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NOVATEK Board оf Directors approves agenda for Annual General Meeting of Shareholders

Moscow, 17 April 2007. OAO NOVATEK (the «Company») today announced the results of its Board of Directors (the «Board») meeting in preparation for the upcoming Company’s Annual General Shareholders meeting («AGM»). The results of the Board meeting are as follows:

  1. The Board of Directors gave preliminary approval to the Company’s annual report for 2006.
  2. The Board of Directors recommended a final 2006 dividend payment of RR 1.10 per share of common stock, or RR 11.0 per Global Depository Receipt (GDR), net of 2006 interim dividends.
  3. The Board, taking into account the termination of the authority of the Chairmen of the Management Committee in 2007 and, in accordance with current regulations, nominated Leonid v. Mikhelson for the position of Chairman of the Management Committee.
  4. The Board approved the agenda of the Company’s AGM to include:
    • To approve the Company’s Russian statutory accounts and annual report for the year ended, 31 December 2006 and the allocation of profit and loss, including approval of the final dividend, payable to shareholders of record at the close of business on 5 April 2007;
    • Election of members of the Board of Directors of OAO NOVATEK;
    • Election of members of the Revision Commission of OAO NOVATEK;
    • Early termination of authorities of the Company’s sole executive body (Chairman of the Management Committee) and formation of the sole executive body (Chairman of the Management Committee) of OAO NOVATEK;
    • To appoint the Company’s auditor for 2007; and
    • To approve the remuneration to members of OAO NOVATEK’s Revision Commission.

The Company’s AGM will take place on 24 May 2007. Shareholders of record at the close of business on the 5 April 2007 will be entitled to 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.