Open Joint Stock Company Gazprom

PRICEWATERHOUSECOOPERSZAO PricewaterhouseCoopers AuditKosmodamianskaya Nab. 52, Bld. 5113054 MoscowRussiaTelephone +7 (095) 967 6000Facsimile +7 (095) 967 6001AUDITORS' REPORTTo the Shareholders of OAO Gazprom1. We have audited the accompanying consolidated balance sheet of OAO Gazprom and itssubsidiaries and associates (the "Group") as of 31 December 2000 and the relatedconsolidated statements of operations, of cash flows and of changes in shareholders'equity for the year then ended. These financial statements are the responsibility of theGroup's management. Our responsibility is to express an opinion on the consolidatedfinancial statements based on our audit.2. We conducted our audit in accordance with International Standards on Auditing. ThoseStandards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used andsignificant estimates made by management, as well as evaluating the overall financialstatement presentation. We believe that our audit provides a reasonable basis for ouropinion.3. In our opinion, the accompanying consolidated financial statements present fairly, in allmaterial respects, the financial position of the Group at 31 December 2000, and the resultsof its operations and its cash flows for the year then ended in accordance with InternationalAccounting Standards.4. Without qualifying our opinion, we draw your attention to Note 24 to the consolidatedfinancial statements. The Government of the Russian Federation is the principalshareholder of the Group and governmental economic and social policies affect theGroup's financial position, results of operations and cash flows.5. Further, we draw your attention to Note 28 to the consolidated financial statements. Theconsolidated financial statements as of 31 December 2000 and 1999, as previously issued,have been restated for changes in the general purchasing power of the Russian Rouble inaccordance with International Accounting Standard 29 "Financial Reporting inHyperinflationary Economies" with all amounts stated in terms of the measuring unitcurrent at 31 December 2001.Moscow, Russian Federation28 June 2001, except for Note 28, as to which the date is 13 September 2002The firm is an authorized licensee of the tradename and logo of PricewaterhouseCoopers.F-3