TRANSLATION OF THE ORIGINAL DOCUMENT / ПЕРЕВОД С ОРИГИНАЛА

State registration of note issue by the authorised body is not intended to provide any recommendations to investors regarding the acquisition of notes as described in the prospectus. The authorised body that registered note issue is not held responsible for the accuracy of information contained herein. The note issue prospectus was reviewed only for compliance with the requirements of the laws of the Republic of Kazakhstan. Issuerʹs officers are held responsible for the accuracy of information contained herein and acknowledge that any and all information provided herein is reliable and not misleading for investors regarding the issuer and its notes.

NOTE ISSUEPROSPECTUS

CS Development LLP Limited Liability Partnership

issue one type of notes index‐linked, coupon, unsecured volume of issue 60,000,000,000 tenge denomination of notes 1,000 tenge amount 60,000,000 units form of issue uncertificated

1. GENERAL INFORMATION ABOUT ISSUER

1. Name of the Issuer:

full name short name in state (Kazakh) language «CS Development LLP» («Си «CS Development LLP» («Си Эс Девелопмент ЛЛП») Эс Девелопмент ЛЛП») ЖШС Жауапкершілігі шектеулі серіктестік in Russian Товарищество с ограниченной ТОО «CSDevelopmentLLP» ответственностью («Си Эс Девелопмент ЛЛП») «CSDevelopmentLLP» («Си Эс Девелопмент ЛЛП») in English

2. Data about changes in the Issuerʹs name: No change has been made.

3. Information about state registration/re‐registration of the Issuer: CS Development LLP is registered with the Almaty Department of Justice: Certificate of initial state registration of legal entity No.79585‐1910‐TOO (IU) dated 07.08.2006. Certificate of state re‐registration of legal entity No.79585‐1910‐TOO issued by the Almaty Department of Justice on 22.12.2009.

4. Taxpayerʹs registration number: TRN 600700577232

5. Information about the Issuerʹs location, contact telephone and fax numbers, e‐mail: Legal address: 50/2/39Zhibek Zholy St., corner of Dostyk Ave., block B, office 300/13,Almaty, Republic of Kazakhstan telephone:273‐85‐11 fax: 273‐16‐73

6. Issuerʹs bank details: IIC 023467821 with Almaty Branch of Kazkommertsbank JSC BIC 190 501 724, KBE 17

7. Activitiesof the Issuer: Main activities of the Partnership: − construction, architectural, designing, surveying; − construction, overhaul, major overhaul of industrial buildings, structures, and residential premises; − engineering; and − carrying out operations with movable and immovable property in the domestic and overseas market.

8. Information about ratings assigned to the Issuer or securities issued by it by international rating agencies and/or rating agencies of the Republic of Kazakhstan: No rating has been assignedto the Issuer and/or its securities.

2 9. Name, dates of registration, location and postal addresses of all branches and representative offices of the Issuer: The Issuer has no branches or representative offices.

10. Full official name of the audit firm (last name, first name, patronymic if any, of the auditor) who conducts/conducted audit of the financial statements of the Issuer: UTA Audit LLP, state licence No.000013 to carry out audits, issued on 17 June 2006 by the Kazakhstan Ministry of Finance, is a member of the accredited professional organisation Panel of Auditors of the Republic of Kazakhstan, Certificate No.00003

Full official name of legal and financial advisers who were engaged in providing relevant services under agreements during three years preceding the date of the prospectus specifying membership in relevant panels (associations, chambers) Financial adviser Seven Rivers Capital JSC has the licences issued by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organisations to carry out investment portfolio management activities (No.0401200621), brokerage and dealing activities on the securities market with the right to maintain clientsʹ accounts as a nominee holder (No.0403201437). The company is the member of Kazakhstan Stock Exchange JSC under K, P, and H categories. Chairperson of the Management Board is A. N. Isina Financial Advisory Agreement No.01‐KU dated 01.02.2010.

11. Date of adoption by the Issuer of the Corporate Governance Code: The Corporate Governance Code is not provided for by the Partnershipʹs charter.

2. ISSUERʹS GOVERNING BODIES

12. Structure of Issuerʹs governing bodies: 1) the supreme body ‐ the Participant; 2) the executive body ‐ the Director; and 3) other bodies in accordance with the Law, other laws and regulations of the Republic of Kazakhstan and the charter of the Partnership.

The reserved matters of the Partnershipʹs Participants include the following: 1. amendments to the Partnershipʹs Charter, including amendments to its Authorised Capital, location and corporate name, or approval of the restated Partnershipʹs Charter; 2. formation and early termination of the powers of the Partnershipʹs executive body, and decision on transferring the Partnership to trust and determination of terms and conditions of such transfer; 3. election and early termination of powers of the supervisory board and/or audit commission/auditor of the Partnership, and approval of reports and opinions of the audit commission/auditor of the Partnership; 4. approval of annual financial statements and distribution of its net income; 5. approval of internal regulations, procedure of adoption thereof and other documents governing internal activities of the Partnership other than documents to be approved under the Partnershipʹs charter by other bodies of the Partnership; 6. decision on the Partnershipʹs participation in other business partnerships and joint‐stock companies, and non‐profit organisations; 7. decision on reorganisation or liquidation of the Partnership; 8. appointment of the liquidation commission and approval of liquidation balance sheets; 9. decision on compulsory redemption of an interest from the Partnershipʹs participants in accordance with the effective laws of the Republic of Kazakhstan;

3 10. decision on pledge of the whole property of the Partnership; 11. decision on additional contributions to the Partnershipʹs property in accordance with the laws of the Republic of Kazakhstan; 12. approval of the procedure and time limits for provision the Partnershipʹs Participant and interest purchasers with information about the activities of the Partnership; and 13. The Partnershipʹs participant may delegate powers not related to its reserved matters to the executive body.

The sole executive body is the Director which shall be accountable to the Participant and arranges implementation of its decisions.

13. Members of the Board of Directors The Board of Directors is not provided for in the Partnershipʹs charter.

14. The Issuerʹs executive body: 1) last name, first name, and patronymic, if any, date of birth of the person who performs the functions of the sole executive body of the joint‐stock company, or the last name, first name, patronymic, if any, and date of birth of each member of the collective executive body of the joint‐stock company, including the chairperson of the management board: From 28.07.2006 to 02.03.2009 ‐ Director Ten Aleksandr Erikovich, date of birth ‐ 11.11.1973. From 02.03.2009 to 01.02.2010‐ Director Li Robert Romanovich, date of birth ‐ 03.12.1974. From 01.02.2010 until present ‐ Director Pak Dmitry Valeryevich, date of birth ‐ 01.08.1975.

2) positions held by the person who performs the functions of the sole executive body or each member of the collective executive body for the last three years and as of today, in chronological order, including ‐ concurrent positions: Pak Dmitry Valeryevich ‐ Director: No. Date Employer Title 1 06.2006 ‐ 04.2007 Caspian Investment Holding JSC Member of the Strategic Committee, Head of the Task Force 2 01.03.2007 ‐ G4 City LLP Managing Director 01.04.2008 3 02.04.2008 ‐ present G4 City LLP General Director 4 01.02.2010 ‐ present CS Development LLP Director (concurrently)

3) participation of the person who performs functions of the sole executive body or each member of the collective executive body in the paid authorised capital of the issuer and its entities specifying the shareholding: Pak Dmitry Valeryevich does not own a participatory interest in the Partnership.

15. Information about transfer of powers of the issuerʹs executive body to another commercial entity (trust company): No transfer of powers of the issuerʹs executive body to another commercial (trust) company has been made during existence of the issuer.

