30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Строго конфиденциально

АО «КазТрансОйл»

Презентация Компании

Astana.

September, 2013

“KazTransOil” JSC

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Important Notice

This document has been prepared for the purpose of preliminary briefing of the interested parties on the activities of "KazTransOil" JSC (“Company”).

No undertaking, representation or warranty, express or implied, is made by the Company to the completeness of the information and opinions or

beliefs contained in this document. The delivery of this document at any time does not imply that the information contained in it is correct as at any time

subsequent to its date. The business, financial condition, result of operations of the Company and other information set forth in the document may have

changed since that date; the Company does not undertake any obligation to update the information in this document after the date hereof. The contents

of the Company’s website as at the date hereof or as at any other date do not form any part of this presentation and are not incorporated by reference

herein.

This document includes statements that are, or may be deemed to be, ‘‘forward-looking statements’’. These forward-looking statements can be

identified by the use of forward-looking terminology, including, but not limited to, the terms ‘‘believes’’, ‘‘estimates’’, ‘‘anticipates’’, ‘‘expects’’, ‘‘intends’’,

‘‘may’’, ‘‘target’’, ‘‘will’’, or ‘‘should’’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans,

objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are

not limited to, statements regarding the “KazTransOil” JSC (“Company”) intentions, beliefs and statements of current expectations concerning,

amongst other things, the Company’s results of operations, financial condition, liquidity, prospects, growth, strategies and as to the industries in which

the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and

circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the

Company’s operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may

differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend,

and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a

result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results

anticipated by such forward-looking statements will be achieved.

In making a decision regarding an investment in the Shares of the Company, prospective investors must rely on their own examination of the

Company, including the risks involved. Each prospective investor must rely on its own determination of the suitability of any such investment, with

particular reference to its own investment objectives and experience, and any other factors that may be relevant to it in connection with such

investment.

This document does not constitute an offer to sell, or an invitation to subscribe for or purchase, any Shares of the Company, in any jurisdiction outside

of the Republic of Kazakhstan. No action has been taken that would permit a public offering to be made in any jurisdiction other than the Republic of

Kazakhstan. The distribution of this Presentation and the offering of the Shares of the Company in other jurisdictions may be restricted by law. Persons

into whose possession this presentation comes are required to observe any such restrictions imposed by applicable laws and jurisdictions.

2

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Agenda

Section 1. Market overview

Section 2. General information about KTO

Section 3. KTO Strategy

Section 4. IPO highlights

Q&A session

3

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Section 1

Market overview

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

TengizChevtoil Ltd.

31%

Karachaganak

Petroleum Operating

B.V.

15%

KazMunaiGas E&P

JSC

10%

CNPC

Aktobemunaigas

8%

Mangistaumunaigas

JSC

7%

other companies

29%

Oil production growth in Kazakhstan is forecasted…

The Caspian region – top-5 global oil production growth province. Kazakhstan has the largest proven reserves and the highest potential for production growth among in the Caspian region countries.

Kazakhstan is ranked 2nd among the CIS countries and 16 in the world in terms of oil production

Kazakhstan – top-11 global oil & gas resource holder

Sources: BP Statistical Review of World Energy, 2013,

“Oil & Gas Information and Analyses Center” JSC (RoK), 2013 г.

Source: BP Statistical Review of World Energy, 2013 Source: “Oil & Gas Information and Analyses Center” JSC (RoK), 2013 г.

Three super-giant fields: Kashagan, Tengiz and Karachaganak – are among the largest in the world

Kazakhstan is the largest producer of hydrocarbons in the Caspian region

The Republic of Kazakhstan largest oil producers are:

5

13,4%

1,8%

2,2%

2,9%

5,2%

5,9%

6,1%

9,0%

9,4%

10,4%

15,9%

17,8%

other countries

Kazakhstan

Nigeria

Libia

Russia

UAE

Quwait

Iraq

Iran

Canada

Saudi Arabia

Venezuela

2% 3% 4% 4% 5%

10% 13%

16%

43%

Kazakhstan Brazil Mexico Canada China USA Russia other

countries

OPEC

countries

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

The increase of oil transportation systems’ throughput capacity is planned…

Using advantageous geographical location to export oil both to Europe and China

The pipeline system is playing an increasing role in the overall transport of hydrocarbons…

