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Moscow, 25 March 2005. The Board of Directors of OAO NOVATEK, one of the leading gas producers in Russia, reviewed the results of the Company’s financial and economic activities (prepared in accordance with Russian statutory accounting) in 2004.

Gross sales for 2004 were RR 23.227 bln (net of VAT) and net profit was RR 5.182 bln. In 2004, OAO NOVATEK sold 16.2 bln m3 of natural gas and 3.056 million tons of liquid hydrocarbons. Natural gas sales amounted to RR 12.644 bln, and sales of oil and oil products totaled RR10.520 bln.

Cautionary statement relevant to Forward-looking information

Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of NOVATEK. We caution you that these statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that we cannot predict with certainty. Words such as «anticipates», «expects», «intends», «plans», «targets», «projects», «believes», «seeks», «estimates», and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Accordingly, our actual outcomes and results may differ materially from what we have expressed or forecasted in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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.