1 CONFIDENTIAL Acquisition and greenfield investment opportunities in animal feedlot and meat processing industries in Kazakhstan January 2016 This Presentation does not constitute an offer or invitation to the public in any jurisdiction to purchase any shares or assets of any Company, and does not constitute or form any part of any offer or invitation to purchase shares, nor shall it or any part of it form the basis of, or be relied upon, in any way in connection with any contract or investment decision relating to any shares. Information contained herein should be treated as confidential. Copying or distributing without prior written consent from Kaznex Invest is prohibited.  Vast farmland areas  Agriculture with a potential to increase efficiency  Market potential for processed food  Significant market consolidation potential  Acquisition and greenfield investment opportunities with the range of 0,5 – 400 mln. USD Confidential National export and investment agency “KAZNEX INVEST” JSC Ministry for investment and development of the Republic of Kazakhstan

2 CONFIDENTIAL Agenda 1.Executive summary and basic information 2.Meat & animal feed production 3.Acquisition and greenfield investment opportunities

3 CONFIDENTIAL Executive summary Kazakhstan is a dynamically developing economy with favorable demographics and low public debt Kazakhstan is the largest economy in Central Asia. The country has got vast oil reserves, deposits of metals and robust agricultural potential with lands suitable for both livestock and grain production. Kazakh potential in agriculture  Strong potential for the development of agribusiness in Kazakhstan due to country’s considerable land resources, as Kazakhstan has the world’s 12th largest arable land area, and fifth in the world in terms of pastureland of million hectares, but it uses only about 30% of the pastures;  Kazakhstan plays an important role in ensuring food security in Central Asia. Taking into account the interaction within the Organization of the Islamic food security, the possibilities of Kazakhstan in this area will increase significantly;  Agricultural development program “Agribusinesses 2020” includes state support directed at small, medium and large farms to improve their effectiveness and develop the sector as a broad level;  The special program of Plan of the Nations “100 Steps” is being implemented to address the problem of livestock forage and crop production as well as specifically highlights importance to improve the quality of the meat and dairy goods. Kazakhstan dynamic economic growth  Growing demand in regional and domestic markets for higher value and quality food products of packaged food, branded products and retail private labels is an outcome of Kazakhstan’s growing economy and increasing disposable incomes;  Kazakhstan has a potential of a springboard for expanding into the entire Central Asian, Caucasus, China and India regions with combined GDP of more that USD 16 trillion, acting as an agricultural hub for the macro region;  Attractiveness of the end-consumer market as Kazakhstan represents a relatively large mid-income market with GDP per capita of USD 12,950 in 2014 corresponds to that of most of the benchmark countries. Summary of projects Executive summary Summary of projects Meat production Greenfield Brownfield 1 m USD 10 m USD 100 m USD 400 m USD Capex required 13 Page number

4 CONFIDENTIAL Kazakhstan’s economy and basic market data Kazakhstan’s economy Kazakhstan is a dynamically developing economy with favorable demographics and low public debt Kazakhstan is the largest economy in Central Asia. The country has got vast oil reserves, deposits of metals and robust agricultural potential with lands suitable for both livestock and grain production. Economic growth  Since 2000 Kazakhstan’s economy has been growing dynamically (among the world’s fastest developing countries)  Average GDP growth rate of 7.7% in years  GDP increase has been driven by favorable market prices for Kazakhstan’s leading exports – oil, metals and grain. Demographics  Population of 17.3 million in 2013 expected to increase to 18.7 million by 2020  Favorable age structure implies a steadily increasing demand for meat and agricultural products  Median population age is at 29 years (compared to 46 in Germany, 38 in Poland, 31 in Brazil) Public debt  Kazakhstan has been the first former Soviet republic to repay all of its debt to the IMF, 7 years ahead of schedule  The public debt of Kazakhstan since 2011 remains stable between 12-14%  In 2014 Kazakhstan sold first overseas dollar bonds in 14 years, issuing USD 2.5bn of 10- and 30-year bonds GDP growth rate (%) Male Female Age structure (ths) Public debt (% of GDP) USD/KZT KZT devaluation Public debt  Total area: 2,7 mln. km2 (9 th largest in the world);  Official language: Kazakh, Russian;  Currency: Tenge () KZT);  Capital: Astana;  Largest city: Almaty;  Administrative division: 14 regions + 2 cities of republican significance;  Membership in the organizations: UN, IMF, WB, OSCE, OIC, WTO. Basic information

