AUCC Investment Summit

New York : October 2009

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In the Heart of Asia

At the Hub of Central Asian Oil and Gas

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On the Crossroads between Europe and Asia

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Facts and FiguresFacts and FiguresFacts and FiguresFacts and FiguresFacts and FiguresFacts and FiguresFacts and FiguresFacts and FiguresFounded: September 2001

Registered Office: Switzerland

Place of Incorporation: Zug

Ownership: Private

Fiscal Year: Calendar

Offices in: Zug, Tashkent, Moscow and Kiev

Accountants: Ernst & Young - Tashkent

Legal Counsel: White & Case - Washington, London, Moscow

PeriodPeriodPeriodPeriod Operating revenues (CHF Operating revenues (CHF Operating revenues (CHF Operating revenues (CHF millions)millions)millions)millions)

Total assets (CHF Total assets (CHF Total assets (CHF Total assets (CHF millions)millions)millions)millions)

17 months to 31 December 2006

1,015 635.5

12 months to 31 December 2007

2,217 1,206

12 months to 31 December 2008

3,298 3,006

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Company Overview Company Overview Company Overview Company Overview Company Overview Company Overview Company Overview Company Overview

• Zeromax GmbH is a rapidly-growing private company, conducting its business mainly in the Republic of Uzbekistan. Its activities cover a diversified spectrum of interests including oil & gas, construction, agriculture, textiles, mining, logistics and private investments.

• The company operates through strategic investments in Uzbek-registered joint ventures and subsidiaries and is now one of thelargest private sector employers in the Republic of Uzbekistan. Since its inception, ZEROMAX has created more than 17,000 jobs and is currently a leader in the private sector of Uzbekistan.

• Zeromax is an important foreign direct investor in Uzbekistan with a multi-million $ diversified portfolio of businesses made via direct investment or through acquisition of Uzbek State interests in the privatization process.

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Oil & Gas Sector

ExplorationConstructionProductionMarketingDistribution

Design, Feasibility,Financial modelling

Logistics

Synergies with

other Sectors

�Civil engineering�Turnkey project management�Procurement�Distribution�Logistics�Vertical integration

Strategy and business model 1Strategy and business model 1Strategy and business model 1Strategy and business model 1Strategy and business model 1Strategy and business model 1Strategy and business model 1Strategy and business model 1

Expertise

Experience

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Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]Strategy and business model [2]

Oil & Gas Sector

Neftgazmontaj + Neftgaz Sanoat Lohiya

Civil construction sector

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Ownership Position

Ownership Position

50%

50%

92%

100%

25%

51%

74%

100%

100%

100%

Structure ofStructure ofStructure ofStructure ofStructure ofStructure ofStructure ofStructure of Zeromax GmbHZeromax GmbHZeromax GmbHZeromax GmbHZeromax GmbHZeromax GmbHZeromax GmbHZeromax GmbH

Registered OfficeZug, Switzerland

JV MUZIMPEX

JV BENTONITE

JV LLC NEFTGAZ SANOAT LOYIHA

FSEUZGAZOIL FSE

TEMIRYO’L-XIZMAT

JVGISSARNEFTEGAZ

FSEMuruvvat-Teks

25% JV SHO’URTAN GAZ MAHSULOT

JVNeftegazmontaj

FSEMuruvvat-Agrosanoat

JVKo’kdomalak - Gaz

Core Business

Assets

Non-Core

Business Assets

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The core oil and gas activities of Zeromax encompass the entire spectrum of the hydrocarbon cycle – exploration, development and downstream retailing of oil and gas products. The company has also rehabilitated and built more than 1,000 km of 720 – 1420 mm diameter В gas pipelines.

Core OperationsCore OperationsCore OperationsCore OperationsCore OperationsCore OperationsCore OperationsCore Operations

JV GissarneftegazJV Gissarneftegaz

• Establishment Date: May, 2005.

• Founders: Zeromax and Uzbek National Oil and Gas Holding Company, Uzbekneftegaz (UNG)

• Purpose of Joint Venture: Exploration and production of gas, oil and liquefied gas fields in the Таgam-Shimoliy Tandyrcha zone of Uzbekistan's Gissar Region and also exploration of the Beshkent flexure in the Bukhara-Khiva Region.