16. Remuneration paid to the members of the board of directors, members of the executive body and other officers for the last financial year:

4 Total remuneration for the last three months preceding the Planned total date of decision on issue of notes remuneration in tenge (to governing in monetary terms in securities other form of bodies and (tenge) payment members of the Full name board of directors) during the last 12 months from the date of decision on issue of notes

R.R. Li 55,362 ‐ ‐ ‐ D. V. Pak ‐ ‐‐ ‐ 360,000 17. Organisational structure of the issuer: Organisational structure of CS Development LLP

Director

Office Manager

HR Commercial Financial Director Operations & Department Director TechnicalDepartment

International Marketing Accounting Legal Project Relations Department Department Department Managers Department Department

2) total number of employees of the joint‐stock company including employees of branches and representative offices of the Partnership: Total number of employees of the Partnership ‐ 14 people.

3) information about directors of the Partnershipʹs subdivisions (last name,first name, patronymic, if any, date of birth):

No. Title Last name, first name, Date of birth patronymic

1 Director Pak Dmitry Valeryevich 8/1/1975 2 Financial Director Bekbosynova Balzhan 7/3/1974 Tanatarovna 3 Commercial Director Durumbetov Yerzhan 2/17/1980 Yerkinovich 4 Chief Accountant Kanayeva Zhainagul 8/1/1978 Batyrkhanovna 5 Director of Legal Department Zhapakova Dana Asilbekovna 4/29/1981 6 Director of International Relations Bekbosynova Anar Serikovna 2/4/1982 Department 7 Director of Marketing Department Pribylova Aleksandrina 4/4/1983 Anatolyevna 8 Director of Operations and Technical Mitin Vladimir Mikhailovich 4/19/1951 Department 9 Director of Project Managers Department Vacancy

5

3. SHAREHOLDERS (PARTICIPANTS) AND AFFILIATES OF THE ISSUER 18. Participants of the Issuer: 1) total number of participants and information aboutparticipantswho hold ten and more percent of placed interests in the Partnership: Interest of participants in the Name of participants (full Location/place of residence of participants company's authorised capital name or name of alegal entity) (percentage) Caspian Group JSC 1/154 Amangeldy/Makatayev St., Almaty 100%

2) information about persons who arenot shareholders/participants of the issuer but have right to control the issuerʹs activities through other entities: There are no persons who are not participants but have the right to control the Issuerʹs activities through other entities.

19. Information about legal entities where the Issuer holds ten percent and more shares (participatory interests in the authorised capital) of the entity: The Issuer does not hold ten percent and more shares (participatory interests in the charter capital) in any entity.

20. Information about industrial, banking, financial groups, holdings, concerns, associations, consortiums in which the Issuer has shareholding: The Issuer has no shareholdings in industrial, banking, financial groups, holdings, concerns, associations or consortiums.

21. Information about other affiliates of the Issuer: Please see the annex

22. Transactions with affiliates: The following table lists affiliates involved in transactions:

Name Basis of affiliation * Caspian Engineering Group JSC Companyʹs Participant A.E. Ten Companyʹs Director from 28.07.2006 ‐ 02.03.2009 R.R. Li Companyʹs Director from 02.03.2009 ‐ 01.02.2010 D.V. Pak Companyʹs Director from 01.02.2010

*Caspian Energy Group JSC was re‐registered in 2009 due to the change of the name to Caspian Group JSC.

The following tables contains information about transactions involving affiliates: tenge 2007 Accounts Financial Salaries and Accrued Salaries and Accounts receivable/( assistance wages liabilities on wages (paid) receivable/(p payable) as received (accrued) taxes and ayable) as of of pension 31.12.2007 01.01.2007 contributions * Caspian ‐ (55,000) (55,000) Engineering

6 Group JSC A.E. Ten ‐ (111,406) 11,416 49,996 (49,994) Total ‐ (55,000) (111,406) 11,416 49,996 (104,994)

tenge 2008 Accounts Interest Repayme Payment Salaries Accrued Salaries Accoun receivable/( accrued nt of made and liabilitie and ts payable) as financial (interest) wages s on wages receiva of assistanc (accrued) taxes (paid) ble/(pa 01.01.2008 e and yable) pension as of contribut 31.12.20 ions 08 Caspian (55,000) (3,927) 55,000 3,927 ‐ Engineeri ng Group JSC A.E. Ten (49,994) (120,000) 12,000 157,994 ‐ Total (104,994) (3,927) 55,000 3,927 (120,000) 12,000 157,994 ‐

tenge 2009 Accounts Salaries and Accrued Salaries and Accounts receivable/( wages (accrued) liabilities on wages (paid) receivable/(paya payable) as taxes and ble) as of of 01.01.2009 pension 31.12.2009 contributions A.E. Ten ‐ (36,726) 2,778 33,948 ‐ R.R. Li ‐ (134,700) 13,470 8,997 (112,233) Total ‐ (171,426) 16,248 42,945 (112,233) tenge Q1 2010 Accounts Salaries and Accrued Salaries and Accounts receivable/(pa wages (accrued) liabilities on wages (paid) receivable/(paya yable) as of taxes and ble) as of 01.01.2010 pension 31.03.2010 contributions R.R. Li (112,233) (28,422) 2,692 137,963 ‐ D.V. Pak ‐ (74,074) 14,074 33,000 (27,000) Total (112,233) (102,496) 16,766 170,963 (27,000)

4. DESCRIPTION OF ISSUERʹS ACTIVITIES 23. Brief description of general trends in the Issuerʹs activities including main activities of the Issuer: CS Development LLP is a company which carries out designing and surveying, construction and assembly work in architectural, town‐planning and construction activities under effective general licences. CS Development LLP was established in 2006 as a joint venture (LLP with foreign participation) bySpace A&M Co Ltd, South Korea (participatory interest ‐ 50%) and Caspian Engineering Group JSC, Republic of Kazakhstan (participatory interest ‐ 50%). The main purpose for establishing the Partnership is to implement one of the largest investment projects in Central Asia that is unique in the Republic of Kazakhstan ‐ Construction of 4 satellite towns of Almaty. During 2006‐2007, intensive negotiations with prospective investors were held to attract them to participate in the project. However, due to the eruption of the global financial crisis, the dynamic of the negotiation process considerably slowed down. In early 2010, due to the stabilisation of the

7 situation in the world economy, prospective investors confirmed their interest in participation of this project, and the negotiation process started. As of today, negotiations were held and relevant agreements were made with leading experts in financing of such kind of investment projects, and its legal and financial structure was developed under which the Partnership was defined as a developing company for implementation of the investment project. Based on the foregoing, the Partnership made a decision to issue debt instruments to attract investment resources as may be necessary for project implementation. Project participation scheme suggests the opportunity of attracting second‐tier banks of the Republic of Kazakhstan and large financial institutions for funding. In addition, funds of foreign investors that have international experience in construction will be sourced. Project promoters plan close cooperation with leading companies of UAE, China, USA, South Korea, Turkey, with quite high ratings in their countries. One should note that the Government of the Republic of Kazakhstan also participates in the project acting as the source of funding for designing and construction of utilities which indicates government support and importance of the project. As of today, the sole founder and 100% participant of CS Development LLP is Caspian Group JSC. 1) information about entities competing with the issuer: Currently, several large companies including international developers which implement large‐scale developing projects operate in Kazakhstan. However, it is appropriate not only consider large development companies but those that implement similar projects. Due to the fact that there are no similar development projects in Kazakhstan by scales and complexity, participation of the Partnership is approved by project investors, and it is not appropriate to analyse the competitive environment. 2) comparative features of the issuerʹs activities with average industry indicators in the Republic of Kazakhstan and average world indicators if it is feasible: Due to the fact that implementation of the investment project is at the preparation stage, it is not feasible to compare the activities of CS Development LLP with average industry indicators in the Republic of Kazakhstan and average world indicators. 3) forecast in relation to future development of the industry and position of the Issuer in this industry: The consequences and impact of the current global economic recession have ʺcooled downʺ the sector of immovable property, and achievement of similar volumes of construction in short‐ and medium‐term is not expected. More sustainable and stable in terms of funding development companies continue their activities, though with slowing pace. The residential sector of the market appeared to be quite unstable and suffered the recession period from late 2007. However, despite temporary difficulties, the construction industry is expected to recover and will be one of the main sources of economic growth in Kazakhstan in the long term. Currently, the real estate market of Almaty shows signs of continued recovery and improvement in construction activity together with slight increase in the populationʹs interest in the residential real estate. In late 2008, due to the global economic recession and more sceptic climate in the market, the trend of house price growth changed to stagnation, and later ‐ again ongoing decline that continued in the first half of 2009. However, the situation in the market in the third quarter of 2009 started to level off,and the volume of the residential area put into operation at the beginning of the year, started to reach the indicators of 2008, the prices reached temporary stabilisation. At the same time in the first half of 2009, the volumes of housing construction in Kazakhstan practically reached the level of the similar period in 2008 and exceeded them in the third quarter demonstrating 3% growth in January‐August in comparison with the relevant period of 2008.

