Presentation for Investors

1. Presentation for Investors

2. Executive summary • We are pleased to welcome potential investors to this presentation • Purpose of this presentation is to briefly inform you on the latest developments of ICA, provide an update on ICA’s financial performance and to discuss our business strategy, financial policy and financial projections • 100% Government owned through KazMunaiGas and KazTransGas with tangible evidence of government support • Monopoly operator for gas transmission in Kazakhstan with no plans to allow competition or privatization • Only feasible route for gas transit from Central Asian producers to European consumers • Crucial link for Gazprom’s imports from Turkmenistan and Uzbekistan • Long-term concession agreements in low risk business • ICA’s 2009-2010 financial results benefited from increase in international transit tariffs • Notwithstanding the global economic downturn, ICA is continuing to demonstrate strong financial performance and sound financial position

3. Kazakhstan: Strong Market-Oriented Macroeconomic Environment GDP Growth (%) 2010 Economic Overview • Population 16.497 mil • GDP per Capita USD 12,500 • GDP growth (real) 4.9% • Trade balance/GDP 13.9% • Total Debt/GDP 103.5% Gross International Reserves and Inflation Evolution of Tenge Against US Dollar Source: EIU, CIA

4. Energy Sector Outlook Supportive Global Conditions Kazakhstan Market 2010 • With world oil prices rebounding from their early 2009 level due to global downturn, consumers prefer less expensive natural gas for energy needs. Thus, natural gas is expected to be the fastest growing component of world primary energy consumption • The world energy gas consumption is expected to increase from 104 trillion cubic feet in 2006 to 153 trillion cubic feet in 2030 • Proved gas reserves 2.407 tcm • Gas production 35.6bcm • Gas reserves/Production 104 years • Proved oil reserves 35.1bn barrels • Oil production 1.5 mil barrels per day • Oil reserves/Production 63 years Global Consumption Growth Rates Expected Domestic Gas Production and Consumption (bcm) Average predicted % growth rate until 2025 Source: Annual energy outlook 2009, International Energy 2009 Outlook Source: Wood Mackenzie

5. Natural Gas Demand Drives ICA’s Transmission Volumes • Despite a slow recovery of the global demand for energy due to the economic slowdown, in the longer term European demand for gas is expected to increase up to 700 bcm by 2030 from 540bcm in 2005, 480 bcm of which will be European import demand • The gap between Russian company Gazprom’s domestic production and export commitments constituted between 200 and 300bcm in 2010: • 200bcm will be sourced by Gazprom internally • Given Gazprom’s low growth of long-term gas production, the additional 100bcm will be sourced from Uzbekistan, Kazakhstan, and Turkmenistan. The 25-year supply contract in 2003 between Russia and Turkmenistan supports this assumption • Gazprom’s demand for gas from Turkmenistan and Uzbekistan is in turn driven by the demand for gas in Russia, Ukraine, Poland as well as in Europe • Volumes of domestic Kazakh gas may also significantly increase over the next 4-5 years (mainly due to exploration of the Kashagan oil field discovered in 2000) • Transported volumes of gas and demand for transit capability are expected to increase in medium and long terms ICA will remain the sole route for transportation of gas from Central Asia to European markets irrespective of who will be operating under gas supply contracts (Gazprom, Ukraine, Kazakh-based gas exporting producers) Source: World Energy Investment Outlook

6. Ownership Structure – 100% (Indirectly) Government Owned Government of Kazakhstan 100% JSC “Sovereign Wealth Fund “Samruk-Kazyna” 100% JSC “NC KazMunaiGas” 100% JSC “KazTransGas” 100% JSC “Intergas Central Asia” Government support Government Control Supportive Regulatory Environment Prudent Shareholder with Long-Term Strategic Vision Government stake – 100% capital and 100% control Consideration towards company’s interests Control over investment and dividend policy Implicit government support in negotiations with off-takers, suppliers and transit countries Unique status of exclusive agent for Kazakh gas exports It is the Government policy that all new major pipeline projects be led by KazTransGas Key strategic role of ICA as a sole operator of natural gas pipeline infrastructure in Kazakhstan Approval of key financial and financing parameters of KazTransGas History of reinvesting earnings into business development and modest dividends

