The Board of Directors took notice of the information on the efforts being taken to arrange construction of the Company-supported facilities stipulated by the actions for organizing and holding the 2014 Winter Olympic Games in Sochi.

The Gazprom Management Committee was tasked to ensure timely execution of the actions.

Background:

In November 2007 the Federal Law was adopted “On organizing and holding the 2014 XXII Winter Olympic Games and XI Winter Paralympic Games in Sochi, developing Sochi as a mountain-climatic resort and amending certain legislative acts of the Russian Federation”. Pursuant to the document, the Russian Government approved the Program for construction of Olympic facilities and development of Sochi as a mountain-climatic resort.

According to the Program, Gazprom is responsible for constructing the following Olympic facilities:

-  a ski and biathlon complex accommodating 16 thousand people, with two access roads and a hotel complex;

-  a mountain tourist center;

- the Dzhubga — Lazarevskoye — Sochi gas pipeline;

-  the Adler combined heat and power station (CHPS).

In addition, Gazprom was identified as the company responsible for gasification of villages, settlements and the central part of the Adler region.

The ski complex engineering and construction operations are carried out in compliance with the schedule for Olympic facilities commissioning. Along with the modern ski stadium and two roads, the complex will comprise ski race tracks equipped with snowmaking systems, aerial ropeways, a hotel, a cottage zone, as well as energy supply, security and communication facilities. At present, laying of the foundation for the ski stadium is in progress there. The stadium is to be completed in 2011.

Engineering and construction of the mountain tourist center is also going on in compliance with the schedule. The center will embrace ski tracks and aerial ropeways. The center will be built in 2013.

In September 2009 Gazprom initiated construction of the Dzhubga — Lazarevskoye — Sochi gas pipeline. The pipeline will provide steady energy supply to Sochi and deliver gas to the Olympic facilities being built. In addition, the pipeline will give a powerful impetus to gasification development in Sochi and the Tuapse region and considerably reduce energy deficit on the Caucasian Black Sea coast. Construction work will be finished in the second quarter of 2010.

Construction of the Adler CHPS started in September 2009. The station will secure heat and electric power supply to Olympic facilities and will contribute greatly to Sochi’s energy balance. It will be based on two power units of a combined-cycle gas turbine power plant with the total capacity of 360 MW (thermal capacity — 227 Gcal/hr) and the overall efficiency of 52 per cent. The Adler CHPS will be accomplished in 2012.

Gasification of the Adler region is to be completed in 2011. At present, the design and estimate documentation is being developed. Pursuant to the Program for construction of Olympic facilities, Gazprom will lay high- and medium-pressure gas pipelines, while the Krasnodar Krai Administration will build gas networks in the region.