8 The total volume of residential areas put into operation in Almaty in January‐August 2009 was 685,000 sq m, which was by 45.7% more than the volume in the similar period of the previous year. The current version of the General Plan of Almaty suggests that existing and future volumes of housing will provide approximately 22 sq m of the residential area per capita by 2020. This indicator in Almaty is traditionally lower than the average one in Kazakhstan, and is currently 17 sq m of the residential area per capita. Comparison of the said indicator with the average indicator in the Republic of Kazakhstan (18 sq m) and EU member countries (48 sq m) indicates favourable consequences for the developers of residential real estate. It is indicative that not a single residential construction project has started in Almaty recently, and all existing facilities are represented by the projects that had started prior to the economic crisis and were suspended or postponed for different (mainly financial) reasons. Despite slowing down activity, the volume of construction will double in 2016‐2017 increasing the availability of housing per capita approximately by 30% by 2020. The downward trend in the number of development companies in the market continues. There will be a limited number of players who will further, after the situation becomes stable, form a new development market in Kazakhstan, launch new projects and accordingly determine the price trend. Due to the fact that the Partnership is defined by main participants of the investment project as the key development company which implements this project, one can forecast with considerable confidence that the Issuer will certainly become one of five largest development companies in Kazakhstan.

24. Information about contracts and agreements entered into by the issuer which can subsequentlyhave considerable impact on the issuerʹs activities: Agreements with international consultants: 1. General Legal Services Agreement No. 13/10/TOO CS Development LLP with Law Firm Salans LLP dated 24 May 2010. 2. In June 2010, audit and advisory services agreement with Ernst & Young LLP will be executed. 3. Land Appraisal Agreement with Scott Holland Overseas (SHO) is expected to be signed.

25. Information about licences, patents, permits received by the issuer to carry out activities, specifying the date and number of the document, expiration date and issuing authority: 1. State general licence for designing and surveying activities in architectural, town‐planning and construction activities GSL No.04440 dated 12 March 2010; 2. State general licence for construction and assembly activities in architectural, town‐planning and construction activities GSL No.04441 dated 12 March 2010. 26. Volumes of products sold (work, services performed) over the last two years or for the period of actual existence in accepted physical or quantitative units of measurement: tenge Name 2007 2008 2009 Q1 2010 Consulting services 200,000 532,000 462,145 168,982 Drafting design and 1,500,000 estimate documents

Analysis of changes in the volumes of products sold (work, services performed) of the Partnership over the last two years or for the period of actual existence of the Partnership: Due to establishment of CS Development LLP for implementation of the specific project, the company has not carried out its main activities but has provided consulting services.

9 27. Factors that have positive and negative impact on the profitability of sales (work, services) by main activities of the issuer: Due to establishment of CS Development LLP for implementation of the specific project, the company was involved in preparation of the project and did not provide services to third parties in relation to its main activity.

28. Issuerʹs activity on organisation of sales of its products (work, services). List of key product consumers in the volume constituting five percent and more of the total cost of the services consumed: Name 2007 2008 2009 Q1 2010 Sovremennye tekhnologii 100% 38% 43% vodosnabzheniya i kanalizatsii LLP (Advanced Technologies in Water Supply and Sewage) BRENTON INVEST LLP 62% 18% PLEXY PLUS Limited 39% 10%

Ushkonyr Engineering LLP 90%

List of key vendors of product supplies in the volume constituting five and more percent of the total value of services performed:

N/a

29. Key factors affecting the activities of the Partnership: 1) seasonal activities, their share in the overall incomeof the issuer: The Partnership is not involved in seasonal activities.

2) proportion of import in raw materials (work, services) delivered (provided) to the Partnership and the proportion of products (work, services) sold by the issuer for export in the total volume of products sold: Due to establishment of CS Development LLP for implementation of the specific project, the company was engaged in preparation of the project and did not provide any services to third parties.

3) information about the transactions(s) tobe performed or completed during six months from the date of thedecision on note issue if the value of this transaction exceeds ten percent of the book value of the issuerʹs assets: N/a

4) future obligations. Main future obligationsof the issuer and adverse impact that these liabilities can have on the issuerʹs activities including information about securing guarantees of third parties are disclosed: Future obligations that may potentially have negative impact on the issuerʹs activity include the obligations to noteholders to pay interest.

5) information about Partnershipʹs involvement in litigation. Description of litigation involving the Partnership that may result in winding‐up or change of the Partnershipʹs activities, collection of money obligations should be provided:

10 The Partnership is not involved in litigation

6) information about all administrative penalties imposed on the Partnership and its officers by authorised government authorities and/or court during the last year: No administrative penalty has been imposed on it 7) risk factors: Analysis of risks that noteholders will incur: The main risk for noteholders will be the inability of the issuer to generate cash flows for timely payment of the coupon interest and payment of the par value of notes. This may occur due to the considerable adverse impact of the issuerʹs potential risks for the implementation of the project. Issuerʹs risks include development risks that can be nominally divided into external and internal. The following types of risks of the external environment exist for the developer: ‐ legal (amendments to laws and regulations of the Republic of Kazakhstan, change of the political course of the state, possible errors in registration of the ownership to the facilities, possibility to lose the ownership, inability to reimburse for losses in connection with the errors in executing agreements and contracts, possibility of claims from third parties, encumbrances of facilities that have not been identified, etc.); ‐ technological and town‐planning (high seismic activity in the area selected for development, possibility of errors in constructive and planning decisions relating to construction facilities, incorrect choice of materials, etc.); ‐ administrative (possibility to change the tax regime, occurrence of new claims on performance of obligations to government authorities, introduction of restrictions in functional use of facilities, etc.); ‐ economic and organisational and economic (include errors in forecasting, including macroeconomic and regional, errors in forecasting of the demand and supply in the market, incorrect evaluation of the competitive environment, selection of inappropriate organisational form during implementation of the project, etc.). The specific nature of economic and legal turnover of real estate, multi‐stage real estate transactions require special attention to the legal side of transactions. Thoroughness of legal research, cooperation with insurance companies help to reduce the probability of these risks, prevent a considerable part of them. Town‐planning and technological risks are generally connected with insufficiently detailed preparation of the real estate development project, weakness of the technical expert examination of facilities. Technological risks are attributed to a considerable extent to the specific features of the project implementation. Administrative risks are of special importance. There are often cases when the tax regime, requirements on development of the urban infrastructure changes considerably during implementation of the project, etc. Therefore, it is very important at the stage of obtaining permits for construction or reconstruction to set forth and document the exact definition of obligations to be performed by the developer. All types of risks have financial dimension. Their implementation results in the increase in project costs or missed deadlines. The following internal risks of the developer exist: ‐ risks of incorrect evaluation of conditions and trends of the demand and supply in the real estate market in general and for different types; ‐ risks of designing arising from the discrepancy between project decisions (architectural and planning solutions, apartment layouts, materials used) and expectations of potential buyers. Such risks usually arise as violation of the ratio ʺprice‐quality‐consumerʺ in the course of project implementation. ‐ risks of default arising in case of untimely receipt (failure of receipt) of moneyin the course of project implementation (construction and sales of real estate).

