Background

In 2012 the Board of Directors adopted the Corporate Ethics Code of Gazprom. The Code takes into account the best national and global corporate management practices. It specifies the Company's corporate values as well as crucial norms of business conduct based on these values.

Gazprom was among the first Russian companies to adopt in 2002 the Corporate Governance (Behavior) Code. The document aims to provide effective protection of shareholders' and investors' rights, achieve the transparency of decision making within the Company, establish the professional and ethical responsibility of Gazprom's management and shareholders and ensure higher accessibility of information and development of comprehensive norms of business ethics.

On February 13, 2014 the Corporate Governance Code was generally adopted at the meeting of the Russian Federation Government. It will replace the Code adopted by the Russian Federation Government on November 28, 2001.

On December 26, 2013 the Moscow Exchange transferred Gazprom's shares into its Quotation List A, Level 2 with the subsequent addition to the top quotation list. In order to retain Gazprom's shares in the top quotation list, the Company will, if necessary, adjust the Corporate Governance (Behavior) Code in compliance with the new listing rules of the MICEX Stock Exchange upon their enactment.