Novatek Joint Stock : Fourth Quarter and Full Year 2020 Operational and Financial Results Conference Call

2021 Operational

and Financial Results Conference Call

Leonid V. Mikhelson, Chairman of the Management Board Alexander Nazarov, Head of IR

17 February 2022

Disclaimer - Forward Looking Statement

Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words "believe," "expect," "anticipate," "intends," "estimate," "forecast," "project," "will," "may," "should" and similar expressions identify forward-looking statements. Forward-looking statements include statements regarding: strategies, outlook and growth prospects; future plans and potential for future growth; liquidity, capital resources and capital expenditures; growth in demand for our products; economic outlook and industry trends; developments of our markets; the impact of regulatory initiatives; and the strength of our competitors.

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control and we may not achieve or accomplish these expectations, beliefs or projections. In addition, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include:

• changes in the balance of oil and gas supply and demand in Russia and Europe;
• the effects of domestic and international oil and gas price volatility and changes in regulatory conditions, including prices and taxes;
• the effects of competition in the domestic and export oil and gas markets;
• our ability to successfully implement any of our business strategies;
• the impact of our expansion on our revenue potential, cost basis and margins;
• our ability to produce target volumes in the face of restrictions on our access to transportation infrastructure;
• the effects of changes to our capital expenditure projections on the growth of our production;
• inherent uncertainties in interpreting geophysical data;
• commercial negotiations regarding oil and gas sales contracts;
• changes to project schedules and estimated completion dates;
• potentially lower production levels in the future than currently estimated by our management and/or independent petroleum reservoir engineers;
• our ability to service our existing indebtedness;
• our ability to fund our future operations and capital needs through borrowing or otherwise;
• our success in identifying and managing risks to our businesses;
• our ability to obtain necessary regulatory approvals for our businesses;
• the effects of changes to the Russian legal framework concerning currently held and any newly acquired oil and gas production licenses;
• changes in political, social, legal or economic conditions in Russia and the CIS;
• the effects of, and changes in, the policies of the government of the Russian Federation, including the President and his administration, the Prime Minister, the Cabinet and the Prosecutor General and his office;
• the effects of international political events;
• the effects of technological changes;
• the effects of changes in accounting standards or practices; and
• inflation, interest rate and exchange rate fluctuations.

This list of important factors is not exhaustive. When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made. Accordingly, we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. We do not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario.

The information and opinions contained in this document are provided as at the date of this presentation and are subject to change without notice. By participating in this presentation or by accepting any copy of this document, you agree to be bound by the foregoing limitations.

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Summary Operational Highlights - 2021

Record revenues - RR 1,156.7 bln (an increase of 62.5% compared to 2020)

Record normalized EBITDA* - RR 748.3 bln (an increase of 90.9% compared to 2020)

Record normalized profit* excluding the effect of foreign exchange gain (losses) - RR 421.3 bln (an increase of 149.3% compared to 2020)

Record free cash flow - RR 228.2 bln (compared to RR -32.7 bln in 2020)

Record hydrocarbons production - 626.3 mmboe (an increase of 3.0% compared to 2020).

*Excluding the effects from the disposal of interests in subsidiaries and joint ventures (recognition of a net gain on disposal and subsequent non-cash revaluation of contingent consideration).

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Key Events 2021

• Yamal LNG plant launched the 4th train with a nameplate capacity of 0.9 mmtpa of LNG. The total nameplate capacity was increased to 17.4 mmtpa.
• Arctic LNG 2 signed the loan agreements for external financing with Russian and international financial institutions and commercial banks with a maximum aggregate volume of 9.5 billion euros for up to 15 years.

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At the end of 2021, the overall project completion rate of the Arctic LNG 2 was estimated

at 59%, with the progress on the construction of the first LNG train estimated at 78% complete.

NOVATEK obtained licenses for the North-Gydanskiy license area, Arkticheskoye and Neytinskoye fields.

• NOVATEK started production from gas condensate deposits at the Kharbeyskoye field, part of the North-Russkiy cluster.

As part of our work to further decarbonize our LNG value chain and develop the Company's low-carbon projects, we signed agreements with international and Russian companies (TotalEnergies, RWE, JBIC, Fortum, Uniper, Severstal, Sberbank, Gazprombank).

NOVATEK became signatory to the Principles of the UN Global Compact regarding human rights, labor standards, environmental protection, and anti-corruption.

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Improving carbon management in 2021

Enhancing climate change management on the BoD level

• BoD Subcommittee

on Climate and Alternative Energy was established

• 4 meetings were held in 2021

Improving the reliability and accuracy of the data

• GHG emissions management system was confirmed to comply with ISO standard
• First independent audit verified GHG emissions data in 2021

Improving transparency

• New Disclosure:

-Scope 3 emissions

-Scope 1 emissions by source -Physical risks in Permafrost

• Active cooperation with non-profit organizations:

-Methane Guiding Principles

-International Group

of Liquefied Natural Gas

Importers

14064 - 1:2007

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