11 ‐risks of funding. Instability of the financial condition of enterprises, private persons, banks under current conditions often leads to the inability of the participants who finance construction to sustain the tension of the whole project implementation period. banks refuse from continuing lending under agreements made, co‐investors prove to be unable to comply with the payment schedule, etc.; ‐ contract risks. The developer has very often to face missed deadlines of project implementation, insufficiently high quality of work, non‐coincidence of actual and project costs; ‐ risks of sales. There are often cases when the implementation period is delayed for several months or years due to incorrect choice of the pricing policy, lack of active promotion of the facility on the market which results in freezing the investments and even direct losses connected with operating expenses incurred by the developer prior to the sales of the facility.

Main project risks The most critical risks include: appreciation of the project cost, availability and value of funds for the project implementation. In the course of project implementation, special attention should be drawn to the following types of risks: − political ‐ possible changes in the state policy; − regulatory changes in the laws of the country during the project implementation period; − risk of receiving less forecastincome due to the failure to meet target indicators on sales or lease of commercial houses and offices; − risks arising due to the impact of external crisis events and factors in the international financial and stock exchange markets on the countryʹs economy; − force majeure events (natural calamities, etc.) State support of the project, meeting target construction indicators and optimal amount of sales to contribute to achieving positive economic result for Almaty and Almaty Region as a whole and for all project participants in particular.

4. FINANCIAL CONDITION 30. Types of intangible assets with book value of five percent or more of the total book value of intangible assets as of 01.04.2010: N/a 31. Types of tangible assets with book value of five percent or more of the total book value of tangible assets as of 01.04.2010: N/a 32. Investments as of 01.04.2010 Direct investments in equity of other legal entities ‐ no; Long‐term investments ‐ no; Investment portfolio ‐ no

33. Accounts receivable as of 01.04.2010:

Names of entities having accounts Currency of accounts Maturity dates Amount due Remaining receivable to the issuer in the receivable during the next amounts amount of more than five percent twelve months should be from the total amount of accounts by quarters broken receivable down by years

12

Ushkonyr Engineering LLP tenge Q2 2010 700,000 ‐

33‐1 Information about the issuerʹs assets that are used to secure issuerʹs liabilities and are transferred to trust specifying the value of each asset and expiration date of relevant agreements

Issuerʹs assets are not given for security or trust.

34. Issuerʹs authorised capital and equity as of 01.04.2010: As of 1 April 2010, the authorised capital of the Partnership was 103,000 tenge. As of 1 April 2010, the equity of the Partnership was 446,058 tenge.

35. Loans: As of 01.04.2010, the Partnership has no loans.

36. Accounts payable associated with the main activities of the Partnership (trade liability, advances received): N/a

36‐1. Amount of net profit/loss earned/incurred by the issuer over the last three complete financial years:

tenge 2007 2008 2009 Q1 2010 Net profit 10,775 160,307 107,340 74,835

36‐2. Leverage:

As of As of As of As of 01.01.2008 01.01.2009 01.01.2010 01.04.2010 Joint liabilities/equity 1.2 0.6 0.6 0.9

6. INFORMATION ABOUT ISSUES OF SECURITIES

The Partnership has not issued anysecurities earlier.

7. INFORMATION ABOUT ISSUE OF NOTES 38. Information about notes

Type of notes Index‐linked coupon unsecured notes Amount of notes to be issued sixty million (60,000,000) units Total volume of issue of notes at sixty billion (60,000,000,000) tenge par value Par value of one note one thousand (1,000) tenge. Indexed par value Indexed par value is calculated by multiplying the par value by the currency index Кi. The currency index Ki is calculated as the relation of the rate of US dollar to tenge determined by the National Bank of the Republic of

13 Kazakhstan as the official (market) currency exchange rate as of the date of actual payments to the exchange rate as of the commencement date of note circulation. (Кi = Хt/Xo), where Xt ‐ exchange rate of US$ to tenge as of the actual payment date, Xo ‐ exchange rate of US$ to tenge as of the commencement date of note circulation. In case of revaluation the above coefficient will be taken as 1. Interest on notes: Interest rate on notes: Fixed rate of eight percent (8%) per annum of the indexed par value of one note for the whole period of circulation Date from which the interest Interest accrual starts from the commencement date of note circulation. accrual starts, periods and dates Commencement date of note circulation is the date of admission of this of interest payment: note issue in the official list of Kazakhstan Stock Exchange JSC. After this note issue is included, the Issuer shall send the payment schedule by official letter to Kazakhstan Stock Exchange JSC. The coupon interest on notes shall be paid twice a year accordingly every six months starting from the commencement date during the whole period of note circulation. Procedure and terms of interest The coupon interest shall be paid by remitting money to current payment noteholders within ten (10) business days starting from the date following the date of the period for which payments are due. The coupon interest may be received by persons registered in the register of noteholders as of the beginning of the last day of the period for which payments are due and payable. The last payment of the coupon interest shall be paid at the same time as notes. If the noteholder is a non‐ If the noteholder is a non‐resident of the Republic of Kazakhstan with resident permanent establishment, the coupon interest and principal debt shall be paid in Kazakhstan tenge if it has a bank account in the Republic of Kazakhstan. The interest amount may be converted in tenge into another currency at the exchange rate established by the bank if a relevant request is received from the investor. Conversion shall be performed at the issuerʹs expense. All payments ‐ interest and indexedpar value at maturity of notes shall be made in tenge by wire transfer. Period used to calculate the The interest (coupon) shall be paid by the Partnership proceeding from interest: the time base 360/30 (360 days a year/30 days a month) in accordance with internal documents of Kazakhstan Stock Exchange JSC The calculation procedure The amount of note interest will be calculated from the indexed par during payment of the coupon value of notes. interest of notes Information about circulation and maturity of notes Maturity period: eight (8) years from the commencement date of circulation Terms of maturity of notes: Notes shall be redeemed according to the indexed par value together with the payment of the last coupon interest by remitting money to the bank accounts of noteholders within ten (10) business days following the last day of note circulation. The coupon interest may be received by persons registered in the register of noteholders as of the beginning of the last day of the period for which payments are due. Maturity date Indexed par value of notes and the last coupon interest at maturity shall be paid in eight years from the commencement date of circulation to the persons who are entitled to receive them as of the beginning of the last day of the period for which payments are due within ten (10) business days starting from the day following the day of registration in the register of noteholders. Places of performance of 50/2/39 Zhibek Zholy St., corner of Dostyk Ave., block B, office 300/13, obligations in respect of notes Almaty, Republic of Kazakhstan Method of redemption Notes will be redeemed by remitting money in the amount of the par

14 value of notes adjusted to the currency index (Ki) to current bank accounts of noteholders within ten (10) business days after the circulation period ends. Terms and condition of, and Notes shall be redeemed in monetary form via bank transfer. If notes procedure for note redemption are placed through subscription, the terms and conditions of note redemption shall be set forth in the note sale and purchase agreements to be executed by the Partnership with the investor. If notes are placed in the organised market through trades in the trading system of Kazakhstan Stock Exchange JSC, notes shall be redeemed in accordance with internal documents of Kazakhstan Stock Exchange JSC. Security on notes: Notes of this issue are not secured.

