Office in Belgium, Representative Office in Bulgaria, Representative Office in Hungary, Representative Office in Croatia

NIS Group

Starting from Q3 2013 NIS reporting will be on consolidated basis

NIS Group Parent Company – NIS a.d. Novi SadUpstream Block, Refining Block, Sales&Distribution Block, Oilfield Services Block, Energy Block and Corporate Headquarters

Subsidiary companies in the country (originating from NIS` organizational structure)Naftagas – Naftni servisi, Naftagas – Tehnički servisi, Naftagas – Transport and NTC NIS Naftagas Subsidiary companies abroadNIS Petrol (Bulgaria), NIS Petrol (Romania), NIS Petrol (BiH), Jadran Naftagas (BiH) and Pannon Naftagas (Hungary)

Subsidiary companies – „granddaugthers“ G Petrol (B&H) ← NIS Petrol (B&H) and Adria O Zone (MNE) ← O Zone

Other subsidiary companiesJUBOS Bor, O Zone Belgrade, NIS Oversees St Petersburg, SP Ranis Černoglavka (in liquidation), NIS-SVETLOST Bujanovac and NIS Energowind (in FS shown as JV)

10

Q3 2013: Key indicators

Q3 2013. Q3 2012. (%) Key indicators Measurement unit 9M 2013. 9M 2012. (%)

110,7 109,3 1% Urals $/bbl 108,1 111,1 -3%14,0 9,6 46% Net profit billion of RSD 31,7 30,8 3%19,6  10,9 79% EBITDA* billion of RSD 47,7 47,3 1%71,7 62,4 15% Sales (without excise tax) billion of RSD 185 162,3 14%27,5 8,4 228% OCF billion of RSD 49,6 27,7 79%24,9 33,7 35% Taxes and other fiscal obligations (Serbia)** billion of RSD 86,4 63,3 37%409 404 1% Domestic oil and gas production*** thou. c. tons 1.227 1.189 3%303 295 3% Domestic oil production*** (with gazolin and TNG) thousand tons 896 858 4%801 356 125% Oil and semifinalized products refining volume thousand tons 2.204 1.518 45%833 639 30% Total sales of oil products**** thousand tons 2.183 1.707 28%

24 1,7 1312% Abroad sales thousand tons 49 2,1 2.233%693 585 18% Oil products local market sales thousand tons 1.781 1.521 17%167 153 9% Retail thousand tons 484 423 14%594 463 28% Light oil products sales thousand tons 1.557 1.207 29%

0 4 -100% CAPEX from GPN loan**** million of EUR 0 12,1 -100%13,8 9,2 50% CAPEX from OCF (NIS projects) billion of RSD 37,8 18,3 107%

485 367 32% Total bank indebtedness****** million of USD 485 367 32%Calculation of percentage values is based on values expressed in millions of RSDAll possible discrepancies in percentage values and total values are due to rounding errors*EBITDA = Sales (without excise tax)– inventories ( of oil, oil products and other products) – operational expenditure (OPEX) – other costs, which management cannot affect** Taxes and other fiscal obligations includes taxes, duties, fees and other public revenues. Data includes NIS a.d. Novi Sad and subsidiaries: NTC NIS Naftagas d.o.o., Naftagas – Transport d.o.o., Naftagas – tehnicki servisi d.o.o. and Naftagas – Naftni servisi d.o.o..*** Due to change in methodology oil production includes gazoline and LPG**** Under the Agreement of sale and purchase of shares of NIS a.d Novi Sad, clause 8.1.2, JSC Gazprom Neft (GPN) has an obligation to provide EUR 500 million to NIS a.d. Novi Sad by way of special purpose loans in order to implement NIS Novi Sad technological complex reconstruction and modernization program. CAPEX from GPN loan does not include letters of credit. All obligations of Gazprom Neft under the acquisition agreement were fully met in April 2012 and in the second half of 2012 NIS started with loan repayment . Values for CAPEX from GPN loan and CAPEX from OCF are without VAT****** Total bank indebtedness = Total debt to banks + letters of credit. As of September 30 th 2013 total debt to banks amounts 471 million USD and letters of credit amount 14 million USD.11

