Company Announcements

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES WOULD BE PROHIBITED BY LAW

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

PLACING OF 9,863,021 GLOBAL DEPOSITARY RECEIPTS REPRESENTING INTERESTS IN ORDINARY SHARES OF JOINT-STOCK COMPANY "NATIONAL ATOMIC COMPANY "KAZATOMPROM" (THE "COMPANY") BY JOINT-STOCK COMPANY "SOVEREIGN WEALTH FUND "SAMRUK-KAZYNA"

26 September 2019

Further to the announcement released on 25 September 2019 in relation to an offering of global depositary receipts representing interests in ordinary shares of the Company by way of an accelerated bookbuild through the London Stock Exchange (the "LSE") pursuant to the rules and regulations of the LSE (the "LSE Placing") and the Astana International Exchange (the "AIX") pursuant to the rules and regulations of the AIX (the "AIX Placing", and together with the LSE Placing, the "Placing"), Joint-Stock Company "Sovereign Wealth Fund "Samruk-Kazyna" ("Samruk-Kazyna"), announces the results of the Placing. Accordingly pursuant to the Placing, Samruk-Kazyna has sold an aggregate of 9,863,021 global depositary receipts representing interests in ordinary shares of the Company (1 global depository receipt (LSE trading symbol "KAP LI" and AIX trading symbol "KAP.Y") = 1 ordinary share) (the "Placing Securities") at a price of USD 13.00 per global depositary receipt, raising aggregate gross sale proceeds of USD 128,219,273, including USD 65,299,273 of gross sale proceeds through the AIX. Of the 9,863,021 aggregate amount of GDRs sold in the Placing, 6,500,000 were purchased by international investors and 3,363,021 were purchased by domestic investors.

5,023,021 GDRs were placed through the AIX, of which 1,660,000 GDRs were placed to international investors and 3,363,021 GDR were placed to domestic investors, thereby satisfying domestic demand in full.

The offering was made to institutional investors outside the US in accordance with Regulation S of the US Securities Act of 1933, as amended (the "US Securities Act") and to qualified institutional buyers in the US in accordance with Rule 144A of the US Securities Act. In addition, at least 20% of the total number of Placing Securities were offered to institutional and retail investors on Kazakhstan's domestic market through the AIX Placing.

Prior to the Placing Samruk-Kazyna owned approximately 85 per cent of the Company's issued share capital and following the completion of the Placing Samruk-Kazyna will own approximately 81.2 per cent of the Company's issued share capital. Any of the Company's shares and global depositary receipts held by Samruk-Kazyna which are not sold in the Placing will be subject to a 180-day lock-up, subject to customary exceptions.

The proceeds of the Placing are payable in cash on usual settlement terms, and closing of the Placing is expected to occur on 30 September 2019.

J.P. Morgan Securities plc is acting as a sole global coordinator for the Placing and joint bookrunner in connection with the LSE Placing (the "Global Coordinator"), Subsidiary organization of Halyk Bank Kazakhstan "Halyk Finance" JSC is acting as coordinator of the AIX Placing and joint bookrunner of the AIX Placing, and Renaissance Capital is acting as joint bookrunner for the LSE Placing and the joint bookrunner for the AIX Placing, all of whom are responsible for arranging the offering for both international and domestic investors (collectively with the Global Coordinator, the "Global Coordinator and Bookrunners").

The Placing is a part of the Complex Privatisation Plan for 2016-2020, as approved by the Government of the Republic of Kazakhstan, under which the Company was identified as a portfolio company of Samruk-Kazyna to be partially privitased. It was further resolved by the Government of the Republic of Kazakhstan to dispose of up to 25% of the share capital of the Company. Following this, Samruk-Kazyna offered and sold Shares and GDRs representing in aggregate 15% of the Company's share capital in an initial public offering in November 2018, pursuant to which its GDRs were admitted to the Official List of the UK Financial Conduct Authority and to trading on both the LSE and the AIX. Samruk-Kazyna now sold additional GDRs pursuant to the Placing. The Placing was aimed at increasing the liquidity of the Company's securities.

The Company will not receive any proceeds from the Placing.

Important Notice:

Members of the general public are not eligible to take part in the Placing. This announcement and any offer of the Placing Securities to which it relates are only addressed to and directed at (1) in any member state of the European Economic Area (each, a "Member State"), persons who are "qualified investors" within the meaning of article 2(e) of Regulation (EU) 2017/1129 (as amended, to the extent implemented in the relevant Member State) and any relevant implementing measures (the "Prospectus Regulation"); and (2) in the United Kingdom, persons who (i) have professional experience in matters relating to investments who fall within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Order"); (ii) fall within Article 49(2)(a) to (d) of the Order; or (iii) are persons to whom an offer of the Placing Securities may otherwise lawfully be made (all such persons referred to in (1) and (2) together being referred to as "relevant persons"). The information regarding the Placing set out in this announcement must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this announcement relates is available only to relevant persons and will be engaged in only with relevant persons.

