OREANDA-NEWS. September 4, 2012. NOVATEK (“NOVATEK”) announced the results of its Board of Directors (“the Board”) meeting held in Salekhard (Yamal- Nenets Autonomous District of Russia).

The Board decided to convene an Extraordinary General Meeting of Shareholders (“EGM”) in the form of absentee voting on 16 October 2012, and to approve the following Agenda of the EGM:

1. On the Payment Of Dividends for the First Half 2012; and

2. On the Approval of a related party transaction.

The record date for the EGM is 10 September 2012.

The Board recommended to the EGM to approve interim dividend payment for the first half 2012 in the amount of RR 9,108,918,000, which is RR 3.00 per one ordinary share or RR 30.0 per one GDR. This represents a 20.0% increase compared to the six months 2011.

The EGM will also consider a long-term contract for the procurement of up to 70 billion cubic meters of natural gas from JSC Sibur Holding during the period 2013 to 2022.

Due to the expiration of powers of the Management Board, the Board of Directors resolved to form a new Management Board of eight (8) members for the next five years and to elect the following members to the Management Board:

Vladimir A. Baskov, Deputy Chairman of the Management Board;

Alexander M. Fridman, Deputy Chairman of the Management Board;

Mark A. Gyetvay, Deputy Chairman of the Management Board;

Tatyana S. Kuznetsova, Deputy Chairman of the Management Board - Director of Legal Department;

Iosif L. Levinzon, Deputy Chairman of the Management Board;

Mikhail V. Popov, First Deputy Chairman of the Management Board - Commercial Director; and

Kirill N. Yanovskiy, Member of the Management Board.

Leonid V. Mikhelson will serve as the Chairman of the Management Board as resolved according to the decision of the Annual General Meeting of Shareholders dated 27 April 2012.