OREANDA-NEWS. On 15 February 2008 OAO Gazprom issued its unaudited consolidated interim condensed financial information prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (IAS 34) for the first nine months of 2007.

Changes in the accounting treatment of NPF Gazfund significantly impacted the consolidated financial information of OAO Gazprom for the nine months ended 30 September 2007. In connection with the latest developments in the legislation regulating investment of pension reserves, the Group took a decision to terminate consolidation of NPF Gazfund as a subsidiary in the consolidated financial statements starting from the first quarter of 2007. As a result of the change in the accounting treatment, investment assets of the fund are recorded by the Group as pension plan assets in accordance with IAS 19 ‘Employee Benefits’. Primarily the change has impacted the following items: short-term financial assets, other non-current assets, provisions for liabilities and charges, minority interest and treasury shares. Subsidiaries of OAO Gazprom where NPF Gazfund holds an interest (such as OAO Gazprombank, OAO Sibur Holding and their subsidiaries) continue to be consolidated by the Group.

The aggregate effect of NPF Gazfund deconsolidation results in recognition of income of RR 44,692 million in the line “Deconsolidation of NPF Gazfund” in the consolidated interim condensed statement of income and the increase in equity of RR 111,015 million in the line “Deconsolidation of NPF Gazfund”.