Board of Directors addresses upcoming Annual General Shareholders' meeting issues

The Board of Directors has convened on its ordinary meeting at Gazprom’s Headquarters.

Dmitry Medvedev, Board Chairman informed the Board Members of the resolutions on the Gazprom’s share market liberalization issues. The Company has updated and finally agreed on a scheme of the Gazprom’s controlling stake transfer to the State. Given the changes taking place in Rosneft’s consolidated assets and liabilities after September 2004, this asset has been decided not to be used as payment for a Gazprom stake. The required amount of shares will be bought out in cash from the Gazprom Group of companies at their market value. The deal is projected to close before the Annual General Shareholders’ Meeting of Gazprom.

The Board endorsed the time and venue of the Annual General Shareholders’ Meeting to be called to order on 24 June 2005, from 10am Moscow time, at Gazprom’s Headquarters.

The Board ratified the Shareholders’ Meeting Agenda.

The Board approved the Board Members as the Shareholders’ Meeting Presidium, with Dmitry Medvedev, Board Chairman elected as the Shareholders’ Meeting Chairman.

The Board preliminarily endorsed the parent company’s annual financial accounts over 2004 filed in accordance with the Russian legislation.

Information Directorate, OAO Gazprom

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