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Kazakhstan Stock Exchange Finalizes Trading Rules

March 24, 2008

KAZAKHSTAN (March 24, 2008)-- The Kazakhstan Stock Exchange has finalized its “Requirements for Listing on the Special Trading Floor of the Regional Financial Centre of Almaty City.”

The new rules were written by London-based Bracewell & Giuliani associate, Conor D. Funston, in conjunction with the office of the Chairman of the Agency of the Republic of Kazakhstan on Regulation of the Regional Financial Centre of Almaty City (RFCA).  Conor prior to coming to Bracewell & Giuliani was seconded to the United Kingdom Listing Authority the government agency that approves prospectus for listing on the London Stock Exchange.

“Kazakhstan’s transformation from a managed economy to a free market has been one of the key global economic developments of the past 15 years,” said Gregory J. Vojack, managing partner of Bracewell's Kazakhstan office.

Developed in accordance with Article 6.5 of the Law of the Republic of Kazakhstan, the new rules describe in full the requirements for listing securities on the special trading floor at RFCA.  Securities eligible for trading span common shares in foreign and domestic corporations and investment funds to corporate debt, complex securitized derivatives, and other financial instruments.

The document also provides specific requirements for businesses seeking to list securities on the special trading floor, including corporate governance, the roles of directors and officers, net asset values, application procedures, documentation and other conditions for listing.

 “Kazakhstan is providing reassurance that it remains a center of opportunity and engagement for corporate America,” said Mr. Vojack. “The key to success for foreign investors in Kazakhstan is to understand the cultural, business, and legal realities of the country, and Bracewell & Giuliani welcomes the chance to offer insights that will increase that understanding.”

The RFCA is rapidly becoming the leading financial center in the Caspian region.  Established in 2006, the RFCA has as its objectives the successful integration of the Kazakhstani financial sector into global capital markets, the attraction of foreign investment capital into the region, further development of the country’s equity market, the creation of opportunities for individual investors, and the export of Kazakhstani capital.

Mr. Funston, who helped draft the rules, is one of many Bracewell attorneys who have been instrumental in Kazakhstan’s metamorphosis. Mr. Funston’s practice focuses primarily on international capital markets transactions and English law, and on international financing transactions including syndicated secured financings, acquisition financings and other corporate financings.

The Government plans to have the new listing rules approved by early June and Mr. Vojack plans to be announcing the new rules a that the Kazakhstan Growth forum to be held in London July 2 through 4.  The rules will also be available on the Bracewell & Giuliani web site and the RFCA web site after they are adopted.