The Board of Directors formed the Audit Committee under the Gazprom Board of Directors. Valery Musin was elected Chairman of the Committee, Farit Gazizullin and Mikhail Sereda were named Members of the Committee.

The Board of Directors also approved the remuneration to the auditor for auditing the Gazprom accounting statements for 2011 and the Board's action plan for the second half of 2011.

Background

The Audit Committee under the Gazprom Board of Directors is basically focused on assessing the nominations for Gazprom's auditor, the auditor's report, and the efficiency of the Company's internal control procedures as well as elaboration of proposals on their improvement.

The Audit Committee Members were elected pursuant to the provisions of the guidelines for the appropriate Committee of the Board of Directors. The authority of the Committee Members expires simultaneously with the expiry of the authority of the Board of Directors that formed this Committee. Therefore, the authority of the previously elected Committee Members expired on June 30, 2011.

The annual General Shareholders Meeting of June 30, 2011 approved PricewaterhouseCoopers Audit as Gazprom's auditor for 2011. The company was announced the winner of an open competitive procedure held by Gazprom in accordance with the Federal Law on Audit Activities.