1. Nord Stream – Current Status And Progress Achieved So Far Russian Economic and Financial Forum in Switzerland Paul Corcoran, Financial Director, Nord Stream AG – Zurich, 17 March 2008

2. 2 A NEW NATURAL GAS SUPPLY ROUTE FOR EUROPE 1,220-kilometre-long offshore natural gas pipeline across the Baltic Sea Two parallel pipelines with a total capacity of 55 bcm per year Connecting Western European natural gas network with Russian gas reserves From Germany, natural gas can be transported to Denmark, the UK, the Netherlands, Belgium, France and other countries

3. 3 ~ 175 55 Import gap  230 bcm Additional gas imports needed Nord Stream Domestic production Existing imports/agreements Additional gas import requirement 712 bcm 2015 530 bcm 2005 Imports 75% 59% EU domestic gas production SIGNIFICANT CONTRIBUTION TO SECURITY OF SUPPLY

4. 44 THE NEW SHAREHOLDER STRUCTURE Current 51% 24,5% 20% - 9% 24,5% 20% Future Advantages of the new structure Operational and technical expertise of Gasunie in the construction and operation of pipelines Strengthening of wider European character of Nord Stream

5. 5 COMPLIANCE WITH INTERNATIONAL LEGAL FRAME United Nations Convention on the Law of the Sea (freedom of the high seas includes freedom to lay submarine cables and pipelines) Espoo Convention (international consultation process), Council Directive 97/11/EC of 3/3 1997 European Directive on Environmental Impact Assessment Cooperation with the Helsinki Commission – HELCOM

6. 6 Consultation process started in April 2006 Formal inter-governmental Notification in November 2006 Regular meetings within the Espoo framework Updated status documentation delivered in October 2007 Distribution of draft transboundary EIA report to involved country authorities in December 2007 Final transboundary EIA report currently being finalised STATUS OF INTERNATIONAL CONSULTION PROCESS INVOLVING ALL BALTIC SEA STATES

7. 7 NATIONAL APPROVAL PROCESSES Nord Stream is subject to national legislation in each of the countries through which it passes: Finland, Sweden, Denmark and Germany (‘Parties of origin’) and Russia Example of Sweden Submission of application documents to Swedish government on 21 December 2007 First official response of Swedish government on 12 February 2008 requesting additional information Submission of applications in Russia, Denmark, Germany and Finland to follow

8. 8 PIPELINE DESIGN Two pipelines, almost in parallel, with an inner diameter of 1,153 mm, and a design pressure of up to 220 bar Steel wall thickness in the range of 26.8 mm to 41.0 mm Concrete coating with a thickness ranging between 60 mm and 110 mm to give added weight sufficient to stabilize the pipeline on the seabed Midway service platform to facilitate pipeline maintenance and inspection by “intelligent pigging” 220 bar100 bar

9. 99 ECONOMIC IMPACT FOR EUROPEAN SUBCONTRACTORS A great volume of business generated for various supplier companies all over Europe All contractors selected on the basis of competitive tenders Subcontractors for environmental studies and technical design Environmental Impact Assessment (EIA) prepared by Rambøll, Denmark Environmental studies carried out by Marin Mättinek (MMT), Sweden, and Institut für Angewandte Ökologie (IfAÖ), Germany Technical engineering conducted by Snamprogetti, Italy

10. 10 MAJOR SUPPLY CONTRACTS CONCLUDED Conclusion of supply contracts and Letters of Intent important steps towards efficient and timely project implementation Supply agreements are concluded for the first pipeline: one million tons of steel pipes are ordered Europipe (Germany) to supply 75% – order value 1.2 bn EUR OMK (Russia) to supply 25% – order value 0.4 bn EUR Further tender will be issued for 2nd pipeline Letter of intent has been signed with SAIPEM (Italy) for pipe- laying contract Letter of Intent for logistics (concrete coating, pipe storage, transport) due to be signed with EUPEC in March Locations: Mukran (D), Kotka, Hanko (FIN), Slite and Karlshamn (SW) Order value ca. 650 mio EUR

11. 11 STRUCTURE OF FINANCING Financing structure 30 per cent of project costs by equity contributions from shareholders 70 per cent financed externally through limited recourse finance (lenders to be determined in the near future) Financial advisors chosen Société Générale ABN Amro Dresdner Kleinwort Currently, framework of bank participation is being prepared Support of export credit agencies also an option

12. 12 Feasibility Study Conceptual Design Detailed Design Laying Line 1 Commiss -ioning Line 1 Commiss -ioning Line 2 Laying Line 2 EIA & Approvals 201120122009-20102005-20061997-19992006-20092011-20122007-2008 TIMEFRAME MEETS EU’S NEEDS FOR GAS Key issues in 2008 Detailed technical planning for construction work Completion of Environmental Impact Assessment Finalization of contracts for key investments (pipes, logistics, pipe lay) Determination of external project financing Ongoing dialogue with authorities in the Baltic Sea region

13. 13 Contacts Nord Stream AG Grafenauweg 2 6304 Zug / Switzerland Phone: +41 (0) 41 766 91 91 www.nord-stream.com Paul Corcoran Financial Director paul.corcoran@nord-stream.com