5 CONFIDENTIAL Kazakhstan’s food processing industry Market data and value Agro strategy of Kazakhstan For the period gross production of the agriculture goods in Kazakhstan increased by 1,5 times and reached 8 bln. USD in Growth and investment attractiveness  Agro sector is becoming more competitive and export-oriented. Since 2010 export of agriculture commodities and processed products has increased by 1,5 time and reached 2,6 bln. USD.  Food processing total turnover for the year 2014 reached import and export indicators in the year 2015 were 2,9 and 1,1 bln. USD respectively  FDI inflow to the sector increased by 2 times and reached 894,5 mln. USD in 2014, out of which FDI into the food processing industry was about 219,4 mln. USD.  Currently there are about enterprises of small medium and large sizes operating in the sector of food processing in the country  Local market provision with domestically produced main categories of goods was around 80%.  Average production capacity for companies in 7 subsectors of food processing was around 42%, varying from lowest 16,2% in vegetables processing to highest 66,2% in production of canned meat Agro strategy of Kazakhstan Strategy “Kazakhstan ”  To increase the level of state support for agriculture by 4,5 time by 2020;  To increase the agro contribution to GDP of the country by 5 times by  As of 2014 overall food processing industry of the country increased by 2,9% and reached over 5,5 bln. USD. Strategy “Agrobusiness ”  Investment subsidies to subsectors of crop production and animal feedlots;  Investment subsidies;  Lowering interest rate on credit lines and lease;  Subsidies for purchase of raw materials for processing companies;  Exemption from income tax on income of smallholders;  Subsidies for the paid VAT 10 priority subsectors of agriculture and food  Milk processing  Meat processing  Production of fats  Deep processing of grain  Fruits and vegetables processing  Confectionery  Fish processing  Processing of hides  Sugar production  Wool processing

6 CONFIDENTIAL Acquisition and greenfield investment opportunities Allocation of investment opportunities with regard to country’s regions East Kazakhstan is characterized by meat production facilities (slaughterhourse and a feedlot); Jerusalem artichoke Kyzylorda region -vegetable crops production, poultry and diary production Zhambyl region – poultry and soy been production plant; baby food production Allocation of investment opportunities with regard to country’s regions

7 CONFIDENTIAL Agenda 1.Executive summary and basic info basic information 2.Meat & animal feed production 3.Acquisition and greenfield investment opportunities

8 CONFIDENTIAL Meat processing market data and financials Poultry deficit in the Kazakh market provides an opportunity for meat producers Meat consumption  The average annual growth rate of meat consumption per capita since 2009 was 7.7%  In , consumption levels remained almost unchanged in terms of volume with beef consumption share of 47%  Poultry meat consumption has been the fastest growing segment with a CAGR of 13.5%, reaching an average annual consumption per capita of 15kg in 2013 Average annual consumption per capita (kg) Import balance  Kazakhstan has a positive net import balance with export volume below 1% of the imported meat (below 2 ths tons annually)  Poultry is responsible for over 80% of total import volume of meat in Kazakhstan and exceeds the level of domestic poultry production Annual meat import (ths tons) Livestock levels in Kazakhstan are limited by expensive and low quality feed Livestock  Livestock levels in Kazakhstan have been very stable in the past years, limited by insufficient feeding and low quality feed  Kazakh feed contains 6-7% of protein compared to % in countries with developed livestock industry  Expensive feed supplements and large distance from the sea raise costs for domestic feed producers and prices compared to European competitors Average meat prices (USD* per ton) Market prices  Market prices of meat have grown in an average annual pace of 9-15% since 2010  Poultry prices have increased in 2014 by 33% in response to insufficient domestic production, leveling the long term inflation rate of the meat market prices. Livestock (%) total livestock 63 million heads *USD = 186 KZT Government support includes mainly direct payment subsidies to farmers The main goal of recent government support is to increase the domestic livestock output:  Subsidies to cut feed cost for animal production up to 45% – granted directly to farmers to reduce the cost of feed  Subsidies to reduce the breeding cattle purchase prices up to 50% – granted depending on the cattle’s country of origin  Investment subsidies for construction of feedlots and meat processing plants, up to 50% and 30% respectively

