#privatization

1. Privatization program of
"Samruk-Kazyna" JSC assets
November 2016
Information on assets for privatization

2. 1
Assets for privatization
1. Directly owned by the Fund
2. Kazmunaigas JSC
3. Kazakhstan Temir Zholy JSC
4. Kazatomprom JSC
5. Samruk-Energy JSC
2–7
9–20
22–35
37–40
42–53
Slides
Visit us: www.privatization.sk.kz

3. 2
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 147,095,176 167,503,201 163,659,643
Profit/loss 7,814,029 3,485,835 10,362,678
Total book value of assets, including 136,875,572 162,204,315 208,351,209
• Fixed assets 86,460,348 97,873,962 91,604,430
• Intangible assets 328,527 253,165 235,351
Equity 47,237,811 49,160,840 27,036,357
Headcount (FTEs) 4,197 4,451 4,612
Location: Almaty
Shareholders: Samruk Kazyna (51%) and BAE Systems (49%)
Air Astana JSC (up to 25%)
http://airastana.com/
Company profile
• Air Astana is one of 37 airlines in the world having 4-star rating according to Skytrax International Rating Agency for five years and
the only 4-star carrier in Central Asia and India
• The company employs 4,612 people
• Air Astana fleet consists of modern foreign-made aircraft such as: Boeing 767-300ER, Boeing 757-200, Airbus A319, Airbus A320,
Airbus A321 and Embraer 190. Air Astana currently has 30 planes and plans to increase the fleet up to 36 planes by the end of
2017
IPO

4. 3
Air Astana JSC (up to 25%)
Route map
Aircraft fleet
Revenue (USD mn)
and EBITDAR return (%)
Net income (USD mn) and dividend
payment percent
Passengers (‘000) Flying hours and segments (‘000)
0
500
1 000 40%
20%
0%
20152014201320122011
RevenueEBITDAR
0
50
100 100%
50%
0%
20152014201320122011
Net incomePayment percent
0
2 000
4 000
20152014201320122011
International routes
Domestic routes
0
100
200
20152011 2013 20142012
Flying hours Segments
Boeing 767
Boeing 757 Embraer 190
Airbus A321
Used for long-distance flights at international and domestic
routes
Used for mid- and short-distance flights at international and
domestic routes
Used for long-distance flights at international and domestic
routes
Used for mid- and short-distance flights at international and
domestic routes
5
870 km/hr
115,666 kg
7,222 km
150 seats
16 seats
3
850 km/hr
184,612 kg
11,070 km
190/193 seats
30 seats
9
890 km/hr
50,300 kg
4,500 km
88 seats
9 seats
4
870 km/hr
89,000 kg
5,950 km
147/151 seats
28 seats
Number Cruise speed
Maximum
takeoff weight
Distance
Economy
class
Business
class
Crew
2 pilots
2 pilots
Airbus A320
Airbus A319
Used for short-distance flights at international and domestic
routes
Used for mid- and short-distance flights at international and
domestic routes
1
900 km/hr
64,000 kg
6,850 km
114 seats
12 seats
8
870 km/hr
77,000 kg
6,150 km
132/151 seats
16/28 seats
2 pilots
2 pilots
2 pilots
2 pilots
IPO

5. 4
Location: Almaty
Shareholders: Samruk Kazyna (52.03%) and Sobrio (24.96%), free-float (23.01%)
Kazakhtelecom JSC (26% minus 1 share)
http://telecom.kz/
Company profile
• National telecom operator with market shares in the following services: fixed-line telephony — 93.3%, fixed broadband access —
72.7%, mobile telecom — 11%, pay TV — 24.6%.
• Number of fixed lines as of 31.12.2015 — 3,878,584 units (urban telephone network — 2,808,439 units, telecom system —
1,070,145 units).
• Number of Internet access network subscribers — 4,337,878 subscribers
• 4G/3G/2G network subscriber base (ALTEL trade mark) exceeded 2.6 mn people showing 300+% growth in 2015
• Digitization program completed in 2015, 100% of analog switching stations across the country replaced with digital
• Long-term credit rating at BB level with ‘stable’ forecast confirmed by Standard & Poor's
• Company’s credit ratings at BB level with ‘positive’ forecast confirmed by Fitch Ratings
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 190,867,000 208,223,000 189,754,000
EBITDA 65,829,000 61,580,000 66,745,000
Net profit/loss 19,614,000 7,484,000 24,388,000
Book value of assets, including 416,135,000 417,693,000 436,494,000
• Fixed assets - 308,471,725 285,555,708
• Intangible assets - 24,531,269 19,558,165
Equity 265,503,000 270,309,000 292,421,000
Headcount (FTEs) 29,847 29,000 27,452
Dual track

6. 5
Kazakhtelecom JSC (26% minus 1 share)
Market shares of operators at the common market of
communication services in 2015 according to total
revenues
Source: Data of Just Smart Solutions LLP
Kazakh telecom industry revenue structure by types of
services, 2015
The Group structure: subsidiaries
JSC Kazakhtelecom
JSC Altel
100%
KT Cloud Lab LLP
100%
Vostoktelecom LLP
100%
Signum LLC 100%
Info-Net Wireless
LLP 100%
KT IES LLP
100%
Nursat+ LLP
100%
Mobile telecom
Corporate info-
communication
services Fixed telephony Other assets
6.3%
1.5%
35.3%
26.4%
19.8%
0.3%
2.3%
2.4%
OTAU TV
JSC Transtelecom
JSC Kcell
JSC KazTransCom
Alma TV
JSC Kazakhtelecom
Others
JSC ASTEL
Beeline
Tele2
1.8%
4.0% 8.8%
2.0%
46.6%
13.7%
12.6%
4.0%
4.2%
Mobile interconnect
Fixed Internet
Toll TV
Data communication
Mobile telecom
ICT services
Fixed telephony
Operator segment
8.1%
Dual track

7. 6
Qazaq Air JSC (100%)
https://www.flyqazaq.com/
Company profile
• Regional airlines servicing domestic routes in Kazakhstan registered in April 2015. Regular flights started in September 2015
• Fleet: three Bombardier Q400 planes in 2015 to be increased up to 5 by 2020
• The route network covers ten Kazakh cities: Astana, Almaty, Pavlodar, Shymkent, Kostanay, Aktobe, Atyrau, Taldykorgan,
Pavlodar, Semey. Base airport – Almaty. It is planned to expand coverage by 2020: 16 cities including 4 cities outside Kazakhstan
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue - - *
EBITDA - - *
Net profit/loss - - *
Book value of assets, including - - *
• Fixed assets - - *
• Intangible assets - - *
Equity - - *
Headcount (FTEs) - - *
Location: Almaty
Shareholders: Samruk Kazyna (100%)
* Audited financial statements expected according to 2016 results

