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An overview of IPOs 2005 to August 2013 Listing centres, investment , legal counsels and issuers’ jurisdictions & Kazakhstan Eurobond statistics 12 months ended August 2013 Number and value of IPOs by listing centres and year Number of IPOs by listing centres 4,500 KASE 4,000 2 KASE LSE (premium) LSE (premium) 1 3,500 3 LSE (GDRs) 2 3,000 LSE (AIM)

2,500

2,000 LSE (AIM) 10 6 LSE (GDRs)

2 1,500 1 1 1,000 4 IPO volume (US$ millions)

1 500 1 1 1 0 1 1 2005 2006 2007 2008 2009 2010 2011 2012 August 2013, YTD

IPOs by industry and listing centres Issuers’ jurisdiction

1 Netherlands KASE Channel Islands 2 1 British Virgin Islands (BVI) LSE (premium) 1

2 LSE (GDRs) 1 Kazakhstan 6 Malaysia 3 LSE (AIM) 1 2

Number of IPOs 1 3 Isle of Man 2 1 1 1 1 1 1

Metals & Oil & Gas Financial Manufacturing Technology & Real Chemicals & 6 Mining Services Communications Estate Fertilisers

Legend UK LSE – Stock Exchange LSE (GDRs) – Global Depositary Receipts, LSE (premium) – Premium segment, LSE (AIM) – Market KASE – Kazakhstan Stock Exchange Year * Acting asLeadManager 2005 2006 2007 2008 2010 2012 September October October November October November December December February May May June June December April June September December December Month Steppe Cement Kazakhmys Max Petroleum KazakhGold KazMunaiGaz ShalkiyaZinc of Kazakhstan Halyk Chagala Group Tau Capital Roxi Petroleum Kazakhstan Kagazy Alliance Bank Resources Corporation Eurasian Natural Zhaikmunai Sunkar Resources Central Asia Metals KazTransOil Issuer Manufacturing Metals &Mining Oil &Gas Metals &Mining Oil &Gas Metals &Mining Financial Services Real Estate Financial Services Oil &Gas Manufacturing Financial Services Metals &Mining Oil &Gas itlizers Chemicals &Fer Metals &Mining Oil &Gas Communications Technology & Industry - LSE (AIM) LSE (premium) LSE (AIM) LSE (GDRs) LSE (GDRs) LSE (GDRs) LSE (GDRs) LSE (GDRs) LSE (GDRs) LSE (AIM) LSE (AIM) LSE (GDRs) LSE (GDRs) LSE (premium) LSE (GDRs) LSE (AIM) LSE (AIM) KASE KASE LSE (GDRs) Exchange Stock (USD 59) GBP 12 (USD 1,156) GBP 661 (USD 46) GBP 26 USD 197 USD 587 USD 761 USD 117 USD 680 USD 120 USD 250 (USD 77) GBP 39 USD 275 USD 704 (USD 2,792) GBP 1,364 USD 100 (USD 68) GBP 34 (USD 60) GBP 38 (USD 185) KZT 27,886 USD 525 Proceeds (mn) Gross Offering Malaysia UK UK Islands Channel Kazakhstan Kazakhstan Netherlands Kazakhstan BVI Isle ofMan UK Isle ofMan Kazakhstan UK Isle ofMan UK UK Kazakhstan Kazakhstan Jurisdication Issuer’s AKD Prinsen Van Wijmen (Dutch law) Lane &Partners (Englishlaw), McGuireWoods (Kazakh law), Skrine Advocates andSolicitors (Malaysian law), Norton Rose (EnglishandUSlaw) (English Law), Chadbourne &Parke (Kazakh law) Akin GumpStrauss Hauer&Feld (USlaw), Davenport Lyons Bedell Cristin(Jersey law) Denton Wilde Sapte (EnglishandKazakh law), White &Case White &Case Dewey Ballantine(English Law), Aequitas (Kazakh Law) Denton Wilde Sapte (Kazakh law) Linklaters (EnglishandUSlaw), Chadbourne &Parke (Kazakh law) Lovells, Harney Westwood &Riegels(Englishlaw), White &Case (Englishlaw), Cains Advocates (Manxlaw) Denton Wilde Sapte (Kazakh law) McCarthy Tétrault (Englishlaw), Lovells (Englishlaw), Cains Advocates (Manxlaw) White &Case (Kazakh law) Linklaters (EnglishandUSlaw), Niederer Kraft &Frey (Swiss law) De Brauw Blackstone Westbroek (Dutch law), Denton Wilde Sapte (Kazakh law), Jones Day (EnglishandUSlaw), Mann &Partners (Manxlaw) White &Case (English,USandKazakh law), Salans (Kazakh law) Maclay Murray &Spens(Englishlaw), Tsets (Mongolianlaw) Ashurst (Englishlaw), MacleodDixon (Kazakh law), Curtis, Mallet-Prevost White &Case SNR Denton (Kazakh law) Freshfields BruckhausDeringer(EnglishandUSlaw), Issuer’s LegalCounsel