• Local Partners: Gissarneftgaz working together with UzLITIneftegaz (Governmental Oil & Gas Research Institute).

• Development Projects: North Nishan, Kamashi, Beshkent, North Guzar and Shakarbulak, Alachagikuduk, Tagam and Tavakkal oil and gas fields.

• Production volumes: Starting from a zero-level at the turn of 2006, this venture is now daily producing 20.4 Mcm of natural gas, 1,600 tons of condensate and 600 tons of oil.

• Distribution of products: All natural gas produced by the JV Gissarneftegaz is exported; oil and gas condensate is sold after treatment in the home market of the Republic of Uzbekistan.

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JV KoJV Ko’’kdomalak kdomalak -- GazGaz

• Establishment Date: September, 2004.

• Founders: Zeromax and Unitary Governmental Enterprise «Мubarekneftegaz», which is daughter company of the Uzbek National Oil and Gas Holding Company, Uzbekneftegaz (UNG)

• Purpose of Joint Venture: Oil-well gas utilization and compressing of flare gases of Kokdumalak field. Environment protection (in terms of air protection) and production of additional volumes of hydrocarbon.

• Start-up phase: In the course of the 2004-2007 period, the JV built the BCS-1 booster compressor stations with a recycling capacity of 1.3 bcm of gas a year and the BCS-2 booster compressor stations capable of processing nearly 3 bcm of gas a year at 0.5 – 1.0 MPa pressure.

• Recent development: In April 2009, the company commissioned the first unit of the third compressor plant. BCS-3 processing capacities enable the recycling of 4.5 Mcm of associated gas a day or 1.6 Bcm of gas a year, gas condensate recovery up to 94 tons a day or around 34,000 tons a year and liquefied petroleum gas recovery up to 15 tons a day or 5,400 tons a year.

• Current capacity: JV Ko’kdumaloq –Gaz utilises 6 Bcm of flare gas per year, from that amount 1.5 Bcm are pumped back to keep the required level of pressure in the deposit.

• Distribution of products: All natural gas produced by the JV Ko’kdumaloq –Gaz is exported; gas condensate and LPG are sold after treatment in the home market of the Republic of Uzbekistan.

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JVJV NeftgazmontajNeftgazmontaj

• Establishment Date: April, 2004.

• Founders: Zeromax and Joint Stock Company Uzneftgazstroy (governmental organization).

• Purpose of Joint Venture: The mission of JV «NEFTGAZMONTAJ» is to provide robust integrated, turnkey construction solutions for in oil and gas field construction, trunk pipelines construction, compressor station construction, gas recycling and recirculation plant installation and general contracting.

• Implemented Projects: The JV has built Kokdumalak and Surtangazmahsulot compressor stations and all pipelines connecting Gissarneftgaz and Kultakneftegaz fields with the Uzbek trunk pipeline system. It took part in the construction of the Pamuk and Zevardi Booster Compressor Stations and, on its own, built Dengizkool BCS, the most modern in Gazli BCS in the CIS, a unique 160 km long Akhangaran – Pungan gas pipeline in adverse mountain terrain. Among social construction objects it is worth mentioning such objects as sacred monastery - Hazrati Imam (Hastimom) architectural complex in Tashkent and the International Forums Palace “Uzbekistan” built in the center of Tashkent.

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JVJV Neftgazmontaj [cont]Neftgazmontaj [cont]

• Current projects: JV at present implements construction of the Uzbek passage of the 530 km Turkmenistan – China gas pipeline and 34,000-seat stadium in Tashkent. The estimated construction cost is $150 million.

• Personnel and Special Equipment : JV «NEFTGAZMONTAJ» employs over 6000 full-time qualified construction technicians and specialists. The Joint Venture has a large (over 250 units) fleet of construction machinery and equipment, including earth-moving machines, hoisting devices, welding machines, special transporters, instruments and other mechanisms supplied by the world's leading manufacturers: Volvo, Caterpillar, Komatsu, Hyundai, Vikma, etc.

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FSEFSEFSEFSEFSEFSEFSEFSE UzgazoilUzgazoilUzgazoilUzgazoilUzgazoilUzgazoilUzgazoilUzgazoil

• Establishment Date: November, 2003.

