NOVATEK“Building on Achievements”United Financial GroupOne-on-One Investor ConferenceGreat Eastern HotelLondon, UKFebruary 9-11, 2005

Mark A. GyetvayChief Financial Officer and Member of the Board of Directors

                                                                    

2

Novatek is the second largest Russian natural gas producer

FY 2003 gross and net gas production - 19.5 bcm and 13.2 bcm

FY 2004 gross and net gas production - 21.4 bcm and 15.8 bcm

Significant holder of proved natural gas reserves

Net SPE proved natural gas reserves of 574 bcm as of 31 December 2003

Net ABC1 natural gas reserves of 927 bcm as of 1 January 2004

1H 2004 IFRS reviewed financial results

1H 2004 revenue increased 1.9 times versus 1H 2003

1H 2004 EBITDA increased 2 times versus 1H 2003

Novatek Highlights 2003 - 2004

                                                                    

3

Novatek Highlights 2003 – 2004 continued…

Corporate development Signed protocol on the purchase of a 25% + 1 share stake in Novatek by

Total S.A. Completed buy-out of minority shareholders in December 2004 Completed divestiture and sale of the construction business and other

non-core assets

Capital Market Activities Successful CLN issues totalling USD 100 mln in April 2004 and USD 200

mln in December 2004 USD120 mln 7-year term sheet signed with IFC Successful placement of 3% of Novatek’s equity to diverse global investor

groups Agreement with IFC/EBRD for the purchase by each of a 1% equity stake in

Novatek RTS/MICEX listing

Vertically integrating First phase of Purovsky gas condensate stabilisation plant and BOP film

plant nearing completion Consolidated shareholding in Truboizolyatsiya to 97.9%

                                                                    

4

Operating a series of oil and gas fields acquired at their initial stage of development;

Concentrating development activities in core areas to achieve economies of scale;

Exploiting high margin natural gas properties;

Focusing development activities to achieve volumetric natural gas reserve and production growth;

Managing low cost production advantage;

Enhancing production stream value through centralized marketing and processing activities; and

Committing to build the company based on sustainable development principles.

Strategic objectives driving performance and creating value

Strategy and Value

                                                                    

5

Our Value Proposition – Key Factors

Growth Potential

Profitability

Cash Flow Generation

Market Leadership

Overall ScaleSecond largest natural gas producer in Russia, and

one of the largest independent gas producers in the world

Largest independent gas producer in Russia

2003 to 2005E CAGR of over 30%, with consensusanalyst view of the highest production growth rate

In the Russian energy universe

Continued margin expansion with growth in gastariffs; highly profitable in current pricing regime

Strong cash flows with sufficient operating leverage

                                                                    

6

Our Value Proposition – Key Factors

Dividend Policy

Strategic Focus

Regulatory/PoliticalRisk

Capital Structure

Capital Efficiency Highly disciplined approach toward investmentsand capital allocation

Debt to total capitalization in line with industry peergroup; target range between 30 to 35%

Formulated dividend policy but subject to meetingmedium-term growth profile

Operations highly concentrated in key gas basin; reorganization and divestiture program

almost completed

RF government’s commitment to WTO accession andEU gas reform; negative sentiment toward pace of

domestic gas reform

                                                                    

7

Corporate Governance and Transparency

Adoption of Corporate Governance Policies and Procedures according to OECD and IFC “Best Practices”

– Audit Committee

– Strategy and investment Committee

– Corporate Governance Committee

Appointment of independent Board members (3 out of 8 members)

History of producing IFRS consolidated and standalone financial statements audited by PricewaterhouseCoopers

Independent reserve appraisals according to SPE and Russian Reserve Classifications

Corporate reorganization and divestiture program of non-core assets

Admitted to list equity on the RTS under symbol “NVTK”

Successful completion of capital market transactions with a diverse portfolio of institutional investors

                                                                    

8

Novatek Corporate Structure, Before

Yurkharovneftegas

Tarkosaleneftegas

Khancheyneftegas

Purneftegasgeologiya

Terneftegas Geoilbent

Selkupneftegas

Tambeyneftegas

Novasib

Yargeo

32.3%

43%

77.96%

13.2% 66%

34%

25.1%

50%

41%

NOVA ZPK

NovaTrans

Novakhim

Truboizolyatsiya

Truboplast

100%

100%

100%

97.9%

37.3%

Processing and Transport

Novatek

100%

62.67%

56.1%

73.23%

IndustrialExploration and production

100%

                                                                    

