OREANDA-NEWS. January 23, 2008. OAO NOVATEK announced a change in the shareholding structure of a shareholder holding not less than five percent of the Company’s ordinary shares. In December 2007, Etana LLC, holder of a 19.34% equity stake (587,221,580 ordinary shares) in NOVATEK, was restructured. As a result of the restructuring Belona LLC received 188,507,775 ordinary shares in NOVATEK and Santata LLC received 398,713,805 ordinary shares in NOVATEK. After the restructuring, the equity stakes of Belona LLC and Santata LLC, in NOVATEK, are 6.21% and 13.13%, respectively. The restructuring of Etana LLC resulted in no change to the beneficial ownership of NOVATEK’s equity.

NOVATEK became aware of the change in Etana LLC’s equity stake on 22 January 2008.