ADR Program - Ratio change

Gazprom reduced number of shares per ADR from four to two

OAO "Gazprom" announces that effective April 21, 2011, it has changed the ratio on the above-mentioned American Depositary Receipt (ADR) program for the company from one American Depositary Share (ADS) equals four ordinary shares to one ADS representing two ordinary shares.

The main purpose of the ratio change is to create further liquidity and enhance marketability of the ADRs without diluting current holders. As a result of the ratio change, ADR holders of record on April 20, 2011 automatically receive, on the distribution date, one additional ADS for every one ADS held. Existing ADRs will continue to be valid and will not have to be exchanged. This ratio change will not affect holders of the company's ordinary shares.

_______________________________________________________________________