8. 7
Qazaq Air JSC (100%)
Qazaq Air fleet
Parameters Bombardier Q400
Flight distance 2,063 km
Number of planes 3 units
Capacity 76-78 passengers
Maximum flying height 7,620 m
Maximum speed 667 km/hr
Length 32.8 m
Wing span 28.4 m
Height 8.4 m
Engines PW150
70+% of transportation in RK fall on the ten main routes
• 2 out of 2.9 mn domestic passengers are currently using the main
routes and only 0.8 mn — 116 secondary routes
• Most air transportation is between the largest (Almaty, Astana) and
economically successful (Atyrau) cities
The main routes are attractive by high demand for transportation
Route map in Kazakhstan

9. 8
Assets for privatization
1. Directly owned by the Fund
2. Kazmunaigas JSC
3. Kazakhstan Temir Zholy JSC
4. Kazatomprom JSC
5. Samruk-Energy JSC
2–7
9–20
22–35
37–40
42–53
Slides
Visit us: www.privatization.sk.kz

10. 9
Atyrau Refinery LLP (99.4%)
Company profile
• Atyrau Refinery is one of the largest refineries in Kazakhstan
• The refinery produces 21 types of petroleum products
• Plants: crude oil distillation unit CDU/VDU-3, catalytic reforming unit LG-35-11/300, delayed coker unit, pet coke calcination unit,
commercial nitrogen production unit, naphtha hydrotreatment and isomerization unit, diesel hydrotreatment and dewaxing unit,
hydrogen treatment and production unit, sulfur production unit with crystallization unit, etc.
• Total capacity – 5 Mtpa
• Upgrading: improved quality of motor fuels meeting the requirements of emission class K-4, K-5; increased crude oil processing
plant capacity up to 5.5 Mtpa; increased capacity of re-refining processes and oil conversion ratio above 80%. Completion – end of
2016
• The refinery is focused on satisfying the demand of Kazakhstan market for petroleum products
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 54,505,146 62,549,285 68,429,243
Profit/loss 17,536,102 (1,980,410) (150,985,157)
Total book value of assets, including 288,701,606 360,524,007 537,731,990
• Fixed assets 210,878,854 266,036,463 365,908,183
• Intangible assets 675,259 765,774 642,433
Equity 85,895,412 89,892,804 (61,092,353)
Headcount (FTEs) 2,609 2,276 1,685
Location: Atyrau
Owner: JSC KazMunaiGas Refining and Marketing
https://www.anpz.kz/

11. 10
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Fixed assets 210,878,854 266,036,463 365,908,183
Land 789,784 780,350 890,460
Buildings 19,128,147 18,050,835 49,047,486
Machinery and equipment 39,936,176 38,362,248 105,248,096
Transport 605,084 477,538 57,066
Miscellaneous 4,258,875 3,948,779 7,568,600
Construction in progress 146,160,788 204,416,713 203,096,475
Atyrau Refinery LLP (99.4%)
Commissioned in
1945
Design capacity – 4.9
Mtpa
Oil conversion ratio –
62%
Commissioned in 1978
Design capacity – 7.5 Mtpa
Oil conversion ratio – 76.5%
Commissioned in 1985
Design capacity – 6.0 Mtpa
Oil conversion ratio – 79,8%
Atyrau Refinery
Pavlodar
Petrochemical Plant
PetroKazakhstan Oil Product
Astana
Almaty

12. 11
Pavlodar Petrochemical Plant LLP (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 358,612,820 62,690,289 54,832,759
Profit/loss 17,529,961 6,128,705 17,826,479
Total book value of assets, including 109,418,125 109,903,948 159,547,602
• Fixed assets 41,008,250 46,979,842 61,069,445
• Intangible assets 277,765 308,934 325,089
Equity 79,578,812 80,823,593 91,086,383
Headcount (FTEs) 3,809 3,343 2,422
Company profile
• Pavlodar Petrochemical Plant is one of the largest refineries in Kazakhstan with advanced technologies
• The Plant produces 10+ types of petroleum products
• The Plant was initially focused on refining of West Siberian oil
• Total capacity – 6 Mtpa
• Upgrading: improved quality of motor fuels meeting the requirements of emission class K-4, K-5; increased crude oil processing
plant capacity up to 7 Mtpa; providing the possibility of refining 5.2 Mtpa of Kazakhstan oil. Completion – end of 2016
• The refinery is focused on satisfying the demand of Kazakhstan market for petroleum products
Location: Pavlodar
Owner: JSC KazMunaiGas Refining and Marketing
https://www. pnhz.kz/

13. 12
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Fixed assets 41,008,250 46,979,842 61,069,895
Land 590,174 589,552 589,552
Buildings 9,869,357 10,117,236 12,599,652
Machinery and equipment 15,772,742 16,333,712 20,883,232
Transport 650,372 676,533 608,611
Miscellaneous 315,900 292,714 485,764
Construction in progress 13,809,705 18,970,095 25,903,084
Pavlodar Petrochemical Plant LLP (100%)
Commissioned in
1945
Design capacity – 4.9
Mtpa
Oil conversion ratio –
62%
Commissioned in 1978
Design capacity – 7.5 Mtpa
Oil conversion ratio – 76.5%
Commissioned in 1985
Design capacity – 6.0 Mtpa
Oil conversion ratio – 79,8%
Atyrau Refinery
Pavlodar
Petrochemical Plant
PetroKazakhstan Oil Product
Astana
Almaty

14. 13
PetroKazakhstan Oil Products LLP (99.43%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 24,793,675 43,125,889 52,295,788
Profit/loss (9,579,192) (12,004,397) (5,370,820)
Total book value of assets, including 66,377,382 183,408,511 147,731,140
• Fixed assets 58,804,777 59,788,123 69,836,849
• Intangible assets 100,922 72,695 65,772
Equity 41,175,240 53,338,344 37,988,536
Headcount (FTEs) 1,348 1,399 1,423
Location: Shymkent
Owner: JSC KazMunaiGas Refining and Marketing, 50% via a foreign subsidiary
http://www.petrokazakhstan.kz/
Company profile
• PetroKazakhstan Oil Products is managed on parity basis: JSC KazMunaiGas Refining and Marketing and Chinese National Petroleum Corporation CNPC
• The refinery produces 30% of total current volume of oil products produced by three Kazakhstan refineries
• The only refinery located in South Kazakhstan – the most densely populated area of the Republic
• Total capacity – 5.25 Mtpa
• Upgrading: Stage 1 is aimed at bringing the oil products quality up to emission classes K-4, K-5 and includes the following units: isomerization unit, diesel
hydrotreatment unit and sulfur production unit with 4 ktpa capacity. Stage 2 is aimed at refinery capacity increase up to 6 Mtpa and oil conversion ratio up to
90%. This stage includes the following units: catalytic cracking unit RFCC, prime G+ catalytic cracking naphtha hydrotreatment unit, demercaptanization of
saturated and unsaturated LPG, sulfur production unit (2x15 ktpa), hydrogen purification unit (PSA-1, PSA-2). Completion – end of 2016
• The refinery is focused on satisfying the demand of Kazakhstan market for petroleum products

