The Board of Directors' meeting has adjourned at the Gazprom Headquarters.

The Board of Directors approved the Company’s efforts aimed at executing a package of liquidity management measures in Gazprom. The Management Committee was entrusted with further development of the Gazprom Group liquidity management system.

Background:

A key objective of liquidity management is to ensure the Company’s capability of continuous operation, fulfillment of the obligations undertaken before its partners and creditors, and implementation of its strategic development plans.

In the environment of the global financial crisis, efficient management of the Company’s liquidity becomes of utter importance.

Gazprom is making successful efforts in this field.

In particular, a project for centralized cash pooling is currently underway in the Gazprom Group. The project embraces both Russian and foreign companies. So far, 27 major gas production and transportation companies of the Group have been involved in the project. The measures aimed at establishing the cash pooling system in foreign subsidiaries of Gazprom have been taken. Today Gazprom is endeavoring to involve all the fully-owned subsidiaries in the cash pooling system. Once created, the system will ensure prompt distribution of cash flows with due regard to the subsidiary structures’ needs, improved quality of temporarily available cash management, as well as shaping of the conditions for short-term credit financing of Gazprom on favorable terms.

Streamlining of Gazprom’s liquidity management system stipulates, inter alia, comprehensive automation of basic business processes of financial management and further integration of risk-management procedures with the Company’s liquidity management system.