MOSCOW - Morgan Stanley and the 2K Audit Business Consultations company, which consult Gazprom and Rosneft on the proposed merger are to submit their reports by December 10, 2004. 2K Audit Business Consultations General Director Tamara Kasyanova said that the consulting company was to submit its assessment report in the beginning of December. The company is carrying out an assessment in accordance with Russian standards, she emphasized. Morgan Stanley consults the two Russian companies on the deal on the basis of international standards. Kasyanova stressed that the two assessments would not depend on each other. As she told RBC, 2K Audit Business Consultations started the assessment three weeks ago.

Morgan Stanley representatives declined to disclose the submission date of its assessment report, citing requirements of its customer, the Russian Federal Property Fund. However, the company confirmed information about its carrying out an independent assessment of Gazprom and Rosneft assets.

On November 11, 2004, the Russian Federal Property Fund announced that these two companies, Morgan Stanley and the 2K Audit Business Consultations company, were chosen to carry out the assessment and consult Gazprom and Rosneft on the proposed merger. Gazprom management has chosen Dresdner Kleinwort Wasserstein (DrKW), Deutsche Bank and Citibank for assessing its assets. DrKW will form three working groups for the assessment. Deutsche Bank and Citibank are to submit two independent fairness opinions. As an interim result of the assessment carried out by DrKW, 10.7 percent in Gazprom is worth more than 100 percent in Rosneft.