29 December 2011

Shtokman Development AG Board of Directors Reviewed the Company’s Activities in 2011

The regular meeting of Shtokman Development AG (SDAG) Board of Directors was held in Moscow on December 29, 2011. The Board of Directors reviewed the Company’s activities in 2011 and stated that extensive work on the preparatory stage of the Project was carried out during the year.

The shareholders assessed the good progress made but consider that some additional time is required to achieve the necessary conditions to take the Final Investment Decision (FID).

Following discussion of the current situation the shareholders decided to postpone the Final investment decision until the end of March 2012. This timetable to take FID is necessary given the importance and size of the Shtokman project.

“Shtokman is a strategic Project for all of the partners, — Alexei Miller, President of the SDAG Board of Directors, Chairman of the Management Committee of Gazprom stressed. — In this context the FID must be well prepared taking into account scale and complexity of the Project. The shareholders and SDAG are determined to continue their good and close cooperation”.