NOVATEK's Board Approve Agenda for the EGM

FOR IMMEDIATE RELEASE

NOVATEK's Board оf Directors Approve Agendafor the Extraordinary General Meeting of Shareholders

Moscow, 20 May 2016. The Board of Directors (the "Board") of OAO NOVATEK ("NOVATEK" and/or the "Company") approved yesterday the following agenda for the Company's Extraordinary General Meeting of Shareholders ("EGM") convened for 20 June 2016:

- To approve related party transactions.

This agenda item includes approval of a number of transactions and agreements related to external financing of the Yamal LNG project. These transactions and agreements together represent a major transaction and a related party transaction. As stipulated by Article 75 of the 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, have the right to request full or partial buyback by the Company of their holdings of NOVATEK shares.

The Board of Directors defined the buyback price in accordance with recommendations of an independent appraiser at RR 594 per share, which represents a weighted average share price on the Moscow exchange for 180-day period preceding the appraisal date. According to Russian legislation, shareholders will have the right to request a buyback within 45 days from the transaction approval by the EGM.

Shareholders at the close of business on 20 May 2016 will be entitled to participate in the Company's EGM.

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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».