9 CONFIDENTIAL Main producers and contact for meat processing Key producers Contact The largest meat producers and processors are private companies and potential acquisition targets ProducerProduction (tons annually)EmploymentRegion Alexandrov Astana Bekker and Company PK Almaty Food factory Astanalyk LTD Astana Aprel-2030 LTD Astana Crown Batys West Kazakhstan Ana Group LTD Kyzylorda Tai LTD Karaganda Karasu et LTD Kostanai Otes Bio Asia LLP Almaty Rokos LTD688-Aktyubinsk Food SC985-Akmola Investment hypothesis  Meat production in Kazakhstan has grown slower than GDP, a significant imbalance has been created and large quantity (50% of demand, 140 ths tons p.a.) is being imported  The meat is imported e.g. from Poland, which creates a significant cost of freight, which makes room for additional margin for local producers and investors  Livestock production efficiency remains low and with the introduction of higher quality feeds should increase significantly  Meat producers are small companies, which can be consolidated and scale advantages can be achieved Contact information Veronika Yun Manager at the Department on Pre-investment affairs, KAZNEX INVEST, JSC Mob:

1010 CONFIDENTIAL Animal feed production market data and financials Animal feed market data Regional concentration of animal feed production depends highly on the livestock location Location of production  Feed production is concentrated mainly in Northern, Central and Eastern parts of Kazakhstan  The steppes of Northern Kazakhstan provide a good environment for cattle raising, hence 40% of feed production is located there  Almaty, the second most important region in terms of feed production generates 18% of domestic output Compound feed production (ths tons) Akmola Karagandy Almaty East Kazakhstan Pavlodar North Kazakhstan Kostanay Aktobe Kyzylorda South Kazakhstan Zhambyl West Kazakhstan Atyrau Mangystau – – – 99 1 – 19 0 Export/import of animal feed* (tons) *Data incl. cat and dog feed Import balance  The net import balance in recent years fluctuated depending on the scale of imports, with export level reasonably stable  The scale of import of animal feed in recent years was highly dependent on domestic prices and production volumes of feed Livestock levels in Kazakhstan remain limited by expensive and low quality feed Average feed prices (USD* per ton) Livestock  Livestock in Kazakhstan has not been growing over the past few years, often limited by insufficient feeding and low quality feed  Kazakh feed contains 6-7% of protein compared to 16-34% in countries with a developed livestock industry  Expensive feed supplements and large distance from the sea raise costs for domestic feed producers and prices for farmers compared to European competitors Market prices  Pigs feed price had increased rapidly in 2012, but was quickly suppressed by the simultaneous spike in feed import  Although prices appear low compared to European, Kazakh feed contains much less protein Livestock 2013 (%) Government support includes mainly direct subsidies to farmers The main goal of recent government support is to decrease the cost of animal feed and promote new technologies:  Subsidies to cut feed cost for animal production up to 45% – granted directly to farmers to reduce the cost of feed  Subsidies for modern production technologies – granted in order to reduce the interest cost of loans from 14.5% down to 5.4% p.a.  Investment subsidies up to 20% for construction of animal feed production plants

1 CONFIDENTIAL Main producers and contact for animal feed production Key producers Contact The largest producers of animal feed are private companies and potential acquisition targets ProducerCapacity (ths tons annually)Region Kombikorm LTD300Almaty Robyrose Agricole LTD150Almaty Bacon LTD135Almaty Nonzern Tsesna Astyk LTD90Astana Sary Bulak Company LTD90Almaty Aknar PF LTD60Karaganda Rubikom LTD60Pavlodar Chkalov Compound Feed Plant60North Kazakhstan Izhevskij PK45Akmola Ordabasy Kus LTD45South Kazakhstan Ramazan LTD30Aktyubinks Poultry Plant Karl Marks30Karaganda Investment hypothesis  Animal feed production market is one of the fastest growing agricultural industries in Kazakhstan. Despite the significant growth, feed of low quality dominates the market  Large producers with access to favorable prices of supplements can introduce high quality feed, especially for poultry production and gain a significant share in the market  The market of feed producers in Kazakhstan is highly fragmented with a significant consolidation potential for the investors Contact information Veronika Yun Manager at the Department on Pre-investment affairs, KAZNEX INVEST, JSC Mob:

1212 CONFIDENTIAL Agenda 1.Executive summary and basic information 2.Meat & animal feed production 3.Acquisition and greenfield investment opportunities

