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Samruk-Kazyna National Welfare Fund Investment opportunities

Samruk-Kazyna National Welfare Fund Investment opportunities July 2010 Samruk-Kazyna Overview National Welfare Fund consolidates key state assets in more than 400 subsidiary companies Key player of the industrial and innovation development program

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Samruk-Kazyna National Welfare Fund Investment opportunities

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  1. Samruk-KazynaNational Welfare FundInvestment opportunities July 2010

  2. Samruk-Kazyna • Overview • National Welfare Fund consolidates key state assets in more than 400 subsidiary companies • Key player ofthe industrial and innovation development program • Effective tool in implementation of the Anti-crisis program: • primary role in stabilization of financial sector by means of direct participation in 4 largest commercial banks of the country • primary role in stabilization of the real estate market • direct support of the small and medium size businesses • manages mortgage refinance program • Main objectives • Achieving sustainable growth of state economy • Promoting modernization and diversification of state economy • Increasing the effectiveness of the holding and all of its affiliates • Promoting and implementing large-scale investment projects 2

  3. Samruk-Kazyna • Main assets

  4. Oil & Gas • Overview • Oil and gas sector – 30% of Kazakhstan’ s GDP • Proved oil reserves - 6.5 bn tons • Gas reserves – 7 trillion cubic meters (3.9% of world reserves) • The production of oil in Kazakhstan has increased by 52% (2002-2009) while the production of gas has increased by 37% in the same period • Samruk-Kazyna participation in the sector • KazMunayGas - vertically integrated national oil and gas company • Development perspectives • Production growth due to field developments (Kashagan, Khvalynskoye, Block N etc.) • Transport infrastructure development – launch of Trans-Caspian Transportation System, “Kazakhstan-China” pipeline’s extension, construction of “Beineu-Shymkent” gas pipeline, Aktau port’s development • Development of local refinery capacities up to 17 mln tons / processing upgrading • Development of petrochemical branch • Investment opportunities* • Atyrau Oil Refinery - Oil deep processing Complex construction ($1.1 bn) • Pavlodar Oil Refinery ($1 bn) • Construction of petrochemical plant in Atyrau ($6.3 bn) *More information about investment projects – in annex

  5. Power • Current trends • Considerable gap in electricity supply between energy excessive northern regions of Kazakhstan and energy-dependent southern regions of the country • Local production capacities are depreciated by almost 70% • Competitive advantage • Access to low-cost fuel due to large local reserves of coal, oil and gas • Opportunity to develop renewable energy resources • Development perspectives • Construction of 6 new thermal power plants (coal or nuclear) until 2030 • Construction of new hydropower plants • Samruk-Kazyna participation in the sector • Samruk-Energy- operates major power plants in Kazakhstan • KEGOC- operates the national power grid, owns and operates all main and interregional transmission lines and master substations across the country • Investment opportunities • Balkhash thermal power station ($2.4 bn) • Electricity consumption in Kazakhstan (forecast), bn kWth 2009 2024 138 125 98 Pessimistic 78,4 Basic +25% +60% +76% Optimistic

  6. Transportation& Telecommunications • Overview • Strategic geographical location • High dependence of the economy on transport infrastructure • Samruk-Kazyna participation in the sector • Kazakhstan Temir Zholy - national company, monopoly railway operator • Air Astana - leading domestic airline • Kazakhtelecom - major player on the telecommunication market • Investment opportunities • Production of passenger rail carriers ($60 mln) • Construction of the railway Zhetygen – Korgas (border with China) ($1.1 bn) • Construction of the railway Uzen – border with Turkmenistan ($433 mln) Freight turnover in Kazakhstan, bn tkm Passenger turnover in Kazakhstan bn pkm

  7. Metals& Mining • Overview • Large reserves of Uranium, Lead, Zinc, Gold, Coal • 2008: production of ferrous metals - $4.5 bn • production of precious and non-ferrous metals – $ 4.4 bn • Share of metals and mining sector in total industrial production of Kazakhstan – 20% • Objective – production of high value added products • Samruk-Kazyna participation in the sector • Tauken-Samruk -national mining company • Kazatomprom - national nuclear company, implements the industry development program of Kazakhstan aimed at creation of a vertically integrated complex of nuclear fuel cycle • Investment opportunities • Upgrade of cast iron plant ($457 mln) • Steel rails production ($309 mln) • Polycrystalline production ($388 mln)