Source: KTO data Note: 1Pipelines include: “Uzen-Atyrau-Samara”, CPC, “Kazakhstan-China”, as well as Aktau port

transshipment

Source: The Ministry of Oil & Gas of the Republic of Kazakhstan Strategy for 2011-2015 (approved on 14/02/2011)

… largely due to the existing pipelines’ capacity increase

Sources: Ministry of Oil data, KTO data

* CPC pipeline is not owned by KTO

Throughput capacity of main export pipelines, MMT/y Transportation volumes by types of transport

2011

Rail road

6%

Pipelines1

94%

Pipelines1

~100%

2016

The Ministry of Oil & Gas of the Republic of Kazakhstan Strategy for 2011-2015 provides for the expansion and diversification of oil export routes

CPC pipeline phased expansion

Kazakhstan-China pipeline capacity increase by 2016

Kazakhstan Caspian Transportation System development to use both BTC-pipeline and railroad to Batumi Oil Terminal

6 The data for 2013-2016 are assumptions based on open sources information

0

20

40

60

80

100

120

2011 2012 2013 2014 2015 2016

Oil production in Kazakhstan Uzen-Atyrau-Samara CPC* Kazakhstan-China

57 59 59 63

87 99

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Section 2

General information about KTO

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Oil transportation and fresh water delivery by main pipelines.

National operator on oil pipelines

“KazTransOil” JSC corporate structure – concentration on core business

90%

100%

100%

Oil & Petroleum products transportation

and transshipment. Batumi Sea Port

operation

51%

Oil transportation by “Kenkiyak-Atyrau”

pipeline

50%

Oil transportation by “Atasu-Alashanko” and

“Kenkijak-Kumkol” pipelines

8

Minority shareholders

10% - 1 share

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

1997 1998 2000 2001 2004 2006 2008 2009 2011 2012 2013

KazTransOil

established by

the RoK

Government

Decree

KTO start

operations

“Kenkiyak-

Atyaru” pipeline

stared

operations

“Kazakhstan-

China Pipeline”

Ltd. established

KTO certified

according to

ISO 9001:2000

and

ISO 14001:2004

standards

NWPC

“MunaiTas”

JSC

established “Scientific

Research

Centre”

branch

established

“Atasu-

Alashankou”

pipeline

stared

operations

«Batumi

Industrial

Holdings

Limited»

100% shares

consolidation

finalized

“Kenkiyak-

Kumkol”

pipeline

stared

operations

“Tuimazy-

Omsk-

Novosibirsk-2”

pipeline

acquisition

finalized

Some key events in KTO history

KTO obtained

the status of

the National

Operator for

Oil Pipelines

“KTO-

Service” JSC

100%

divestment

finalized

Successful

IPO of KTO

9

KTO shares

are included

in

representative

list of stocks

for KASE

Index

calculation

First post-IPO

dividends pay

out

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

KTO transportation facilities are located in 11 out of 14 oblasts of Kazakhstan

KTO provided transportation of 60,6 MMT in 2012 (61,5 MMT in 2011)1. KTO market share is about 59%2.

Source: KTO data

1 Oil transportation volume include KCT 50% and MunaiTas 51% share in volume, but do not include BIHL volumes 2 KTO market share calculated based on Kazakhstan production only.

10

railroad terminals

cities oil pumping stations (OPS) pipelines

head oil pumping stations (HOPS) direction of transportation

(currently)

