1. 2010 December Kazyna Capital Management Kazakhstan fund of funds Corporate presentation

2. Reasons of establishment and scope of activity Acquisition of attractive foreign assets in strategic industries. Foreign institutions’ and private investors’ capital inducement Diversification of the economy of Kazakhstan (development of non- extractive sectors). Implementation of the best global fund management practice. Establishment of private equity infrastructure in Kazakhstan. KCM Investment in following groups of investment funds:  Kazakhstan oriented funds  Global funds  Regional funds Financing of the companies in the following sectors:  Electric power (including alternative power generation)  Infrastructure  Small and medium enterprise

3.  Ratio of investment volume attracted to the Republic of Kazakhstan on the volume of KCM commitments reached 2.3.  Target capitalization of PEF in the KCM’s portfolio reached US$ 3.3 bln; 2007200820092010 Foundation of КСМ  7 March 2007 Established Funds  Aureos Central Asia Fund L.L.C. Major stages of Kazyna Capital Management development Established Funds  Falah Growth Fund L.P.  Kazakhstan Growth Fund L.P.  Kazakhstan-Tajikistan Private Equity Fund JSC Established Funds  Macquarie Renaissance Infrastructure Fund L.P.  CITIC Kazyna Investment Fund I L.P.  Wolfensohn Capital Partners L.P.  KCM established relationships with international and regional financial organizations like: European Bank for Reconstruction and Development, International Financial Corporation, CITIC Group, Wolfensohn & Co, Vnesheconombank, Renaissance Capital, Macquarie Group, etc. Results Established Funds  ADM Kazakhstan Capital Restructuring Fund C.V.  Kazakhstan Hong Kong Development Fund C.V. Planned Funds  Russian-Kazakhstan venture fund for nanotechnologies

4. Fund Name Target capitalisation (US$ mln.) Investment volume in Kazakhstan (US$ mln.) InvestorsTarget industries Macquarie Renaissance Infrastructure Fund 1000-1500200 -300KCM, IFC, EBRD, Vnesheconombank, Macquarie Group, Renaissance Group Transport and power generation infrastructure (incl.: automobile and railroads, airports, ports, power supply sources and other) Falah Growth Fund500200KCM, IPIC, Ordabasy Corporation Oil and gas, power generation, financial sector, IT and other Kazakhstan Hong Kong Development Fund 400 KCM Oil & gas, mining an processing of mineral resources, services and infrastructure related to mining, commodities trading Wolfensohn Capital Partners 250-KCM and other institutional investors Alternative energy, financial sector, retail ADM Kazakhstan Capital Restructuring Fund 180-225 KCM, EBRDSME in non-extractive sectors CITIC Kazyna Investment Fund I 200100KCM, CITIC Capital Holdings, CITIC Group Transport infrastructure, financial sector, heavy industry, IT and other Kazakhstan Growth Fund12587,5KCM, EBRDFood production industry (production and packaging), primary extraction equipment and services, metallurgy, wood processing, textile Aureos Central Asia Fund707035KCM, IFC, CDC, FMO, EBRD, DBJ SME (incl.: processing and food processing industry, information technology industry, pharmaceutical and other) Kazakhstan-Tajikistan Private Equity Fund 32-KCM and State Committee on Investments and State Property Management of the Republic of Tajikistan Electric-power industry, extraction and processing of mineral resources, processing of agricultural products, textile, tourism Total:2 757 – 3 3021 202,5 - 1 347,5 Investment Portfolio of Kazyna Capital Management

5. Target capitalisationUS$ 1 000 000 000 - 1 500 000 000 Target return (IRR)20% annual, after all operational and other costs Term of the fund10-14 years Investment period4 years InvestorsKazyna Capital Management, International Finance Corporation, European Bank for Reconstruction and Development, Vnesheconombank, Macquarie Group, Renaissance Group. Target region Russia (min. 50% of total Fund capitalization), Kazakhstan (min. 20% of total Fund capitalization and other CIS states Target industriesinfrastructure Macquarie Renaissance Infrastructure Fund Kazyna Capital Management: Investment Portfolio (1)

