NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, AUSTRALIA, CANADA, SOUTH AFRICA, OR JAPAN

Samruk-Kazyna JSC’s (the “Fund”) and NC Kazakhstan Temir Zholy JSC ("KTZ") provides the following update in respect of KTZ's proposed initial public offering of securities (the “IPO”).

The Resolution of the Government of the Republic of Kazakhstan dated October 24, 2025 No. 894 “On certain issues of optimisation of quasi-public sector entities and state-owned property”, contemplates that the IPO of KTZ would occur in 2026. This remains the Fund’s and KTZ’s objective.

At present, the Fund, together with KTZ, is actively preparing for the international IPO of KTZ, which is expected to involve a triple listing on the London Stock Exchange, the Hong Kong Stock Exchange (LSE and HKSE) and a local stock exchange in Kazakhstan.

The IPO is proposed to be structured exclusively as a primary equity offering – i.e. an issue of equity securities by KTZ, rather than a sale of securities by the Fund on a secondary market.  Thus, all funds raised through the IPO will be retained by KTZ for its own purposes.

It is expected that the proceeds raised through the IPO will be used to repay of a portion of its existing debt obligations, and to implement a large-scale investment program aimed at the development and modernisation of railway infrastructure, increasing the capacity of transport corridors, renewal of rolling stock, and, more generally, strengthening the country’s overall transit potential.

The IPO of KTZ, like any other company, requires a great deal of preparatory work, including in order to enhance the attractiveness of the asset for outside investment; such preparatory activities are currently being carried out by the Fund and KTZ in coordination with the Government of the RK.  At the present time, it is not possible to disclose additional details of the preparatory work.

A detailed assessment of financial market conditions will be carried out by the investment banks which are engaged by KTZ closer to the time of the IPO. This assessment, together with KTZ’s readiness and investor interest, will be factors which may affect both the timing and the structure of the IPO.

Press services of Samruk-Kazyna JSC and NC Kazakhstan Temir Zholy JSC

This press release does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities in any jurisdiction, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment whatsoever relating to any securities.

This press release is not for publication or distribution, directly or indirectly, in or into the United States of America.  This press release is not an offer of securities for sale into the United States.  Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.

Recipients of this press release who intend to purchase or subscribe for equity securities in KTZ following publication of the final prospectus are reminded that any such purchase or subscription must only be made solely on the basis of the information contained in the final Prospectus relating to KTZ.