to Samara

Petropavlovsk Priirtyshsk OPS

Pavlodar Pavlodar HOPS

Ekibastuz OPS

Stepnoe OPS

Trudovoe OPS

Karaganda

Ust-Kamenogorsk

Almaty

Taraz

OPS #9

Atasu HOPS

Barsengir OPS

B. Jumagaliev

HOPS

Zhuan-Tobe OPS

Suzak OPS

Chulak-Korgan

HOPS

Shymkent OTS

Shagyr

Shymkent

HOPS

Kzylorda

Kumkol HOPS

Kostanai

Aktobe Bestamak

N. Shmanov

OPS

Kenkiyak

HOPS

Alibekmola

HOPS

Uralsk Bolshoi Chagan

OPS

Inder OPS

Atyrau

Eskene

Makat OPS

Martyshi

OPS

Caspian sea

Koschagyl OPS

Kalamkas HOPS

Karazhanbas OPS Prorva OPS

Tauchik OPS

Zhetybai OPS

Aktau HOPS

Uzen HOPS

K A Z A K H S T A N

RUSSIA

CHINA

KYRGYZSTAN

UZBEKISTAN

TURKMENISTAN

Alashankou

ASTANA

T. Kasymov OPS

Karaton OPS

Beineu OPS

Kulsary OPS

OPS #11

OPS #8 OPS #10

Aktau

OPS under construction or planned

from Omsk

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

KTO performance indicators are stable

КТО (separately)

Water consumers groups

Source: KTO data

KTO (consolidated)

11

Clients – international and local oil companies

other

consumers -

4% Utilities - 36%

Oil companies -

60%

64 187 65 825 66 873 65 795

2009 2010 2011 2012 2013

Oil transportation, 1000 MT

34 709

41 351 42 244 42 163

2009 2010 2011 2012 2013

Oil turnover, million MT*km

50 885 52 505 54 019 53 459

2009 2010 2011 2012 2013

Oil transportation, 1000 MT

18 926 21 361 21 192

22 799

2009 2010 2011 2012 2013

Water delivery, 1000 m3

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

KTO stable financial growth

Other services include: operator services and maintenance, freight forwarding, storage of oil and other services.

Oil transportation 77%

Oil & petroleum products

transshipment 10%

Water delivery 4%

Other services 9%

2012 –

KZT

143,061

million

12

Revenue structure Revenue (consolidated), KZT million

Net profit (consolidated), KZT million

Source: KTO data

126 181

138 241 140 478 143 061

2009 2010 2011 2012 2013

15 538

19 618

25 945

33 501

2009 2010 2011 2012 2013

EBIT, EBIT margin & Net Profit margin change

0

10

20

30

40

50

0

10

20

30

40

50

2009 2010 2011 2012

EBIT, billion KZT EBIT margin, % Net profit margin, %

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

KTO 1H2013 results exceed the plan and 1H2012 results

13

Oil turnover, million MT*km Oil transportation, 1000 MT

Revenue & Net profit, KZT million

Source: KTO data

1H2013 net profit higher than 2012 full year result. No serious accidents and fatalities.

20 205 22 510

16 694 18 334

6 252 7 635

754 703

1H2012 1H2013

Consolidated KTO KCP MunaiTas

32 189 32 681

26 935 26 198

4 642 5 774

1 926 1 823 2 491 2 666

1H2012 1H2013

Consolidated KTO KCP MunaiTas BIHL

66 358

92 864

45 835 47 739

16 900

40 437

1H2012 1H2013

Revenue Cost Net profit

11 058

11 237

1H2012 1H2013

Water delivery, 1000 m3

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

“Kazakhstan-China Pipeline” Ltd. – the largest ongoing investment project

Shareholders

“KazTransOil JSC CNODC

(PRC)

50%

CNPC

(PRC)

The PRC

Government

100% 100%

“Kazakhstan-China

Pipeline” Ltd.

50%

KCP owns two pipelines

Atasu-Alashankou

● First phase stared operations in June 2006.

● Pipeline parameters:

– Length: 965.1 km (2.2 km – on the territory of China)

– diameter – 813 mm.

– Throughput capacity: initially - 7 MMT/year, since 2008 – 10 MMT/year, since 2011 – 12 MMT/year.

● Tariff is approved by the Antimonopoly Agency.

Previous tariff – KZT 3,818 per 1000 MT*km,

Tariff from April 1, 2013 – KZT 4,444 per 1000 MT*km.

Kenkiyak-Kumkol

● Pipeline stared operations in October 2009.

● Pipeline parameters:

– Length: 794.1 km.

– diameter – 813 mm.

