The abatement of NO with CH4 in the presence of oxygen ([NO] = [CH4] = 1000 or 4000 ppm, [O-2] = 0 to 2%, by volume) was studied on Co-ZSM-5 catalysts (Co content 0.29 to 4.1 wt.-%), prepared from H-ZSM-5 or Na-ZSM-5 by the ion-exchange method. On all samples, the amount of CO and NO adsorbed at room temperature was proportional to the cobalt content (CO/Co similar or equal to 0.5 and NO/Co similar or equal to 1.6), with the exception of the Co-ZSM-5 sample with Co 4.1 wt.-%, on which the adsorption was only slightly higher than that on Co-ZSM-5 with Co 2.0 wt.-%. Infrared spectroscopy (FTIR) showed the formation of carbonyls (one type only, on cobalt equivalent sites), cobalt mononitrosyls (two types) and dinitrosyls (two types). The intensity of bands from carbonyls and nitrosyls was about proportional to the cobalt content, with the exception of the Co-ZSM-5 sample with Co 4.1 wt.-%, on which the bands were roughly as intense as in the sample with Co 2.0 wt.-%. In the Co-ZSM-5 sample with Co 4.1 wt.-%, after heating with O-2 at 773 K, or after its use in catalysis, diffuse reflectance spectroscopy (DRS) showed the presence of Co3O4, not detected by X-ray diffraction. In the presence of O-2, the NO reduction rate was proportional to the Co content, except for the sample containing Co 4.1 wt.-%. The CH4 oxidation rate was proportional to the Co content, in the entire range of Co concentrations, The selectivity of catalysts for NO abatement (selective catalytic reduction, SCR), was nearly independent of Co content but was markedly lower on the sample with Co 4.1 wt.-%. The results suggest that only Co-II ions exchanged in the framework of the ZSM-5 matrix are active in CO and NO adsorption and in the SCR reaction, whereas also the cobalt of the dispersed Co3O4 phase contributes to CH4 oxidation with O-2.