1313 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Project information Contact Phase-1 and Phase-2 of existing livestock farm expansion planning Project profitability for the period of 7 years (in th. USD) Project profitability Project cost: USD 5-15 mln. Location: Akmola region, Abylaikhan and Madeniyet farms Implementation period: 2016 Project scope: Acquisition of 700 breeding heifers (in addition to the existing 400 heads) to be grazed on free pasture land owned by the Company. The purpose of the breeding stock is to utilize free pasture and continuously supply bulls to the Freeyard. The second part consists of construction of specialized head capacity, semi- open type, Freeyard (also known as Feedlot) for industrial fattening of young bulls and accumulation of subsidiaries. Finished product: Meat and meat products Production capacity: heads of cattle, thousand of tons of meat in live weight per annum Potential markets: local market of Kazakhstan, Eurasian union, China Provision of land and premises: initiator owns ha of pasture lands and natural hay lands mostly situated on 3 farms that currently grazes only 400 heads of cattle, 250 heads of horse and heads of sheep Required financing: USD 8,9 mln. Required investor type: IndicatorYear 1Year 2Year 3Year 4Year 5Year 6Year 7 Revenue COGS Taxes Net profit Payback Period 3,8 years Payback Period disc. 4, 1 years Project capex USD 8,9 mln. Project NPV ( 7 years) USD 32 mln. Project IRR 10 % Company name Esil Agro Holding Year of establishment 2004 Presence on the market: 2004 Developed brands: “Aina” Current operation: Production of dairy and poultry, and production of agricultural commodity of grain Project initiator Project profitability ☑ Equity ☐ Debt ☐ Technology transfer ☐ Other Contact information Project initiator’s contacts: Esil Agro Holding

1414 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Phase-1 and Phase-2 of new broiler farm establishment Project profitability for the period of 8 years (in th. USD) Project cost: USD 5-15 mln. Location: Akmola region Implementation period: 2016 Project scope: Phase-1 of the project involves construction of 12 industrial poultry houses, to produce tons of chicken meat per annum. Phase-2 consists of construction of the remaining 4 poultry houses ( tons), upon receiving the investment cash-back money from the Government. Finished product: Poultry meat and eggs Production capacity: up to 3,8 thousand tons of chicken meat annually Potential markets: local market of Kazakhstan, Eurasian union, China Provision of land and premises: initiator owns a land of ha under management, of which ha is arable land with potential expansion of another of ha. Other assets include dairy farm complex, milk processing plant, livestock and ha of pasture, as well as wholesale network with 3 branded shops sufficient enough to distribute company’s food products. Required financing: USD 11,7 mln. Required investor type: IndicatorYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8 Revenue COGS Taxes Net profit Payback Period 4, 5 years Payback Period disc. 4, 8 years Project capex USD 11,7 mln. Project NPV (10 years) USD 1,8 mln. Project IRR 14 % Company name Esil Agro Holding Year of establishment 2004 Presence on the market: 2004 Developed brands: “Aina” Current operation: Production of dairy and poultry, and production of agricultural commodity of grain Project initiator Project profitability ☑ Equity ☐ Debt ☐ Technology transfer ☐ Other Contact information Project initiator’s contacts: Esil Agro Holding Project information Contact Project profitability

1515 CONFIDENTIAL Veronika Yun KAZNEX INVEST, JSC (int. 1124) Establishing a modern agricultural complex Project profitability for the period of 5 years (in th. USD) Project cost: USD mln. Location: Almaty region Implementation period: Project scope: Construction of a modern agricultural complex Finished product: Horse, cattle, sheep, pig, chicken meet, poultry, milk and milk products, cattle fodder. Production capacity: heads of cattle, heads of sheep, heads of pigs, 1000 heads of horse, heads of chicken, heads of broiler chicken Potential markets: Kazakhstan and CIS countries Provision of land and premises: The company owns land spot for the construction of the plant. Permissions had been granted on infrastructure. The project development team is completed. Required financing: USD 95,5 mln. Required investor type: Discount factor 10% Project ROI 28% Payback Period 5 years Project capex 95.5 mln USD Project IRR 25% Company name Almaty Engineering LLP Year of establishment 2004 Presence on the market: 2004 Current operation: Agricultural complex on farm engineering services Project initiator Project profitability Contact information Project initiator’s contacts: Almaty Engineering LLP ☑ Equity ☑ Debt ☐ Technology transfer ☐ Other In USD thousands Year 1Year 2Year 3Year 4Year 5Total Sales COGS EBITDA Interest, depreciation and other Taxes Net profit Project information Contact Project profitability