  8. Chemicals • Resources • Kazakhstan is 11th in the world in mineral production • Second largest proved supplies of sulfuric acid in the world • Kazakhstan possesses 1/3 of proved phosphorite reserves in CIS and over 5% of world reserves • Current trends • Growing demand for fertilizers in Russia and China • Annual chemicals production grew 2,6 times in 2004-2008 years period • Local companies produce phosphorus, sodium bichromate, phosphoric fertilizers, nitric fertilizers, chromic compounds, plastics, tires, general mechanical rubber goods • There is a potential of products diversification (organic and nonorganic chemical products, special chemicals) • Samruk-Kazyna participation in the sector • United Chemical Company - consolidates state assets in chemical sector • Investment opportunities • Mineral fertilizers – Kok-Dzhon ($1.9 bn) • Construction of phosphorite fertilizers plant ($600 mln) • Sulphuric Acid production ($65 mln)

  9. Pharmaceuticals • Current trends • Market size – around $900 mln • Growing local consumption – 20% average annual growth • Local production is growing, but covers only 10% of domestic market • 90% of consumed pharmaceuticals are imported • Samruk-Kazyna participation in the sector • SK Pharmacy - national medicine and medical equipment distribution company • Key advantages • Growth of domestic production • Transparency in government purchases • Demand for improved quality of products • Investment opportunities • Construction of pharmaceuticals plant in Astana and expansion of production in Shymkent ($81 mln) • National medicine and medical equipment distribution company ($80 mln) 9

  10. Annex Investmentprojects 10

  11. List of projects for potential investors 11

  12. Atyrau Oil Refinery Oil deep processing Complex construction • Background • Total project cost: $1.1 bn • Capital structure: equity - $1 mln, debt - $1,099 mln • Implementation period: 2011-2014 • Key project advantages • High value added production: • Increase in processing depth up to 82% • Production of high-octane refined products • High ecological standards: Euro - V • Domestic market’s share increase for high-octane oil products • Manpower: construction – 2507, maintenance - 391 • Investment Opportunities • Debt financing 12

  13. Pavlodar Oil Refinery • Background • Reconstruction and modernisation of Pavlodar Oil Refinery to increase annual production capacity to: • motor fuel – 2 million tons • jet fuel – 132 thousand tons • diesel fuel – 2 million tons • fuel oil – 252 thousand tons • Total project cost: $1 bn • Implementation period: 2011-2013 • Key project advantages • High value added production • Production of high-octane refined products • High ecological standards: Euro - III, IV • Domestic market’s share increase for high-octane oil products • Manpower: construction – 3100 • Investment Opportunities • Debt financing 13

  14. Petrochemical plant in Atyrau • Background • Construction of a petrochemical plant with annual production capacity: • 1 stage: polypropylene 800 thsd tons • 2 stage: polyethylene 450 thsd tons • Total project cost: $6.3 bn • Capital structure: 27% equity, 73% debt • Implementation period: 2009-2012 • Key project advantages • High value added production • High profitability margins (over 50% EBITDA, over 20% net income margin) • Manpower: construction – 12000, maintenance – 800 • Investment Opportunities • Debt financing • Equity 14

  15. Balkhash thermal power station • Background • Construction of one 1320 MWt module is under consideration • Possible further extension up to 4000 MWt • Total project cost: $2.4bn • Capital structure: equity 30%, debt 70% • Implementation period: 2010 – 2014 • Key project advantages • Meet the demand for electricity in Almaty region • Low production costs • Investment opportunities • Debt financing

  16. Rail Passenger Carriers • Background • Production of rail passenger carriers • Total project cost: $60 mln • Quantity: 150 units per year • Implementation period: 2010-2012 • Key project advantages • Creation of carrier assembling line to meet the growing demand in passenger carriers on the domestic market • Investment Opportunities • Debt financing 16

  17. Construction of the railway Zhetygen - Korgas • Background • Construction of a railroad connecting Almaty region with the Chinese border in Korgas • Total length – 293 km • Passenger and freight transportation • Total project cost: $1.1 bn • Capital structure: 45,8% equity, 54,2% debt • Implementation period: 2009-2012 • Key project advantages • Strategic infrastructure concession project • Risks shared with public authorities • Investment Opportunities • Debt financing (45%) 17

  18. Construction of the railway Uzen – border with Turkmenistan • Background • Construction of the new railway road near Caspian sea (Uzen-Gyzylgaya-Bereket-Etrek-Gorgan) with further link with Russian railroad network • Total length – 670 km, Kazakhstan’ s part – 138,5 km • Passenger and freight transportation • Total project cost: $433 mln • Capital structure: 47,2% equity, 52,8% debt • Implementation period: 2009-2012 • Key project advantages • Strategic infrastructure concession project • Risks shared with public authorities • Investment Opportunities • Debt financing (31%) 18