If notes are issued by a financial The Partnership is not a financial vehicle corporation vehicle corporation Information about the Notes are not secured, no representative of a noteholder is appointed. representative of a noteholder When infrastructure notes are Notes of this issue are not infrastructure notes. issued Procedure for keeping records Registrar of the Partnership: REYESTR‐SERVIS Joint‐Stock Company, of rights attached to notes: licence issued by the Agency of the Republic of Kazakhstan on Regulation and Supervision of the Financial Market and Financial Organisations to carry out activities on maintaining the system of register of securities holders No.0406200402 dated 20 June 2005. Agreement on maintaining the system of register of securities holders No.01/10/CS dated 23.02.2010 Information about the paying Interest on notes and indexed par value at maturity shall be paid by the agent Partnership independently by remitting money to the account of a noteholder Issuerʹs right to redeem notes The Issuer has the right to early redemption of notes. When the issuerʹs ahead of the maturity date participants make a decision on early redemption of notes, the issuer shall inform a holder of such notes within 10 business days prior to such procedure by sending a simple written notice to be signed by the Issuerʹs director about the terms and conditions, dates, procedure for note redemption. Earlyredemption of notes shall be made in accordance with the decision of the issuerʹs participants to be presented to Kazakhstan Stock Exchange JSC. Early redemption of notes shall be made according to the indexed par value together with payment of the accrued coupon interest for the actual period of circulation thereof. Early redemption of notes shall be made by remitting money within 10 business days following the last day of note circulation to the current accounts of noteholders registered in the register of noteholders as of the beginning of the last day of the period for which payments are due and payable. The Issuer has the right to partial redemption of notes. When the Issuerʹs participants make a decision on partial redemption of notes, the Issuer shall inform a holder of such notes within 10 business days prior to such procedure by sending a simple written notice to be signed by the Issuerʹs director about the terms and conditions, dates, procedure for note redemption. Partial early redemption of notes shall be made in both organised and unorganised markets. Notes shall be redeemed according to the principle of priority of receipt of requests from noteholders. Rights provided by each note to Right to receive the indexed par value within time limits set forth in the its holder note issue prospectus; Right to receive the coupon interest within time limits set forth in the note ssue prospectus; Rights to satisfy their claims in the events and in accordance with the

15 procedure set forth in the laws of the Republic of Kazakhstan; Right to dispose of notes without restraint and otherwise

Procedure for giving CS Development LLP shall inform noteholders about its activities, information by the issuer to financial condition in accordance with the rules and internal documents noteholders about its activity of Kazakhstan Stock Exchange JSC and financial condition Events that result in default on Default on notes occurs in the event of the failure to pay or pay in full the Issuerʹs notes the coupon interest and/or indexed par value of notes for more than thirty calendar days starting from the day following the last day of the period for which payments are due. In the event of delay of obligations by the Issuer due to the fault of the Issuer on payment of the coupon interest and/or indexed par value, the Issuer shall pay a penalty to noteholders of this issue for each day of delay based on the official refinancing rate of the National Bank of the Republic of Kazakhstan as of the date when the monetary obligation becomes due and payable: P = (indexedcoupon interest and/or indexed par value) * R/D*N, where R ‐ official annual rate of refinancing of the National Bank of the Republic of Kazakhstan as of the day when the monetary obligation is performed D ‐ number of days in a year, N ‐ number of days of delay except for the date of actual payments of the index‐linked coupon interest and/or indexed par value.

If there are grounds for the default, the Issuer shall notify Kazakhstan Stock Exchange JSC ofits failure to perform the obligations on notes set forth herein not later than three business days prior to the date when obligations become due and payable. In the event of default, the Issuer will be held liable as set forth in the laws of the Republic of Kazakhstan, and will use all efforts to eliminate the reasons of default and security of noteholders.

Procedure, time limits and If the event of default occurs, the Issuer shall within 10 business days methods used by the Issuer to develop, obtain approval of the relevant body and send the Action Plan inform noteholders about the to the stock exchange to eliminate the reasons that have caused the default. default in order to secure rights of noteholders, and the forecast of financial indicators and stage‐by‐stage action plan of the Issuer. Within five (5) business days of the default on notes, the Issuer shall inform noteholders by placing the announcement at the official web‐ site of Kazakhstan Stock Exchange JSC, including: • information about the default, • volume of failed obligations of the Issuer as of the date of default, • reasons for the failure to perform obligations, • renumeration of possible actions of noteholders for satisfaction of their claims including the procedure and dates of making claims to the Issuer, and • other information by decision of the Issuer.

Information about options No option was provided as of the date of submission of documents for state registration of note issue.

38‐1. Forecast of the Issuerʹs sources and cash flows as may be necessary to pay the interest and principal amount by each period of interest payment until the date of note repayment

16

17 thousand tenge

2010 2011 2011 2012 2012 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 CASH FLOW Total 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year

Sales revenue 2,428,883 4,806,742 6,152,207 7,161,309 17,778,696 18,403,684 18,581,047 16,455,658 13,712,554 9,670,240 5,470,691 4,714,756 1,317,838 126,654,306 Costs on construction of residential and commercial facilities 10,362,448 5,816,784 9,266,214 7,777,585 7,932,820 9,094,398 8,483,132 6,596,221 3,255,103 3,131,042 1,332,130 73,047,877

Fixed costs 123,435 150,344 170,526 407,163 443,441 460,443 428,026 479,338 404,742 322,524 286,152 211,573 171,150 129,154 121,595 87,626 4,397,233 Salary and social contributions 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 157,200 2,515,200

CIT 263,335 745,670 408,296 86,377 19,217 483,300 2,006,195 Operating Cash Flows -10,643,083 -6,124,328 -9,593,940 -5,913,064 -3,726,719 -3,559,835 -1,907,049 10,545,937 14,586,639 14,970,281 14,416,841 12,598,111 8,933,594 5,097,960 4,416,744 589,712 44,687,802 Fixed assets acquisition Investment Cash Flows

Issue of notes 60,000,000 60,000,000

Return of the note loan 60,000,000 60,000,000 Payment of the coupon 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 2,400,000 36,000,000

Dividend payment Financial Cash Flows 57,600,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -2,400,000 -60,000,000 -36,000,000 TOTAL CASH FLOWS 46,956,917 -8,524,328 -11,993,940 -8,313,064 -6,126,719 -5,959,835 -4,307,049 8,145,937 12,186,639 12,570,281 12,016,841 10,198,111 6,533,594 2,697,960 2,016,744 -59,410,288 8,687,802 Cash at the beginning of the period 46,956,917 38,432,589 26,438,649 18,125,585 11,998,866 6,039,032 1,731,983 9,877,919 22,064,558 34,634,840 46,651,680 56,849,792 63,383,386 66,081,345 68,098,090 Cash at of the end of the period 46,956,917 38,432,589 26,438,649 18,125,585 11,998,866 6,039,032 1,731,983 9,877,919 22,064,558 34,634,840 46,651,680 56,849,792 63,383,386 66,081,345 68,098,090 8,687,802 8,687,802

39. Convertible notes Notes of this issue are not convertible.

40. Method of note placement 1) Period of note placement: Notes shall be placedduring the whole period of circulation.

2) Procedure for note placement: Notes shall be placedin the organised market through trading in the trade system of Kazakhstan Stock Exchange JSC and unorganised market through subscription.

3) Information about entities involved in the offering of notes: The Partnership plans to offer its own notes with involvement of the underwriter. Underwriter Seven Rivers CapitalJSC has the licences issued by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organisations to carry out investment portfolio management activities (No.0401200621), brokerage and dealing activities on the securities market with the right to maintain clientsʹ accounts as a nominee holder (No.0403201437). The company is the member of Kazakhstan Stock Exchange JSC under K, P, and H categories. Chairperson of the Management Board is A. N. Isina Underwriting Agreement No.04/10/CS dated 18.03.2010

40‐1Restrictions/covenantsimposed/accepted by the issuer (if it is set forth by the decision of the issuerʹs body on note issue): The resolution of the Issuerʹs participants does not set forth any restrictions/covenants.

Procedure for the actions of the Issuer and noteholder if restrictions/covenants are violated, including Issuerʹs actions on early redemptionof notes. The resolution of the Issuerʹs participants does not set forth any restrictions/covenants.

41. Use of proceeds from the note placement: Proceeds from note placement shall be used for the implementation of the project Construction of the Koyankus Residential District, satellite town Gate City with the area of 168 ha. The project is expected to be implemented using private investments and budget funds. Investment costs for construction of the Koyankus Residential District are 60,000,000 thousand tenge, the main part of which will be sourced from the note loan by placement of notes of CS Development LLP in the platform of Kazakhstan Stock Exchange JSC. Koyankus Residential District is the constituent part of the first satellite town Gate City adjacent to Almaty. According to the general plan of Almaty,BAKAD (large Almaty belt highway) will go through Gate City in latitudinal direction. It will divide the Gate City in two halves ‐ southern and northern. The design area is located in the southern part of the Gate City. The main idea of architectural and planning organisation of the designed area of Koyankus District in close mutual connection with the general layout structure of the Gate City is to create a fully functional residential district with developed infrastructure, utilities, landscaped and improved territory. The construction project of Koyankus Residential District suggests construction of residential, commercial and social facilities, including: Residential property − Townhouses (econom and econom+); − Individual houses; − Residential houses of middle number of floors (apartments in 5 and 6‐floor houses, 1, 2, 3, 4 rooms); − Commercial area (in 6‐floor houses) − 5‐floor car park; Social facilities − Kindergarten; − General education school; − Outpatient clinic; − Administration (akimat).

