Providing Marine and Geophysical Services in the Booming

Providing Marine and Geophysical Services in the Booming Caspian Region

Forward Looking Statements Materials in this presentation may contain statements which constitute forward-looking statements within the meaning of the U. S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may appear in a number of slides in this presentation (together with any documents issued by Caspian Services Inc. , and available through its website) and give our expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate, " "estimate, " "expect, " "project, " "intend, " "plan, " "believe, " and other words and terms of similar meaning or the negative thereof or other variations thereof in connection with a discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated services, sales efforts, expenses, the outcome of contingencies such as legal proceedings, and financial results. Actual results could differ materially from the expectations and projections set forth in this presentation. Such forward-looking statements are based on current expectations and by their nature involve known and unknown internal and external risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from those expressed or implied. The information contained in our most recent Annual Report on Form 10 -K or 10 -Q, including information included under the section captioned “Management’s Discussion and Analysis, ” as well as other information included under the caption “Risk Factors” and/or our other filings with the Securities and Exchange Commission, identifies important factors that could cause such results, performance or achievements not to be realized. Our forward-looking statements speak only as of the date they are made and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date such statements were made. 2

Agenda 1. Market Opportunity 2. Operational Highlights Marine Service Geophysical Services Marine Base 3. Conclusion 3

Market Opportunity 4

Focused on Providing Marine and Geophysical Services in Kazakh Portion of Caspian Sea

Offshore Oil Fields Estimated to Hold About $4 Trillion in Recoverable Reserves Oman Pearls Kurmangazy Kashagan Kalamkas Tengiz Tyub-Karagan Nursultan Kashagan field development accelerating under new PSA management team • CMOC Shell in charge of infrastructure development • Exxon. Mobil in charge of drilling • Transition causing temporary delay in contract awards 6

Rapidly Growing Market 350 180 Marine Services Fleet North Caspian Sea Spending on Seismic 160 300 180 150 140 250 120 Vessels 200 330 150 Million Dollars 120 100 80 60 100 135 40 50 2010 Peak Source: Shell and Company estimates; only reflects Kashagan requirements for full field development 0 2010 Peak Source: Company estimates; only reflects exploration phases, not management or production phases. Onshore Offshore

Rock Island Construction Unique Marine Services in North Caspian • Sea is shallow – 6 to 12 meters – and freezes solid in winter • Rock islands are built to protect piping from being crushed by winter ice • Kashagan field estimated to require 80 M tons of rock

Construction Rock Transport Demand Forecast to Boom 14 12 10 8 Others Oman Pearls 6 Kashagan 4 2 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Marine Service and Rock Transport Fleets Need Port Facilities Like CSI Marine Base

Operational Highlights

Caspian Services Inc History • Set up in 1999 by UK and Kazakh nationals with marine services experience Three Business Segments • Vessels: (Original) Charters ships on the Caspian Sea • Geophysical: (Acquired) Performs seismic work on- and offshore • Marine Base (Greenfield) Provides base services for captive and third-party vessels Senior Management • Kerry Doyle (CEO) - Former Veritas-Caspian, Veritas DGC, Western. Geo • John Scott (COO) - Former Schlumberger • All have extensive experience in industry and emerging markets

Offshore Marine Services Fleet Owned: 9 Shallow Draft Vessels Leased: 6 Shallow Draft Vessels

Marine Vessel Services Drivers for Growth: • Just for Kashagan (sour) • Construction and Drilling: 80 additional vessels including barges • Increment requirements for Oman Pearls (sweet) and others • Exploration and Development: Streamer vessel requirements for deeper waters Competitive Advantages: • • Barriers to entry – Shortage of suitable vessels, timing, environmental standards. Infrastructure assets controlled – Marine base Strong reputation with western and local clients Experienced management.

Geophysical Services • Same customer base as Marine Services • Two basic types of projects • Exploration • Management • Both onshore and offshore capability 15

Geophysical Services Drivers for Growth: • • Licensing of open acreage by Kazakh Government Migration from 2 D to 3 D to 4 D Managing reserves and reservoirs Estimating reserves for financial reporting purposes Competitive Advantage: • Ability to offer turnkey projects • Strong reputation with western and local clients • Experienced management

State-of-the-Art Marine Base Located Close to Major Offshore Field Development Oman Pearls Kurmangazy Computer Representation of CSI’s Atash Marine Base on Bautino Bay Tyub-Karagan Kashagan Tengiz

Atash Marine Base • General marine services facilities • Targeting rock transport • Supports drilling activities: mud plants, cleaning of cuttings and associated transports • Waste removal: Compliant with environment regulations • $71. 8 million capital investment • Fully operational by July 2010. MOBY • 70, 000 m 2 available for rock transport, mud plants, warehouses and office space

Overall Customer Base 19

Conclusion • Caspian Services Inc. is well positioned to capitalize on Kazakhstan’s booming offshore oil industry. • Strong demand for marine vessels with unique shallow draft form factors and ‘rock island’ construction capabilities • Growing demand for onshore and offshore seismic surveys • Marine base positions CSI at forefront of Kazakhstan’s marine and geophysical services • Strong operational management team • Unique track record of transparent US GAAP financial reporting in Kazakh marine services industry

Risk Factors and Backup

Risk Factors • Concentration of customers: 88% of 2009 revenue was attributable to two customers. CSI is dependent on the investment and development budgets of a few large multinational and domestic companies for the bulk of its revenue. • Crude oil and natural gas prices are volatile: Oil and gas exploration and development budgets are strongly linked to the market price of oil and gas which historically have fluctuated widely. • Access to capital and credit: The marine and geophysical services businesses are capital intensive. CSI’s liquidity and growth is dependent on the availability of equity capital, long-term debt and bank credit. At maturity, CSI is not expected to be able to repay its Convertible Notes in full from operational cash flow and will need to refinance a portion of the Convertible Notes. • Political and tax risk: The country in which CSI operates could experience political change which could adversely impact the ability of CSI to operate or operate profitably.

Company Structure