Investor presentation September 2011 Content

• Samruk-Energy at a glance • Review of Kazakhstan electricity market • Operational overview and performance • Financial overview and performance • Strategy • Key risks overview

2 Samruk-Energy at a glance

. Samruk-Energy was established in May 2007 through consolidation of power generating assets for the implementation of a coordinated public policy in energy sector.

. The shareholders of Samruk-Energy are: JSC «National Welfare Fund «Samruk-Kazyna» - 94,385% and JSC «KazTransGas» - 5,615%.

. Samruk-Energy – the company, which consists of the largest in Kazakhstan:  hydro power plants: Shardara HPP, Bukhtarma HPP, Shulbinsk HPP, Ust-Kamenogorsk HPP  combined heat and power plants: Ekibastuz GRES-2, Almaty power plants  open-pit mine: Bogatyr Komir.

. Samruk-Energy financial and operational indicators as of January 1, 2011:

Indicators million KZT tenge million US dollars* Assets 244 049,3 1 671,6 Equity 112 302,2 769,2 Share capital 76 715,1 525,4 Revenue 76 939,9 527,0 EBITDA 16 180,6 110,8 Net profit 11 081,6 75,9 Share of Samruk-Energy in total electricity generation in Kazakhstan, % 15,4 (excluding Irtysh Cascade HPP) Share of Samruk-Energy plants in the electricity market of Kazakhstan 27,7 by installed capacity, % (including Irtysh Cascade HPP) Share of Samruk-Energy plants in the electricity market of Kazakhstan 27,6 by producing capacity, % (including Irtysh Cascade HPP) Source: Samruk-Energy * ) Exchange rate 146 KZT tenge/US dollar 3 Samruk-Energy subsidiaries

JSC «Ust- Kamenogorsk HPP» (89,99%) JSC «Aktobe JSC «Station CHP» (100%) Ekibastuz GRES-2» (50%)

LLP «Bogatyr Komir» (50%) JSC «Shulbinsk HPP» (92,14%)

JSC «Bukhtarma HPP» (90%) JSC «Balkhash CHP» (100%) JSC «Mangystau EDNC» (75%+1 share) JSC «Moinak HPP» (51%) JSC «Zhambyl GRES» (50%)

JSC «Alatau Zharyk Kompaniyasy» (100%) JSC «Shardara HPP» (100%) JSC «Almaty power plants» (100%) LLP «AlmatyEnergo Sbyt» (100%)

Operating facilities Facilities under construction

4 Review of Kazakhstan electricity market

Kazakhstan’s 10 biggest power producers in 2010 Installed Producing Output, Share in electricity Rank Power stations Ownership capacity, capacity, % of million kWh generation, % MW installed 1 Aksu GRES ENRC 13 712 16,7 2 110 94,6 50/50 Samruk-Kazyna and 2 Ekibastuz GRES-1 4 000 58,6 Kazakhmys 11 703 14,2 50/50 Samruk-Energy and 3 Ekibastuz GRES-2 5 439 6,6 1 000 92,0 INTER RAO UES 4 Karaganda GRES-2 Kazakhmys 4 780 5,8 663 100,0 5 CHP of JSC «Aluminum of Kazakhstan» ENRC 2 451 3,0 350 97,1 6 CHP MAEK MAEK-Kazatomprom 2 445 3,0 625 72,0 SevKazEnergo 7 Petropavlovsk CHP-2 2 410 2,9 380 95,3 Petropavlovsk 8 Pavlodar CHP-3 Pavlodarenergo 2 391 2,9 440 95,5 9 Karaganda CHP-3 Karaganda-Energocentre 2 332 2,8 440 89,8 90/10 Samruk-Energy and 10 Bukhtarma HPP 2 272 2,8 675 98,5 individuals Others 32 362 39,3 Total 82 296 Source: Kazakhstan Electricity Grid Operating Company (KEGOC)

