NB 500 11(20)-Eng

ANALYTICS MAGAZINE №11 (20) 2015NB500RANKINGOF THE LARGESTCOMPANIES IN KAZAKHSTANCollaborative project ofNational Business and McKinsey & Company500 COMPANIESOF THE RANKING EARNED26.081 26.360TRILLION OF KZT 1,1% TRILLION OF KZTin 2013 GROWTH in 2014



CONTENTREVIEW 4 National Business Magazine #11 (20)Investment climate 10 Published since 2003 12 Periodicity: monthly During its 24 years of independence, Kazakhstan has attracted $231 billion in 14 foreign direct investment (FDI), including $205 billion over the past decade and 38 Director $141.5 billion over the past 5 years. MAXAT OSPANOV 46Infographics Editor-in-chief DENIS KULKINMETHODOLOGY Managing editorNB500 RANKING OKSANA SHCHERBAKOVALargest companies in Kazakhstan (table) Copy editorOIL & GAS | Sobering up NELLY ROYANOVA Only 5 out of 36 oil companies increased their revenues in dollar terms in The project was made by: 2014, and only 17 increased their revenues in tenge terms thanks to a 19% ASEL KEREY devaluation of the national currency in February 2014. AZAMAT KUANBAEV ZHOMART ASSENKANOVMINING & METALS | Subsoil optimization DENIS KULKIN JUKKA MAKSIMAINEN Declining prices have been the main trend in the global metals industry over SERGEY KISELEV the past few years. As the rate of economic growth is slowing down, major ALEXEY STARYGIN companies are using fewer products from the mining & metals sector, causing MAKSIM VARSHAVSKIY excess supply on the market. VALENTINA PLOTNIKOVA VALERIA MIKHALCHENKO The certificate of registration of the periodical and Reprinting of National Business magazine’s materials BAKHYTZHAN OMIRSERIKOVinformation agency #15125-Ж issued on 02.12.2015 by the and using them in any form, including electronic media is NELLY ROYANOVAMinistry of Investments and Development of the Republic possible only by agreement with the editorial board. OKSANA SHCHERBAKOVAof Kazakhstan. JULIA SHCHERBININACONTENT Design and layout ILYA FILATOV Illustrations EVGENIA RESHETNIKOVA Owner BMG INVEST, LLC Editorial address: 16, Elebekov str. Almaty, Kazakhstan tel.: +7 (727) 225 53 62 e-mail: [email protected] Translation agency TRANSLATORS GROUP 18, md Samal-1, office 4 Almaty, Kazakhstan tel.: +7 (727) 263 62 48 Printing house PRO EXPRESS, LLC 58A, Abylai Khan str. Almaty, Kazakhstan 1

Denis Kulkin Editor-in-chief,National Business Magazine We would like to introduce you to the biggest in-depth and the Prime Minister’s office, the National Bank analysis of Kazakhstani business – the NB500 ranking and the National Welfare Fund «Samruk-Kazyna». We of the largest companies in Kazakhstan. believe that our research will help all these people, on whom the future of our country depends, to take National Business Magazine has been published for correct and useful decisions for Kazakhstan. An English 12 years, during which we have organized the National translation of this issue will be sent to all 109 offices of Business Forum four times, made a contribution towards McKinsey & Company worldwide to give their clients - improving the «Business Roadmap-2020» program, leading global corporations - a better understanding of completed more than 50 sectorial studies and released how to invest in Kazakhstan effectively. six NB500 reports. You are holding the seventh. What benefit will NB500 bring to you? The ranking This year, we have studied the national business will provide you with a complete picture of how the top scene together with major international consulting firm companies in 11 sectors of the economy have fared over McKinsey & Company, which benefits our country by the past two years. In particular, you will learn why advising companies participating in the State program the consolidated revenues of the largest companies in «Competitive Leaders - National Champions». The the manufacturing industry have increased by 17.3% main goal of the program is to turn small but successful during the year and which oil & gas companies have manufacturing enterprises that are worthy of exporting recorded a fall in revenue. their products under the brand “Made in Kazakhstan” into major multinational corporations. It is an honor for Our underlying principal has always been that us to work with McKinsey & Company, but more than information is the most precious thing in the world, and that, it is a great responsibility. National Business Magazine provides a major benefit to Kazakhstan by creating a detailed atlas of the country’s What benefit will NB500 bring to Kazakhstan? This economy – one that is similar to a geographical atlas, issue of the magazine had been received by managers with all its lakes, ridges and plateaus. Studying these of the 1,000 largest companies in the country, heads of maps will help the country to choose or to correct its ministries, committees and local government offices, route towards successful economic and social prosperity. their deputies, members of the President’s administration CONTENT2 National Business, №11 (20) 2015

Jukka Maksimainen Managing Partner,McKinsey & Company Kazakhstan McKinsey & Company has been active for more economy, this report will be a useful sourcethan 10 years now in Kazakhstan, and we have had of information for investors making strategicoffices in Astana and Almaty for nearly 3 years. We decisions worth billions of dollars. It will be sharedare very excited to be part of this vibrant economy, with all of McKinsey’s offices globally in more thanand have made a very long-term commitment to 65 countries around the world, and our colleaguesthis country and its people. will use this material in discussions with their clients when they consider making investments Year 2015 brought some interesting news; there in different geographies. These include majorwas never a dull moment. The fact base on the international organizations and senior executives500 largest companies and their development responsible for investment decision making. Wetrends make similarly interesting reading. Over are confident our joint project will create a uniquethe years, we have developed detailed models channel to spread this information.of the economic development of Kazakhstan,investment trends, sources of financing and I would like to wish all readersbalance sheet structures. Partnering with National of National Business MagazineBusiness Magazine on this major effort to analyzesystematically the fact base on the development a happy festive seasonof the economy from the standpoint of its largest and a prosperous New Year 2016!companies was natural for us. 3 Given the need to modernize Kazakhstan’seconomy and the need to close the gap toinvestment requirements in order to fuel thecountry’s future economic growth, attractinginternational investment into both greenfieldprojects and the privatization program will becritical. Covering the key sectors of Kazakhstan’sCONTENT

ReviewInvestment ClimateDenis KulkinDuring its 24 years of independence, Kazakhstan has attracted $231 billion in foreign direct investment (FDI),including $205 billion over the past decade and $141.5 billion over the past 5 years. In 2014, Kazakhstan becameone of the top 30 countries in terms of net foreign investment. The major investor countries include theNetherlands, the United States, Switzerland, China, France and the United Kingdom. However, current investment levels are Figure 1. Kazakhstan’s key economic indicatorsinadequate. Today Kazakhstan has a Real CapitalStock to GDP ratio of ~1.5, whereas the globally 100 12%used sustainable long-term capital intensitymultiplier is 1.9-2.1. This means that instead of 90~$50-55 bn annual total investment across thepublic sector, Kazakhstan’s private sector and 10%foreign direct investment target should be ~$85 80bn. A large portion of the delta would need to comefrom foreign direct investors. 70 8% 60 Traditionally, the bulk of investment has 50 6%gone into the mining industry, which accountedfor 28% of the total from 2009 to 2014. 40Scientific and technical activities in the oil &gas and metals industries had an even greater 4%share of total FDI during the same period, at 3033.9%. Still, the added-value sector is now thefastest growing in terms of FDI attracted: with 20 2%a share of just 7% before 2010, it has accounted 10for 14.1% of all foreign investments during thepast 5 years. 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 0% What makes Kazakhstan more attractive Gross FDI inflows Exports, $ bn GDP dynamics, %country for investors? Over the past year, the in Kazakhstan, $ bncountry has climbed 12 places to 41st amongthe 189 countries in the World Bank’s DoingBusiness ranking. The main improvementsinvestors should pay attention to include a4 National Business, №11 (20) 2015 CONTENT

Figure 2. Top countries investing in Kazakhstan 2005-2014, mln USD Netherlands 58,465 USA 21,008 Switzerland China 13,107 France 12,741 11,252United Kingdom 11,022 Virgin Islands 9,686 Russia 9,081 Italy 5,647number of important principles that have Over the past There is a high probability that thisbeen implemented thanks to successful year, the country development trajectory will continue andreforms carried out under the leadership of has climbed 12 that Kazakhstan will continue to improve itsPresident Nursultan Nazarbayev and the new places to 41st position in the Doing Business ranking, as thegovernment. among the 189 government aims to make Kazakhstan one of countries in the the top 30 developed nations. Moreover, in Protection of minority investors’ rights has World Bank’s the coming years, Kazakhstan plans to joinbeen a major focus area. On this indicator, Doing Business the OECD1 Investment Committee: this willKazakhstan has risen 39 places in the ranking ranking. require a lot of work, as the country will haveto 25th in the world. The second, equally to make its investment environment consistentimportant, principle is contract enforcement. with the OECD’s standards.Here, Kazakhstan has climbed in the rankingsfrom 14th to 9th place, making it one of the To achieve this, a number of specialmost reliable countries in the world in this government 5-, 10- and 35-year programmesrespect. To put things in perspective, Germany are currently under way. The acceleratedand the United States are ranked 12th and 21st industrial innovation development programmerespectively. is one that has already been completed. In the space of 5 years, 770 new medium-sized Kazakhstan is among the 20 top ranking and large industrial enterprises were built incountries in terms of taxation, entity and Kazakhstan and the country is now producingproperty registration. With this set of principles, more than 400 products that it had neverinvestors will have great opportunities to produced before. The credit for this goes topursue their business ideas and initiatives both the government and the ever busy Councilwithout being held back by bureaucracy and tax of Foreign Investors under the President of theburdens. Kazakhstan has a very competitive tax Republic of Kazakhstan. The Council includesregime, with VAT and income tax rates of 12% representatives of a number of investors suchand 10% respectively. By comparison, income as BG, Citi, General Electric, Mitsubishi,tax and VAT in South Africa are 24%-43% and14%, and in Russia – 13% and 18% respectively. 1 Organization for Economic Co-operation and Development.CONTENT 5

ReviewTotal, Chevron, Eni, JP Morgan Chase, CNPC, • Investors in priority sectors of industry willDeutsche Bank, Lukoil, Sembol Construction,Rusal, ArcelorMittal, Sberbank, Polpharma, be exempt from corporate income tax andAnadolu Group and other companies from all land tax for 10 years and from property taxover the world. for 8 years; These large corporations have been • The government will reimburse up to 30%successfully growing in Kazakhstan for manyyears, only in 2014: Schlumberger, the oilfield of the investor’s capital costs after a facilityservices giant, has achieved 258% of revenue has been commissioned (investmentgrowth; South Korean construction company subsidy);Highvill – 215%; Italian oil and gas contractorSicim – 59%; India’s ArcelorMittal steel and • No quotas will have to be met and nomining company – 25%; and Samsung, theworld’s leading electronics manufacturer – permits will have to be obtained to use21%. foreign labour for the entire construction period of the investment project and for Of course, not all companies manage to one year after commissioning;develop that fast in Kazakhstan, because somemarkets and sectors are fairly competitive and • Investors are promised that they will notmature, and a lot depends on choosing theright strategy and the company’s vision of the be faced with increases in tax rates (othersituation. than VAT and excise duties) or any changes in employment legislation.Latest changes in strategies to attractinvestors Currently, the Ministry of Investment and Development of the Republic of Kazakhstan In order to support foreign investors, on June has an Investors Service Centre for investors,12, 2014, the President of Kazakhstan signed which operates on a one-stop principle anda law on improving the investment climate, deals with priority investment projects. Thisintroducing the following measures: mechanism significantly minimises investor participation in the collection and preparationFigure 3. FDI in Kazakhstan by sector during 2010-2014 of documents. Direct interaction between investors and government authorities is 8.1% Other limited. 3.0% Information and telecommunications 4.0% Financial services Research & development 33.9% 9.3% Wholesale and retail trade Mining 27.6% 14.1% Added-value sector CONTENT 6 National Business, №11 (20) 2015

Figure 4. Special economic zones Astana – New City / Mixed Burabay / Tourism Pavlodar / Petrochemistry NIPT / Petrochemistry Saryarka / Metals Innovation Technologies Park / IT innovations Ontustyk / Textiles Taraz Chemical Park Khorgas – Eastern Gate Aktau Seaport / Mixed / Chemicals / Logistics Within the framework of providing public The institution Special economic zonesservices, every government agency and of investment Ten special economic zones offer the mostmunicipality has liaison officers working with ombudsman hasinvestors engaged in priority projects. been introduced favourable and advantageous conditions for to protect the investors. In addition, investors can contact a call rights andcentre to get any information they need. interests of Investors in all FEZs receive the following investors. benefits: The institution of investment ombudsmanhas been introduced to protect the rights and • exemption from corporate income tax;interests of investors. Asset Isekeshev, the • exemption from land tax;Minister for Investment and Development • exemption from property tax;of the Republic of Kazakhstan, is currently • exemption from value added tax (VAT) onthe investment ombudsman. He oversees aworking group composed of representatives of the sale of products inside the FEZ that arethe government bodies concerned, which helps entirely used in production.to resolve any disputes that arise out of court or Moreover, FEZ investors receive a land plotat the pre-trial stage. at no cost to implement their project and enjoy simplified procedures for hiring foreign labour. Visas are no longer required for nationalsof 19 countries (Australia, Hungary, Italy, Industrialisation programmethe Principality of Monaco, Belgium, Spain, As mentioned above, 770 projects worththe Netherlands, Norway, Sweden, Malaysia,U.A.E., Singapore, United Kingdom, United approximately $17 billion were commissionedStates, Germany, Finland, France, Switzerland during the first five-year plan of the Acceleratedand Japan) that have been investing most Industrial Innovation Development programmeheavily in Kazakhstan. (including 65 projects with foreign participation valued at $4.7 billion), and 75,000 permanent jobs were created.CONTENT 7

ReviewRussia and The second stage of the Industrial Innovation Investment attractive infrastructure:Kazakhstan Development programme began in 2015 and EEU, Silk Road, access to the Pacifichave a 7,513 km- should be completed by 2020. There are six Oceanlong border, priority sectors for industrial development thatwhich is the will receive the most generous support from the As of January 1, 2015, the Eurasian Economicworld’s longest government: Union, one of the world’s largest economiccontinuous land 1. Food production alliances with open internal borders, as well asborder between 2. Mechanical engineering mature and interconnected transport, energytwo countries. 3. Ferrous and non-ferrous metallurgy and language infrastructure, has been up andAnd it is open. 4. Oil processing and petrochemicals running. The organisation currently consists 5. Agrochemicals and industrial chemicals of five countries: Russia, Kazakhstan, Belarus, 6. Building materials production Armenia and Kyrgyzstan, where 182 million people reside, including 93 million economicallyFigure 5. Western Europe-Western China highway Moscow Russia Kazakhstan Almaty Urumqi China Lianyungang Aqtobe Aralsk KyzylordaCaspian Sea Shymkent Khorgos Almaty New Silk Road8 National Business, №11 (20) 2015 CONTENT

active individuals. GDP of EEU countries in 2014 Opportunity to privatize top companies Yellow Pagestotalled $2.2 trillion, industrial output reached Kazakhstan has set itself the ambitious task Rule principles of$1.3 trillion and exports to third countries the Singaporeanamounted to $877.6 billion. of significantly reducing the share of net assets government in state ownership: from the 45.8% of net assets were applied One of the most unusual facts about this to GDP accounted for by the Ministry of National when designingUnion is that Russia and Kazakhstan have a Economy as of the end of 2013, to 15% by 2020. In the programme.7,513 km-long border, which is the world’s order to achieve this, the country has announced These principleslongest continuous land border between two a new programme of privatization and intends require thecountries. And it is open. Manufacturing to sell a large number of companies currently government’scompanies have open and non-discriminatory owned by the government through national withdrawalaccess to 143 million consumers in Russia, and SOEs (net assets to GDP ~17%), Samruk-Kazyna from any sectorsthat is only part of the benefits that Kazakhstan portfolio companies (net assets to GDP ~23%) where thereenjoys thanks to its geographical location. and communal property (net assets to GDP ~6%). is at least one Various government officials have consistently private business The border with China’s western provinces, stated that the Yellow Pages Rule principles of operating.which are growing faster than provinces in the the Singaporean government were applied whensouth and east (11% in the first three quarters of designing the programme. These principles2015, compared to 6.9%) allows Kazakhstan to require the government’s withdrawal from anybecome an important transit route for Chinese sectors where there is at least one private businessgoods heading to Western Europe. Currently, operating.construction of a phenomenal WesternEurope-Western China highway is under way The full details of the privatization programin Kazakhstan, Russia and China. It will be have not yet been disclosed, but the main8,500 km long, with a speed range of 100-150 principles have been described as follows:km/h, making it possible to transport goodsfrom China to Germany or France in less than • Transparency. To ensure transparency of10 days. Today, 15-20 days is the fastest possibletransit time using the Trans-Siberian Railway, sales transactions for assets and facilities, theand it takes a shipment approximately 45 days current state-linked shareholder shall make ato reach its destination if sent by sea. third party responsible for the technical side of the online auction, namely the gosreestr.kz Kazakhstan intends to complete its section of website of the Ministry of Finance. To ensurethe highway by 2016 at the latest, while China maximum transparency of the privatizationand Russia plan to finish construction by 2019. process, special panels have been created,It should be mentioned that the International consisting of independent external members.Bank for Reconstruction and Developmenthas been especially instrumental here, having • Legitimacy. Before they are offered forinvested $2.1 billion in the project – the biggestloan ever provided by the Bank to a single sale, all the companies undergo a propercountry. New added-value manufacturing sites legal examination and should be free fromshould be located along the highway, as it is the encumbrances or claims by third parties.best route for exports to the West. In accordance with current legislation, if an asset or a facility has another owner or There are also effective transportation routes shareholder, it will be granted the right ofto the East. As of December 2014, there has first refusal. If the shareholder waives thisbeen launched a joint Chinese-Kazakh terminal right, the asset will be put up for auction andin the port of Lianyungang on the Pacific coast, sold to the highest bidder.one of the largest seaports in the world. Its goalis to improve Kazakhstan’s export-import and • Economic feasibility. The current state-transit capabilities, using railroads to ensurethe shortest route to Asia Pacific and Southeast linked shareholder will sell its assets orAsia. facilities at their fair market value, aiming to maximize its income. Given that some assets are not attractive to buyers, the current state- linked shareholder must decide what to do with the property.CONTENT 9

N B 5 0 0 R A N KI N G | I N FO G R APHI C S ALL COMPANIES Oil & Gas 2014 4.93% OF NB500 RANKING 101 13,604 10.35% 30,000 dynamics 2014/2010 companies bn of KZT 43.33% 51.6% 2.3% 25,000 14,000 dynamics 2014/2010 20,000 38.7% 12,000 15,000 10,000 10,000 8,000 31.1% 5,000 6,000 0 4,000 2010 2011 2012 2013 2014 2,000 2014 0 2010 2011 2012 2013 2014 26,360 3.26% Mining & Metals 4.99% bn of KZT 1.1% 21.95% 2014 43 3,311 -11.01% companies bn of KZT 4.64% 15.59%Finance 12.6% 5.9% 32 2014 25.76% 3,500 dynamics 2014/2010 2.36% 3,000 22.7%companies 2,125 22.58% 2,500 2,000 2010 2011 2012 2013 2014 8.1% bn of KZT 1,500 1,000 10.3% 500 02,500 dynamics 2014/20102,0001,500 25.2%1,0005000 2010 2011 2012 2013 2014Transport 2014 25 1,646 4.14% Construction 3.10%companies bn of KZT 0.33% 2014 6.2% 10.6% 77 1,478 -2.96% 1.81% companies bn of KZT 55.58%1,600 dynamics 2014/2010 5.6% 6.3% CONTENT1,400 59.9%1,200 1,600 dynamics 2014/20101,000 2010 2011 2012 2013 2014 1,400800 1,200 88.4%600 1,000400 800200 6000 400 200 0 2010 2011 2012 2013 201410 National Business, №11 (20) 2015