– Throughput capacity: 10 MMT/year (could by increased up to 20 MMT/year)

● Tariff is approved by the Antimonopoly Agency.

Previous tariff – KZT 4,365.52 per 1000 MT*km,

Tariff from April 1, 2013 – KZT 4,444 per 1000 MT*km.

14

Volume of oil transported, 1000 MT

MunaiTas (Kenkiyak-Atyrau)

KCP (Kenkiyak-Kumkol)

KTO pipelines

KCP (Atasu-Alashankou)

Planned OPS

Existing OPS of KCP

Existing OPS of KTO

Kasymov OPS

Kenkiyak HOPS

Kumkol HOPS

Jumagaliev

HOPS

OPS-9

OPS-11

Alashankou

Atasu HOPS

Barsengir OPS

Atyrau Ref.

Pavlodar Ref.

Shymkent Ref.

Location

7 699

10 092 10 889

10 391

5 774

2009 2010 2011 2012 1H2013

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

NWPC “MunaiTas” JSC – stable results and new goals

Location

Shareholders

NWPC

“MunaiTas” JSC

“KazTransOil JSC “CNPC Exploration &

Development Company” Ltd.

51% 49%

CNPC

(PRC)

The PRC

Government

100% 100%

MunaiTas is the owner of the pipeline

“Kenkiyak-Atyrau”

● The pipeline was commissioned on June 18, 2004.

● Pipeline parameters:

– Length: 448,85 km.,

– diameter – 610 mm.

– Throughput capacity: 6 MMT/year.

● Tariff is approved by the Antimonopoly Agency. Current tariff – KZT 5,912 per 1000 MT*km.

● Purpose :

– To connect Kenkiyak HOPS with Kasymov OPS (former Atyrau OPS) for further transportation to Atyrau Refinery, export via CPC pipeline, export via Atyrau-Samara pipeline, other destinations by railroad.

15

Volume of oil transported, 1000 MT MunaiTas (Kenkiyak-Atyrau)

KCP (Kenkiyak-Kumkol)

KTO pipelines

KCP (Atasu-Alashankou)

Planned OPS

Existing OPS of KCP

Existing OPS of KTO

Kasymov OPS

Kenkiyak HOPS

Kumkol HOPS

Jumagaliev

HOPS

OPS-9

OPS-11

Alashankou

Atasu HOPS

Barsengir OPS

Atyrau Ref.

Pavlodar Ref.

Shymkent Ref.

Samara

5 958

4 232 4 029 3 825

1 823

2009 2010 2011 2012 1H2013

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Batumi Industrial Holdings Limited – provides Kazakh crude oil export routs diversification

Location

Control of the port and oil terminal providing access of Kazakh crude oil, petroleum

products and other goods to the ocean marine routs.

Strategic goal of Batumi Sea Port and Oil Terminal acquisition

16

Baku

Black sea

Mediterranean sea

Caspian sea

KAZAKHSTAN

TURKEY

RUSSIA

Batumi

GEORGIA

AZERBAIJAN

Aktau

Kuryk

Тбилиси

Marine transportation Railroad Baku-Batumi

BIHL (cargos transportation and transshipment)

5 263 5 080

4 207 3 829

1 631

1 050 879

1 031 1 264

996

101 157 117 97 39

1 151 1 223 1 518 1 577

790

2009 2010 2011 2012 1H2013

Crude oil, 1000 MT Petroleum products, 1000 MT Gas, 1000 MT General cargo, 1000 MT

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

3 108 3 108 3 108

5 912

2009 2010 2011 2012

Kenkijak-Atyrau tariff, KZT per 1000 MT*km

3 015 3 331 3 331 3 331

4 733*

1 303 1 303 1 303 1 303

1 955*

2009 2010 2011 2012 2013

Export tariff, KZT per 1000 MT*km

Domestic tariff, KZT per 1000 MT*km

17

In accordance with the Law of the Republic of Kazakhstan “On Natural Monopolies and Regulated Markets” KazTransOil is included into the National register of natural monopolies of the Republic of Kazakhstan (Republic section) by the Order of the Republic of Kazakhstan Agency for regulation of natural monopolies Chairman (order #16-OD dated January 24, 2005).

