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GAZPROM

September 28, 2004

Board of Directors addresses auditing of gas, condensate and oil reserves at Gazprom’s fields

The Board of Directors’ meeting is still in progress at Gazprom’s Headquarters.

The Board of Directors has taken into account information on the outcome of gas, condensate and oil reserve auditing at Gazprom’s fields, as of 31 December 2003, and commissioned the Management Committee to keep on making annual independent evaluations of hydrocarbon reserves under international auditing standards as well as to develop the corporate resource base management system.

Reference:

Starting 1997, the US-based DeGolyer and MacNaughton reservoir engineering company has been annually estimating Gazprom-owned proved and probable hydrocarbon reserves under international auditing standards.

As of 31 December 2003, DeGolyer and MacNaughton audited reserves at the Gazprom Group’s 19 fields containing 93% of Gazprom’s overall hydrocarbon reserves.

Based on said evaluation, the Gazprom Group’s proved & probable natural gas as well as condensate, oil and natural gas liquids reserves accounted for 18.5 tcm and 685.2 mln t, respectively, totaling USD 78 billion, USD 17.3 billion up on 31 December 2002.

The international auditing results detected an almost 100% coincidence of DeGolyer & MacNaughton and Gazprom’s assessments of the latter company’s initial geologic reserves. Moreover, the current value of Gazprom’s resource base has tended to be on a sustainable rise over the past 5 years, which is a positive factor of the corporate capitalization growth.

The certification of Gazprom’s reserves under international standards is still underway, with the Vyngayakhinskoye field hydrocarbon reserves and Orenburgskoye field oil fringes to be evaluated before year-end 2004.

The Russian reserve classification system substantially differs from the international analogue. In accordance with the Russian classification, the Gazprom Group’s ABC natural gas, condensate and oil reserves accounted, as of 31 December 2003, for 28 tcm, 1,279.8 mln t and 569.1 mln t, respectively.

The Russian method of gas reserve estimation and calculation takes into account only geologic and production parameters, equating the gas extraction coefficient to 1. In contrast to this, under the international auditing standards, reserves are calculated in terms of a commodity, which is currently profitable to sell and buy, given existing technologies, prices, expenses, taxes and market conjuncture, meaning that reserves are evaluated over a lucrative development period.

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