Manufacturing 2014 69 1,030 -2.95% Energy 2014 companies bn of KZT 1.71% 27 847 -1.96% 3.9% 17.3% companies bn of KZT 8.46% 4.94%1,200 dynamics 2014/2010 3.2% 1.9% 9.10%1,000800600 1,000 dynamics 2014/2010400 152.5%200 8000 600 2010 2011 2012 2013 2014 400 33.1% Telecommunications & IT 200 2014 0 2010 2011 2012 2013 2014 717 16 10.71% FMCG 2014 bn of KZT 10.72% companies 19.40% 34 633 9.9% 2.7% companies bn of KZT dynamics 2014/2010 2.4% 6.0% 6.86% 800 9.50% 700 50.79% 600 500 dynamics 2014/2010 400 700 300 58.0% 600 200 500 100 400 0 300 107.0% 200 2010 2011 2012 2013 2014 100 0 Trade 2014 2010 2011 2012 2013 2014 40 517 ---- Agriculture companies bn of KZT ---- ---- 2014 2.0% 33.0% dynamics 2014/2010 20 347 -11.30% 600 0.76% 500 companies bn of KZT 4.80% 400 300 1.3% 17.0% 200 366.0% 100 dynamics 2014/2010 0 600 2010 2011 2012 2013 2014 500 400 300 24.0% 200 ROS, % revenue – revenue growth Average ROA, % 100 – revenue fall index ROE, % bn of KZT 0 by sector 2010 2011 2012 2013 2014 *Share and total revenue of companies which are not correspond to 11 studied sectors are not specified (services, diversified hodings without straight accentuation)CONTENT 11

N B 5 0 0 R A N KI N G | M E T H O D O L O GY NB500 METHODOLOGY Basic principles of the NB500 project The main parameter behind the revenue from the sales of goods (works, the holding’s subsidiaries and divisionsNB500 ranking is the consolidated services). provided below for reference.revenue from the sales of goods (works,services) in 2014 earned by a company In addition to sales revenues, the If the company is part of a foreignregardless of its type of ownership, table shows annual net profit (losses); holding, this company will be rankedlegal form of business organization total assets at the beginning and at the based on its own performance. Foreignor the sector, where it operates. If we end of the year; equity at the beginning holding companies created solely forwere unable to apply this metric due and at the end of the year. the listing of Kazakh holdings on oneto the specific nature of a company’s of the international stock exchangesbusiness operations, we used another The table also features three financial are the exception. In this case, theperformance metric from this company’s metrics: ROA (return on assets), ROE foreign holding company will be rankedfinancial statements that had the closest (return on equity), ROS (return on sales). with the description of the holding’seconomic meaning (table 1). Information on the ratio calculation is structure. available in table 2. The company’s position in the ranking Non-resident companies (branchesis determined by its consolidated If the company is a holding, then of foreign companies) are ranked based only the parent company is numbered on their revenues in Kazakhstan. in the ranking with information aboutTable 1. Sales revenue in special casesArea of business Revenue from the sales of goods (works, services)Companies in the industrial sector (Oil & Gas, Metals & Mining,Energy, Added-Value Industries), agriculture, telecommunications, Consolidated revenue from the sales of goods (works, services)construction, transport, non-financial servicesCompanies in the trade sector (grocery and non-grocery retail Gross revenuechains, pharmacies, gas stations, car dealerships)Banks Interest income (before interest expense) before forming reserves,Insurance companies plus fee income and net non-interest income from transactions withFinancial holding companies securities and foreign exchange12 National Business, №11 (20) 2015 Insurance premiums, minus reinsurance premiums, plus changes in the unearned premium reserve (net), plus investment income, plus fee income Interest income (before interest expense) before forming reserves, plus fee income and net non-interest income from transactions with securities (excluding income derived from the disposal of investments) and foreign currencies, plus insurance income. CONTENT

Table 2. Ratio calculation method • The company’s willingness toRatio Calculation method meet and share its views on theROA problems faced by the corporate ROA = Net profit (losses) sector and possible solutions to (Assets at beginning of year + assets at year end)/2 them. Net profit (losses) • Focus of this NB500 project onROE ROE = companies of the non-primary (Equity at beginning of year + equity at year end)/2 sector. Based on the results of the meetingROS ROS = Net profit (losses) sessions with the participants of the Revenue (works, services) ranking, we evaluated the impact of external and internal factors on Considering the experience of • If the company’s fiscal year starts the companies’ ability to survive andprevious years, the reluctance of develop in Kazakhstan. In addition,some large companies to reveal their not on January 1, then the above we compiled a collection of solutionsfinancial performance data for 2014, mentioned approach will be used suggested by the companies.with no information available in open for the respective dates of publishingsources, was not unexpected. So, to rank the financial statements. 4. Information from open sources. Inthese companies, we used a number addition to the information providedof professional revenue assessment Stages of data collection by the companies, we used data frommethods. 1. Selection of companies for the the financial statements available from the following open sources: Kazakhstani tenge was used as the survey. When selecting companies stock exchanges (KASE, LSE, etc.),ranking’s currency. Sales revenues for the survey, we had the following print media, company websites,will also be provided in United States considerations: financial statements depository, etc.dollars based on the exchange rate of1 USD = 179.19 KZT (average annual • Companies ranked in the last 5. If a company refused to cooperate,exchange rate of the National Bank of and the required information was notthe Republic of Kazakhstan in 2014), year’s NB500 ranking; available in open sources, we used anunless the company’s US dollar revenue indirect assessment method basedare provided in its financial statements. • The list of 2,000 companies with on expert opinions, including the useIn this case, the information from the of public records on the company’sfinancial statements will be used. the highest revenue from the sales performance and its position on the of goods (works, services), provided market. If the figures in the company’s by the Statistics Committee of thefinancial statements are in a foreign Ministry of National Economy. 6. Final adjustments to the informationcurrency, they will be converted into obtained through assessmenttenge using the following exchange 2. Questionnaires.Thecompanieswere were made by corporate sectorrates: asked to fill out a questionnaire which experts: representatives of industry included four financial performance associations, banks and investment• for figures in the statement of metrics for 2014 (revenue from the companies. This was done to evaluate sales of goods (works, services), net the accuracy of the companies’ financial condition (assets and profit, total assets at the beginning estimated revenues from the sales equity), the exchange rate on the and at the end of the year, equity at of goods (works, services) and the date of the statement shall be used the beginning and at the end of the holding structures. (for example, as of 01/01/2014 year), as well as information about and 31/12/2014, 1 USD = 154.06 the company’s holding structure for Ranking prepared by KZT and 1 USD = 182.35 KZT the purposes of the ranking. Denis Kulkin, respectively); 3. Meeting sessions with companies Azamat Kuanbaev,• for figures in the statement of to identify and articulate (for the Oksana Scherbakova, purposes of the project) the challenges comprehensive income (revenue the companies are facing, as well as Yulia Scherbinina, and net profit), the average annual possible solutions to them. When Bakhytzhan Omirserikov, exchange rate will be used (1 USD selecting companies for meeting = 179.19 KZT). sessions, we had the following Valeria Mikhalchenko. considerations:CONTENT 13

N B 5 0 0 R A N KI N G | TABL E2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %1 1 Tengizchevroil Oil & Gas Oil Production 22,807.2 4,086,824 1,754,126 1,248,400 1,915,782 801,603 1,635,379 42.92 110.87 143.962 2 KazMunayGas Oil & Gas Vertically integrated oil 17,784.3 3,186,764 199,215 7,558,186 8,838,841 4,036,191 4,417,112 6.25 2.43 4.71 companyKazMunayGas Refining and Marketing Oil & Gas Sales of petroleum products 2,326.7 416,923 19,125 666,453 855,384 388,749 415,723 4.59 2.51 4.75 -3.37 -0.61 -2.25Atyrau Refinery Oil & Gas Oil refinery 328.1 58,790 -1,980 288,702 360,524 85,895 89,893KazMunayGas Onimderi Trade Petroleum products trading 979.8 175,570 17,560Kazakhstan Petrochemical Oil & Gas PetrochemistryIndustriesKMG-Alatau Trade Sales of petroleum products Sales of petroleum productsKMG-Astana Trade Sales of petroleum products Aviation fuel supplyKMG-Zhayik TradeKazMunayGas-Aero Oil & GasKazMunayGas Exploration and Oil & Gas Oil Production 4,720.0 845,770 47,038 1,595,506 1,483 1,373,775 1,339 5.56 5.89 6.84Production 20.93 24.94 31.75EmbaMunaiGas Oil & Gas Oil Production 1,926.3 345,170 72,237 281,913 297,300 216,419 238,637 36.18 57.60 97.98 Oil Production 1,399.6 250,798 90,731 164,808 150,243 84,963 100,248KazGerMunai JV Oil & Gas Oilfield services Construction 49.3 8,840Ken-Kurylys Service Oil & Gas Repairs and installation 42.9 7,680 Services 31.4 5,630Zhondeu Construction 32.1 5,750Cruz ConstructionKMG EP-Catering ServicesKazakh Natural-Gas Processing Oil & Gas Natural-gas processing 83.8 15,023 2,696 12,163 14,057 8,931 11,600 17.95 20.57 26.27Plant -27.83 -38.60 -55.04 -467.85 -57.65 -76.11OzenMunaiGas Oil & Gas Oil extraction 2,684.8 481,097 -133,880 456,995 236,723 330,197 156,270 Oil exploration and 2.2 -122.65 228.35KMG Exploration Assets Oil & Gas extraction 0.0 397 -1,855 3,877 2,558 2,883 1,991 Oil extraction Karpovskiy Severny Oil & Gas Education 1,835.9 0 -9,683 8,172 7,618 -42 -8,439 Embaokuortalygy Services Water pumping UDTV Oil & Gas Natural gas transportation 659.5 328,972 -19,666 682,312 945,797 434,636 564,443 -5.98 -2.42 -3.94KazTransGas Oil & Gas Natural gas supply 25.5 16.71 4.37 6.72 KazTransGas-Almaty Oil & Gas Natural gas transportation 781.5 118,179 19,753 350,453 553,936 215,716 371,761 Intergas Central Asia Oil & Gas Natural-gas extraction/ 4,570 1,724 129,142 175,915 73,793 95,726 processing 1,153.2Amangeldy Gas Oil & Gas Natural gas supply 140,042 Sales of natural gas KazTransGas-Aimak Oil & Gas Oil transportation 1.23 1.13 2.03 KazTransGas Onimderi Oil & GasKazTransOil Oil & Gas 206,637 46,431 590,527 585,407 467,270 457,644 22.47 7.90 10.04 MunaiTas North-West Pipeline 23.54 5.01 6.45 Company Oil & Gas Oil transportation 38.3 6,861 1,615 31,930 32,529 24,853 25,218Kazmortransflot Transport and Transport 115.0 20,602 2,379 37,878 42,079 18,277 20,122 11.55 5.95 12.39 logistics 42.4Kazakh Oil and Gas Institute Oil & Gas Research and development 12.4 7,603 930 19,420 10,697 15,272 9,205 12.23 6.18 7.60 CaspiMunaiGas Oil & Gas Research and development 2,225 340 3,561 2,560 3,342 2,088 15.29 11.12 12.53 KazNIPImunaygas Services Services 135.9 Kazakh Oil and Gas Institute 0.0 24,360 -8,501 53,755 53,829 6,271 -517 -156,414.00 -15.80 -295.50 Research Center Oil & Gas Research and development 0.0 5 0 55 25 0 0 0Naukograd Oil & Gas Research and development 37.8Kazakhturkmunay Oil & Gas Oil Production 1.5 6,780 -492 11,009 10,648 3,389 10,041 -183.38 -4.54 -7.32KazMunayTeniz Oil & Gas Oil Production 268 Oil & Gas Oil Production Kurmangazy Petroleum Oil & Gas Oil Production Zhambyl Petroleum Oil & Gas Oil Production Teniz Burgylau Oil & Gas ServicesKazMunayGas-Service Oil & Gas Services KazMunayGas-Service NS Construction Construction Zaulim Oil & Gas Oil transportationKMG Systems and Services14 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %KMG Kumkol Oil & Gas Oil ProductionN Operating Company Oil & Gas Oil ProductionKBTU Services Services 24.1 4,324 372 15,793 16,484 14,512 15,098 8.60 2.31 2.51KMG-Security Services Services 50.7 9,090 Semser-Ort Sondіrushі Services Services 10.9 1,950Euro-Asia Air Airline Transport and Transport 61.0 10,922 338 21,005 24,316 14,988 15,214 3.09 1.49 2.24 logistics45 Aktaunefteservice Oil & Gas Oilfield services 485.6 87,020 Oil Services Company Oil & Gas Oilfield services 246.7 44,200 Oil Transport Corporation Oil & Gas Oilfield services 96.4 17,270 Oil Construction Company Oil & Gas Oilfield services 104.1 18,650 MangistauEnergoMunai Oil & Gas Oilfield services 27.3 4,890 Munaitelecom Telecommunications Telecommunications 11.2 2,010 Urikhtau Operating Oil & Gas Oil extraction 0.4 69 -1,066 25,070 37,288 21,646 22,285 -1,542.22 -3.42 -4.85 KMG Office for Facilities under Oil & Gas Construction Construction PSA Oil & Gas Project management AstanaGas KMG Oil & Gas Natural Gas Infrastructure 0.0 -205 4,440 4,266 4,018 3,813 -4.72 -5.24 DevelopmentBeineuMunayGas Oil & Gas Oil extractionSatpayev Operating Oil & Gas Oil extractionArkagas Oil & Gas Natural-gas processingStake Management Company in the Oil & Gas ManagementFinal Product Sharing AgreementKMG Karachaganak Oil & Gas Oil extractionKMG Drilling and Services Oil & Gas Well drillingKazMunayGas Research Institute for Oil & Gas Research and developmentProduction and Drilling Technologies3 3 Karachaganak Petroleum Operating B.V. Oil & Gas Oil Production 12,037.4 2,156,9904 5 Kazakhstan Temir Zholy Transport and Transport 4,917.9 881,247 33,557 2,487,477 2,835,454 1,329,171 1,409,574 3.81 1.26 2.45 logisticsPassenger Transportation Transport and Transport 443.1 79,401 6,206 144,832 176,931 82,741 98,547 7.82 3.86 6.85 logistics Vagonservice Transport and Repair services 65.4 11,718 393 6,742 6,898 4,401 4,721 3.35 5.76 8.62 logistics Prigorodniye Perevozki Transport and Transport 50.0 8,956 -103 1,854 1,936 90 -12 -1.15 -5.41 -262.49 logisticsKaztemirtrans Transport and Transport 595.4 106,689 -35,499 600,151 516,154 600,151 91,672 -33.27 -6.36 -10.26 logisticsLocomotive Service Center Transport and Repair services 29.2 5,225 111 6,242 6,187 4,583 4,490 2.13 1.79 2.46 logisticsPassenger Car Leasing Company Transport and Leasing 92.2 16,514 7,142 47,824 60,318 42,447 52,222 43.25 13.21 15.09 logistics Almaty Car Repair Plant Transport and Repair services 30.5 5,474 -288 4,719 4,423 2,215 1,927 -5.26 -6.30 -13.91 logistics Locomotive Transport and Locomotive services 1,635.2 293,011 -16,373 314,121 338,322 110,842 94,835 -5.59 -5.02 -15.92 logistics Transtelecom Telecommunications Data transmission 120.6 21,616 3,154 43,444 75,971 13,545 16,615 14.59 5.28 20.91 Kaztransservice Transport and Transport 15.0 2,687 216 4,645 5,433 3,455 3,742 8.03 4.28 6.00 logistics Transport Services Center Transport and Repair services 2.7 487 77 701 730 545 601 15.75 10.72 13.38 logistics Temirzholsu Transport and Transport 32.9 5,896 51 5,696 7,527 -595 850 0.86 0.77 39.80 logistics Temirzholzhylu Transport and Transport logistics Armed Railway Guard Transport and Security services 69.0 12,357 338 4,933 5,061 2,742 2,973 2.74 6.77 11.84 logistics Remlocomotive Transport and Repair services 27.2 4,879 -3,588 15,394 52,603 10,880 7,814 -73.55 -10.55 -38.39 logisticsCONTENT 15

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % Lesozaschita Services Services 7.5 1,340 Terminals 24.7 4,432 Vokzal-Service Services 3,369 -248 9,807 9,730 7,902 7,655 -5.59 -2.54 -3.18 1,106 564 10,781 11,655 9,803 10,367 16.75 5.03 5.59 Kazakh Transport and Communications Services Education 18.8 2,653 3,063 92,024 2,974 30,111 239.92 5.58 16.04 Academy KTZ Express Services Logistics services 6.2 Services Kamkor Repair Corporation Services Temirzhol Zhondeu Transport and Repair services 208.8 37,420 logistics 2,310 37,540 Vostokmashzavod Manufacturing Mechanical engineering 12.9 2,310 Energy 209.5 Temirzholenergo Energy 36,320 11,210 Locomotive 2030 Transport and Locomotive services 12.9 logistics 1,770 9,690 Kamkor Locomotive Services Locomotive maintenance 202.7 and repair Kamkor Vagon Services Locomotive repair 62.6 Repair services 0.0 Kamkor Management Services Repair services 9.9 Central Asia Protrans Services Kazakhstan Rolling Stock Manufacturing Production of rolling stock 54.1 Production Company Orda Astana Services Repair services Transport Research and Development Services Services Institute5 4 ERG Mining & Metals Ferrous and non-ferrous 4,561.4 817,362 metallurgy 1,850.9 331,659 156,600 596,247 762,155 451,632 608,812 Kazchrome Mining & Metals Ferrous metallurgy 47.22 23.06 29.53 Aktobe Ferroalloy Plant - Mining & Metals Ferrous metallurgy branch of Kazchrome Donskoy Mining and Ferrous metallurgy Concentration Complex - branch Mining & Metals of Kazchrome Aksu Ferroalloy Plant - branch Mining & Metals Production of ferroalloys of Kazchrome Manganese extraction and Kazmarganese - branch of Mining & Metals processing Kazchrome Ferrous metallurgy Sokolovsko-Sarbaiskoe Mining and Mining & Metals 1,112.3 199,313 54,094 432,558 496,764 432,558 436,027 27.14 11.64 12.46 Concentration Complex Non-ferrous metallurgy Non-ferrous metallurgy 455.6 Aluminium of Kazakhstan Mining & Metals Energy 405.5 81,648 46,330 63,534 66,132 -80,529 -34,213 56.74 71.46 -80.76 Coal mining 377.7 72,657 4,884 98,844 110,836 7,770 12,654 6.72 4.66 47.83 Kazakhstan Aluminium Smelter Mining & Metals Production of coke 213.9 67,686 -13,978 211,993 207,819 -20.65 -6.66 -17.52 38,329 9,237 32,870 43,186 159,423 145 24.10 24.29 33.41 Eurasian Energy Corporation Energy Transport 27.8 4,976 1,851 23,011 32,282 37.20 29.73 31.10 5,309 7,141 5,026 6,875 Shubarkol Komir Mining & Metals 145.5 Sary-Arka Spetskox Mining & Metals 26,070 TransKom Transport and logistics Transport 54.0 9,670 MEK Transsistema Transport and 9.2 1,650 logistics Railway car repair 8.4 1,500 Railway car repair TransRemVagon Services Mechanical engineering Ferrous and non-ferrous Bereke 2004 Services metallurgy Vertically integrated oil Pavlodar Mechanical Engineering Plant Manufacturing company Oil refinery Eurasian Group Mining & Metals Vertically integrated oil 46.2 8,278 company6 7 MangistauMunayGas Oil & Gas Non-ferrous metallurgy 3,676.7 658,832 134,378 325,624 375,419 181,276 236,958 20.40 38.34 64.26 Oil & Gas 9.62 5.50 7.52 Pavlodar Petrochemistry Plant Oil & Gas Ferrous metallurgy 349.9 62,690 6,030 109,418 109,904 79,579 80,824 11.50 6.90 23.01 Mining & Metals 0.12 0.05 0.077 6 CNPC-AktobeMunayGas Mining & Metals Non-ferrous metallurgy 2,861.5 512,760 58,987 832,217 876,722 273,843 238,942 -4.27 -5.57 -24.96 Mining & Metals Non-ferrous metallurgy -8.07 -2.13 45.078 9 Kazzinc Mining & Metals 2,501.6 448,255 540 922,378 1,127,030 741,454 848,563 Zhairem Mining and Concentration Complex 83.7 14,996 -640 11,178 11,782 -1,831 6,960 Shaimerden Shubinskoe 24.2 4,341 -350 17,927 14,960 -602 -95216 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % 163 CAMMEX Mining & Metals Gold mining 38.0 6,810 Kazzincmash Manufacturing Mechanical engineering 32.9 5,890 Transport and 38.9 6,970 Kazzinc-Trans logistics Transport 161.0 28,850 Construction Kazzinc-Shakhtostroy Construction 272.3 48,794 -2,076 24,456 23,099 -9,643 -11,719 -4.25 -8.73 19.44 Kazzinc-Remservice Services Repair services 203.9 36,530 Prominvest Consulting services 48.5 8,690 Uzen Services Energy Kazzinc-Energo Energy Energy 29.7 5,330 Altyntau Resources Energy Gold mining Mining & Metals Gold mining 2,177.7 390,222 -32 1,091,710 459,070 934,828 292,085 -0.01 0.00 -0.01 Altyntau Kokshetau Mining & Metals Gold refining 2,129.1 381,517 -7,950 452,120 541,494 321,795 365,038 -2.08 -1.60 -2.31 Altyntau Vostok Mining & Metals 19,070 Transport and Cargo transportation 106.4 Kazzinc-Temirtrans logistics 27.6 4,940 Mining & Metals Mining & Metals Vasilkovskoye Zoloto JV Mining & Metals Mining & Metals Orman Sharuashylyghy Services Education Haileybury Astana Mining & Metals Non-ferrous metallurgy 9 Kazakhmys Corporation Mining & Metals Ferrous metallurgy10 10 ArcelorMittal Temirtau Mining & Metals Ferrous metallurgy Orken Services Housing & utilities Okzhetpes Energy Energy Power Networks Production of rolled steel productsKarvol Mining & Metals Finance 1.1 198 -3 90 97 49 45 -1.57 -3.34 -6.66 HoReCa Mittal Steel SME Resource Finance Construction and Nerli As Services installation Mining & Metals Kurylysmet Construction Land ownership 60.5 10,840 Finance Kraft Sat Mining & Metals Finance 1,861.1 333,483 24,146 2,586,292 4,247,077 372,207 416,041 7.24 0.71 6.13 Tashtobe Services Finance industry 892.0 280,206 115,271 -69.35 -7.06 -56.0611 13 Kazkommertsbank Finance Services 159,842 -110,843 1,602,956 1,536,837 0.63 2.75 31 BTA Bank Finance 7,395 7,601 6.20 0.90 0.90 Finance Finance industry 3,328 206 36,435 28,648 24,408 25,275 51.45 BTA Ipoteka Services BTA Securities Security services 434 223 24,429 25,291 Finance industry BTA Kazakhstan private pension Finance Insurance fund Insurance Titan-Inkassatsiya Services Insurance AlemCard Finance Securities Payment cards BTA Life Finance Pension assets 0.0 0 -953 23,588 27,181 4,906 3,848 -3.75 -21.78 -1.49 -1.86 BTA Insurance Finance Life insurance 6,589 -423 29,572 27,278 23,658 21,752 -6.42 -5.02 -1.49 -2.43 London-Almaty Insurance Finance 3,420 -172 12,056 11,066 7,410 6,738 Company Kazkommerts Securities Finance Insurance Processing Company Finance Grantum Asset Management Finance Pension fund Kazkommerts Life life Insurance Finance Uranium industry Company Uranium industry Kazkommerts-Polis Insurance Finance Uranium industry Company Uranium industry Grantum Private Pension Fund Finance Uranium industry12 11 Kazatomprom Mining & Metals 1,801.1 322,745 17,329 603,747 665,997 406,791 418,753 5.37 2.73 4.20 100.1 17,934 864 22,004 23,563 9,271 10,135 4.82 3.79 8.90 Appak Mining & Metals Gornorudnaya Company Mining & Metals Taukentskoe Mining and Mining & Metals 52.1 9,340 Chemical Complex Mining & Metals 53.0 9,500 Stepnoye-RUCONTENT 17

