On 22 July 2009 OAO Gazprom priced U.S.$1,250 billion of loan participation notes due July 31, 2014 and €850 million of loan participation notes due February 4, 2015. The notes will be issued by Gaz Capital S.A., a Luxembourg special purpose vehicle, under Gazprom’s Loan Participation Note Programme.

The notes were each priced at par and each has an annual coupon of 8.125%. J.P. Morgan Securities Ltd. and Morgan Stanley & Co. International plc acted as joint bookrunners and joint lead managers with respect to the U.S.$1,250 billion notes and BNP Paribas and Société Générale acted as joint bookrunners and joint lead managers with respect to the €850 million notes.

The proceeds of each offering will be used to finance a loan to OAO Gazprom. The proceeds of each loan to OAO Gazprom will be used for debt refinancing and general corporate purposes.

These materials are not an offer for sale of any securities of OAO Gazprom in the United States. Any securities of OAO Gazprom 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 (the “Securities Act”). OAO Gazprom does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States.  The securities will be sold in the United States only to Qualified Institutional Buyers (as defined in Rule 144A under the Securities Act) who are also Qualified Purchasers (as defined in the U.S. Investment Company Act of 1940) pursuant to an exemption from registration under the Securities Act and to non-U.S. persons in accordance with Regulation S under the Securities Act.

This communication is only being distributed to and directed only at (a) persons who are outside the United Kingdom or (b) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (c) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons mentioned in (a), (b) and (c) together being referred to as “relevant persons”). Any securities mentioned in this communication will only be available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

This document is not a prospectus and, to the extent that it may constitute an advertisement, it does not constitute an offer to sell or the solicitation of an offer to purchase notes or other securities of Gaz Capital S.A. or OAO Gazprom.  Investors should not subscribe for any notes referred to in this document except on the basis of the information contained in the final base prospectus and the final terms relating to the notes.  The base prospectus in relation to the Programme and final sets of final terms in relation to each series of notes are expected to be published on or around July 29, 2009. Investors will be able to obtain a copy of these documents from Deutsche Bank AG, London Branch, Winchester House, 1 Great Winchester Street, London EC2N 2DB, United Kingdom, Deutsche Bank Luxembourg S.A., 2 Boulevard Konrad Adenauer, L-1115, Luxembourg and Deutsche International Corporate Services (Ireland) Limited, 5 Harbourmaster Place, IFSC, Dublin, Republic of Ireland, as Paying Agents and from Gaz Capital S.A. at 2 Boulevard Konrad Adenauer, L-1115, Luxembourg.

Information contained in this press release does not constitute an advertisement or offering of the Notes in Russia within the meaning of Russian securities laws and must not be passed on to third parties or otherwise be made publicly available in Russia. The notes have not been and will not be registered in Russia and are not intended for “offering”, “placement” or “circulation” in Russia (each as defined in Russian securities laws).