• Legal Status: Set up by the Company in 2003, this wholly-owned ZEROMAX subsidiary focuses on oil and lubricants sales, service stations and the construction of Uzgazoil refueling stations. Uzgazoil toll-refines crude oil at Uzbek refineries in Fergana and Bukhara.

• Mission Statement: To support the development of Uzbekistan 's downstream oil and gas export potential; to retail through new chain of FSE «UZGAZOIL» owned and operated petrol stations and distribute automotive fuel, motor oils and technical oil products; to export petrochemical products from Uzbek refineries and chemical complexes.

• Number of existing gas stations: FSE «UZGAZOIL»has opened 85 re-fueling and 6 gas-filling stations and 4 petroleum storage depots in Tashkent and Tashkent region, Namangan, Andijan, Fergana, Samarkand, Djizzak, Navoi, Bukhara, Karshi, Margialn and other major cities of Ozbekistan. All stations are equipped with computer system which enable cash free payments for fuel products, services and complementary goods with help of fuel coupons.

• Average sales volume: 1100-1200 tons of gasoline and diesel fuel per day.

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FSEFSEFSEFSEFSEFSEFSEFSE Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]Uzgazoil [contd]

• Oil & Gas exploration: FSE UZGAZOIL also carries out exploration within the framework of the agreement "On exploring for oil and gas in the Vostochnyy Kultak - Severnyy Nishon - Qamashi investment block in Uzbekistan's Buxoro-Xiva oil and gas pumping region", which was signed by the Uzbekneftegaz national holding company and Zeromax. In July 2008, FSE «UZGAZOIL»discovered the Nishan gas condensate field containing 6.9 bcm of proved natural gas reserves and 330,000 tons of proved condensate reserves. Also in September 2009 530-tcm flow rate of gas and gas condensate was recorded at 10-mm bottom-hole choke of test well No 1 of the Ernazar prospect area as the result of drilling lime rocks at 3634 -3648 m depth.

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Uzbek-Swiss-British

JVJVJVJVJVJVJVJV ShoShoShoShoShoShoShoSho’’’’’’’’rtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulotrtan Gaz Mahsulot

• Establishment Date: March, 2006.

• Founders: Zeromax owns 25% of JV «Sho’rtan Gaz Mahsulot», Arch Energy Ltd (25%) and Shurtanneftegaz (50%), a subsidiary of Uzbekneftegaz.

• Purpose of Enterprise: Shurtan Gaz Makhsulot is a gas processing plant which produces liquified natural gas for export and the home market.

• Range of products: JV producing such products as propane, butane and gas condensate.

• Production capacity: In 2008, this JV put into operation the second and third lines of Liquefied Petroleum Gas Recycling Unit at the Shurtan Gas Processing Plant premises; its processing capacity is 6 Bcm of gas a year, with over 110,000 tons of liquefied petroleum gas and 22,000 tons of gas condensate a year.

• Distribution of products: Joining the government in its efforts to cover the requirements of Uzbek consumers of petroleum-based products, JV Shurtan Gas Mahsulot sells 50 % of liquefied gas and 100 % of gas condensate-recovered fuel to the internal market. The other 50% of liquefied gas goes on external markets.

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JV BentoniteJV BentoniteJV BentoniteJV BentoniteJV BentoniteJV BentoniteJV BentoniteJV Bentonite

• Establishment Date: May, 2003.

• Founders: Zeromax formed JV «BENTONITE» with Uzgeoburneftegazdobycha, which is the Uzbek national drilling and production company (subsidiary of Uzbekneftegaz).

• Purpose of Enteprise: JV «BENTONITE» was formed to extract and process a rich deposit of bentonite, a clay formed from volcanic ash. Located in the Navoi Province of Uzbekistan, the mine produces three natural varieties of clay that are used in more than 200 products, from paint and textiles to soap, adhesives, beverages, and cosmetics. Attapulgite clay is mixed with water to form a lubricant that optimizes drilling performance in oil and gas exploration.

• Production capacity: Following a US$ 1.5m investment program which included the acquisition of Raymond-brand production processing equipment from the United States and Germany, production capacity now stands at 40,000 metric tons per year .

