Issue 4 11th January 2016

Seizing Opportunities: Investing in Kazakhstan

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INDEX

AN OVERVIEW ON KAZAKHSTAN 1

THE WAY TO THE FUTURE 2

OIL & GAS THE FOUNDATION OF THE ECONOMY 3

MINING 4

TRANSPORTATION 5

THE NEXT STEP FOR KAZAKHSTAN 5

KAZAKHSTAN’S TOP PROJECTS OF 2015PREVIEW POWERED BY DMS 6

FEATURED PROJECT 8

KAZAKHSTAN UPCOMING OPPORTUNITIESQ1 2016 – Q3 2016 14-15

Seizing Opportunities: Investing in Kazakhstan

AN OVERVIEW ON KAZAKHSTAN

The Republic of Kazakhstan is located in Central Asia at the crossroads of

Europe and Asia. With a population of an estimated 17.5 million as of July 2015. Kazakhstan is the ninth largest country in the world in terms of territory and is also the world’s largest landlocked country having its borders with Russia, Kyrgyzstan, Turkmenistan, Uzbekistan and China.

Kazakhstan is now a member of Commonwealth of Independent States (CIS), The international organization was created during USSR breakup to regulate the relations of cooperation among some countries of the former USSR.

After the proclamation of independence in 1991 and the adoption of the Declaration of State Sovereignty, the President of Kazakhstan adopted the development strategy “Kazakhstan-2030” in 1997 which highlighted the formation and development of Kazakhstan as an independent sovereign state. The strategy Kazakhstan-2030 included seven long-term priorities: National Security; the internal political stability and consolidation of society; Economic Growth; based on an open market economy, with a high level of foreign investments and domestic savings; Health, Education and Welfare of the citizens, Energy Resources, Infrastructure and Professional state.

After over 20 years of independence, Kazakhstan's economy has passed a series of complicated hurdles, during which the country has experienced the effects of three crises:

1. The Soviet Union collapse crisis, which the country managed to overcome only by 1997-1998.

2. The Asian Crisis of 1998.

3. The Global Financial and Economic Crisis of 2007-2008

All these hurdles have been a test of strength for Kazakhstan which the country has successfully resisted. The most difficult test for Kazakhstan, out of the three was the

USSR collapse Crisis, the origins of which were in the Soviet’s economy. During the Soviet years, the country was developing Metallurgy, Machine-Building, Oil, The Chemical Industry, The Food Industry, as well as the Agriculture Industry specializing in the production of grain and livestock products. In addition, Kazakhstan has significant natural resource potential with 99 elements from the periodic table. The production and reserves ranking of the natural resources are highlighted in Graphs 1 and 2.Graph 1: Kazakhstan in the world ranking for reserves

Source: The Ministry of investments and development of the Republic of Kazakhstan

Graph 2: Kazakhstan in the world ranking for production

Source: The Ministry of investments and development of the Republic of Kazakhstan

After the collapse of a single state, there were severe economic and social damages for all countries within the Soviet Union, including Kazakhstan. The huge potential of Kazakhstan suddenly found itself lacking demand from the consumers of the other republics as they either refused to buy products from Kazakhstan or simply could not afford them. The economy of Kazakhstan cracked, which was then followed by the collapse of the universal scale. The total drop of the Soviet’s economy exceeded 50%, in comparison to the Great Depression in the United States which caused damage of 29%.

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The government developed and implemented a program to exit the Financial and Economic Crisis and ensure macroeconomic stability. Tax, trade and investment laws were established to ensure the free movement of goods and capital. Kazakhstan is a leader among the CIS countries in attracting foreign investments and the trade legislation causes no serious complaints among foreign partners. Since the declaration of independence, one of the top priorities of the state policy of the Republic of Kazakhstan is to maintain a favorable investment climate and further promotion of foreign direct investments within the country. On that note, Kazakhstan introduced a Law on Investments in 2003, which has granted investors with a number of investment preferences and exemptions.Despite a significant decline in the global economy, the country has managed to keep GDP growth at 1.2 % in 2009 and achieved a substantial growth over the next years as illustrated in Graph 3.

Kazakhstan is now one of the most developed countries within the region with significant foreign investment and increasing GDP. Recently, the Executive Board of the International Monetary Fund (IMF) has forecasted GDP to increase 3.25 % in 2016.

