The Board of Directors took notice of the information on Gazprom's risk management policy.

The meeting participants noted that the Company's structural units were constantly working towards improving the corporate system for major risks management. For instance, the relevant organizational and methodical procedures are currently being shaped. The Main Methodical Approaches to Organizing the Market and Credit Risks Management System have been elaborated; the relevant techniques and regulations have been established.

Gazprom takes purpose-oriented measures to reduce business risks in the domestic and foreign markets. Certain efforts are made to minimize the credit risks of Gazprom Group engaged into payment transactions and other operations with credit institutions. The Company actively cooperates with its subsidiaries to create the risk management system.

The Gazprom Board of Directors tasked the Management Committee to formulate the methodical basis for organizing the Gazprom risk management system and to proceed with the Action Plan on Development of the Corporate System for Major Risks Management.

Background

In May 2009 the Gazprom Board of Directors tasked the Management Committee to elaborate an Action Plan on Development of Gazprom's Corporate Risk Management System. The document was approved in July 2009 and amended in June 2011.