Update on NOVATEK Buyback Program

FOR IMMEDIATE RELEASE

Update on NOVATEK Buyback Program

Moscow, 29 May 2017. PAO NOVATEK ("NOVATEK" and/or the "Company") announces today that pursuant to the Company's buyback program announced on 7 June 2012, during the period from 22 through 26 May 2017, 163 000 ordinary shares (including in a form of Global Depositary Receipts) were purchased on the open market.

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

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PAO NOVATEK is one of the largest independent natural gas producers 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 a public 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».