Source: DMS Projects

THE WAY TO THE FUTURE

Kazakhstan-2030 &Kazakhstan-2050 StrategiesThe development strategy Kazakhstan-2030 has been fully implemented ahead of

schedule by 2013, and in December 2012, considering the successful implementation of Kazakhstan-2030 program, the Government introduced new development strategy Kazakhstan-2050 with an objective to make the country one of the top 30 most developed countries by 2050.

Nurly Zhol – The Way to the Future

In 2015, Kazakhstan began the implementation of the program “Nurly Zhol” (the Way to the Future), which complements the Kazakhstan 2050 Strategy. While not originally conceived as part of the Kazakhstan-2050 strategy, Nurly Zhol will help keep Kazakhstan on track to meet its goals.

Nurly Zhol envisages annual allocation of USD 3 billion from the National Fund on infrastructure development for the period 2015 to 2017. The program covers the development of Transport and Logistics Infrastructure, Industrial Infrastructure, Railway and Automobile Roads, Energy Infrastructure, Modernization of Network Utilities and Water Supply, the strengthening of Housing Infrastructure and Social Infrastructure, as well as support for small and medium-scale businesses.

The fund is planned to be distributed as follows (Graph 4):

1. Modernization of Public Utilities Infrastructure, Water and Heat Supply Networks - USD 1.6 billion

2. Auto Roads Projects – USD 960 million

3. Development of Industrial Infrastructure and Tourism Infrastructure – USD 220 million

4. Railway Projects – USD 150 million

5. Civil Aviation Projects – USD 94 million

6. Geological study of the perspective territories – USD 17 million

7. Development of quality Infrastructure – USD 16 million

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Graph 3: GDP Evolution (%)876543210

2009 2010 2011 2012 2013 2014 2015

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7.3 7.5

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OIL AND GAS THE FOUNDATION OF THE ECONOMY

Oil & Gas Sector Overview

Oil is the main wealth and the foundation of the economy of Kazakhstan. Oil and Gas regions cover more than 60% of the country’s territory and about a third of prospective deposits is contracted. The main reserves are concentrated in the giant deposits – Kashagan, Tengiz and Karachaganak, the reserves of each are estimated to be 1 billion tonnes of oil equivalent.

• Kashagan will resume the production in Q4 2016.

• Tengiz is under development with implementation of two major projects – Future Growth Project and Wellhead Pressure Management Project.

• Karachaganak – the final investment decision is expected to be made in 2017.

The Oil and Gas industry attracts two-thirds of total foreign investments and provides 70% of Kazakhstan’s export.

Oil Refinery

In 2014, Kazakhstan oil refineries processed almost 15 million tonnes of crude oil. At the moment, three oil refineries are undergoing modernization and is expected to be completed in 2017. The estimated refining capacity will reach 18 million tonnes of oil per year, enabling the country to fully satisfy the domestic demand. The following refineries are being reconstructed:

• Atyrau Refinery Modernization

• Shymkent Refinery Modernization

• Pavlodar Refinery

In addition, Kazakhstan plans to construct a fourth refinery in order to stop importing oil products and to be completely independent in refining its oil.

Oil forecast for 2016

The Ministry of Energy forecast for oil in 2016 indicates that if the price per barrel is USD 30 the production volume will drop to 73 million tonnes. For the price of USD 40 per barrel the production estimated is at 77 million tonnes, and at a price of USD 50 the production might reach 80 million tonnes. According the country’s budget for 2016-

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Source: DMS Projects

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Public Utilities Infrastructure

Auto Roads

Industrial & Tourism Infrastructure

Railway

Civil Aviation

Geological Study

Quality Infrastructure

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2018, the oil production level is estimated as 77 million tonnes in 2016 and the targeted price for oil in 2016 will amount to USD 40 per barrel.

The budget for 2015 was formed on the basis of USD 50 per barrel with expected production of 80 million tonnes. Considering that as of October 2015 the country produced 67 million tonnes, the forecast is justified.

MINING

Today, oil, gas and solid minerals occupy large share of Kazakhstan’s exports and makeup about 70% of total exports, where 17% is metal exports making the mining industry one of the most competitive industries in Kazakhstan.

The total geological reserves and coal resources of Kazakhstan are estimated at 150 billion and out of 99 elements that are discovered in Kazakhstan, 70 elements have been explored and 60 have been involved in production. The country’s main mineral resources are outlined in Table 1.