There are three major power zones in Kazakhstan: 1) Western Zone, that unites Atyrau, Western-Kazakhstan and Mangystau oblasts: - these regions possess most of the country’s oil and gas projects; - most power in this region is imported from Russia. 2) Northern Zone, that unites Akmola, Aktobe, Eastern-Kazakhstan, Karaganda, Kostanai, Northern-Kazakhstan and Pavlodar oblasts: - this zone produced almost 80% of Kazakhstan’s total electricity; - this zone exports excess power to the Southern Zone and Russia; - with most of coal reserves concentrated in this zone, it results in the lowers costs for electricity in Kazakhstan. 3) Southern Zone, that unites Almaty, Zhambyl, Kyzylorda and Southern-Kazakhstan oblasts: - this zone accounts for 38% of the country’s population ; - this zone is characterized with electricity shortage and highest electricity prices; - power is imported from Central Asia countries. 5 100%

Review of Kazakhstan electricity market

Electricity generation and consumption in Kazakhstan 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Electricity generation, billion kWh 51,6 55,4 58,3 63,9 66,9 67,8 71,7 76,3 80,0 78,4 82,3 Electricity consumption, billion kWh 54,4 57,4 58,7 62,4 64,8 68,4 71,9 76,4 80,6 78,0 83,8 Import of electricity, billion kWh 2,8 3,7 2,4 3,5 5,2 4,6 4,0 3,4 2,8 1,8 3,0 Export of electricity, billion kWh 0,0 1,7 2,0 5,0 7,3 4,0 3,8 3,3 2,2 2,2 1,5 Share of demand satisfied from own 94,9 93,6 95,9 94,4 92,0 93,3 94,4 95,5 96,5 97,7 96,4 production, % Share of demand satisfied by imported 5,1 6,4 4,1 5,6 8,0 6,7 5,6 4,5 3,5 2,3 3,6 electricity, %

Source: Kazakhstan Operator of Electricity Energy and Power Market

Electricity consumption and electricity tariff in power Structure of the power produced in Kazakhstan by plants in 2009 station type in 2010 100% Gas turbine power plants Hydro power 6% plants 80% 10% 55% 61% 68% 60%

40% 19% 19% 9% 20% 14% 8% 9% Coal-fired 12% 11% 15% power plants 0% 84% South Africa Russia Kazakhstan 4,2 US 2,9 US 2,3 US cent/kWh cent/kWh cent/kWh Source: KEGOK

Other Service industry Households Industry 6 Source: The Agency of Statistics of the Republic of Kazakhstan Cap rates for electricity

2009 2010 2011 2012 2013 2014 2015 Groups of power stations US US US US US US US KZT tenge KZT tenge KZT tenge KZT tenge KZT tenge KZT tenge KZT tenge cent cent cent cent cent cent cent

Group 1 (LLP «Ekibastuz GRES-1», JSC «Station Ekibastuz 3,60 2,40 4,68 3,12 5,60 3,73 6,50 4,33 7,30 4,87 8,00 5,33 8,80 5,87 GRES-2», JSC «Eurasian Energy Corporation» (Aksu GRES))

Group 2 (JSC «Zhambyl GRES named after T.I.Baturov») 5,90 3,93 6,50 4,33 6,90 4,60 7,90 5,27 8,30 5,53 8,50 5,67 8,70 5,80

Group 3 (JSC «Astana-Energy» (CHP-1,2), LLP «Karagandy Zhylu» (Karaganda CHP-1,3), JSC «Pavlodarenergo» 4,30 2,87 4,94 3,29 5,40 3,60 5,90 3,93 6,40 4,27 6,90 4,60 7,50 5,00 (Pavlodar CHP-2,3), JSC «AES Ust-Kamenogorsk CHP», CHP-2 of JSC «Mittal Steel Temirtau»)

