Change of the GDR Program Depositary Bank

FOR IMMEDIATE RELEASE

Notice of Change of the GDR Program Depositary Bank

Moscow, 29 February 2016. OAO NOVATEK ("NOVATEK" and/or the "Company") announces the completion of change of the depositary bank administering the Company's Global Depositary Receipts (GDR) program.

The new depositary bank for the Company's GDR program is Bank of New York Mellon with the respective agreement in effect from 29 February 2016. Previously, the Company's depositary bank was Deutsche Bank.

Holders of NOVATEK's GDRs are not required to take any action in connection with the depositary change.

Note

The Bank of New York Mellon Corporation is one of the leading asset management and securities servicing companies. It is a member of the United States Federal Reserve System. For more information on the new depositary, please visit www.bnymellon.com.

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For further information, please visit www.novatek.ru or contact:

Press Service Investor Relations

+7 (495) 721 2207 +7 (495) 730 6013

[email protected] [email protected]

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OAO NOVATEK is Russia's largest independent gas producer and the second-largest natural gas producer in Russia. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. The Company's upstream activities are concentrated in the prolific Yamal-Nenets Autonomous Region, which is the world's largest natural gas producing area and accounts for approximately 80% of Russia's gas production and approximately 16% of the world's gas production. NOVATEK is an open joint stock company established under the laws of the Russian Federation. The Company's shares are listed in Russia on Moscow Exchange (MOEX) and the London Stock Exchange (LSE) under the ticker symbol «NVTK».