/KASE, October 6, 2020/ – Subsidiary of Halyk Savings Bank of Kazakhstan "Halyk Finance" (Almaty, in the heading and hereinafter – Halyk Finance), a member of Kazakhstan Stock Exchange (KASE), today provided KASE with the following notification:

quote

Hereby, Halyk Finance JSC and SkyBridge Invest JSC announce the start of collecting orders from members of Kazakhstan Stock Exchange JSC for participation in the initial offering of Eurobonds of National Company "KazMunayGas" JSC (hereinafter – the Issuer), issued in accordance with laws of a foreign state (hereinafter – Eurobonds).

All orders from investors are accepted through the trading system "Subscription" on KASE.

Collection of orders from potential investors through the trading system "Subscription" on KASE begins simultaneously with the offering of Eurobonds on the territory of the foreign state, on the same terms for determining the offering price of Eurobonds as when placing them on the territory of the foreign state, taking into account possible peculiarities inherent in the respective securities markets.

Joint Managers and Joint Bookrunners: Halyk Finance, J.P. Morgan (B&D), MUFG and SkyBridge Invest.

BONDS PARAMETERS:

---------------------------------
Issuer name:                      National company "KazMunayGas" JSC                            
Issuer's rating:                  Moody's: Baa3 / S&P: BB / Fitch: BBB-                         
Expected ratings:                 Moody's: Baa3 / Fitch: BBB-                                   
Short description of bonds:       international bonds of the senior                             
                                  unsecured debt issued                                         
                                  in accordance with the English law                            
                                  and offered in accordance with the Rule                       
                                  144A and Regulation S of the US Securities Act                
Face value of one security of     USD200,000 (two hundred thousand), or                         
the issue:                        greater face value dividable by USD1,000                      
                                  (one thousand)                                                
Listing:                          Kazakhstan Stock Exchange JSC                                 
                                  and London Stock Exchange                                     
Issue volume:                     USD750 mln                                                   
Redemption date:                  April 14, 2033                                                
Indicative yield at offering:     Determined by results of the collection of                    
                                  investors' orders.
                                  Benchmark of indicative yield to maturity –
                                  in the region of 3.75% per annum                              
Purpose:                          Early redemption of bonds with                                
                                  maturities in 2022 and 2023                                   
                                  (together "Bonds").                                           
Documentation:                    See the updated issue prospectus of                           
                                  Global Medium-Term Bonds Program/ clean-up                    
                                  call option (if less 20% of the Bonds will remain             
                                  in circulation) / partial or full redemption of 
                                  the Bonds no more than 6 months before the date                   
                                  repayment / early repayment on terms of "Make 
                                  Whole Redemption".                             
Order price:                      The price in an order indicates yield to                      
                                  maturity expressed in percentage per annum. In 
                                  case of market orders, the "market yield" is 
                                  indicated as the price.                     
Stabilization according to FCA/ICMA.                                                            
--------------------------------------------------------------------------------
PROCEDURE OF OFFERING OF EUROBONDS FOR PURCHASE IN KAZAKHSTAN:                                 
--------------------------------------------------------------------------------
Order collection day:             October 6, 2020                                               
Order collection start time:      14:15 o'clock, Almaty time                                    
Order collection end time:        at around 21:00 o'clock, Almaty time                          
Expected date of fixing the price October 6, 2020 (London time)                                 
and volume of execution of                                                                      
investor orders:                                                                                
Settlement date:                  October 14, 2020 (Т+6)                                        
Date of determining               October 6 (London time)                                       
executed orders:                                                                                
--------------------------------------------------------------------------------

Terms of settlement of Eurobonds:

By submitting a purchase order, the buyer thereby confirms that he has money to pay for the Eurobonds he buys on a valid brokerage account with "Halyk Finance" JSC or that he has active trading lines with J.P. Morgan Securities plc and assumes responsibility for carrying out settlements, if his order is executed.

