OREANDA-NEWS. On 21 August 2008 NOVATEK announced that it had started the GDR buyback program, which was approved by the Company’s Board of Directors on 11 February 2008.

The buyback program shall be executed in accordance with best practices of transparency and corporate governance as well as compliance with FSA rules and regulations. In order to ensure the transparency of the process the Company has selected an independent brokerage house to execute the share repurchase program. The brokerage house, acting on the basis of the mandate stipulating the repurchase criteria, shall purchase the Company's GDR’s exclusively through the London Stock Exchange.