About the Company

As of the end of the reporting period, the KMG Group comprised 105 legal entities, including 26 companies within the KMG International N.V. Group, in which KMG holds 50% or more of the voting shares (equity stakes). Of the total number of companies, 55 operate in the territory of the Republic of Kazakhstan, while the remaining assets are located in Romania, Georgia, Switzerland, the Netherlands, Canada, Bulgaria, Moldova, the Russian Federation, Turkey, the United Kingdom, Germany, the United Arab Emirates, Gibraltar, the British Virgin Islands, and the Marshall Islands.

The optimization in the number of legal entities within the KMG Group of Companies, including through the liquidation or reorganization of subsidiaries and affiliates, is being carried out under privatization and divestment programs.

KMG's Comprehensive Privatization Plan for 2021-2025, approved by the Decree of the Government of the Republic of Kazakhstan, includes:

• Divestment of 52 companies, including 48 companies of the KMG International N.V. Group;
• Inclusion of 95 companies within the perimeter of KMG's IPO;
• Identification of 7 companies for which the terms and conditions of divestment or reorganization were determined by the Board of Samruk-Kazyna JSC (as of the reporting date, activities were completed for 6 companies, with 1 company retained for new project implementation).

In accordance with the Government Resolution No. 894 dated October 24, 2025 ⁶, an optimization (privatization) plan for 2026-2030 was developed, which includes:

• Transfer of 5 companies to a competitive environment;
• Liquidation of 1 company.

Additionally, on December 4, 2025, the KMG Board of Directors approved the List of Non-Strategic Assets (NSA) of KMG to be divested from the structure of Samruk-Kazyna JSC during 2023-2032 (hereinafter referred to as the NSA List), according to which 2 companies are subject to full or partial divestment from KMG in 2025.

Within the framework of the NSA List implementation in 2025, the following changes were made to KMG's asset structure:

• Liquidation of 1 company - KazMunayGas Exploration Production JSC;
• Sale of ownership interest in Polymer Production LLP.

Furthermore, in 2025, 1 company was divested from KMG's structure - Kenderli Desalination Plant LLP, established in 2025 and transferred free of charge to the communal ownership of the Mangystau region Akimat.

During the reporting year, 2 new companies were also established: Zhylyoi Operating LLP and Akkaiyn Operating LLP.