Gazprom’s Board of Directors’ Meeting outcomes were summed up in absentia.

The Board of Directors decided to conduct an open tender to select an auditing company that will carry out compulsory annual audit of Gazprom’s financial accounts for 2004.

The Board of Directors also approved the composition of the Tender Commission to be responsible for selecting auditing companies and specifying the Tender regulations.

Reference:

Auditing companies wishing to participate in the Tender should submit their applications to the Tender Commission within 15 days from the date of the formal notice.

The formal notice of the Tender opening date and regulations was published in the Izvestia newspaper on 31 March this year.

All applicants will be invited to put forward their technical and financial bids until 26 April.

The Tender is to be held on 15 May 2003 at Gazprom’s Headquarters.

The auditing company having the highest score will be judged by the Tender Commission as the winner.

The Tender outcomes will be considered by Gazprom’s Board of Directors and the newly selected auditor will be approved at the annual General Shareholders’ Meeting to be held on 25 June 2004.

The Tender regulations for carrying out compulsory annual audit of Gazprom’s financial accounts were devised by the Company in accordance with the Federal Law on "The Auditing Activities".

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