The Board of Directors approved Gazprom's current shareholder and investor relations and tasked the Management Committee to take further steps for improving it.

Gazprom is taking comprehensive measures to build long-term efficient relations with representatives of the investment community. Special attention is paid to maintaining a transparent and constructive dialogue. The aim of this activity is to clarify Gazprom's current activities and development prospects for shareholders in a proper way.

Conference calls, meetings of Gazprom's management with shareholders and investors including meetings during road shows take place on a regular basis. Visits to Gazprom Group production facilities are arranged for analysts from investment companies. The Company annually holds Investor Days. In the course of these events the investment community representatives get a chance to receive the most detailed information on Gazprom's activities, its latest accomplishments and development strategies as well as full and complete replies to their questions. The next Investor Day is scheduled for February 8, 2013 in Moscow, then it will take place in London and New York.

Such work considerably increases the attractiveness of Gazprom's securities for the investors. Currently, more than 30 leading Russian and foreign investment banks issue analytical reports that contain recommendations on transactions with Gazprom's shares and bonds. According to the latest reports, the majority of analysts see the high upside potential in prices for the Company's shares and recommend buying them.

The interest of foreign investors to Gazprom's shares including major international funds remains steadily high. Currently, more than 400 institutional investors from 40 countries hold American depository receipts (ADR). Gazprom's ADRs account for about half of all foreign share investments into the Russian oil and gas industry.

The high level of investors' trust to Gazprom's shares effects the Company's price of debt financing: Gazprom raises funds with record low interest rates.

As part of further activities aimed at improving the relations with investors and shareholders, Gazprom is going to regularly provide them with publications on updated development strategy in all business areas, i.e. gas, oil and power. It is planned to reveal information on projects in a more detailed way; the possibility is considered of issuing financial statements at shorter notice. To expand the investor base, the Company intends to conduct regular road shows, in new markers as well.

Gazprom will continue to take active part in improving Russian legislation to boost the investment climate, ADR and shareholders rights.

Background

As of late September 2012, 27.6 per cent of Gazprom's shares were floating in the form of ADRs. The majority of investors into ADRs are represented by US and UK funds – they account for 45 and 20 per cent respectively of the total volume of the Company's American Depositary Receipts.

Gazprom is frequent to pick up prestigious awards for investor relations. For instance, in 2012, following the results of an independent study conducted by IR magazine Russia & CIS together with Thomson Reuters Extel, Gazprom entered the top-three list of Russian and CIS companies in the investor relations (IR) category. The opinions of more than 350 asset managers and analysts from Russia, Europe and the USA were investigated in the course of the study. Moreover, the Gazprom representative was announced the winner in the Best IR Officer nomination among the companies of Russia and CIS.