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NOVATEK’s Board оf Directors Approve Agenda for 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.

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.