9

Corporate Re-structuring - 2004 Results

Yurkharovneftegas

Tarkosaleneftegas

Khancheyneftegas

Purneftegasgeologiya

Terneftegas Geoilbent

Selkupneftegas

Tambeyneftegas

Novasib

Yargeo

100%

100%

77.96%

100% 66%

34%

25.1%

50%

41%

NOVA ZPK

NovaTrans

Novakhim

Truboizolyatsiya

Truboplast

100%

100%

100%

97.9%

37.3%

Processing and Transport

Novatek

100%

62.67%

IndustrialExploration and production

• 2004 Restructuring results

– Divestiture of construction business

– Acquisition of remaining stake in Terneftegas

– Board approval for disposal of stake in Geoilbent

– Full consolidation of TSNG and KhNG

                                                                    

10

Corporate Re-structuring – 2005 in process

Yurkharovneftegas

Tarkosaleneftegas /Khancheyneftegas/

Pur-Land

Purneftegasgeologiya

Terneftegas

Selkupneftegas

Tambeyneftegas

Novasib

Yargeo

100%

77.96%

100%

34%

25.1%

50%

41%

NOVA ZPK

NovaTrans

Novakhim

Truboizolyatsiya

Truboplast

100%

100%

100%

97.9%

37.3%

Processing and Transport

Novatek

100%

62.67%

IndustrialExploration and production

2005 restructuring goals Disposal of stake in Geoilbent Re-organize TSNG corporate structure from OAO to LLC Merge LLC TSNG with LLC KhNG Acquire stake in LLC Pur-Land from TNG Energy AG

Re-branding of Industrial Subsidiaries

- NovaPolymer

                                                                    

11

Located in the Primary Natural Gas Resource Base of Russia

West Siberia2005: 92%2010: 82%2015: 81%

West Siberia2005: 92%2010: 82%2015: 81%

European Russia

2005: 6%2010: 13%2015: 13%

European Russia

2005: 6%2010: 13%2015: 13%

NOVATEK’s current and future

production is concentrated in the

prolific YNAO

NOVATEK’s current and future

production is concentrated in the

prolific YNAO

Source: RF Energy Strategy to 2020

Moscow

East Siberia2005: 1%2010: 3%2015: 3%

East Siberia2005: 1%2010: 3%2015: 3%

Sakhalin2005: 1%2010: 2%2015: 3%

Sakhalin2005: 1%2010: 2%2015: 3%

Sources of future natural gas production in the Russian FederationSources of future natural gas production in the Russian Federation

                                                                    

12

Regional Russian Natural Gas Projections

2000 2005 2010 2015 2020Russia, BCM 584 580 - 600 615 - 655 640 - 690 660 - 700% of Russian

% of Regional

European Region

7% 6% 13% - 14% 13% - 14% 17% - 18%

Barents sea 0% 0% 65% 63% 70%W. Siberia Region

91% 92% - 93% 81% - 83% 79% - 81% 75% - 76%

Nadym-Pur-Taz

87% 95% - 96% 95% 94% 80% - 84%

Yamal 0% 0% 0% 0% 11% - 16%E. Siberia Region

1% 1% 2% - 3% 2% - 3% 4%

Irkutsk 0% 0% 60% - 73% 80% - 81% 80% - 81%Far East Region 1% 1% 1% - 3% 2% - 3% 2% - 3%

Sakha Republic

44% 50% 50% - 60% 25% - 45% 31% - 40%

Sakhalin 53% 50% 40% - 50% 55% - 75% 60% - 69%

                                                                    

13

Pipeline System in Close Proximity to Primary Fields

                                                                    

14

Novatek’s fields are located in the YaNAO, the world’s largest natural gas producing region

Novatek’s fields are in close proximity to the UGSS

Novatek holds 17 licenses* for hydrocarbon exploration and development

Novatek was granted 5 new exploration licenses in 2004

Novatek’s 3 main fields hold SPE proved reserves of: Natural gas: 574 bcmLiquids: 41 mm tonnes

Yurkharovskoye

Severo -

Urengoiskoye

Zapolyarnoye

Khancheyskoye

East Tarkosalinskoye

Urengoiskoye

Yamburgskoye -

Key Competitive Advantage: Reserve Location

                                                                    