15. 14
PetroKazakhstan Oil Products LLP (99.43%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Fixed assets 58,804,827 59,788,123 69,836,849
Land 1,466,399 1,473,525 1,473,525
Buildings 12,079,079 11,564,993 10,011,517
Machinery and equipment 29,759,537 25,042,012 22,485,482
Transport 912,291 692,964 650,523
Miscellaneous 2,764,643 2,414,261 2,143,749
Construction in progress 11,822,878 18,600,368 33,072,053
Commissioned in
1945
Design capacity – 4.9
Mtpa
Oil conversion ratio –
62%
Commissioned in 1978
Design capacity – 7.5 Mtpa
Oil conversion ratio – 76.5%
Commissioned in 1985
Design capacity – 6.0 Mtpa
Oil conversion ratio – 79,8%
Atyrau Refinery
Pavlodar
Petrochemical Plant
PetroKazakhstan Oil
Products
Astana
Almaty

16. 15
NMSC Kazmortransflot LLP
Company profile
• Objective: development of the national marine commercial fleet of the Republic of Kazakhstan and organization of international
sea transportation of domestic freights using own resources
• Has four subsidiaries: Kazmortransflot Ltd., Kazmortransflot UK Ltd., Altai Shipping Ltd. and Alatau Shipping Ltd.
• Involved in marine projects of the following companies: Agip KCO, Caspi Meruerty Operating Company B.V., Kurmangazy
Petroleum, N Operating, Zhambyl Operating
• Freight transportation: Oil – 10+ kt; Dry cargos – 300+ ktpa
• Commercial fleet: own oil tankers: ‘Astana’ and ‘Almaty’, ‘Aktau’ — financial leasing, each with 12,000 ton deadweight; ‘Atyrau’,
‘Aktobe’, ‘Oral’ with 13,000 ton deadweight. Oil tankers of Aframax type — ‘Alatau’ and ‘Altai’, each with 115,000 ton deadweight,
Barges
• Main routes: Caspian Region countries: Aktau — Baku, Aktau — Makhachkala, Black and Mediterranean seas
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 18,018,570 20,602,336 19,741,348
Net profit/loss (611,495) 2,055,853 1,259,836
Book value of assets, including 37,878,196 42,079,470 62,035,765
• Fixed assets 31,970,058 35,251,147 48,359,805
• Intangible assets 283,291 236,158 218,986
Equity 18,277,441 20,121,563 25,344,843
Authorized capital 11,575,721 11,575,721 11,575,721
Headcount (FTEs) 552 270 257
Location: Aktau
Owner: JSC NC KazMunaiGas — 100%
http://www.kmtf.kz/

17. 16
NMSC Kazmortransflot LLP
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Fixed assets 31,970,058 35,251,147 48,359,805
Land 2,362 2,362 2,362
Buildings 62,550 30,224 834,422
Machinery and equipment 1,032,843 901,273 823,481
Transport 30,138,606 31,766,957 46,561,934
Miscellaneous 107,941 80,760 112,000
Construction in progress 625,756 2,469,571 25,606

18. 17
Euro-Asia Air Airline JSC (100%)
Company profile
• The largest helicopter airline company in Kazakhstan. Use of helicopters and planes in Kazakhstan economy (large territory,
challenging terrain, lack of developed transport infrastructure and complicated climatic conditions) helps to resolve the tasks of
servicing the Republic’s oil & gas industry and satisfy the demand of businesses and population for air transportation
• Has the following aircraft fleet: twelve MI-8T helicopters, two AS-365N3 helicopters, two Challenger 850 (1) and Challenger 870 (1)
planes, four Agustawestland 139 helicopters
• Operates aircraft maintenance bases (Beineu, Shalkar), hangars (Atyrau, Aktau), training center with MI-8T helicopter simulator
(Aktau), medical unit for conducting flight medical expertise of specialists (Astana)
• The scope of aerial works scheduled for 2016: 5,000+ hours
• Areas: Kazakhstan territory, near and far abroad countries
Location: Astana
Owner: JSC NC KazMunaiGas — 100%
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 7,954,826 10,983,352 15,878,093
Profit/loss 741,633 337,984 637,512
Total book value of assets, including 21,005,105 24,515,709 26,976,476
• Fixed assets 16,224,817 18,447,380 18,442,434
• Intangible assets 6,617 5,900 5,443
Equity 14,987,544 15,214,283 15,513,812
Headcount (FTEs) 450 468 462
http://www.eaa.kz/
Open two-stage
tender

19. 18
Share of aviation services scope
Euro-Asia Air Airline JSC (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Fixed assets 16,224,817 18,447,380 18,442,434
Land 2,659 2,659 2,659
Buildings 46,311 39,742 24,545
Machinery and equipment 32,504 24,488 29,173
Transport 15,760,117 17,988,208 17,879,419
Miscellaneous 35,472 35,146 26,991
Construction in progress 347,754 357,137 479,647
6%
56%
20%
13%
2%
Bell206/EC130
AW-139
Outsourced transport
MI-8
AS-365N3
Challenger 850/870
3%
Open two-stage
tender

20. 19
KazMunaiGas Service LLP
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 5,698,198 7,349,947 7,123,446
EBITDA (182,623) (206,581) 1,281,716
Net profit/loss (57,242) (436,867) 3,600,743
Book value of assets, including 78,984,054 72,531,795 74,333,108
• Fixed assets 2,373,188 2,362,404 2,205,722
• Intangible assets 912 5,153 6,961
Liabilities 24,049,717 6,499,007 4,767,385
Equity 54,934,377 66,032,788 69,565,723
Authorized capital 119,935,508 131,219,365 131,219,365
Headcount (FTEs) 1,228 1,237 1,235
Company profile
• Specialized company providing a complex of services for maintaining administrative and residential buildings, health complexes,
representative office in Almaty, organization and conduction of subject-based events, rendering transportation and other services
for JSC SWF Samruk-Kazyna, JSC NC KazMunaiGas, its subsidiaries and outsourced companies
• Large facilities in Kazakhstan, Kyrgyzstan, Turkey and Georgia: Borjomi health club, SPA and hotel; 5-star hotel complex in
Shymkent; Kempinsky Hotel AK Aysir turizm ve insaat etc.
• Construction: social facilities (national museum), sport and recreation: golf club in Shuchinsk, Saryagach, martial arts hall etc.
http://www.kmg-service.kz/
Location: Astana
Owner: JSC NC KazMunaiGas - 95%, JSC KazMunaiGas EP - 5%