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % RU-6 Mining & Metals Uranium industry 45.9 8,230 27,970 Trade and Transport Company Transport Dangerous cargo 156.1 transportation 1,560 2,280 Remmontazhservice Mining & Metals Equipment installation 8.7 and repair Geotechnoservice Mining & Metals Geology 12.7 “Control. Analytics. Metrology” Mining & Metals Service Service CenterUlba Metallurgical Plant Mining & Metals Uranium industry 179.6 32,175 1,605 60,009 62,117 52,064 53,537 4.99 2.63 3.04 1,640 12,711 11,264Institute of High Technology Services Science & innovation 9.2 1,575 1,572 4.50 5.78 6.71 16,157 17,380 -0.13 -0.16Kazakhstan Nuclear University Services Science & innovation 11,224 9,018 2.09 3.28 5.83Volkovgeology Mining & Metals Prospecting 99.8 17,879 805 14,052 13,770 412,921 501,321 7.33 4.47 16.43 1,880 392,179 475,221Kazatomprom-Demeu Mining & Metals Services 10.5 25,754 27,440 0 20,591 22,563Kyzyltu Mining & Metals Non-ferrous metallurgy 0.0 -3 1,732 2,143 120,192 141,794 46,842 977 28,351 31,143Mangistau Nuclear Power Plant – Mining & Metals Uranium industry 261.4 1,663 34,508 39,993 43,509 51,653Kazatomprom 22,694 78,400 76,495 265,503 270,309Semizbai-U Mining & Metals Uranium industry 126.6 -1,001 1,814 -4,668Kaz Silicon Manufacturing Metalworking 3,052 133,381 Kaz Silicon Manufacturing Metalworking 92,991Quartz Manufacturing Chemical industry 19.9 3,570 11,000Ortalyk Mining & Metals Uranium mining 61.4 4,260Energomash Energy Electricity generationAstana Solar Manufacturing Production of PV modules 23.8Kazakhstan Solar Silicon Manufacturing Production of PV cellsSareco Manufacturing Rare metalsKT Redkometalnaya Comapny Mining & Metals Rare metals miningKorgan-Kazatomprom Services Security servicesBailanys-NAC Telecommunications Data transmissionKutkarushi-Tau-Ken Services Fire protection13 14 ALMEX Holding Group Finance Group of Companies 1,699.2 304,475 103,220 2,518,115 2,820,077 34.82 3.87 22.58 304,837 106,018 2,506,414 2,809,782 35.61 3.99 24.4515 Halyk Bank of Kazakhstan Finance Finance 1,701.2 11.95 1.05 6.36 14,164 1,693 186,735 136,717 19.31 7.54 14.18185 Altyn Bank Finance Finance 79.0 15,850 3,060 37,671 43,534 Halyk-Kazakhinstrakh Insurance Insurance 88.514 12 PetroKazakhstan Oil & Gas Vertically integrated oil 1,424.1 255,176 companyPetroKazakhstan Kumkol Resources Oil & Gas Oil Production 1,202.8 215,536 88,868 277,952 293,016 41.23 31.13 67.84 39,640PetroKazakhstan Oil Products Oil & Gas Oil refinery 221.2PetroKazakhstan Overseas Oil & Gas ServicesServices Inc.PetroKazakhstan Transportation Oil & Gas ServiceServicesPetroKazakhstan Trade House Trade Sales of petroleum products15 21 BI Group Construction Construction and production 1,348.1 241,571 12,374 171,263 174,616 5.12 7.16 26.01 of building materials 13.08 13.91 35.4716 20 Asian Gas Pipeline Oil & Gas Natural gas transportation 1,242.9 222,720 3.23 1.61 2.51 209,978 -367.27 -77.32 -692.7417 15 Karazhanbasmunay Oil & Gas Oil Production 1,171.8 208,223 27,473 184,014 211,120 -44.16 -27.40 1,084.3318 16 Kazakhtelecom 1,162.0 Telecommunications Multipurpose 767 6,724 416,135 417,693 20.49 4.24 35.70 Nursat communication services 4.3 19,833 110.7 Telecommunications Data transmission -2,815 5,043 2,239 13.8 -8,759 24,467 39,472Altel Telecommunications Mobile communications 11.5 Maxcom Telecommunications TelecommunicationsVostoktelecom Telecommunications Data transmission 2,470Kazakhtelecom Industrial Enterprises Telecommunications Data transmissionServicesKT Cloud Lab IT Cloud services 2,060 197,21919 18 Kaspi Bank Finance Finance 1,100.6 40,409 871,563 1,033,89618 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %20 17 Kcell Telecommunications Mobile communications 1,046.8 187,581 58,271 157,716 157,993 95,629 92,074 31.06 36.91 62.09 178,085 13,098 618,244 954,409 384,553 493,049 7.35 1.67 2.9821 25 Samruk-Energo Energy Energy 993.8 31,431 110,383 112,944 66,624 69,540 3.34 5.47 51,909 3,726 80,239 55,438 11.86 3.55 5.52 Alatau Zharyk Company Energy Energy 175.4 95,183 3,123 215,283 95,540 179,680 57,700 6.02 7.94 9.58 28,117 493,278 407,044 29.54 Almaty Power Plants Energy Energy 289.7 8,722 14,96240 Ekibastuz CHPP-1 Energy Energy 531.2 0 2,266 85,042 -1,038 Mangistau Power Distribution Energy Energy 48.7 2,422 955 25,371 27,149 14,453 6,581 10.94 3.63 6.49 Company 25,992 28,700 Bukhtarminsk Hydropower Plant Energy Energy 0.0 1,652 8,940 7,931 2,862 7,179 19.58 64.43 24,440 -822 6,144 6,551 216 -4,092 -12.95 200.00 AlmatyEnergoSbyt Energy Energy 474.6 5,710 1,076 5,825 6,800 -0.97 17.04 4,264 5,628 -111 44.42 17.62 Shardarinsk Hydropower Plant Energy Energy 13.5 0 49,161111 East-Kazakhstan Power Distribution Energy Energy 160.2 482 38,021 39,503 26,876 1.68 1.24 1.82 Company 377,016 Shygysenergotrade Energy Energy 136.4 6,162 Aktobe CHPP Energy Energy 31.9 386 8,560 9,640 7,099 72,708 6.76 4.24 5.41 -6,633 52,968 50,970 2,540 59,088 -155.56 -12.76 854.90 Moynak Hydropower Plant Energy Energy 23.8 -110 -1 0 0 2,148 -733.33 0.50 Ust-Kamenogorsk Hydropower Plant Energy Energy 0.0 142,550 141,561 First Wind Power Plant Energy Electricity generation 105,021 Tegis Munay Oil & Gas Prospecting 3,328 117,756 Samruk-Green Energy Energy Energy 139,862 Energy of Semirechye Energy Infrastructure development 132,058 66,68822 23 Air Astana Transport and Transport 934.8 167,503 3,486 136,876 162,204 47,238 61,773 2.08 2.33 7.23 logistics 163,140 -279.20 -32.95 -74.69 151,595 -423,247 1,544,439 1,024,608 756,361 74423 30 KazRosGas Oil & Gas Natural gas extraction and 910.4 processing 20,55724 8 KAZ Minerals PLC Mining & Metals Non-ferrous metallurgy 846.0 24,419 85,479 Charaltyn Mining & Metals Gold mining 137,356 139,871 CA Minerals Mining & Metals Prospecting 66,031 52,264 Maykuben West Mining & Metals Coal mining 46.7 8,369 2,321 10,950 13,290 3,841 27.73 19.15 46.41 Kazakhmys Project LLC Services Design KAZ Minerals Aktogay Mining & Metals Non-ferrous metallurgy 0.0 2,641 84,393 184,100 70,068 1.97 3.70 -1,007 185,830 329,197 95 -0.39 -3.40 KAZ Minerals Bozshakol Mining & Metals Non-ferrous metallurgy 0.0 Vostoktsvetmet Mining & Metals Non-ferrous metallurgy 232.7 41,689 145,41525 KazAvtoZhol Transport Road network management 811.5 140,105 -79 4,709 15,289 1,482 -0.05 -0.40 -2.18 140,060 33,385 262,578 393,994 90,933 23.83 10.17 28.6026 24 Zhaikmunay Oil & Gas Oil Production 781.9 138,635 49,847 904,219 1,324,486 76,784 35.59 4.47 45.66 15,916 883,013 1,321,495 68,725 11.48 1.44 18.3227 34 Tsesna Corporation Group of Companies Group of Companies 781.6 394 1,134 49.16 8.57 8.69 138,727 194 1,144 3,380 68,757 11.55 1.45 17.18 Tsesnabank Finance Finance 773.7 138,696 16,020 883,014 1,321,495 117,339 16.24 1.95 17.51 135,267 22,523 1,033,454 1,280,918 Tsesna Capital Finance Finance 2.2 129,038 94,319 Tsesna Financial Holding Finance Finance 774.2 34,09928 49 Subsidiary of Sberbank of Russia Finance Finance 774.0 216 122,64329 28 Kar-Tel (Beeline) Telecommunications Mobile communications 754.930 32 Eurasian Financial Company Finance Finance 720.1 17,558 668,970 921,873 114,479 13.61 2.21 14.24 9,370 588,633 808,602 58,818 9.93 1.34 14.93 Eurasian Bank Finance Finance industry 526.4 7,261 119,271 54,092 21.29 7.16 12.53 83,675 29.66 8.69 8.99 Eurasia Insurance Company Finance Finance industry 190.3 64 689 784 680 Eurasian Capital Finance Finance industry 1.231 BIPEK Avto – Asia Auto Group of companies Group of Companies Group of companies 684.4 Asia Avto Manufacturing Production of motor 572.1 102,512 4,600 42,897 59,727 15,957 4.49 8.97 25.20 vehicles 134,208 11,579 40,636 65,802 13,74235 Bipek Avto Kazakhstan Trade Car dealership 749.0 20131 -340 1,093,482 1,106,295 86,870 8.63 10.88 30.3432 33 Bank CenterCredit Finance Finance industry 674.6 120,885 42,258 201,607 286,095 102,784 -0.28 -0.03 -0.3933 38 Central-Asian Power-Energy Company Energy Energy 611.7 109,611 45,284 160,537 254,030 87,371 38.55 17.33 35.19 Energy Energy 601.5 Central-Asian Electric Power 107,784 42.01 21.85 39.85 Corporation Energy Energy 207.0 Energy Energy 134.4 37,098 19,720 81,142 114,171 47,850 53.16 20.19 34.63 Pavlodarenergo 24,079 23 61,845 92,948 29,713 0.10 0.03 0.06 SevkazenergoCONTENT 19

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % Astanaenergosbyt Energy Energy 208.7 37,390 -3,871 21,135 16,072 5,088 462 -97.26 -20.81 -139.50 Kaustic Manufacturing Chemical industry 22.2 3,980 CAPEC Green Energy Energy Renewable energy sources Akmolinskaya Power Distribution 86.3 15,465 1,956 22,667 30,625 16,873 19,034 12.65 7.34 10.90 Company Energy Energy 51.9 603.3 9,300 4,578 145,607 162,007 55,637 41,549 4.23 2.98 9.42 APDC-Energosbyt Energy Energy 593.4 108,097 22,050 134,357 120,414 48,726 61,146 20.74 17.31 40.1434 22 KazStroyService Construction Infrastructure development 548.0 106,337 14,780 80,197 86,997 30,757 32,795 15.05 17.68 46.5135 19 Turgai-Petroleum Oil & Gas Oil Production 521.9 119,726 367,322 549,928 221,181 359,777 128.02 26.11 41.2236 39 South Oil Oil & Gas Oil Production 504.3 98,19937 51 KEGOC Energy Energy 400.3 93,520 Production and distribution38 27 Alibi Holding Agriculture of cereal grains 66.9 90,373 Production of cereal grains 24.8 APK-Invest Corporation Agriculture Production of cereal grains 71,723 2,928 208,275 163,981 72,452 75,379 4.08 1.57 3.96 Construction 0.5 Alibi-Agro Agriculture Grain terminal Services 11.9 StroyInvest-SK Construction Production of cereal grains 503.9 11,980 Finance industry 466.2 4,450 Beineu Grain Terminal Agriculture Finance industry 454.1 Production of cereal grains 453.5 Transservice Center Services Production of cereal grains 441.4 Finance industry 436.5 Alibi Agriculture Tobacco products 391.6 388.6 Alibi Securities Finance Repair services 364.7 90 19 1,172 1,184 1,163 1,182 21.02 1.61 1.62 71.1 Zernovaya Microcredit Organization Finance Oil Production Oil Production 96.7 Grand-Elite-07 Agriculture Finance industry 131.3 Oil Production 65.6 Elit-Alatau-07 Agriculture Chemical industry 349.5 Zernovaya Insurance Company Finance Infrastructure development 347.8 2,132 345 3,970 4,319 2,728 3,073 16.16 8.32 11.88 342.2 90,29039 42 Philip Morris Kazakhstan FMCG Energy 341.0 Energy 339.9 83,53040 Zhol Zhondeushi Transport and Energy 335.5 logistics Energy 307.8 81,365 Energy 100.0 81,26741 36 Каrakudukmunay Oil & Gas Energy 44.3 79,096 4,230 227,568 264,165 213,799 253,632 5.20 1.72 1.81 Energy 25.3 78,216 28,279 35,377 41,187 17,199 21,535 34.80 73.87 146.0242 46 Caspi Neft Oil & Gas Energy 70,176 3,307 912,409 74,186 77,456 0.35 Uranium industry 0.0 4,156 193,396 984,226 171,756 4.18 4.3643 44 ATF Bank Finance Finance industry 6.6 69,640 4,294 70,411 185,936 167,600 33,507 5.31 2.19 2.45 21.1 70,293 31,186 6.12 6.10 13.2844 29 Kazakhoil Aktobe Oil & Gas Construction 65,350 12,74045 57 Kazfosfat Mining & Metals Coal mining Oil extraction46 95 Subsidiary of China Petroleum Engineering & Construction Agriculture Construction Corporation Agriculture Finance industry47 59 Kazakhstan Utility Systems Energy Finance industry Finance industry Karagandy-Zharyk Energy Finance industry Surveys & consulting Ontustyk Zharyk Transit Energy Agriculture Karagandy Zhylu Sbyt Energy Ontustyk Zharyk Energy 17,330 23,530 Karaganda Energo Center Energy 11,750 Energopotok Energy Settlement Service Center Energy48 47 KATCO Kazakh-French JV Mining & Metals 62,634 16,057 105,572 112,759 87,120 91,370 25.64 14.71 17.99 62,317 11,391 1,014,321 1,306,686 251,839 312,968 18.28 0.98 4.0349 54 Development Bank of Kazakhstan Finance 61,32050 113 Branch of Sembol Investments & Construction Development 61,111 60,90651 58 Bogatyr Komir Mining & Metals 60,112 14,474 53,090 58,385 27,924 30,668 23.68 25.97 49.40 55,151 16,494 48,059 63,285 17,760 15,935 27.08 29.63 97.9052 53 Maten Petroleum Oil & Gas 17,926 694,828 946,108 314,975 344,164 10.17 0.75 1.86 6,114 183,465 161,826 60,702 66,119 3.44 1.10 2.9953 60 Kazagro Agriculture 7,942 1,895 206,561 256,437 94,311 101,562 17.70 1.37 3.24 4,525 3,173 125,768 105,651 69,003 87,904 6.25 0.43 0.63 Food Contract Corporation Agriculture 40,410 57,640 27,355 29,593 20.47 1.89 3.25 0 496 4,384 4,194 4,371 4.13 4.13 KazAgroFinance Finance 1,181 926 4,196 1,710 1,906 16.61 9.94 10.85 3,781 177 1,842 2,103 14,581 16,347 5.91 1.13 1.45 Agrarian Credit Corporation Finance 196 18,189 21,355 223 Agriculture Financial Support Fund Finance KazAgroGarant Finance KazAgroMarketing Services KazAgroProduct Agriculture20 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %54 64 Aktobe Copper Company Mining & Metals Non-ferrous metallurgy 333.6 59,781 5,231 62,401 75,114 7,167 12,398 8.75 7.61 53.4755 171 Branch of Schlumberger Logelco Inc. Oil & Gas Oilfield services 323.4 57,950 672 76,756 96,923 4,392 13,510 1.16 0.77 7.5156 61 TURKUAZ Group of Companies Group of Companies Group of companies 322.0 57,698 Services Service 107.8 19,320 Turkuaz Machinery 223.4 40,040 12,010 SAT-Central Asia Trading Trade Wholesale trade of 303.8 household goods 300.6 297.1 Turkuaz Edible Oil Industries FMCG Oil and fat products Transport and 295.6 Turkuaz Logistics logistics Transport and logistics 294.9 Trade 289.9 Turkuaz Horeca Construction Equipment sales 99.4 Alasha Kurylys Finance Construction Turkuaz Leasing Leasing 17.1 Investment in 78.1 Turkuaz Industries Finance manufacturing 23.1 72.2 Ayna Logistics Transport and Logistics 281.5 logistics 44.5 Auto parts sales 351.8 Turkuaz Automotive Trade Oil Production Non-alcoholic beverages57 41 KuatAmlonMunay JV Oil & Gas Construction 54,437 10,744 85,797 80,571 68,991 64,992 19.74 12.92 16.04 Residential and commercial 53,87058 78 Coca-Cola Almaty Bottlers FMCG real estate 53,240 39.52 40.31 44.85 6.41 6.85 15.8059 168 Highvill Kazakhstan Construction Construction 1.25 1.94 4.63 1.72 2.30 12.92211 Astana Branch of Dongil Highvill Construction Production of electronic Co. LTD appliances Uranium industry Astana Branch of Dongil Construction Construction Group of companies Co. Ltd Professional equipment Equipment manufacturing60 74 LG Electronics Almaty Kazakhstan Manufacturing Services 52,970 Electrical installation work61 69 Betpak-Dala JV Mining & Metals Construction and 52,837 20,882 49,710 53,898 43,543 49,57362 82 Alageum Manufacturing installation 51,949 1,142 16,632 16,727 6,349 8,107 Manufacturing Electrical engineering 17,818 Kentau Transformer Plant Manufacturing Group of companies 3,070 Almaty Electromechanical Plant Manufacturing Tea packaging Kaztransformator Construction 13,987 174 7,346 10,640 3,619 3,910 Electromontazh 222 7,171 12,102 1,606 1,832 4,140 Nur-Stroy Ltd Construction 12,934 Alageum Electric Manufacturing 50,44063 77 Prima Corporation Group of Companies Group of Companies FMCG 7,980 Tea House 63,040 18,910 Prima Distribution Trade Wholesale trade of household goods Prima Logistic Trade Trade Magnum Cash&Carry Trade Supermarket chain 438.0 78,490 23,550 Prima Ice Cream Nestlé FMCG Milk, dairy products 277.9 49,800 8,238 116,054 111,652 27,945 29,383 16.90 7.24 28.74 Industrial Fats FMCG Oil and fat products 275.8 49,420 171,202 -75,085 154,70664 67 Burgylau Oil & Gas Oilfield services 272.5 48,830 475,768 909,246 43,135 42,535 361.51 24.72 430.0465 48 Ersai Caspian Contractor Oil & Gas Oilfield services 272.0 48,748 57,625 55,842 10.47 8.73 11.5666 66 JTI Kazakhstan FMCG Tobacco products 271.9 48,730 27,512 29,36567 71 Subsidiary of Home Credit Bank Finance Finance industry 264.3 47,357 27,512 29,36568 88 CPC-K Oil & Gas Oil transportation69 43 ForteBank Finance Finance industry 263.9 47,295 4,950 Transport and70 73 Almaty International Airport logistics Transport infrastructure 254.8 45,660 Oil & Gas 251.1 44,99571 89 Bolashak Atyrau Oil & Gas Oilfield services72 56 Kazakhstan-China Pipeline Oil transportation 251.1 44,994 2,659 29,210 30,979 5.91 8.83 9.35 Oil & Gas Vertically integrated oil 29,210 30,979 5.91 8.83 9.3573 62 Condensate Group of Companies company 251.1 44,994 2,659 Oil & Gas Oil refinery CondensateCONTENT 21

