KAZAKHSTAN STOCK EXCHANGE (KASE)December 1, 2008

COEVAL OF TENGE KASE was established on November 17, 1993 under the name of Kazakh Inter-bank Currency Exchange two days after Tenge (the new national currency of Kazakhstan) had been introduced on November 15, 1993.Currently, November 15 is observed as the official "Day of National Currency"."New" tenge (since 2006)"Old" tenge (19932006)

NOW COMMERCIALKASE is a commercial joint-stock company with 71 shareholders (as of December 1, 2008). Regional Financial Center of Almaty JSC is the largest shareholder. Shareholders include banks, brokerage firms, asset management companies, pension funds and other professional financial institutions.Voting method: one share one vote.

THE SIZE MATTERS As of November 1, 2008own capital $10.6 mpaid up charter capital $1.4 mauthorized shares5,000,000 outstanding shares 450,000share balance value2,732 tenge($22.9 )

SO DOES THE PROFIT

assetsnetprofitreturn onassetsreturn on equity2007$11.9 m$1.8 m17.8 %20.2 %2006$8.3 m$2.2 m32.5 %34.3 %2005$5.2 m$1.3 m29.0 %30.4 %

The total of members 99 of which: WE ARE BIG IN NUMBERSCategory "A" (with the right to trade in all financial instruments circulating on the special trading floor of the Regional Financial Center of Almaty) 53;Category "B" (with the right to trade in foreign currency) 30;Category "C" (with the right to trade in futures) 6;Category "K" (with the right to trade in government securities) 85;Category "P" (with the right to trade in corporate serial securities listing on KASE) 85;Category "H" (with the right to trade in corporate serial securities admitted to circulation (trading) in sector Unlisted securities" of the KASE Trading system, and state-owned shareholding of organizations being privatized) 50.

WE MAKE THE HISTORY (1)1993 first trades in foreign currency (US dollars)1995 first trades in T-bills1996 first trades in derivatives (KZT/USD exchange rate futures)1997 first trades in listed shares1997 first trades in state-owned shareholding1997 first trades in unlisted corporate securities1998 launch of KASE "nego" deals system (substitution of over-the-counter securities market )1998 first trades in euro bonds of Kazakhstan

WE MAKE THE HISTORY (2)1999 first trades in listed bonds1999 first trades in municipal bonds (such bonds were prohibited for issue in 2005) 1999 launch of "nego" repo market2001 launch of "automatic" repo market (currently most massive and active sector of KASE market)2006 first trades in foreign corporate bonds (JP Morgan and Merrill Lynch) 2006 IPO of KazMunaiGas Exploration Production shares using KASE settlement system

WE MAKE THE HISTORY (3)2006 KAZAKHMYS PLC (UK) secondary share offering by subscription through KASE2007 special trading floor of the Regional Financial Center of Almaty city established on the base of KASE (to attract foreign issuers and investors)2007 launch of new share market index KASE Index, continuing numerical series of KASE_Shares Index2007 KASE commercialization 2008 implementation of new listing rules, reconstruction of unity through integration of MTF KASE and STF RFCA2008 first trades in affined ingot gold futures

KASE UNIVERSAL MARKET (1)

KASE serves a wide range of markets:"nego" and "automatic" repo with government and corporate securitiesforeign currency (US dollar, euro, Russian ruble)government securities issued by the National Bank, Ministry of Finance (including Kazakhstan international bonds) and local district authorities of Republic of KazakhstanIFO bonds and foreign government securitiespromissory notesequitiescorporate bondsKASE UNIVERSAL MARKET (2)

"regular" domestic bonds (nominated in tenge or foreign currency, discount or coupon, with fixed or floating interest)international bonds of Kazakhstan issuersagency bonds (with tax regime same as that for government securities)infrastructural bonds (collateralized by government guarantee)bonds of foreign issuers (prior registered outside Kazakhstan)A GREAT VARIETY OF BONDS

TURNOVER DYNAMICS (USD bn)

TURNOVER and GDP

MARKET CAPITALIZATION

LISTED COMPANIES

SECURITIES OF OFFICIAL LIST

OFFICIAL LIST INDUSTRIAL STRUCTURE

SHARE AND BOND LIQUIDITY PARAMETERS

SHARE AND BOND LIQUIDITY PARAMETERS

MAIN CHALLENGES OF THE MARKETlack of free-float equities (the heritage of case-by-case privatization)conservative policy of the main domestic investors ("buy bonds and hold till maturity")

KASE INDEX

KASE uses its own trading platform:"Server Client" electronic trading systemremote accesselectronic signature and electronic document circulationtraffic encryptionon-line data preservation

OUR TECHNOLOGIES

KASE CONTACT DETAILSInternet:www.kase.kzE-mail:kase@kase.kzPhone:(+7 727) 237 53 00, 237 53 11, 272 98 98Fax:(+7 727) 296 64 02, 272 09 25 Address:291/3a, Dostyk ave, 050020, Almaty, Kazakhstan