Kazakhstan is also rich in cooper ore reserves and cooper mining is ranked seventh in the world. 92 % of the cooper is exported. Large deposits of copper are located at Konyrat and Bozshakol. The Bozshakol mine is currently being developed by Kazakhstan’s major cooper producer KAZ Minerals and is expected to be commissioned in Q1 2016.

According to the Ministry of National Economy of the Republic of Kazakhstan, in 2014 there was a 0.1% growth in mining industry due to growth of natural gas production (7.6%), 7.3% growth in metal ores and 10.1% growth in non-ferrous metal ores.

In the first half of 2015, industrial production volume has increased by 0.6% due to fast growth in the mining industry (1.1%).

The Ministry of National Economy forecasts the added value of the Mining Industry during the period of 2016-2020 will increase by 2.5% annually.

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Table 1: Main Mineral Resources of Kazakhstan

Type of Mineral Resources

On-Balance Reserves (tons)

World Place (according to reserves)

World Place (according to content in ore)

Iron ore 18,600,000,000 6 7Manganese ore 635,200,000 4 10Chromium ore 382,700,000 2 1

Bauxites 365,400,000 12 N/ALead 17,200,000 5 41Zinc 39,800,000 5 40

Copper 39,300,000 12 63Titanium 24,100,000 10 15Wolfram 2,100,000 1 25

Gold 2,232,6 15 2Silver 53,204 4 31Tin 69,300 10 23

Uranium 1,600,000 2 N/AHard coal 150,000,000,000 8 N/A

Source: Association of Mining and Metallurgical Enterprises

TRANSPORTATION

Over the past 11 years, up to USD 8 billion was allocated for the development of the Road Sector. Over the years, more than 48,000 kilometers of roads and 1,100 kilometers of railways were built and reconstructed.

Currently, Kazakhstan is reviving the New Silk Road, creating the Western Europe – Western China main transport corridor.

Kazakhstan opened access to the Gulf countries and the East by building Uzen-Turkmenistan Border railway line and paved the way to China and the entire Asian subcontinent by constructing Zhetygen-Korgas road.

The state program for the development and integration of the infrastructure for the transport system up to 2020 is carried out together with experts from the World Bank’s Transport Sector.

The aim of the program is to ensure needs of economy and population in quality transport services, develop local Transport Infrastructure in the regions, implement transit capacity through the development of transport corridors within the country ensuring their integration into the International Transport System and to increase transit capacity through Kazakhstan twice in 2020 and 10 times in 2050. The program scope is:

• Expansion of the port of Aktau - increasing the port capacity to 20 million tonnes by 2020.

• Development of Railway Industry, which includes:

1. Modernization of railway stations - in 2016, 42 stations will go through the reconstruction and 89 stations will be reconstructed in 2017.

2. Overhaul of 7,000 kilometers of railway

3. Construction of new railways

• Road development – total of 30,000 kilometers will be built and reconstructed.

• Development of the civil aviation industry.

Until 2020, Kazakhstan will invest USD 20 billion in the development of the transport industry.

In addition, Nurly Zhol program aims for construction of additional roads and railway infrastructure development of key routes.

THE NEXT STEP FOR KAZAKHSTAN

Overall, despite a decline in global investment activity, Kazakhstan has been annually attracting about USD 20 billion in foreign investment for the past five years.

The Ministry of Investment and Development of the Republic of Kazakhstan has announced its plans to attract the investors and state that the most important task for this year is to continue the implementation of ongoing projects and to prevent the decline in investment.

Firstly planned to complete is the transition to the international standards by the Investment Committee of Ministry for Investment and Development. The Ministry is currently implementing the recommendations of Organization for Economic Cooperation and Development (OECD) to improve the investment climate and investment competitiveness of the country. Secondly, the government will concentrate on two main areas:

1. Attracting new potential investors

2. Continue to actively work with companies that have been already implementing their projects in Kazakhstan.

The Government of Kazakhstan’s current and future goals are to make sure that the Republic of Kazakhstan rises as an economic hub for investments.

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Project: Tengiz Future Growth Project (FGP)

Client: Tengizchevroil (TCO)

Estimated Budget: USD 37 billion

Sector: Offshore / Oil Field

Status: FEED

Project Start: Q1-2012

End Date: Q4 2018

PMC: Fluor Corporation

Background: The Tengiz oil field was discovered in 1979 and is one of the largest and deepest oil fields in the world, located in western part of Kazakhstan. Tengizchevroil (TCO) plans to expand the oil field on the west side of Kazakhstan.

