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GAZPROM

October 26, 2005

Board of Directors addresses corporate investment and financial activity matters

The Board of Directorsí meeting is underway at JSC Gazpromís Headquarters.

The Board has taken into account information on the work being done to devise a financial model of Gazpromís development to 2015 and tasked the Management Committee with further working in said direction.

The Board heard a report on the assessment of Gazpromís investment projects efficiency and entrusted the Management Committee with further enhancing the efficiency of the Companyís investment projects.

The Board also reviewed information on the status of separate financial accounting in the core business segments and charged the Management Committee to keep on working in stated area.

Reference:

JSC Gazprom has developed its financial development model up to 2015 allowing to assess various corporate development scenarios and choose an option ensuring maximum growth of the company valuation.

Gazpromís financial model is built on the platform of the Russiaís Energy Development Strategy to 2020, Russiaís socioeconomic development plans, Gazpromís projected gas quotas, gas price alteration scenarios, tax burden level, average financing cost forecasts and a number of other parameters.

The financial model helps forecast yearly behavior of consolidated income and profit within a planning period, the Gazprom Groupís cash flow stemming from the operating, financial and investment activities, spare cash flow, corporate profitability, liquidity and tax burden level parameters, substantiated plan of borrowings as well as assess the impact of tax burden, sales market situation, macroeconomic parameters and debt interest rates on the Gazprom Groupís financial and economic parameters.

The efficiency of Gazpromís investment projects is evaluated both at their pre- and investment stages. The pre-investment stage sees the development of an investment viability report (subject to Gazpromís expertise) and comprehensive targeted construction and debottlenecking blueprints.

Along with the efficiency assessment for separate investment projects, their total rate of return is provided.

Shifting over to an investment stage is authorized by a Management Committee directive based on the positive outcome of the investment viability expertise. Suppliers of key technological equipment and performers of works are selected through competitive procedures, with a general designer planned to be identified on a similar basis. Said steps help determine the objective market value of an investment project.

The Gazprom Groupís consolidated accounts disclose the required data by business segments (key businesses), which is fully in line with both the Russian legislation and international standards of financial accounting.

At present Gazprom is engaged in improving its intra-corporate governance structure and developing a cost management system. The work being done should result in a more transparent and underpinned data on corporate expenses by activity types.

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