A long-term US$300 million corporate Note issue managed by Kommerzbank AG (Germany) was approved at the Gazprom Management Committee meeting held yesterday.

This Note issue is included in the Gazprom Program of Corporate Loans and Commercial Paper Placements for 2003. The loan is secured by long term export contracts’ proceeds.

The deal enables the company to promptly attract additional non-committed loans for financing on favorable term key projects and for operational needs.

Information Directorate, OAO Gazprom