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ORDER OF THE GOVERNMENT OF THE REPUBLIC OF KAZAKHSTAN

of October 17, 2018 No. 656

About approval of the Development plan for joint-stock company "National welfare fund "Samruk-Kazyna" for 2023 - 2032

(as amended on 17-03-2023)

According to the subitem 3) of Item 2 of article 7 of the Law of the Republic of Kazakhstan of February 1, 2012 "About National welfare fund" the Government of the Republic of Kazakhstan DECIDES:

1. Approve the enclosed Development plan for joint-stock company "National welfare fund "Samruk-Kazyna" for 2023 - 2032.

2. Recognize invalid:

1) the order of the Government of the Republic of Kazakhstan of September 14, 2012 No. 1202 "About approval of the Development strategy of National Welfare Fund Samruk-Kazyna for 2012-2022 joint-stock company;

2) Item of 9 changes and additions which are made to some decisions of the Government of the Republic of Kazakhstan, approved by the order of the Government of the Republic of Kazakhstan of May 25, 2013 No. 516 "About measures for implementation of the Presidential decree of the Republic of Kazakhstan of May 22, 2013 No. 571 "About some measures for optimization of management system by institutes of development, financial institutions and developments of national economy" (SAPP of the Republic of Kazakhstan, 2013, No. 35, the Art. 514).

3. This resolution becomes effective from the date of its signing.

Prime Minister of the Republic of Kazakhstan

B. Sagintayev

Approved by the Order of the Government of the Republic of Kazakhstan of October 17, 2018, No. 656

The development plan for joint-stock company "National welfare fund "Samruk-Kazyna" for 2023 - 2032

Introduction

The development plan for joint-stock company "National welfare fund "Samruk-Kazyna" (further – Fund) is the document determining and proving the vision, mission, the purposes and tasks of Fund for management of portfolio companies (further – the PC) directed to increase in long-term cost of the companies of group of Fund, effective management of assets of Fund (appendix 1).

The fund is sovereign fund of the Republic of Kazakhstan which single shareholder is the Government of the Republic of Kazakhstan, and is effective as independent commercial structure.

Today the Fund passed several stages of development:

2008 – 2011.: crisis response measures. Overcoming effects of the global financial crisis through realization of the state initiatives and national programs, and also support to social initiatives of the Government of the Republic of Kazakhstan was key task. Thanks to effective management of asset portfolio and initiatives, the Fund promoted recovery of economic growth and further development of national economy.

2011 – 2013: exit from banks of the second level and financial institutions. Considerable work on stabilization of bank system of the country within the anti-recessionary program upon termination of which complete exit of Fund from the capital of banks of the second level and institutes of development was performed is complete. As a result, the Fund was concentrated on activities of the companies of the real sector, first of all on increase in their profitability and value creation for the shareholder.

2013 – 2017: start of the comprehensive program of transformation of Fund. The task was set for Fund to pass from model of the administrator of the state assets to model of the business holding company which is effectively managing asset portfolio. Key focus was on business process optimization, change of structure of portfolio and redistribution of powers and responsibility.

2018 – 2020: business optimization and continuation of transfer of the companies of group of Fund to competitive environment within the orders of the Government of the Republic of Kazakhstan, and also conclusion of non-strategic assets (divestment). The fund takes specific measures for further increase in profitability of the companies and optimization of structure of portfolio. Conclusion of large PCs was continued to prepare for carrying out IPO/SPO (primary placement of shares / secondary share placing) and (or) sale to strategic investors. Within minimization of negative impact of pandemic of COVID-19 and world economic crisis work on safety of workers, financial stability of the PC and achievement of financial and production indicators is strengthened.

Owing to influence of pandemic of COVID-19, of geopolitical instability, global trends and the macroeconomic circle in the country there was need of review of approaches. Moreover, reduction of the Development plan in compliance with the key state documents staticized by the Government of the Republic of Kazakhstan is necessary (appendix 2). In particular, National priorities of the Republic of Kazakhstan till 2025 are determined and the National development plan for the Republic of Kazakhstan till 2025 determining new economic course of the country with focus on creation of more inclusive and steady economy is approved. National projects in which implementation the Fund takes active part are developed. During messages of the Head of state to the people of Kazakhstan of September 1, 2020 and on September 1, 2021 new priorities, including achievement of carbon neutrality by 2060 are sounded that will demand review of business case of growth accompanied with considerable technology rearmament and high-quality innovative development.

In this regard by Fund the Development plan for the 10-year period is updated. Basis for steady increase in national welfare for Fund is stimulation of development of economy. At the same time in Kazakhstan there is number of structural constraints which solution assumes development of non-oil industries, including transition to the following repartitions within value added chain, work performance improvement, strengthening of innovative development, competition improvement, including through contributing to development of small and medium business, and also decrease in uglerodoyemkost of economy.

In view of the current social and economic environment of development of the country and role of Fund for national economy, focusing of investments, first of all, into economy of Kazakhstan, including for the purpose of implementation of strategic projects seems reasonable today. In this regard management model is determined by Fund in the next 7 years as strategic holding with tasks of maintenance of social and infrastructure development of the country. By 2030 the Fund shall pass to model of work of investment holding in case of favorable market situation with preserving majority share in strategic assets of Fund. For the purpose of strengthening of the competitiveness and reputation as "perspective partner" on a global scale the Fund will aim at portfolio diversification and to fill it with breakthrough projects with high share of export.

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