Implementation Phases of theInvestment Plan In order to ensure operation of the Koyankus Residential District, it is necessary to register land plots in accordance with the laws and regulations of the Republic of Kazakhstan, change the designated purpose of land plots from ʺfarmingʺ to individual housing construction, develop technical documentation, perform designing work, obtain permits, and perform construction in accordance with the schedule. Schedule for implementation phases of the investment plan Name Duration StartDate Completion Date Registration of land plots, change of the 3 months 01.01.2010 01.04.2010 designated purpose Technical conditions (heat supply, energy 6 months 01.01.2010 01.07.2010 supply, water supply, etc.) Designing, approvals, technical documentation 6 months 01.01.2010 01.07.2010 Issue and placement of notes (attracting 6 months 01.01.2010 01.06.2010 investors) Obtaining budget funds 9 months 01.01.2010 01.10.2010 Execution of the agreement for construction work, completion of necessary legal procedures, 9 months 01.01.2010 01.10.2010 obtaining necessary permits and licences Preparation work for construction of utilities 6 months 01.07.2010 01.01.2011 Construction of temporary roads 12 months 01.07.2010 01.07.2011 Construction and laying of utilities 42 months 01.07.2010 01.01.2014 Construction of real estate 66 months 01.07.2010 01.01.2017 Sale of real estate 73 months 01.06.2012 01.07.2018 Planned investment schedule and project implementation 1. Obtaining necessary construction permits. 2. Development of project technical documentation. 3. Placement of notes (attracting investors). 4. Obtaining budget funds. 5. Execution of the agreement for construction work, completion of necessary legal procedures, obtaining necessary permits and licences. 6. General construction work, laying of networks and communications, site improvements, fencing, etc.

20 7. Start of facility operation. Project timing of construction of KoyankusResidential District The planning horizon of the project is defined as 8 years. Full return on investments, return of borrowed funds and payment of interest will be achieved during the project. Construction of the Koyankus Residential District will be performed in 3 stages on short‐term basis and will be expected from the second half of 2010 until 2015. Construction of 21 residential quarters is planned.

Efficiency of investments

Indicator Discount rate, % 18%

PBP, months 72 months

3,039,014 thousand tenge Net Present Value

IRR, % 21%

Need in investments Amount of investments for the project will total 60,000,000 thousand tenge

Cost of construction, including:

1. Construction of service roads is 5,660,668 thousand tenge 2. Earth work 700,147thousand tenge 3. Construction of residential and commercial facilities 61,234,311 thousand tenge, including: Townhouses (econom and econom+) 26,172,900 thousand tenge Individual houses 273,000 thousand tenge Residential development (5 and 6‐floor houses) 32,602,148 thousand tenge Commercial area 972,758 thousand tenge Five‐level above‐ground car park 1,213,506 thousand tenge

21

Planned sales volume (thousand tenge)

2012 2013 2014 2015 2016 2017 2018 Sales 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year 2 half-year 1 half-year

Townhouses Econom 863,886.3 1,727,772.6 2,338,252.3 2,338,252.3 5,027,242.4 5,386,331.2 5,018,265.2 4,632,244.8 3,734,747.4 2,074,859.6 1,784,379.3 1,338,284.5 892,189.6 Townhouses Econom+ 0.0 392,488.4 607,048.7 910,573.1 2,447,165.1 2,610,309.4 2,981,462.8 2,104,562.0 1,885,336.8 1,131,202.1 1,013,368.5 810,694.8 405,347.4 Individual houses 0.0 17,473.1 25,335.9 30,403.1 49,025.0 70,813.9 87,836.5 70,269.2 62,949.5 56,654.5 47,369.5 47,369.5 20,301.2 Residential area of average number of floors (5 and 6-floors) 1,564,997.1 2,608,328.5 3,025,661.1 3,630,793.3 9,757,757.1 9,757,757.1 9,790,282.9 9,090,977.0 7,517,538.7 6,014,030.9 2,424,406.2 2,424,406.2 0.0

Commercial area in 6-floor facilities 0.0 34,589.0 80,246.5 160,493.0 237,228.7 301,927.5 370,939.5 347,755.8 323,992.5 224,302.5 160,750.1 53,583.4 0.0 car park 0.0 26,090.4 75,662.1 90,794.5 260,277.6 276,544.9 332,260.6 209,848.8 187,989.5 169,190.6 40,417.8 40,417.8 0.0 TOTAL 2,428,883.4 4,806,742.0 6,152,206.6 7,161,309.3 17,778,695.9 18,403,684.0 18,581,047.5 16,455,657.5 13,712,554.3 9,670,240.2 5,470,691.4 4,714,756.1 1,317,838.3

Need in capital investments The sources of funding may be internal and external. − Cumulative net profit generated from the companyʹs activities for the period, net of taxes, which is accrued during the periods is considered as internal sources; Borrowed funds are considered as external sources: − Note issue, − Budget investments for organisation and construction of social and engineering infrastructure.

In 2010‐2011, 26,361,351 thousand tenge is required for construction of facilities and procurement of construction materials, advanced payment to subcontract organisations, expenses connected with organisation of facilities and putting them into operation. Total payment of the coupon is determined in six months in late 2010 and will be 2,400,000 thousand tenge. Residential areas are planned to be sold starting from the first six months of 2012; repayment of funds, partial payment of loan interest, and acquisition of construction materials are expected to be made out of sales profits.Repayment of the note loan is expected at the end of the first six months of 2018 and amounts 60,000,000 thousand tenge.

8. ADDITIONAL INFORMATION 42. Limitation in note circulation: No limitations

43. Amount of expenses on issue of notes and information about how these expenses will be paid:

Name Calculation basis Listing fee (admission) 5,652,000 tenge Listing fee (annual) 2,826,000 tenge Financial advisory fee 7,000,000 tenge Registrarʹs fee 87,606 tenge Audit 786,286 tenge All services will be paid out of the issuerʹs assets.

44. Information for investors: Investors may review the copy of the Partnershipʹs Charter, note issue prospectus, and other necessary information that the Partnership distributes among investors at the following address: 50/2/39 Zhibek Zholy St., corner of Dostyk Ave., block B, office 300/13, Almaty Name of media outlets used to publish information about the Partnershipʹs activities: Yegemen Kazakhstan, Kazakhstanskaya Pravda.