15

Exploration and Development - 2005

Significant development opportunities within existing mineral licenses and exploration activities through the acquisition of new mineral licenses

Assets are concentrated in the development stage and not yet fully exploited

Pro

du

cti

on

Pro

file

Concept, Exploration& Appraisal

Development RestorationDecline

Time

Tarkosaleneftegas

Yurkharovneftegas

GeoilbentJV/YUKOS LLC

Khancheyneftegas

SelkupneftegasJV/Rosneft

Purneftegasgeologia

Novatek’slicenses

Pur-Land

                                                                    

16

Exploration and Development – Gas Profile

0%

20%

40%

60%

80%

100%

0% 20% 40% 60% 80% 100%

PD Gas Reserves/Total P1 Gas Reserves

P1 G

as

Rese

rves/

P3 G

as

Rese

rves

0%

20%

40%

60%

80%

100% Early stage of our natural gas reserve base development

Major exploration potential

Proved developed reserves account for 56% of total proved reserves

Proved reserves account for 50% of total reserves

The Company has 1.6 tcm of ABC1+C2 reserves, of which 57% are ABC1

SPE Proved reserves are only 56% of ABC1 reserves

Khancheyneftegas

Novatek Average

Tarkosaleneftegas

Yurkharovneftegas

Exploration potential vs development needs

Source: DeGolyer and MacNaughton reserve appraisals as of 12/31/2003

Significant future growth

potential

                                                                    

17

Gross Reserve Base Profile

Natural Gas, Gas Condensate and Crude Oil Reserves

4.43

0

3

6

9

12

15

ProvedDeveloped

+ ProvedUndeveloped

+ Probable + Possible + Technical(ABC1 + C2)

Billi

on B

OE

2.24

1.94

1.81

3.02

Source: DeGolyer and MacNaughton and Ryder Scott for SPE reserves, Novatek for technical reserves

                                                                    

18

Proved (P1) Natural Gas Reserves (BCF) as of December 31, 2003* (Gazprom proved gas reserves as of 12/31/02)

7,969

8,411

9,473

13,886

14,935

18,808

19,942

20,191

20,306

21,849

24,473

41,069

43,976

54,769

Norsk Hydro

EnCana

Petrobras

Statoil

NOVATEK pre

ENI

Repsol-YPF

ChevronTexaco

NOVATEK Post

Total

LUKoil

PetroChina

BP

ExxonMobil

Gazprom

*SEC filings and annual reports, OAO NOVATEK reserves per DeGolyer & MacNaughton and Ryder Scott for 5 entities

575,496

Top Global Gas Reserve Rankings

A 35.9% increase in proved gas reserves post consolidation of

minority stakes in Tarkosaleneftegas and Khancheyneftegas

                                                                    

19

Novatek vs. Majors and Peers

Novatek is the largest company based on proven gas reserves in a peer group of US independent gas producers

Novatek has 2.5 times the reserves of its closest US Independent producer, Burlington Resources

Net proved natural gas reserves, bcm

1,551

1,245 1,163

693 619 574 572 565 533393

16,290

Ga

zpro

m

Ex

xo

nM

ob

il

BP

Pe

tro

Ch

ina

LU

Ko

il

To

tal

No

va

tek

Ch

ev

ron

Te

xa

co

Re

ps

ol-

Yp

f EN

I

Sta

toil

Net proved natural gas reserves, bcm

229 219 207 184138 132

103 90 81

574

No

vate

k

Bu

rlin

gto

nR

eso

urc

es

An

adar

koE

ner

gy

Dev

on

En

erg

y

Un

oca

l

Ap

ach

e

EO

GR

eso

urc

es

XT

O E

ner

gy

Ker

r-M

cGee

Ch

esap

eake

Novatek has proved SPE gas reserves of 574 bcm as of 31 December 2003

Novatek ranks favourably amongst global gas reserve leaders

Novatek has proved SPE liquids reserves of 41 mln tons as of 31 December 2003

                                                                    

20

Leadership by Production - 2003

Novatek ranked 5th versus independent gas producer peer group

Novatek’s gas production is 41% of the largest 2003 independent producer, Devon Energy

Novatek’s gross gas production potential is over 50 bcm p.a. at full capacity

75.473.0

60.656.2 55.1 53.4

38.8

30.5

23.2 21.3 21.018.5

Dev

on E

nerg

y

Nov

ate

k (D

ec. 2

004)

