The Gazprom Headquarters keeps hosting the Board of Directors’ meeting.

The Board of Directors decided that the levels of strategic targets approved in July 2006 were to be kept unchanged for planning purposes and that the issue would be discussed again on the basis of the mid-2009 results.

The Board of Directors tasked the Company’s Management Committee to continue integration of the strategic planning system using the strategic targets with the budgeting and investment planning systems.

Background:

In July 2006 the Board of Directors approved the levels of Gazprom’s strategic targets for a 10-year development period. The targets include such basic economic and production indicators characterizing corporate development prospects as:

- economic profit — positive;

- return on equity — at least 6 per cent (conservative oil price scenario);

- leverage ratio — under 40 per cent;

- production volume — over 550 bcm of gas (in the UGSS area);

- sales volume — over 490 bcm of gas;

- total reserves — over 29 tcm of gas;

- reserves replenishment ratio — over 100 per cent.

The planning system based on strategic targets promotes the transparency of the Company’s activities and shapes an unbiased investors’ opinion on the development of Gazprom in the long term.

Today, Gazprom is streamlining the management accounting system, integrating the strategic planning system with the budgeting and investment planning systems. An inter-project methodological group was set up to integrate strategic, investment and operational management of Gazprom. The Company approved a Comprehensive Action Plan to integrate the processes of financial planning, budgeting, investment and strategic planning.