The Board of Directors’ meeting is underway at the Gazprom Headquarters.

The Board of Directors took notice of the information relevant to the interim results of commodity risks monitoring by Gazprom and ordered that the corporate system for major risks management be further developed.

Background:

In July 2009 Gazprom approved the Action Plan aimed at developing the corporate risk management system (CRMS).

Pursuant to the document, Gazprom’s paramount activities in this area are as follows:

- taking of actions aimed at reducing the price risks and the risks associated with natural gas supply volumes;

- shaping of managerial practices within the CRMS structure;

- elaboration of the scheme for Gazprom’s cooperation with its subsidiary and affiliated companies as part of developing the market and credit risks management system in these companies.

According to the Plan, Gazprom is assessing the risks associated with a decrease in gas prices under export contracts and with a reduction in gas supplies to the domestic market, as well as is elaborating the measures to minimize these risks. In addition, the Company is designing the organizational and functional scheme for corporate risk management.