The current negative macroeconomic trends in all countries in the region, significantly affect the fall of the oil and oil derivatives' market

Market of motor fuels trendsAll regional markets except Hungarian are falling in the first nine months of 2013

X%

12

Sources based on which forecasts are made- Eustat (10.10.2013.)- PFC: Downstream Monitoring Service – Europe (June 2013) - Serbia: internal forecasts and analysis- Bulgaria: NIS Petrol, Bulgaria

The market consists of motor and aviation fuels, and fuel oil.Market growth rates are for 9M2013/9M2012

Romania

Bulgaria

Serbia*

Croatia

Bosnia and Herzegovina

-7,8%

-7,8%

+2,5%

-10,2% -3%

n/a

-14,8%

Slovenia

Hungary

NIS Forecast based on available statistical estimates

9М 2012. 9М 2013.

1,103(64%)

1,192(75%)

629(36%)

406(25%)

1,732 1,598

The Market of the Republic of Serbia Foreign direct investment are much lower than expected while insufficiently fast recovery of economic activities and delays in the implementation of investment projects affect lower consumption of motor fuels.*

The market scope of the Republic of Serbia in thousands of tons

-8%

• Although the real annual growth in GDP and industrial production for first 8 months of 2013 was 0.2% and 5.7%, respectively, motor fuel market is still falling. Purchasing power of the population is still very low and the rate of unemployment level is over 24%, and these two indicators, besides aforementioned, influence motor fuel consumption.

• The reason behind the increase of the NIS share in the market lies in the substitution of imported fuel oil, naphtha and euro diesel with domestic products from Pancevo Refinery, and in more active sales, more effective price policy, offering products through a network of warehouses, etc.

• The retail market has seen a moderate decline in the market of motor fuels due to relocation of part of the scope of the wholesale channel to the retail channel in the segment of corporate clients.

• The reasons for the constant increase of the market share lie in a continuous process of petrol stations modernization, improvement of the service as well as in positive effects of the rebranding and marketing activities. Seasonal increase in sales of subsidized fuels to farmers is also notable, although program for the fall is going on slower pace than expected.

-2%

The Retail sale Market of the Republic of Serbia in thousands of tons

13 Other*NIS*

Other*NIS*

* NIS includes motor fuels, heating oil EL and LPG cylinders and others include motor fuels, heating oil EL and EL euro.

9М 2012. 9М 2013.

423(35%)

484(41%)

771(65%)

687(59%)

1,193 1,171

14

Financial Indicators

All possible discrepancies in percentage values and total values are due to rounding errors.

• MHC/DHT put in operation

• Increased volumes of refining and sales

• Increased business efficiency

• MHC/DHT put in operation

• Increased volumes of refining and sales

• Increased business efficiency

Net profit in Q3 2013 is by 46% higher than net profit in Q3 2012, while the growth of net profit for first 9 months of 2013 compared to same period last year is 3%

EBITDA

79%

Net profit46% 3%

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

10.918.3

11.816.3 19.6

9M '12 9M '13

47.3 47.7

1%

The increase in EBITDA of 79% in Q3 3013 compared to Q3 2012 caused that EBITDA for the first 9M 2013 is at the same level as the same period last year:

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

9.6

14.8

7.310.5

14.0

9M '12 9M '13

30.8 31.7

Starting from Q3 2013 NIS reporting will be on consolidated basis i.e. for NIS Group

15

Increase of OCF:

Increase in Sales:

• Decrease in retail prices in Q3 2013 by app. -2,1% compared to Q3 2012, while in first 9М 2013 retail prices increased by +2,5% compared to first 9М 2012.

