X0203 3 2011-06-20 0 0001093430 CASPIAN SERVICES INC CSSV 0001272232 BAISEITOV BAKHYTBEK R 291/21 DOSKYK AVE ALMATY 1P 050020 KAZAKSTAN 0 0 1 0 Common Stock 9398334 D All shares underlie convertible debt pursuant to a Facility Agreement originally entered into between the Issuer and Altima Central Asia Master (Fund) Ltd. on 20 June 2008. The Facility Agreement has been assigned to and the Reporting Person completed the acquisition of the convertible debt as of the transaction date. The number of shares underlying the convertible debt was determined as of the transaction date. The debt is convertible at a fixed price of $2.30 per share. The number of shares issuable upon conversion will increase as interest continues to accrue. /s/ Bakhytbek Baiseitov 2011-06-27