Director D. V.Pak

Chief Accountant Z. B. Kanayeva Schedule Information about affiliates of CS Development LLP under the Kazakhstan Law On Joint‐Stock Companies

Legal entities:

No. Name of legal entity Location of the legal entity Basis of affiliation Type of activities Full name of director (Kazakhstan Law On Joint‐Stock Companies) 1 2 3 4 5 6 1. Caspian Group JSC 1/154 Makatayev St., office 7, Almaty Article 64.1.1. of the Kazakhstan management and Chairman of the Law On Joint‐Stock Companies analytical activities, Management Board A. project management, E. Ten creation and implementation of new management models, financial management 2. Republican public union 159A Abai Ave., Almaty Article 64.1.4. of the Kazakhstan social work “Association of Koreans of Law On Joint‐Stock Companies President R. U. Kim Kazakhstan“

3. Dostar Holding 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.4. of the Kazakhstan market research in President Ave., block B, 3 floor, office 300/1, Almaty Law On Joint‐Stock Companies industries within the V. G. Kononova interest of the Holding

4. Jem Corporation LLP 50 Zhibek Zholy St., Almaty Article 64.1.4. of the Kazakhstan trade, procurement, Director Law On Joint‐Stock Companies commercial, A. A. Ryspayev intermediary activities 5. Global New Life LLP 168 Zharokov St., Almaty Article 64.1.4. of the Kazakhstan production of drugs Director Law On Joint‐Stock Companies and preparations A. T. Mendigarin

24 6. Dostupnoye Zhilie JSC 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.6. of the Kazakhstan engineering services in President Ave., office 712, Almaty Law On Joint‐Stock Companies architectural, town‐ R. R. Tukhvatulin planning and construction activities

7. Seven Rivers Capital JSC 1 Amangeldy St., Almaty Article 64.1.5. of the Kazakhstan brokerage and dealing Chairperson of the Law On Joint‐Stock Companies activities on the Management Board A. securities market N. Isina

8. ULUTAS JSC Zhetybay Village, Karakiyan District, Article 64.1.5. of the Kazakhstan exploration and General Director L. K. Mangistau Region, 130303, Republic of Law On Joint‐Stock Companies development of Tsai Kazakhstan mineral deposits, prospecting, production and processing of mineral resources 9. Logycom JSC 293/2 Baizakov St./corner of Zhandosov St., Article 64.1.5. of the Kazakhstan design, production, President Shvalov Almaty Law On Joint‐Stock Companies sale of electronic Sergey equipment, electronic Aleksandrovich components, computers and accessories and radio electronic devices 10. Caspian Security Group LLP 50/2/39 Zhibek Zholy St., Dostyk Ave., office Article 64.1.5. of the Kazakhstan protection of Director R. Yu. 901, Almaty Law On Joint‐Stock Companies individualsʹ life and Fedorov health 11. Respect Real Estate LTD LLP 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan carrying out Director B. M. Ave., block B, 3 floor, office 300/9, Almaty Law On Joint‐Stock Companies operations with Sadykov movable and immovable property in the domestic and overseas market 12. Mesa Caspian LLP 50/2/39 Zhibek Zholy St., Dostyk Ave., block B, Article 64.1.5. of the Kazakhstan construction and Chairperson of the 3 floor, office 300/5, Almaty, 050044 Law On Joint‐Stock Companies laying of geodesic Management Board A. centres Filippovich

25 13. G4 City LLP 26A Mekhanicheskaya St., Pervomaisky Article 64.1.5. of the Kazakhstan construction of civil General Director D. ‐ Village, Ili District, Almaty Region Law On Joint‐Stock Companies and industrial facilities V. Pak and other repairs and construction work, designing of residential and non‐ residential buildings and structure, designing and surveying work 14. Kostanaikaltsprom LLP 41 Promyshlennaya St.,Kostanai Article 64.1.5. of the Kazakhstan exploration and General Director D.V. Law On Joint‐Stock Companies development of Khen deposits of limestone, plaster stone, slate, chalk stone and other mineral resources 15. Central Asian Investment 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan construction, Director A.M. Company CAI Kazakhstan Ave., block B, 3 floor, office 300/4, Almaty Law On Joint‐Stock Companies earthwork, repairs and Batyrbekova LLP construction, finishing and assembly work

16. Caspian Cement Corporation 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan exploration and General Director S.S. LLP Ave., block B, 3 floor, office 300/8, Almaty Law On Joint‐Stock Companies development of Saibulatov deposits of limestone, plaster stone, slate, chalk stone and other mineral resources 17. ALCAS Beton LLP 10 Mendeleyev St., Ili District, Boraldai Village, Article 64.1.5. of the Kazakhstan production and sale of General Director Almaty Region Law On Joint‐Stock Companies ready‐mix concrete Chyong Bong Kyu and precast structure 18. Caspian Engineering Trade 2100 Suyunbai Ave., Turksib District, Almaty Article 64.1.5. of the Kazakhstan establishment and Director ‐ M. O. LTD LLP Law On Joint‐Stock Companies organisation of Fedulov operation of catering points, including bars, restaurants, cafes, summer areas, etc.

26 19. EvrazCaspianStal LLP 41 Promyshlennaya St., Kostanai Article 64.1.5. of the Kazakhstan processing and General Director R.R. Law On Joint‐Stock Companies treatment of metals Li

20. Karbrik‐Kazakhstan LLP 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan industrial and General Director S.S. Ave., block B, 3 floor, office 300/7, Almaty Law On Joint‐Stock Companies research, designing, Saibulatov development of new technologies, undertakings, coordination of implementation of research projects and programmes, performance of commissioning work 21. International School‐Lycee 159 Abai Ave., Almaty Article 64.1.5. of the Kazakhstan creation of necessary General Director L.L. Dostar LLP Law On Joint‐Stock Companies conditions for Kim education aimed at formation, development and professional development of the personality on the basis of national and general human values, achievements in science and practice 22. BAZA SPORTIVNOGO 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan lease, sub‐lease and General Director Ye. V. MASTERSTVA LLP Ave., block B, 3 floor, office 300/12, Almaty Law On Joint‐Stock Companies leasing transactions, Te transactions with movable and immovable property 23. Caspian Travel Company LLP 50 Zhibek Zholy St., office 111, Almaty Article 64.1.5. of the Kazakhstan tourism Director Ye.S. Kim Law On Joint‐Stock Companies

24. Ak Trans Kompaniyasy LLP 50 Zhibek Zholy St., Almaty Article 64.1.5. of the Kazakhstan carrying out Director N. Yu. Tskhai Law On Joint‐Stock Companies operations with movable and immovable property 27 in the domestic and overseas market

25. LCH LLP 293/2 Baizakov St./corner of Zhandosov St., Article 64.1.5. of the Kazakhstan design, production, Director M. A. Krugov office 1 Almaty Law On Joint‐Stock Companies sale of electronic equipment, electronic components, computers and accessories and radio electronic devices 26. Caspian Security Technology 50/2/39 Zhibek Zholy St., corner of Dostyk Article 64.1.5. of the Kazakhstan activities on assembly, Director V.A. LLP Ave., block B, 3 floor, office 300/1, Almaty Law On Joint‐Stock Companies setting and Mikhailenko maintenance of fire and burglar alarm devices 27. Preschool education centre 4/6 Dosmukhametov St., Almaty Article 64.1.5. of the Kazakhstan creation conditions for General Director L.L. DOSTAR LLP Law On Joint‐Stock Companies study of educational Kim preschool and training programmes 28. Caspian Steel B.V. Number B.V. 1529261, Deed dated 07.01.2009 Article 64.1.5. of the Kazakhstan establishment, TMF Management г., Locatellikade 1, 1076AZ Amsterdam, The Law On Joint‐Stock Companies participation by B.V. Netherlands different ways in management, control, operation and motivation of enterprises, entrepreneurial activities, companies and other legal entities 29. TMF Management B.V. Registered in the trade register under Article 64.1.5. of the Kazakhstan Management services, T. J. van Rijn и R.W. de No.33203015, Locatellikade 1 Parnassustrn, Law On Joint‐Stock Companies accounting services Koning 1076AZ Amsterdam, The Netherlands

30. Zholan Security LLP 50 Zhibek Zholy St., office 7, Business Centre Article 64.1.5. of the Kazakhstan protection of Director Yu.V. Forum, Almaty Law On Joint‐Stock Companies individualsʹ life and Karnaukhov health

28

Individuals:

N Last name, first name, patronymic Date of birth Basis of affiliation ( Kazakhstan Law On Joint‐Stock Notes of individual Companies)