Group 4 (Karaganda GRES-2 of «Kazakhmys» corporation, JSC «Aluminium of Kazakhstan» (Pavlodar CHP-1), Balkhash 3,50 2,33 3,80 2,53 4,10 2,73 4,55 3,03 5,10 3,40 5,50 3,67 6,00 4,00 CHP of «Kazakhmys» corporation, Zhezkazgan CHP of «Kazakhmys» corporation)

Group 5 (LLP «SevKazEnergo Petropavlovsk», JSC «Ridder CHP», CHP of JSC «The Sokolovsko-Sarbaisk iron- 3,60 2,40 4,10 2,73 4,80 3,20 5,45 3,63 6,25 4,17 7,15 4,77 8,05 5,37 ore mining and enrichment plant»)

Group 6 (LLP «AES Sogrinsk CHP», LLP «Bassel group 6,30 4,20 7,30 4,87 7,70 5,13 7,90 5,27 8,10 5,40 8,20 5,47 8,30 5,53 KKS» (Karaganda GRES-1), LLP «Jet-7» (Stepnogorsk CHP)

Group 7 (JSC «3-Energooratyk» (Shymkent CHP-3), JSC «Atyrau CHP», JSC «Aktobe CHP», JSC 4,90 3,27 5,40 3,60 5,90 3,93 6,30 4,20 6,70 4,47 7,00 4,67 7,30 4,87 «TarazEnergoCenter», Public utility company «Kyzylorda- energocenter»)

Group 8 (Kentau CHP, JSC «Kazzinc» (Tekeli CHP), LLP 4,50 3,00 4,95 3,30 5,40 3,60 5,98 3,99 6,60 4,40 7,20 4,80 7,50 5,00 «Shakhtinsk CHP», LLP «Ekibastuz CHP»)

Group 9 (Arkalyk CHP, Public utility company «Kostanai 5,28 3,52 5,56 3,71 5,88 3,92 6,28 4,19 6,70 4,47 7,12 4,75 7,60 5,07 power energy company», JSC «Zhaiykteploenergo»)

Group 10 (JSC «Almaty power plants» (CHP-1, CHP-2, CHP- 5,74 3,83 6,74 4,49 7,10 4,73 7,40 4,93 7,80 5,20 8,20 5,47 8,60 5,73 3, Kapshagai HPP)

Group 11 (LLP «MAEK-Kazatomprom») 7,23 4,82 7,23 4,82 7,23 4,82 7,23 4,82 7,23 4,82 7,23 4,82 7,83 5,22

Group 12 (LLP «Zhanazhol gas turbine power plant», CHP of 5,30 3,53 5,80 3,87 6,40 4,27 7,00 4,67 7,70 5,13 8,40 5,60 8,80 5,87 Aksu ferroalloy plant of JSC «ТNC Kazhrom» (Akturbo))

Group 13 (Bukhtarma HPP of JSC «Kazzinc», LLP «AES Ust-Kamenogorsk HPP», LLP «AES Shulbinsk HPP», JSC 2,79 1,86 3,00 2,00 3,30 2,20 3,63 2,42 3,90 2,60 4,30 2,87 4,50 3,00 «Shardara HPP»)

Source: Ministry of Energy and Mineral Resources of the Republic of Kazakhstan 7 Share of Samruk-Energy in electricity market of Kazakhstan

Share of Samruk-Energy* plants in the electricity market of Kazakhstan Share of Samruk-Energy* plants in the electricity market of Kazakhstan by installed capacity in 2009-2010 by producing capacity in 2009-2010 MW % MW % 19440,5 MW 15291MW 20000 19127,9 MW 100,0 16000 14821 MW 100,0

16000 80,0 80,0 12000

12000 60,0 60,0 8000 8000 40,0 40,0 5379,1 5379,1 MW MW 26,5 % 4000 27,6 % 4000 28,1 20,0 3923 MW 4214,6 MW 20,0 % 27,7 %

0 0,0 0 0,0 2009 2010 2009 2010

Power plants of Samruk-Energy Power plants of Kazakhstan Unified Power System Samruk-Energy Power plants of Samruk-Energy Power plants of Kazakhstan Unified Power System Samruk-Energy