2010 RFC Corporate Finance Credit SuisseFirst Boston* J.P. Morgan*, Coutts &Co Nabarro Wells &Co., ING Bank*, Troika Dialog Visor Capital, BofAMerrillLynch Credit SuisseSecurities*, ABN AMRO, Rothschild*, J.P. Morgan*, UBS* ING Bank*, Aton Capital* *,Halyk Finance* Credit SuisseSecurities*, ING Bank* Spencer HouseCompass Capital WH Ireland ING Bank* Credit SuisseSecurities*,UBS* N.M. Rothschild &Sons Securities, ABN AMRO Bank, Securities, Deutsche Bank*, Mirabaud Securities*,* ING Bank*, GMP Securities* Canaccord Adams*, Mirabaud Securities* Kazkommerts Securities UBS, Halyk Finance Renaissance Securities, UBS*, Visor Capital*, Credit SuisseSecurities*, Investment Bank* Kazakhstan Eurobond statistics – 12 months ended August 2013

This is an analysis of a selection of Eurobonds by Kazakhstan issuers for the 12 months ended August 2013. The information was compiled from public sources, including CBonds and other publicly available documents. The analysis includes credit ratings by Standard & Poor’s.

Issuer Industry Lead Managers Pricing Date Maturity Tenor CCY Size (mn) Coupon Rating Type* Listing venue KazAgro Agricultural HSBC, J.P. Morgan 17-May-2013 24-May- 10 USD 1,000 4.625% BBB+ LPN ISE, KASE 2023 KazMunayGaz Oil & Gas BofA Lynch, Barclays Capital, Halyk Finance 24-Apr-2013 30-Apr-2043 30 USD 2,000 5.750% BBB- LPN LSE, KASE KazMunayGaz Oil & Gas BofA Merrill Lynch, Barclays Capital, Halyk Finance 24-Apr-2013 30-Apr-2023 10 USD 1,000 4.400% BBB- LPN LSE, KASE Eastcomtrans Transportation & BNP Paribas, HSBC 12-Apr-2013 22-Apr-2018 5 USD 100 7.750% B LPN LSE, KASE Logistics Development Bank Financial Services J.P. Morgan, VTB Capital, Halyk Finance 6-Feb-2013 10-Dec-2022 9 USD 1,425 4.125% BBB+ LPN LSE, KASE, of Kazakhstan BSE Samruk-Energy Utilities Sberbank KIB, RBS 13-Dec-2012 20-Dec-2017 5 USD 500 3.750% BB+ LPN ISE, KASE, BSE Zhaikmunai Oil & Gas BofA Merrill Lynch, , VTB Capital 2-Nov-2012 13-Nov-2019 7 USD 560 7.125% B LPN ISE, KASE Kazakhstan temir zholy Transportation & Barclays Capital, HSBC, J.P. Morgan, Kazkommerts Securities 1-Nov-2012 10-Jul-2042 30 USD 300 6.950% BBB- LPN LSE, KASE, Logistics BSE Eurasion Development Financial Services RBI Group, Sberbank CIB 28-Sep-2012 5-Oct-2017 5 RUB 5,000 8.000% BBB- LPN LSE Bank Eurasion Development Financial Services BNP Paribas, Citigroup, HSBC, VTB Capital 13-Sep-2012 20-Sep-2022 10 USD 500 4.767% BBB LPN LSE, BSE Bank Development Bank Financial Services Kuwait Finance House, Halyk Finance, RBS, HSBC 19-Jul-2012 3-Aug-2017 5 MYR 240 5.500% BBB+ Sukuk OTC, KASE of Kazakhstan

* Analysis excludes European Commercial Paper issues; LPN – Participation Notes; Sukuk – Arabic name for financial certificates, refers to the Islamic equivalent of bond ** BSE – Berlin Stock Exchange; ISE – Irish Stock Exchange; KASE – Kazakhstan Stock Exchange; LSE – London Stock Exchange; OTC – Over-the-counter market.

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