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First ever IOM Limited Partnership on the London Stock Exchange 9 April 2008

Isle of Man Limited Partnership Is The First Ever Limited Partnership To List Depository Receipts On The London Stock Exchange

Zhaikmunai L.P., the holding entity of an independent oil and gas enterprise operating in North-Western Kazakhstan, has become the latest Isle of Man registered entity and the first ever limited partnership to have its Global Depository Receipts (“GDRs”) admitted for unconditional trading on the London Stock Exchange.

The transaction was structured through an Isle of Man partnership which raised USD100million through the admission of GDRs, representing around 9.1 percent of its enlarged capital and valuing the business at USD1.1 billion.

Although GDRs have proved to be a popular instrument used by emerging market companies to raise funds on London's capital markets, this is the first time ever that a Limited Partnership has used GDRs to list on the London Stock Exchange.

The flotation was enabled as a result of joint efforts and close collaboration between the Isle of Man government, Zhaikmunai L.P. and numerous advisors including law firms White & Case and Mann and Partners (advising Zhaikmunai L.P.), Skadden, Cains and Dentons (representing ING Bank - the sole bookrunner and the lead manager) and SMP Partners Ltd (CSP administrators).

Commenting on the listing, Isle of Man Treasury Minister, Hon. Allan Bell, said:

"We are delighted to see yet another example of the Isle of Man’s lead role in bringing overseas companies to the London market. In the face of current market volatility, the Island continues to attract quality companies by being a responsive, flexible and efficient jurisdiction and by staying true to its commitment to give businesses the freedom to flourish."

Steve McGowan, Chairman of SMP Partners and non-executive director of Zhaikmunai L.P., added:

“The Isle of Man deserves special praise for its crucial role in this pioneering flotation. The Island’s commitment to innovation and business-friendly approach is facilitated by a unique and close relationship between industry and government”.

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