Approved by the decision of General meeting of members of Kazakhstan stock Exchange Ltd

CODE OF ETHICS OF MEMBERS OF THE KAZAKHSTAN STOCK EXCHANGE

It is enacted since July 15, 1998

This Code and appendices to it are obligatory for all members of the Kazakhstan stock exchange (further - the Exchange) (this paragraph is changed by the decision of Exchange council of April 09, 2004).

Section I. GENERAL TERMS

1. Members of the Exchange when implementing transactions at the biddings of the Exchange shall work at the principles of fair competition and in the relations with other members of the Exchange, the clients and the Exchange and not to break concepts of justice and honesty during the work at the Exchange.

2. Any member of the Exchange respecting the rules established hereunder having the right to expect and demand observance of these regulations from other members of the Exchange.

3. The separate principles of work at the Exchange of her members are drawn up in the form of annexes to this Code and are obligatory for execution by members of the Exchange (this Item is changed by the decision of Exchange council of April 09, 2004).

Section II. The PROHIBITED ACTIONS

It is forbidden to members of the Exchange:

1. Put the direct or indirect pressure upon other members of the Exchange for the purpose of change of their market behavior.

2. Conclude dummy bargains as which are understood:

- the transactions by previous concert between two and more members of the Exchange having counter focus, approximately on the identical amounts and at approximately equal prices, not assuming, as a rule, their execution and which are intended for overestimate (understating) of price indicators of the biddings;

- the transaction on the Exchange which is previously stipulated between two members to the price which is obviously deviating market conditions, and intended for overestimate (understating) of price indicators of the biddings;

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