E&P Program and Financial Strategy

E&P Breakdown 2008 NOVATEK Production Estimate Natural Gas 30.8 BCM Liquids E&P Capex Estimate, RR 30,136 MM¹ Infrastructure 2% 11% ■ Drilling 35% 2.6 MMT 21% Total 221 MMBOE 4% ■ Purovsky/Ust-Luga 11% 16% Pipelines ■Compressor Stations Exploration Development Capex Estimate, RR 26,812 MM¹ Yurkharovskoye Purovsky/Ust-Luga 6,368 Sterkhovoye 2,281 E. Tarkosalinskoye 2,042 Khancheyskoye 1,043 Other 644 Termokarstovoye 116 Notes: (1) Net of VAT, nominal amounts 14,318 Other Exploration Capex Estimate, RR 3,298MM¹ Yurkharovskoye 718 Khancheyskoye 582 Associates 415 Egypt 372 Zapadno-Urengoyskiy 316 Other RR 130 MM 291 Sterkhovoye 288 Raduzhniy 247 New Yurkharovskoye 69 13

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