OREANDA-NEWS. March 25, 2011. NOVATEK (the “Company”) today announced the results of its Board of Directors (the “Board”) meeting in preparation for the Company’s upcoming Annual General Meeting of Shareholders (“AGM”). The Board reviewed each of the Board Committees’ reports and recommendations and gave preliminary approval to the Company’s Annual Report for 2010.

The Board has approved the following agenda for the Company’s AGM:

1.    To approve the Company’s Russian statutory accounts and annual report for the year ended 31 December 2010, and the allocation of profit and loss, including approval of the final dividend, payable to shareholders based on JSC  NOVATEK’s 2010 Russian statutory results;

2.    Election of members of the Board of Directors of JSC  NOVATEK;

3.    Election of members of the Revision Commission of JSC  NOVATEK;

4.    To appoint the Company’s auditor for 2011;

5.    To approve the remuneration to members of JSC  NOVATEK’s Board of Directors;

6.    To approve the remuneration to members of JSC  NOVATEK’s Revision Commission; and

7.    To approve a related party transaction between JSC  NOVATEK and JSC  Gazprom – additional agreement to the Gas Delivery Agreement.

The Company’s AGM will take place on 28 April 2011. Shareholders of record at the close of business on the 22 March 2011 will be entitled to participate in the Company’s AGM.

The Board also discussed the optimization of the Management Committee’s functions and approved a reduction in its size based on the recommendation of the Chairman of the Management Committee. The Management Committee approved by the Board is comprised of the following members:

1.         Leonid v. Mikhelson – Chairman of the Management Committee.

2.         Vladimir A. Baskov – Deputy Chairman of the Management Committee.

3.         Mark A. Gyetvay – Deputy Chairman of the Management Committee.

4.         Tatyana S. Kuznetsova – Deputy Chairman of the Management Committee.

5.         Iosif L. Levinzon – Deputy Chairman of the Management Committee.

6.         Mikhail V. Popov – Deputy Chairman of the Management Committee.

7.         Alexander M. Fridman – Deputy Chairman of the Management Committee.

8.         Kirill N. Yanovskiy – Member of the Management Committee.