• Compliance with Standards: JV «BENTONITE»meets or exceeds the CIS Gos Standards and also meets many levels of the API 13A specifications.

• Reserves: Confirmed JV Bentonite reserves at the Navbahor mine are over 7 million metric tons.

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JVJVJVJVJVJVJVJV Neftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat LoyihaNeftgaz Sanoat Loyiha

• Establishment Date: January, 2005.

• Founders: Zeromax - 50% and UzLITIneftegaz (Governmental Oil & Gas Research Institute) – 50%.

• Purpose of Joint Venture: The JV activities included design estimates and survey work, project documentation and feasibility studies for oil and gas projects, industrial and civil construction, and engineering supervision of projects under construction.

• Implemented Projects: Over 90 projects have been implemented since our foundation and a number of feasibility studies and preliminary feasibility study projects have been completed for the oil and gas sector.

• Developing Projects: JV “Neftegaz sanoat loyiha” is developing special projects in the light industry, agroindustrial complex, and other spheres of the national economy of the Republic of Uzbekistan.

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FSEFSEFSEFSEFSEFSEFSEFSE TemiryoTemiryoTemiryoTemiryoTemiryoTemiryoTemiryoTemiryo’’’’’’’’llllllll--------XizmatXizmatXizmatXizmatXizmatXizmatXizmatXizmat

• Establishment Date: May, 2005.

• Main activity: “Теmiryo’l-Xizmat” provides fast, efficient delivery solutions by road, rail, and air cargo. All items are carefully tracked using the latest In-Transit Visibility systems that are based on the most modern dispatch and movement monitoring technologies.

• Scope of Provided Services: Urgent transportation of large-sized equipment, including bulldozers, pipe-laying cranes, excavators and other kinds of heavy excavating machinery by aircrafts AN 225,”Mria”and AN -124-100,”Ruslan”.

• Types of Products Transported: Oil and gas production equipment–drilling equipment, seismic oscillators; Special metal products for oil and gas industry - seamless casings, coiled pipes;Accessories for transport, heavy and construction industry - tires, accumulator batteries, backhoe dippers; Bulk shipment of lubricating clay for drilling devices – gel powder and bentonite; Bulk shipment of chemical products: reagents, caustic soda, andetc.

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NonNonNonNonNonNonNonNon--------Core Operations Core Operations Core Operations Core Operations Core Operations Core Operations Core Operations Core Operations

ZEROMAX’s subsidiary ventures in the agricultural and textile sectors have

specialized in agricultural projects, including growing and processing of agricultural products and raw cotton. Finished textile and agricultural products are sold in the home markets and exported to various countries, including the CIS and Europe.

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FSEFSEFSEFSEFSEFSEFSEFSE MuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvat--------TeksTeksTeksTeksTeksTeksTeksTeks

• Establishment Date: November, 2005.

• Purpose of Enterprise: «Muruvvat-Teks» has developed a vertically-integrated production cycle, starting with cotton growing using the latest efficient agricultural technologies and ending with the production of high-quality finished textile products. Textile products, knitted garments and working clothes.

• Current capacity: «Muruvvat-Teks» consists of 6 sewing factories, 5 located in the Tashkent area and 1 in Dzhizak region and Gurlan textile factory in the Khorezm region.

• Equipment and production volumes: Gurlan textile factory equipped with highly-efficient manufacturing equipment made by leading world companies such as Trutzschler, Zincer Oerlikon, Schlafhorst Oerlikon, Mayer & Cie, Bruckner, Vollenweider, Ferraro, and Corino, the factory is now producing yarn, knitted fabric (3 tons a year) and finished textile products. The fabric produced at Gurlan is distributed to Muruvvat-Teks sewing factories located in various regions of Uzbekistan. All sewing factories are equipped with modern sewing machines and sewing benches produced by such leading manufacturers as Juki, Tajima, Brother, Kansai and Siruba. Their total output capacity comes to nearly 12 mln. units of finished garments.

• Distribution of products: Textile products is exported to Europe, Russia and other CIS countries as well as sold under ZERO Casual Wear label through a network of retail sales outlets.

