Today, April 18, 2006, OAOGazprom announced its Level I Depositary Receipt (DR) program has become effective, and a simultaneous change of the conversion ratio from one (1)DR equals ten (10) ordinary shares to one (1) DR equals four (4) ordinary shares. Current Regulation S DRs of OAO Gazprom have been converted automatically at the ratio given above (subject to existing restrictions).

Starting from April 18, 2006, Gazprom's Level I DR program enables the conversion of Gazprom's ordinary shares into DRs and vice versa (under current laws).

Under the Level I DR program, the depositary receipts will be freely tradeable in the U.S. over-the-counter market, as well as in the European stock markets. The maximum number of ordinary shares underlying all DRs will be restricted to 35% of Gazprom's authorized capital.

This press release is not an offer for sale of any securities in the United States. Any securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.

This press release is not a public offer or advertisement of securities in the Russian Federation, and is not an offer, or an invitation to make offers, to purchase any securities in the Russian Federation.