• Incline of average oil price for Urals RCMB in Q3 2013 ($/bbl), compared to Q3 2012 amounts to 1,2%, while decrease of avegage oil price in first 9М 2013 compared to first 9М 2012 was -2.7%.

Sales

OCF

15%

• Increase of cash inflow from buyers

Changes in retail prices Q3 9MBMB 95 -3,90% +1,78%Europremium BMB 95 -6,32% -0,56%D2 +3,21% +6,84%Eurodiesel -0,75% +2,31%

14%

All possible discrepancies in percentage values and total values are due to rounding errors*EBITDA = Sales (without excise tax) – inventories (oil, oil products and other products) – operational expenditure (OPEX) – other costs, which management cannot affect

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

8.4 9.5 10.2 11.8

27.5

228%

9M '12 9M '13

27.7

49.6

79%

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

62 6550

64 72

9M '12 9M '13

162

185

Financial IndicatorsStarting from Q3 2013 NIS reporting will be on consolidated basis i.e. for NIS Group

16

Increase of the domestic oil and gas production in Q3 2012 in comparison to the Q3 of 2012 is 1%, and for first 9M 2013 compared to first 9M 2012 it amounts to 3%

• Increase in domestic oil production 4% as a result of additional geological and technical activities implementation

• Gas production is -0,2% in comparison to the first 9 months of 2012 due to duration of the repair of compressor stations, as well as the higher pressure in the main pipeline

• Change in the methodology for oil and gas production calculation - gasoil and LPG is included, and as for gas production, data on gas refining has been taken into account

Exploration and production

1%

3%

Domestic oil and gas production (in thousand conditional tons)*

Domestic oil production (in thousand tons)

3%

4%

• 1.256 м3 of = 1 tone equivalent of oilAll possible discrepancies in percentage values and total values are due to rounding errorsDue to change in methodology oil production includes gazoline and LPG

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

404

416411

407 409

9M '12 9M '13

1,189

1,227

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

295300 300

293

303

9M '12 9M '13

858

896

17

Refining per Refineries

Refining

Imported oilDomestic oil

Novi Sad RefineryPancevo RefineryAll possible discrepancies in percentage values and total values are due to rounding errors

Volume of refining of oil and semi-finaliyed products is increased by 45% comparing to 9M 2012:

• Increased refining of crude oil

• MHC/DHТ plant operation in 2013

• Increased the volume of refining according to market demands.

Refining volume for oil and semi-finalized products (in thousand tons)

Semi-finalized products

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

17% 4%

83% 96% 100% 100% 100%

9M '12 9M '13

14%

86% 100%

Q3 '12 Q4' 12 Q1 '13 Q2 '13 Q3 '13

151336 287 393 429190

346235

344 305

16

54

68

75 67

356

736591

812 801

9М '12 9М '13

6921110

768

88458

2101,518

2,204

45%125%

9М '12 9М '13

423 4842 49

1,0981,297

1833531,707

2,183

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

153 174 122 196 1672 2 519 24

432 426338

432 52653 86

100

137 116639 689566

784 833

Sales increased by 28% compared to first 9 months of 2012:

18

Sales

30%Oil derivatives sales (in thousand tons)

Sales structure per oil derivatives (in thousand tons)

Black and other productsWhite products

Export Wholesale RetailAbroad sales*

28%

• Retail – increase by 15%:• Increase of euro quality petrol products

sale

• Abroad assets – increase by 24x • In 9M 2012 there was no significant sale

on abroad assets

• Wholesale – increase by 18%: • Increase in the sale of diesel fuel due to

the increased placement of euro diesel from domestic production

• Decrease in the sale of heavy fuel oil due to warm weather

• Decrease in the sales of gasoline due reduced demand

• Export – increase by 93%: • Increase in the sale of heavy fuel oil and

gasoline components

• Increase in the sale of white oil products share

All possible discrepancies in percentage values and total values are due to rounding errors**Abroad sales are quantities sold by NIS' subsidiaries. In Q3 and 9M 2013 the quantities of products delivered by NIS to its subsidiaries were 16 thousand tons for Q3 and 28 thousand tons for 9M, other quantities were delivered by other suppliers

Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13

163 222 148 178 185

476 467418

607 648

639 689566

784 833

9М '12 9М '13

458 511

1,2481,672

1,7072,183

• “Super Kartica” loyalty program was launched on May 5th 2013

• Only 5 months after the launch of “Super kartica” :• 1 million unique cards used (app. 304.000

personalized and registered in database) • Increased number of transactions• Average daily fuel bill amongst “Super Kartica”

users, is by +34% higher vs. average bill of regular (non SK) NIS user

• Non-fuel bill amongst “Super Kartica” users, is by +38% higher vs. average bill of regular NIS users

“Super kartica” loyalty programSales, market share and transaction trend among natural persons

19

V - IX 2012. I - IV 2013. V - IX 2013.

31,0% 33,5% 33,6%

NIS’ sales to natural persons

+2,6pp

Total sales

Market share

+0,1pp6%

20%

Average daily number of transactions9%

16%

V - IX 2012. I - IV 2013. V - IX 2013.

Source: Orfey – internal reports of Sales & Distribution Block, September 2013

Structure of bank indebtedness

20

Total debt to banks (in millions of USD)

Total bank indebtedness (in millions of USD) Structure of total debt to banks per currency in %

Other EUR USD

All possible discrepancies in percentage values and total values are due to rounding errors*Term structure of the debt to banks is shown according to Contract terms and not by maturity of the debt as of Septemberr 30th 2013

GPN loan (in millions of EUR)

Long-term* Medium-term* Short-term*

Total debt Letters of credit

GPN Loan (in millions of EUR)

31.12

.'09

31.03

.'10

30.06

.'10

30.09

.'10

31.12

.'10

31.03

.'11

30.06

.'11

30.09

.'11

31.12

.'11

31.03

.'12

30.06

.'12

30.09

.'12

31.12

.'12

31.03

.'13

30.06

.'13

30.09

.'13

201 186 111 52 25.3 62 28.4 27 40.6 13 12.6

392 448443 442430.3412402.1344 330329.2253.6253 264 316316.8376.7

200 191166 173 155 158143.4136 116115.2

100 101 98.6 95 93.694.6

793 825720 667 611 632 574 507 446 444

354 354 403 424 423 471

61

210

466500

477 453

31.1

2.'09

31.0

3.'10

30.0

6.'10

30.0

9.'10

31.1

2.'10

31.0

3.'11

30.0

6.'11

30.0

9.'11

31.1

2.'11

31.0

3.'12

30.0

6.'12

30.0

9.'12

31.1

2.'12

31.0

3.'13

30.0

6.'13

30.0

9.'13

233 214 110 8 33 94 74.3 56 13 14.2 12.412.914.3 17 19 14

793 825720

667 611 632573.9506 446444.4353.6354403.3424 423 471

1,0261,039

830675 644 726 648

562459 459

366 367 418 441 442 48567% 73% 74% 79% 74% 76% 73% 70% 70% 70% 66% 65% 56%

69% 69% 77%

32% 26% 25% 20% 20% 19% 21% 24% 25% 25% 29% 29%26%

24% 23%22%

1% 1% 1% 1% 5% 5% 6% 7% 5% 5% 6% 6%18%

8% 8% 2%

Total bank indebtedness is lower than the limit defined by Board of Directors’ Decision

Investments

Total amount of 37,8 billions RSD was invested in first 9M of 2013

Q3 2013 Q3 2012 Sources of investment funding 9M 2013 9M 20120.00 4.02 CAPEX from GPN loan 0.00 12.07

