STCM Nov Historically largest cement producer in Kazakhstan located near the new capital Astana Current production of 0.8 m. tons will increase to over 3 m. tons once refurbishment exercise is completed New production will serve to curb imports in Kazakhstan currently 2 m. tons per year Equity listed in AIMS under STCM code since October million shares outstanding, market cap approximately $400m. Free float 38% Bonds listed in the KASE under CACMb1, $21 m. market value

STCM Nov PRODUCTION, SALES & PRICE thousand tonnes Price per tonne Kazakh tenge

STCM Nov FINANCIAL HISTORY OF CAC / STEPPE CEMENT Years ended 31 December 6m to 30 June 2003 US$ US$ US$ US$000 Sales22,00332,41649, Gross profit12,15319,29529, Operating profit6,70311,03521, Net finance costs(307)(886)(1280)(293) Net other income1,2311,636(105)830 Profit before tax7,62711,78520, Tax(1,931)(3,848)(6,541)(3.473) Profit after tax5,6967,93713,

STCM Nov KAZAKHSTAN CEMENT SUPPLY AND DEMAND

STCM Nov ESTIMATED FUTURE CEMENT CONSUMPTION

STCM Nov REGIONAL CEMENT MARKET SALES CENTRE NORTH WEST SOUTH EAST Source: Association of Cement Manufacturers Kazakhstan

STCM Nov EXPORTERS TO KAZAKHSTAN Clinker Capacity Cement Production (‘000 tones) exports to KZ Russia, Siberia12,500~8,500~9,100~10,0001,400 Kyrgyzstan1, Uzbekistan5,1004,200~4,400~4, Estimated exports to Kazakhstan5001,0001,6002,000

STCM Nov PROJECT SCOPE AND TARGETS Refurbished line 6 maintaining kiln, pre-heater and cooler but full electrical repairs by ABB Change of pyro-processing line 5 by FL Smidth and full electrical and mechanical repairs Project may be extended to cover improvements in raw mills, cement mills, quarry, compressors and dispatch

STCM Nov PROJECT ORGANIZATION AND PROGRESS PEG, Philips Reamer, FL Smidth as technical consultants 80% of contracts for line 6 and 60% of contracts for line 5 signed Objective: to sign all contracts by end 2006 and complete lines 6 and 7 for the summer seasons 2007 and 2008 New COO, Stuart Elliot ex COO Cimentiere du Liban 7 expatriate mechanical and electrical engineers on site with over 200 years combined experience in the cement industry Mace UK acting as project manager with 7 employees on site

STCM Nov FINANCING First share offering completed in March 2006 raised $21 m. in AIMS Bond issue completed in September 2006 for $21 m. Full disbursement to be completed in November Trading in the KASE EBRD loan signed in December Planned to be disbursed in 1Q 2006 Bridge finance of $46 m. from KKB for suppliers letters of credit Income tax exemptions for all new production for 5 years starting in 2007