The Gazprom Board of Directors took notice of the information on the Company preliminary 2011 operating results, projected Investment Program, Budget and Cost Optimization Program for 2013-2014.

The Board of Directors approved Gazprom Investment Program, Budget and Cost Optimization Program for 2012. Pursuant to the approved Investment Program for 2012, the total amount of investments will make up RUB 776.648 billion. At the same time, the amount of capital investments will account for RUB 709.604 billion, of which RUB 709.564 billion and RUB 40 million will be allocated for capital construction and acquisition of non-current assets accordingly. The amount of long-term financial investments will total RUB 67.044 billion.

The Investment Program 2012 was compiled with due regard to the preset deadlines for Gazprom's prioritized investment projects that have fundamental significance for attaining the planned levels of gas production and supply as well as for the Russian Federation in general. According to the Investment Program, 33 per cent and 52 per cent of the total capital construction costs will be transferred to gas production facilities, and gas transmission and underground gas storage facilities respectively.

According to the approved Budget for 2012, revenues and gains will total RUB 4.933 trillion while liabilities, expenditures and investments - RUB 5.114 trillion. External financial borrowings are determined at RUB 90 billion. The budget surplus will make up RUB 0.5 billion.

The Cost Optimization Program for 2012 envisages measures aimed at cost optimization to result in a cumulative effect of RUB 19.6 billion. The Board of Directors meeting highlighted that the Gazprom's 2012 Budget stipulates allocating RUB 198.621 billion for dividend payments according to the Company 2011 operating results.

The decision on the dividend amount will be adopted by the Company's shareholders at the annual General Shareholders Meeting based on the Board of Directors recommendation to be formulated in spring 2012.