1 2 3 4 5 1 Pak Dmitry Valeryevich 01.08.1975 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of CS Development LLP Stock Companies General Director of G4 City LLP 2 Tsoi Svetlana Konstantinovna 24.04.1947 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 3 Pak Valery Vasilyevich 01.11.1945 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 4 Pak Yan Dmitriyevich 21.06.2006 Article 64.1.2. of the Kazakhstan Law On Joint‐ son Stock Companies 5 Tsoi Larisa Andreyevna 24.08.1963 Article 64.1.3. of the Kazakhstan Law On Joint‐ Trustee Stock Companies Caspian Group JSC 6 Tsoi Valery Guk‐Inovich 13.02.1961 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 7 Tsoi Maksim Valeryevich 27.10.1983 Article 64.1.2. of the Kazakhstan Law On Joint‐ son Stock Companies 8 Li Andrey Antonovich 18.04.1937 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 9 Kim Yelizaveta Viktorovna 28.08.1939 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 10 Li Yelena Andreyevna 22.05.1970 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister Stock Companies 11 Tsoi Guk‐In 20.01.1926 Article 64.1.2. of the Kazakhstan Law On Joint‐ father of spouse Stock Companies 12 Kim Roman Ukhenovich 08.05.1955 Article 64.1.3. of the Kazakhstan Law On Joint‐ Chairman of the Board of Directors of Stock Companies Caspian Group JSC 13 Kim Larisa Antonovna 17.10.1958 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 14 Kim Alina Romanovna 26.12.1979 Article 64.1.2. of the Kazakhstan Law On Joint‐ daughter Stock Companies 15 Kim Yevgeny Romanovich 02.12.1984 Article 64.1.2. of the Kazakhstan Law On Joint‐ son Stock Companies 29 16 Kim Rita Ukhenovna 22.02.1948 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister Stock Companies 17 Kim Taisiya Ukhenovna 11.01.1954 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister Stock Companies 18 Ten Aleksandr Erikovich 11.11.1973 Article 64.1.3. of the Kazakhstan Law On Joint‐ Chairman of the Management Board of Stock Companies Caspian Group JSC 19 Ten Erik Gynovich 20.12.1938 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 20 Khon Klavdiya Vladimirovna 14.01.1941 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 21 Ten Yelena Aleksandrovna 26.12.1971 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 22 Ten Elina Erikovna 12.10.1976 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister Stock Companies 23 Krestyanko Oleg Aleksandrovich 26.08.1967 Article 64.1.2. of the Kazakhstan Law On Joint‐ brother of spouse Stock Companies 24 Lulka Aleksandr Stepanovich 02.09.1938 Article 64.1.2. of the Kazakhstan Law On Joint‐ father of spouse Stock Companies 25 Lulka Rima Nikolayevna 16.11.1943 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother of spouse Stock Companies 26 Rakhilkin Arkady Valeryevich 28.03.1969 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Caspian Group JSC 27 Rakhilkina Galina Maksimovna 09.07.1945 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 28 Rakhilkin Valery Shayevich 19.09.1944 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 29 Rakhilkina Yulia Viktorovna 05.12.1969 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 30 Shvalov Sergey Aleksandrovich 02.05.1972 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Caspian Group JSC President of Logycom JSC 31 Shvalova Marina Aleksandrovna 16.03.1968 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 32 Shvalova Tatyana Vladimirovna 14.09.1942 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 33 Shvalov Aleksandr Anatolyevich 25.03.1942 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 30 34 Tsoi Oleg Viktorovich 25.01.1975 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Caspian Group JSC

35 Yegai Yekaterina Georgiyevna 21.11.1983 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 36 Tsoi Larisa Petrovna 09.12.1956 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother Stock Companies 37 Pak Anatoly Aleksandrovich 03.03.1943 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 38 Yegai Mavlyuda Anatolyevna 10.12.1964 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother of spouse Stock Companies 39 Yegai Georgy Vladimirovich 23.02.1962 Article 64.1.2. of the Kazakhstan Law On Joint‐ father of spouse Stock Companies 40 Yegai Ksenia Georgiyevna 12.10.1988 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister of spouse Stock Companies 41 Li Robert Romanovich 03.12.1974 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Caspian Group JSC 42 Tatkenova Sholpan Akylbekovna 24.08.1976 Article 64.1.2. of the Kazakhstan Law On Joint‐ spouse Stock Companies 43 Li Roman 24.02.1948 Article 64.1.2. of the Kazakhstan Law On Joint‐ father Stock Companies 44 Li Eduard Romanovich 08.12.1970 Article 64.1.2. of the Kazakhstan Law On Joint‐ brother Stock Companies 45 Tatkenov Akylbek Khaidarovich 23.03.1951 Article 64.1.2. of the Kazakhstan Law On Joint‐ father of spouse Stock Companies 46 Tatkenova Zhupar Zhalmukhamedovna 01.07.1951 Article 64.1.2. of the Kazakhstan Law On Joint‐ mother of spouse Stock Companies 47 Tatkenov Galikhan Akylbekovich 24.07.1981 Article 64.1.2. of the Kazakhstan Law On Joint‐ brother of spouse Stock Companies 48 Tatkenova Aimakhan Akylbekovna 24.07.1981 Article 64.1.2. of the Kazakhstan Law On Joint‐ sister of spouse Stock Companies 49 Mendigarin Aibek Tazhigaliyevich 04.12.1966 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Global New Life LLP Stock Companies 50 Takhvatulin Ruslan Ravkhatovich 12.08.1974 Article 64.1.3. of the Kazakhstan Law On Joint‐ President of Dostupnoye Zhilie JSC Stock Companies 51 Plisak Sergey Vladimirovich 12.09.1974 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Seven Rivers Capital JSC

31 52 Isina Aliya Nurlanovna 04.02.1976 Article 64.1.3. of the Kazakhstan Law On Joint‐ Chairperson of the Management Board of Stock Companies Seven Rivers Capital JSC 53 Youn Youngho 04.10.1971 Article 64.1.3. of the Kazakhstan Law On Joint‐ Deputy Chairman of the Management Stock Companies Board of Seven Rivers Capital JSC 54 Tsai Lev Konstantinovich 06.10.1972 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director Stock Companies ULUTAS JSC 55 Abdykulova Maya Umbetovna 12.05.1975 Article 64.1.3. of the Kazakhstan Law On Joint‐ Member of the Board of Directors Stock Companies ULUTAS JSC 56 Fedorov Ruslan Yuryevich 25.06.1978 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Caspian Security Group LLP Stock Companies 57 Khen Dmitry Vasilyevich 06.02.1963 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director of Kostanaikaltsprom Stock Companies LLP 58 Sadykov Bauyrzhan Maratovich 01.05.1976 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Respect Real Estate LTD LLP Stock Companies 59 Batyrbekova Ainagul Murzabulatovna 14.12.1974 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Central Asian Investment Stock Companies Company CAI Kazakhstan LLP

60 Saibulatov Serik Samarkanovich 07.03.1973 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director of Karbrik‐Kazakhstan Stock Companies 61 Chyong Bong Kyu 05.09.1969 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director Stock Companies ALCAS Beton LLP 62 Fedulov Maksim Olegovich 06.02.1984 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Caspian Engineering Trade Stock Companies LTD LLP 63 Kim Leonid Leonidovich 20.08.1952 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director of International School‐ Stock Companies Lycee Dostar LLP

64 Tye Yelena Vasilyevna 09.03.1975 Article 64.1.3. of the Kazakhstan Law On Joint‐ General Director of BAZA Stock Companies SPORTIVNOGO MASTERSTVA LLP 65 Kim Yelena Semenovna 03.10.1979 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Caspian Travel Company LLP Stock Companies 66 Tskhai Natalya Yurievna 27.08.1980 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Ak Trans Kompaniyasy LLP Stock Companies 67 Krugov Maksim Anatolyevich 22.05.1972 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of LCH LLP Stock Companies 68 Mikhailenko Vladimir Aleksandrovich 03.01.1957 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Caspian Security Technology Stock Companies LLP

32 69 Karnaukhov Yuri Vladimirovich 01.06.1963 Article 64.1.3. of the Kazakhstan Law On Joint‐ Director of Zholan Security LLP Stock Companies 70 Filippovich Aleksandr Vyacheslavovich 22.07.1980 Article 64.1.3. of the Kazakhstan On Joint‐Stock Chairman of Management Board of Mega Companies Caspian LLP

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