7. Group Structure – An Overview KazMunaiGas (KMG) • KazMunaiGas is the National Oil and Gas Company of Kazakhstan, which is wholly-owned by the Sovereign wealth fund JSC («Samruk-Kazyna»), which is in turn 100% owned by the Government • KMG is in charge of all the government’s commercial activities in the oil & gas industry, including prospecting, development, production, transportation, services, holding the monopoly over oil & gas pipelines in Kazakhstan and controls 60% of crude production and 100% of gas transportation • KMG plays an active role in approving strategic decisions and business plans of KazTransGas KazTransGas (KTG) • KazTransGas was established in accordance with the Resolution of the Government of the Republic of Kazakhstan No. 173 dated February 5, 2000 • KTG is a 100% subsidiary and one of the three main businesses of the KMG Group • The main goal of KTG is to manage the state’s strategic interests in the gas industry of the country and there are no plans for privatization • 50% of revenues relate to the stable and profitable business of gas transmission. The main source of revenues is International Transit, which reached USD 805 million for in 2010, or almost 80% of gas transmission for the same period

8. Group Structure – An Overview Intergas Central Asia • Intergas Central Asia, JSC (“ICA”) was incorporated in June 1997 and currently, being a member of KazTransGas group of companies (a subsidiary of the NC KazMunayGas) has the primary responsibility to operate and manage the gas transportation networks of Kazakhstan granted to ICA under the terms of concession • The principal activities of Intergas Central Asia focus on operation and maintenance of the main gas transportation system securing transmission of natural gas to domestic consumers and international gas transit • Notably, Intergas Central Asia controls and manages the main gas pipeline transportation system of the Republic of Kazakhstan with the total length of gas pipelines in excess of 11,000 km. Given the on-going reconstruction the throughput capacity of the pipelines has been invariably increasing • Within Kazakhstan, ICA is responsible for transportation of natural gas through 10 main gas pipelines serviced by 22 compressor stations equipped with 284 gas compressor units of various types and models • The most important in terms of transmission volumes is the main gas pipeline Central Asia-Center (“CAC”) with the aggregate length of 4,892 km in one-line estimation (imagine if a pipeline was one straight line) • In addition, ICA operates three underground gas storages (“UGS”), the biggest being Bozoi UGS located in Aktobe region. Others are Poltoratskoye UGS located in the Southern-Kazakhstan region and Akyrtobe UGS in Zhambyl region. Underground gas storages are used to smooth the seasonality of gas demand supplying extra natural gas in winter and during the periods with lower gas imports

9. Organisational Structure of KTG JSC «KazTransGas» Service companies Production and distribution of heat and power energy Domestic distribution and supply of natural gas Gas and Gas Condensate Production Main pipeline transmission of natural gas JSC «Intergas Central Asia», 100% JSC KazTransGas Aimak, 100% Amangeldy Gas LLP, 100% Samruk-Energo, 8,4% Intergas Finance B.V., 100% JV KyrKazGas, 50% JSC KTG-Almaty, 100% JSC KazTransGas LNG, 100% KazTransGas AG, Lugano, 50% Gazinservis LLP, 100% JV Asian Pipeline, 50% KTG- Tbilisi, 100% Center for HR Development, 5.5% Intergas International B.V., 100%

10. Intergas Central Asia – An Overview ICA Overview ICA Revenues 2005 – 2010 (millions USD) Other 0.5% • Principal business is transportation of natural gas and, to a lesser extent: • management, maintenance and operation of the gas transportation system • storage of natural gas and provision of technical services to third parties • sales of natural gas to related parties • Only route for gas transit between Central Asian producers and European consumers • Robust and consistent cashflow generation • Total revenue for 2010: USD 932.16millions • During 2010 the volume of transportation of Central Asian gas has significantly decreased, while the volumes of Russian gas and gas outside Kazakhstan has significantly increased. Tariffs did not change Transportation 99.5% Transmission Revenues Breakdown 2010 By Transportation By Orientation By Client Kazakh Gas(domestic) 8.7% Export 12.5% Other 9.6% DomesticTransportation8.7% Central AsianGas 22.8% Kazakh Gas(outside) 12.5% Russian Gas 56% International Transit 78.8% Gazprom 90.4% KZT/USD exchange rate at December 31, 2010 is 147.40 * All conversions assume an exchange rate of 1 USD = 120.3 KZT, which was the closing rate of exchange as at 31 December 2007 on the KASE as reported by the NBK