1616 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Establishment of a slaughterhouse and a feedlot with further production of meat products Project profitability for the period of 10 years (in th. USD) Project cost: USD mln. Location: East-Kazakhstan region, Ayagoz town, Mamyrsu village Implementation period: 2016 Project scope: Establishment of the meat factory on production of freshly cold lamb with the slaughterhouse capacity of heads of sheep and 200 heads of cattle per shift as well as further processing of leftovers into tankage Finished product: meat products and tankage Production capacity: 7,6 thousand of tons of meat annually Potential markets: local market of Kazakhstan, Eurasian union, Middle east and China Provision of land and premises: initiator owns 52 hectares of agricultural lands available for the construction. Availability of project documentation for the required infrastructure of electricity and water. Availability of contract agreements with technology and equipment suppliers Required financing: USD 14 mln. Required investor type: Company name Eurasia Agroholding LLP Year of establishment 1994 Presence on the market: 1994 Current operation: Production and distribution of meat products, animal (sheep) breeding Project initiator Project profitability ☑ Equity ☑ Debt ☑ Technology transfer ☐ Other Contact information Project initiator’s contacts: Eurasia Agroholding LLP As for confidentiality terms, additional information on financial model and project documentation will be provided upon personal request Payback Period 4,5 years Payback Period disc. 4,7 years Project capex USD 14 mln. Project IRR 20,86% Project information Contact Project profitability

1717 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Modernization and renovation of the existing poultry and processed soy bean production plant Project profitability Project cost: USD mln. Location: Zhambyl region, Baizack district Implementation period: Project scope: Modernization and renovation of the existing poultry and processed soy bean production plant Finished product: eggs, poultry and processed soy bean products Production capacity: 100 mln. of eggs, tons of poultry and tons of processed soy bean products per annum Potential markets: mainly domestic market of Kazakhstan Provision of land and premises: initiator owns existing plant of the production of poultry, eggs and processed soy bean products. Required financing: USD 78 mln. Required investor type: As for confidentiality terms, additional information on financial model and project documentation will be provided upon personal request Company name Zhambyl Kus Year of establishment 2007 Presence on the market: 2008 Current operation: Egg and poultry production and production of processed soy Project initiator Project profitability ☐ Equity ☑ Debt ☐ Technology transfer ☐ Other Contact information Project initiator’s contacts: Zhambyl Region, Baizack district Project information Contact Project profitability

1818 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Establishment of the poultry production plant Project profitability Project cost: USD mln. Location: Kyzylorda region, Zhanakorgan region Implementation period: Project scope: Construction of the poultry production plant with the scope of producing wide range of poultry products with the application of modern technology Finished product: poultry products Production capacity: tons annually Potential markets: mainly Kyzylorda region and close by regions Provision of land and premises: initiator owns the land and real estate necessary to build the plant Required financing: USD 27,2 mln. Required investor type: Company name Boranbayev Farm cooperative Year of establishment 2015 Presence on the market: - Current operation: This is a greenfield project, thus no operations are currently undertakes Project initiator ☑ Equity ☐ Debt ☐ Technology transfer ☐ Other Contact information Project initiator’s contacts: Boranbayev Farm cooperative As for confidentiality terms, additional information on financial model and project documentation will be provided upon personal request Project profitability Project information Contact Project profitability

1919 CONFIDENTIAL Veronika Yun Manager at Sectorial department on agriculture and food processing, KAZNEX INVEST, JSC Mob: Meat plant for the production of sausages Project profitability Project cost: USD 0-10 mln. Location: Aktobe region, Aktobe city Implementation period: Project scope: Modernization and optimization of the existing meat processing plant on the production of sausages. Finished product: Sausages Production capacity: Daily production of kg ( per annum) Potential markets: Domestic market of the country, export to Russia Provision of land and premises: initiator owns the land and real estate necessary for the implementation of the project Required financing: USD 8,6 mln. Required investor type: Company name “Tandem W” LLP Year of establishment 2008 Presence on the market: 2009 Current operation: This is a brownfield project, proposed for the optimization of existing meat processing plant Project initiator ☑ Equity ☑ Debt ☐ Technology transfer ☐ Other Contact information Project initiator’s contacts: “Tandem W” LLP As for confidentiality terms, additional information on financial model and project documentation will be provided upon personal request Project profitability Project information Contact Project profitability