MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

Dear Reader!

Kazakhstan is widely known as a country with the largest energy potential, a pacesetter in the Central Asia. Samruk-Energy JSC is the locomotive of the energy sector in Kazakhstan. Its core operations are electricity and heat production, electricity transmission, distribution and sale, as well as the extraction of thermal coal.

Samruk-Energy JSC is the country's largest electricity holding company. It has energy and coal companies under the umbrella, including the flagships of the domestic energy sector, Ekibastuz GRES-1 LLP and Ekibastuz GRES-2 JSC, the largest coal mining company, Bogatyr Komir LLP, as well as Almaty Power Plants JSC, Alatau Zharyk Company JSC, AlmatyEnergoSbyt LLP, Moynak HPP JSC, Shardarinskaya HPP JSC, wind and solar power plants.

2022 was a remarkable year for the Company, as Samruk-Energy marked its 15-year anniversary.

Over the years, the nation's key electricity and heat producer has come a long way, growing and developing substantially. Rising on the wave of major transformation in the early years of independent Kazakhstan, the Company today plays a strategic role in the national economy. Samruk-Energy has contributed about KZT 1.2 trillion to Kazakhstan's GDP over these years. Since its establishment in 2007, Samruk-Energy Group has implemented a number of vital projects for the country. Among them stand out the renovation of Unit 2 and Unit 8, each with a capacity of 500 MW, at Ekibastuz GRES-1, the construction of Moynak HPP, the construction of an unmatched solar power plant in Almaty Province and Kazakhstan's first commercial-scale wind power plant in Akmola Province.

In 2022, Samruk-Energy continued to implement successfully its strategic objectives and meet the targets set by the management and the Government. In partnership with China-based Power China Corporation, the Company built and commissioned a 60 MW wind farm in Almaty Province, signed a loan agreement with the EBRD, started the upgrade of Almaty CHPP-2, and put into pilot operation an in-pit crushing and conveying facility at Bogatyr Komir's open pits.

In line with the international climate agenda and Kazakhstan's commitments to curb the rise in global temperatures under the Paris Agreement, Samruk-Energy JSC approved Energy Transition Programme 2022-2060 in 2022. This Report sets out focus areas, goals, and targets on the Company's journey towards resource-efficient and environmentally friendly technologies, enabling Samruk-Energy to achieve carbon neutrality by 2060.

There is now a trend towards digitalisation of production and operations, which contributes to improved operational efficiency, lower emissions, and reduced repair costs. Working towards these goals, the Group have approved Information Technology and Digitalisation Strategy 2023-2025.

Towards the end of 2022, Fitch Ratings international rating agency upgraded Samruk-Energy JSC's long-term foreign and local currency credit ratings to "BB+", the standalone credit profile from "b+" to "bb-" and its unsecured debt from "BB" to "BB+" with a stable outlook.

These remarkable achievements have become possible thanks to competent and forward-thinking management and coordinated actions of the team. Samruk-Energy's ambitious plans show that the largest domestic power holding is steadily developing, cementing its position as an efficient high-tech energy company that recognises its high social and environmental responsibility and works for the benefit of the people of Kazakhstan.

I wish Samruk-Energy JSC every success in all its endeavours. May the Company grow strong and continue to hold the bar high as one of the best energy companies in our country! I wish Samruk- Kazyna reliable partners, successful projects, financial prosperity, and a constant pursuit of excellence!