Open Joint Stock Company Gazprom

classifications and methodologies, which differ in certain respects from international and U.S.classifications and methodologies — see Appendix B Part 1 — "Overview of the Russian Gas Industryand its Regulation".Schroder is a trademark of Schroders Holdings plc and is used under licence by SalomonBrothers International Limited.IN CONNECTION WITH THIS ISSUE, SALOMON BROTHERS INTERNATIONAL LIMITEDMAY OVER-ALLOT OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE MARKETPRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE PREVAILFOR A LIMITED PERIOD AFTER THE ISSUE DATE. HOWEVER, THERE MAY BE NO OBLIGATIONON SALOMON BROTHERS INTERNATIONAL LIMITED TO DO THIS. SUCH STABILISING, IFCOMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND MUST BE BROUGHT TO AN ENDAFTER A LIMITED PERIOD.EXCHANGE RATES AND EXCHANGE CONTROLSThe value of the Rouble depreciated significantly against the dollar from 1991 through the firsthalf of 1995, but stabilised, in part due to new policies adopted by the Central Bank of Russia, untilAugust 1998 when the Rouble depreciated significantly against the dollar following the RussianGovernment's decision to temporarily stop supporting the Rouble. See "Investment Considerations –Investment Considerations Related to Russia – Exchange Rates, Exchange Controls and RepatriationRestrictions". The Rouble/dollar exchange rate, published by the Central Bank of Russia and expressedas a number of Roubles per U.S.$1.00, was RUR 27.00, RUR 28.16 and RUR 30.14 at year-end 1999,2000 and 2001, respectively. The rate on 13 October 2002 was RUR 31.67 per U.S.$1.00.ENFORCEABILITY OF CIVIL LIABILITIES IN RUSSIAGazprom is an open joint-stock company organised under the laws of the Russian Federation.The majority of the directors and executive officers of Gazprom reside in Russia. As a result, it may notbe possible for investors to effect service of process outside Russia upon Gazprom or such persons.Moreover, substantially all the assets of Gazprom and of such persons are located in Russia, except forcertain trading subsidiaries with assets located abroad, and it may not be possible for investors toenforce in Russia judgments rendered against them. Judgments rendered by a court in any jurisdictionoutside Russia will be recognised by courts in Russia only if an international treaty providing for therecognition and enforcement of judgments in civil cases exists between the Russian Federation and thecountry where the judgment is rendered. No such treaty exists between the Russian Federation and theUnited Kingdom.4