Burli

ngto

n Re

sour

ces

Ana

dark

o En

ergy

Unoc

al

Nov

ate

k

Apach

e

EOG

Res

ourc

es

Ker-M

cGee

XTO

Ene

rgy

Che

sap

eake

Pion

eer N

atu

ral R

esou

rces

*Source: Company data, TRUST Investment Bank

Natural gas production, mln cm per day

                                                                    

21

Production Growth CAGR ’03 – ’05E

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

Source: UBS Warburg and Company data

                                                                    

22

Resources for Sustained Long – Term Growth

Reserve CategoryR/P years

Oil/Liquids Gas Total

ABC1 C2 133 123 123

Proved, Probable, Possible (“P3”)

88 85 85

Proved + Probable (“P2”) 49 54 53

Proved (“P1”) 24 37 35

Based on 2003 net actual production and SPE reserve appraisals as of 31 December 2003

                                                                    

23

Peer Valuation Comparison

434.43

281.27

278.57

252.93

220.34

55.00

ApacheCorp

AnadarkoEnergy

BurlingtonResources

DevonEnergy

Unocal

Novatek

Market Capitalization (USD) to Production (mln cm / day)

122.14

92.18

73.72

72.18

65.98

5.73

ApacheCorp

DevonEnergy

BurlingtonResources

AnadarkoEnergy

Unocal

Novatek

Market Capitalization (USD) to Net Proven Gas Reserves

(SPE defined, bcm)

Source: Bloomberg, Troika Dialog and Company data

                                                                    

24

Peer Valuation Comparison

50

100

150

200

250

300

350

400

450

500

550

- 50 100 150 200

EV / BCM P1 Gas Reserves

EV /

BC

M G

as

Proudctio

n

50

100

150

200

250

300

350

400

450

500

550

-

5

10

15

20

25

30

35

- 5 10 15 20 25 30 35

Net Debt / BCM P1 Gas Reserves

Net D

ebt /

BC

M P

1 G

as

Rese

rves

-

5

10

15

20

25

30

35

Novatek

Burlington Res.

Anadarko Energy

Unocal

Devon Energy

Apache

Novatek

Unocal

Burlington Res.

Devon Energy

Anadarko EnergyApache

Comparative Enterprise Value $ per BCM Low Net Debt $ per BCM

Source: Troika Dialog and Company Data

                                                                    

25

Comparison of 1H 2004 vs. FY 2003 consolidated results

1H 2004 Revenue - 74%

1H 2004 EBITDA - 68%

1H 2004 Net profit - 71%

Rapid increase in revenue, EBITDA and net profit attributable to growth in production and price increases

Profitability measures

As a % of sales

2003 2002

EBITDA* 32.5%

30.4%

Net profit 19.1%

11.4%

Novatek’s key financial information (consolidated), RUR mln

Gross Revenue

EBITDA

Net Profit

5 654

17 177

6 636

12 793

1 718

5 575

1 890

3 782

644

3 281

1 103

2 318

2002 2003 1H2003 1H2004

3.0x

1.9x

3.3x2.0x

2.1x5.1x

Financial Position: Rapid Growth in Performance

* Based on Trust Investment Bank

                                                                    

26

Sales of gas and liquid hydrocarbons

Construction

Other revenue

Novatek’s consolidated revenue structure 2003 20021H 2004

Since 2002, Novatek’s operations have been focused on the production and sale of gas and liquid hydrocarbons

The share of revenues from construction has been steadily declining, and at the end of 1H 2004, Novatek completed the divestiture of this business

Other revenues come mainly from the production and sale of polymers and film for pipeline insulation as well as oil and oil product transportation servicesSource: company data

81%

16%

3%

70%

19%

11%

41%

39%

20%

Focus on Core Operating Activities

                                                                    

27

63%

26%

4%7%

Sales and Marketing – Oil and Gas

65%

28%

7%

FY 2003 net gas sales of 13.5 bcm

Key competitive advantages

Proximity of reserves to gas pipelines (UGSS)

Large share of end users

Constructive relationship with Gazprom

Oil exports accounted for 32% of production in 2003

Plans for 2005:

Commissioning of Purovsky Gas Condensate Stabilization Plant

Premium price to Ural’s crude oil blend

Planned output of more than 1mln tonnes

47%

26%

10%

7%

10%

Source: company data

Industrial and metals companies

Traders

Energy companies

Gazprom

Regional distributors

Structure of Gas Sales

FY2003

1H 2003 1H 2004

                                                                    

