National Welfare Fund Samruk - Kazyna in mining and metals in Kazakhstan.

1. National Welfare Fund Samruk-Kazyna in mining and metals in Kazakhstan. Astana July 2012

2. National Welfare Fund Samruk-Kazyna • National Welfare Fund Samruk-Kazynawas founded in accordance with the Decree of President of the Republic of Kazakhstan dated October 13, 2008 № 669 Decreeof President • Samruk-Kazyna consolidates state assets in more than 400 subsidiary companies representing more than 40% of GDP of Kazakhstan 40% of GDP of Kazakhstan • to develop and ensure implementation of national and international investment projects; • to support and modernize existing assets of Samruk-Kazyna Group of Companies; • to support regional development and implementation of social projects; and • to support national producers. Objectives 100% GOVERNMENTof Kazakhstan SAMRUK-KAZYNA 11% 11,65% 15% Mining and Metals Directions Mining assets of Samruk-Kazyna 100% 100% 100% 26% ENRC Kazakhmys KazGeology KazAtomProm Tau-Ken Samruk Mining companies, listed on London Stock Exchange National companies – atomic, mining, geological 2

3. Macroeconomic Overview • Export breakdown in 2011 • Nominal GDP growth dynamic, bln. USD • FDI inflows, mln. USD Sources: The Agency of Statistics of Kazakhstan, The National Bank, Global Insight 3

4. Favor Investment Climate • Dynamic economic growth • Stable political system • Skilled and relatively cheap labour • Attractive geographical location - close to the large markets of China and Russia • Kazakhstan tax regime is the most attractive among the CIS countries Source: “Paying taxes 2011 – The global picture” World bank, IFC 4

5. CurrentKazakhstan and World Reserves Source: US Geological Survey (Mineral Commodities Summary 2011) * The figure does not include chromium reserves for a number of countries. 5

6. Reserves Versus Forecast Resources • Reserves and resources of lead, zinc, copper and titanium, million tonnes • Reserves and resources of oil and gas, billion tonnes* * billion tonnes for oil and condensate, billion cubic meters for gas - Forecast resources - Reserves • Reserves and resources of tungsten, nickel and tin, million tonnes • Kazakhstan possesses large forecast resources: • Lead • Zinc • Titanium • Copper • Tin and other metals Source: Committee of geology and resource exploitation of Kazakhstan 6

7. MiningPerspectives Kazakhstan mining and metals industry has considerable potential for further growth. Only 10-15% of Kazakhstan’s explored reserves are in operation. • Iron ore – 19 / 55 large deposits are in operation • Manganese ore – 10 / 34 large deposits are in operation • Chromite ore – 13 / 20 large deposits are in operation • Gold –75 / 282 deposits are in operation exploration Top 10 country leaders in mining and metals K A Z A K H S T A N 7

8. Metallurgical assets • Tau-Ken Samruk National mining company has started construction of gold refinery in Astana with capacity 25 kt of gold per year. • "Ulba Metallurgical Plant" JSC (Kazatomprom National atomic company subsidiary) is one of the three enterprises in the world with full production cycle of beryllium from ore concentrate processing to finished products output with the rated quality set-ups. Process line developed at the facility allows to convert almost any beryllium containing raw material. • Tantalum production of "Ulba Metallurgical Plant" JSC is a single enterprise on the territory of CIS and one of the world largest enterprises. 8

9. Thank you for your attention! ZhandosAbishev, Ph.D. – Head of MiningandMetallurgicalAssetsManagement JSC "Samruk-Kazyna“ z.abishev@s-kz.kz +7(7172) 55 40 80 9