1. Development Proposal ASHGABAT TRANSIT NETWORK, HUB & CIVIC CENTER November 2009 MZ Capital on behalf of MZ Holding & CDG “Ashgabat Central”

2. Disclaimer This presentation document contains information which is proprietary to MZ Holding; and is (and is intended to remain) confidential, being provided for the exclusive use of the intended addressee and may be legally privileged. If you have reason to believe you are not the intended addressee(s); disclosing, copying, disseminating or otherwise taking any action in connection with this document or the information in; it is prohibited and may be unlawful. If you have reason to believe you have accessed this document in error, please notify MZ Holding, comply with the foregoing warning and delete this document from your system. This document shall not constitute binding legal obligation with the company.. This is a preliminary presentation, based on expertise extracted from similar schemes carried out in DUBAI, Kuala Lumpur and Rabat.. The Concept represents our understanding of vision, policies and targets of Turkmenistan Government.. The Details are subject to change upon mutual alignment and agreement

3. CONTENTS3 FactsheetFactsheet EngagementEngagement Viability & Feasibility Concepts & Themes Triggers & Derivatives

4. Factsheet4 GDP - real growth rate: IMF estimate: 13% GDP - composition by sector: agriculture: 24.4%; industry: 33.9%; services: 41.7% Labor force: 2.32 million Labor force - by occupation: agriculture: 48.2%; industry: 13.8%; services: 37% Unemployment rate: 60% Population below poverty line: 58% Agriculture - products: cotton, grain; livestock Industries: natural gas, oil, petroleum products, textiles, food processing Industrial production growth rate: 22% Exports: $5.421 billion f.o.b. Exports - commodities: gas, crude oil, petrochemicals, cotton fiber, textiles Exports - partners: Ukraine 42.8%, Iran 14.8%, Hungary 5.3% Imports: $$3.936 billion f.o.b. Imports - commodities: machinery and equipment, chemicals, foodstuffs Imports - partners: UAE 12.7%, Azerbaijan 11.1%, US 9.6%, Russia 9.1%, Ukraine 7.6%, Turkey 7.3%, Iran 6.2%, Germany 5.4% Currency (code): Turkmen Manat (TMM) Exchange rates: 11,100 Turkmenistan Turkmenistan, An Eurasia Giant Raising

5. Factsheet5 Population: 5,042,920 (July 2006 est.) Age structure: 0-14 years: 35.2% (M 913,988/fF863,503), 15-64 years: 60.7% (M 1,501,486/F 1,557,155) 65 years and over: 4.1% (M 79,227/F 127,561) Median age: Total: 21.8 years, M: 20.9 years, F: 22.7 years Population growth rate: 1.83% Infant mortality rate: Total: 72.56 deaths/1,000 live births Life expectancy at birth: Total population: 61.83 years, M: 58.43 years, F: 65.41 years Total fertility rate: 3.37 children born/woman Ethnic groups: Turkmen 85%, Uzbek 5%, Russian 4%, other 6% Religions: Muslim 89%, Eastern Orthodox 9%, unknown 2% Languages: Turkmen 72%, Russian 12%, Uzbek 9%, other 7% Literacy: definition: age 15 and over can read & write; Total population: 98.8%; M: 99.3%; F: 98.3% Area: total: 488,100 km2 Climate: subtropical desert Terrain: Flat-to-rolling sandy desert with dunes rising to mountains in the south; low mountains along border with Iran; borders Caspian Sea in west Natural resources. Land use: arable land: 4.51%; permanent crops: 0.14%; other: 95.35% Irrigated land: 18,000 sq km Environment - current issues: Contamination of soil and groundwater with agricultural chemicals, pesticides; salination, water- logging of soil due to poor irrigation methods; Caspian Sea pollution; diversion of a large share of the flow of the Amu Darya into irrigation contributes to that river's inability to replenish the Aral Sea; desertification. Environment - international agreements: party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Hazardous Wastes, Ozone Layer Protection Geography - note: landlocked; The western and central low-lying, desolate portions of the country make up the great Garagum (Kara-Kum) desert, which occupies over 80% of the country; eastern part is plateau

6. Factsheet6 Since the beginning of the 1990s, the Turkmen capital Ashgabat, regarded as a new Dubai, has been being remodeled in line with the Government taste for giant-scale projects. Ashgabat in the center of transportation routes of the country. In 1962 they brought to the town of Kara Kum Canal. It lies in an oasis at the northern foot of the Kopet-Dag Range and on the edge of the Karakum Desert, about 19 miles from the Iranian frontier. It was founded in 1881 as a Russian military fort and took the name of the nearby Turkmen settlement of Askhabad. Because of its position on the caravan routes and on the Transcaspian Railway, the population developed from 45,000 by 1911 to 744,000 in 2007. Ashgabat is now an administrative, industrial, transportation, and cultural centre. The city has glassworks, carpet-weaving and cotton mills, and metalworking shops. Its spectacular natural setting also made it a centre for the filmmaking industry. There are several institutions of higher education, including Turkmen A.M. Gorkii State University and polytechnic, agricultural, and medical institutes. Other amenities include an opera house and theatres as well as several museums. Ashgabat Eurasia Dubai, learns from GCC Dubai

