Chagala Group Announces Resignation of CFO and Replacement Appointment

  Chagala Group Announces Resignation of CFO and Replacement Appointment

Business Wire

ALMATY, Kazakhstan -- April 15, 2013

Chagala Group (Chagala or the ‘Company’) announced today that Yermek
Kudabayev, Chief Financial Officer, has resigned his position with the
Company. Having completed a six month notice period, Mr. Kudabayev’s
resignation is effective immediately.

Francisco Parrilla, Chief Executive Officer of the Company, stated “On behalf
of the Board of Directors, I would like to thank Yermek for the substantial
contribution he has made to the Company since joining us. Chagala has grown
significantly in size and complexity over the last few years and Yermek has
been at the center of much of that growth. A successful bond issue, major
refinancing efforts and a finance department restructuring were all guided by
his office. We wish Yermek well in his future career and appreciate his
efforts on our behalf.”

Joining the Company in the position of Chief Financial Officer effective 15
April is Margarita Kapustyanskaya. Ms. Kapustyanskaya brings to the Chagala
Group a varied background including Chief Financial Officer responsibilities
at Kazakhstan’s largest retail electronics company and, prior to that, the
Head of Internal Controls for KATCO Ltd., Kazakhstan’s uranium mining joint
venture with France’s AREVA NC. Ms. Kapustyanskaya is a native of Kazakhstan
and fluent in three languages and holds numerous graduate and post graduate
degrees including an International Executive Master’s of Business
Administration. Commenting on the addition of Ms. Kapustyanskaya to the
Chagala team, Francisco Parrilla noted “We are extremely pleased to be adding
such a skill set to the Company’s team in Kazakhstan. Margarita brings an
excellent mix of skills and experience with her to the Company and we look
forward to benefitting from her presence in the very near future.”

Chagala is a service company focused on providing long and short term
accommodation solutions to domestic and international oil and gas companies
developing Kazakhstan’s largest hydrocarbon discoveries. With the ownership of
hotels, guest houses, serviced apartments, remote site facilities, restaurants
and offices in its portfolio, Chagala is well positioned to capitalize on the
oil and gas investment being made in Kazakhstan.

Contact:

Chagala Group Limited
Francisco Parrilla, Chief Executive, + 7 (727) 298 0131
 
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