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %Uralskneftegasgeologiya Oil & Gas Prospecting 10.4 1,861 -189 4,622 4,546 1,718 1,527 -10.16 -4.13 -11.65Aksaigaspromenergo Oil & Gas Utility infrastructure 3.1 553 51 1,409 1,499 1,313 1,376 9.24 3.51 3.80 Lease of commercial realNafta Services estate 248.7 44,573 2,973 12,194 16,061 9,204 11,213 6.67 21.04 29.12 Energy 234.3 41,990 815 54,869 55,745 15,868 13,534 1.98 1.47 5.54Aksaienergo Energy Mass media 229.3 41,086 Oilfield servicesStatus Services 27.5 4,920 Logistics 4,290Intec-ONMR Oil & Gas Oilfield services 1,62074 90 Kedentransservice Transport and Construction logistics Metal structures 1,520 Construction 1,36075 52 Branch of Sinopec Engineering Oil & Gas Construction 1,320 Construction76 127 Imstalcon Construction Construction 40,700 40,353PZMK-Imstalcon Manufacturing Metal structures 39,997 39,931Imstalcon-Aktau Construction 38,930Imstalcon Kapchagaistroy Construction 38,488Imstalcon-Atyrau Construction 4,015 482Mangystau-Imstalcon ConstructionKaraganda Imstalcon Metal Structures ManufacturingPlantZhambyl Imstalcon Metal Structures Manufacturing Metal structures 23.9Plant Metal structures, building 9.0AZOK Manufacturing materials 8.5 ConstructionImstalcon Construction Construction1-Imstalcon Almaty Installation ConstructionCompany Construction ConstructionAstana-Imstalcon Construction Construction ConstructionImstalcon-Aktobe Installation Firm Construction Construction ConstructionImstalcon Zhambyl Installation Firm Construction Metal structuresImstalcon Karaganda Installation Firm Construction ConstructionImstalcon Lisakovsk Installation Firm Construction ConstructionImstalcon Pavlodar Installation Firm Construction ConstructionRudny Imstalcon Metal Structures ManufacturingPlantImstalcon Rudny Installation Firm ConstructionImstalcon Semey Installation Firm ConstructionImstalcon Taldykorgan Installation ConstructionFirmImstalcon Ust-Kamenogorsk Construction Construction 7.6Installation FirmImstalcon Ust-Kamenogorsk Metal Manufacturing Metal structures 7.4Structures Plant Construction 227.1Imstalcon Ural Installation Firm Construction Design 225.2 Building materialsImstalcon-Project Construction Beer brewing Beer brewingBasalt-NPA Manufacturing Infrastructure development77 75 Efes Kazakhstan FMCG 6,413 27,817 26,811 21,654 21,562 15.76 23.48 29.68International Beers Trading FMCG 2.62 8.17 59.27 0.82 1.92 12.3478 132 Almatyinzhstroy Construction 1,056 11,238 14,589 1,618 1,944 3.26 4.20 14.66 2,493 2,80779 87 SCAT Airlines Transport and Transport 223.2 327 13,419 20,621 8,474 9,283 logistics 222.8 1,302 30,046 31,907 Non-alcoholic beverages80 83 RG Brands FMCG Non-alcoholic beverages 217.3 Portfolio management 214.8RG Brands Kazakhstan FMCG Investments 22.4 MetalworkingUni Commerce Ltd. Finance Holding 2.7 Mechanical engineeringPRG Bottlers Kazakhstan Finance Mechanical engineering81 Kazakhmys Smelting Mining & Metals82 68 Kazakhstan Engineering Manufacturing 917 74,087 89,154 23,580 33,169 2.38 1.12 3.23 136 5,017 5,322 1,383 1,273 3.40 2.64 10.27Petropavlovsk Heavy Machinery Plant Manufacturing -435 4,415 4,694 1,899 1,465 -90.14 -9.54 -25.84Kirov Mechanical Engineering Plant Manufacturing22 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %Tynys Manufacturing Professional equipment 37.2 6,672 688 4,636 5,401 2,038 2,391 10.31 13.71 31.07Munaymash Manufacturing Professional equipment 17.8 3,193 6.59 7.27 19.96Semey Mechanical Engineering Plant Manufacturing Mechanical engineering 6.7 1,207 210 3,030 2,757 994 1,113 5.81 5.32 100.52Semey-Engineering Manufacturing Mechanical engineering 70 885 1,750 38 102811 KI Automobile Repair Plant Manufacturing Equipment manufacturing 2.6 469 42 218 283 194 235 8.91 16.67 19.47KazInzh Electronics Manufacturing Production of high-tech 3.6 643 10 847 806 720 725 1.53 1.19 1.36 products 0.0 0 -4 67 63 -42 -46832 KI Automobile Repair Plant Manufacturing Auto repair 29.5 5,281 318 3,742 2,728 1,839 1,904 -6.33 9.38 1.3 231 -89 411 429 285 192 6.02 9.82 16.98Zenit Ural Plant Manufacturing Professional equipment 3.4 613 33 174 456 129 146 -38.39 -21.08 -37.14 5.40 10.49 23.99Omega Professional Equipment Plant Manufacturing Professional equipmentGydropribor Research Institute Manufacturing ServicesKazakhstan Engineering Distribution Trade Arms tradeUniversal Center for Weapons Control Services Development of specialSystem Implementation productsKazakhstan Aviation Industry Manufacturing Aircraft manufacturing83 37 Astana Group Group of Companies Group of companies 203.6 36,491 5,514 94,702 124,053 10,629 13,260 15.11 5.04 46.16 625.0 111,986 3,173 36,329 56,479 6,996 7,480 18.98 6.84 43.84Astana Motors Trade Car dealership 16,798 Astana Motors Leasing Services Leasing 118.9 21,300 Astana Motors Autocenter Trade Trade 92.7 3,200 16,610 Almaty Astana Motors Trade Trade Car dealership 2,490 House Astana Motors Astana Trade Car dealership Astana Motors Premium Trade Car dealership MEGA Center Management Services Lease of retail space 109.9 19,693 2,341 58,373 67,574 3,633 5,780 11.89 3.70 49.70 MEGA Center Astana 10.5 1,880 5.33 9.30 10.53 MEGA Center Alma-Ata Services Lease of retail space 61.6 11,040 Mega Center Shymkent MEGA Center Aktobe Services Lease of retail space84 94 Rakhat Rakhat-Shymkent Trade House Services Lease of retail space Rakhat-Shymkent Rakhat-Aktau Services Lease of retail space 11.0 1,970 Rakhat-Astana 201.9 36,178 Rakhat-Aktobe FMCG Confectionery 1,930 19,825 21,665 17,366 19,287 Rakhat-Oral Rakhat-Karaganda Trade Trade Rakhat-Taldykorgan Rakhat Trade House Manufacturing Confectionery Rahat-TR85 97 Xibu Drilling Engineering Company Trade Trade 191 XIBU-Kyzylorda86 150 Bank RBK Trade Trade87 72 CHPP-2 Ekibastuz Power Plant88 92 Temirbank Trade Trade89 100 Mobile Telecom-Service (TELE2)90 81 Karatau Trade Trade91 65 Eurasian Foods Corporation Eurasian Foods Corporation Trade Trade Eurasian Foods92 Central Asian Sugar Corporation Trade Trade Trade Trade Services Transportation 200.7 35,970 Oil & Gas Oilfield services 73.8 13,220 200.1 35,849 Services Services 199.4 35,733 197.7 35,427 Finance Finance industry 192.6 34,520 20,246 222,773 518,563 16,351 56,291 56.48 5.46 55.74 192.0 34,413 10,258 143,565 154,574 77,241 84,499 28.71 6.88 12.68 Energy Energy 191.8 34,365 -4,676 301,295 356,959 54,879 39,195 -13.20 -1.42 -9.94 191.8 34,365 Finance Finance industry 80.2 14,365 17,289 17,705 191.8 34,360 493 493 Telecommunications Telecommunications 5,910 6,984 Mining & Metals Uranium industry 8,721 40,956 34,214 5,989 6,742 25.34 23.20 49.85 1,256 7,967 9,764 3.65 14.16 254.52 FMCG Oil and fat products 1,256 16,661 3.65 8.17 19.48 14,088 13,327 5.48 6.34 12.37 FMCG Oil and fat products 787 11,527 FMCG Oil and fat products Agriculture Sugar productionCONTENT 23

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %93 169 Nurbank Finance Finance industry 190.0 34,044 1,823 245,602 295,962 39,039 40,753 5.36 0.67 4.5794 Megapolis Kazakhstan Trade 169,132 Tobacco products 943.9 33,82695 79 CNPC-Ai Dan Munay Oil & Gas Vertically integrated oil 185.2 33,181 7,626 44,825 47,096 13,193 20,819 22.98 16.59 44.84 company 847 13,927 13,211 7,588 8,08496 91 Ontustik Munaygas Oil & Gas Oilfield services 184.4 33,042 78,346 94,512 37,009 49,344 2.56 6.24 10.8197 117 Inkai JV Mining & Metals Uranium industry 183.2 32,827 7,869 27,684 36,082 -175 23.97 9.10 18.22 880 70598 76 Sredazenergomontazh Trust Construction Infrastructure development 182.7 32,745 2.69 2.76 332.35 CenterKazEnergoMontazh Construction Construction 134.2 24,050 SredazEnergoMontazh Pavlodar Construction Construction 21.4 3,840 5,690 SAEM-Snabtechkomplekt Trade Sales of equipment and 31.8 1,140 materials 2,800 SredazEnergoMontazh Engineering Construction 15.6 2,010 Construction Infrastructure development 11.2 1,480 SredazEnergoMontazh Petropavlovsk Construction Infrastructure development 8.3 2,350 Construction Infrastructure development 13.1 32,220 SAEM-Avtomatica Manufacturing Infrastructure development 179.8 32,090 Construction Rolled steel products 179.1 SAEM ZMK Construction of highways 32,000 Oil & Gas 178.699 121 Module-A Company Oilfield services Transport and100 Kazdorstroy logistics Oil & Gas101 101 Sino-Kazakhstan Great Wall Drilling Energy Company Services Manufacturing102 115 Eastcomtrans Cargo transportation 178.0 31,897 2,749 111,249 119,756 44,121 44,830 8.62 2.38 6.18 7,381 46,792 59,362 12,702 20,082 23.16 13.91 45.03103 134 KMK Munay Oil extraction 177.8 31,865104 Kazakhmys Energy Energy 174.8 31,330 -139 49,205 51,198 11,507 13,182 -0.46 -0.28 -1.13105 102 Kazpost Postal services 169.5 30,366106 80 ASPMK-519 Manufacturing 169.0 30,290 Production of building Temirbeton Construction materials 2.5 440 KazInvestIzolyator Manufacturing Equipment manufacturing InfraEnergo Manufacturing Equipment manufacturing 30.3 5,430 14.5 2,600 Metakon Manufacturing Production of metal structures 168.6 30,210 5,010 190,266 285,939 22,253 32,382 16.71 2.10 18.34 TC Integral Manufacturing 167.3 29,981 386 10,012 11,247 1,328 1,714 1.31 3.63 25.39107 50 Casting Equipment manufacturing 164.8 29,538108 123 Delta Bank Manufacturing 16.1 2,890109 Foodmaster Finance Metalworking 29,520 FMCG Finance industry 164.7 8,860 FoodMaster Shymkent FMCG Milk, dairy products Milk, dairy products FoodMaster Trade Trade Food products Mezhdurechensk Agro110 175 Apple City LLC FMCG Milk, dairy products 164.4 29,450 Trade Group of companies 301.9 54,100 Apple City Distributors Wholesale trade of 68.3 16,230 Trade household goods 12,240 258 Rainbow LTD Food production General Service Company FMCG Transport and Logistics services111 107 Samsung Electronics Central Eurasia logistics112 106 Eurasian Production Company Trade Electronics 646.0 115,750 Aktobeenergosnab 28,940 3-Energoortalyk Group of Companies Group of companies 159.8 28,643 2,256 20,092 21,790 13,819 16,074 7.88 10.77 15.09 Energosistema Energy Energy 91.0 16,310 -165 5,669 7,693 2,777 2,612 -2.37 -2.47 -6.12 Energy Energy 38.9 Energy Energy 19.5 6,970 3,50024 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % ZhyluEnergoOrtalyk Energy Energy 4.9 875 76 1,499 1,577 1,384 1,460 8.72 4.96 5.36 Production of building 9.7 0 44 44 44 44 -0.93 -0.93 YuzhEnergoProm Construction materials 0.0 1,730 Lease of commercial real 0 EuroCenterAstana Construction estate 159.8 Wholesale trade 159.8 28,630 BN-Investkomir Trade Housing & utilities Rudny Vodokanal Services Non-ferrous metallurgy 28,630 Eurasian Aluminium Company Mining & Metals Production of building materials 112,650 EurasiaEnergoProm Construction Wholesale trade 28,160 Wholesale trade 28,110 Folias Trade Wholesale trade 19,310 YuzhUgolInvest Trade Services 4,871 Giproshakht Trade Trade Eurasia Finance Group Services Services EPEK-Trade House Trade Granite processing Eurasia Development Services Services Granitech Construction Services Altyn Tai Services Financial services Razvitiye Stolitsy Corporation Services Residential and commercial Platezhniye Sistemy Finance real estate Residential and commercial113 26 Bazis Group of Companies Construction real estate Bazis Construction Company Construction114 120 Arena S (Sulpak) Trade Electronics retail chain 628.7115 122 Astanaenergoservice Energy Energy 156.9 1,400 84,068 101,703 74,681 88,365 4.98 1.51 1.72 Astana-Energiya Energy Energy 107.8 1,652 20,028 25,991 14,711 16,292 8.56 7.18 10.66 Astana-Teplotransit Energy Energy 27.2 29,385 35,168 28,841 34,517 -0.22 -0.03 -0.03 AstanaStroyEnergo Energy Energy -11 Astana-Regional Power Network 41.8 Company Energy Electric power transmission 7,494 6 30,844 31,538 26,735 26,980 0.08 0.02 0.02 Astana Power Distribution Company 155.5 Energy Energy 27,864 -27,799 149,572 119,882 42,825 15,164 -99.77 -20.63 -95.88116 55 Kazexportastyk Holding Production of cereals and 21.1 Agriculture oilseeds 44.1 3,780 Kyzyltu Flour Mill Grain processing 21.2 7,900 Astyk-Service-KEA Agriculture Production of cereal grains 3,790 Kokshetau Melinvest Agriculture Grain processing 109,490 Kyzyltu-Nan Agrofirma Agriculture Production of cereal grains 27,370 Taiynsha Astyk Agriculture Production of cereal grains Eximnan Agrofirma Agriculture Production of cereal grains 27,100 Agriculture 26,843117 Technodom Operator Trade Electronics retail chain 611.0 26,700 25,830118 85 KSP Steel Manufacturing Production of seamless 151.2 86,090 -609 29,885 37,500 22,648 29,909 -2.27 -1.81 -2.32119 108 Almatinskie teplovye seti Energy pipes 149.8 25,830120 99 Ivolga-Holding Agriculture Energy 149.0 25,794 13,240 354,401 422,992 96,680 108,182 51.33 3.41 12.93121 434 Sine Midas Stroy Construction Holding 144.1 249 17,033 22,216 3,639 3,888 0.97 1.27 6.62 Infrastructure development 25,675122 261 SK-Pharmatsiya Trade 480.4 Distribution of123 154 Zhilstroisberbank of Kazakhstan Finance pharmaceuticals 143.9124 119 Logycom IT 143.3 Trade Finance industry LC Commerce Manufacturing Manufacture and sale of Logycom Services computer equipment Daneker Sala Wholesale trade Computers and peripheral equipment ServicesCONTENT 25