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FSEFSEFSEFSEFSEFSEFSEFSE MuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvat--------AgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoat

• Establishment Date: August, 2005.• Main activity: In 2005, Zeromax acquired cultivation

rights to more than 12,000 hectares of cotton-producing land and 15,000 hectares for wheat and other corps in Uzbekistan's Tashkent, Dzhizak and Syr Darya regions and established FSE Muruvvat-Agrosanoat.

• Equipment and machinery: New agricultural machinery was acquired from leading manufacturers including Case New Holland (USA), Kverneland (Norway), Claas (Germany), Аgromashholding (Russia), Minsk tractor factory (Belarus) as well as from Uzselkhozmashholding.

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FSEFSEFSEFSEFSEFSEFSEFSE MuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvatMuruvvat--------AgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoatAgrosanoat

• FSE Muruvvat-Agrosanoat does not:

�Use child labour to pick our cotton.

• FSE Muruvvat-Agrosanoat does:

� Use advanced mechanical pickers where appropriate.

� Employ adult casual labour in the Ferghana valley, an area of high unemployment, to harvest some of our crop by hand. Pay all our labourers on a daily basis at best rates.

� Offer casual labour to those over fifteen years of age during official school holidays so that they can earn pocket money (This fully complies with work that does not interfere with either education or health under the ILO convention 138).

� Invite our textile clients to inspect our cotton harvesting operation whenever they wish.

� Collaborate with all interested parties in advancing Best Practice in seasonal agricultural employment in Uzbekistan.

� Adhere to the labour laws of the Republic of Uzbekistan.

� Respect the rules of the International Labour Organisation.

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JVJVJVJVJVJVJVJV MuzimpexMuzimpexMuzimpexMuzimpexMuzimpexMuzimpexMuzimpexMuzimpex

• Establishment Date: February, 2003.

• Founders: Zeromax and “Tijorat”, the Uzbek state-owned food distribution company

• Main activity: Muzimpex Established in March 2003 in Nazarbek in the Tashkent region, as a producer of export-orientated fresh-frozen and canned fruit and vegetable products purchased from local farmers, after a US$ 5.3m investment programme Muzimpex is now configured as a multi-line food processing and cold storage business.

• Equipment and capacities: JV engaged in the processing of agricultural products. It owns large storage facilities (of a total area of 6,984 m² and 10,000t storage capacity) manufactured by YORK International GmbH, Austria. In addition, the JV also owns fruit and vegetable shock freezing equipment with a total freezing capacity of 2,000 tons a year. All that makes Muzimpex warehouse in Tashkent is the most modern refrigerated food storage facility in Central Asia.

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Health, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the EnvironmentHealth, Safety and the Environment

Since its inception, Zeromax ‘s commitment to operating to the highest international standards has resulted in a reputation for industry leadership in operational, social and environmental excellence.

In order to ensure that its growth is sustainable, Zeromax places a high priority on its employees, their communities and the environment; it takes responsibility for the occupational health and safety of its workers and seeks to continually improve HSEC performance; it ensures that the broader economic contributions of its operations are enjoyed by the Uzbek regions in which it operates; it strives to use natural resources as efficiently as possible and contributes to the sustainability of the natural environment.

Zeromax has adopted a number of risk management processes in order to achieve optimal business outcomes, such as site/plant/factory risk assessments, HSEC controls and management training. By setting objectives by which to measure its progress, Zeromax is in the forefront of best practice in the Central Asia region.

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Corporate Social Investment Corporate Social Investment Corporate Social Investment Corporate Social Investment Corporate Social Investment Corporate Social Investment Corporate Social Investment Corporate Social Investment

• Ethics and Local Development: Zeromax company pays great attention to social programs directed to support educational, healthcare and social projects, usually in partnership with local public authorities.

• Mission of Social Programs: Respect for the prerogatives of host countries, especially in the areas of health care, education, and the economy; there is no subsidiary between public and private responsibility.

• Recent Projects: Family polyclinics at Samarkand Darbaza and Karatash districts, building of Mahalla Committee Office, Urological Healthcare Complex in Urgench city.

• Sponsorship: “Tashkent Open” tennis tournament, Arm-wrestling tournament, kick-boxing championship and etc.

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On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax On behalf of everyone at Zeromax

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