21. 20
KazMunaiGas Service LLP
Fixed assets
Buildings and facilities
Buildings and facilities 26 units 117,467.2 m2
Land plots 4 units 2,535 m2
Miscellaneous
Transport 144 units

22. 21
Assets for privatization
1. Directly owned by the Fund
2. Kazmunaigas JSC
3. Kazakhstan Temir Zholy JSC
4. Kazatomprom JSC
5. Samruk-Energy JSC
2–7
9–20
22–35
37–40
42–53
Slides
Visit us: www.privatization.sk.kz

23. 22
Kaztemirtrans JSC (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 107,578,306 107,046,646 78,813,688
EBITDA 44,288,394 36,088,389 27,735,681
Net profit/loss 2,087,162 -35,515,504 -238,659,358
Book value of assets, including 600,151,288 516,153,740 545,957,502
• Fixed assets 403,711,130 390,597,266 377,783,518
• Intangible assets 809,328 500,758 615,248
Liabilities 472,669,295 424,481,771 693,236,076
Equity 127,346,967 91,513,250 -147,096,517
Authorized capital 62,297,106 67,726,866 67,726,866
Headcount (FTEs) 2,606 1,956 2,053
http://kazcargo.kz/
Location: Astana
Shareholders: JSC NC Kazakhstan Temir Zholy - 100%
Company profile
• JSC Kaztemirtrans is the largest freight railroad car fleet operator in the Republic of Kazakhstan (about 60,000 units: covered cars,
platforms, gondola cars, tank cars, grain carriers, cement carriers)
• About 40% of the total volume of the domestic republican railway freight traffic
• The Company’s business covers such areas as freight railroad car operation, freight forwarding services, renting out freight
railroad cars, scheduled maintenance of freight railroad cars, scrap metal storage, processing and sales
• The main share of freights transported in Kaztemirtrans cars are bulk freights, such as coal, grain, oil and petroleum products, ore,
mineral fertilizers

24. 23
Kaztemirtrans JSC (100%)
Branch network
Parameters 2013 2014 2015
Gondola cars 31,779 30,488 30,303
Covered cars 9,790 9,040 8,795
Grain carriers 7,170 6,088 4,639
Tank cars 6,480 5,757 5,648
Fitting platforms 4,066 4,004 4,256
Platforms 3,230 2,869 2,653
Others 1,788 1,439 1,345
Total 64,303 59,685 57,639
Car fleet, number
Source: Data of the facility
Car fleet as of 31.12.2015
Platforms 5%
8%
Others 2%
7%
Tank cars 10%
Fitting platforms
Grain carriers
53%
15%
Gondola cars
Covered cars
Astana
Almaty
Taraz
Shymkent
Kyzylorda
Karaganda
Ekibastuz Semey
Kokshetau
Kostanay
Aktobe
Pavlodar
Atyrau
Car repair
depot Uralsk
Car repair
depot Krymurun
Car repair depot Arys
Aktau
Oral
Petropavlovsk
Central
Office
Auxiliary
depot
Regional
Branch
Kazakhstan car
manufacturing company
Specialized
branch
Car repair depot Balkash

25. 24
Transtelecom JSC (26% minus 1 share)
http://www.transtelecom.kz/
Location: Astana
Shareholders: JSC “NC “KTZ" - 51%, Mukhanov М.S. - 49%.
Main activity: Telecommunication
Recommended initial value: (Ernst&Young) – 9,4 bln KZT (26% minus 1 share)
Financial performance (thsd
tenge)
31.12.2013 31.12.2014 31.12.2015
Revenue 15 808 155 21 616 183 32 669 074
EBITDA 6 498 328 9 577 673 16 180 205
Net profit 558 320 3 148 164 4 510 925
Book value, incl. 43 443 739 75 971 441 91 392 670
Fixed assets 34 366 739 58 595 744 62 654 012
Intangible assets 584 537 3 354 370 4 382 992
Liabilities 29 898 567 59 356 421 70 724 747
Equity 13 545 172 16 615 020 20 667 923
Chartered capital 12 241 487 12 241 487 12 241 487
Staff 2 583 2 614 2 738
Open two-stage
tender
1. Required to obtain a second shareholder agreement on the sale, assignment, transfer, donation or any of the other alienation /
settlement of transactions of a shareholder in respect of any shares of the objects that are owned now or will be in the
possession of the shareholder subsequently, it can be carried out with the written consent of the other shareholder.
2. "TransTelecom" recognized as a strategic asset during its implementation it is necessary to conduct a detailed review of
potential investors;
3. Currently, other investment conditions in the process of development.
Investment terms applicable at the open two-stage tender

26. 25
Transtelecom JSC (26% minus 1 share)
Map of transmission system Number of staff as of Dec 31, 2015
317 Administrative staff
Technical staff
Open two-stage
tender

27. 26
Locomotive Kurastyru zauyty JSC (50%)
1. The plant SKD locomotives mainly from the finished set of equipment supplied by General Electric (USA). General Electric owns
the technology and a major supplier of components and spare parts for the assembly of Evolution Series locomotives. Also,
General Electric has the right to terminate the agreement with LB technology transfer in the event of disagreement on the
implementation of LB shares
2. The choice of targeted direct sales recommended by independent consultants (Ernst & Young) and is supported by the existence of
intent on the part of General Electric, serving the only possible buyer, introducing in the corresponding asset expertise and
technological know-how.
Direct sale justification
Location: Astana
Shareholders: JSC “NC “KTZ" - 50%, «Transmashholding» CSC- 50%.
Main activity: locomotives production and sales
Recommended initial value: (Ernst&Young) – 15,5 bln KZT
Financial performance (thsd
tenge)
31.12.2013 31.12.2014 31.12.2015
Chartered capital 11 423 520 11 423 520 11 423 520
Revenue 49 188 741 16 869 051 20 712 393
Net profit 4 687 487 -457 692 -2 253 376
Book value, incl. 52 781 778 45 173 114 31 428 235
Fixed assets 14 714 629 14 058 603 13 984 856
Intangible assets 461 066 509 154 717 704
Liabilities 31 114 360 23 963 388 12 471 885
Equity 21 667 418 21 209 726 18 956 350
Staff 1 004 737 638
Direct sale

