NOVATEK BoD Approve Report on Buyback Requests

FOR IMMEDIATE RELEASE

NOVATEK's Board оf Directors Approve Report onBuyback Requests

Moscow, 9 August 2016. The Board of Directors (the "Board") of OAO NOVATEK ("NOVATEK" and/or the "Company") approved today the Report on shareholders requests for buyback by the Company of their holdings of NOVATEK shares (the "Report"). According to the Report, the Company has no obligations to buy back shares.

Note

On 20 June 2016 the Company's EGM approved a number of transactions and agreements related to external financing of the Yamal LNG project. As stipulated by Article 75 of the Russian Federal Law on Joint Stock Companies, NOVATEK shareholders who voted against approval of the transactions and agreements or did not take part in the voting on this agenda item, had the right to request full or partial buyback by the Company of their holdings of NOVATEK shares. Buyback requests could be filed within 45 days from the transaction approval by the EGM, up to 4 August 2016.

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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».