The Future Growth Project (FGP) is a part of Tengizchevroil's Sour Gas Injection-Second Generation Project (SGI-SGP) expansion project.

The FGP will expand extraction capabilities of the Tengiz reservoir with sour gas injection technology used in existing operations. The Project will increase the production of crude oil by 300,000 barrels oil per day with the plan of reaching a total of 800,000 barrels oil per day by 2019.

Combined with FGP and as a part of overall expansion, TCO is also executing Wellhead Pressure Management Project (WPMP) that will keep production at current levels through the installation central pressure boost facility, which will maintain pressurein reservoir.

The Future Growth Project will create new jobs and widely use local services and goods, hence will bring substantial economic benefits to the country economy.

Project: Shymkent Refinery Modernization

Client: PetroKazakhstan Oil Products (PKOP)

Estimated Budget: USD 1.8 billion

Sector: Refining / Refinery

Status: Construction

Project Start: Q1 2011

End Date: Q4 2016

PMC: Rominserv

Background: PetroKazakhstan Oil Products (PKOP) plans to modernize the Shymkent refinery which was built in 1985 in the southern part of Kazakhstan.

The project includes reconstruction and modernization of the operating refinery till 2016 by expanding its production and refinery capacity, as well as production with high value added.

The naphtha isomerization unit is constructed in accordance with a Development Plan of oil refineries in Kazakhstan, as well as within the framework of the State program for accelerated industrial-innovative development.

KAZAKHSTAN’S TOP PROJECTS OF 2015

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Project: Shymkent-Tashkent Road Reconstruction

Client: Kazavtodor

Estimated Budget: USD 400 million

Sector: Infrastructure / Road

Status: Construction

Project Start: Q1 2013

End Date: Q4 2016

PMC: Kazavtodor

Background: The project is a part of "Western Europe-Western China" international transit corridor. The total length of the corridor on the territory of Kazakhstan is 2,787 kilometers, out of which 2,452 kilometers are subject to reconstruction.

The 99-kilometer road was built in mid-1970s, connecting Kazakhstan and Uzbekistan for the past 40 years and its service life has expired.

Once the reconstruction is completed, the road will help to increase regional trade development by facilitating the transit of goods and passengers from Uzbekistan and Tajikistan to Kazakhstan, Russia and Western Europe.

Project: Bozshakol Copper Mine

Client: KAZ Minerals

Estimated Budget: USD 2.2 billion

Sector: Mining / Cooper

Status: Construction

Project Start: Q2 2010

End Date: Q1 2016

PMC: KAZ Minerals

Background: The Bozshakol copper project is located on a greenfield site near the village of Bozshakol, approximately 220 kilometers northeast of Astana in northeast Kazakhstan.

The deposit has a mineral resource of 1,173 Mt at an average grade of 0.35% Cu, including 832 Mt of measured and indicated resource with an average copper grade of 0.37%. The reserves of the mine are estimated at 4.5 million tonnes of copper ore.

KAZAKHSTAN’S TOP PROJECTS OF 2015

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FEATURED PROJECT

NCOC - Kashagan Oil and Gas Field

Name of Client: ENIInpexShellCNPC - China National Petroleum CorporationTotalKMG - KazMunayGazExxonMobilAGIPMinistry of Energy & Mines

Estimated Budget ($ US) 140,000,000,000Contract Value ($ US) 135,000,000,000Award Date Q1-2009Main Contractor North Caspian Operating Company (NCOC)

AGIPFacility Type Oil & Gas FieldStatus ConstructionStart Date Q1-2000End Date Q4-2020PMC North Caspian Operating Company (NCOC)FEED WorleyParsons

Aker SolutionsCB&I

Location Caspian Sea, Kazakhstan

Project Background

The Kashagan is an offshore oil field located in Caspian Sea near Atyrau with reservoir laying 4,200 meters below the shallow waters, which was discovered in 2000 and is considered the largest field found in the past 40 years. Kashagan oil field contains five separate fields - Kairan, Aktote, Kashagan Southwest, Kalamas A and Kashagan

The field is the largest oil field to be discovered in the last 40 years with total area covering over 2,125 square miles with potential reserves estimated as 70 billion barrels. According to Kazakh geologists, the geological reserves of the field are estimated at 4.8 billion tons of oil and oil reserves vary from 1.5 to 10.5 billion tons.

