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Despite general financial turbulence and challenging circumstances, the Group has succeeded in achieving the strategic objectives set by stakeholders, and delivered the required operating and financial results to continue into a healthy future. At the core of this were the professionalism of the Group’s employees and managers, our staff’s dedication to work and willingness to provide our guests with the highest level of service and comfort in the region, as well as corporate governance practices established in line with the best international standards.

Last year we celebrated the 20th anniversary of Caspi Limited LLP. Atyrau is a heart of our business; exactly here 20 years ago, on the river side of the Ural River the first development of Chagala Group started. During these two decades, we were and continue to be blessed with cooperation with many companies, and we are grateful to all our partners and clients for the trust and long-term cooperation. We steadily follow our key principles and we create such conditions, where whoever comes to Chagala Group’s properties feel themselves at home.

In November, we announced that the change in the type of listing of the share capital of the Group confirming that we had been re-admitted to the main standard board of the London Stock Exchange (LSE:CGLO). The decision to change the Company’s listing from Global Depository Receipts to Ordinary Shares intended, absent other factors, to make investing in shares more attractive to a broader range of retail, institutional and professional investors and other members of the investing public.

There were some other achievements last year – to name a few – Kurmangazy Development, a subsidiary of Chagala Group, embarked on a major renovation project in the city of Uralsk for Karachaganak Production Operation and completed construction of Ideal Supermarket in Atyrau.

Despite the challenging market conditions, I am cautiously optimistic about this year. I believe many of the correct pieces are in place to make 2016 a better year for all of us.

Sincerely,


Francisco Parrilla,
Chief Executive Officer

Francisco Parrilla