28. 27
Locomotive Kurastyru zauyty JSC (50%)
Fixed assets «Locomotive Kurastyru zauyty» JSC
Buildings and constructions
Construction 21 pcs. 60 410,6 sq.m.
incl garage 2 pcs. 1 552,10 sq.m.
Main building 1 pcs. 43 182,70 sq.m.
auxiliary building 1 pcs. 1 488,50 sq.m.
administrative building 1 pcs. 5 904,70 sq.m.
warehouses 4 pcs. 8 669,90 sq.m.
Facilities (parking,.
Gate automatic) 24 pcs
Equipment
transmission devices
18 pcs.
Copying equipment 106 pcs.
Other equipment's 1683 pcs.
PCs
310 pcs.
Peripherals
222 pcs.
Other
Transport 34 pcs.
Equipment 45 pcs.
Production tools and accessories 141 pcs.
Household Inventory 1 927 pcs.
Direct sale

29. 28
Electrovoz kurastyru zauyty LLP (25%)
1. The plant SKD locomotives mainly of ready sets of equipment supplied by Alstom Transport SA. The manufacturing process of the
Company Alstom Transport SA is fully controlled. ALSTOM Transport Holdings B.V. It owns the technologies and 75% of the
supplier of components and spare parts for the assembly of electric locomotives.
2. The choice of targeted direct sales recommended by independent consultants (Ernst & Young) and is supported by the existence of
intent on the part of ALSTOM Transport Holdings B.V. Acting only possible buyer, introducing in the corresponding asset expertise
and technological know-how.
Direct sale justification
Location: Astana
Shareholders: JSC “Remlokomotiv" - 25%, «Transmashholding» CSC- 25%, ALSTOM Transport Holdings B.V. -
50%
Main activity: Manufacture of railway locomotives and rolling stock
Recommended initial value: (Ernst&Young) – 5,7 bln KZT
Financial performance (thsd
tenge)
31.12.2013 31.12.2014 31.12.2015
Chartered capital 8 128 523 8 128 523 8 128 523
Revenue 20 211 383 24 132 748 18 267 794
Net profit -503 351 -3 092 613 -2 671 495
Book value, incl. 29 586 120 45 733 294 68 084 623
Liabilities 22 423 569 41 663 356 66 686 180
Equity 7 162 551 4 069 938 1 398 443
Staff 113 147 323
Direct sale

30. 29
Electrovoz kurastyru zauyty LLP (25%)
Fixed assets «Electrovoz kurastyru zauyty» LLP
Buildings and constructions
Constructions
The main building with a warehouse 1 pcs 31 212,46 sq.m.
Administrative building 1 pcs 1 571,70 sq.m.
Store chemicals and paints and varnishes 1 pcs 267,30 sq.m.
Warehouse cylinders helium, nitrogen and
acetylene
1 pcs 236,84 sq.m.
Compressor station №1 1 pcs 67,23 sq.m.
Compressor station №2 1 pcs 36,08 sq.m.
Checkpoint 1 pcs 18,40 sq.m.
Rotating platform with a canopy 1 pcs 1 254 sq.m.
Oxygen gasification station, carbon dioxide and
argon
1 pcs 138,14 sq.m.
Pumping station PAP 1 pcs 96,89 sq.m.
Room for ramp bit acetylene gas 1 pcs 35,58 sq.m.
Central heating unit 1 pcs 71,60 sq.m.
Installations
Railway sidings, Onsite network of water supply
and sewerage, underground tank for automatic fire
suppression, thermal network, network Offsite
telephones, external power supply networks, roads,
site diesel power, metal fences, outdoor unitized
transformer substation 2-2000-10 / 0,4 № 1,
transformer substation 2 KTPN-2000-10 / 0.4 №2,
transformer substation PKK-2T-630-10 / 0,4 kV
29 pcs
Equipment
Cars and equipment 558 pcs
Tool manufacturing and household equipment 555 pcs
PC’s 184 pcs
Others 649 pcs
Direct sale

31. 30
Tulpar Talgo LLP (51%)
1. LLP "Tulpar-Talgo" is a modern high-tech enterprise specializing in the production of passenger cars for «Patentes Talgo S.L.U.»
technology company.
2. In 2015, with the company «Talgo Kazakstan S.L.» (subsidiary of «Patentes Talgo S.L.U.») signed a preliminary contract for the
sale of the asset 33 million. Euro. It made an advance payment in the amount of 23 million. Euro.
3. The choice of direct targeted sale recommended by independent consultants and supported by the existence of intent
(confirmation letters, memoranda or agreements) for the second shareholder, who acts as the only possible buyers and brings to
asset expertise and technological know-how (the holder of the patent PATENTES TALGO, Spain)
Direct sale justification
Location: Astana
Shareholders: JSC “Remlokomotiv" – 99,99926%, Talgo Kazakstan S.L. – 0,00074%
Main activity: design, assembly, production, export, transfer, technical maintenance of railway carriages
Financial performance (thsd
tenge)
31.12.2013 31.12.2014 31.12.2015
Chartered capital 9 615 004 9 615 004 9 615 004
Revenue 28 384 848 2 302 313 15 875 912
Net profit -4 641 343 -2 361 764 -3 730 413
Book value, incl. 20 749 957 39 334 402 43 791 417
Liabilities 15 539 980 36 192 412 42 179 133
Equity 5 209 977 3 141 990 1 612 284
Staff 123 257 295
Direct sale

32. 31
Tulpar Talgo LLP (51%)
Fixed assets «Tulpar Talgo» LLP
Buildings and constructions
Constructions 13 pcs. 34932 sq.m.
Administrative building 1 pcs 1579 sq.m.
The main production building 1 pcs 31298 sq.m.
Garage 1 pcs 421 sq.m.
Sewage pumping station 1 pcs 12 sq.m..
Compressor station 1 pcs 141 sq.m.
Boiler room 1 pcs 148 sq.m.
Checkpoint 3 pcs 76 sq.m.
Pumping station 1 pcs 91sq.m.
Booster pump station 1 pcs 36 sq.m.
inspection item 1 pcs 812 sq.m.
Warehouse chemical varnishes 1 pcs 318 sq.m.
Installations
Rail access roads, sewage pumping
station, Container platform №1, Boiler,
Pump station Rainwater, thermal
network, transformer substations KTP
1600-10 2/0, transformer substation 2
KTPN-2 * 2500-10 / 0.4 square
18 pcs.
Inventory
cars and equipment 279 pcs.
Tool manufacturing and household
equipment
1421 pcs.
PCs 114 pcs.
Other 1364 pcs.
Direct sale