KTO alone provides 53 regulated services.

Tariff changes to be considered and approved by competent body – the Republic of Kazakhstan Agency for regulation of natural monopolies.

KCP and MunaiTas are as well included into the National register of natural monopolies of the Republic of Kazakhstan.

KTO and its affiliates tariff policy is transparent

* - effective from December 1, 2012

AREM approved the temporary compensatory tariff for KTO effective as of

October 1, 2013 until October 1, 2014 (Order No. 274-OD dated August 29,

2013):

– for export – KZT 4,623.76 per ton per 1000 km (without VAT);

– for domestic market – KZT 1,909.48 per ton per 1000 km (without VAT).

KazTransOil

KCP

MunaiTas

2 519

3 818 3 818 3 818

4 444,56* 4 365,52 4 365,52 4 365,52 4 365,52

2009 2010 2011 2012 2013

Atasu-Alashanko tariff, KZT per 1000 MT*km

Kenkijak-Kumkol tariff, KZT per 1000 MT*km

* - effective from April 1, 2013

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

18

KTO Dividend policy

The Dividend policy of “KazTransOil” JSC was approved by the decision of sole shareholder on July 3, 2012 (protocol of the Management Board of NC “KazMunaiGas” JSC meeting #75). Dividend Policy of the Company provides the balance of interests of the Company and its shareholders, increase of the Company capitalization and investment attractiveness. Dividend policy stipulates the dividends payment at the level not lower than 40% of Company’s net income. The actual size of dividends could be equal or even exceed 100% of net income of the Company, if this does not contradict to Company’s liabilities. High dividend payout ratio (the lower target level - 40% of net income) makes KTO shares attractive compared with other Kazakhstan public companies.

Dividends payout

2009 2010 2011 2012 2013

Dividends paid, KZT million (left scale) 6024 7340 19331 60002 28847

Dividend per share, KZT (right scale) 183 223 558,42 173,33 75

Dividend payout ratio, % (right scale) 30 47 99 231 86

Shares outstanding 32 916 055 32 916 055 34 617 204 346 172 000 384 635 559

6 024 7 340

19 331

60 002

28 847

30% 47%

99%

231%

86%

0

100

200

300

400

500

600

0

10000

20000

30000

40000

50000

60000

70000

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Section 3

KTO Strategy

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

An important role for the economy of Kazakhstan –

oil producer of global significance

Experienced management team and a

high human potential

Strategy designed to increase the market

value of the Company

High standards of corporate governance

Stable operational and financial performance,

historically stable dividends

Major oil transportation company of Kazakhstan

KTO investment highlights

20

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

● Sound financial strategy aimed at ROIC increase and maintaining stable cash flows;

● Stable dividend policy (dividends not less 40% of net income) and competitive dividend yield;

● Investment and dividend policy of subsidiaries and JVs that meets the interests of KTO.

● Construction of new sections and expansion of existing facilities to increase throughput capacity of KTO pipeline system.

● "Kazakhstan-China” pipeline system capacity increase. Estimated CAPEX – KZT 123,7 billion;

● "Kalamkas-Karazhanbas-Aktau" and "Uzen-Zhetybai-Aktau” pipelines capacity increase. Estimated CAPEX – KZT 31 billion;

● "Kazakhstan Caspian Transportation System” implementation. Estimated CAPEX – KZT 387,3 billion;

● Obtaining the ownership or management of other pipelines in Kazakhstan (including the RoK Government stake in CPC) and abroad.

● Oil turnover increase up to 50 billion MT*km by 2022;

● Ensure uninterrupted oil transportation and water delivery;

● Implement modernization and technological upgrade program: innovative, resource and energy saving technologies introduction;

● Attract new shippers to increase the volume of oil transportation and turnover. Providing competitive terms of transportation services.

● Organization of oil transportation for export via pipeline systems of transit countries.

