On 28 May, the Board of directors discussed the report prepared by the Auditing Commission of OAO AK Transneft.
According to the Auditing Commission, the annual report, the income statement and other Company’s financial statements contain reliable data.  2003 business and finance activity met the statutory requirements.
The Board of directors considered the audit report prepared by ZAO KMPG, Company’s auditor.  In the auditor’s opinion, OAO AK Transneft’s financial statements provide, in all material aspects, true and fair view of Company’s financial position and results.  The accounting is maintained in strict compliance with statutory rules and regulations.