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

1. GOVERNMENT of Kazakhstan Mining assets of Samruk-Kazyna
National Welfare Fund Samruk-Kazyna
National Welfare Fund Samruk-Kazyna was founded in accordance with the Decree of President of the Republic of Kazakhstan dated October 13, 2008 № 669
Decree of
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%
GOVERNMENT of Kazakhstan
11%
SAMRUK-KAZYNA
11,65%
Mining and Metals
Directions
15%
Mining assets of Samruk-Kazyna
ENRC
26%
100%
100%
100%
Kazakhmys
KazAtomProm
Tau-Ken Samruk
KazGeology
Mining companies, listed on London Stock Exchange
National companies – atomic, mining, geological 2

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

3. 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
Kazakhstan
Russia
Ukraine
Uzbekistan
Tax regime attractiveness
In the global ranking 39
105
181
154
Tax payments
Number of corporate tax payments in year 24 35
183
142
Time spent on tax compliance
Number of hours spent per year on tax compliance
115
132
174 78
Total tax rate (for payment of all taxes and duties)
In percent of operating profit 38
123
149
176
Source: “Paying taxes 2011 – The global picture” World bank, IFC 4

4. Current Kazakhstan and World Reserves
Metal
World reserves
Reserves in Kazakhstan
Share of Kazakhstan reserves in the world
Place of Kazakhstan in world rank by reserves
Bauxite and Alumina
360,000 Kt
28,000,000 Kt
1,3% 11
Chromium
180,000 Kt
350,000 Kt*
51,4% 1
Copper
18,000 Kt
630,000 Kt
2,9%
Iron ore
8,300 Mt
180,000 Mt
4,6% 6
Molybdenum
130 Kt
9,800 Kt 9
Zinc
16,000 Kt
250,000 Kt
6,4% 4
Source: US Geological Survey (Mineral Commodities Summary 2011)
* The figure does not include chromium reserves for a number of countries. 5

5. Reserves Versus Forecast Resources
Reserves and resources of oil and gas, billion tonnes*
Reserves and resources of lead, zinc, copper and titanium, million tonnes
* billion tonnes for oil and condensate, billion cubic meters for gas
- Reserves
- Forecast resources
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

6. Top 10 country leaders in mining and metals
Mining Perspectives
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

7. 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

8. Thank you for your attention!
Zhandos Abishev, Ph.D. – Head of Mining and Metallurgical Assets Management JSC "Samruk-Kazyna“
+7(7172) 9