● Costs optimization and efficiency increase by implementing Cost control program, Innovative and technological development program, asset restructuring program;

● Further organizational development and improvement of management system based on industry best practices

● Energy efficiency increase by 10% by 2017 (compared to 2011);

● Non-tariff costs optimization and reduction of their share in total costs down to 5% by 2016 (~ 15% at present);

● Water delivery business profitability increase by attracting new consumers (KPI, UCC, oil companies), as well as increasing water supply to the existing consumers.

• Corporate governance improvement in line with international best practice, as well as the requirements of the major shareholder - NC "KazMunaiGas" JSC and minority shareholders. Corporate governance rating – 85% by 2022;

• Internal control and corporate risk management system improvement (relevant Corporate governance ratings – both 75% by 2018);

• Risk management principles are fully integrated with operational, financial, investment management systems – further development of the Company risk management culture;

• Personnel motivation system introduced based on KPIs. Target stuff turnover – about 5%;

• Operational processes are in full compliance with international HSE standards. Greenhouse gas emission reduction program developed. Zero level of accidents as target.

The following key strategic priorities are selected to provide KTO business long term sustainability

Oil turnover increase and provision of competitive, reliable and safe oil transportation and transshipment services

Stable efficiency growth and costs optimization of KTO and daughter companies

Efficient investment policy and participation in major transport projects

A sound financial strategy aimed at maintaining stable cash flows

High standards of corporate governance, risk management and human resources management. Improving workplace safety and environmental protection.

21

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Kazakhstan-China oil transportation system

The project envisages a phased Kazakhstan-China pipeline capacity expansion after appropriate resource base is guaranteed by Chinese side.

The pipeline system capacity (at the border) will be increased up to 20 MMT/year.

Total CAPEX is estimated at KZT 153.95 billion (VAT excluded).

1

Atyrau

Kenkiyak

Kumkol

Atasu

Alashanko

Omsk

Pavlodar

Refinery

Shymkent

Refinery

22

Atyrau HUB

Aktjubinsk fields

Kumkol fields

from Russia

Shymkent ref.

2013-2014 – 6 MMT/y

Current – 6 MMT/y

2015-2018 – 12 MMT/y

2013-2014 – 15 MMT/y

Current – 10 MMT/y

2015-2018 – 20 MMT/y

Commercial supplies

2013-2015 – 26 MMT/y

Current – ~20 MMT/y

2013-2014 – 20 MMT/y

Current – 12 MMT/y

Kasym

ov

OPS

Kenkiy

ak

HO

PS

Kum

kol

HO

PS

Atasu

HOPS

Jum

agaliev

HO

PS

Alashankou

Pavlodar ref.

On-going and mid-term projects

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

23

On-going and mid-term projects

Atasu-Alashankou section of Kazakhstan-China Pipeline

Atyrau

Kenkijak

Kumkol

Atasu

Alashankou

Omsk

Pavlodar

Refinery

Shymkent

Refinery

OPS #9

OPS #11 OPS #8

OPS #10

Total length – 965.1 km (2.2 km – on the territory of China).

Diameter – 813 mm.

The initial phase facilities were put in operation in June 2006.

The initial capacity – 7 MMT/y.

Since 2008 - the capacity increased up to 10 MMT/y.

Since 2011 –12 MMT/y.

OPS #8 and OPS #10 are under construction. The commissioning is expected by the end of 2013.

The pipeline section capacity to be increased up to 20 MMT/y.

Kenkiyak-Kumkol section of Kazakhstan-China Pipeline

Total length – 794.15 km.

Diameter – 813 mm.

The initial phase facilities were put in operation in October 2009.

The initial capacity – 10 MMT/y.

First phase (2013-2014) planned projects: HOPS Kenkiyak & HOPS Kumkol reconstruction, OPS Aralsk construction.

Target capacity – 15 MMT/y from 2015.

Second phase (2015-2018) planned projects: OPS Shalkar construction, OPS#4 construction, OPS Aralsk expansion.

Target capacity – 20 MMT/y from 2019.

Atyrau

Kenkiyak

Kumkol

Atasu

Alashankou

Omsk

Pavlodar

Refinery

Shymkent

Refinery

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

On-going and mid-term projects

Kenkiyak-Atyrau (MunaiTas) reverse

Total length – 448.85 km.