*) Share of Samruk-Energy plants in the electricity market of Kazakhstan is shown including Irtysh Cascade HPP

Share of Samruk-Energy companies in electricity generation in Kazakhstan billion kWh 90 %

Company 2008 2009 2010 75 15,4% Shardara HPP 14,8% Shardara HPP 0,5 0,7 0,8 20,3% Zhambyl GRES Zhambyl GRES 5,3 1,7 0,6 60 20,5% Aktobe CHP 19,5% Aktobe CHP 0,8 0,8 0,8 20,9% Almaty power plants Almaty power plants 6,0 5,9 6,6 45 Ekibastuz GRES-2 Shulbinsk HPP Ekibastuz GRES-2 7,7 5,7 6,6 65,7% 64,1% Shulbinsk HPP 1,8 1,9 1,9 30 58,8% Ust-Kamenogorsk HPP Bukhtarma HPP Ust-Kamenogorsk HPP 2,0 1,7 1,6

15 Ekibastuz GRES-1 Bukhtarma HPP 3,3 2,8 2,8 Other plants in Kazakhstan Ekibastuz GRES-1 13,8 13,2 14,2

0 Other plants in Kazakhstan 58,8 65,6 64,1 2008 2009 2010 8 Source: Samruk-Energy, Ministry of industry and new technologies of the Republic of Kazakhstan Breakdown of Samruk-Energy subsidiaries in total electricity generation

2009, % 2010, %

Shulbinsk HPP Shulbinsk HPP 8,9% 8,7% Ust-Kamenogorsk HPP Ekibastuz GRES-2 Ust-Kamenogorsk 8,1% 26,9% HPP Ekibastuz GRES-2 7,6% 30,5% Bukhtarma HPP Bukhtarma HPP 12,7% 13,0%

Shardara HPP Shardara HPP 3,8% 3,2% Zhambyl GRES 2,6% Zhambyl GRES Aktobe CHP Almaty power 8,1% 3,8% Almaty power plants plants 30,5% Aktobe CHP 27,8% 3,9%

Electricity generation in 2009, million kWh Electricity generation in 2010, million kWh Company 2009 Company 2010 Almaty power plants 4 631 Almaty power plants 5 442 Ekibastuz GRES-2 4 474 Ekibastuz GRES-2 5 439 Bukhtarma HPP 2 170 Bukhtarma HPP 2 272 Shulbinsk HPP 1 486 Shulbinsk HPP 1 546 Ust-Kamenogorsk HPP 1 350 Ust-Kamenogorsk HPP 1 350 Zhambyl GRES 1 348 Zhambyl GRES 458 Aktobe CHP 646 Aktobe CHP 677 Shardara HPP 529 Shardara HPP 670 Source: Samruk-Energy 9 Financial & Production performance 2008-H1/2011

Financial indicators 2008 2009 2010 H1/2011 Assets, million tenge 155 985 182 998 244 049 253 750 Equity, million tenge 34 895 41 601 112 302 125 042 Share capital, million tenge 21 744 32 255 76 715 77 442 Revenue, million tenge 58 893 64 454 76 940 44 095 EBITDA, million tenge 11 883,8 20 553,6 16 180,6 11 126,3 Net profit, million tenge 7 808,5 -2 728,6 11 081,6 10 996,1 EBITDA margin, % 20,2 31,9 21,0 25,2 Profitability, % 15,0 -5,1 15,4 28,4 Revenue growth rate, % 9,4 19,4 9,5 ROACE, % 8,1 1,7 9,0 6,3 Equity to debt ratio, % 28,8 29,4 85,2 97,2 ROA, % 5,0 -1,5 4,5 4,3 ROE, % 22,4 -6,6 9,9 8,8 Interest earning ratio 5,25 3,34 2,91 4,14 Current liquidity ratio 0,36 0,64 1,10 1,04 Debt/EBITDA 7,02 4,99 5,35 7,67 Debt/Equity 2,39 2,47 0,77 0,68 Leverage 3,47 3,40 1,17 1,03 Net debt/Net capitalization 0,67 0,69 0,39 0,36

