This document provides an investor presentation for Kazakh Railways (KTZ) from September 2010. It contains extensive legal disclaimers regarding the intended audience and distribution of the information. The presentation provides an overview of KTZ as the dominant rail operator in Kazakhstan, including its strategic importance to the economy, solid financial position and growth outlook. It highlights KTZ's monopoly on rail infrastructure, government support, and competitive advantages over other modes of transportation in Kazakhstan.

1. Kazakh Railways Investor Presentation September 2010 To be eligible to view this document you either must be (i) a “Qualified Institutional Buyer” within the meaning of Rule 144A under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or (ii) not be a “U.S. Person” within the meaning of Regulation S under the Securities Act.

3. Table of Contents Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

4. Presentation team Kanat Alpysbayev Vice-President of Economy and Finance Yerzhan Tajiyakov Managing Director of Finance

6. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

9. The KTZ rail network is the backbone of Kazakh export economy Source: National Statistics Agency of Kazakhstan (www.stat.kz) Including pipelines Excluding pipelines Freight turnover in Kazakhstan for 2009

13. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

19. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

24. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

25. KTZ - Financial Overview Source: KTZ reports, Bloomberg 1 USD equivalent calculated using official exchange rate as of period end (2008: $1 – KZT120.77 / 2009: $1 – KZT148.36 / H12009: $1 – KZT150.41 / H2 2010: $1 – KZT147.46) 2 USD equivalent calculated using official exchange rate for period average (2008: $1 – KZT120.30 / 2009: $1 – KZT147.50 / H12009: $1 – KZT144.69 / H2 2010: $1 – KZT147.05) 3 The Group defines EBITDA as profit(loss) for the period before income tax, finance costs, depreciation and amortization. EBITDA is not a measure of financial performance presented in accordance with IFRS. Accordingly, it should not be considered as an alternative to profit for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity * The ratio for 30 June 2010 is computed based on EBITDA for the twelve months ended 30 June 2010 +26% +183% ($7.6bln eq.) 1 ($6.7bln eq.) 1 ($7.2bln eq.) 1 ($867.4mln eq.) 2 ($609.5mln eq.) 2 ($208.6mln eq.) 2 ($581.8mln eq.) 2 ($4.0bln eq.) 1 ($3.2bln eq.) 1 ($1.4bln eq.) 1 ($1.8bln eq.) 1 Revenues Total Assets Total Debt / EBITDA 3 EBITDA 3

28. Key historical financial highlights 1 USD equivalent calculated using official exchange rate as of period end (2008: $1 – KZT120.77 / 2009: $1 – KZT148.36 / H12009: $1 – KZT150.41 / H2 2010: $1 – KZT147.46) 2 USD equivalent calculated using official exchange rate for period average (2008: $1 – KZT120.30 / 2009: $1 – KZT147.50 / H12009: $1 – KZT144.69 / H2 2010: $1 – KZT147.05) 3 The Group defines EBITDA as profit(loss) for the period before income tax, finance costs, depreciation and amortization. EBITDA is not a measure of financial performance presented in accordance with IFRS. Accordingly, it should not be considered as an alternative to profit for the period as a measure of operating performance or to cash flows from operating activities as a measure of liquidity 4 This ratio is computed as total debt divided by EBITDA. The ratio for 30 June 2010 is computed based on EBITDA for the twelve months ended 30 June 2010 KZT, bn 2008 2009 H1 2010 Balance sheet summary Total Assets 927.00 ($7.67bln 1 ) 994.8 ($6.70bln 1 ) 1,066.02 ($7.22bln 1 ) Total Equity 643.85 ($5.33bln 1 ) 661.00 ($4.45bln 1 ) 712.74 ($4.83bln 1 ) Cash & Cash Equivalents 49.16 ($407.05mln 1 ) 52.44 ($353.46mln 1 ) 57.88 ($392.52mln 1 ) Total Debt/EBITDA 3 1.2 7 1.92 1.45 4 KZT, bn 2008 2009 H1 2009 H1 2010 Income statement summary Total Revenue 483.76 ($4.00bln 1 ) 480.99 ($3.24bln 1 ) 222.75 ($1.48bln 1 ) 279.51 ($1.89bln 1 ) Profit for the period 63.88 ($528.93mln 1 ) 19.49 ($131.36mln 1 ) (1.50) ($9.97mln 1 ) 40.95 ($277.67mln 1 ) EBITDA 3 104.35 ($867.43mln 2 ) 89.90 ($609.46mln 2 ) 30.18 ($208.58mln 2 ) 85.56 ($581.81mln 2 ) Cost of Sales 377.18 ($3.12bln 1 ) 368.96 ($2.48bln 1 ) 171.38 ($1.13bln 1 ) 193.20 ($1.31bln 1 ) Capital Expenditure 135.4 ($1.12bln 1 ) 111.1 ($748.85mln 1 ) 47.0 ($312.47mln 1 ) 65.1 ($441.40mln 1 )

29. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix

30. Overview of the issuer and guarantor group JSC National Company Kazakhstan Temir Zholy JSC Kaztemirtrans JSC Locomotive Company and Guarantor Guarantor Guarantor Total assets * Prior to the first interest payment date, KTZ intends to, upon satisfaction of certain conditions, be substituted for the Issuer. The Company has until the second interest payment date to effect the intended substitution without the consent of the noteholders and the Trustee A Eurobond issue will benefit from strong direct credit support from guarantors Issuer Kazakhstan Temir Zholy Finance B.V. *

31. Eurobond - offering summary Issuer Kazakhstan Temir Zholy Finance B.V. Guarantors JSC National Company Kazakhstan Temir Zholy, JSC Kaztemirtrans, JSC Locomotive Issue Guaranteed Eurobonds Issue Format Reg S / 144A Amount Benchmark size Tenor Intermediate to long term maturity Coupon Semi-annual Change of control Put at 101% if KTZ ceases to be controlled by the Government of the Republic of Kazakhstan Company Rating Moody’s: Baa3 stable outlook S&P: BB+ stable outlook Fitch: BBB- stable outlook Listing London Stock Exchange Law English Bookrunners Barclays Capital, HSBC and RBS

32. Section 1 Introduction Section 2 KTZ at a glance Section 3 Business overview Section 4 Corporate and financial management Section 5 Solid financial track record Section 6 Transaction overview Appendix