The Board of Directors took notice of the information regarding the status and size of Gazprom's loan portfolio, the amount and conditions of the guarantees issued as well as the debt financing strategy.

It was noted that Gazprom was pursuing its loan portfolio management policy in an efficient way that was clearly confirmed by changes in the key debt ratios. For instance, it is expected that the total debt to EBITDA (earnings before interest, taxes, depreciation and amortization) ratio will drop down to approximately 1 by early 2011 versus the early 2010 (1.49).

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