7. Factsheet7 1948 Lessons Learned Sophisticated Scientific & Engineering Approaches are a Must

8. CONTENTS8 Triggers & Derivatives EngagementEngagement Viability & Feasibility Concepts & Themes FactsheetFactsheet

9. Triggers & Derivatives 9 EU Strategic Alliance for Eurasian Who will Contribute to Turkmenistan Developments? US for Central Asian Gateways Chinese Reaching out to the West Indian Regional Stability Iranian Shortcut to the World GCC Role in Int’l Cooperation InvestmentInvestment End-usersEnd-users OperationsOperations Resources & Construction Theme Design Technology & Resources Good Governance for Better Partnership & Cooperation

10. Triggers & Derivatives 10 Organization for Security & Cooperation in Europe launched the E-Network as critical linkage in Eurasia, through Ashgabat The Most Critical Transportation in the Upcoming Future

11. Triggers & Derivatives 11 No Enemies; Only Friends and Business Partners

12. CONTENTS12 FactsheetFactsheet EngagementEngagement Viability & Feasibility Concepts & Themes Triggers & Derivatives

13. Concept & Theme 13 Scope Brief Ashgabat Central Multi Transit Hub City Center Mega Shopping Mall Theme Park International Business Center City Transit Network Int’l Crafts Bazaar Rapid Business Facilities Family Relax Spot Int’l Brands Spot Spot Ashgabat Transit System 45 km Modern System 45 km Modern System

14. Concept & Theme 14 Modern Transit System

15. Concept & Theme 15 Monumental Architecture

16. Concept & Theme 16 Integrative Design

17. Concept & Theme 17 Modern Multi Transit Hub

18. Concept & Theme 18 Spectacular Interiors

19. Concept & Theme 19 Shopping Destination

20. Concept & Theme 20 Initial Locations & 45km Transit Network 2 3 1

21. Concept & Theme 21 Area GFA Infra Adv Area GFA Infra Adv 400x600= 240,000 m2 1,000,000 m2 30% Next to Administrative & Government District 400x600= 240,000 m2 1,000,000 m2 30% Next to Administrative & Government District Initial Location No.1

22. Concept & Theme 22 Initial Location No.2 Area GFA Infra Adv Area GFA Infra Adv 1200x500= 600,000 m2 3,000,000 m2 30% Refurbishment & Expansion of City Center 1200x500= 600,000 m2 3,000,000 m2 30% Refurbishment & Expansion of City Center The Preferred Location To Meet All Development Technical & InvestmentParameters The Preferred Location To Meet All Development Technical & InvestmentParameters

23. Concept & Theme 23 Initial Location No.3 Area GFA Infra Adv Area GFA Infra Adv 800x650= 520,000 m2 2,000,000 m2 30% Attractive Investment for New Endeavor 800x650= 520,000 m2 2,000,000 m2 30% Attractive Investment for New Endeavor

24. Concept & Theme 24 Initial Location for Housing Migration Area GFA Infra Adv Area GFA Infra Adv 2,000x1,000= 2,000,000 m2 5,000,000 m2 50% Natural Expansion of Existing Residential 2,000x1,000= 2,000,000 m2 5,000,000 m2 50% Natural Expansion of Existing Residential Population: TBA Families: TBA Plots: TBA Units: TBA

25. Concept & Theme 25 Impacts & Implications Political Economical Social Magnet for Regional & Int’l Business Import Modern Business Techniques Opportunity to Develop Local Businesses Create New & Modern Job Opportunities Develop Local Cultural Presentations Create New Theme for Life Style Venue for International Involvements Ashgabat Face-Lift & Modernization Venue for International Cooperation

26. CONTENTS26 FactsheetFactsheet EngagementEngagement Viability & Feasibility Concepts & Themes Triggers & Derivatives

27. Viability & Feasibility 27 Development Composition Transit Hub : Monorail, National Train & Express to Airport Terminal: Local & National & International Bus Network Ashgabat New Grand Bazaar (for Local crafts and products) Ashgabat International Business Center Indoor Theme Park and Recreational Complex International Hotel and Hospitality Complex Ashgabat New Public Transit Network International Exhibition Center

28. 28 Ashgabat New Public Transit Network ‘Ashgabat’s Urban Transport System Kudat & others Feb 1995 The World Bank “UPDATED ‘Ashgabat’s Urban Transport System Kudat & others Feb 1995 The World Bank “UPDATED Viability & Feasibility Annual Users 250,000,000

29. Viability & Feasibility 29 Transit Hub : Monorail, National Train & Express to Airport Area10%

30. Viability & Feasibility 30 International Exhibition Center Area10%

31. Viability & Feasibility 31 Ashgabat New Grand Bazaar (for Local crafts and products) Area10%

32. Viability & Feasibility 32 International Hotel and Hospitality Complex Area20%

33. Viability & Feasibility 33 Ashgabat International Business Center Area20%

34. Viability & Feasibility 34 Indoor Theme Park and Recreational Complex Area30%

35. CONTENTS35 FactsheetFactsheet EngagementEngagement Viability & Feasibility Concepts & Themes Triggers & Derivatives

36. Engagement36 Accept Proposal & Issue MOU Accept Proposal & Issue MOU Issue LOI Accept Preliminary Study & Sign off PPP Agreement Accept Preliminary Study & Sign off PPP Agreement Working Together..! Taking Over upon Completion Prepare Draft SOW, Modeling, RR Matrix, & Agreement Prepare Draft SOW, Modeling, RR Matrix, & Agreement Consortium Formation, Kick off & Perform Preliminary Tasks Consortium Formation, Kick off & Perform Preliminary Tasks Plan, Develop, Finance and Produce Operational Details Delivery of the Development Celebrate Achievements..! Roles & Responsibilities

37. Thank You 37