2. STCM Nov 20062 Historically largest cement producer in Kazakhstan located near the new capital Astana Current production of 0.8 m. tons will increase to over 3 m. tons once refurbishment exercise is completed New production will serve to curb imports in Kazakhstan currently 2 m. tons per year Equity listed in AIMS under STCM code since October 2005 114 million shares outstanding, market cap approximately $400m. Free float 38% Bonds listed in the KASE under CACMb1, $21 m. market value

3. STCM Nov 20063 PRODUCTION, SALES & PRICE thousand tonnes Price per tonne Kazakh tenge

4. STCM Nov 20064 FINANCIAL HISTORY OF CAC / STEPPE CEMENT Years ended 31 December 6m to 30 June 2003 US$000 2004 US$000 2005 US$000 2006 US$000 Sales22,00332,41649,48028.600 Gross profit12,15319,29529,32016.204 Operating profit6,70311,03521,89010.922 Net finance costs(307)(886)(1280)(293) Net other income1,2311,636(105)830 Profit before tax7,62711,78520,49911.505 Tax(1,931)(3,848)(6,541)(3.473) Profit after tax5,6967,93713,9588.032

5. STCM Nov 20065 KAZAKHSTAN CEMENT SUPPLY AND DEMAND

6. STCM Nov 20066 ESTIMATED FUTURE CEMENT CONSUMPTION

7. STCM Nov 20067 REGIONAL CEMENT MARKET SALES CENTRE NORTH WEST SOUTH EAST Source: Association of Cement Manufacturers Kazakhstan

8. STCM Nov 20068 EXPORTERS TO KAZAKHSTAN Clinker Capacity Cement Production (‘000 tones) 200320042005 2006 exports to KZ Russia, Siberia12,500~8,500~9,100~10,0001,400 Kyrgyzstan1,000800850950200 Uzbekistan5,1004,200~4,400~4,800400 Estimated exports to Kazakhstan5001,0001,6002,000

9. STCM Nov 20069 PROJECT SCOPE AND TARGETS Refurbished line 6 maintaining kiln, pre-heater and cooler but full electrical repairs by ABB Change of pyro-processing line 5 by FL Smidth and full electrical and mechanical repairs Project may be extended to cover improvements in raw mills, cement mills, quarry, compressors and dispatch

10. STCM Nov 200610 PROJECT ORGANIZATION AND PROGRESS PEG, Philips Reamer, FL Smidth as technical consultants 80% of contracts for line 6 and 60% of contracts for line 5 signed Objective: to sign all contracts by end 2006 and complete lines 6 and 7 for the summer seasons 2007 and 2008 New COO, Stuart Elliot ex COO Cimentiere du Liban 7 expatriate mechanical and electrical engineers on site with over 200 years combined experience in the cement industry Mace UK acting as project manager with 7 employees on site

11. STCM Nov 200611 FINANCING First share offering completed in March 2006 raised $21 m. in AIMS Bond issue completed in September 2006 for $21 m. Full disbursement to be completed in November 2006. Trading in the KASE EBRD loan signed in December 2005. Planned to be disbursed in 1Q 2006 Bridge finance of $46 m. from KKB for suppliers letters of credit Income tax exemptions for all new production for 5 years starting in 2007