Production indicators 2008 2009 2010 Net volume of electricity supply, million kWh 10 453 10 480 11 612 Sales volume of heat power, thousands Gcal 117 7 476 7 397 Sales volume of coal, million tons 34,0 38,6

10 Breakdown by subsidiary and net profit in Y2010

Assets Net profit

26% 5% 5% 25%

JSC Alatau JSC Almaty 6% Zharyk power plants Kompaniyasy 7%

Forum 10% Muider 8%

JSC Ekibastuz GRES-2 JSC Almaty JSC Ekibastuz Forum Muider power plants 22% GRES-2 10% JSC Moinak HPP 24% 22%

13%

11 140210280350 000

Growth of assets and equity

Indicators, million tenge 2008 2009 2010 2011 F Assets 155 985 182 998 244 049 323 863 Equity 34 895 41 601 112 302 137 105

12 Samruk-Energy Forecasts for Y2011-2015

Indicators 2011 2012 2013 2014 2015 Assets, million tenge 323 863 345 205 367 911 413 601 463 308 Equity, million tenge 137 105 152 733 176 517 233 881 285 633 Share capital, million tenge 100 927 108 685 119 650 162 634 200 558 Revenue, million tenge 106 674 116 185 136 950 150 561 161 573 EBITDA, million tenge 17 548,2 23 133,0 31 745,6 35 401,7 36 074,8 Net profit, million tenge 16 055,2 19 535,8 24 795,3 28 756,1 32 075,7 EBITDA margin, % 16,5 19,9 23,2 23,5 22,3 Profitability, % 16,2 18,0 19,9 21,0 21,6 Revenue growth rate, % 38,6 8,9 17,9 9,9 7,3 ROACE, % 7,6 7,9 9,4 9,6 9,3 Equity to debt ratio, % 73,4 79,4 92,2 130,1 160,8 ROA, % 5,0 5,7 6,7 7,0 6,9 ROE, % 11,7 12,8 14,0 12,3 11,2 Interest earning ratio 4,90 4,84 4,75 5,49 5,56 Current liquidity ratio 0,82 0,97 1,01 1,10 1,11 Debt/EBITDA 5,00 4,82 4,02 2,89 2,57 Debt/Equity 1,07 1,02 0,88 0,62 0,50 Leverage 1,36 1,26 1,08 0,77 0,62 Net debt/Net capitalization 0,50 0,49 0,45 0,35 0,30

Production indicators 2011 2012 2013 2014 2015 Net volume of electricity supply, million kWh 11 835 12 777 13 306 17 437 17 540 Sales volume of heat power, thousands Gcal 7 432 7 433 7 433 7 434 7 434 Sales volume of coal, million tons 38,0 38,0 38,8 40,7 42,6

13 Subsidiaries of Samruk-Energy (1)

JSC «Shardara HPP» (put into operation in 1967) is located in the JSC «Bukhtarma HPP» (put into operation in 1960) is situated in middle course of Syr Darya river and is a closing hydro power plant 15 km below Bukhtarma river mouth, in 350 km away from the of Naryn-SyrdaryaCascade. source of Irtysh river in the Zaisan lake. Property complex of plant is in long-term concession until 2020. Indicators 2008 2009 2010 Assets, million tenge 1 452,4 2 308,4 3 999,8 Indicators 2008 2009 2010 Equity, million tenge 1 432,0 2 284,5 3 306,3 Assets, million tenge 9 308,1 9 143,2 9 114,5 Share capital, million tenge 332,8 332,8 332,8 Equity, million tenge 1 589,6 1 698,7 1 956,3 Revenue, million tenge 953,1 1 444,8 1 983,7 Share capital, million tenge 581,9 581,9 581,9 EBITDA, million tenge 603,0 1 059,4 1 518,5 Net profit, million tenge 470,6 852,4 1 216,8 Volume of electricity generation, 2 620 2 170 2 272 Volume of electricity generation, 403 529 670 million kWh million kWh Installed capacity, МW 675 675 Installed capacity, МW 100 100 Producing capacity, МW 70 85 Producing capacity, МW 665 665