This announcement does not, and shall not, in any circumstances constitute a public offering, nor an offer to sell or to subscribe for, nor a solicitation to offer to purchase or to subscribe for securities in any jurisdiction. The distribution of this announcement and the offering or sale of the Placing Securities in certain jurisdictions may be restricted by law. No action has been taken by Samruk-Kazyna (or any affiliates thereof) or the Global Coordinator and Bookrunners or any of their respective affiliates that would, or which is intended to, permit a public offer of the Placing Securities in any jurisdiction or possession or distribution of this announcement or any other offering or publicity material relating to the Placing Securities in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by Samruk-Kazyna, the Global Coordinator and Bookrunners to inform themselves about and to observe any applicable restrictions.

With respect to the Member States which have implemented the Prospectus Regulation (each, a "Relevant Member State"), no action has been undertaken or will be undertaken to make an offer to the public of the Placing Securities sold by Samruk-Kazyna requiring a publication of a prospectus in any Relevant Member State. As a consequence, the Placing Securities may only be offered or sold in any Relevant Member State pursuant to an exemption under the Prospectus Regulation.

This announcement and the information contained herein is for information purposes only and does not constitute or form part of any offer of, or the solicitation of an offer to acquire or dispose of securities in the United States, Canada, Australia or Japan or in any other jurisdiction in which such an offer or solicitation is unlawful.

The Placing Securities have not been, and will not be, registered under the US Securities Act, or under the applicable securities laws of any state or other jurisdiction of the United States, Canada, Australia or Japan. The Placing Securities may not be offered or sold in the United States unless registered under the US Securities Act or offered in a transaction exempt from, or not subject to, the registration requirements of the US Securities Act and the securities laws of any relevant state or other jurisdiction of the United States. There will be no public offering of the Placing Securities in the United States or elsewhere.

The Placing Securities have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.

No prospectus or offering document has been or will be prepared in connection with the Placing. Any investment decision to buy the Placing Securities must be made solely on the basis of publicly available information. Such information is not the responsibility of and has not been independently verified by Samruk-Kazyna (or any affiliate thereof) or the Global Coordinator and Bookrunners or any of their respective affiliates.

Information contained herein is not an offer, or an invitation to make offers, to sell, purchase, exchange or otherwise transfer securities in Kazakhstan to or for the benefit of any Kazakhstani person or entity, except for those persons or entities that are capable to do so under the legislation of the Republic of Kazakhstan and any other laws applicable to such capacity of such persons or entities. This announcement shall not be construed as an advertisement (i.e. information intended for an unlimited group of persons which is distributed and placed in any form and aimed to create or maintain interest in the Company and its merchandise, trademarks, works, services and/or its securities and promote their sales) in, and for the purpose of the laws of Kazakhstan, unless such advertisement is in full compliance with Kazakhstan laws.

J.P. Morgan Securities plc is authorised by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the PRA and Financial Conduct Authority. The Global Coordinator and Bookrunners are acting exclusively for Samruk-Kazyna in connection with the Placing and will not be responsible to anyone other than Samruk-Kazyna for providing the protections offered to their respective client, nor for providing advice in relation to the Placing or any transaction, matter or arrangement referred to in this announcement.

In connection with the offering of the Placing Securities, the Global Coordinator and Bookrunners or any of their respective affiliates may take up a portion of the Placing Securities as a principal position and in that capacity may retain, purchase or sell for their own accounts such securities. In addition it may enter into financing arrangements and swaps with investors in connection with which they may from time to time acquire, hold or dispose of the Placing Securities. It does not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligation to do so.

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Securities have been subject to a product approval process, which has determined that such Placing Securities are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, the price of the Placing Securities may decline and investors could lose all or part of their investment; the Placing Securities offer no guaranteed income and no capital protection; and an investment in the Placing Securities is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, J.P. Morgan Securities plc and Renaissance Capital will only procure investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Securities.

This announcement shall not form the basis of or constitute any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities in the Placing or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.

Persons considering making investments should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning a possible offer. The value of GDRs can decrease as well as increase. Potential investors should consult a professional advisor as to the suitability of a possible offer for the person concerned.