CORPORATES

CREDIT OPINION19 August 2021

Update

RATINGS

JSC KazTransGasDomicile Kazakhstan

Long Term Rating Baa2

Type LT Issuer Rating - FgnCurr

Outlook Stable

Please see the ratings section at the end of this reportfor more information. The ratings and outlook shownreflect information as of the publication date.

Contacts

Artem Frolov +7.495.228.6110VP-Sr Credit Officerartem.frolov@moodys.com

Olga Moshkina +7.495.228.6157Associate Analystolga.moshkina@moodys.com

Victoria Maisuradze +7.495.228.6067Associate Managing Directorvictoria.maisuradze@moodys.com

CLIENT SERVICES

Americas 1-212-553-1653

Asia Pacific 852-3551-3077

Japan 81-3-5408-4100

EMEA 44-20-7772-5454

JSC KazTransGasUpdate following upgrade to Baa2

SummaryJSC KazTransGas (KTG) is a wholly owned subsidiary of KazMunayGas NC JSC (KMG, Baa2stable). The sovereign wealth fund Samruk-Kazyna, of which the Government of Kazakhstan(Baa2 stable) is the sole shareholder, owns 90.42% of KMG. Given its ownership structure,we apply our Government-Related Issuers (GRI) rating methodology to determine KTG'sBaa2 issuer rating. The rating factors in the company's Baseline Credit Assessment (BCA) ofba1, which measures its standalone credit strength, excluding any extraordinary governmentsupport; the Kazakh government's Baa2 local-currency rating with a stable outlook; thevery high default dependence between the company and the government; and the highprobability of government support for KTG in the event of financial distress.

KTG's BCA factors in the company's status as a national gas pipeline operator, its dominantmarket position and lack of competition; its strong supply base and the high credit qualityof its contractors; the government's supportive tariff policies; the high demand potentialfrom China (A1 stable) and the domestic gas market; and its robust liquidity and solid creditmetrics.

KTG's BCA also takes into account the company's dependence on state-regulated tariffs andprices of domestic operations; its sizeable share of domestic gas deliveries, which are lessprofitable than export sales; and uncertainty regarding the terms and timing of the potentialtransfer of KTG to Samruk-Kazyna from KMG.

Our assumption of a high probability of government support for KTG reflects the strategicimportance of the energy sector to the state; and the government's track record of providingsupport to KMG, of which KTG has been an integral part. Our assumption of very high defaultdependence is based on the company's operating and financial proximity to the government;its status as a national gas and gas pipelines' operator that is entitled to purchase all gasproduced in Kazakhstan (except from production sharing agreements), responsible for gasdistribution and gasification, and part to all international gas transmission agreements; andthe government's reliance on the oil and gas sector.

MOODY'S INVESTORS SERVICE CORPORATES

Exhibit 1

KTG's credit metrics will improve in 2021 on higher oil prices, dividend inflows from the AGP and one-off receipts from gas suppliersfollowing the arbitration decision

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

10.0x

0%

10%

20%

30%

40%

50%

60%

70%

Dec-17 Dec-18 Dec-19 Dec-20 LTM Jun-21 2021F 2022F

FFO / debt (LHS) (FFO + interest) / interest (RHS) Debt / EBITDA (RHS)

All figures are calculated using Moody’s estimates and standard adjustments.Sources: Moody’s Financial Metrics™ and Moody's Investors Service forecasts

Credit strengths

» Monopoly in gas transit and distribution in Kazakhstan, and ownership of pipeline infrastructure

» High profitability, supported by gas transportation for export and gas export sales

» Robust liquidity and solid credit metrics

Credit challenges

» Exposure to volatile oil prices and low regulated tariffs for domestic gas transportation and sales

» Volatility in gas transit volumes

» An aged pipeline network, which may require unplanned investments

» Uncertainty regarding the terms and timing of the transfer of KTG to Samruk-Kazyna

Rating outlook

The stable outlook on KTG's rating is in line with the stable outlook on Kazakhstan’s sovereign rating, and reflects our view thatthe company’s specific credit factors, including operating and financial performance, credit metrics, market position and liquidity,will remain commensurate with its current rating on a sustainable basis, and that there will be no weakening in the probability ofextraordinary state support in the event of financial distress.

Factors that could lead to an upgrade

We could upgrade KTG's rating if we were to upgrade Kazakhstan's sovereign rating, along with KMG's rating and KTG’s BCA, providedthere are no adverse changes in the probability of extraordinary state support in the event of financial distress.