33. 32
KTZE-Khorgos Gateway LLP (49%)
1. LLP «KTZE-Khorgos Gateway» is the owner and operator of the largest in Central Asia, transport and logistics center, the so-
called "dry porta", on the border with China
2. The choice of targeted direct sales recommended by independent consultants (Ernst & Young) and is supported by the presence
of a memorandum (dated 17 March 2016) with the international logistics area of ​​the SCO in Lianyungang (China)
3. The memorandum provides for the joint promotion of projects in the area of ​​dry port SEZ in the Republic of Kazakhstan and the
International Logistics SCO zone in Lianyungang, China, providing for the implementation of the asset LLC "GC Port
Lianyungang"
Location: Kazakh-China border
Main activity: transshipment of goods from China and carriages back on FEZ "Khorgos-Eastern Gate"
Direct sale justification
Financial performance (thsd
tenge)
31.12.2013 31.12.2014 31.12.2015
Chartered capital - - 5 325 553
Revenue - - 88 330
Net profit - - -261 396
Book value, incl. - - 40 670 263
Liabilities - - 499 806
Equity - - 40 170 457
Staff - - 117
Direct sale

34. 33
KTZE-Khorgos Gateway LLP (49%)
Fixed assets
LLP «KTZE-Khorgos Gateway»
Equipment
cars and equipment
118 pieces
Tool manufacturing and
households inventory
298 pieces
PC’s 57 pieces
Intangible assets
Software 1645 pieces
Direct sale

35. 34
KazATK1 JSC (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 3,071,195 3,668,937 3,017,488
EBITDA - 276,852 217,183 366,748
Net profit/loss - 220,762 123,257 331,629
Book value of assets, including 9,758,990 10,048,334 9,861,547
• Fixed assets 9,736,139 10,027,106 9,841,971
• Intangible assets 22,851 21,228 19,576
Liabilities 977,975 1,287,829 912,896
Equity 9,803,241 10,367,397 10,608,419
Authorized capital 290,173 290,173 290,173
Headcount (FTEs) 1,136 1,295 1,173
1. JSC Kazakhstan Transport and Communications Academy named after M. Tynyshpaev, including: Akmola College of KazATK named after M. Tynyshpaev LLP, Aktau Transport College of
KazATK named after M. Tynyshpaev LLP, Aktobe Transport and Communications College of KazATK named after M. Tynyshpaev LLP, Shymkent Transport College of KazATK named after M.
Tynyshpaev LLP, Almaty Transport College of KazATK named after M. Tynyshpaev LLP, ATB+ LLP, Engineering Center of JSC KazATK LLP, RailwaysEcoEnergy LLP
http://www.kazatk.kz/
Location: Almaty
Estimate: as of June 1, 2016, (E&Y) — KZT 9,304,000,000
Company profile
• Kazakhstan Transport and Communications Academy named after M. Tynyshpaev (KazATK) is a top higher technical education
institution training specialists for railway (including urban electrical transport and metro) and motor transport, IT, telecom and
finance structures.
• The educational and research process in KazATK is provided by highly skilled teaching staff out of which more than 62% are D.Sc.
and Ph.D., professors and A.P. The Academy runs colleges in Astana, Almaty, Aktau, Aktobe and Shymkent.
• In 2013-2014 the Academy successfully passed institutional certification, in 2014-2015 — specialized certification in 11 Bachelor
training programs and 10 Master programs, in 2015-2016 — in four Bachelor training programs and the first Doctorate training
program

36. 35
KazATK JSC (100%)
JSC KazATK
Source: company data
Type of education
Number of
persons
Total number of students 31,779
Bachelor Department, including 9,790
• Intramural studies 7,170
• Remote learning
• Extramural studies 6,480
Master Department 4,066
Doctorate Department 3,230
Secondary professional education 1,788
• Intramural studies 64,303
• Extramural studies
Number of students in 2015
ATB+ LLP
Engineering Center
LLP
Akmola
College
Almaty
College
Shymkent
College
Aktau
College
Aktobe
College
JSC
KazATK

37. 36
Assets for privatization
1. Directly owned by the Fund
2. Kazmunaigas JSC
3. Kazakhstan Temir Zholy JSC
4. Kazatomprom JSC
5. Samruk-Energy JSC
2–7
9–20
22–35
37–40
42–53
Slides
Visit us: www.privatization.sk.kz

38. 37
Astana Solar LLP (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 1,014,465 4,237,470 1,990,454
EBITDA - 3,001,435 842,916 - 14,593,821
Net profit/loss - 5,504,288 - 2,807,394 - 29,799,312
Book value of assets, including 5,115,777 18,364,561 5,096,738
• Fixed assets 4,854,218 5,646,913 5,083,837
• Intangible assets 31,228 22,700 12,901
Equity 4,142,862 5,350,134 9,350,134
Headcount (FTEs) 127 190 146
http://www.astanasolar.kz/
Location: Astana
Shareholders: NAC Kazatomprom (100%)
Company profile
• The company manufactures photovoltaic modules based on KazPV Kazakhstan silicon, as well as solar power stations. The plant
was commissioned on December 25, 2012.
• Design capacity of the Plant is minimum 50 MW, it is planned to increase it to 100 MW in future
• The Plant owns: 5 ha land plot, buildings and facilities (total area of 9,745 m2)
• Integrated quality management, environmental management and occupational health & safety management system in compliance
with ISO 9001:2008, ISO 14001:2006 and OHSAS 18001:2007 implemented in the company

39. 38
Astana Solar LLP (100%)
Types of products
Model
KZ PV 230 M60
Model
KZ PV 270 M72
24 V
А7.5
1 649х992х40 mm
220-240 W
19.5 kg
24 V
А7.5
1 967х992х40 mm
250-280 W
28 kg

40. 39
Kazakhstan Solar Silicon LLP (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 0 0 0
EBITDA -532,956 -371,705 -652,603
Net profit/loss -578,739 -985,335 -9,644,261
Book value of assets, including 13,847,791 15,689,792 10,360,171
• Fixed assets 684,283 664,003 619,937
• Intangible assets 3,891 3,511 1,693
Construction in progress 10,212,812 11,134,667 4,517,534
Equity 6,260,789 6,175,454 -1,817,460
Headcount/actual (FTEs) 437/319 437/366 437/329
http://www.kazsolarsilicon.kz/
Location: Ust-Kamenogorsk, East Kazakhstan Region
Shareholders: NAC Kazatomprom (100%)
Company profile
• The company manufactures photovoltaic cells from solar grade silicon used for manufacture of photovoltaic modules which are
used for converting solar energy into electric power. Established in August 2011
• Design capacity of the Plant is minimum 60 MW a/m
• Technology partner in ‘solar’ grade silicon ingot production and their further processing to produce silicon wafers — ECM
Technologies (France)
• Supplier of silicon wafer to photovoltaic cell conversion technology — SEMCO Engineering (France)

