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

The Board of Directors took into account the information on the current state of the consolidated debt load and entrusted the Management Committee with continuing the work aimed at supervising its level.

Background:

According to the latest published data on Gazprom’s consolidated financial statements in accordance with IFRC (International Financial Reporting Standards), as at June 30, 2008, Gazprom Group’s overall debt accounted for RUB 1.1 trillion, of which 27.9 per cent fell on short-term loans. The bulk of the Group’s debt was owed by Gazprom – 77 per cent and Gazprom Neft – 8 per cent.

Over the first half-year period of 2008 the total debt of Gazprom Group decreased by RUB 393 billion mainly due to the deconsolidation of Gazprombank.

The monitoring, analysis, management and forecasting of Gazprom’s consolidated debt load, performed in line with the global practice, relies on the relative debt coefficients.

Over the first half-year period of 2008 such a major indicator of the debt load level as the overall debt/EBIDTA (earnings before interest, taxes, depreciation and amortization) ratio reduced from 1.69 to 0.9.

The level of Gazprom’s credit ratings is an independent indicator of the positive dynamics of the Company’s consolidated debt load. By now, all of the three primary international rating agencies – Moody’s, Standard&Poors and Fitch Ratings assigned Gazprom credit ratings of the investment level.

When managing the consolidated debt load, the Company’s executives take into account the need of maintaining credit ratings at the investment level and implementing the resolution by the Board of Directors “On Gazprom’s strategic development targets”, dated July 12, 2006.