E&P Program and Financial Strategy

Main Themes - 2009 NOVATEK Liquidity Capital Expenditures Projects Crisis Management ➤ maintain strong cash position manageable debt position. ➤ sustainable cash flows ➤ no management shareholder collateralization issues ➤ decreasing inflationary pressure on oil service costs ➤ largely financed by operating cash flows ➤ continued focus on core gas business ➤ operations scaleable to business environment ➤ low risk development drilling program ➤ low cost producer ➤ delivered key infrastructure projects in 4Q 08 ➤ relatively low debt position ➤ firm credit policy ➤ strong balance sheet ➤ adhere to prudent investment decisions 7

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