Board of Directors meeting is being held at Gazprom’s Headquarters.

The Board of Directors approved conclusion for Purchase and Sale Agreement for 17 gas distribution systems between Gazprom and Gazpromregiongaz aimed at the Company’s asset consolidation in the gas distribution sector.

Reference:

In May 2004 the Gazprom Management Committee approved a strategy for Gazprom and Gazprom’s subsidiaries asset consolidation in the gas distribution sector.

In June 2004 the Board of Directors decided to set up Mezhregiongazholding (later renamed as Gazpromregiongaz).

In the result of the Agreement Gazprom’s and Gazpromregiongaz departments made a target list of 17 gas distribution systems and prepared to sign a Purchase and Sale Agreement for 17 gas distribution systems recorded on the Gazprom’s balance and entitled to be consolidated by Gazpromregiongaz. Hereinafter, the work of handling over Gazprom’s gas distribution systems entitled to be consolidated by Gazpromregiongaz will be continued.

The contract for consolidation of gas distribution system facilities is an interested-party contract for Gazprom because the Gazprom Management Committee members are also the members of Gazpromregiongaz Board of Directors.