March 19, 2007 - Joint-stock Bank of the Gas Industry Gazprombank (Closed Joint-stock Company) ("Gazprombank") announced today the results of its consent solicitation in relation to the USD 1,050,000,000 7.25 per cent. Loan Participation Notes due 30 October 2008 issued by Gazinvest Luxembourg S.A. (the "Issuer") on a limited recourse basis for the sole purpose of funding a fiduciary deposit with J.P. Morgan Bank Luxembourg S.A. (the "Fiduciary") for the sole purpose of funding a loan to Gazprombank (ISIN: XS0179102560).

On March 19, 2007, the Issuer obtained approval by Extraordinary Resolution of the Noteholders (the "Noteholder Resolution") to an amendment of the terms of a loan agreement dated 24 October 2003 between the Fiduciary and Gazprombank as amended and restated on 28 January 2004 (the "Loan Agreement"). Gazprombank had asked the Issuer to seek such approval so that the Loan Agreement can be amended by replacing the definition of "Subsidiary" with a new definition which is more closely conformed with the definition of "Subsidiary" in other international finance transactions entered into by Gazprombank. Details of the amendment to the Loan Agreement were available in the Solicitation Memorandum dated 21 February 2007.

A loan amending agreement amending the Loan Agreement (the "Loan Amending Agreement") to incorporate those amendments is due to be executed and delivered today by Gazprombank and the Fiduciary in accordance with the Noteholder Resolution. The amendments will become effective once the Loan Amending Agreement has been duly executed and delivered.