Factors that could lead to a downgrade

We could downgrade KTG's rating if we were to downgrade Kazakhstan's sovereign rating or KMG's rating, or if the company’s (fundsfrom operations [FFO] + interest expense)/interest expense declines below 4.0x, FFO/debt declines below 15% and retained cash flow/debt declines below 12%, all on a sustained basis, and liquidity deteriorates significantly. We could also downgrade the rating if wereassess the probability of government support in the event of financial distress to a weaker level.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page onwww.moodys.com for the most updated credit rating action information and rating history.

2 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

We would view any potential disposal/transfer of KTG outside of the consolidation perimeter of KMG group as an event risk and wouldconsider it separately, along with possible changes to KTG's strategy, financial policies and risk profile, which may alter as a result ofsuch disposal.

Key indicators

Exhibit 2

JSC KazTransGas

Dec-17 Dec-18 Dec-19 Dec-20 LTM Jun-21 2021-proj. 2022-proj.

(FFO + Interest Expense) / Interest Expense 7.1x 6.8x 5.4x 6.5x 9.1x 9.6x 6.6x

FFO / Debt 27.4% 36.0% 31.6% 30.3% 50.9% 60.7% 42.5%

RCF / Debt 27.4% 36.0% 31.6% 30.3% 50.9% 60.7% 42.5%

All figures and ratios are calculated using Moody’s estimates and standard adjustments. Moody's Forecasts (f) or Projections (proj.) are Moody's opinion and do not represent the views ofthe issuer. Periods are financial year-end unless indicated. LTM = Last 12 months.Sources: Moody’s Financial Metrics™ and Moody's Investors Service forecasts

Profile

JSC KazTransGas (KTG) is a holding company that engages in the transportation, sale, and, to a lesser extent, exploration andproduction of natural gas in Kazakhstan. KTG is Kazakhstan's national operator in gas transportation and manages the state's strategicinterest in Kazakhstan's gas industry. Through its key subsidiary Intergas Central Asia (ICA, Baa2 stable), KTG transports transit Russianand Central Asian gas through Kazakhstan to Russia and Kazakhstan’s gas to exports. Another key subsidiary of KTG, KTG Aimak,distributes and sells gas domestically. In the 12 months that ended 30 June 2021, KTG generated revenue of KZT891.2 billion (2020:KZT945.5 billion) and Moody's-adjusted EBITDA of KZT491.8 billion (2020: KZT355.8 billion). In 2020, KTG transported 86.6 billioncubic metres (bcm) of gas via its trunk pipelines, sold 22.7 bcm of gas (of which 14.8 bcm was sold domestically) and produced 326million cubic metres (mcm) of gas.

Exhibit 3

KTG's revenue structure by business segmentExhibit 4

KTG's revenue structure by geography

86%

12%

2%

82%

17%

1%

Gas sales Gas transportation Other services

Inner circle: H1 2020 results, outer circle: H1 2021 results.Source: KTG

30%

58%

12%31%

57%

12%

Kazakhstan China CIS

Inner circle: H1 2020 results, outer circle: H1 2021 results.Source: KTG

Detailed credit considerations

Monopoly in gas transit and distribution in Kazakhstan, and ownership of infrastructureKTG is a national operator in gas production, transportation and supply. It has a pre-emptive right to purchase marketable gas(including associated petroleum gas) from independent domestic producers at a regulated price and sell it domestically at a premium.KTG has exclusive rights to operate the country's gas pipeline infrastructure.

3 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

KTG's extensive pipeline network allows the transportation of gas from the gas-producing regions of Central Asia, primarilyTurkmenistan and Uzbekistan, as well as Kazakhstan's domestic oil and gasfields (such as Tengiz, Karachaganak and Kashagan) to Russia(and ultimately to Europe), China and domestic markets. ICA is the sole route for the transportation of natural gas from Uzbekistan andTurkmenistan to Russia and then to Europe. The absence of alternative gas export routes of comparable size secures the availability ofgas supply for KTG's pipeline system in the foreseeable future. KTG is also a monopolist in the domestic market, supplying natural gasthrough its wholly owned subsidiary KTG Aimak. In 2020, the total level of gasification of the country was 53%.

KTG benefits from the sizeable end-markets (China, Kazakhstan, Europe and Russia); the growing demand for gas; the extensiveinfrastructure and the lack of competition; the quality of gas supply available to KTG, given the sizeable natural gas reserves inKazakhstan, Turkmenistan and Uzbekistan; and the sustainable gas production levels at the Tengiz, Karachaganak and Kashagan fields.In 2020, KTG's own gas production was 325.8 mcm, or only 0.6% of Kazakhstan’s overall domestic gas production of 55.1 bcm over thesame period.