41. 40
Kazakhstan Solar Silicon LLP (100%)
Land plot
Land plot m2
52,786
Buildings and facilities
Buildings m2
20,456
Kazakhstan Solar Silicon
LLP
The key business is
commercial manufacture of
photovoltaic plates based on
multicrystalline silicon
Astana Solar LLP – in
photovoltaic modules
production based on
Kazakhstan silicon and their
application
MK KazSilicon LLP
Mining, primary processing of
gangue quartz of Sarykol deposit
(Ushtobe, Almaty Region) and
production of metallurgic silicon

42. 41
Assets for privatization
1. Directly owned by the Fund
2. Kazmunaigas JSC
3. Kazakhstan Temir Zholy JSC
4. Kazatomprom JSC
5. Samruk-Energy JSC
2–7
9–20
22–35
37–40
42–53
Slides
Visit us: www.privatization.sk.kz

43. 42
Almaty Power Plants JSC (100%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 48,694,302 51,909,464 53,174,968
EBITDA 11,589,098 11,973,717 11,814,975
Net profit/loss 5,547,422 3,123,285 -11,014,934
Book value of assets, including
• Fixed assets 63,634,331 75,140,631 87,940,951
• Intangible assets 160,170 256,741 182,483
Equity 55,437,572 57,699,992 46,236,483
Headcount (FTEs) 3,263 3,257 3,259
Technical parameters Electric power Heat
Installed power 1.239 MW 3.922 Gcal/hr
Generation in 2015 5,086 mn kWh 5 mn Gcal
70%
of market share
in Almaty and Almaty
Region
Natural monopoly
subject in the region
www.ales.kz
Location: Almaty
Shareholders: JSC Samruk Energy - 100%
Book value as of 30.06.2016: KZT 49,186,113,000
Key business: Heat and electric power generation

44. 43
Eight production units
1. CHP-1 (145 mW; 203 Gcal/hr)
2. CHP-2 (510 mW; 176 Gcal/hr)
3. CHP-3 (173 mW; 335 Gcal/hr)
4. Hydroelectric power plant chain (46.9
MW)
5. Kapshagai hydroelectric power plant
(364 MW)
6. Western thermal plant
7. Repair Plant
8. Fuel unloading and acceptance center
Almaty Power Plants JSC (100%)

45. 44
Alatau Zharyk Company JSC (81.58%)
Financials (KZT ’000) 31.12.2013 31.12.2014 31.12.2015
Revenue 28,493,426 31,430,908 32,661,752
EBITDA 8,418,363 9,719,635 11,320,125
Net profit/loss 4,363,489 3,674,045 654,873
Book value of assets, including
• Fixed assets 87,565,383 91,480,528 92,019,201
• Intangible assets 151,991 534,758 575,464
Equity 63,303,084 66,138,847 62,891,414
Headcount (FTEs) 3,939 3,845 3,877
Technical parameters
Production capacity, electric power 3,069 mn kW
Service territory 105,400 km2
Line length 29,225.0 km
Transmission volume in 2015 6.2 bn kWh
http://www.azhk.kz/
Location: Almaty
Shareholders: JSC Samruk Energy — 100%
Book value as of 30.06.2016: KZT 65,401,695,000
Key business: Electric power transmission and distribution
2,5 mln consumer in
Almaty and Almaty
region
Natural monopoly
subject in the region
Open two-stage
tender

46. 45
Alatau Zharyk Company JSC (81.58%)
Production units
1. 15 service areas
2. 211 substations
3. 6,989 transformer substations
Open two-stage
tender

47. 46
Mangistau electricity distribution company JSC (78,64%)
Financial performance (thsd tenge) 31.12.2013 31.12.2014 31.12.2015
Revenue 7 831 097 8 655 210 8 985 664
EBITDA 2 782 602 2 647 764 3 295 060
Net profit 1 324 754 1 200 109 1 050 343
Net book value, incl.
capital assets 13 584 530 16 597 944 21 083 703
intangible assets 109 034 141 020 261 876
Owned capital 7 314 301 8 411 960 9 518 682
Number of staff 643 647 653
http://www.mrek.kz/
Location: Mangistau region
Shareholders: Samruk-Energy - 78,64%, National Pension Fund - 13,54%, others - 7,82%
Main activity: Energy distribution
Recommended started price for 78,64%(KPMG, 05/10/2016): 7,3 bln. tenge ($22 mln)
Subject of natural
monopoly
100% market share in
Mangistau region
Open two-stage
tender
1. Not to dispose shares within 3 years from the date of transfer of the shares to the buyer;
2. To keep the profile of activity of the asset – energy distribution at Mangistau region;
3. To improve the technical condition of electricity networks, substations and other equipment of the asset to ensure the reliability of electricity
supply, in accordance to the Order of the Minister of energy of the Republic of Kazakhstan from 20.05.2016 #214;
4. To save over 12 month from the date of purchase of the asset existing labor contracts with employees of the asset (except in cases of
termination of employment contract by initiative of employee, termination of employment contract with workers who are members of the executive
bodies). Do not disolve employment contracts for the following reasons: downsizing number of staff; decline in production capacity, works and
services, which caused deterioration of the economic status of the employer;
5. In the absence of confirmation of the necessary experience in the industry, potential byer must keep over 12 month from the purchase of the
asset size and composition of technical experts, and not to terminate the employment relationship with them;
6. To ensure repayment of the debt to Samruk-Energy (if available at the time of the transaction)
7. To ensure the payment of dividends declared in favor of Samruk-Energy for the period prior the transfer of the ownership of the shares to the
byer.
Investment conditions for open two-stage tender

48. 47
Brief description of the asset:
• Created in 1966 as portfolio company of
“Kazakhstanoil”
• Subject of large energy distribution monopoly
at Mangistau region;
• 6 energy zones;
• 57 substations;
• 431 transforming substations;
• Network spread – 6 170 km.
• Consumers – large oil extraction companies of
Mangistau region (90% consumers base of the
asset).
• Market share at the Republic of Kazakhstan -
2,5%, at Mangistau region – abot 50%.
Mangistau electricity distribution company JSC (78,64%)
Open two-stage
tender

