E&P Program and Financial Strategy

Natural gas will remain the fuel of choice in the 21st century A compelling investment case NOVATEK Sustainable business model 23 year R/P life 653 bcm P1 Gas reserves 84% Proved Developed Low-risk Efficient Assets Domestic gas price will continue to increase, high upside to liquid price Favorable pricing environment VALUE Notes: (1) C₁C2 Russian reserve classifications Healthy Balance Sheet Large cash on hand, strong liquidity ratios, and substantially de-levered Substantial un-booked resources¹ 1.3+ tcm of natural gas 185+ mmt of liquids approx. 10 billion boe Focused E&P capex program Focus on developing core natural gas and gas condensate assets 23

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