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %125 130 Arman-Kurylys Construction Construction 142.1 25,460 Manufacturing Mechanical engineering 141.9 25,428126 104 Agromashholding Construction Construction 141.9 25,420 -1,024 22,035 31,247 -3,425 -4,449 -4.03 -3.84 26.00 Oil & Gas Oilfield services 140.0 25,090127 197 ISKER Consortium Oil & Gas Oil Production 137.7 24,670 -27,119 -37,336 137.0 8,103 13,504128 Branch of Saipem S.p.A. Oil & Gas Oilfield services 136.2 24,550 20,912 27,881 135.7 20,163129 103 KOR Oil Company Oil & Gas Oilfield services 134.9 24,410 18,002 61,380 134.7 50,574130 128 Branch of Baker Hughes Services Oil & Gas Oil extraction 134.7 24,320 2,548 1,985 International Inc. 133.1 Oil & Gas Oil Production 132.6 24,172131 144 Smart-Oil Mining & Metals Non-ferrous metallurgy 132.2 24,135 Production of building 131.6132 93 Aktobe branch of Altius Petroleum Manufacturing materials 129.3 24,132 International B.V. Uranium mining Mining & Metals Finance industry 94.1 23,855133 105 Kom-Munay Finance Production of building 23,762 -5,051 5,362 37,562 -20.90 -23.54 15.67 materials 5,401 31,089 33,881 22.38 16.63 49.99134 126 Copper Technology Manufacturing Energy 23,680 Production of building135 158 Stroykonstruktsiya Energy materials 23,588 7,169 22,471 29,068 29.71 27.82 29.38 Production of building136 182 Baiken-U Manufacturing materials 23,170 2,160 45,204 47,497 9.06 4.66 11.32137 180 Citibank Kazakhstan Production of building 10,806 334,806 378,559 45.48 3.03 19.30 materials138 155 Bukhtarminskaya Cement Company139 161 T.I. Baturov Zhambyl District Power Plant -563 7,041 8,978 -2.39 -7.03 -24.84140 131 Alina Group of Companies Alina Pro Manufacturing 16,870 Alina Management Manufacturing Alina Trade Trade Building materials 117.2 21,010 6,300 Alina D/Holding Manufacturing Production of building materials Alina Market Trade Retail chain 129.2 23,149 871 17,522 17,402 4,911 7,481 14.17 4.99 14.06141 Nomad Insurance Group Insurance Insurance Insurance 34.3 6,145 500 23,063 34,832 3,398 3,678 2.94 1.73 14.13 Nomad Insurance Insurance Insurance -20,644 95,286 101,914 -26,200 -46,844 Nomad Life life insurance company Services 94.9 17,004 19,515 19,382 -90.28 -20.94 56.53142 141 Sagiz Petroleum Company Mining & Metals Insurance 127.6 22,867 -739 167,967 246,969 7,351 6,538 -3.23 -3.80 -10.64143 129 Aktobe Chromium Compounds Plant Finance Prospecting 127.5 22,849 4,142 5,831 24,499 27,784 18.34 2.00 15.84144 164 Subsidiary of Alfa-Bank Mining & Metals Non-ferrous metallurgy 126.1 22,588 2,831 6,839 4,477 5,051 12.60 44.69 59.43145 139 Karazhyra Ltd Finance industry 125.4 22,472 Coal mining146 Electrovoz Kurastyru Zauyty Manufacturing Production of rolling stock 124.2 22,250147 125 KazGerStroy Holding Construction Infrastructure development 124.0 22,220 7,992 35,242 32,074 25,888 29,421 36.52 23.75 28.90 DS Noiburg Construction Construction 78.1 14,000 -3,285 63,690 72,626 15,431 12,146 -15.17 -4.82 -23.83 KazGerStroy Construction Construction 45.9 8,220 30,986 38,139 3,874 -4.26 -2.64 -41.41 Mining & Metals Uranium industry 122.1 21,886 -912 529148 124 Akbastau JV Oil & Gas Oil Production 120.9 21,657 6,985 7,347 1,948 1.78 5.22 17.11149 142 Emir-oil Mining & Metals Gold mining 119.4 21,400 374 2,423 -1.87 -1.94 -3.01150 98 Varvarinskoe Energy Energy 118.2 21,180151 146 Pavlodarenergosbyt Construction Infrastructure development 117.1 20,976152 236 K-Dorstroy Production of building materials 116.8153 137 Central Asia Cement Manufacturing Infrastructure development 20,926 -391 21,209 19,222 13,621 12,399 Infrastructure development 116.4154 Atyrauinzhstroy Construction Construction 39.1 20,854 412 Atyrauinzhdorstroy Construction 116.3 7,000155 Akmaral Construction 20,840156 140 SINOPEK Kazakhstan International Oilfield Oil & Gas Oilfield services 114.6 20,530 Service Company157 184 Voskhod Chrome Mining & Metals Concentration of minerals 112.3 20,120 Oilfield services 111.7 20,010158 213 Branch of Sicim S.p.A. Oil & Gas Oil Production 111.2 19,930159 191 Branch of Maersk Oil Kazakhstan GmbH Oil & Gas26 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %160 70 Karaganda BI Energy plus Construction Infrastructure development 110.6 19,820 109.9 19,690161 157 KaragandyZhyluSbyt Energy Energy 109.3 19,591 109.1 19,547162 Soyuzcomplekt JV Construction Construction 107.4 19,240 106.8 19,130163 153 Bayan Sulu FMCG Confectionery 104.5 471 17,835 19,356 13,345 13,408 2.41 2.53 3.52 18,720 722 143,995 153,099 17,730 18,098 3.75 0.24 2.02164 Subsidiary of VTB Bank Finance Finance industry 104.2 103.9 18,680165 133 KazMunayGas Drilling Oil & Gas Oilfield services 103.3 103.1 18,620166 96 Ekibastuz Branch of Alsim Alarko Sanayi Construction Construction 102.7 18,510 Tesisleri ve Ticaret A.Ş 102.6 18,470 102.3167 Prommashkomplekt Manufacturing Production of railroad 100.7 18,401 switches and rail wheels 58.4 18,390168 148 Branch of Halliburton International Inc Oil & Gas Oilfield services 100.5 18,330 100.1 18,048169 181 USS Support Services JV Oil & Gas Oilfield services 99.2 10,458 98.3170 Munay Service Ltd Trade Petroleum products trading 96.9 96.8171 Astana Branch of Arabtec Consolidated Construction Construction 96.5 Contractors Limited 319.5172 189 Vostok Oil and Services Oil & Gas Oilfield services 95.5173 187 Worley Parsons Kazakhstan Services Design services 95.2 95.0174 114 ZERDE National Infocommunication Holding IT IT holding 94.8 1,053 28,206 30,327 13,711 15,804 5.83 3.60 7.14 94.5 1,123 17,238 19,213 6,169 7,845 10.74 6.16 16.02 National Information Technologies IT IT services 94.1 93.5 Kazsatnet Telecommunications Data transmission 92.7175 156 Kazakhstan National Television and Radio Services Media 31.5 18,010 48 14,582 15,447 12,481 12,417 0.26 0.32 0.38 Corporation 17.2 2,330 854 39,348176 Branch of Fluor Kazakhstan Inc. Construction Construction 44.0 17,930 40,290 26,814 92.1 17,776 32,702177 188 Askeri kurylys Construction Construction 92.0 17,618 202 22,578 3,914 784 1.14 6.47 24.66 91.8 17,360 3,464 40,328 23,350 1,747 19.66 8.70 13.81178 152 Alel Financial and Investment Corporation Mining & Metals Gold mining 32,667 91.3 52,782 -37,593179 170 South-East Service Group Oil & Gas Oilfield services 21,210 91.0180 172 Astana International Airport Transport and Transport infrastructure 90.7 17,348 616 40,886 32,516 3.55 1.52 1.89 logistics 89.7 43.3181 110 Kazakhstan Private Industrial Enterprise Oil & Gas Oilfield services 40.9 17,290 57,250182 214 Procter and Gamble Kazakhstan Trade Wholesale trade of 17,180 household goods 17,110 17,050183 263 Ada Oil Firm Oil & Gas Oil extraction 17,020 561 25,400 1,185 3.28 2.34 38.30184 205 Tulpar Munay Service Oil & Gas Oilfield services 16,990185 241 Senimdi Kurylys Construction Infrastructure development 16,927 -12,477 38,104 -25,116 -73.71 -35.26 39.79186 269 MunayKurylysService Construction Construction 16,869 -462 45,173 21,667 -2.74 -0.94 -2.15187 138 Kazakhaltyn Mining & Metals Gold mining 16,760188 63 Locomotive Kurastyru Zauyty Manufacturing Mechanical engineering 16,610189 177 Samek International Oil & Gas Prospecting190 Agroprodukt FMCG Milk, dairy products 5,650 Trade Trade 3,080 Agroproduct Asia FMCG Dairy products 467 Moloko Sinegorya FMCG Dairy products 7,880 -34,552 41,216 12,725 4,537 -29,758 -209.48 -128.11 273.99 FMCG Dairy products 16,495 4,119 169,329 223,054 80,070 83,143 24.99 2.10 5.05 Solnechny Milk Factory FMCG Dairy products 16,485 1.40 0.48 1.36 Stolichny Milk Factory Oil & Gas Oil Production Molproduct Finance Finance industry -29.70 -28.90 234.30191 163 Tasbulat Oil Corporation Transport and192 193 Damu Entrepreneurship Development Fund logistics Transport193 206 Argymak TransService Mining & Metals Non-ferrous metallurgy 16,450194 145 Ust-Kamenogorsk Titanium- Construction Construction 16,361 229 43,177 52,793 16,792 17,002 Magnesium Plant -4,774 18,482 14,554 356 -4,430 16,300195 239 Naiza-Kurylys Concern 16,254 16,071196 Beineu-Shymkent Gas Pipeline Oil & Gas Natural gas transportation 7,760197 135 Raimbek-Group FMCG Holding 7,330 Raimbek Bottlers FMCG Non-alcoholic beverages Raimbek-Agro FMCG Milk, dairy productsCONTENT 27

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % Raimbek-Alco FMCG Distribution of alcohol 33.7 6,040 919 154,087 167,335 29,805 44,918 5.81 0.57 2.46 products 88.3198 147 Kazakhstan Mortgage Company Finance Finance industry 87.8 15,831199 Ken-Sary Oil & Gas Oil extraction 87.3 15,730200 201 Zhambyl Cement Production Company Manufacturing Cement production 15,650 289.2 51,820201 369 Medservice Plus Kazakhstan Pharmaceutical Trade Distribution of 15,550 Company pharmaceuticals MS Help Services Pharmacy chain Services Distribution of MS Group Transport and pharmaceuticals logistics MS Stock Transport company202 Weatherford Kazakhstan Oil & Gas Oilfield services 86.6 15,515203 ElitstroyProyekt Construction Construction 86.3 15,470 Transport and204 192 KM Logistic logistics Transport and logistics 86.3 15,460205 151 Dizzy FMCG FMCG 85.7 15,360206 301 KazAzot207 458 Global Building Contract Manufacturing Chemical industry 85.4 15,310 -111 17,061 21,141 -978 8,711 -0.72 -0.58 -2.87208 204 KazTransCom 10.45 10.55 13.02 Construction Construction 84.8 15,190 KazTransCom ERP-Service209 233 Zhezkazgan Energosbyt Telecommunications Data transmission 84.7 15,183 1,586 14,257 15,810 11,391 12,978210 143 AES Kazakhstan IT IT services AES Ust-Kamenogorsk CHPP AES Sogrinsk CHPP Energy Energy 84.6 15,160 Shulbinsky Hydropower Plant211 208 Danone Berkut Energy Energy 83.7 15,002212 238 Fuel Transport Company Energy Energy 66.3 11,889 2,538 22,819 26,232 18,277 20,815 21.35 10.35 12.99 -2.90 -1.23 -2.42213 Asia Credit Bank Energy Energy 17.4 3,113 -90 7,521 7,209 3,772 3,682 0.09 -703.33214 Astana EXPO-2017 Energy Energy 0.0 0 -1 0 0 -603 -553215 300 Stepnogorsk Mining and Chemical Complex Agriculture Dairy products 83.3 14,920 Shantobe Energo Transport and STJ logistics Cargo transportation 83.2 14,900 Shantobe Remstroyservice Finance Finance industry 82.8 14,828 1,556 92,244 193,756 21,338 22,493 10.50 0.54 3.55216 179 Aikos Services Event management of 5.26 5.47 16.27217 196 Kozhan trade fairs 82.6 14,800218 194 Neftestroyservice Ltd Mining & Metals Uranium industry Energy Electricity distribution 82.2 14,733 774 12,778 15,524 4,580 4,940219 221 Kumkol Trans Service Transport Rail transportation 82.0 14,690 5,052 12,726 15,767 6,991 11,989 34.47 35.46 53.24220 222 Carlsberg Kazakhstan Services Repair services 81.8 14,659 -17.97 -13.26 -87.63221 176 Kamaz-Engineering Manufacturing Equipment manufacturing 81.6 14,630222 212 Sheberbuild Oil & Gas Oil Production 8.69 23.02 53.98223 298 Kaz M-I Oil & Gas Oilfield services 81.5 14,597 -2,624 20,054 19,529 4,306 1,682224 493 Branch of Mabco Constructions SA Transport and225 207 Chimpharm logistics Cargo transportation226 231 Kyzylkum227 TNS-Export FMCG Beer brewing 80.8 14,480228 Bizhan meat processing plant229 190 Atyrau Teploelectrocentral Manufacturing Mechanical engineering 79.6 14,255 1,238 4,601 6,157 1,806 2,782230 227 Karcement Construction Construction 79.4 14,220231 215 KazEnergoKabel Oil & Gas Oilfield services 79.3 14,210232 250 Denholm Zholdas Oil & Gas Oilfield services 78.5 14,060 Manufacturing Pharmaceuticals 78.3 14,031 689 21,286 24,581 9,099 9,788 4.91 3.01 7.30 -14.15 -4.74 -13.06 Mining & Metals Uranium mining 78.2 14,007 -1,982 39,569 44,135 16,177 14,172 Agriculture Silo 78.1 14,002 FMCG Meat products 78.1 13,990 Energy Energy 77.7 13,920 1,180 41,433 51,319 16,010 21,412 8.48 2.54 6.31 -15.95 -7.43 -43.72 Manufacturing Production of building 77.7 13,915 -2,219 29,615 30,097 6,186 3,966 0.61 1.33 Manufacturing materials 0.42 Metalworking 77.0 13,804 57 7,747 11,036 3,734 4,866 75.6 13,550 Oil & Gas Oilfield services28 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %233 Oksibild Construction Construction 75.3 13,500 75.2 13,479234 Branch of Alsim Alarko Sanayi Tesisleri ve Construction Construction 74.7 13,385 Ticaret 74.7 13,380 74.4 13,330235 286 Astel Telecommunications Data transmission 74.3 13,319 1,186 5,608 9,377 4,767 5,318 8.86 15.83 23.52 73.2 13,113 7,961 25,832 59.77 31.78 35.76236 232 Stynergy Manufacturing Production of rolled steel 72.8 13,050 2,384 4.74 9.40 23.55 products 72.6 13,010 622 0.29 0.44 0.51 72.0 12,906 37 7,289 1.90237 348 Branch of ENKA İnşaat ve Sanayi A.Ş. Construction Construction 71.9 12,890 244 71.9 12,890 8,381 14.29 18.17 21.68238 198 Potential Oil Oil & Gas Oil Production 71.9 12,890 1,819 20,917 29,184 18,687 42,880 8,265 4,969 2,900 6,145 16.78 21.00 37.29239 111 KazStroy Construction Construction 239.3 12,860 2,064 71.8 12,858240 Aktobe Munay Mash Komplekt Construction Construction 71.7 12,850241 260 Branch of SaiPar Drilling Company B.V. Oil & Gas Oilfield services 71.1 12,740 Karachaganak Project 71.0 12,723 71.0 12,720242 209 Khabar Agency Services Media 70.5 12,630 8,521 8,576 7,259 Manufacturing Cement production 70.1 12,553243 186 United Cement Group Manufacturing Cement production 70.0 12,540 Manufacturing Production of building 69.9 12,530 Semey Cement Plant materials Trade 69.6 12,470244 224 Knauf Gips Kapchagay in partnership Wholesale trade of 69.1 12,380 with DEG household goods 69.1 12,380 69.0 12,370245 360 ArLine 68.7 12,310 68.6 12,302246 452 Montazhspetsstroy Company Construction Infrastructure development 68.6 12,301 9,818 10,197 8,395 Montazhservice Trade Trade 68.0 12,190 KIP-Avtomatica Construction Installation 67.8 12,150 Kashagan Kurylys Birlestigi Construction Industrial construction 672.5 120,500 MSS-Kyzmet Services Services 12,050 MSS-Dam Services Services Kaztour Construction Infrastructure development Construction Construction247 292 StroyAstes Manufacturing Cement production248 228 Standard Cement Alcoholic and non-alcoholic FMCG beverages249 200 Kokshetau Mineral Water Energy Energy Construction and250 242 Kostanay Energocenter production of building Construction materials251 162 Kulager Construction Corporation Helicopter manufacturing Manufacturing Petroleum products trading252 Eurocopter Kazakhstan Engineering Oil & Gas Oil and fat products253 160 Kazakhstan Fuel Company FMCG Oil and fat products254 217 Maslo-Del FMCG Oil and fat products FMCG Oil and fat products Maslo-Del Food FMCG Oil and fat products Maslo-Del MJK FMCG Oil and fat products Maslo-Del Novoishimskoye Village FMCG Natural gas processing Maslo-Del Petropavlovsk Oil & Gas Copper mining Maslo-Del-Trade Mining & Metals Production of agricultural255 112 Amangeldi Natural Gas Processing Plant machinery256 254 Kounrad Copper Company Manufacturing Transport257 413 Agrotechmash Transport and logistics Oilfield services258 Bogatyr Trans Oil & Gas259 219 M-Techservice260 252 Sandvik Mining and Construction Oil & Gas Oilfield services Kazakhstan Ltd261 237 Aksaigasservice Oil & Gas Oilfield services 9,330 10,321 4,922 Construction Infrastructure development262 Mostostroitelny Otryad 25 Oil & Gas Petroleum products trading263 323 Etalon Avtoresurs264 268 Sinooil Trade Petroleum products trading Dostyk AZS Trade Petroleum products tradingCONTENT 29

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %265 287 KIS/Orion Services Recruitment 66.9 11,980 1,567 8,777 11,282 3,830 4,266 13.12 15.63 38.72266 251 Zhambylzharyksauda-2030 Energy Energy 66.7 11,960267 210 ANACO Oil & Gas Oil Production 66.6 11,943 17 8,305 13,245 5,211 9,465268 149 TyazhPromElectroProekt Construction Construction 66.5 11,910 -10 2,285 2,908 764 754269 220 Okan Holding Group of Companies Holding 66.2 11,863 27.0 -472 28,809 47,560 27,151 37,119 Sultan-Elevator Mill and Macaroni FMCG Flour products 5.3 4,835 -2,808 21,562 20,972 3,930 13,862 0.36 0.16 0.23 Complex 33.9 -1.06 -0.39 -1.34 Sultan Confectionery FMCG Confectionery 65.9 957 -707 10,819 12,990 2,773 2,107 Sultan Marketing FMCG FMCG 65.9 6,070 285 12,410 10,836 5,692 5,961270 LS Invest 65.2 194 25,748 26,419 20,770 20,966271 Kazteleradio Services Organization of gambling 64.9 11,816 169 12,783 12,803 6,801 6,963272 183 Zarechnoe JV 64.9273 Medet-Holding Services Media 64.5 11,808 3,276 8,805 10,263 5,936 8,693 -4.00 -1.24 -1.47 Mining & Metals Uranium industry 63.8 11,676 1,739 19,406 28,861 11,349 13,013 -24.05 -13.20 -31.57 Tsesna-Astyk Concern Agriculture Production and processing 63.4274 338 Arystan Stepnogorsk Pipe Plant of grains 63.2 11,630 -6.08 -5.94 -28.98275 381 Gamma Agriculture Production and processing 63.1276 243 Kazagroinnovatsiya Manufacturing of grains 11,630 2.49 2.45 4.89277 422 Semaz Mining & Metals Pipe manufacturing 62.9 1.70 0.74 0.93278 246 Kostanay Minerals Services 61.9 11,560 Manufacturing Coal mining 61.7 11,438 1.49 1.32 2.45 MineralStroy-Service Mining & Metals 61.4 11,368 Gornyie Technologies Research institute 613.7 11,320 29.06 34.36 44.79279 275 Alel-Agro Construction 15.72 7.20 14.27280 Meerbusch Services Tractor assembly 613.7 11,301281 281 Tenizservice Agriculture Mining of non-metallic282 203 CNLC International Kazakhstan Inc Oil & Gas minerals 61.1 11,275 Oil & Gas Production of building283 253 Gelios Oil & Gas materials 203.2 11,095 Media 11,064284 311 Petroleum Operating Eating and hatching eggs, 202.2 11,010 poultry 109,970285 165 Promstroy-Energo Oil extraction 44.1 11,000 Oilfield services 60.7 109,960286 472 Stopharm Oilfield services 60.7 11,000 60.0287 274 Skif Trade Trade Petroleum products trading 10,950 199.1 Skif Sauda Trade Petroleum products trading 36,420 Construction Infrastructure development 49.6 10,920288 159 A-ta Stroy Trade Distribution of 59.3 36,240289 257 Metal Profile Plant Trade pharmaceuticals 59.1 10,870290 ABK-Avtodor NS Supermarket chain 59.0 235.7 7,910291 427 Amanat Trade Supermarket chain 2,370 Construction 10,870 Zaman Pharm Almaty Distribution Manufacturing Construction 10,870 Construction Metalworking292 195 Dalprodukt Construction of highways 10,760293 Aria-Zhana Astana Trade294 305 Kainar-AKB Distribution of 35,680 Trade pharmaceuticals 10,700295 Mechta Market FMCG 8,890 Construction Distribution of 2,670 Manufacturing pharmaceuticals 10,620 Trade FMCG 10,590 Construction and design 10,580 Battery manufacturing 42,230 10,560 Electronics retail chain30 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %296 325 Aksai bakery plant FMCG Bakery production 58.4 10,470297 ATABA Group of Companies 58.3 10,450 Group of Companies Holding 39.5 7,080 Ataba 2,130 Trade Wholesale trade of food 12.4 Ataba-Aktau products 58.2 Zhanel 57.9 Trade Retail 57.6 Anuar-Consumers Trade Motor vehicle sales 57.5 191.4298 199 A.P. Milland Trade Wholesale trade of 2,220299 368 Er-Tai household goods 660300 256 Mai301 Qazaq Banki FMCG Food sales 10,420 405 2,598 2,570 303 163 3.90 15.66 173.78 Services Prospecting 10,368 320 9,728 8,725 5,642 5,791 3.10 3.47 5.61302 266 MELOMAN Group of Companies FMCG Oil and fat products 10,324 274 48,628 151,304 6,203 12,232 2.67 0.14 1.49 Finance Finance industry 10,297 34,291 0 16.61 17.56 19.34 Trade Holding 10,287 14,136 17,606 0 25.80 23.99 36.93 1,707 -114.20 -48.79 49.74 Meloman Home Video Trade Multimedia retail chain 54.4 9,740 -61.10 -23.29 44.28 2,920 Video-Audio Meloman Trade Multimedia retail chain 13.4 2,410 2.57 3.26 7.10 3.05 6.84 61.72 Kundyz Trade Household goods retail 44.7 720 48.00 36.79 48.06 chain 8,010 Trade 2,400 Marwin Toy sales 26.2 4,687 Services303 173 Avtomir-Center Mining & Metals Auto repair 57.4 937 Construction Non-ferrous metallurgy 57.3 10,280304 295 Nova Zinc Mining & Metals 57.3 10,274 8,806 10,639 7,982 9,669 Oil & Gas Infrastructure development 57.0 9,878 12,095 6,414 7,859305 Almaty branch of Todini Costruzioni Manufacturing 56.3 10,270 30,217 16,764 -17,694 -28,384 Generali S.p.A. Gold mining 56.0 Manufacturing Chemical industry306 272 Yubileynoye Production of paper 56.0 10,214 2,635 Manufacturing products 10,090307 307 RauanNalko Production of paper 51.5 Construction products308 247 Kagazy Investments Transport and Production of paper 10,036 -11,461 logistics products Kazakhstan Kagazy Oil & Gas 10,036 -6,132 32,542 20,128 -8,847 -18,851 FMCG Construction Kagazy Recycling IT 9,220 Oil & Gas Prime Estate Activities Construction Kazakhstan FMCG PEAK Logistics LLP Manufacturing Logistics Construction309 322 Branch of Parker Drilling Company Transport and Oilfield services 55.6 9,960 International Ltd logistics Oil and fat products 55.6 9,960 Transport and Control systems automation 55.6 9,960310 267 Shymkentmai logistics Oilfield services 55.2 9,890 256 7,503 8,216 3,508 3,714 Transport and Residential and commercial 54.7 9,796311 TNS-Intec logistics real estate 298 3,496 5,220 438 529 Transport and Eggs and poultry 54.6 9,784 4,696 11,196 14,336 7,972 11,570312 387 KazGiproNefteTrans logistics production 54.3 9,734 Bitumen production 54.2 9,720313 388 Astana-Kurylys National Construction Construction 54.0 9,670 Corporation Transport314 Ust-Kamenogorsk Poultry Factory Leasing and freight forwarding315 Caspi Bitum JV Leasing316 GMT Engineering ltd317 277 Tengiztransgas Tengiz Transport Company Transport Holding Ak-Zhayik-7 Repair services 23.5 4,210CONTENT 31