11. Gas Pipeline System of ICA Selected pipeline network parameters • Approx. 11,000km of pipelines • 22 compressor stations • 122 gas distribution stations • Active storage capacity of 4.2bcm • Total transported volumein 2009: 91.1bcm Soyuz & Orenburg—Novopskov (Soyuz & Orenburg—Novopskov Main Line) Throughput capacity: 42.3bcm Length: 382km & 382km RUSSIA RUSSIA Central Asia Centre (5 pipelines) (CAC Main Line) Throughput capacity: 62.4bcm Length: 4088km RUSSIA Active pipelines Gas fields Bukhara Gas–Almaty (BGR-TBA Main Line) Throughput capacity: 3.2bcm Length: 1,585km KAZAKHSTAN Bukhara–Ural(2 pipelines) (Bukhara–Ural Main Line) Throughput capacity: 8.0bcm Length: 1,423km & 1,423km UZBEKISTAN KYRGYZSTAN TURKMENISTAN CHINA Source: ICA

12. Gas Pipeline System of ICA • Note: The table shows throughput capacities and transmission volumes by each gas pipeline route. Some of the pipelines listed in the table are connected in sequence. • Total transmission gas volumes by ICA for 2010 amount to 98.2 bcm. Source: ICA

13. Main Counterparties • Gazprom is the main recipient of gas transmitted by KTG/ICA under the Russian, Uzbek and Turkmen gas transit contracts • The contracts for gas transportation are signed by ICA and the owners of the gas. The owner of Russian, Uzbek and Turkmen natural gas is Gazprom. A new contract between ICA and Gazprom was signed for 5 years (2011-2015) • The tariff for gas international transit is set in accordance with the agreement between ICA and Gazprom • The 5-year contracts signed with Gazprom in November 2005 has stipulated the following volumes in 2009-2010: • Counterparty regions are becoming stronger • Turkmenistan strongly depends on gas exports and demand for its gas remains strong. Gas exports are the key source of hard currency proceeds, and the Kazakhstani route is the only export route currently available to them • On December 12th, 2009 first thread of the main gas pipeline Kazakhstan-China which transports gas from Turkmenistan to China through Kazakhstan territory has been launched. ICA carries out maintenance service of first thread of the gas pipeline with projected gas transit volume of about 6 bcm in 2010. Second thread of the gas pipeline has been launched at the end of 2010 with increased volumes of gas up to 30 bcm. Gazprom Volumes Breakdown for 2010 Transit Volumes Breakdown 2010 (%) Domestic 8.498 bcm TCO 4.943 bcm Kyrgazgas 0.229 bcm KazRosGas 6.053 bcm Gazprom 77.22 bcm

14. Gas transportation volumes dynamics • In 2010 ICA transported total volumes of 98.195 bcm of gas • International gas transit volumes accounted for 80% of the all gas transported • Despite ICA expectations that Central Asian gas transit volumes will be approximately the same as actual volumes transported in 2009, transportation orientations have changed during 2010, which however did not reflect the overall transported volume • Gazprom and Turkmenistan agreed to transport gas up to 30 bcm • Despite reduction in gas transportation, in 2010 Gazprom agreed to stick to take-or-pay condition of 80% transmission volumes specified in contract Gas transportation volumes (mln m3) *Source:Business Plan of ICA for 2010 - 2014

15. Relationship with Gazprom • Gazprom is an owner of natural gas that is transported by Intergas in accordance with terms of Russian, Turkmen and Uzbek gas transportation contracts • Five year contract with Gazprom was signed in 2005 with take-or-pay condition in respect to 80% of projected volumes. Take-or-pay condition for 80% of projected volumes applied to both Turkmen and Uzbek gas. The contract specified following volumes: Turkmen gas: 45,2bcm, Uzbek gas: 10,0bcm, Russian gas: 50,6bcm • In 2010, Intergas and Gazprom have reached an agreement to keep international transit tariff in the order $1,70 for 1000 м3 for 100km. Previously the tariff was increased in 2009 to $1,70 (+21.4%). In accordance with a new contract ICA and Gazprom are to negotiate new tariffs once every year • Gazprom is a strategic partner for Kazakhstan in a geopolitical context and an important provider of hard currency • ICA (as a part of the KMG group) and Gazprom are both empowered by Kazakhstan and the Russian Federation to negotiate the contracts • Ultimately, the end consumers of the gas transmitted by ICA under its contract with Gazprom are European customers • Gazprom’s counterparty risk for ICA is minimal - Russia’s need for ICA’s gas volumes ensures that if Gazprom was ever to fail, an appropriate replacement would be created and transmission would not be interrupted