JSC «Ust-Kamenogorsk HPP» (put into operation in 1952) – one of JSC «Shulbinsk HPP» (put into operation in 1987) is located in the Irtysh Cascade’s hydro power plants, which is situated in the the middle course of Irtysh river, in 70 km upper Semey city. north-east suburb of Ust-Kamenogorsk. Property complex of plant is Property complex of plant is in long-term concession until 2017. in long-term concession until 2017. Indicators 2008 2009 2010 Indicators 2008 2009 2010 Assets, million tenge 236,3 236,3 236,3 Assets, million tenge 1 120,0 1 120,0 1 120,0 Equity, million tenge 130,7 126,1 104,3 Equity, million tenge 297,3 268,3 239,2 Share capital, million tenge 251,1 251,1 251,1 Share capital, million tenge 3 518,9 3 518,9 3 518,9

Volume of electricity generation, 1 599 1 350 1 350 Volume of electricity generation, 1 456 1 486 1 546 million kWh million kWh Installed capacity, МW 331,2 331,2 Installed capacity, МW 702 702 Producing capacity, МW 155 220 Producing capacity, МW 105 135

14 Subsidiaries of Samruk-Energy (2)

JSC «Station Ekibastuz GRES-2» - the first block was placed JSC «Zhambyl GRES named after T.I. Baturov» (put into operation into operation in 1989, the second block was set into operation in in 1967) is the first power plant of block type in Kazakhstan and a 1991. basis of power supply of southern region of Kazakhstan.

Indicators 2008 2009 2010 Indicators 2008 2009 2010 Assets, million tenge 47 667,3 64 455,8 73 523,7 Assets, million tenge 7 364,8 5 478,7 3 843,9 Equity, million tenge 35 759,2 49 426,2 57 454,2 Equity, million tenge 2 426,3 2 227,0 2 209,5 Share capital, million tenge 12 118,1 12 188,1 15 118,1 Share capital, million tenge 1 822,2 1 822,2 1 822,2 Revenue, million tenge 15 286,0 13 473,1 24 153,6 Revenue, million tenge 19 820,7 6 870,8 2 779,3 EBITDA, million tenge 5 191,3 4 667,7 12 203,7 EBITDA, million tenge -2 996,0 -94,3 1,4 Net profit, million tenge 2 214,0 746,1 6 879,0 Net profit, million tenge 1 241,1 -199,2 -17,6 Volume of electricity generation, Volume of electricity generation, 4 205 1 348 458 million kWh 6 199 4 474 5 439 million kWh Volume of heat generation, Volume of heat generation, 8 22 14 thousands Gcal 109 106 71 thousands Gcal Installed capacity, МW 1 000 1 000 Installed capacity, МW 1 230 1 230 Producing capacity, МW 920 920 Producing capacity, МW 1 073 1 078 The plants that belong to JSC «Almaty power plants»: CHP-1 JSC «Aktobe CHP» (put into operation in 1943) is intended for (1935), CHP-2 (1982), CHP-3 (1962), Kapchagay HPP (1980), generation and output of heat and electricity. the Almaty Cascade of HPP (1944), the Western thermal complex (1963). Indicators 2009 2010 Indicators 2009 2010 Assets, million tenge 39 715,9 56 322,4 Assets, million tenge 4 784,0 5 807,9 Equity, million tenge 16 152,9 26 143,7 Equity, million tenge 4 482,2 5 329,7 Share capital, million tenge 11 068,3 16 942,1 Share capital, million tenge 3 777,7 3 777,7 Revenue, million tenge 30 955,4 41 334,1 Revenue, million tenge 3 421,9 4 322,2 EBITDA, million tenge 5 866,9 9 059,5 EBITDA, million tenge 647,0 1 391,1 Net profit, million tenge 1 947,3 3 962,8 Net profit, million tenge 1 249,2 847,5 Volume of electricity generation, 4 631 5 442 Volume of electricity generation, 646 677 million kWh million kWh Volume of heat generation, Volume of heat generation, 5 597 5 460 1 892 1 915 thousands Gcal thousands Gcal Installed capacity, МW 1 238,9 1 238,9 Installed capacity, МW 102 102 Producing capacity, МW 838,0 1 014,6 Producing capacity, МW 97 97 15 Subsidiaries of Samruk-Energy (3)