0.00 0.76 Ecology 0.00 2.260.00 3.26 MHC/DHT 0.00 9.81

13.78 9.17 CAPEX from NIS funds 37.86 18.270.51 0.18 Ecology 1.27 0.330.19 0.43 MHC/DHT 2.85 1.430.19 0.24 Angola PSA 0.53 0.329.03 6.26 Projects with direct economic effect 26.03 12.603.72 1.97 Projects without direct economic effects 6.53 3.470.14 0.08 Project-researching activities 0.65 0.12

13.78 13.19 TOTAL: 37.86 30.35* in billions of RSD (VAT excluded)

• OMV retail sale network purchase• Reconstruction and rebranding of the

retail sale facilities • Drilling of development wells • Concessions• Geological survey in Vojvodina • Projects for increasing of efficiency and

reliability of Pancevo Refinery

CAPEX per investment projects (in billions of RSD)

All possible discrepancies in percentage values and total values are due to rounding errors*PSA - Production Sharing Agreement; **Including letters of credit for drilling facility of 9 million USD

25% increase of CAPEX in 9M 2013, in comparison to the same period in 2012

21

13,7813,19

Projects without direct economic effect

Angola PSA*

Ecology

MHC/DHT

Projects with direct economic effect

Project-research works

Q3 2012. Q3 2013.

0.94 0.513.69 0.19

0.24

0.19

6.26

9.03

1.97 3.720.08 0.14

-95%-46%

-19%

44%

89%64%

5%

9M 2012. 9M 2013.1.64 1.277.55 2.85

0.080.53

6.3426.031.50

6.53

0.04

0.65

-23%

7x

4x

4x

16x

-62%

25%

30,35

37,86

The most important investments in Exploration and Production, Refining and Sales and Distributionfor the first 9M of the 2013

Increase of oil and gas productionIncrease of reserves

Reconstruction and modernization

Ecological Projects

Retail sale network development

11.1 bn RSD

• Geological exploration in Vojvodina region• Investments in concession rights • Additional geological and technological measures• Drilling new development wells • Production automatization • Reconstruction of the infrastructure

• Construction of MHC/DHT plant• In-line blending of gasoline• Industrial base oil production from the “Velebit” oil type • Reconstruction of Pancevo docks • Lower NOx emission in smoke gases from the Energy

plant

• Rebranding of 33 PS• Construction of 1 PS in Serbia• Reconstruction of 5 PS in Serbia• Regional business development in Bosnia, Bulgaria and

Romania

Exploration and production

Refining

Sale and distribution

22

8.9 bn RSD

15.7 bn RSD

14.67

12.68

8.6

4.271.32 5.59

Comparative analysis (benchmarking) of basic indicators with competitorsNIS* 9M 2013, other 6M 2013

23

EBITDA margin (%) EBITDA/FTE** (in thousands USD) Daily sales rate (in ton/day)

Ratio of other products (in %) OPEX ($/boe)

Sources: Companies reports for Q3 2013*NIS group (NIS with subsidiaries) data for 9M 2013. Other companies data for Q3 2013** NIS data without leasing employees and including “first chance” program

20.1 68,5 5.67

78,2 10.38

Lifing costs REVEX

39.2

26

13.4

13.1

8.9

138

79.9

67

35.5

22.3

6.45

6.09

5.69

5.13

5

87

79

78

75.2

72

N/A

Increase of EBITDA and Net Profit

Strong OCF

Total bank indebtedness below defined limit (Debt/EBITDA by 25% lower than planned)

Significant increase of Refining

Increase of motor fuels sales and retail on domestic market

Increase of export, sales on abroad assets

Expansion of the GAZPROM brand in the region

– Outstanding receivables

– Higher tax burdens

– Subsidiaries in phase of growth

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NIS a.d. Novi SadInvestor Relations Sector

Narodnog fronta 1221000 Novi Sad, Serbia

e-mail: Investor.Relations@nis.eu