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NOVATEK Board of Directors recommends 2009 dividend

Moscow, 25 March, 2010. OAO NOVATEK (the “Company”) today announced the results of its Board of Directors (the “Board”) meeting to recommend to the Annual General Meeting of Shareholders (“AGM”) to approve the payment of dividends on the Company’s shares in the amount of RR 1.75 per ordinary share. The Board’s Corporate Governance and Remuneration Committee recommended the payment of dividends based on NOVATEK’s annual results for 2009 prepared in accordance to Russian accounting standards.

The total dividend distribution per ordinary share for 2009, including interim dividends paid for the six months of 2009, amounts to RR 2.75 per one ordinary share.

The Company’s AGM will take place on 28 April 2010. Shareholders of record at the close of business on the 22 March 2010 will be entitled to receive dividends and participate in the Company’s AGM.

PAO NOVATEK is one of the largest independent natural gas producers in Russia, and in 2017, entered the global LNG market by successfully launching the Yamal LNG project. Founded in 1994, the Company is engaged in the exploration, production, processing and marketing of natural gas and liquid hydrocarbons. Upstream activities of the Company’s subsidiaries and joint ventures are concentrated mainly in the prolific Yamal-Nenets Autonomous Area, which is the world’s largest natural gas producing area and accounts for approximately 80% of Russia’s natural gas production and approximately 15% of the world’s gas production. NOVATEK is a public joint stock company established under the laws of the Russian Federation.