The total oil reserve is estimated as 38 billion barrels out of which 10 billion barrelsare recoverable. The Kashagan also has large natural gas reserves estimated 1 trillion cubic meters.

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Project Status

Date Status

Dec 2015 The production at the field is expected to reach 13 million tonnes by 2020.

Dec 2015 Minister of National Economy confirms that commercial extraction of oil at the Kashagan will begin in December 2016.

Nov 2015 Exxon Mobil expects to resume production at the field by the end of 2016.

Oct 2015 Samruk-Kazyna completes the purchase of 50% share in the project.

Oct 2015 The client expects to export up to 14 million tonnes of oil in 2017.

Oct 2015 Kazakhstan's Ministry of Energy predicts that Kashagan can reach commercial production in 1.5 months, once launched.

Oct 2015 KazMunaiGaz announced that 50% sale deal of its share to Samruk-Kazyna will cost $ 4.7 billion and is expected to be finalized in November 2015.

Sep 2015 The repair work at Kashagan field is ongoing ahead of schedule.

Sep 2015 The Ministry of Energy informs the oil production at the field is scheduled to commence in Q4 2016.

Jul 2015 Total expects full production restart at Kashagan field at the end of 2015.

Jul 2015 The client works on implementing a program to re-start the field operation and completes the process of operational model restructuring at the Kashagan project.

Jul 2015 Ministry of Energy informs the repair work at the field is planned for completion in Q4 2016, enabling oil production restart.

Jul 2015 KazMunaiGaz (16.81 %) sells 50 % of its shares to National Welfare Fund "Samruk-Kazyna". The deal is expected to be finalized by Q4 2015.

Jun 2015 The President of Kazakhstan meets with ENI's CEO to discuss ENI's participation in further development of the oil and gas industry of the country. The parties noted the need to ensure a clear and co-ordinated work in the Kashagan development.

Jun 2015 Kazakhstan government announces the operations in Kashagan field will restart in 2017.

Jun 2015 NCOC expects to relaunch field production in Q3 2016.

Feb 2015 NCOC awards $ 1.8 billion pipeline contract to ERSAI Caspian Contractor (Saipem subsidiary). Two pipelines 95 kilometers long each will connect Island D with Karabatan plant. The construction is expected to be completed in Q4 2016.

Aug 2014 As of Q3 2014, $ 44.5 billion has been invested into project’s Phase-1.

Apr 2014 The client awards long-term rotating equipment contract to KTRWG Turbine Services.

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Date Status

Nov 2013 Chinese CNPC completes deal on joining Kashagan project.

Sep 2013 The production has been stopped due to a leak on the gas pipeline running to the onshore processing facility at Bolashak.

Sep 2013 NCOC announces that oil and gas production from the field has begun.

Sep 2013 The client achieves first oil, but had to stop for few week due to the leakage from the pipeline that connects the field with onshore processing facility.

Jul 2013 The Government buys ConocoPhillips 8.4% shares and sells it to CNPC.

Feb 2012 Kazakhstan approves $ 45 billion fund for the field development, which will be given in 2013-2015.

Jan 2012 Phase-1 initial $ 24 billion budget is increased to $ 46 billion.

Apr 2011 Kazakhstan plans to postpone new simplified project, keeping the production level of 375,000 barrel of oil per day. In which case NCOC will be ready for Phase-2, with expected production level of 1,5 million barrel of oil per day.

Aug 2010 KazMunaiGas announces that the Phase-2 development of the field might be delayed until 2018-2019.

May 2009 The Client awards two contracts worth $ 1.6 billion to Aker Solutions and Saipem for phase-1 hook-up work.

Jan 2009 North Caspian Operating Company (NCOC) appointed as a project operator. NCOC is a consortium consisting of seven companies: KazMunayGas (16.81%), Eni (16.81%), ExxonMobil (16.81%), Shell (16.81%), Total (16.81%), ConocoPhillips (8.4%) and Inpex (7.56%).

Jan 2009 NCOC consortium appoints Agip KCO, Shell Development Kashagan (SDK), ExxonMobil Kazakhstan and NCPOC for project operations execution.

Oct 2008 The client awards $ 31 million phase-2 FEED contract to Aker Solutions, WorleyParsons and CB&I joint venture.

