The Board of Directors’ meeting is underway at Gazprom’s Headquarters.

The Board decided on the Audit Committee membership, with Boris Fedorov elected as Chairman and Burckhard Bergmann and Mikhail Sereda approved as members.

The Audit Committee is basically focused on assessing:

• Gazprom’s auditor candidacies;
• the auditor’s report;
• Gazprom’s intra-corporate supervision efficiency along with producing proposals to improve said procedure.

On the threshold of the Annual General Shareholders’ Meeting, the Committee must provide the evaluation of the Gazprom auditor PricewaterhouseCoopers Audit’s report on Gazprom’s 2004 financial operating highlights.

The Board also resolved to bring forward PricewaterhouseCoopers Audit for approval by the Shareholders’ Meeting as Gazprom’s auditor over 2005. PricewaterhouseCoopers Audit was selected through an openly held tender among 19 auditing companies.

Reference:

Gazprom’s Board of Directors’ Audit Committee was shaped under the 15 December 2004 Directive ?04-1245/pz-n on the Approval of the Securities Market Trading Guidelines (effective 1 January 2005) issued by the Federal Agency for the Financial Markets. The Guidelines partially change the requirements applied towards stock market listings of issuing houses.

Gazprom’s shares are currently on the first-level A quotation lists of the Moscow Stock Exchange and Moscow Interbank Currency Exchange. To avoid delisting, Gazprom needed to form the Board of Directors’ Audit Committee as stipulated by the requirements described in the Enclosure ?1 of the Securities Market Trading Guidelines. The Audit Committee must be chaired by an independent director not being public official.

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