Diameter – 610 mm.

The commercial operation started in June 2004.

The initial capacity – 6 MMT/y.

First phase (2013-2014) planned projects: OPS Kasymov reconstruction, OPS Aman construction, construction of pipeline section to join OPS# 663 with Kenkiyak-Atyrau pipeline.

Target capacity – 6 MMT/y from 2015.

Second phase (2015-2018) planned projects: OPS Makat and OPS Kopa construction, OPS Kasymov and OPS Aman expansion.

Target capacity – 12 MMT/y from 2019.

Kumkol-Atasu pipeline capacity increase (KTO)

Current capacity: Kumkol-Jumagaliev - ~20 MMT/y, Jumagaliev-Atasu - ~15 MMT/y.

Associated projects at other sections of KTO pipeline system.

Section Kumkol-Jumagaliev planned projects: HOPS Kumkol reconstruction, Kumkol-Jumagaliev pipeline sections replacement.

Section target capacity – 26 MMT/y from 2016.

Section Jumagaliev-Atasu planned projects: OPS Kyzylzhar constriction, HOPS Atasu reconstruction, Jumagaliev-Atasu pipeline sections replacement.

Section target capacity – 20 MMT/y from 2016.

Atyrau

Kenkiyak

Kumkol

Atasu

Alashankou

Omsk

Pavlodar

Refinery

Shymkent

Refinery

Atyrau

Kenkiyak

Kumkol

Atasu

Alashankou

Omsk

Pavlodar

Refinery

Shymkent

Refinery

24

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

On-going and mid-term projects

“Kalamkas-Karazhanbas-Aktau” and “Uzen-Zhetybai-Aktau” pipeline sections’ capacity increase

Tauchik OPS

Karazhanbas HOPS

Kalamkas HOPS

Sai-Utes

heating station

to Atyrau

Beineu OPS

Uzen HOPS

Zhetybai OPS

Aktau HOPS

Caspian sea

OPS Pipeline Planned expansion

The project is to be implemented to meet forecasted production increase at Buzachi peninsula group of fields, as well as to provide additional capacity to deliver crude oil to Atyrau (OPS Kasymov) previously transshipped in port of Aktau.

First phase target capacity – up to 11 MMT/year. CAPEX – KZT 14.4 billion (VAT excluded). On-going projects: - Kalamkas-Aktau pipeline section replacement (L 14 km, d700 mm) by the end of 2013. - Uzen-Zhetybay pipeline section replacement (L 25 km, d500 mm) by the end of 2013. - Zhetybay-Uzen pipeline section replacement (L 78.6 km, d700 mm) by July 2014.

Target sections capacity (next phases): - Karazhanbas-Aktau - up to 16 MMT/year, - Aktau-Zhetybai - up to 10 MMT/year, - Zhetybai-Uzen - up to 13 MMT/year.

Total CAPEX to be re-estimated depending on project configuration.

2

Batumi sea port general cargo terminal expansion 3

Baku

Black sea

Mediterranean sea

Caspian sea

KAZAKHSTAN

TURKEY

RUSSIA

Batumi GEORGIA

AZERBAIJAN

Aktau

Kuryk

Tbilisi

The project’s goal is to increase the capacity for processing general cargo up to 2.5 million tons per year.

Current port capacity is 1.5 million tons per year for general cargo.

The project started in 2012 and will be completed by the end of 2014.

CAPEX estimated – KZT 2.7 billion.

The project is financed at the port own expense.

25

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Potential investment projects

Caspian Pipeline Consortium (CPC) 4

CPC pipeline CPC pumping stations Pumping stations planned

UKRAINE

RUSSIA

KAZAKHSTAN

Caspian sea

Black sea

Azov sea

Rostov-on-Don

Astrakhan

Oil terminal Novorossiisk

Krasnodar Stavropol

GEORGIA

Atyrau OPS

Tengiz OPS

Astrakhan OPS

Komsomolskaia OPS

Kropotkin OPS

KMG NC owns (through KPV BV) 1,75% stake in CPC and manages 19% stake in CPC on behalf of the RoK Government.

