E&P Program and Financial Strategy

E&P CAPEX Forecast - 2009 NOVATEK 2009F E&P CAPEX Program, RR MM¹ 2009F E&P CAPEX by Activity Other 334 Minimum Maximum 1% 1% Other exploration 352 6% 8% 5% 8% 27% 9% Sterkhovoye 718 ■Minimum Capex 14,216 34% 14% 12% Khancheyskoye 761 Maximum Capex 21,770 19% 23% Purovsky/Ust-Luga 1,087 E. Tarkosalinskoye 1,983 Yurkharovskoye 8,981 33% 7,554 16,535 Infrastructure Pipelines ■ Purovsky ■ Drilling ■Compressor Stations ■Exploration Other The launch of the 3rd phase and associated drilling program at the Yurkharovskoye field are the principal differences between 2009 Minimum and Maximum capex cases. The determining factor will be based on market dynamics in 2009. Notes: (1) Net of VAT, nominal amounts 16

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