The Gazprom Board of Directors took notice of the information on the Company’s preliminary 2010 operating results, projected Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2012–2013.

The Board of Directors approved Gazprom’s Investment Program, Budget (Financial Plan) and Cost Optimization (Reduction) Program for 2011.

Pursuant to the approved Investment Program for 2011, the total amount of investments will make up RUB 816.363 billion. At the same time, the amount of capital investments will account for RUB 729.865 billion, of which RUB 727.276 billion and RUB 2.589 billion will be allocated for capital construction and acquisition of non-current assets accordingly. The amount of long-term financial investments will total RUB 86.498 billion.

According to the approved Budget for 2011, revenues and gains will total RUB 3.89 trillion while liabilities, expenditures and investments – RUB 3.98 trillion. Financial borrowings are determined at RUB 90 billion. The budget surplus will make up RUB 0.5 billion.

The Cost Optimization (Reduction) Program for 2011 envisages measures aimed at cost optimization (reduction) to result in a cumulative effect of RUB 14 billion.

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