6. Target capitalisationUS$ 500 000 000 Target return (IRR)Not less than 20% annually, after all operational and other costs Term of the fund10-13 years Investment period3-5 years InvestorsKazyna Capital Management, International Petroleum Investment Company, Ordabasy Corporation. Target regionKazakhstan (not less than 40% of total Fund capitalization ), CIS Target industries  oil and gas;  electric-power industry;  real estate;  financial sector;  information technologies. Falah Growth Fund Kazyna Capital Management: Investment Portfolio (2)

7. Target capitalisationUS$ 400 000 000 Target return (IRR)Not less than 20% annually, after all operational and other costs Term of the fund7-9 years Investment period4-5 years InvestorsKazyna Capital Management, Kanford Investment Limited, Chow Tai Fook Nominee Limited, Treasure Way Holdings Ltd., Sunlight Far East Limited Target regionKazakhstan Target industries  oil and gas;  mining and processing;  infrastructure and services related to mining;  commodities trading; Kazakhstan Hong Kong Development Fund Kazyna Capital Management: Investment Portfolio (3)

8. Target capitalisationUS$ 250 000 000 Target return (IRR)Not less than 20% annually, after all operational and other costs Term of the fund10-13 years Investment period5 years InvestorsKazyna Capital Management, other institutional investors. Target region BRIC (Brazil, Russia, India and China), Bangladesh, Egypt, Indonesia, Iran, Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey and Vietnam and other developing countries. Target industries  alternative energy;  financial services;  retail. Wolfensohn Capital Partners Kazyna Capital Management: Investment Portfolio (4)

9. Target capitalisationUS$ 180 000 000 – 225 000 000 Target return (IRR) 20% annual, after all operational and other costs Term of the fund5-8 years Investment period3-4 years InvestorsKazyna Capital Management, European Bank for Reconstruction and Development Target regionKazakhstan Target industriesSMEs in non-extractive industries ADM Kazakhstan Capital Restructuring Fund Kazyna Capital Management: Investment Portfolio (5)

10. Target capitalisationUS$ 200 000 000 Target return (IRR)20% annual, after all operational and other costs Term of the fund10-12 years Investment period5 years InvestorsKazyna Capital Management, CITIC Capital Holdings, CITIC Group Target region Kazakhstan (50% of total Fund capitalization) and the People’s Republic of China (50% of total Fund capitalization) Target industries  transport infrastructure;  financial sector;  other non-extractive industries. CITIC-Kazyna Investment Fund I Kazyna Capital Management: Investment Portfolio (6)

11. Target capitalisationUS$ 125 000 000 Target return (IRR)20% annual, after all other operational and other costs Term of the fund10-11 years Investment period4-5 years InvestorsKazyna Capital Management, European Bank for Reconstruction and Development Target region Kazakhstan (70% of Fund capitalization), Russia, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan Target industries  food production industry (processing and packaging);  primary extraction equipment and services;  metallurgy;  wood processing;  textile production and processing;  other non-extractive industries. Kazakhstan Growth Fund Kazyna Capital Management: Investment Portfolio (7)

12. Target capitalisationUS$ 70 000 000 Target return (IRR)Not less than 20% annually, after all operational and other costs Term of the fund10-12 years Investment period5 years InvestorsKazyna Capital Management, International Finance Corporation, CDC Group, FMO, European Bank for Reconstruction and Development, Development Bank of Japan. Target regionKazakhstan (not less than 50% of the fund capitalization), Central Asia and Caucasus Target industries  manufacturing;  food processing;  information technologies;  telecommunications;  pharmaceutical;  other non-extractive industries. Aureos Central Asia Fund Kazyna Capital Management: Investment Portfolio (8)

13. Target capitalisationUS$ 32 000 000 Target return (IRR) 20% annual, after all operational and other costs Term of the fund10-11 years Investment period5-6 years InvestorsKazyna Capital Management and State Committee on Investments and State Property Management of the Republic of Tajikistan Target regionTajikistan Target industries  electric-power industry;  extraction and processing of mineral resources;  processing of agricultural products;  textile;  tourism. Kazakhstan-Tajikistan private equity fund Kazyna Capital Management: Investment Portfolio (9)

14. Kazyna Capital Management 291/3a Dostyk, ave. 2 nd floor 050050, Almaty, Kazakhstan tel.: +7 (727) 334 14 17 fax: +7 (727) 334 14 18 e-mail: info@kcm-kazyna.kzinfo@kcm-kazyna.kz