On August 29, 2011 in the course of the teleconference Mr. Dmitry Dmitrienko, Governor of the Murmansk Region and Mr. Alexei Zagorovskiy, Chief Executive Officer of the Shtokman Development AG (SDAG) discussed current issues of cooperation between SDAG and the Government of the Murmansk Region.

The parties have underlined the importance of state support of investment activities and modification of regional income tax and property tax laws. In compliance with adopted amendments, strategic projects the be realized in the region may be exempt from property tax, with regional income tax rate being 13.5%.

The decision of the Government of the Region to transfer land lots in Teriberka from reserve into industrial and other special purpose categories was also discussed during the teleconference. This decision will enable SDAG accelerating registration of its right to land lots to be allocated for construction of phase 1facilities and required infrastructure.

“Regional income tax reduction and transfer of land lots allocated for the Shtokman Project into industrial category will help SDAG further progress in assessing the Project economics and preparing onshore Design Engineering Documentation of the Shtokman Project. We highly appreciate support the Government of the Region has been rendering to SDAG, and we are confident that we will carry on such cooperation”, said Mr. Alexei Zagorovskiy, SDAG Chief Executive Officer.

“Establishment of favorable investment climate in the region is one of the principal aims of the activities of the Government of the Murmansk Region. Herewith, we give special attention to maintaining balance between economic attractiveness and social liabilities undertaken by the investor. We are encouraged that our negotiations with the Shtokman Development AG have contributed in developing unified position on the subject, which guarantees safeguarding interests of the Company, as well as of the residents of the Murmansk Region”, underlined Mr. Dmitry Dmitrienko.

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