16. Medium-Term Contract with Gazprom will Provide Greater Stability to ICA’s Credit Profile Main Conditions of Gazprom’s Contracts Main Implications • Transit from Turkmenistan and Uzbekistan to the Russian border • Transmission tariff remained at the 2009 level of 1.70 USD for 1000 m3 per 100 km. • Contract has been signed for 5 years (2011 – 2015) • 80% of transmission volumes is guaranteed by “take or pay” clause • Transit through northwest of Kazakhstan follows the same terms and conditions • Gazprom’s own production has for years remained stable • Enhancement of throughput capacity of gas transportation system • Throughput of the CAC pipeline is projected to initially increase from current 56 bcm to 60 bcm and then ultimately to 80 bcm • The tariff increase negotiated with Gazprom was specifically intended to enable ICA to undertake major investment projects that will benefit both companies

17. Well Defined Strategy Strategy: • ICA’s strategy is driven by the government’s aim and goals regarding gas industry and ICA to continue to maintain its unique position as the sole route between Central Asian producers and European customers Fundamental strategy documents: • Gas Industry Development of Kazakhstan until 2015 • Program of Gas Industry Development of Kazakhstan for 2004-2010 • 5-year rolling business plan updated annually with budgets Business Plan 2010-2014 Key Goals Implementation • Maintain and enhance reliability and performance of existing pipeline; • Increase the throughput capacity of existing pipeline system to support expected growth in export volumes; • Adopt the latest information technologies for management of the pipeline network; • Develop new pipeline systems to diversify customer base • ICA has already invested over USD 1.5 billion in maintaining reliance; • Direct future investment towards upgrading the transit capacity and evaluating possibilities of new routes; • Feasibility of new transit routes, including a route from CAC pipeline to southern Kazakhstan and China

18. 2008 – 2010 capital investment strategy included Maintaining and enhancing reliability and performance of existing pipeline while increasing throughput capacity Further investment dependents on growth of transportation volumes No pipeline capacity expansion until firm agreements on tariffs and volumes are achieved Conditional projects Significant modernisation and re-construction of existing network, including upgrading technology & telecom systems Upgrading the CAC (Central Asia Center) pipeline Financing from internally generated funds and external sources USD 30mln of investments per year under the concession agreement and not less than USD 450mln in aggregate In 2010 100% of total capex was financed by ICA’s own funds Capital Expenditures CAPEX Program & Requirements ICA Maintenance CAPEX - Development Source: ICA financials

19. Major Investment Projects • Construction of Turbocompressor station #4 of Compressor station Makat • Goal: upgrade gas pipeline and reduce maintenance costs • Project cost: USD 200-250 mil • Stage: feasibility study and project documentation has been completed • Project start date: 3 Quarter 2010 • Project end date: 31.12.2013 • Financing: ICA considers options of funding the project either by cash generated from operations or conducting trade financing transaction • Increase of Turbocompressor station # 5 of CAC pipeline-5 • Goal: upgrade gas pipeline and reduce maintenance costs • Project cost: approximate USD 400-500 mil • Stage: feasibility study is at the stage of implementation • Project start date: 2011 • Completion date: 2015-2016 • Financing: ICA considers options of funding the project either by cash generated from operations or conducting trade financing transaction

