E&P Program and Financial Strategy

Notes: (1) 2008 Key E&P Highlights NOVATEK's exploration activities Seismic Field/License area Yurkahrovskoye New Yurkharovskoye Khancheyskoye Olimpiyskiy (Sterkhovoye) Raduzhniy Zapadno-Urengoyskiy Yarudeyskiy Assoc. lic. areas¹ El-Arish (Egypt) C₁ NOVATEK Reserve Growth Liquids Drilling Gas 141 km² (3D) 4 wells 13 bcm 0.9 mmt 42 km² (3D) 1 well 6.9 bcm 1.0 mmt 225 km² (3D) 3 wells 4.7 bcm 0.4 mmt Interpretation of 3D and 2D 1 well 3.9 bcm 1.0 mmt 225 km² (3D), Interpretation of 2D 2 wells 2.4 bcm 0.3 mmt 280 km² (3D) 150 linear km (2D) 1,591 linear km (2D) 1,133 km² (3D) 1 well 3 wells 1.8 bcm 3.4 bcm 0.1 mmt Estimated increase in Russian classified C, reserves of approximately 36.1 bcm of gas and 3.7 mmt of liquids as of YE 2008 Gross figures, not adjusted for NOVATEK's shareholding in associated license areas 12

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