Commentary & Deal Flow

Launched:
5yr: US$500m @ 5.000% - Books > US$2.5bn (excl. JLM int)
10yr: US$500m @ 5.375% - Books > US$3bn (excl. JLM int)

Guidance: 5yr: 5.250%a 10yr: 5.625%a - Combined book > US$3.8bn (excl. JLM interest)
IPTs: 5yr: 5.500%a 10yr: 6.000%a

• Issuer: Joint Stock Company “National Company “Kazakhstan Temir Zholy” (“KTZ”)
• Guarantors: Joint Stock Company "Kaztemirtrans", "KTZ-Freight Transportation" LLP, and any further Guarantors which may be appointed pursuant to the Trust Deed
• Documentation: KTZ’s US$3,000,000,000 Guaranteed Global Medium Term Note Programme
• Expected Issue Ratings: Baa2/BBB- (Moody's/Fitch)
• Status: Senior Unsecured Guaranteed Notes
• Format: Reg S / Rule 144A
• Coupon: Fixed, payable semi-annually in arrear, 30/360
• Size: 5yr: US$500m, 10yr: US$500m
• Settlement Date: 29-Apr-26 (T+5)
• Maturity:
• • 5yr: 29-Apr-31
  • 10yr: 29-Apr-36
• DFI Interest: A development finance institution has indicated an interest to purchase up to 20% of each tranche, subject to the final terms and conditions of the Notes.
• Listing: London Stock Exchange: International Securities Market, Kazakhstan Stock Exchange and Astana International Exchange
• Governing Law: English Law
• Use of Proceeds: The net proceeds will be used by the Issuer for general corporate purposes
• Clearing: Euroclear, Clearstream and DTC
• Denominations: US$200k x US$1k
• Joint Global Coordinators and Joint Bookrunners: Citigroup(B&D), J.P. Morgan, Société Générale
• Joint Lead Managers and Joint Bookrunners: Abu Dhabi Commercial Bank, Deutsche Bank, Oman Investment Bank and Standard Chartered Bank
• Kazakhstan Lead Managers: Teniz Capital and Freedom Broker
• ISIN:
• • 5yr: XS3353982112 / US48669DAC65
  • 10yr: XS3353982385 / US48669DAD49
• Common Code:
• • 5yr: 335398211
  • 10yr: 335398238
• Timing: Books are subject, allocations and pricing later this afternoon.
• Books Subject: 14:15 UKT / 09:15 EST
• Stabilisation: FCA/ICMA Stabilisation applies