Commentary & Deal Flow

Baiterek National Managing Holding JSC ("Baiterek"), the 100% state-owned national managing holding company of the Republic of Kazakhstan acting as the development arm of the government, rated Baa1 (stable) by Moody's and BBB (stable) by Fitch has mandated J.P. Morgan, Societe Generale, Alatau City Invest, Halyk Finance, and Teniz Capital as Joint Bookrunners to arrange a series of investor calls starting on Monday, 22 September 2025. An online roadshow presentation will be made available together with a recorded management voice-over.

A USD-denominated Reg S/ Rule 144A senior unsecured benchmark Eurobond offering with a 5-year tenor may follow, subject to market conditions. Additionally, Baiterek will explore a potential KZT-denominated senior unsecured Eurobond offering (where all amounts will be payable in USD), with a 3-year tenor, subject to market conditions. J.P. Morgan acted as the Development Finance Structuring Agent in connection with Baiterek's Medium Term Note Programme, as set out in the Base Offering Memorandum dated 2 May, 2025.

FCA/ICMA stabilisation applies.

MANUFACTURER TARGET MARKET (MiFID II/UK MIFIR Product Governance) IS Eligible counterparties and professional clients only. No EEA OR UK PRIIPS key information document (“KID”) has been prepared as not available to retail in the EEA OR THE UK.