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Results of NOVATEK’s Annual General Meeting of Shareholders

Moscow, 28 April 2010. OAO NOVATEK (“NOVATEK” and/or the “Company”) has announced the results of its Annual General Meeting of Shareholders (AGM) held in Moscow on 28 April 2010.

The AGM resolved the following agenda items:

  • Approved the Company’s 2009 Annual Report and Financial Results according to Russian Standards of Accounting (RSA), the distribution of profit under RSA, including the full year dividend payment for 2009;

  • Approved the election of a new Board of Directors;

  • Approved the amendments to the Board of Directors Regulation;

  • Approved the Regulations on Remuneration and Compensation of the Board of Directors;

  • Approved the election of members of the Company’s Revision Committee including compensation to each member for the year; and

  • Approved the election of ZAO PricewaterhouseCoopers Audit as the Company’s independent auditors for 2010.

The Company achieved another year of record financial and operational results in 2009, with total revenues and other income increasing to RR 86.9 billion, or by 14.2%, as compared to 2008, as well as a 13.9% increase in earnings per share.

Speaking at the AGM, Leonid Mikhelson, the Company’s Chairman of the Management Committee, stated: “We continued to prudently invest capital during 2009 to increase production capacity, enabling us to optimize our natural gas and liquid hydrocarbon production volumes. NOVATEK’s strong focus on cost control as well as our flexible marketing channels enabled us to achieve record financial results in 2009.”

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.