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Advisory Introductory presentation Strictly Private and Confidential August 2018 National Shipping Company Kazmortransflot LLP Introductory presentation August 2018

Content Company at a glance Company Overview Content Company at a glance 3 Company Overview 7 1 General Information of the Company 8 2 Operating and commercial Analysis 18 3 Financial Analysis 23 4 Organizational Structure 26 August 2018 Introductory presentation 2

Content Company at a glance Company Overview Company at a glance August 2018 Introductory presentation 3

Content Company at a glance Company Overview KMTF - the largest marine carrier in Kazakhstan National Shipping Company Kazmortransflot LLP was Business Geography established and registered on December 29, 1998. The Company was established with the purpose of forming the national marine fleet of the Republic of Kazakhstan and organization of sea transportation of domestic cargoes on its own. The main activities of the Company are sea transportation of crude oil in the Caspian region, in the Open seas*, transportation of dry cargoes, and provision of services to the service fleet Fleet The Company's own fleet consists of eight oil tankers (of which two AFRAMAX tankers) and auxiliary vessels, including four tugboats and eight platform barges. Key Customers Source: Company data The Company signed contacts with such huge companies as JSC NC KazMunayGas, Tengizchevroil LLP, Belvion Group Ltd and SOCAR Logistics DMCC. 12 26 308k 2 Own fleet units Aframax Tankers Tons years Total Fleet Tonnage Average residual fleet useful life * the maritime space located outside the territorial sea, which is not subject to the sovereignty of any state, in the case of the Company it is the Black and the Mediterranean Sea August 2018 Introductory presentation 4

Content Company at a glance Company Overview Summary of current contracts for oil transportation services Current contracts for oil transportation services # Contract Subject Customer Fleet Contract terms Volumes Direction AFRAMAX: Alatau and 5.1 mln. tons per Black and 1 Oil Transportation Services KMG International N.V. Altai 01.01.2018 - 31.12.2018 year Mediterranean Seas 01.01.2018-31.12.2018 2 million tons / 2 Oil Transportation Services Belvion Group Ltd Aktau, Abai, Kazakhstan (annual re-signing) year Caspian Sea AFRAMAX: Alatau and 10 years (01.01.2019 - Black and 3 Oil Transportation Services* KMG International N.V. Altai 31.12.2029) Under negotiation Mediterranean Seas *The contract is currently in the process of negotiation Source: Company data The company holds a lease on two tankers, Abai and Kazakhstan, from Alatau Maritime Ltd, the lease contracts is for 12 months until December 31, 2018. KMTF also leases a few of its own tankers and barges, below is information on the main current lease contracts. Other contracts # Contract Subject Customer Fleet Contract terms 1 Time charter Alatau Maritime Ltd Abai, Kazakhstan till 31.12.2018 3 years (01.03.2018- 2 Bareboat Charter SOCAR Logistics DMCC 5 oil tankers: Astana, Oral, Aktobe, Atyrau, Almaty 01.03.2021) KMG-101 till September 2018 Turkmenistan Branch of KMG-104 till September 2018 Bareboat Charter GAB Insaat Yatirim ve Dis 3 Ticaret A.S. KMG-105 till September 2018 Source: Company data August 2018 Introductory presentation 5

Content Company at a glance Company Overview Key Company advantages Broad experience in the maritime 1 transportation market Transportation of a significant amount of goods of the Republic of Kazakhstan in the course of international trade Availability of long-term contracts 2 10-year contract for transportation of crude oil Participant of the Future Expansion 3 Project Tengizchevroil LLP 4-year contract for the transportation of modules Own fleet 4 The minimum amount of CAPEX and lease payments August 2018 Introductory presentation 6

Content Company at a glance Company Overview Company Overview August 2018 Introductory presentation 7

1 General Information of the Company Content Company at a glance Company Overview General Information of the Company August 2018 Introductory presentation 8

