ZKM Update Report 03/15/10

Contents:
- SHARE PRICE IS UNDERESTIMATED;
- Q3 2009 UPDATE INDICATES INCREASE IN SALES VOLUMES;
- ZHAIKMUNAI IS A PROMISING COMPANY;
- SUCCESSFUL TEST RESULTS;
- 300 MILLION USD PLACING WAS SUCCESFUL;
- BBA INVESTMENT RATING;
- INCOME STATEMENT (historical);
- KEY FINANCIAL RATIOS (Historical).

10 pages

This report provides analyst comment on company’s latest events and performance. Report contains target price, forecast on business risk (short-, mid-, and long-term) and growth possibilities (long-term) of the company, providing reader with necessary information to make decisions. Key reasons to read this report:
- Report contains only relevant information, leaving out excessive data.
- Understand company’s opportunities, competitive situation and business risk.
- Understand which events influence company performance.
- Understand which events influence the situation of industry.

- Independent analyst comment and opinion.

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Zhaikmunai LP

Zhaikmunai LP engages in the exploration, production, and sale of crude oil and gas condensate principally in northwestern Kazakhstan. It operates primarily in the license area of Chinarevskoye oil and gas condensate field for the exploration and production of hydrocarbons, which is located in the province of Batys Kazakhstan in north-western Kazakhstan. As of December 31, 2007, the company had proven plus probable reserves of 397 million barrels of oil equivalent. Zhaikmunai Group Limited operates as the general partner of the company. Zhaikmunai LP was founded in 1997 and is based in Douglas, United Kingdom.
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BBA: Zhaikmunai (ZKM) Is A Promising Company
Company has strong assets portfolio and manages to keep risks at low level.
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