E&P Program and Financial Strategy

2009 - 2010 2008 Operating Environment Capacity Constraints Eliminated through... 2nd Phase Yurkharovskoye field development Gas pipeline - Yurkharovskoye field to UGSS (34 bcm capacity) 2nd Phase Purovsky Plant 2nd Stage methanol plant Yurkharovskoye field (40,000 tons p.a.) Complete gas condensate pipeline Complete de-ethanization plant 3rd or 3rd and 4th phase Yurkharovskoye field development LTSU additional 7 - 14 bcm NOVATEK Market Dynamics Non-Controllable Weather GDP Growth Competition Management significantly removed operational constraints over the past year but operating environment now impacted by market uncertainty which is beyond management's control 10

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