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % RIP-Gas Transport and Repair services 8.8 1,580 logistics Repair services 53.5 Dossor-Service Services Chromite mining 53.5 Holding 48.2318 283 Vostok-Oriel Mining & Metals Metalworking 9,590 4.2 9,587319 216 SAT & Company Mining & Metals Holding 0.0 8,642 -18,361 93,180 75,853 33,891 15,531 -191.51 -21.72 -74.30 0.0 -380 8,106 8,991 -548 -583 -4.40 -4.45 67.24 Temirtau Electrometallurgical Complex Manufacturing Metalworking Ferrous metallurgy 53.4 Central Asian Investment Consulting Group of Companies Anode paste production 52.6 Company Ferrous metallurgy 52.1 Non-ferrous metallurgy 52.0 Taraz Metallurgical Plant Manufacturing Non-ferrous metallurgy 51.8 32.2 Arman 100 Mining & Metals 19.6 761 -309 3,326 2,935 -3,715 -4,706 -40.56 -9.86 7.33 51.8 Taraz Electronics Plant Manufacturing 51.7 51.2 Saryarka Mining Mining & Metals 51.2 0 -1 3 3 -240 -242 -48.48 0.57 51.1 Ertis Ferronickel Plant Mining & Metals 50.9 Kaznickel Mining & Metals 50.6 0 -697 1,286 10 -704 -1,401 -107.52 66.20 50.5 SAT Energy Trade Ferroalloy products sales 50.3 50.1320 HUA SHENG DA Petroleum Engineering Oil & Gas Well drilling 12.6 9,576 Company 33.8321 389 TNK Agrofirm Agriculture Production of cereal grains 50.1 9,420 49.7322 418 Astana-Zelenstroy Services Urban greening 49.4 9,327 -885 4,245 5,708 2,208 1,424 -9.49 -17.78 -48.72323 271 Oil Insurance Company 49.3 9,322 197 10,765 13,024 3,334 3,531 2.11 1.65 5.73324 Deloitte Finance Finance industry 9,287 5,767 37.01 12.45 13.41 Deloitte TSF Services Audit services 3,520 -7.26 -9.86 -338.90 Deloitte 9,281325 259 Sazankurak Services Audit services 9,270 -15.61 -12.44 -44.27326 278 Alma-TV Services Consulting Oil & Gas Oil Production 3,435 26,039 29,120 23,901 27,336 Telecommunications Television and Internet327 385 Koktas-Aktobe Manufacturing Production of non-metallic 9,173 -666 5,022 8,486 43 350 building materials328 Astyk Trans Transport Transportation of grains 9,170329 372 Elektrohimzashita 9,160 Services Engineering services330 245 Shymkentcement 9,123 Manufacturing Production of building -1,424 9,142 13,756 3,930 2,505 BetonAta materials331 303 2day telecom332 384 MunayGasKurylys Trade Trade Telecommunications Data transmission 9,060 9,050 Oil & Gas Oilfield services 9,020333 347 Electrocable Plant Manufacturing Equipment manufacturing 8,986334 289 AMF Group Oil & Gas Oil & Gas 2,261 1,931 13,731 16,233 10,773 12,466 21.48 12.89 16.62 Svetland-Oil Oil & Gas Oil Production 6,060 469 865 900 700 769 20.74 53.14 63.82 Energy Gas turbine power plant 406 Zhanazhol Gas Turbine Power Plant Services Broker services PalatinCapital Services Broker services ZhibekZholyLogistics Transport Cargo transportation Spetsavtobaza-Saryarka ArkaSaulet Agriculture Crop and livestock farming MaierGroup Manufacturing Production of building Engineering Systems Examination materials Center Batys-Nyk Construction Construction and installation335 276 Huawei-Almaty FMCG Meat processing and336 309 Asphaltobeton 1 canning337 319 Bapy Mining338 178 EPK Stepnogorsk Telecommunications Telecommunication 8,970 networks Manufacturing Production of building 8,910 materials 8,853 8,826 Mining & Metals Iron ore mining 700 9,458 12,556 -76 468 7.90 6.36 357.03 -1,067 5,786 4,091 5,136 3,022 -12.09 -21.60 -26.15 Manufacturing Metalworking32 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %339 VSP International Construction Construction 49.2 8,813 165 23,701 30,378 7,984 5,787 1.91 0.61 2.39 Production of motor 2,873 7,645 12,511 2,060 6,438 33.57 28.51 67.62340 SaryarkaAutoProm Manufacturing vehicles 49.1 8,800 Construction 848 6,744 7,610 3,569 4,050 10.02 11.82 22.27341 438 Shar Kurylys Construction Energy 48.8 8,750342 317 Zhetisu EnergoTrade Energy Metalworking 48.4 8,670343 218 Kazvtorchermet Manufacturing Equipment repair 48.2 8,642344 336 Semey Engineering Services 47.8 8,559 Meat and sausage products345 445 Becker and Co FMCG 47.2 8,466 Nemetsky Dvor Trade Meat products sales 43.0 7,700 2,310 Trade 47.0 Nemetsky Dvor Astana Trade Energy 46.8 8,420346 313 Kokshetau Energo Center Energy Oilfield services 46.5 8,390347 320 Aktau Oil Electronic Company Oil & Gas Infrastructure development 46.4 8,330 46.3 8,320348 Construction Office 99 Construction Oilfield services 46.3 8,295 Oil Production 46.3 8,293349 327 Branch of WEUS Holding. Inc. Oil & Gas 45.9 8,290350 268 Branch of Altius Petroleum Int B.V. Oil & Gas Equipment manufacturing 45.8 8,220 Oil and gas exploration 45.6351 229 Kemont Manufacturing Lease of commercial real 45.6 762 7,384 8,318 5,475 6,187 9.19 9.70 13.06 estate 45.5352 Tarbagatai Munay Oil & Gas Transport infrastructure 12.8 8.3353 403 Bakhus-Center Services Finance industry Pipeline construction 45.4354 328 Aktau International Commercial Seaport Transport and Agricultural holding 45.1 8,200 1,212 38,781 40,667 24,122 25,335 14.79 3.05 4.90 logistics Crop farming 45.0 1,984 79,606 127,439 12,110 17,595 24.26 1.92 13.36355 Bank of Astana Finance Crop and livestock farming 44.9 8,178356 KSS-Sicim Oil & Gas Crop farming, silo services 44.8 8,171 -2,790 24,473 34,249 -1,344 -4,475 -34.25 -9.50 95.88357 358 Atameken Agro Agriculture Crop and livestock farming 44.6 8,144 Agriculture Crop and livestock farming 44.5 2,290 Atameken-Agro-Tselinny Agriculture Crop farming 1,480 Atameken-Agro-Timiryazevo Agriculture Construction Atameken-Agro-Esil Agriculture Crop farming Atameken-Agro-Korneyevka Agriculture Crop and livestock farming Atameken-Agro-Shukyrkol Agriculture Crop farming Sagat SC Construction Crop and poultry farming, Atameken Agro Stroy Agriculture silo services Atameken-Agro Agriculture Silo services Michurinsky Agriculture Crop and livestock farming Dihan Plus Silo services Livestock farming Priishimsk Poultry Factory Agriculture Production of chemicals Construction Atameken-Astyk Agriculture Blasting Shatilo and Co. Agriculture Electricity distribution Cement production Korneevka-Esil Agriculture Production Finance industry Atameken-Agro-Zerenda Agriculture358 416 Astana-Nan Agriculture 8,130 8,090359 330 Astana branch of Alsim Alarko Sanayi Construction Tesisleri ve Ticaret A.Ş 8,070 8,050360 335 Interrin Research & Development Enterprise Services 8,020 8,000361 333 Batys Energoresursy Energy 7,982362 Kazahcement Manufacturing363 457 Asianergoproektmontazh Manufacturing364 270 Kazinvestbank Finance 398 92,846 90,111 10,695 11,093 4.99 0.44 3.66CONTENT 33

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %365 291 Ramstore Kazakhstan Trade Supermarket chain 147.9 26,510 7,950366 282 Arman JV Oil & Gas Oil extraction 44.2 7,914 1,084 6,296 7,995 4,769 6,647 13.69 15.16 18.98367 266 Alsi IT IT 44.0 7,890 -11.92 -3.49 -12.45368 280 Caspian Offshore Construction Oil & Gas Oilfield services 43.5 7,800 -917 26,920 25,622 7,820 6,903 13.23 0.80 5.74369 331 Eurasia+ORT Services Media 43.0 7,700 1,014 56,213 70,090 7,289 10,363 -1.26 -0.82 -1.19370 370 SKZ-U Mining & Metals Chemical industry 42.9 7,691371 Bank Kassa Nova Finance Finance industry 42.8 7,661 -96 11,726 11,639 8,145 8,049 3.44 0.47 2.03372 417 Neftekhim LTD Company Oil & Gas 42.9373 Orion Minerals Mining & Metals Production of fuel products 42.6 7,680 261 55,226 54,699 12,741 13,002 17.91 17.79 20.70374 285 NeftTechService Oil & Gas 42.5 -13.08 -15.72 28.18 Gold mining 7,638375 116 Best Green House Trade Oilfield services 141.7 7,620 -77.68 -12.43 -116.71 25,390376 288 Eximbank Kazakhstan Finance Distribution of food 42.3 7,620 0.06 0.02 0.06377 Syrdaryanefteservice Oil & Gas products 42.2 7,579378 375 Group 4 Securicor Kazakhstan Services 42.2 7,560 Finance industry 7,560379 420 Gulser Computers (Alser) Trade Oilfield services 168.4 30,180 Security services 7,550 25,140 Computer equipment retail 7,540 chain 7,524380 324 Altyn Alma Trade Wholesale trade of 140.3 Services household goods 42.0381 357 National Examination and Certification Construction Examination and 42.0 1,348 6,990 8,160 6,054 6,966 Center certification services -3,813 -3,167 Infrastructure development382 290 Almatymetrokurylys 7,520 -984 6,179 6,338 -5,698 39,089 52,612383 Inkar Trade Distribution of 139.7 25,030 2,346 2,484 pharmaceuticals 7,510 1384 318 Gaspromneft-Kazakhstan Trade Petroleum products trading 415.0 74,370 7,440385 364 Nestle Food Kazakhstan Trade Food products 137.5 24,640 41.2 7,390386 344 Kazakhstan Pipe Plant Manufacturing Metalworking 40.9 7,390 Mining & Metals Gold mining 40.7 7,336387 310 AK Altynalmas Manufacturing Plastic products 40.7 7,300 7,747 2,017 Services Recruitment 40.3388 392 R.E.T. 17.7 7,287 Services Audit services 22.6389 Branch of Fircroft Engineering Services Services Audit services 40.1 7,218 Limited 39.9 3,171 Services Consulting 5.3390 PWC Construction Construction 4,047 Manufacturing Group of companies 18.2 PricewaterhouseCoopers Manufacturing Metalworking 7,190 PricewaterhouseCoopers Tax and Manufacturing Equipment manufacturing 16.3 7,146 Advisory Manufacturing Professional equipment391 379 AZMK (Almaty Bridge Construction Plant) Manufacturing Production of electric 956 submersible pumps392 352 Zhersu Transmission and distribution of electric Zhersu Metal power 1,014 1,015 Passenger transportation Zhersu Power Security services Saiman Corporation 3,270 Alakol Plant TATEK Energy 2,920 Zhersu Avia Zhartas Security Transport and logistics Services34 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. % Baiserke-Agro Manufacturing Flour and cereal products 39.8 7,140 Kaindy Agriculture and fodder AlakolAgro Agriculture Crop farming 39.7 7,120 Tau Samal LTD Company Agriculture Livestock farming Alakol Nan Agriculture Livestock farming 39.6 7,090393 Romat Pharmaceutical Company Manufacturing Grain storage and 39.4 7,060 warehousing 39.4 7,060394 345 Akmola Kurylys Materialdary Construction Pharmaceuticals 39.4 7,060 Construction and 39.3 7,050395 428 KIOS Oil & Gas production of building 39.3 7,040396 Ruskazdorservice Construction materials 130.6 23,400397 294 Selprom Agriculture Oilfield services 7,020398 399 Almatyteplokommunenergo Energy Road construction 39.1399 Kazpolymetal Mining & Metals Transport 38.9400 Lad-Komir Mining & Metals Energy 38.8 Field development 38.5 Coal mining 38.5 38.4401 Amity International Trade Distribution of 38.3 pharmaceuticals 38.3 38.3 Emity Retail Trade Distribution of 38.1 7,000402 400 Kazcenterelectroprovod Manufacturing pharmaceuticals 38.1403 415 Kazsatnet National Company Production of electrical 6,970 products 6,945 6,907 Telecommunications Data transmission 6,895404 279 S.M. Kirov Plant Manufacturing Professional equipment 6,878 406 3,568 3,413 1,278 1,349 5.84 11.62 30.89 6,870 536 5,200 6,146 2,168 2,564 7.76 9.45 22.65405 341 Aktobe Oil Equipment Plant Manufacturing Equipment manufacturing 6,860 1,116 8,455 10,421 2,101 3,217 16.18 11.82 41.97 6,856 -70 3,366 2,004 -1.02 -0.67 -2.61406 353 Atyrau-Zharyk Energy Energy 6,834 -48.60 -8.12 103.73 6,830 -3,334 6.80 5.84 24.35407 262 Ust-Kamenogorsk Reinforcement Steel Manufacturing Metalworking 22,650 466 11,136 9,788 32.89 40.23 58.83 Bar Plant 6,800 Recruitment 6,795 2,248 7.66 8.85 50.41408 425 Branch of Fircroft Engineering Services Ltd Services Residential and commercial 6,785 -91.92 -43.79 68.45 real estate 22,410 521409 255 MAG Invest Construction Agriculture 6,720 -6,236 41,163 40,995 -1,314 -5,115 3.90 15.63 27.27 Drug manufacturing 6,690410 332 AsiaAgroFood Agriculture 6,680 7,849 8,136 1,760 2,071 Manufacturing Oilfield services 6,680 4,941 6,235 3,681 3,960411 361 Nobel Almaty Pharmaceutical Factory Oil & Gas 6,660412 230 Kazakhstan branch of Salini Costruttori S.p.A. 6,650413 314 Mechel Service Kazakhstan Trade Sales of metal structures 126.4414 395 Souffle Kazakhstan Malt Factory FMCG Malt production 37.9 6,034 5,738 773 1,293415 350 Fiztech Firm Oil & Gas Oil Production 37.9 13,564 14,918 -5,992 -12,228416 Medtechnika Trade Medical equipment sales 125.1417 405 Kublei FMCG FMCG 37.3 6,640418 380 Kaztrubprom Pipe Metallurgy Company Manufacturing Pipe manufacturing 37.3419 304 Karat Manufacturing Production of artificial 37.3 6,604 257 1,275 2,016 874 1,012420 ABK-Nerud Construction coverings 37.2421 Tamyr Construction 37.1 21,940 Manufacturing Production of electrical 6,580422 383 Bolat-Zhol Transport and equipment 37.1 6,540 logistics423 431 Kazbitumservice Manufacturing Transport 36.9 Production of building materials424 272 Metro Cash & Carry Trade Supermarket chain 122.4425 346 Akpan Construction Construction 36.5CONTENT 35

NB 500 RANKING | TABLE2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %426 416 Karagandy-Su Services Housing & utilities 36.5 6,540 -395 7,664 8,358 1,802 1,407 -6.08 -4.93 -24.60427 337 Almatygorstroi Construction Residential and commercial 36.3 6,500 -26 6,697 7,699 357 327 -0.41 -0.36 -7.59428 351 Oral-Terminal Oil & Gas real estate 36.3 6,500 Logistics 43,070 9,902 9,850429 407 Virazh Trade 6,460 2,274 3,676 Car dealership 240.4 6,440430 Technonicol-Kazakhstan Construction 6,430 3,399 3,612431 Angrensor Energo Mining & Metals Building and finishing 35.9 6,430432 KazTemirKontrakt Manufacturing materials 6,413433 343 East Kazakhstan Grain and Feed Mill Agriculture Bituminous coal mining 35.9 6,400434 Kezbi Oil & Gas Rolled steel products 35.9 6,313435 Daulet-Dorstroi Construction Production of flour and 6,305436 Eco-Technics Oil & Gas fodder 35.8 25,130 Oilfield services 6,280 Infrastructure development 35.7 6,270 35.2 6,260 Oil waste disposal 35.2 6,230 6,200437 409 Branch of General Electric International Inc. Trade Electronics and equipment 140.2 6,120 6,090438 401 Vostochnoe Rudoupravlenie Mining & Metals Barite mining 35.0 6,041439 167 AllianceStroiInvest Construction Residential and commercial 34.9 6,020 real estate 34.8 23,984 34.6 5,996440 MAG Corporation Construction Construction 34.2 5,949 34.0 5,914441 Career-Holdings Personnel Recruitment Services Recruitment 33.7 4,220 Center Mineral processing 33.6 Infrastructure development 133.8 5,890442 363 Altai Ken-Baiytu Manufacturing Production of steel 33.2 5,878 reinforcement bars 33.0 5,860443 Zhambyl regional branch of KCC Engineering Construction Beer brewing 23.6 5,860 & Construction Co. 5,850 32.9 5,830444 Evraz Caspian Steel Manufacturing 32.8 5,830 32.7 5,816445 374 Shymkentpivo FMCG 32.7 5,790 32.6 5,780446 Marvel Kazakhstan Trade Wholesale trade of computer equipment447 396 Olzha Transport and Transport 129 16,725 18,299 2.18 0.74 1.31 logistics 1,768 7,588 6,686 29.89 24.77 59.43448 299 ABE Corporation Group of Companies Group of companies Temirzhol Kurylys – Atyrau Construction Infrastructure development Transport and ABE Energy Services logistics Transportation Services Niistromproyekt Trade Engineering services ABE Trading Company Trade Zheldorstroy Construction Infrastructure development Silk Road Warehousing Facility Services Services ABE-CIS Services Maintenance449 377 Raduga FMCG Food production450 Datoba Construction Construction Construction451 408 Aktobe Neftepererabotka Oil & Gas Oil refinery452 419 Teplotransit Karaganda Services Heat supply453 293 Uniserv Construction Infrastructure development454 414 Gordorstroi Construction Infrastructure development 32.5 -88 6,199 5,189 -1.52 -1.55 -2.52 Development of mineral455 484 Mining and Minerals Technologies Mining & Metals deposits 32.5456 464 Shaken Aimanov Kazakhfilm Services Filmmaking 32.5457 439 Zhambyl Power Networks Energy Electricity generation 32.3458 390 Otau-Stroi Construction Construction 32.336 National Business, №11 (20) 2015 CONTENT

