Open Joint Stock Company Gazprom

OAO GAZPROMIAS CONSOLIDATED STATEMENT OF CASH FLOWS(In millions of Russian Roubles in terms of the equivalent purchasing power of the Rouble asof 31 December 2001)Year ended 31 DecemberNotes 2001 2000Operating activities24 Net cash provided by operating activities 135,218 102,091Investing activitiesCapital expenditures (81,190) (57,674)Net change in loans made (1,041) 1,725Interest received 10,796 12,55810 Interest paid and capitalised (14,516) (17,306)25 Net cash received on acquisition of subsidiary 292 –Sale of investments – 3,060Purchase of investments (7,840) (8,351)Net cash used for investing activities (93,499) (65,988)Financing activitiesProceeds from long–term borrowings (including current portion) 88,233 19,009Repayment of long-term borrowings (including current portion) (42,674) (41,799)Sale of promissory notes 47,264 59,035Redemption of promissory notes (67,976) (26,361)16 Redemption of bonds (103) (635)Net (repayments of) proceeds from short-term borrowings (696) 4,46620 Dividends paid (5,851) (3,604)Interest paid (25,899) (26,019)Purchases of treasury shares (47,205) (8,449)Sales of treasury shares (net of profit tax) 43,284 6,8106 Change in cash restricted on borrowings 3,591 (7,436)Net cash used for financing activities (8,032) (24,983)Effect of exchange rate changes on cash and cash equivalents 3,160 1,841Effect of inflation accounting on cash and cash equivalents (2,383) (9,761)Increase in cash and cash equivalents 34,464 3,200Cash and cash equivalents, at beginning of year 12,121 8,921Cash and cash equivalents, at end of year 46,585 12,121A.B. MillerE.A. VasilievaChairman of the Management Committee Chief Accountant26 June 2002 26 June 2002The accompanying notes are an integral part of these consolidated financial statements.F-45