  19. Cast iron plant • Background • Construction of metallurgy plant SBS Steel for production of cast iron in Aktobe region • 500 thsd tons of granulated iron annually • Total project cost: $457mln • Implementation period: 2010 – 2012 • Key advantages • Strengthening export potential of Kazakhstan • Production of high quality iron based on the unique patented KOBE Steel technology • Manpower: construction – 1800-2300, maintenance - 500 • Investment Opportunities • Debt financing 19

  20. Steel Rails Production • Background • Production of steel rails and rolled steel at KSP Steel metallurgy plant • 200thsd tons annually • Total project cost: $309 mln • Capital structure: 20% equity, 80% debt • Implementation period: 2010-2013 • Key advantages • Meet the growing local demand • Manpower: construction – 1000, maintenance - 106 • Investment Opportunities • Debt financing $247 mln 20

  21. Production of polycrystalline silicon • Background • Creation of silicon cluster on manufacture of mono/poly crystal ingots and silicon plates: • 2500 tons of polycrystalline silicon • Total project cost: $388 mln • Capital structure: 30% equity, 70% debt • Implementation period: 2010 – 2013 • Key project advantages • Well-positioned to supply European and Asian markets • Competitive advantage via long-term access to low-cost raw materials • High value added production • High profitability margins (sales of $594 mln a year) • Competitive advantage due to low transportation costs • Advanced stage of project planning • Feasibility studies and technical specifications completed by leading consultants • Development Bank of Kazakhstan commenced $150 mln loan guarantee for plant construction • Investment Opportunities • Debt financing $50 mln • Equity 21

  22. Mineral Fertilizers Production • Background • Construction of mineral fertilizers producing plant combined with Kok-Djon (Aral-Tobe and Kisik-Tobe sites) and Gimmelfarbskoe deposits • Production of mineral fertilizers -1 mln tones • Products:potassium phosphate, NPK fertilizers, yellow phosphorus,phosphoric acid, reactive compounds • Total project cost: $1.9bn • Expected launch: 2018 • Key project advantages • Availability of natural resources • Low production costs • Meeting 100% local demand on mineral fertilizers of high quality and exporting • Manpower: 5000 • Investment opportunities • Equity • Debt financing 22

  23. Phosphorite Fertilizers Production • Background • Construction of phosphorite tails and low-grade ore processing plant • Production capacity of 1mln tons of phosphorite fertilizers annually • Total project cost: $600 mln • Expected launch: 2010 • Key project advantages • Availability of unique technology to produce phosphorite fertilizers from low-grade ore • Large reserves (over 500 mln tons) of low-grade ore • Proximity and access to markets in China • Strong competitive advantage – the lowest production cost • Ability to produce highly-enriched fertilizers and develop production of NPK fertilizers jointly with KazAzot • Investment Opportunities • Debt financing • Equity • Equipment & Technologies 23

  24. Sulphuric acid production • Background • Reconstruction of sulphuric acid plant on the base of SGHK Ltd aiming to provide Kazatomprom’s uranium producing entities with sulphuric acid • 180 thsd tons annually • Total project cost: $69 mln • Capital structure: 31% equity, 69% debt • Implementation period: 2010 - 2012 • Key advantages • Low cost of raw materials • Manpower: construction – 300, maintenance – 141 • Investment Opportunities • Debt financing 24

  25. Pharmaceuticals plant • Background • Construction of a pharmaceuticals plant in Astana and expansion of current production of ChimPharm (Shymkent) • Total project cost: $81 mln • Capital structure: $30 mln- equity, $51 mln – debt • Implementation period: 2009 - 2011 • Key advantages • Growing local demand • Growing local production on the Kazakhstan’s pharmaceutical market from 10% to 25% • Creating innovative, science intensive and export oriented production (turnaround) • Manpower: construction – 1000, maintenance - 300 • Investment Opportunities • Equity • Debt financing • Technologies 25

  26. National medicine and medical equipment distribution company • Background • Creation of integrated medicine and medical equipment distribution system • Total project cost: $ 80 mln • Expected launch: 2009–2010 • Key project advantages • Growing market • Development of local pharmaceutical industry • Transparency in government pharmaceutics procurement, effective system of transport and logistics • Investment Opportunities • Debt financing for a logistics system construction • Medications supply to Kazakhstan 26

  27. Contacts: Republic of Kazakhstan Astana , Orynbor street 10,«Kazyna Tower» info@skinvest.kz www.samruk-kazyna.kz

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