20. Major Investment Projects (cont’d) • Construction of a pipeline to China • Goal: diversification of transit potential • Project cost: USD 7.5 bln • Capacity 60 bcm by 2013; Length is 1.3 thousand km • Stage: Second thread completed with increased volume of gas up to 30bcm • Project end date: 2013 • Financing: syndicate loan by China Development Bank under CNPC corporate guarantee for the construction period until transmission contracts on “ship-or-pay” basis will be signed • Increase of CAC capacity (By-Caspian pipeline) • Goal: increase of transit potential • Project cost: approximate USD 3.2 bln • Capacity 30-40 bcm; Length is 0.9 thousand km • Stage: feasibility study will be completed by the end of 3Quarter 2011 • Project start date: 2012 • Financing: ICA will borrow after transmission contracts on “ship-or-pay” basis will be signed with Gazprom

21. Major Investment Projects (cont’d) • Construction of West-South pipeline (Beineu-Bozoi-Akbulak) • Goal: energy independence of Kazakhstan and transportation of gas from west to south to fulfill the gas consumption needs • Project cost: approximate USD 2.3 bln • Capacity 5-10 bcm; Length is 1.5 thousand km • Stage: project documentation will be completed by 4Quarter 2010 • Project start date: 2011 • Financing: Republican Budget and CNPC loan financing • Construction of three interchange between gas pipeline Kazakhstan-China and Bukhara Gas Tashkent-Bishkek-Almaty pipeline • Goal: ensure reliable gas supplies to the customers in the southern regions • Project cost: approximate USD 68.6 mil • Capacity 6-8 bcm; Length is 44 km • Stage: project documentation is at the stage of implementation • Project start date: 3Q 2010 • Financing: ICA cash generated from operations

22. Capital Structure and Debt Maturity Profile • ICA has both ordinary and preferred shares, with the latter paying an annual dividend of a minimum 1% of nominal value – a small dividend payment was made in November 2009 of KZT 0,248 mln in respect to the preferred shares which have limited impact on cash flow. ICA paid shareholder dividends for 2009 in amount of $ 17.2 billion tenge in October 2010 and dividends for 2008 in amount of 10 billion tenge in November 2010 • ICA’s long term debt is mainly for investment projects (increase of throughput capacity for the gas transmission network, the most profit generating asset) • In December 2008 ICA redeemed USD 71mln of its USD Bond 2011 and in February 2009 USD 60mil of its USD Bond 2017. Both repurchases were financed by the company’s cash and were prompted by market conditions and attractive pricing ICA’s forecasted long-term debt (all on unsecured basis): Source: ICA

23. Debt Maturity Profile Debt breakdown By scheduled debt repayments, $millions By interest rate split, 2010 Floating rate 6.8% Fixed rate93.2% Source: ICA Financials • Scheduled debt repayments spread out across the years, however 2011 and 2017 years are relatively high repayments due to maturity of USD Bond 2011 and 2017 • In 2008 ICA established Accumulation Fund for Eurobonds debt repayment in which ICA accumulates free cash as set in debt repayment schedule. Cash is invested into the highly liquid financial instruments such as cash at bank accounts and deposits, also ICA considers investing in very low risky securities such as government notes • As of December 2010, ICA has accumulated 179 million USD to repay Eurobond in 2011 • Significant portion of interest rate on debt is fixed interest rate, which indicates very low exposure to changes in interest rates • Current debt is dominated in USD poising great foreign exchange book losses in the case of Tenge devaluation

24. Income Statement Sales EBITDA Net Income Coefficients *Source:Financials & Business Plan of ICA for 2010 – 2014KZT/USD Exchange rate is 120.77for 2008, 148.36 for 2009 and 147.40 at 31.12.2010

25. Intergas’ Balance Sheet and Cash Flows Statements Net Funds from Operations Assets Financial Debt Ratios * Source:Financials & Business Plan of ICA for 2010 – 2014* KZT/USD Exchange rate is 120.3 for 2007, 120.77for 2008, 148.36 for 2009 and 147.40 at 31.12.2010

26. Intergas’ Covenant compliance of Bank Facility Bank Facility Financial Covenants Source:ICA Financials * KZT/USD Exchange rate is 120.3 for 2007, 120.77for 2008, 148.36 for 2009 and 147.40 at 31.12.2010

27. KMG Covenant compliance KMG Financial Covenants Source:ICA Financials * KZT/USD Exchange rate is 120.3 in 2007, 120.77in 2008, 148.36 in 2009, 147.40 at 31.12.2010

28. Credit ratings