Third Quarter 2020 Operational and Financial Results Conference Call

Third Quarter 2021

Operational and Financial Results Conference Call

Alexander Nazarov, Head of IR

28 October 2021

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, manage- ment'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.

2

Summary Operational Highlights - 3Q21

• Total revenues amounted to RR 276.7 bln, representing an increase of 69.0% compared to 3Q20.
• Normalized EBITDA* totaled RR 181.8 bln, representing an increase of 93.6% compared to 3Q20.
• Normalized profit* excluding the effect of foreign exchange gains (losses) totaled RR 104.9 bln, representing an increase of 193.8% compared to 3Q20.
• Free Cash Flow totaled RR 46.2 bln, representing an increase of 385.8% compared to 3Q20.
• Hydrocarbons production totaled 149.5 mmboe, representing a decrease of 0.5% compared to 3Q20.

*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).

3

Key Events 3Q21

• NOVATEK obtained the Arkticheskoye and Neytinskoye fields.
• First modules delivered for the Arctic LNG 2 project.
• A subsidiary LNG Fuel to develop domestic LNG fuel market was created. LNG Fuel will construct small-scale LNG plants, facilitate LNG wholesale markets and develop a retail network for LNG as a motor fuel, as well as provide LNG as part of the autonomous gasification program in the Russian domestic market.
• Representative office in Vietnam was established. The office will facilitate NOVATEK's expansion into the global gas markets and provide continuous support for the Company's prospective energy projects in Vietnam.
• NOVATEK's shareholders approved interim dividends.

FTSE4Good Index Reconfirms NOVATEK.

NOVATEK and Ministry of Economy, Trade and Industry of Japan signed Memorandum of Cooperation on ammonia, hydrogen and carbon capture, utilization and storage.

NOVATEK and JBIC signed Strategic Cooperation Agreement on low-carbon projects.

4

Key ESG events 3Q21

• NOVATEK has become a signatory of United Nations Global Compact
• NOVATEK risk rating advanced to 32.3 that is the best score in Russian Oil & Gas
• In Top 5 among major global integrated oil and gas companies
• Environmental, Safety and Health Impact Assessment, the biodiversity implementation strategy and GHG and energy efficiency management plan of the Arctic LNG 2 project were disclosed

5