22 June 2010

The Board of Directors has reviewed the progress in preparing the final investment decision of the Shtokman Project, Phase I

The Board of Directors of the Shtokman Development AG was held in Zurich on June 21, 2010 to review the progress in preparing the Final Investment Decision.

The Members of the Board of Directors have noted the significant progress of the Project Team towards the adoption of the Final Investment Decision.
The Partners have confirmed their efforts to carry on active and joint activity on the Project.

Mr. Alexei Zagorovskiy, Chief Executive Officer of the Shtokman Development AG was introduced to the members of the Board of Directors.

All resolutions were unanimously supported by the members of the Board of Directors present.