2015 Ranking 2014 Ranking Company Subsidiary companies Third-level companies Industry Sector Revenue. mln USD Revenue. mln KZT/ Gross revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %459 444 Arasan Firm FMCG Beer brewing 32.1 5,760 -1,441 9,495 8,245 8,533 7,091 -25.63 -16.25 -18.45460 477 Ariadna Construction Construction 31.8 5,700 3,826 Manufacturing Production of building 31.8 51,933 57,957 47,643 51,470 68.77 6.96 7.72461 442 SAS-TOBE Technologies Agriculture materials 31.6 5,700 329 7,806 12,982 3,820 4,149 5.93 3.16 8.25 IT Poultry farm 31.6462 454 Alatau-Kus Energy System automation and 31.6 5,670 -202 1,887 1,624 -3.72 -5.11 -11.51 FMCG integration 31.5463 CBS Manufacturing Electricity generation 31.4 5,661 1,626 2,587 18.31 36.82 45.66 Oil & Gas Confectionery 31.4 2,681 3,096 7.91 10.96 14.35464 391 Stepnogorsk CHPP Agriculture Production of medical 31.3 5,660 6,557 6,609 3.27 2.03 2.60465 411 Hamle Company Ltd Construction equipment 31.3 5,640 Construction Prospecting 31.3466 Kazmedpribor Crop farming 5,630 Trade Construction 103.7467 410 Azimut Energy Services Construction 5,624468 Abi-Zher FMCG 31.1 5,610469 Imstalcon-Temirtau Finance Distribution of 31.1 5,600470 342 Kokshetau Zholdary Oil & Gas pharmaceuticals 31.0 5,600 Services 30.9 18,590471 Medicus Centre Oil & Gas Alcoholic beverages 30.8 5,580 Energy Finance industry 30.8 5,570472 Rics LTD Oilfield services 30.6 5,564473 432 Victoria Insurance Company Construction Helicopter repair 30.6 5,550474 429 Steelmaster Construction Oilfield services 30.6 5,545475 349 Aircraft Repair Plant No. 405 Construction Energy 30.5 5,520476 354 Frac Jet Services Residential and commercial 5,520477 327 ABB real estate 30.3 Manufacturing Infrastructure development 30.3 5,490478 376 AGS-Plast FMCG Construction 30.1 Construction 30.0 5,490479 366 Zhol Oil & Gas Pipeline design 29.6 5,480480 226 Imtech Bolashak Oil & Gas Concrete production 29.5 5,460481 334 ILF Kazakhstan Engineering and Project FMCG Non-alcoholic beverages Management Construction 29.3 5,435 Agriculture Oilfield services 5,434482 Center Beton Company Oilfield services 29.3 5,390 Construction 29.3 5,370483 367 Caspian Beverage Holding Services Fast food 29.2 5,300 4,212 3,701 Energy 29.1484 KazPaco Oil & Gas Production of diary 5,290 products 28.9485 Ozen Port Production Base Manufacturing Construction Transport and Media 28.9486 PM Lucas Kazakhstan logistics Energy FMCG Oilfield services 28.8487 433 The Caspian International Restaurants FMCG Production of metal 28.8 company Oil & Gas products 28.6488 443 Sut Rail transportation 5,253 962 2,141 3,084 5,243489 339 QED International Kazakhstan Non-alcoholic beverages 5,242 415 3,619 3,943490 393 Commercial Television Channel Milk, dairy products 5,238 171 8,244 8,583491 446 Ust-Kamenogorsk Heat Networks Oilfield services 5,220492 Astra Star 5,180493 359 Galaksi494 486 Kaskor-Transservice 5,180495 296 Galanz Bottlers 5,160496 297 DEP 5,160497 Arctic Group International 5,122 17,040498 KDV Kazakhstan Trade Confectionery sales 95.1 5,110 27,870499 Borusan Makina Kazakhstan Trade Special equipment sales 155.5 5,110500 Arystan PK Agriculture 5,105 Production of cereal grains 28.5CONTENT 37

N B 5 0 0 R A N KI N G | O IL & GAS SOBERING UP Only 5 out of 36 oil companies increased their revenues in dollar terms in 2014, and only 17 increased their revenues in tenge terms thanks to a 19% devaluation of the national currency in February 2014. The oil price crash in the second half of theyear is to blame. In 2015, oil companies faced a harsh reality: throughout the entire year, oil cost only $50 per barrel, not more than a good book about it.The devaluation of the tenge in February successful companies was a subsidiary of a 2014 and the sharp drop in oil prices foreign corporation, and these subsidiaries in the second half of the year had a made up a substantial share of overall growthprofound and diverse impact on the financial in the segment.performance of the oil & gas sector. Only 5out of Kazakhstan’s 36 largest oil companies It turns out that currency devaluation can beincreased their revenues in dollar terms and both useful and harmful at the same time, asonly 17 in tenge terms, while the rest saw their demonstrated by Tengizchevroil, Kazakhstan’srevenues fall. Only 22 of the 55 largest oilfield biggest company by revenue and net profit.service companies increased their revenues. The company is owned by Chevron (50%),It is noteworthy that one out of every two ExxonMobil (25%), KazMunayGas (20%) and Lukarco (5%).38 National Business, №11 (20) 2015 CONTENT

Industry leaders 4,086.8 13,604 Ranking newcomers 196 | 51 BN KZT 16.21 place 6.4% bn kzt 1.Tengizchevroil Beyneu-Shymkent BN KZT toetaarlnsiencgtsor Gas Pipeline • $9.1 bn net profit after tax. 2. 199 | 52 • 33% of Kazakhstan’s oil production. 2.3% Ken-Sary 15.7 • 26.7 mln tons of oil produced. 3. BN KZT2 place 3,186.8 WeatherfordKazMunayGas BN KZT Kazakhstan 202 | 53 2.0% 4. 15.5 Meerbusch• 27% of Kazakhstan’s oil production. BN KZT• 10% of the shares sold to the National Bank for $4 bn. 280 | 68• Transformation program is being actively promoted. 11.1 BN KZT3 place 2,156.9 fSoecrt2o0r1’s4key figuresKarachaganak Petroleum BN KZT 0.5% • Kazakhstan’s direct oil export revenuesOperating reached $60.7 bn, down $6 bn compared with the previous year.• 15% of Kazakhstan’s oil and gas condensate production. 1.1% • The average Brent price is $99.3• Kazakhstan received a preferential right to purchase BG 26,360 per barrel. Group’s stake (29.25%) after its acquisition by Shell. bn kzt • Oil exports amounted to 72 mln tons.• 47.4% share of local content. tinootftahcloeemraparannnkiiniengsgs iSnec2t0o1r5’s main eventscSoecmtpoarn’siefsastest-growing • Decision to no longer defend tenge proved to be a boon to exporters.Schlumberger Logelco Inc. 57.9 258.4%(branch) 89.1% • The price of oil never exceeded $67.8ADA Oil BN KZT 74.8% per barrel.Kaz M-I 17.1 • In the first six months, revenues of the oil companies crashed by 43%. BN KZT • Samruk-Kazyna (owned 100% of KMG 14.2 shares) sold 10% of its shares to the National Bank. KMG intends to sell BN KZT 50% of its stake in the Kashagan project.revenue – annual revenue growth – annual revenue fall ranking place | sectorial ranking place BN KZT 39 CONTENT

N B 5 0 0 R A N KI N G | O IL & GASSectorial ranking 2015 Ranking 2014 Ranking Company Sector Revenue. mln USD Revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %1 1 1 Tengizchevroil Oil,Production 22,807.2 4,086,824 1,754,126 1,248,400 1,915,782 801,603 1,635,379 42.92 110.87 143.962 2 2 KazMunayGas Vertically,integrated,oil,company 17,784.3 3,186,764 199,215 7,558,186 8,838,841 4,036,191 4,417,112 6.25 2.43 4.713 3 3 Karachaganak,Petroleum,Operating,B.V. Oil,Production 12,037.4 2,156,9904 6 7 MangistauMunayGas Vertically,integrated,oil,company 3,676.7 658,832 134,378 325,624 375,419 181,276 236,958 20.40 38.34 64.265 7 6 CNPC-AktobeMunayGas Vertically,integrated,oil,company 2,861.5 512,760 58,987 832,217 876,722 273,843 238,942 11.50 6.90 23.016 14 12 PetroKazakhstan Vertically,integrated,oil,company 1,424.1 255,1767 16 20 Asian,Gas,Pipeline Natural,gas,transportation 1,242.9 222,720 13.08 13.91 35.478 17 15 Karazhanbasmunay Oil,Production 1,171.8 209,978 27,473 184,014 211,120 78,400 76,495 Natural,gas,extraction,and,pr9 23 30 KazRosGas ocessing 910.4 163,140 Oil,Production10 26 24 Zhaikmunay Oil,Production 781.9 140,105 33,385 262,578 393,994 90,933 142,550 23.83 10.17 28.60 Oil,Production 593.4 106,337 22,050 134,357 120,414 48,726 61,146 20.74 17.31 40.1411 35 19 Turgai-Petroleum Oil,Production 548.0 98,199 14,780 80,197 86,997 30,757 32,795 15.05 17.68 46.51 Oil,Production 454.1 81,365 4,230 227,568 264,165 213,799 253,632 5.20 1.72 1.8112 36 39 South,Oil Oil,Production 453.5 81,267 28,279 35,377 41,187 17,199 21,535 34.80 73.87 146.02 Oil,extraction 436.5 78,216 193,396 185,936 167,600 171,756 5.31 2.19 2.4513 41 36 Каrakudukmunay Oilfield,services 339.9 60,906 4,156 48,059 63,285 17,760 15,935 27.08 29.63 97.90 Oil,Production 323.4 16,49414 42 46 Caspi,Neft Oilfield,services 303.8 57,950 Oilfield,services 277.9 54,43715 44 29 Kazakhoil,Aktobe Oil,transportation 275.8 49,800 Oilfield,services 271.9 49,42016 52 53 Maten,Petroleum Oil,transportation 254.8 48,730 Vertically,integrated,oil,company 251.1 45,66017 55 171 Branch,of,Schlumberger,Logelco,Inc. Oilfield,services 251.1 44,995 Oilfield,services 234.3 44,99418 57 41 KuatAmlonMunay,JV Vertically,integrated,oil,company 200.7 41,990 10,744 85,797 80,571 68,991 64,992 19.74 12.92 16.04 Oilfield,services 185.2 35,97019 64 67 Burgylau Oilfield,services 184.4 33,181 Oil,extraction 178.6 33,04220 65 48 Ersai,Caspian,Contractor Oilfield,services 177.8 32,000 Oil,Production 140.0 31,86521 68 88 CPC-K 137.7 25,090 Oilfield,services 24,67022 71 89 Bolashak,Atyrau Oilfield,services23 72 56 Kazakhstan-China,Pipeline, Oil,extraction24 73 62 Condensate,Group,of,Companies 2,659 29,210 30,979 27,512 29,365 5.91 8.83 9.35 Oil,Production25 75 52 Branch,of,Sinopec,Engineering Oil,Production26 85 97 Xibu,Drilling,Engineering,Company, Oilfield,services27 95 79 CNPC-Ai,Dan,Munay Oilfield,services 7,626 44,825 47,096 13,193 20,819 22.98 16.59 44.84 Oil,Production 847 13,927 13,211 7,588 8,084 2.56 6.24 10.8128 96 91 Ontustik,Munaygas Oilfield,services Oilfield,services29 101 101 Sino-Kazakhstan,Great,Wall,Drilling,Company Oilfield,services Oilfield,services30 103 134 KMK,Munay Oilfield,services 7,381 46,792 59,362 12,702 20,082 23.16 13.91 45.03 Oilfield,services31 128 Branch,of,Saipem,S.p.A. Oil,extraction Oilfield,services32 129 103 KOR,Oil,Company Prospecting Oil,Production33 130 128 Branch,of,Baker,Hughes,Services,Internatio 137.0 24,550 nal,Inc.34 131 144 Smart-Oil 136.2 24,41035 132 93 Aktobe,branch,of,Altius,Petroleum,Internati 135.7 24,320 onal,B.V.36 133 105 Kom-Munay 134.9 24,172 -5,051 5,362 37,562 -27,119 -37,336 -20.90 -23.54 15.67 120.9 21,657 -3,285 63,690 72,626 15,431 12,146 -15.17 -4.82 -23.8337 149 142 Emir-oil38 156 140 SINOPEK,Kazakhstan,International,Oilfield,Se 114.6 20,530 rvice,Company39 158 213 Branch,of,Sicim,S.p.A. 111.7 20,010 111.2 19,93040 159 191 Branch,of,Maersk,Oil,Kazakhstan,GmbH 106.8 19,130 103.9 18,62041 165 133 KazMunayGas,Drilling 103.3 18,510 102.6 18,39042 168 148 Branch,of,Halliburton,International,Inc 96.9 17,360 96.5 17,29043 169 181 USS,Support,Services,JV 95.5 17,110 95.2 17,05044 172 189 Vostok,Oil,and,Services 93.5 16,760 92.1 16,49545 179 170 South-East,Service,Group46 181 110 Kazakhstan,Private,Industrial,Enterprise47 183 263 Ada,Oil,Firm 561 22,578 25,400 1,185 1,747 3.28 2.34 38.30 -34,552 41,216 12,725 4,537 -29,758 -209.48 -128.11 273.9948 184 205 Tulpar,Munay,Service49 189 177 Samek,International50 191 163 Tasbulat,Oil,Corporation4 0 National Business, №11 (20) 2015 CONTENT

Sectorial ranking 2015 Ranking 2014 Ranking Company Sector Revenue. mln USD Revenue. mln KZT Net profit. mln KZT Assets at the beginning of the year. mln KZT Assets at the end of the year. mln KZT Equity at the beginning of the year. mln KZT Equity at the end of the year. mln KZT ROS. % ROA. % ROE. %51 196 Beineu-Shymkent,Gas,Pipeline Natural,gas,transportation 90.7 16,254 Oil,extraction 87.8 15,73052 199 Ken-Sary Oilfield,services 86.6 15,515 Oil,Production 81.8 14,659 5,052 12,726 15,767 6,991 11,989 34.47 35.46 53.2453 202 Weatherford,Kazakhstan Oilfield,services 81.6 14,630 Oilfield,services 79.3 14,21054 217 196 Kozhan Oilfield,services 78.5 14,060 Oilfield,services 75.6 13,55055 218 194 Neftestroyservice,Ltd Oil,Production 74.3 13,319 7,961 20,917 29,184 18,687 25,832 59.77 31.78 35.7656 223 298 Kaz,M-I Oilfield,services 72.6 13,01057 224 493 Branch,of,Mabco,Constructions,SA Petroleum,products,trading 70.0 12,540 Natural-gas,processing 69.6 12,47058 232 250 Denholm,Zholdas Oilfield,services 68.7 12,31059 238 198 Potential,Oil Oilfield,services 68.6 12,30260 241 260 Branch,of,SaiPar,Drilling,Company,B.V.,Karacha Oilfield,services 68.6 12,301 2,064 9,330 10,321 4,922 6,145 16.78 21.00 37.29 ganak,Project Petroleum,products,trading 67.8 12,150 Oil,Production 66.6 11,943 1,567 8,777 11,282 3,830 4,266 13.12 15.63 38.7261 253 160 Kazakhstan,Fuel,Company Oil,extraction 61.9 11,095 Oilfield,services 61.7 11,064 1,739 19,406 28,861 11,349 13,013 15.72 7.20 14.2762 255 112 Amangeldi,Natural-Gas,Processing,Plant Oilfield,services 61.4 11,010 Chemical,industry 56.3 10,09063 259 219 M-Techservice Oilfield,services 55.6 9,96064 260 252 Sandvik,Mining,and,Construction,Kazakhst an,Ltd Oilfield,services 55.2 9,89065 261 237 Aksaigasservice Well,drilling 53.4 9,57666 263 323 Etalon,Avtoresurs Oil,Production 51.8 9,281 3,435 26,039 29,120 23,901 27,336 37.01 12.45 13.41 Oilfield,services 50.5 9,05067 267 210 ANACO Oil,&,Gas 50.1 8,986 1,931 13,731 16,233 10,773 12,466 21.48 12.89 16.62 Oilfield,services 46.8 8,39068 280 Meerbusch Oilfield,services 46.4 8,320 Oil,Production 46.3 8,29569 281 281 Tenizservice Oil,and,gas,exploration 46.3 8,290 Pipeline,construction 45.6 8,17170 282 203 CNLC,International,Kazakhstan,Inc Oil,extraction 44.2 7,914 1,084 6,296 7,995 4,769 6,647 13.69 15.16 18.98 Oilfield,services 43.5 7,80071 307 307 RauanNalko Production,of,fuel,products 42.9 7,680 Oilfield,services 42.5 7,62072 309 322 Branch,of,Parker,Drilling,Company,Internati Oilfield,services 42.2 7,560 onal,Ltd Oilfield,services 39.6 7,090 Oilfield,services 38.1 6,83073 312 387 KazGiproNefteTrans Oil,Production 37.9 6,785 -6,236 13,564 14,918 -5,992 -12,228 -91.92 -43.79 68.45 Logistics 36.3 6,50074 320 HUA,SHENG,DA,Petroleum,Engineering,Com Oilfield,services 35.7 6,400 pany, Oil,waste,disposal 35.2 6,305 Oil,refinery 32.7 5,86075 325 259 Sazankurak Prospecting 31.4 5,624 -1,441 9,495 8,245 8,533 7,091 -25.63 -16.25 -18.45 Oilfield,services 31.0 5,55076 332 384 MunayGasKurylys Oilfield,services 30.8 5,520 Oilfield,services 30.0 5,37077 334 289 AMF,Group Oilfield,services 29.6 5,300 Oilfield,services 29.1 5,22078 347 320 Aktau,Oil,Electronic,Company Oilfield,services 28.6 5,12279 349 327 Branch,of,WEUS,Holding.,Inc. 4180 350 268 Branch,of,Altius,Petroleum,Int,B.V.81 352 Tarbagatai,Munay82 356 KSS-Sicim83 366 282 Arman,JV84 368 280 Caspian,Offshore,Construction85 372 417 Neftekhim,LTD,Company86 374 285 NeftTechService87 377 Syrdaryanefteservice88 395 428 KIOS89 412 230 Kazakhstan,branch,of,Salini,Costruttori,S.p.A.90 415 350 Fiztech,Firm91 428 351 Oral-Terminal92 434 Kezbi93 436 Eco-Technics94 451 408 Aktobe,Neftepererabotka95 467 410 Azimut,Energy,Services96 474 429 Steelmaster97 476 354 Frac,Jet98 485 Ozen,Port,Production,Base99 486 PM,Lucas,Kazakhstan100 492 Astra,Star101 497 Arctic,Group,InternationalCONTENT