Jan 2001 Eni becomes the operator for the project.

Jun 2000 Kashagan field discovery is made.

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Project Scope

The Kashagan field will be developed in phases and the scope includes:

Phase 1

• Completion and operation of offshore and onshore facilities

• 40 Wells

• Construction of artificial island for wells

• Processing facilities

• Living quarters and pipelines to carry products to onshore plants

• Four large rock structures

• Two additional islands for the Aktote and Kairan fields

• Pipelines to inter-link six islands and link them with onshore plants

The expected production capacity from 20 wells is 180,000 barrel of oil per day and the phase-1 worth is estimated as $ 42 billion.

Phase 2

• Completion of remaining facilities, that will increase the production to 370,000 barrel of oil per day

• Two 95 kilometers long pipelines that will connect Island D with Karabatan onshore plant

Project Finance

The project is operated by NCOC a consortium consisting of seven partners with the following shares:

• KazMunayGas – 16.81 %

• Eni – 16.81 %

• ExxonMobil – 16.81 %

• Shell – 16.81 %

• Total – 16.81 %

• CNPC – 8.4 %

• Inpex – 7.56%

The initial estimated budget for the project was $ 50 billion that was increased to revised budged $ 135 billion.

Year 2013

Initially ConocoPhillips was part of the consortium, however in July 2013 the Government bought Conoco Phillips shares and sold it to CNPC.

As of 2013, $ 40 billion is spent of the field development.

Year 2012

Phase-1 initial $ 24 billion budget is increased to $ 46 billion in Q1 2012.

Kazakhstan approved $ 45 billion fund for the field development, which will be given in 2013-2015.

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PMC

PQ Bidders Awarded- - -North Caspian Operating

Company (NCOC)

EPC

PQ Bidders Awarded- - -North Caspian Operating

Company (NCOC)-AGIP

FEED

PQ Bidders Awarded---

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-WorleyParsons-Aker Solutions-CB&I

Sub-Contractors

PQ Bidders Awarded----

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-Saipem-Aker Solutions-KTRWG Turbine Services-ERSAI Caspian Contractor

Project Schedules

1Q-2000 Feasibility Study4Q-2008 FEED1Q-2009 Engineering & Procurement2Q-2009 Construction4Q-2020 Completed

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North Caspian Operating Company (NCOC)Ainash Chengelbayeva - Media Relations Available only for DMS Members

Kuanysh Suinkulov - Cost & Estimating Team Lead Available only for DMS Members

Viktor Komarov - Instrument and Control Team Leader Available only for DMS Members

Yessen Temirtashev - Installation Manager Available only for DMS Members

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UPCOMING OPPORTUNITIES Q1 2016 - Q3 2016Ka

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Project Sector Sector Budget Award date Status Completiondate

KOSTANAY REGION AKIMAT - Kostanay LNG Plant Gas 70,000,000 2016-Q1 FEED ITB 2017-Q3

MANGISTAU REGION ADMINISTRATION - Oil Refinery Oil, Refining 6,000,000,000 2016-Q3 Feasibility Study 2020-Q1

HOLDING-ASIAOILGAS - Mini-Refinery Oil, Refining 100,000,000 2016-Q1 Feasibility Study 2017-Q2

COMPACT GTL - GTL Plant Gas 300,000,000 2016-Q1 EPC ITB 2018-Q2

TENGIZCHEVROIL (TCO) - Tengiz Future Growth Project (FGP) Oil, Offshore 8,000,000,000 2016-Q1 FEED 2018-Q4

TENGIZCHEVROIL (TCO) - Multi Well Pad Project (MWP) Oil 1,200,000,000 2016-Q2 EPC ITB 2018-Q4

CHINA KINGHO ENERGY GROUP - Coal Processing Plant Industrial 2,600,000,000 2016-Q2 Feasibility Study 2020-Q1

CASPIAN GROUP - Cement Production Plant Industrial 135,000,000 2016-Q2 Feasibility Study 2018-Q4

A DMS Global Special Report - 11/1/16

While every effort has been taken to verify the accuracy of this information, DMS Global cannot accept any responsibility or liability for reliance by any person on this report or any of the information, opinions or conclusions set out in this report.

For further details on the Markets DMS Projects covers, please contact:

DMS GlobalTel: (+973) 17405590Fax: (+973) 17405591sales@dmsglobal.netwww.dmsglobal.net