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NOVATEK Board of Directors recommends first half 2008 dividend

Moscow, 2 September 2008. OAO NOVATEK (the «Company») today announced the results of its Board of Directors meeting to recommend to the Extraordinary General Meeting of Shareholders («EGM») to approve dividend payments on the Company’s shares in the amount of RR 3,036,306,000 or RR 1.00 per one ordinary share. The Board’s Corporate Governance Committee recommended the dividend payment based on NOVATEK’s results for the first half of 2008 prepared in accordance to Russian accounting standards.

The Company’s EGM will take place on 2 October 2008. Shareholders of record at the close of business on the 24 July 2008 will be entitled to receive dividends and 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.