NOVATEK BoD Increases Size of Management Committee

FOR IMMEDIATE RELEASE

NOVATEK Board of Directors Increases Number of Management Committee Members

Moscow, 10 March 2016. The Board of Directors (the "Board") of OAO NOVATEK ("NOVATEK" and/or the "Company") has approved today the decision to increase the number of the Company's Management Committee from nine (9) to 12 members. The Company's Board has elected the following individuals to NOVATEK's Management Committee:

- Viktor N. Belyakov, Deputy Chairman of the Management Board for Economics and Finance;

- Oleg V. Karpushin, Deputy Chairman of the Management Board - Operations Director;

- Igor A. Plesovskikh, Deputy Chairman of the Management Board - Director for Geology;

- Ilya V. Tafintsev, Director for Strategic Projects;

- Denis G. Khramov, Deputy Chairman of the Management Board.

The Board resolved to terminate the membership of Iosif L. Levinzon and Sergey V. Protosenya in the Company's Management Committee.

The Board also approved amendments to the Company's Regulations on Risk Management and Internal Control Systems.

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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 90% of Russia's natural gas production and approximately 17% 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 MICEX-RTS Stock Exchange and the London Stock Exchange (LSE) under the ticker symbol «NVTK».