The main activity of JSC «Mangystau Electricity JSC «Alatau Zharyk Kompaniyasy» (JSC «AZhK») - Distribution Network Company» (JSC «MEDNC») is company on transferring and distribution of electric energy, transferring and distribution of electric energy to legal bodies that provides electricity to population, industrial and and households. agricultural enterprises of Almaty city and Almaty region.

JSC «MEDNC» (put into operation in 1965) – the only JSC «AZhK» includes high-voltage electric network with company in Mangystau oblast, that carrying out the given pressure 35-220 kV and distributive network 0,4-6-10 kV of kind of activity. Almaty city and Almaty region, with the length of 23 681.9 km. JSC «MEDNC» includes high-voltage electric network with pressure 6-220 kV and distributive network 0,4-6-10 kV, with the length of 5 044 km.

Indicators 2008 2009 2010 Indicators 2009 2010 Assets, million tenge 15 385,4 16 651,2 15 984,0 Assets, million tenge 47 948,3 86 071,7 Equity, million tenge 8 304,0 8 537,3 8 220,8 Equity, million tenge 17 129,7 50 221,9 Share capital, million tenge 1 701,0 1 646,2 1 652,3 Share capital, million tenge 24 310,3 56 657,1 14 438,3 17 946,8 Revenue, million tenge 3 598,2 4 274,9 4 599,0 Revenue, million tenge EBITDA, million tenge 854,2 1 193,9 1 373,0 EBITDA, million tenge 11 428,2 2 623,9 Net profit, million tenge 69,7 305,2 58,3 Net profit, million tenge 9 863,4 570,7

Volume of electricity transferring, 2 089 2 153 2 287 Volume of electricity transferring, 5 229 5 261 million kWh million kWh

16 Subsidiaries of Samruk-Energy (4)

Bogatyr Komir (put into operation in 1979) – the largest Since November 1, 2006 LLP «AlmatyEnergoSbyt» is the coal open-pit mine in Kazakhstan. The company’s share in supplier of electric energy and provides electricity to the total volume of extracted coal in Kazakhstan is 40%. consumers of Almaty city and Almaty region.

Indicators 2009 2010 Indicators 2008 2009 2010 Assets, million tenge 51 672,0 44 666,6 Assets, million tenge 3 807,7 4 946,6 4 595,7 Equity, million tenge 28 317,4 27 072,6 Equity, million tenge 671,2 372,7 627,4 Share capital, million tenge 0,4 0,4 Share capital, million tenge 0,1 0,1 0,1

36 684,4 40 763,4 49 523,2 Revenue, million tenge 35 446,9 44 504,9 Revenue, million tenge EBITDA, million tenge 15 070,3 16 615,1 EBITDA, million tenge 760,7 241,4 512,2 Net profit, million tenge 7 605,1 6 822.2 Net profit, million tenge 531,2 101,5 346,0

Sales volume of electricity, 4 937 4 950 4 993 Volume of coal mining, million tons 34,7 38,9 million kWh

17 Investment program Y2011-2020

Stabilization of energy supply and creating long-term conditions for development Aim of industry in Kazakhstan.