28

Upstream Operating efficiency (source: Companies data (SFAS 69))

0.6

1.5

1.8

2.5

2.6

2.6

2.9

3.5

3.7

4.2

4.9

5.0

5.1

6.5

0.3

0 2 4 6 8

Novatek

Gazprom

Yukos*

Sibneft

TNK-BP*

Total

LUKoil

Rosneft

Petrobras

BP

Tatneft*

RD/Shell

Conoco Phillips

Chevron Texaco

Exxon Mobil

$/boe

0.43

1.08

1.24

3.13

3.36

3.40

3.56

4.53

5.11

5.73

7.45

0 2 4 6 8

Novatek**

Yukos*

LUKoil

BP

Petrochina

Petrobras

Sibneft

Total

Exxon Mobil

Chevron Texaco

RD/Shell

$/boeNote: Lifting costs for Novatek subsidiaries were restated to exclude production taxes

* Data for 2002

*Yukos data is 2000 – 2002 average

** Novatek data is for 2003 only

Lifting Costs, 2003 Finding & development Costs, 2001-03 average

                                                                    

29

De-mystifying our Gazprom Relationship

Co-operative not competing business models Domestic focus to allow Gazprom to meet its long-term export

commitments Cooperation on expanding the UGSS pipeline network Supply specific regional markets according to Protocol with

Gazprom at FTS prices (i.e., Kurgan and Tyumen) Sell gas directly to Gazprom (approximately 10 to 15% of

production) Matching long-term sales contracts with requisite access

rights (currently under discussion)

Reliable natural gas producer with large resource base to meet growing domestic demand

Novatek’s gas already factored into the RF gas balance Novatek supplies gas to large industrial regions (i.e., Tyumen,

Sverdlovsk and Samara), which minimizes the likelihood of supply interruptions

Limits (or reduces) the need for expensive import of Central Asian gas

                                                                    

30

De-mystifying our Gazprom Relationship

A history of amicable resolutions to all disputes between parties

Potential cooperation in Gazprom’s petrochemical project in Novy Urengoi

Agreement on Strategic Cooperation between Gazprom and Novatek under negotiation covering:

Novatek’s future development plans Access to pipeline network to meet increasing production

profile Novatek’s participation in regional gasification programs Mutual interest in price and transport tariff reform

                                                                    

31

Status of the Total transaction

• Market transaction announcement and FAS consent filings on September 22, 2004

• Various requests from FAS to Total for additional information

• Statement issued by FAS in the press in late December 2004 indicating likely positive announcement but subject to further review

• Recent press reports indicating additional information required on announced 2005 restructuring plans

Recent trend in FAS approval process indicates that the Ministry is taking a longer time to review Strategic market transactions

(i.e., Alcoa; Siemens, InterBrew, Total)

                                                                    

32

Strategic Projects to Fuel Growth

Year Projects

2004 2005 2007 2010

YNG Field Development

Phase I

9 Bcm

Phase II

18 Bcm

Phase III

27 Bcm

KhNG Field Development

Phase I

2.3 Bcm

Phase II

5.2 Bcm

Exploration Projects Ongoing seismic, geological and exploratory activities

Purovskiy Condensate Stabilization Plant

Phase I

2 mm tons p.a.

Phase II

5 mm tons p.a.

White Sea Port Facility

Expand port facility

BOPP film plant 1H 2005 - 25 m tons p.a.

Petrochemical Complex

Feasibility plan completed, financing structure in discussion stages

Liquefied Natural Gas Working group formed, preliminary sites and economics under discussion

                                                                    

33

Novatek’s energy value chain

TarkosaleneftegasKhancheyneftegasYurkharovneftegasPurneftegasgeologia

TarkosaleneftegasKhancheyneftegasYurkharovneftegasPurneftegasgeologia

Purovsky ZPKPurovsky ZPK

Samara PCCSamara PCC

White SeaPort Facilities

White SeaPort Facilities

NovatransNovatrans

420 LPG railway tank cars420 LPG railway tank cars

1st Stage capacity 2 mln tonne p.a 2nd Stage capacity 5 mln tonne pa1st Stage capacity 2 mln tonne p.a 2nd Stage capacity 5 mln tonne pa