If the submitted purchase order is executed, the responsibility for the execution (settlement) rests with the trading participant who submitted the purchase order.

For all queries, as well as for additional information, please contact the following representatives of Halyk Finance and SkyBridge Invest:

Oleg Khvan, tel. +7 (727) 331-59-73, e-mail: o.khvan@halykfinance.kz

Sanzhar Ospanov, tel. +7 (727) 331-59-79, e-mail: s.ospanov@halykfinance.kz

Altynai Ibraimova, tel. +7 (727) 331-59-56, e-mail: a.ibraimova@halykfinance.kz

Alma Buirakulova, tel. +7 (727) 331 33 50 (ext.318), e-mail: buirakulova@sbinvest.kz

Laura Duisenbayeva, tel. +7 (727) 331 33 50 (вн.324), e-mail: duisenayeva@sbinvest.kz

Halyk Finance, J.P. Morgan (B&D, MUFG and SkyBridge Invest act as Joint Bookrunners.

THIS ANNOUNCEMENT MAY NOT BE DISTRIBUTED IN THE UNITED STATES (EXCEPT FOR QUALIFIED INSTITUTIONAL BUYERS, AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED, THAT ARE ALSO QUALIFIED PURCHASERS, AS DEFINED IN SECTION 2(A)(51) OF THE U.S. INVESTMENT COMPANY ACT OF 1940, AS AMENDED), CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD BE UNLAWFUL.

The target market of the manufacturer (in accordance with the MIFID II Product Management Directive) is exclusively qualified contractors and professional clients (all distribution channels). No key information document (KID) on packaged retail investment and insurance products (PRIIPS) has been prepared as it is not available for the retail segment in the European Economic Area (EEA).

MIFID II Product Management / Professional Investors and Qualified Counterparties (ECP) only – For the sole purpose of each manufacturer's product approval process, an assessment of the target investor group in relation to the Bonds has led to the conclusion that: (i) the target investor group for the Bonds is only qualified counterparties and professional clients, as defined for each in the Directive 2014/65 / EU (with all additions and changes, hereinafter "MIFID II"); and (ii) all channels for the sale of the Bonds to qualified counterparties and professional clients are appropriate. Any person who subsequently offers, sells or recommends Bonds (the "distributor") should take into account the producers' assessment of the target group of investors; however, the distributor who is the subject of MIFID II is responsible for conducting his own assessment of the target investor group in relation to the Bonds (by accepting or modifying the manufacturer's assessment of the target investor group) and for identifying the appropriate sales channels.

The securities referred to in this message may not be offered for sale or sold in the United States, unless the securities are registered or exempted from registration under the United States Securities Act of 1933, with all additions and changes (hereinafter (the "US Securities Act"). NC KazMunayGas JSC does not intend to register any securities in the United States or conduct a public offering of securities in the United States. The securities will be offered in the United States only to qualified institutional buyers, pursuant to Rule 144A of the U.S. Securities Act, who are also qualified buyers under Section 2 (a) (51) of the U.S. Investment Companies Act of 1940, as amended, and will be offered outside the U.S. in accordance with Regulation S of the US Securities Act. This announcement is made in accordance with Rule 135C of the US Securities Act.

This announcement is not a public offering of securities in the United Kingdom. This notice is distributed to and intended only for (i) individuals outside the United Kingdom, (ii) individuals with professional investment experience as defined in Section 19 (5) of the Financial Services and Markets Act 2000 (Financial Assistance) of the Order of 2005 (hereinafter the "Order") or (iii) individuals with large equity capital or other persons to whom this communication may be provided on the lawful grounds defined in subparagraphs (a) to (d) of Article 49 (2) Order (all such persons are hereinafter collectively referred to as "Relevant Persons"). Any investment activity associated with this communication will be available exclusively to Relevant Persons and will only be conducted with Relevant Persons. Persons who are not Relevant Persons should not act in connection with this message or its content or rely on this message or its content.

unquote

[2020-10-06]