• Modernization and reconstruction of generating capacities, electricity transportation network and facilities of electric power plants; Objectives • Construction of new generating facilities on the basis of public-private partnership; • Improvement the quality of provided services; • Improvement of environmental conditions and implementation of modern equipment that meets international environmental standards.

Duration 2011-2020

Cost 1 037 771 million tenge ($6 919 million)

Funding sources • Borrowed funds – 563 164 million tenge ($3 755 million) • Equity capital – 474 607 million tenge ($3 164 million)

• Installed capacity growth of: installed electrical capacity – 3 846 MW, heat capacity – 467 Gcal, transportation capacity– 2 167 МVА, coal mining - 11 million tons; Expected effect • Reduction of excessive energy losses, emissions of ash, nitrogen and sulfur oxides into the atmosphere; • Increase of Samruk-Energy capitalization up to 1 113.8 billion tenge by 2020.

18 Investment Projects

Moinak HPP 2006 – 2011 Generation of more than 1 billion kWh electricity per year Station Ekibastuz Generation of GRES-2 2010 – 2014 additional 3.8-4.2 billion kWh electricity per year Balkhash CHP Generation of 9.2 2010 – 2017 billion electricity per year Shardara HPP 2010 – 2015 Generation of additional 57 million electricity per year Bogatyr Komir 2012 – 2018 Increase of coal mining volume to 45 million tons Alatau Zharyk Kompaniyasy 2010 – 2020 Increase of installed transformer capacity by 3 025 MVA

Almaty power Transfer of additional plants thermal capacity of 2010 – 2020 400 Gcal/h from CHP-2 to CHP-1 19 Strategy

The most effective and balanced electricity supply of Kazakhstan consumers, as well as building up the export potential of supply electricity to Mission adjoining states through construction of major new power generation capacities using advanced clean technologies, modernization and reconstruction of existing electric power facilities.

Formation of the Company as a leading power generation company Vision in Kazakhstan and Central Asia, carrying out research, construction and operation of electric power facilities.

• Development of the fuel and energy complex on the basis of coal from the Ekibastuz coal field; Strategic • Development of the Almaty energy complex; directions • Development of renewable energy sources: construction of hydro power plants, wind power plants and power plants on solar power.

• Operative management of power assets for the implementation a coordinated public policy in the industry; Strategic aims • Modernization of existing and construction of new generating capacities; • Implementation of advanced clean technologies up to the world standards under combustion of different types of fuels.

20 Key risks overview

Risks Group of Risks Group of Risk Risk sphere risks sphere risks Tightening of company activity by legislative acts of public Planning and Change in tariffs and prices of authorities. operational works and services on capital decision-making construction. Settling or directive reduction of Strategic Regulatory marginal tariffs. risks risks Technological accidents of Reduction of tariffs power equipment and for electricity and heat. network systems. Emergencies Recognition of prices as Operating monopoly high. Damage of electrical and risks mechanical equipment. Growth of prices for purchased equipment, raw materials and Risks of emergency outages Technological fuel. due to deterioration of rotary risks Loss of profits from sale excavators park. of electricity and heat with a fixed-price by long-term Human resource Non-optimal number of Price contracts. management, risks production staff. Financial Tariffs growth for infrastructure training, motivation risks services (increase of tariffs for railway transportation, Violation of Violation of antimonopoly communication and legislation legislation. telecommunication, water supply Legal etc.) risks Risks of judicial Violation of Kazakhstan tax Currency Change of national currency rate proceedings legislation requirements. risks against foreign currencies.

21 Disclaimer

This presentation is provided only for informational purposes. This presentation is not and can not be considered as a public offer for investment in any form or loan agreement, or purchase and sale of securities of the Company, its subsidiaries, associates and affiliated organizations.

The company, its subsidiaries, associates and affiliated organizations and their respective executives and employees are not liable for any direct or indirect losses, including lost profit of third parties, incurred due to using information provided in this presentation.

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