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This section of the Annual Report has been prepared in compliance with the requirements of the FSA’s (Financial Services Authority) Disclosure and Transparency Rules (DTR 7.2) (Corporate Governance Statements).

As an overseas company with GDRs admitted to the Official List of the United Kingdom Listing Authority, the Company is not required to comply with the UK Code on Corporate Governance (the UK Code). However, in accordance with DTR 7.2 it is required to disclose in its Annual Report whether or not it complies with the corporate governance code of the Republic of Kazakhstan and the actual principles of corporate governance, which being applied in addition to the practices to be observed in accordance with applicable laws of the Republic of Kazakhstan. In addition, the Company shall specify where its actual governance practices differ from those set out in the UK Code.

The Directors recognize the importance of the corporate governance and support the development of high corporate governance standards in the Company. The Company intends to develop and implement corporate governance practices which impose additional obligations on the Company than those required under legislation of Kazakhstan.