The Fund with the participation of Kazyna Capital Management successfully withdrew from the project in the energy sector

The Joint Investment Fund Kazyna Capital Management and the Chinese Investment Company CITIC Capital - CITIC Kazyna Investment Fund announces a successful exit from the project in the energy sector of Kazakhstan. In 2015, the Fund with the participation of Kazyna Capital Management invested in the share capital of Central Asian Electric Power Corporation (CAEC) JSC. The repurchase of 1.45% of shares of CAEC by shareholders represented by Central Asian Fuel and Energy Company JSC was completed in April 2020. The yield on the results of the project exit (IRR) was 10% per annum in US dollars. During the participation of investors in the CAEC project, the power generated increased from 6,529 million kWh to 7,033 million kWh, the installed electric capacity increased by 142 MW, from 1,076 to 1,218 MW due to the modernization and commissioning of new capacities at the Pavlodar CHPP-3 and Petropavlovsk CHPP-2. In comparison with 2015, the concentration of air emissions decreased by 5.5%, and losses in electrical and heat networks decreased by 0.8% and 0.5%, respectively. The implementation of this project has contributed to the development of the electricity sector of the Republic of Kazakhstan and is a successful example of attracting international institutional investors in the field of private equity, in accordance with the strategic objectives of Kazyna Capital Management. Kazyna Capital Management JSC is a Private Equity Fund established in 2007, whose main mission is to develop private equity infrastructure in Kazakhstan in order to promote the sustainable economic development of Kazakhstan. It is a subsidiary of Baiterek NMH JSC. More information can be found on the website: kcm-kazyna.kz. Central Asian Electric Power Corporation JSC is a vertically integrated energy company founded on August 8, 2008. The total installed electric capacity of CAEC JSC is 1,218 MW — according to this indicator, the Corporation is the leader among private power generating companies in Kazakhstan. More information can be found on the website: caepco.kz. CITIC Kazyna Investment Fund is a Kazakh-Chinese Direct Investment Fund, whose investors are Kazyna Capital Management JSC and the Chinese Investment Company CITIC Capital. The Fund's capitalization is $200 million.