N B 5 0 0 R A N KI N G | O IL & GASEven with the In 2014, Tengizchevroil made $22.8 bn in where the government is prepared to give aprice of barrel revenues, which is $2.5 bn less than in the warm welcome to any company capable offall for $9 in previous year, yet the company’s revenues in bringing investment and innovation.2014 compared tenge terms increased from KZT 3.8 trillionto 2013 (from to KZT 4.1 trillion. In the same period, KazMunayGas, Kazakhstan’s flagship oil$108 to $99), TCO Tengizchevroil slightly reduced production to company saw its revenues plummet by $3.6has managed to 26.7 mln tons (199.7 mln barrels), down from bn to $17.8 bn which, although expected, hadincrease its net 27.1 mln tons (202.7 mln barrels) in 2013. The a significant impact on the overall atmosphereprofit from KZT drop in production was caused by repair work on the market. In tenge terms, the drop was less1.5 trillion to on the oil and gas separation infrastructure and dramatic, as KMG’s revenues declined from KZTKZT 1.75 trillion, the 2nd Generating Plant. 3.25 trillion to KZT 3.18 trillion. The company’sposting losses of net profit fell significantly, from KZT 488 bn to“merely” 732 mln Even with the price of barrel fall for $9 in KZT 199 bn. The decline was mostly driven byin dollar terms. 2014 compared to 2013 (from $108 to $99), KazMunayGas Exploration Production, KMG’s TCO has managed to increase its net profit from main upstream business, whose net profit fell KZT 1.5 trillion to KZT 1.75 trillion, posting by 63.8% to KZT 47 bn. As a result, shareholders losses of “merely” 732 mln in dollar terms. The received merely KZT 440, or $2.4, per share, i.e. company’s net profit reached $9.1 bn, leaving 4.5 times less than in the preceding year. The $1.22 bn in cash and cash equivalents after losses were mostly caused by depreciation of the distribution of retained earnings, investments, assets of Ozenmunaygas, a subsidiary of KMG interest payments and other disposals. To put EP, which in turn occurred as a result of the oil things in perspective, that figure was $0.45 bn price crash at the end of the year. at the beginning of the year. KMG ended the year with an unusual drop in In 2014, Tengizchevroil sold 3.8 mln tons of production and revenues in oil segment, but still sulfur which was previously stored outdoors, showing growth in other segments. In February and in summer 2015 the company announced 2015, Sauat Mynbayev, Chairman of KMG’s that it would sell the entire inventory. Equally Board of Directors, presented a report pointing important is the fact that Tengizchevroil paid to a number of achievements: production of a total of $2.4 bn in 2014 and $1.3 bn in the natural gas increased by 6% to 4.7 bn cubic first 6 months of 2015 for Kazakh-made goods meters; oil transportation via trunk pipelines and services, which is good for Kazakhstan totaled 64 mln tons, or 1% more than in the and indirectly demonstrates that the country’s previous year; oil exports by sea reached 9.6 oilfield services and added-value sectors are mln tons, or 9% more than planned; and the developing technologically – the two sectors share of local content in goods and services Figure 1. Oil production in 2014 by company, mln tons Other 17.3 26.7 Tengizchevroil PetroKazakhstan 2.2 12.2 Karachaganak Kazgermunay 3.0 Petroleum Operating Aktobemunaygas 5.0 Mangistaumunaygas 6.3 KazMunayGas42 National Business, №11 (20) 2015 8.1 Exploration Production CONTENT

consumed by KMG during the reporting period Figure 2. Oil production in Kazakhstan, mln tonswas 73%. Mr. Mynbayev stressed that 2015could be especially challenging for the company 85,000according to forecasts which did, in fact, come 65,003true: after a rebound to $67 in spring 2015, the 80,000 67,125oil price quickly returned to $40 per barrel. 70,671On the basis of this outlook, KMG’s budget for 75,000 76,4832015 included a transformation of the company 79,685through optimization of its structure. KMG 70,000 80,061intended to sell its 27 subsidiaries, but the 79,225reality demanded a more drastic asset sell-off. 81,787 80,825 In August, sovereign wealth fund Samruk- 65,000 2006 2007 2008 2009 2010 2011 2012 2013 2014Kazyna (owned 100% of KMG shares) wasforced to sell 10% of its shares to the National (97.2 mln barrels) and coming mostly from the Kazakhstan isBank of the Republic of Kazakhstan for $4 bn, Karachaganak field. 80.8 mln tons is 604.4 mln slightly behindor KZT 750 bn. Significantly, in mid-July, the barrels, or 1.655 mln barrels per day. This puts Qatar andGovernment issued two Eurobonds: a $2.5 bn Kazakhstan slightly behind Qatar and Norway, Norway, whichbond in 10-year notes at 285 basis points above which in the same year produced 83.5 and 85.6 in the same yearUS Treasuries and a $1.5 bn bond in 30-year mln tons of oil respectively. produced 83.5 andnotes at 335 basis points. 85.6 mln tons of In monetary terms, Kazakhstan’s oil oil respectively. Moreover, in early July it was announced production was worth KZT 9 trillion, or $50.2that KazMunayGas had plans to sell its 50% bn. 72 mln tons was exported for a total ofstake in KMG Kashagan B.V., owner of 16.88% $60.7 bn, which is $5.6 bn less than in 2013.in the Kashagan Project, to the Samruk-Kazyna The country’s overall exports had a value ofsovereign wealth fund for $4.7 bn. KMG plans $79.5 bn. Kazakhstan is losing the oil revenuesto use the proceeds to repay part of its debt while still having a GDP growth, relying on aobligations. In any case, these tectonic shifts are small increase in non-commodity exports andcrucial in reducing KMG’s debt burden, which domestic demand, which was quite strong instood at $19.7 bn at the beginning of 2015. 2014, as investment in fixed capital increased byThis includes $10.4 bn in Eurobonds and $2.2 3.9%. Still, the main factor in the change of thebn paid for a stake in the Kashagan Project. usual balance is not so much the growth of theNaturally, comparing TCO and KMG is not very manufacturing sector and domestic demand ascorrect for two reasons. The first and main lower oil prices.reason is that the Tengiz field produces light oilwith a density of 789 kg/m3. This is lighter than Even in the first 6 months of the lean 2015,the North Sea’s Brent and Siberian Light, and growth of the investment in fixed capital washence it contains more gasoline and kerosene 4%, with companies and private investors beingfractions. All of TCO’s assets are located the main drivers and accounting for 58% ofwithin this field. KMG is a vertically integrated investment. The government’s involvementcompany that has everything from upstream was limited to just 20%, although it definitelyto downstream businesses, from pipelines and has a safety cushion in the form of thetankers to refineries and gas station chains. sovereign wealth fund, reserves and long-termAll this requires control. In 2015, KMG began development programs.a transformation program, handing over 143gas stations into private management, as well Challenges Kazakhstan hadas its 50% stake in KazRosGas. This is just the to face in 2015beginning of a journey that will have to becompleted in any case, whatever the uncertain Throughout 2015, Kazakhstan’s oil & gasfuture of world oil prices. sector experienced a series of panic attacks, just like the rest of the world. The only consolationHow much Kazakhstan earned in 2014 was the KZT/USD exchange rate. Last year, Kazakhstan’s oil and gascompanies produced 80.8 mln tons of oil andcondensate, the latter amounting to 13 mln tonsCONTENT 43

N B 5 0 0 R A N KI N G | O IL & GASTable 1. Kazakhstan’s oil & gas exports vs. major indicators, mln $Oil & gas exports 2009 2010 2011 2012 2013 2014Kazakhstan’s gross exports 29,748.3 41,319.8 62,441.4 65,352.7 66,271.8 60,700.6Other exports 43,195.7 60,270.8 84,335.9 86,448.8 84,700.4 79,459.8Average Brent price 13,447.4 18,951.0 21,894.5 21,096.1 18,428.6 18,759.2GDPShare of GDP 61.9 79.6 110.9 112.0 108.9 99.3Share of exports 115,306.1 148,052.4 188,050.0 203,520.6 231,875.1 231,875.1 25.8% 27.9% 33.2% 32.1% 28.6% 26.2% 68.9% 68.6% 74.0% 75.6% 78.2% 76.4% In the first 6 months of 2015, Kazakhstan’s in monetary terms, the oil companies havemanufacturing sector saw its earnings produced 1.4% more goods and services. It isplummet by 26% compared to the previous also worth mentioning that due to large-scaleyear, as a result of a 43% crash in the revenues imbalances in the economy, Kazakhstan’sof oil companies. The situation was further manufacturing industry has almost caught upexacerbated by a 23% decline in the mining with the oil & gas sector in monetary terms:sector’s revenues. The slump in the resources KZT 2.5 trillion ($13.5 bn) vs. KZT 2.8 trillionsector affected service companies, whose ($15 bn). However, this ratio is not the resultrevenues dropped by 16%. However, while of increased output by the processing sector,all this was happening, output continued whose customers are mostly inside the country,to grow. With a 43% decline in revenues but rather of the decline in export prices for oil.Figure 3. Month-to-month growth dynamics, % Refusing to hold the rate1.51.41.3 Crash devaluation1.2 Stabilization of exchange rate growth1.1 10.9 KZT/USD exchange rate0.8 Price per barrel, USD Price per barrel, KZT0.7jan.14 feb.14 mar.14 apr.14 may 14 jun.14 jul.14 aug.14 sept.14 oct.14 nov.14 dec.14 jan.15 feb.15 mar.15 апр.15 may 15 jun.15 jul.15 aug.15 sept.15 oct.15 nov.15 dec.154 4 National Business, №11 (20) 2015 CONTENT

Table 2. Revenue from oil exports vs. KZT/USD exchange rate and oil prices Actual 2014 January February March April May June July August September October November DecemberKZT/USD 154.96 173.36 182.31 182.04 182.42 183.51 183.52 182.07 181.98 181.07 180.87 181.81exchange rate 106.90 109.60 106.72 108.59 108.61 110.64 105.62 101.40Price per 16,565 19,000 19,456 19,768 19,813 20,304 19,383 18,462 92.88 83.97 69.49 51.30barrel, $Price per 16,902 15,204 12,569 9,327barrel, KZT Actual 2015 January February March April May June July August September October November DecemberKZT/USD 183.7 184.92 185.31 185.73 185.8 186.04 188 203.62 258.17 275.54 312 320exchange rate 58.68 60.18 56.09 67.23 64.00 60.84 48.1 54.15 48.37 49.56 47.00 36.62Price per 10,780 11,128 10,394 12,487 11,891 11,319 9,043 11,026 12,488 13,656 14,664 12,678barrel, $Price perbarrel, KZT Throughout 2015, oil prices were between The oil & gas of Brent, even though oil prices began to$45 and $55 per barrel, with a rebound in the companies’ results plummet in July 2014 and dropped by half inspring to $66.8, which had a slight but visible will not be six months. The National Bank should haveimpact on the results. The second half of the announced before floated the tenge or broadened the corridoryear could be calamitous for Kazakhstan’s March 2016, but we back then, since all the forecasts agreed thatoil industry, as the USD/KZT exchange rate can already say this was a commodity crisis that was not goingwas fixed at 188 tenge per dollar, clearly that their dollar to end soon. But, apparently, the analysts wereputting the oil companies at a disadvantage. revenues will fall confused by the spring price rebound to $66.8The government has chosen a controversial substantially, per barrel and the government decided to waitsolution, but the only one available: to end the with a slight and see what would happen.currency peg. decline in tenge terms. In the short term, manufacturers who use By floating the tenge, the government imported components will be most affectedsought to increase the country’s oil revenues by higher import costs: they will have to raisein tenge terms to KZT 20,000 per barrel. This prices considerably, although the benefits willis what the oil companies made in April 2014, be offset by the fact that competing importerswhen Brent cost $108.6 per barrel, and the will also raise their prices. However, this meansexchange rate stabilized at KZT 182 per dollar little, as consumer demand will fall and wagesafter the devaluation of the tenge in February. will not be indexed for a long time.In July of 2015, when the Brent price droppedto $48 and the exchange rate remained at KZT The oil & gas companies’ results will not188 per dollar, the oil companies received only be announced before March 2016, but we canKZT 9,043 per barrel. already say that their dollar revenues will fall substantially, with a slight decline in tenge Starting from April 2014 and for the next terms. This offers great opportunities for local16 months, the tenge was pegged to the price and foreign venture capitalists.CONTENT 45

N B 5 0 0 R A N KI N G | MI N I N G & M E TALSSUBSOIL OPTIMIZATIONDeclining prices have been the main trend in the global metals industry over the past few years. As the rateof economic growth is slowing down, major companies are using fewer products from the mining & metalssector, causing excess supply on the market. As a result, in 2015 commodity prices slid to new multiyear lows.Kazakhstan’s metallurgical companies are surviving, but they have had to cut their costs. In 2014, the sector’s revenues, of Table 1. Main performance indicators of the mining and metals sector, 2014companies listed in the ranking, totaledKZT 3,311.6 bn, posting growth of 5.9%1. Industry Output value, mln KZT 2014/2013, %Output has declined across virtually all Metal ores 18,531,774 0.3sectors. Production of copper fell by 7.1%, iron ore 863,139 6.7aluminum by 13%, manganese by 8.5%, non-ferrous metal ores 223,537 -0.6and lead and zinc concentrate by 5.7% Metallurgical industry 639,602 10.1and 4.5% respectively. Only chromium ferrous metallurgy 1,912,427 0.8production increased - by 3%. The precious and non-ferrous metals 759,242 8.9production of iron ore dropped 2.4%. At fabricated metal products 1,145,815 -3.8the same time, the output of Kazakhstan’s 179,898 -0.7mining and metals sector increased 6.7%in monetary terms due to the devaluation Know what you owe dollar terms, the decline was 29%. Ironof the tenge and the sale of inventories In 2014, the revenues of ERG2, ore sales during the year were 15 mlnaccumulated over previous years. tons (a reduction of 7%), aluminum –Production of iron ore accounted for KZT which makes up over one third of 208,000 tons (–17.5%), ferrochrome223.3 bn, or 25.3%, while production of Kazakhstan’s mining and metals sector, and alumina – approximately 1 mlnnon-ferrous metals totaled KZT 659 bn, declined 16.4% to KZT 817.4 bn. In tons, ferrosilicon manganese – 150,000or 74.7%. tons, copper and copper concentrate – 2 Eurasian Resources Group, formerly ENRC. 40% belongs to1 According to the 2013 results, the drop in income of government, 20.7% to Alidzhan Ibragimov as well as Alexander CONTENTcompanies in the mining and metals sector totaled 9.2% Mashkevich, and 18.6% to Patokh Shodiev.(3,127.7 bn tenge). 4 6 National Business, №11 (20) 2015

Industry leaders Ranking newcomers1 place 817.4 3,311 1. 373 | 37Eurasian Resources Group BN KZT Orion Minerals 7.6 16.4% bn kzt 2. Kazpolimetall BN KZT• Zhairemsk Mining and Concentration Complex sold to toetaarlnsiencgtsor 3. Kazzinc, Serov Ferroalloy Plant sold to Chelyabinsk Lad-Komir 399 | 39 Electrometallurgical Plant. 5.9% 4. 7.1 Angrensor Energo• Loan received from VTB was refinanced. Payment schedule 1.1% BN KZT has been extended to 2021. 26,360 400 | 40• China’s NFC chosen as a partner for the construction of an 7.0 aluminum smelter in Pavlodar Region. bn kzt BN KZT2 place 448.3 tinootftahcloeemraparannnkiiniengsgsKazzinc BN KZT 431 | 41 15.2% 6.4 BN KZT• Zinc production is 304,500 tons, the highest since Sfoecrt2o0r1’s4key figures 1997. • Production of minerals increased 6.7% in• Gold, silver and copper production fell by 12.7%, monetary terms. 18.6% and 6.7% respectively. • In actuality, copper ore production declined 7.1%,• Zinc production is expected to decline by 40,000 aluminum – 13%, manganese – 8.5%, lead and zinc concentrates – 5.7% and 4.5% respectively. tons in 2016. Iron ore production declined by 2.4%.3 place 390.2 • For the first time since 1995, China’s demand forKazakhmys Corporation BN KZT steel declined, falling to 710 million tons (3.3% 12.4% drop).• Annual net loss of KZT 32 mln. • LME’s average lead price in 2014 grew by 13%,• 69% share of local content. while copper price fell by 6%.• Testing of copper cathode production from sulphide iSnec2t0o1r5’s main events ores has begun. There are plans to build two hydrometallurgical plants. • Non-ferrous metal prices slid to new multi-year lows. LME’s copper price dropped 26% tocSoecmtpoarn’siefsastest-growing 14.7 97.5% approximately $4,500 per ton.Stepnogorsk Mining and 90%Chemical Complex BN KZT 64.5% • The Government of Kazakhstan providedGamma support to 200 large companies of the Metals 11.4 and Mining sector.Baiken-U BN KZT • Ban on the export of ferrous scrap metal and gold bearing raw materials has been extended. 23.9 • Preparation of the Mining Code is under way. BN KZT ranking place | sectorial ranking placerevenue – annual revenue growth – annual revenue fall BN KZT 47 CONTENT

N B 5 0 0 R A N KI N G | MI N I N G & M E TALSTable 2. Average annual capacity use “With the new repayment schedule, had already participated in a similarin 2014, % ERG will be able to stick to its business construction project in Kazakhstan4. plan and wait until the tide turns on theCopper concentrates 97.2 commodity markets,” said Alexander Trying to improve its financialCopper in copper concentrate 90.4 Mashkevich, Chairman of the Board of position, ERG has decided to sell itsZinc in zinc concentrate 88.2 Directors of Eurasian Resources Group. non-core assets. At the end of 2014, it’sLead-zinc ores 87.9 Earlier, ERG signed two agreements Zhayrem Mining and ConcentrationChromium concentrates 86.9 with VTB on additional pre-export Plant was sold to Kazzinc for KZT 55.9Lead in lead concentrate 81.6 financing of its aluminum business for bn and the Serov Ferroalloy Plant wasCopper ores a total of $350 mln. sold to Chelyabinsk ElectrometallurgicalLead concentrates 80 Plant (for approximately $148 mln,Copper-zinc ores 79.5 ERG believes that today’s market according to experts).Agglomerated iron ores 77.5 favors projects promoting conversionManganese concentrates 73.2 of aluminum products. And although With a 15.2% increase in revenues toAluminum ores (bauxites) 68.4 Goldman Sachs predicts that aluminum KZT 448.3 bn, Kazzinc took 2nd placeIron ore pellets 67.5 will cost approximately $1,5253 per ton in the NB500 industry ranking. TheNon-agglomerated iron ores 66.2 in 2016, $1,625 in 2017 and $1,700 in company increased zinc production byGold bearing concentrates 2018 due to excess supply on the global 1.4% to 304,500 tons – the highest levelGold bearing ores 61 market, analysts expect that the global since 1997. The average LME price in 46.6 demand for aluminum will grow 3-4% 2014 was $2,164 per ton, or 13% higher 38.2 annually from 2020 to 2035. The main than in the previous year. This allowed reasons include China’s economic the company to feel comfortableapproximately 110,000 tons, and coal growth and the anticipated increase in throughout the year. Lead production– 23.7 mln tons. The sector’s leading demand from the construction sector. jumped 39.6% to 126,500 tons. Whilecompany had to repay huge debts with Still, we cannot ignore the fact that the production of gold, silver andmetal prices being uncomfortably today hardly anyone can compete with copper declined by 12.7%, 18.6%low. Since its initial public offering on China’s extremely low aluminum prices and 6.7% respectively. In 2015, theLondon Stock Exchange in December after the Chinese government has been situation has changed dramatically. In2007, when ENRC managed to raise pumping funds into this sector. early October, Glencore International$3 bn of funding, the company’s Plc announced a 500,000 ton reductioncapitalization has dropped 60% and Chinese companies are some of in its zinc production. Kazzinc will haveits debt burden has exceeded $7 bn. ERG’s largest customers. For example, to account for approximately 40,000Its stock price peaked in 2008 at about they account for almost 40% of raw tons of this reduction in 2016.£15 per share, but soon after the iron ore sales. No wonder, then, thatcommodity boom was over, crashed ERG decided to partner up with China’s Change of variablesto £1.83. When the minority share NFC to build an aluminum smelter in Copper prices are well-known asbuyback was announced, the price per Pavlodar Region, especially since NFCone share was about £2.70. a barometer of the global economic ERG’s major creditors are Russia’s Figure 1. Aluminum. LME price dynamics, $ per tonSberbank and VTB. In October, thecompany announced a deal with VTB 2,064Group to refinance its loan. Detailshave been kept confidential, but we do 1,969know that the payment schedule hasbeen extended to 2021. Before that, 1,874ERG was to pay about $3 bn as early asin 2016. As for Sberbank, ERG is still 1,779negotiating debt extension options. 1,684 4 8 National Business, №11 (20) 2015 1,589 1,494 1,399 2014 2015 jan. mar. may jul. sep. nov. jan. mar. may jul. sep. nov. 3 As of 03.12.2015 - $1,460 per ton. 4 4 So far the only enterprise in the country to produce primary aluminum. Capacity – 250,000 tons per year. CONTENT