Core Natural gas and liquids Production

Companies

Core Natural gas and liquids Production

Companies

High Grade Polypropylene and Polyethylene

High Grade Polypropylene and Polyethylene

Acquired five new exploration licenses and various seismic and geological data

Acquired five new exploration licenses and various seismic and geological data

BOP Plant

TruboizolyatsiyaTruboplast

Packaging filmPackaging filmPipes and Pipe Insulation

Pipes and Pipe Insulation

                                                                    

34

Novatek CLN Allocation Details

33%

20%16%

16%

8%7%

SwitzerlandAsiaUK US-OffshoreRussiaEurope-other

35%

22%

17%

17%

9%

Private Banking / RetailHedge FundsFinancial InstitutionsAsset ManagersOther

Distribution by Geography Distribution by Type

USD 200 million, 18 months 7.75% due June 2006 credit-linked notesNumber of allocated accounts – 63; Countries – 13; Book 1.5x

overscribed

                                                                    

35

CLN YTMs – Downward Trending

Novatek 2005 YTM

5

5.5

6

6.5

7

7.5

8

8.5

9

9.5

10

4/6/

2004

5/6/

2004

6/6/

2004

7/6/

2004

8/6/

2004

9/6/

2004

10/6

/200

4

11/6

/200

4

12/6

/200

4

1/6/

2005

2/6/

2005

Novatek 2006 YTM

6.4

6.6

6.8

7

7.2

7.4

7.6

12/8

/200

4

12/1

5/20

04

12/2

2/20

04

12/2

9/20

04

1/5/

2005

1/12

/200

5

1/19

/200

5

1/26

/200

5

Source: Trust Investment Bank and Bloomberg

CLN 2006YTM – 6.561%

CLN 2005YTM – 6.2325

YTM affect from Total

announcement

Debt investors’ positive outlook on the quality of Novatek’s CLNs is driving down yields

Announcement of Yukos/YNG

auction

                                                                    

36

Novatek RTS Trading Activity – As of Feb. 7th

1,050

1,075

1,100

1,125

1,150

1,175

1,200

1,225

Ask

Pri

ce U

SD

per

Sh

are

NVTK

Closed 3% private placement to a

diverse group of international and regional investors

Implied market capitalization from initial trading activities is $3.643 billion; consensus view

toward Total announced valuation

IFC/EBRD Board approval for the purchase of 1%

equity stake

                                                                    

37

Private Equity Placement - Allocation

38.9%

29.1%

19.3%

12.7%

Continental Europe United Kingdom Russia US OffShore

Source: Trust Bank and Bloomberg

Novatek successfully concluded the placement of a 3% equity stake to a diverse groupof international and regional institutional investors for USD 100 million;

The subscription was allocated to 84 accounts and was 20% over-subscribed

                                                                    

38

Disclaimer – Safe Harbor Act

The following document contains certain “forward-looking” information as defined by the Private Securities Litigation Reform Act of 1995 including, without limitation, estimates, expectations, plans and goals regarding NOVATEK’s forecasted production, reserves, financial position, business strategy and plans and objectives of management for future operations and development. Such forward-looking information (forward looking statements are all statements other than those of historical fact) involves estimates, assumptions and uncertainties that involve risks and uncertainties, including price volatility, development, operational, implementation and opportunity risks, and other factors, which could cause actual results to differ materially. No assurance can be given that NOVATEK’s expectations or goals will be realized, and actual results may differ materially from those expressed in the forward-looking information. The words “aims”, “believes”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, “should”, “will”, “may” and similar expressions are intended to identify forward-looking statements.

This presentation does not constitute an offer or invitation to sell or issue, or any solicitation of any offer to subscribe or purchase, any securities and may not be used or relied upon in connection with any contract or investment decision or commitment whatsoever.

                                                                    

39

EBITDA (earnings before interest, income tax, depreciation and amortisation)

This indicator is based on the sum of the following items of Novatek’s IAS Income Statement:

(Net profit + Income tax + Interest expense + Depreciation and amortisation expenses)

Total debt (Debt)

This indicator is calculated as the sum of the following items of Novatek’s IAS balance sheet :

(Long-term loans received + Short-term loans received)

Current ratio is calculated as a ratio between the following items of Novatek’s IAS balance sheet :

Current assets / Current liabilities

Calculation of key financial indicators used in Novatek’s presentation