Preliminary Operating Data for 1Q 2016

FOR IMMEDIATE RELEASE

NOVATEK Reports Preliminary Operating Datafor the First Quarter 2016

Moscow, 7 April 2016. OAO NOVATEK ("NOVATEK" and/or the "Company") reported today preliminary operating data for the first quarter 2016.

NOVATEK's marketable production totaled 17.24 billion cubic meters (bcm) of natural gas and 3,208 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in natural gas production by 1.09 bcm, or by 6.7%, and an increase in combined liquids production by 1,217 thousand tons, or by 61.1% as compared with the first quarter 2015.

The Company processed 3,232 thousand tons of unstable gas condensate at the Purovsky Processing Plant, which represented a 29.8% increase as compared with the corresponding volumes processed in the first quarter 2015.

In the first quarter 2016, NOVATEK processed 1,779 thousand tons of stable gas condensate at the Ust-Luga Complex, which was 4.7% higher than the volumes processed at the facility in the first quarter 2015. Preliminary first quarter 2016 petroleum product sales volumes aggregated 1,881 thousand tons, including 1,151 thousand tons of naphtha, 297 thousand tons of jet fuel, and 433 thousand tons of fuel oil and gasoil. Export sales of stable gas condensate amounted to 479 thousand tons.

As at 31 March 2016, NOVATEK had 0.4 bcm of natural gas and 395 thousand tons of stable gas condensate and petroleum products in storage or transit and recognized as inventory.

NOVATEK's hydrocarbon marketable productionincluding share in production of joint ventures

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Information provided in this press release presents expected results of OAO NOVATEK operations in 1Q 2016. The information represents preliminary assessment only, which can be adjusted after statistical, financial, fiscal and business reporting becomes available. The information on NOVATEK's operational results in this press release depends on many external factors and therefore, provided all permanent obligations imposed by the London Stock Exchange listing rules are unconditionally observed, cannot qualify for accuracy and completeness and should not be regarded as an invitation for investment. Therefore, the results and indicators actually achieved may significantly differ from any declared or forecasted operational results in 1Q 2016. OAO NOVATEK assumes no obligation (and expressly declares that it has no such obligation) to update or change any declarations concerning any future results, both due to new information obtained, any future events or for any other reasons.

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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 natural 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».