OREANDA-NEWS. July 21, 2010. The Board of Directors formed the Audit Committee under the Gazprom Board of Directors. Valery Musin was elected Chairman of the Committee, while 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 2010 and the Board’s action plan for the second half of 2010.

Background

The Audit Committee under the Gazprom Board of Directors is basically focused on assessing:

— nominations for Gazprom's auditor;

— the auditor's report;

— the effectiveness of Gazprom's internal control procedures and 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 had formed this Committee. Therefore, the authority of the previously elected Committee Members expired on June 25, 2010.

The annual General Shareholders Meeting of June 25, 2010 approved ZAO PricewaterhouseCoopers Audit as Gazprom’s auditor for 2010. The company was announced the winner of an open competitive procedure held by Gazprom in accordance with the Federal Law on Audit Activities.