E&P Program and Financial Strategy

Financial Guidance NOVATEK Metric 2003 2004 2005 2006 2007 9M08 Guidance EBITDA, %1 30% 36% 54% 48% 47% 49% 43-45% Effective tax rate² 33.1% 28.3% 27.3% 26.7% 27.0% 24.5% 24-26% Net Income, %³ 19% 23% 32% 29% 30% 32% 23-25% ROE, %4 27% 13% 24% 21% 23% Να 21-23% ROACE, %5 21% 13% 20% 20% 21% Να 18-20% Net debt / Total 29% 27% 8% (3%) 3% 8% 15-30% Capitalization' Financial guidance consistent with actual results over the relative time periods Notes: EBITDA represents net income before finance income (expense) and income taxes from the statements of income, and depreciation, depletion and amortization and share- based compensation from the statements of cash flows as a percentage of Total revenues and other income Effective tax rate represents total tax expense calculated as a percentage of our reported IFRS profit before income tax and share of net income from associates as a percentage of Total revenues and other income 1. 2. 3. 4. 5. Net income plus finance expense (net of taxes)/Total debt plus total equity 6. ROE represents net income/total shareholders equity Net debt represents total debt less cash and cash equivalents. Total capitalization represents total debt, total equity and deferred income tax liability 21

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