Please read carefullyThis disclaimer contains important information about the nature and limitations of this website and any information published on it. By accessing this site you confirm that you have read and understood this disclaimer.

1. Not an Offer or Solicitation

The information published on this website (blacksteppe.com) does not constitute, and should not be construed as, an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, any security, fund interest, investment product or financial instrument. No investment decision should be made on the basis of information contained on this website.

Any offering of an investment opportunity by BlackSteppe will be made exclusively through definitive private placement documentation or subscription agreements provided to eligible investors on a confidential basis, following applicable KYC, AML and investor qualification procedures.

2. Qualified Investors Only

The information on this website is intended solely for qualified, sophisticated and institutional investors (“Qualified Investors”) who possess the knowledge, experience, financial resources and risk tolerance to evaluate and bear the risks associated with investment in illiquid, high-risk private market assets in emerging and frontier market jurisdictions.

This website is not directed at, and should not be used by, retail investors, members of the general public, or any person who does not meet the applicable definition of a qualified or professional investor under the laws of their jurisdiction. If you do not meet this standard, please do not use this website or contact BlackSteppe through this website.

3. Jurisdictional Restrictions

The information on this website is not directed at any person or entity in any jurisdiction where the publication, distribution or availability of such information would be contrary to applicable law, regulation or licensing requirements. It is the sole responsibility of any person accessing this website to satisfy themselves that they are permitted to do so under the laws and regulations applicable to them.

BlackSteppe does not represent that the materials on this website are appropriate or available for use in all jurisdictions. Persons accessing this website from jurisdictions where such access is restricted or regulated do so at their own risk and are responsible for compliance with all applicable local laws and regulations.

4. No Representation as to Accuracy

BlackSteppe has taken reasonable care to ensure that information published on this website is accurate at the time of publication. However, no representation or warranty, express or implied, is made as to the accuracy, completeness, timeliness or reliability of any information on this website. Information may be out of date at the time of access and is subject to change without notice. BlackSteppe expressly disclaims any liability for errors, omissions or inaccuracies in the information published.

5. No Reliance

You should not rely on any information on this website in making any investment, financial, legal or commercial decision. Any reliance you place on such information is strictly at your own risk. Independent professional advice — including from legal, financial, tax and technical advisers with relevant expertise — should be obtained before making any investment or commercial decision relating to the activities described on this website.

6. Forward-Looking Statements

This website may contain statements that are or may be deemed to be forward-looking, including statements with respect to plans, strategies, objectives, projections, expected timelines, anticipated outcomes and potential returns. Such statements involve known and unknown risks and uncertainties and other factors outside BlackSteppe’s control that could cause actual outcomes, performance or results to differ materially from those expressed or implied.

Forward-looking statements are not guarantees of future performance. No person should place undue reliance on any forward-looking statement. BlackSteppe undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable law.

7. Investment Risk Warning

Investment in private market assets, including natural resource projects, mining operations and upstream oil and gas assets, involves substantial risk. Prospective investors should be aware that:

Investments are typically illiquid and cannot be easily sold or realised prior to the end of the investment period
Returns are uncertain and are not guaranteed; the value of investments may fall as well as rise and investors may not recover the full amount invested
Natural resource assets are subject to commodity price volatility, geological risk, regulatory risk, environmental liability, political risk and operational risk
Assets located in Kazakhstan and other emerging market jurisdictions carry additional risks, including currency risk, country risk, infrastructure risk, and legal and regulatory uncertainty
Past performance, results or track record — where referenced — is not a reliable indicator of future returns
Leverage, if used, magnifies both gains and losses

Prospective investors should carefully review all risk factors described in any definitive offering documentation before making any investment decision.

8. No Professional Advice

Nothing on this website constitutes legal, tax, financial, accounting or regulatory advice. BlackSteppe is not a licensed investment adviser, financial planner, broker-dealer or registered investment company in any jurisdiction. The information provided is for general informational purposes only. You should seek independent professional advice appropriate to your specific circumstances before taking any action based on information on this website.

9. KYC and AML Requirements

Any investment, co-investment or commercial arrangement with BlackSteppe is subject to BlackSteppe’s compliance procedures, including know-your-customer (KYC), anti-money laundering (AML), sanctions screening and investor suitability checks. BlackSteppe reserves the right to decline to engage with any person or entity that does not meet its compliance standards or that is subject to applicable sanctions.

10. Confidentiality of Materials

Investor materials, transaction documents, financial models and related documentation provided by BlackSteppe are strictly confidential and are provided solely to the recipient for evaluation purposes under a non-disclosure agreement. Such materials may not be reproduced, distributed or disclosed to any third party without the prior written consent of BlackSteppe.

11. Limitation of Liability

To the fullest extent permitted by applicable law, BlackSteppe and its principals, officers, employees, advisers and agents shall have no liability whatsoever for any loss or damage — whether direct, indirect, incidental, special, consequential or punitive — arising out of or in connection with access to, use of, or reliance on any information published on this website.

12. Updates to This Disclaimer

This disclaimer may be updated from time to time. The effective date at the top of this page reflects the date of the most recent revision. Continued use of this website following any update constitutes acceptance of the revised disclaimer.

13. Contact

For any questions regarding this disclaimer or any information on this website, please contact:
BlackSteppe — Investor Relations
Mangilik El Avenue 55, AIFC, Astana 020000, Republic of Kazakhstan
[email protected]