49. 48
East Kazakhstan Regional Energy Company JSC
including Shygysenergotrade LLP (100%)
Financial performance (thsd tenge) 31.12.2013 31.12.2014 31.12.2015
Revenue 26 977 790 28 699 959 30 304 832
EBITDA 4 646 455 3 636 422 (431 155)
Net profit 1 303 272 (484 858) (3 620 050)
Net book value, incl.
capital assets 35 134 218 35 724 330 36 636 096
intangible assets 102 259 230 607 320 853
Owned capital 7 561 530 7 561 530 7 348 479
Number of staff 2 940 2 990 3 038
http://www.ekrec.kz/
Location: East Kazakhstan region
Shareholders: Samruk-Energy JSC - 100%
Main activity: Energy distribution, electricity sales at EK region
Recommended started price for 100% (KPMG, 05/10/2016): 9,5 bln. tenge ($28 mln.)
Subject of natural
monopoly
100%
market share in East
Kazakhstan region
Open two-stage
tender
1. Not to dispose shares within 3 years from the date of transfer of the shares to the buyer;
2. To keep the profile of activity of the asset – energy distribution at East Kazakhstan region;
3. To improve the technical condition of electricity networks, substations and other equipment of the asset to ensure the reliability of electricity supply, in
accordance to the Order of the Minister of energy of the Republic of Kazakhstan from 20.05.2016 #214;
4. To save over 12 month from the date of purchase of the asset existing labor contracts with employees of the asset (except in cases of termination of
employment contract by initiative of employee, termination of employment contract with workers who are members of the executive bodies). Do not
disolve employment contracts for the following reasons: downsizing number of staff; decline in production capacity, works and services, which caused
deterioration of the economic status of the employer;
5. In the absence of confirmation of the necessary experience in the industry, potential byer must keep over 12 month from the purchase of the asset
size and composition of technical experts, and not to terminate the employment relationship with them;
6. To ensure repayment of the debt to Samruk-Energy (if available at the time of the transaction)
7. To ensure the payment of dividends declared in favor of Samruk-Energy for the period prior the transfer of the ownership of the shares to the byer.
Investment conditions for open two-stage tender

50. 49
Brief description of the asset:
• Created in 1949 and in 2012 transferred to
Samruk-Energy JSC;
• Subject of large energy distribution monopoly at
East Kazakhstan region;
• Includes portfolio company, selling electricity at
the region – Shygysenergotrade LLP
• 313 substations;
• 6,513 transforming substations;
• Operates for the whole region, including:
• 15 districts,
• 10 cities,
• 754 towns,
• 244 settlements.
• Network spread - 34 552,14 km.
• Asset selling with 100% portfolio company –
Shygysenergotrade LLP
East Kazakhstan Regional Energy Company JSC
including Shygysenergotrade LLP (100%)
Open two-stage
tender

51. 50
Aktobe CHP JSC (100%)
Financial performance (thsd tenge) 31.12.2013 31.12.2014 31.12.2015
Revenue 5 110 160 5 710 243 6 108 966
EBITDA 1 621 369 863 500 785 902
Net profit 1 018 245 386 036 360 532
Net book value, incl.
capital assets 7 122 585 8 304 525 9 693 381
intangible assets 26 780 26 610 22 140
Owned capital 7 098 512 7 179 030 7 424 029
Number of staff 608 622 617
http://www.aktobetec.kz/
Location: Aktobe region
Shareholders: Saмruk-Energy JSC - 100%
Main activity: Energy generation
Recommended started price for 100% (KPMG, 05/10/2016): 7,7 bln. tenge ($23 mln.)
Subject of natural
monopoly
100%
market share in Aktobe
1. Not to dispose shares within 3 years from the date of transfer of the shares to the buyer;
2. To keep the profile of activity of the asset – energy generation;
3. To improve the technical condition of capital assets to ensure reliable heat-assistance and electricity supply on a basis of principles of curbing the number
of technological violations, in accordance to the Order of the Minister of energy of the Republic of Kazakhstan from 20.02.2015 #121;
4. To save over 12 month from the date of purchase of the asset existing labor contracts with employees of the asset (except in cases of termination of
employment contract by initiative of employee, termination of employment contract with workers who are members of the executive bodies). Do not dissolve
employment contracts for the following reasons: downsizing number of staff; decline in production capacity, works and services, which caused deterioration of
the economic status of the employer;
5. In case of the absence of confirmation of the necessary experience in the industry, potential byer must keep over 12 month from the purchase of the asset
size and composition of technical experts, and not to terminate the employment relationship with them;
6. To ensure repayment of the debt to Samruk-Energy (if available at the time of the transaction)
7. To ensure the payment of dividends declared in favor of Samruk-Energy for the period prior the transfer of the ownership of the shares to the byer.
Investment conditions for open two-stage tender
Open two-stage
tender

52. 51
Brief description of the asset:
• Created in 2006 on a basis of electricity
station, constructed in 1943;
• Purchased for 2,4 bln. tenge by Alatau
Zharyk Company in 2015 ;
• Transferred to Samruk-Energy JSC in
2015;
• Subject of a large energy generation
monopoly at Aktobe region;;
• Asset is a single energy generation object
for centralized heating supply of Aktobe;
• Installed electrical capacity -
118 MW;
• Installed heating capacity - 1 139 Gcall;
• Available heating power – 878 Gcall.
Aktobe CHP JSC (100%)
Open two-stage
tender

53. 52
Tegis Munai LLP including Mangyshlak Munai LLP (100%)
Financial performance (thsd tenge) 31.12.2014 31.12.2015
Revenue - -
EBITDA
Net profit -223 055 -275 692
Net book value, incl.
capital assets 54 395 39 122
intangible assets 3 352 1 644
Owned capital 3 859 773 6 754 981
Number of staff 22 22
Geological resources (2015) 16 475 mln m3
Location: South Kazakhstan region
Shareholders: Samruk-Energy JSC - 100%
Main activity: The development of the gas field, generation of heating and electrical power
Recommended started price for 100% shares (KPMG, 05/10/2016): 15 bln. tenge ($45 mln)
Open two-stage
tender
1. Not to dispose shares within 1 year from the date of transfer of the shares to the buyer;
2. In case of the absence of confirmation of the necessary experience in the industry, buyer must save over 12 month from the date of
purchase of the asset existing labor contracts with technical employees of the asset, and not to terminate the employment
relationship with them;
3. To ensure repayment of the debt to Samruk-Energy (if available at the time of the transaction)
4. To ensure the payment of dividends declared in favor of Samruk-Energy for the period prior the transfer of the ownership of the
shares to the byer.
A significant part of the investment and operational liabilities for a new owner will be specified in the contract of production and also will
be approved by the Ministry of energy of the Republic of Kazakhstan
Investment conditions for open two-stage tender

54. 53
Initial gas-in-place
(2015 г.)
16 475 mln.
sq.m
• The gas field is located nearby
industry areas of Zhezkazgan,
Kyzylorda, Taraz and Turkestan;
• At the current time all exploratory
operations at the gas field are finished,
wellsite temporary conserved.
• Asset selling with 100% portfolio
company - Mangyshlak Munai LLP
Brief description of the asset:
• Owner of 100% shares in Mangyshlak
Munai LLP, which owns production
license for gas field “Pridorozhnoe” at
the South Kazakhstan region in
accordance to the contract for
subsurface use #2775 from
29/08/2008.
Tegis Munai LLP including Mangyshlak Munai LLP (100%)
Open two-stage
tender