KAZAKHSTAN STOCK EXCHANGE INC.

1. KAZAKHSTAN STOCK EXCHANGE INC. Tallinn2007, May 13–14

2. YOUNG AND SINGLE KASE was established at November 17, 1993 under the name of Kazakh Interbank Currency Exchange, two days after the launching of tenge – new legal tender of Kazakhstan. KASE– non-commercial joint-stock company with the 59shareholders – National Bank of Kazakhstan (the largest shareholder), banks, brokerage firms, asset management companies, pension funds and other professional financial institutions. All of them have only one vote each.

3. UNIVERSAL EXCHANGE KASE serves the markets of: • foreign currencies • money market • equities • corporate bonds • government securities • derivative instruments • promissory notes …

4. OUR MEMBERS • KASE has 86 members: • banks 29 • brokerage firms 49 • asset management companies 8

5. TRADING FLOORS (LISTING CATEGORIES) • TRADING FLOOR FOR LISTING COMPANIESCategory "A"Category "B"Non listing securities sector • SPECIAL TRADING FLOOR OF RFCAOfficial list of special trading floor Non listing securities of the Financial Centre

6. IMPRESSIVE DYNAMICS OF TRADE VOLUME

7. UNIVERSAL EXCHANGE (3 months 2007) In total, repo (money) market takes 69.2% of general KASE turnover

8. DOMINATION OF REPO AND FOREX MARKETS KASE repo market is specially designed for domestic purposes – to satisfy the needs of local pension funds and banks in short-term money borrowings and lendings. KASE foreign currencies market – the basic trading site for the NationalBank of Kazakhstan to regulate the exchange rate of tenge. KZT/USD: the KASE exchange rate today = official exchange rate tomorrow.

9. CORPORATE SECURITIES MARKET Total KASE turnover for 3 months 2007 with the equities –793,5mln USD,with the corporate bonds – 1 098,7mln USD

10. MARKET CAPITALIZATION(bn USD)

11. UNEXAMPLED GROWTH (in 2005–2007) Index KASE_Shares demonstrated the rapid growth: 11.1 times (for the period Jan.05, 2005 – Apr.19, 2006) due to the appearance of new investors’ class – mutual funds and individuals, and 8.6% (for the period Jan.03, 2007 – May.03, 2007).

12. GROWING ACTIVITY OF INDIVIDUALS (equity market)

13. GROWING ACTIVITY OF INDIVIDUALS (corporate bonds market)

14. LISTED COMPANIES Listed companies Securities

15. LISTED COMPANIES (by structure)

16. LISTED SECURITIES (by categories)

17. SPECIAL TRADING FLOOR OF RFCA Number of Issuers – 14 Number of securities issues – 56 Shares – 15 Bonds – 41 All of them are listed at KASE Total trade volume of stocks and bonds transactions – 40.3 mln USD Shares – 39.9 mln USD (sale of state block of Kazakhtelecom's shares among pension funds), Bonds – 404.8 thousand USD

18. FOREIGN SECURITIES • Different ways for foreign companies which want to make borrowing in Kazakhstan on the exchange market: • shares placement, IPO (securities need to be listed on KASE or on special trading floor of RFCA) • bonds issue, which is registered in accordance with legislation of a foreign state (securities need to be listed on KASE or on special trading floor of RFCA) • bond issue, which is registered in accordance with legislation of the Republic of Kazakhstan • Kazakhstan Depository Receipts, etc

19. RULES AND REQUIREMENTS • All listing requirements are established by the following documents: • special normative act the Resolution of the FSA Board №63 "About Requirements for Issuers and Their Securities admitted in circulationonthe Stock Exchange and for Specific Categories of the Stock ExchangeListing" • Internal document of KASE "Listing rules of KASE" • Internal document of KASE "Listings Requirements of Foreign Securities and Kazakhstan Depository Receipts" • Internal document of KASE "Rules of organization and functioning of the special trading floor of RFCA"

20. LISTING REQUIREMENTS TO FOREIGN ISSUERS AND THEIR SECURITIES:

21. LISTING REQUIREMENTS TO FOREIGN ISSUERS AND THEIR SECURITIES (2): It is necessary to have rating of the issuer and (or) its securities excluding shares, which are listed on the main floor (under the highest listing category) of one of the following stock exchanges: NASDAQ, NYSE, Deutche Boerse, Euronext, London SE, Tokyo SE, BME Spanish Exchange, Borsa Italiana, SWX Swiss Exchange, Taiwan SE.

22. LISTING REQUIREMENTS OF SPECIAL TRADING FLOOR OF RFCA 1st condition Listing on one of the stock exchanges which are included into the list approved by Authority body of RFCA, Toronto SE, Tokyo SE, BME Spanish Exchange, Borsa Italiana, SWX Swiss Exchange, Taiwan SE, Hong Kong SE, Singapore SE, Shanghai SE, MoscowInterbank Currency Exchange, The First Stock trading system’ associationand KASE.

23. LISTING REQUIREMENTS OF SPECIAL TRADING FLOOR OF RFCA (2) 2nd conditionThe minimum rating of the issuer and (or) its securities must be not less than ‘BB-’ (according to the classification of the rating agencies ‘Standard & Poor's’ or ‘Fitch’) or ‘Ba3’ (according to the classification of the rating agency ‘Moody's Investors Service’).

24. LISTING REQUIREMENTS OF SPECIAL TRADING FLOOR OF RFCA (3)

25. ADVANCED TECHNOLOGIES KASE uses it’s own trading platform: • on-screen based electronic "Server –Client" system • remote access • electronic signature and electronic documents circulation • traffic encryption • on-line data saving Central Depository is the KASE subsidiary: • DVP • T+0 settlement basis

26. STEP UP TO FUTURE DEVELOPMENT KEY FEATURES • Growth of daily equity trade figures • Rising market share of individuals • First results on IPO

27. IN THE FUTURE • Waiting for the IPO of the largest Kazakhstan banks and producers (according to the Securities Law, at least 20% of the local shares being placed must be suggested at the domestic market for purchase) • Welcoming the new listing companies • Waiting for the IFOs to place their bonds in Kazakhstan • Improving settlements procedure, establishing Guarantee Fund

28. CONTACT US Internet: www.kase.kz e-mail: kase@kase.kz phone: (+7 327) 272 98 98, 272 06 00 fax: (+7 327) 272 09 25 address: 67, Aiteke bi street, Almaty, 050000, Kazakhstan