Statement re CFO Replacement

Press Release

For: Chagala Group

Date: 1 March, 2016

Re: Resignation of CFO and Replacement Appointment.

Hong Kong - Chagala Group Limited (hereafter 'Chagala' or the 'Company') announced today that Margarita Kapustyanskaya has decided to step down from her duties as Chief Financial Officer of the Company with immediate effect.

Francisco Parrilla, Chief Executive Officer of the Company, stated "We are very grateful to Ms. Kapustyanskaya for her valuable contribution to our Company through these years, including her significant efforts taking to good end transition and change of the Group's computerized accounting system. On behalf of the Board of Directors, I would like to thank Margarita and wish her well in future career."

The position of Chief Financial Officer shall be taken over by Svetlana Mendesh, effective from 1, March 2016. After seven years' inside the Group, Ms. Mendesh has an intimate knowledge of the Company operations and procedures.

Commenting on the addition of Ms. Mendesh to the Senior Management of the Group, Francisco Parrilla noted "I am very pleased that Svetlana has agreed to step into the Chief Financial Officer role. Her financial expertise and deep operational knowledge of the Company will enable a seamless transition. I am confident that her experience will be instrumental in helping Chagala execute on the growth opportunities in front of us."

Chagala Group

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.

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