1 General Information of the Company Content Company at a glance Company Overview Company’s main activities National Shipping Company Kazmortransflot LLP was created by Key directions for KMTF's strategic development are: Government Resolution № 1239 dated 4 December 1998 to form • Oil transportation in the Caspian Sea the national commercial shipping fleet and organize international • Oil transportation on open seas cargo carriage by sea for domestic cargo. The Company's mission is to provide safe, reliable and cost-effective shipping in the • Dry cargo transportation Caspian Sea and on other open seas. The sole shareholder of • Support services for offshore oil operations National Shipping Company Kazmortransflot LLP is JSC National Company KazMunayGas . The Controlling shareholder • Management improvements of Joint Stock Company National Company KazMunayGas is JSC National Welfare Fund Samruk-Kazyna. KMTF core services include the transportation of dry cargo, Geography of the Business Kazakhstan crude oil by sea from Aktau Port to international markets, crude oil in the Black and Mediterranean Seas, and fleet support services. Its fleet consists of eight oil tankers and a number of auxiliary vessels, including five tugs and eight platform barges. The total fleet equals 21 with a total carrying weigh of 308 thousand tones. Source: Company data August 2018 Introductory presentation 9

1 General Information of the Company Content Company at a glance Company Overview Key stages of Company’s development Year Main events Number of Fleet National Shipping Company Kazmortransflot LLP was created by Government Resolution № 1239 dated 4 December 1998 1998 with 100% state shareholder. Transfer of oil port berths to the Aktau port Operations on 8 tankers 2003 Construction of marine operations support base. The first KMTF-1 tugboat 1 2004 First barges KMG-101 and KMG-102 3 2005 Purchase of tugboats Yesil, Tobol and barge. The first tanker Astana DWT 12000 7 Launch of the development program for Kazakhstani personnel for the tanker fleet and navy support fleet 2007 Certification ISO 9001, ISO14001, OHSAS 18001, SAI GLOBAL IQNet. Purchase of tugbats Irtish and MB Ural 14 2008 Purchase of tugbats Irtish and MB Ural 14 Began to operate a service fleet (to support drilling on offshore blocks) 2009 Implementation of a safety management system . The arrival of the Atyrau tanker, DWT 13,000 16 Own technical management 2010 Arrival of tankers Aktobe and Oral 17 Purchase of two tankers Aframax type with deadweight 115 thous. tones Began to operate dry cargo vessels 2011 Assignment of the National Maritime Carrier status 19 2013 Assignment of the National Maritime Carrier status 21 Order of the Head of state to create the ferry fleet of the Republic of Kazakhstan 2015 OCIMF (Oil Companies International Marine Forum) certification of the tankers 21 2017 Member of the Future expansion project (Tengizchevroil LLP) 26 Source: Company data August 2018 Introductory presentation 10

1 General Information of the Company Content Company at a glance Company Overview Overview of the company’s assets Deadweight, thousand ASSETS DISCRIPTION tones 6 oil tankers: Astana, Almaty, Aktau, Atyrau, Aktobe and Oral 12-13 Commercial Fleet 2 AFRAMAX oil tankers - Alatau and Altai 115-116 4 long-haul tugs: Yesil, Tobol, Ural and Irtysh 3,3 Fleet for support of marine operations 8 KMG platform barges 3,6 Future expansion project 3 tugboats and 3 platform barges MCV 3 Infrastructure facilities KMTF's administrative building (office) in Aktau n/a n/a Production facilities KMTF has use of the Ainazar rock pit Non-production assets Nurtau motor yacht and others n/a Source: Company data August 2018 Introductory presentation 11

1 General Information of the Company Content Company at a glance Company Overview Commercial Fleet Fleet of open seas Tanker Alatau The Company owns two large Aframax tankers - Altai and Alatau, with a deadweight of 115 thousand tones each. The tankers are used to transport crude oil and petroleum products in the Black and Mediterranean Seas. The tankers stand under LR2 classification (Large Range 2). The table below shows the main technical characteristics of KMTF's Aframax tankers. Technical characteristics of the AFRAMAX oil tankers Index Alatau Altai Year of issue 2009 2011 Length, m 243 243 Width, m 41.5 41.5 Tanker Altai Hull height, m 21 21 Draft, m 12.5 12.5 Speed, knots 15 15 Deadweight, tones 115,860 115,952 Engine capacity, kW 13,560 13,560 Engine life, hours 50,000 50,000 Engine service life until major overhaul 25 years 25 years 4,300 Average operating life hours/year 4,300 hours/year Country of origin South Korea South Korea Source: Company data August 2018 Introductory presentation 12