KTO is intended to explore together with KMG NC the possibility of transferring the management or sale in favor of KTO of the RoK Government and KMG NC stakes in CPC.

Currently, CPC implements 5-year project to expand the pipeline capacity. The pipeline throughput capacity for Kazakh crude oil will increase up to 62 MMT/year. with the use of antifriction additives.

Kazakhstan Caspian Transportation System (KCTS) 3

Ceyhan

Baku

Black sea

Mediterranean sea

Caspian sea

KAZAKHSTAN

Eskene

TURKEY

RUSSIA

Kulevi Supsa

Batumi

GEORGIA

AZARBAIJAN

Tengiz

Aktau

Kuryk

Tbilisi

Baku-Tbilisi-Ceyhan pipeline Eskene-Kuryk pipeline Baku-Supsa pipeline

KTO is considering participating in "Eskene-Kuryk" pipeline construction project the implementation of which is to be synchronized with Kashagan production schedule.

"Eskene-Kuryk" pipeline capacity will be increased stage-by-stage up to 56 MMT/year of design capacity depending on resource base.

CAPEX is currently estimated at about KZT 387.3 billion.

26

Kashagan

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Section 4

IPO highlights

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

General information on IPO

IPO price

Listing

Issuer

Shares offered

% of shares offered

IPO target market

Consultants

UBS AG, “Kazcommerts Securities” JSC, “PricewaterhouseCoopers Tax & Advisory” Ltd., “Curtis Mallet – Prevost” Ltd., “White&Case Kazakhstan”, “Promo Group Communications” Ltd. Auditor – “Ernst & Young” Ltd.

Individuals – the RoK citizens Pension Funds of Kazakstan

10% minus 1 share

Newly issued common shares

KZT 725 per share

KASE

“KazTransOil” JSC

28

Amount of shares offered 38 463 559 common shares

The subscription period from November 6 to December 5, 2012

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

IPO results

29

34 687 bids received, including: 34 676 bids from individuals, 11 bids from Pension Funds and Market-maker

The volume of demand was 2 times

higher than IPO volume

Individuals received 30.4 million shares (~ 79,1%)

PFs received 7.8 million shares (~20,4%)

Shares distribution

IPO volume

Individuals’ bids

PFs’ bids

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Shares distribution after IPO & in the secondary market

30

Number of shareholders (as of December 25, 2012) – 34,001: individuals – 33,989 legal entities – 12

Number of shareholders (as of June 13, 2013) – 32,225: individuals – 32,170 legal entities – 55

NC KazMunaiGas JSC 90%

Individuals 6,54%

PFs 2,65%

Market maker 0,07%

Other legal entities 0,73%

KTO shares distribution (as of June 13, 2013)

384,635,600 common shares issued.

384,635,559 common shares

outstanding.

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Trading in shares of KTO

31

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

25.12.2012 25.01.2013 25.02.2013 25.03.2013 25.04.2013 25.05.2013 25.06.2013 25.07.2013 25.08.2013 25.09.2013

KTO shares price (KZT/share) – left scale Volume of trades (KZT million) – right scale

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

KTO shares considered as one of most stable security traded at

KASE

32

-0,4

-0,3

-0,2

-0,1

0

0,1

0,2

01.02.2013 01.03.2013 01.04.2013 01.05.2013 01.06.2013 01.07.2013 01.08.2013 01.09.2013

Change in KTO shares price and KASE Index from February 1, 2013

KTO shares price change KASE Index change

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Information about KTO

Information disclosure (incl. Investment memorandum)

KASE website http://www.kase.kz/ KTO website http://kaztransoil.kz/en/to_shareholders_and_investors/

KazTransOil Corporate website http://www.kaztransoil.kz/

Website of Peoples IPO program http://www.halyk-ipo.kz

Local and foreign brokerage companies and investment banks

Your personal contacts

33

The information contained in this presentation has been prepared to provide an overview of KTO.

Investors should first study the Investment Memorandum and other materials contained on the corporate website KazTransOil.

You can also use other sources of information.

30

69

142

190

190

190

215

236

250

239

239

239

235

225

35

247

242

164

221

43

11

77

77

77

Q&A session