Shareholders’ Meeting approved Annual Report, finanial accounts and divided amount

Gazprom’s Annual General Shareholders’ Meeting approved the Company’s Annual Report and financial accounts for 2003, including profit and loss accounts.

Based on Gazprom’s 2003 operating highlights, the Meeting fixed the dividend amount at 69 kopecks per share. A total of RUR 16,335 billion or 11.5% of overall net profits were channeled as dividend allocation for 2003. 31 December 2004 was fixed as a final date of dividend distribution. The above-mentioned actions are fully in line with the Board of Directors’ recommendations.

The Meeting also ratified proposals by the Board of Directors on remuneration to be paid out to the Board of Directors’ members and Auditing Commission, who are not public officials.

Information Directorate, OAO Gazprom