Foreign Stock Exchange

Dear Sirs,

Hereby we inform you Article 22-1 of Law of the Republic of Kazakhstan № 461-II dated 2 July 2003 “On securities market” was amended effective from 1 February 2012.

Rule

According to the amendments, companies-residents of the Republic of Kazakhstan shall place not less than twenty percents of the shares in the securities market of the Republic of Kazakhstan for obtaining the permission of the authorized body of the Republic of Kazakhstan for placement of securities in a foreign country.

Applies on

•\tCompanies established in accordance with the legislation of the Republic of Kazakhstan and/or

•\tCompanies having at least two-thirds of assets located in Kazakhstan or placed in accordance with the legislation of Kazakhstan

•\tNumber of shares that shall be proposed to acquisition in organized securities market of the Republic of Kazakhstan, may be less than twenty percents of total number of issued shares, if such number of shares is the result of exercising the right of preemptive purchase of those shares.

Liability

Administrative fine established for the violation of the rules of securities placement and circulation at foreign exchanges

is in the amount of fifty percents of the amount, received from placement of the issued securities. We hope this information is useful for you. Should you have any additional questions, please do not hesitate to contact Madina Lavrenova (msl@signumlaw.com).

Information contained in this Client Update is of general nature and cannot be used as legal advice or recommendation. Please seek for a specific advice in relation to any questions. Please note that Kazakhstan and Turkmenistan are emerging economies and their legislation and legal systems are in constant development. Should you have any questions or would like to discuss subjects addressed in this Client Update please contact us.