DEAR LADIES AND GENTLEMEN!

The year 2024 has become a time of serious global and local challenges, but also a time of new opportunities. We are facing the need for large-scale infrastructure modernization, energy security and development of the transport and logistics system. In this context, the effective implementation of investment projects becomes especially crucial.

As of today, the Fund has identified a list of 46 priority projects, with the implementation overseen by the Board of Directors. In 2024, our companies completed the restoration of power unit No. 1 at GRES-1 with an increase in the plant's capacity to 4,000 MW, commissioned gas infrastructure for Almaty CHPP-2 and CHPP-3, and launched a transportation and logistics terminal in Xi'an.

Financial performance showed positive trend, with net income up 39% compared to 2023. The Fund's payments to the Government, including dividends and social projects financed on behalf of the Government, totalled KZT 1.4 trillion. In addition, KZT 2.1 trillion was paid in taxes.

The IPO of Air Astana was held as part of the task to reduce state participation in the economy. An agreement was signed for the sale of QAZAQ AIR to the Vietnamese Sovico Group and its local partner. The transaction on sale of Mobile Telecom-Service LLP in favor of Qatari PIH was completed.

Additional measures were taken to support domestic commodity producers. As a result, we signed contracts totalling KZT 1.1 trillion with domestic producers, up 76% year-on-year. We made offtake agreements for KZT 191 billion, a 10-fold increase. Stable growth is planned for all indicators across the procurements: by 25% for contracts with domestic producers, up to KZT 210 billion for offtake agreements, and up to KZT 30 billion for e-store orders.

The plans for the current year include commissioning of 7 major investment projects. The launch of the second tracks on the Dostyk- Moynty section is expected ahead of schedule. The Fund plans to complete the railway line bypassing Almaty and launch a container hub at the Aktau port. The Taldykorgan-Usharal gas pipeline will be commissioned ahead of schedule. A desalination plant is planned to go operational in Kenderli village. Pavlodar Petrochemical Plant will produce winter fuel. The annual capacity of the CASPI BITUM plant will rise 1.5 times to 750,000 tonnes.

As part of our corporate social responsibility commitments, Samruk-Kazyna JSC supported about 700,000 Kazakhstani people in the areas of medicine, inclusion and sports. To support regions affected by floods, we allocated KZT 22 billion. In addition, the Fund provided equipment, fuel and lubricants, humanitarian aid, and free transportation of people for a total of about KZT 8 billion.

The initiatives implemented in 2024 laid a strong foundation for future growth. The Fund will continue to work on the implementation of important infrastructure projects, focusing on ensuring stability and enhancing resilience to external risks.