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NOVATEK Board of Directors announces Extraordinary General Meeting of Shareholders

Moscow, 31 August 2009. The Board of Directors (the “Board”) of OAO NOVATEK (the “Company” or “NOVATEK”) has approved the decision to convene an Extraordinary General Meeting of Shareholders (EGM).

The Board has approved the following agenda for the EGM:

1. Approval of the recommendation by the Board for an interim dividend payment

2. To approve amendments to the Charter of NOVATEK

3. To approve amendments to the Regulations for NOVATEK's General Meetings of Shareholders

4. To approve amendments to the Regulations for NOVATEK's Board of Directors

5. To approve amendments to the Regulations for NOVATEK's Management Board

The Board approved an interim dividend payment in the amount of RR 3,036,306,000 or RR 1.00 per ordinary share (RR 10.0 per GDR), based on the Russian Statutory Accounting results of OAO NOVATEK for the first six months of 2009. The interim dividend record date for holders of ordinary shares is 9 September 2009.

The Board proposed for approval by the EGM certain amendments to the Company’s Charter and internal regulatory documents. The changes clarify the election procedure and activities of the Board of Directors and the Management Board. A list of proposed changes to the Charter can be found on the website of NOVATEK.

The date of compiling the list of shareholders entitled to participate in the EGM is 9 September 2009. Participation in the EGM will be carried out through absentee voting and all ballots must be received by 15 October 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.