www.pwc.kz/capital-markets An overview of Kazakhstan IPOs 2005 to August 2013 Listing centres, investment banks, 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 4 1,000 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 – London Stock Exchange LSE (GDRs) – Global Depositary Receipts, LSE (premium) – Premium segment, LSE (AIM) – Alternative Investment Market KASE – Kazakhstan Stock Exchange Year Month Issuer Industry Stock Gross Offering Issuer’s Issuer’s Legal Counsel Investment Bank * Exchange Proceeds (mn) Jurisdication December Kcell Technology & LSE (GDRs) USD 525 Kazakhstan Freshfields Bruckhaus Deringer (English and US law), Credit Suisse Securities*, Communications KASE SNR Denton (Kazakh law) UBS*, Visor Capital*, Renaissance Securities, Halyk Finance 2012 December KazTransOil Oil & Gas KASE KZT 27,886 Kazakhstan White & Case 2010 UBS, (USD 185) Curtis, Mallet-Prevost Kazkommerts Securities September Central Asia Metals Metals & Mining LSE (AIM) GBP 38 UK Ashurst (English law), Macleod Dixon (Kazakh law), Mirabaud Securities* 2010 (USD 60) Tsets (Mongolian law) June Sunkar Resources Chemicals & Fer- LSE (AIM) GBP 34 UK Maclay Murray & Spens (English law), Canaccord Adams*, itlizers (USD 68) Salans (Kazakh law) GMP Securities* 2008 April Zhaikmunai Oil & Gas LSE (GDRs) USD 100 Isle of Man White & Case (English, US and Kazakh law), ING Bank*, Mann & Partners (Manx law) Mirabaud Securities*, UniCredit* December Eurasian Natural Metals & Mining LSE (premium) GBP 1,364 UK Jones Day (English and US law), Deutsche Bank*, Credit Suisse Resources Corporation (USD 2,792) Denton Wilde Sapte (Kazakh law), Securities, Morgan Stanley De Brauw Blackstone Westbroek (Dutch law), Securities, ABN AMRO Bank, Niederer Kraft & Frey (Swiss law) N.M. Rothschild & Sons June Alliance Bank Financial Services LSE (GDRs) USD 704 Kazakhstan Linklaters (English and US law), Credit Suisse Securities*, UBS* White & Case (Kazakh law) June Kazakhstan Kagazy Manufacturing LSE (GDRs) USD 275 Isle of Man Lovells (English law), Cains Advocates (Manx law) ING Bank* 2007 May Roxi Petroleum Oil & Gas LSE (AIM) GBP 39 UK McCarthy Tétrault (English law), WH Ireland (USD 77) Denton Wilde Sapte (Kazakh law) May Tau Capital Financial Services LSE (AIM) USD 250 Isle of Man White & Case (English law), Cains Advocates (Manx law) Spencer House Compass Capital February Chagala Group Real Estate LSE (GDRs) USD 120 BVI Lovells, Harney Westwood & Riegels (English law), ING Bank* Chadbourne & Parke (Kazakh law) December Halyk Bank Financial Services LSE (GDRs) USD 680 Kazakhstan Linklaters (English and US law), Credit Suisse Securities*, of Kazakhstan Denton Wilde Sapte (Kazakh law) Deutsche Bank*, Halyk Finance* December ShalkiyaZinc Metals & Mining LSE (GDRs) USD 117 Netherlands Dewey Ballantine (English Law), Aequitas (Kazakh Law) ING Bank *, Aton Capital* November Kazkommertsbank Financial Services LSE (GDRs) USD 761 Kazakhstan White & Case J.P. Morgan*, UBS* 2006 October KazMunaiGaz Oil & Gas LSE (GDRs) USD 587 Kazakhstan White & Case ABN AMRO, Rothschild*, Credit Suisse Securities*, Visor Capital, BofA Merrill Lynch November KazakhGold Metals & Mining LSE (GDRs) USD 197 Channel Denton Wilde Sapte (English and Kazakh law), ING Bank*, Troika Dialog Islands Bedell Cristin (Jersey law) October Max Petroleum Oil & Gas LSE (AIM) GBP 26 UK Akin Gump Strauss Hauer & Feld (US law), Davenport Lyons Nabarro Wells & Co., (USD 46) (English Law), Chadbourne & Parke (Kazakh law) Coutts & Co October Kazakhmys Metals & Mining LSE (premium) GBP 661 UK Norton Rose (English and US law) J.P. Morgan*, 2005 (USD 1,156) Credit Suisse First Boston* September Steppe Cement Manufacturing LSE (AIM) GBP 12 Malaysia Skrine Advocates and Solicitors (Malaysian law), RFC Corporate Finance (USD 59) Lane & Partners (English law), McGuireWoods (Kazakh law), AKD Prinsen Van Wijmen (Dutch law) * Acting as Lead Manager 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 Merrill 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, Citigroup, 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 – Loan 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. www.pwc.kz/capital-markets © 2013 PwC Kazakhstan. All rights reserved. “PwC” refers to the network of member firms of PricewaterhouseCoopers International Limited (PwCIL), or, as the context requires, individual member firms of the PwC network. Each member firm is a separate legal entity and does not act as agent of PwCIL or any other member firm. PwCIL does not provide any services to clients. PwCIL is not responsible or liable for the acts or omissions of any of its member firms nor can it control the exercise of their professional judgment or bind them in any way. No member firm is responsible or liable for the acts or omissions of any other member firm nor can it control the exercise of another member firm’s professional judgment or bind another member firm or PwCIL in any way. “PwC Kazakhstan” refers to PwCIL member firms operating in Kazakhstan. 12.09.13.