London, 2013

Developing Kazakhstan KMG Group has a central role

2

Core Financial information Year-end 2012

• Total Assets$45B

• Gross Revenues$19.6b

• Gross Profit$5.8b

• EBITDA$6.76b

• Capex $5.57b

Capex 2012

E&PTrans-portationRefiningOther

Source: KMG Bond Prospectus 2013

Large reserve base & major production potential

3

Kazakhstan: Strengthening Positions on the Global Energy Market

79.2 108mn tons

20122025

Oil Production in Kazakhstan

44 oil and gas fields

65% of oil transportation

100% gas transportation

21.4 36mn tons

20122025

Oil production by KazMunayGas

Karachaganak

Tengiz

Kashagan

2 Total recoverable oil reserves

bn tons of oil

1.3 Total recoverable oil reserves

bn tons of oil

24.2 37production (mn tons)

2012 2025

start 36.7

production (mn tons)

2012 2025

0.5 Total recoverable oil reserves

bn tons of oil

11 7.2production (mn tons)

2012 2025

4

Intensification of Exploration Efforts

797bn KZT

2013-2017

Financing of Exploration Efforts in the KazMunayGas group

0

500

1,000

1,500

793823

8.37 51.15

779 790 768 817 795 865 9051,092

1,3231,436 1,414

35.5 4.2 74.2 4.3 95.0 66.0215.2 262.8

146.613.4

823 1,414mn tons

20122022

Dynamics of oil and condensate reserves of the KazMunayGas group

By 2022 increase in the RESERVES of the KazMunayGas group to 1.4 bn tons is expected

From 2017, the reserves growth is planned using geologic exploration works with application of leading-edge TECHNOLOGY

20112012 (fact)

2012*(forecast)

2013* 2014* 2015* 2016* 2017* 2018* 2019* 2020* 2021* 2022*

738 Prospecting and exploratory drilling costs

bn KZT

50 3D seismic prospecting costs

bn KZT

9 2D seismic prospecting costs

bn KZT

airborne magnetic surveying

reservoir simulation basin simulation multifocusing

Leading-edge technology in exploration works:

Dynamics of KMG's oil and condensate reserves, mn tons:

5

Diversification and capacity expansion of export routes

AtyrauKenkiyak

Kumkol

Atasu

Alashankou

Shymkent

Taraz

Khorgos

Almaty

TURKMENISTAN - UZBEKISTAN

Beineu

Bozoi

Kyzylorda

Line C

Gas pipeline Kazakhstan-China

Oil PipelineKazakhstan-China

Beineu-Bozoi-Shymkent

Kazakhstan-China oil pipeline: EXPANSION of the oil pipeline on the Atyrau - Kenkiyak - Kumkol - Karakoin - Atasu - Alashankou sections (implementation: 2014-2017)

Kazakhstan-China gas pipeline: construction of the THIRD LINE (line С)(launch in 2016)

Beineu-Bozoi-Shymkent gas pipeline:

phased commissioning, incl. Section BEINEU – BOZOI (implementation: 2011 – 2015)

MAJOR MANUFACTURING PROGRAMME UNDERWAY /PLANNED

Atyrau refinery ( underway)Aromatics Production complex

$1.098mRoad Bitumen production

$290mDeeper oil conversion complex

$1.680m

Shymkent Refinery reconstruction project

Pavlodar Refinery upgrading project

Petromedia Refinery upgrade ( completed) ADDING VALUE TO KAZAKHSTAN PRODUCTION & RAISING KAZAKH CONTENT

Thank you for attention!