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From: Kimberly Kriger <kimberly-kriger@KEKST.COM>
Date: Mon, 15 Oct 2001

STATEMENT FROM NTV MOSCOW, OCTOBER 15, 2001 - Russian television network NTV confirmed today it has been advised by OJSC Gazprom that it will sell all its media assets, including NTV, in order to concentrate its resources on its core energy business. Gazprom's Chief Executive Officer, Alexei Miller, explained to NTV employees that it will engage an international investment bank to assist in the valuation of its media assets and advise it on the optimal sale process. It expects that this process will take approximately three months. Gazprom said further that it will accept participation from NTV employees as well as others in the bidding process.

Boris Jordan, Chief Executive Officer of NTV stated: "We welcome Gazprom's decision to sell its media assets and to do so in a manner that will best assure that NTV will be able to go forward as a financially sound, independent media company. This is the best guarantee that NTV will be able to continue to provide its audience with strong, independent news reporting and quality programming. Since coming on board in April, this has been the goal of our management team."

In addition, Gazprom said that it will continue to finance and support its media assets during this period.

Media Contact: Kimberly Kriger or Fred Spar, Kekst and Company, (212) 521-4800, kimberly-kriger@kekst.com or fred-spar@kekst.com

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