Export sales and transit operations are key revenue driversGas exports generated 61% of KTG's revenue for 2020 (2019: 61%, 2018: 60% and 2017: 34%), when the company exported 7.9 bcmof gas (2019: 8.8 bcm, 2018: 8.9 bcm and 2017: 5 bcm), of which 7 bcm was delivered to China. KTG purchases gas from independentdomestic producers and exports it at a significantly higher price to China and other countries.

In October 2018, KTG signed a five-year contract with PetroChina International Company Limited (PetroChina), a subsidiary of ChinaNational Petroleum Corporation (CNPC, A1 stable), to export up to 10 bcm per year of Kazakhstani gas to China. This contract containscertain take-or-pay conditions. In 2020, KTG through ICA transported 7 bcm to China, only slightly down from 7.1 bcm in 2019, becausethe pandemic-driven decline in demand in China was fairly short.

Export and transit gas transportation, carried out by KTG’s key subsidiary ICA, accounted for 8% of KTG’s consolidated revenue in 2020(2019: 7% and 2018: 6%). Tariffs for these operations are unregulated. The tariffs for gas export transportation, which ICA providesprimarily to Tengizchevroil and KTG, were increased to $5.0/mcm per 100 kilometres (km) in 2016 from $3.2 in 2015 and will remain atthis level through 2021.

ICA transports transit Russian and Central Asian gas through Kazakhstan to Russia under annual contracts with Russia’s largest gasproducer Gazprom, PJSC (Gazprom, Baa2 stable); these contracts have not included ship-or-pay conditions since 2015. A fairly shortcontract life and the volatility in these gas transit volumes, which generated 20% of ICA's revenue in 2020 (2019: 28%), are the mainrisks to the sustainability of ICA’s revenue.

To diversify export routes, reduce the dependence on Gazprom, expand the transit potential and secure the independence of thesouthern regions of Kazakhstan from Uzbekistani gas, KTG implemented two large-scale pipeline projects through two 50/50 jointventures with its partner CNPC — the Asian Gas Pipeline (AGP) and the Beineu-Shymkent Gas Pipeline (BSGP).

The AGP, which has a throughput capacity of 55 bcm per year, extends from Turkmenistan through Uzbekistan and Kazakhstan toChina. In 2020, the AGP's gas transmission volume was 39.8 bcm (2019: 45.9 bcm, 2018: 49.3 bcm and 2017: 39.2 bcm). The AGPis complemented by the 1,477-km BSGP, which has a throughput capacity of 15 bcm per year and links the existing gas pipelinesystems in the southern and western regions of Kazakhstan. The BSGP allows to transport gas from Kazakhstan's giant fields, Tengiz andKarachaganak, to China and the southern regions of Kazakhstan. In addition, ICA's main trunk pipeline, Central Asia-Centre, can operatein a reverse mode to redirect gas transit volumes from Russia to Kazakhstan's domestic market and China, if necessary.

KTG is also developing its domestic gas distribution business, which has high growth potential because only 53% of the country'spopulation had access to natural gas as of year-end 2020. Domestic gas transit and supply operations are breakeven or slightly loss-making. In 2020, regional transportation tariffs remained flat, while wholesale gas prices were reduced by around 1%. In 2020, state-regulated tariffs for ICA’s domestic transportation services increased to KZT2,333/mcm per 100 km from KZT2,213/mcm per 100 km in2019.

Credit metrics will improve in 2021KTG's EBITDA, operating cash flow and leverage are sensitive to oil prices, because the company's gas export prices follow oil priceswith an up to nine-month lag. Around 70% of KTG's revenue, 30% of its operating expenses and around 75% of its financial debt are

4 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

denominated in foreign currency. As a result, the negative effect of the drop in oil prices in Q2 2020 affected the company's financialresults mostly in Q1 2021, while its 2020 results were supported by the positive effect of the tenge depreciation attributed to the dropin oil prices. The average tenge exchange rate to the US dollar declined to 413.5 USD/KZT in 2020 and further to 424.2 USD/KZT in H12021 from the 2019 average of 382.6 USD/KZT.

In 2020, KTG's Moody's-adjusted operating EBITDA, which excludes its share in profit of joint ventures, decreased by 44% to KZT125.4billion from KZT224.3 billion in 2019, mainly because of lower gas export and transportation volumes, while Moody's-adjusted FFOdecreased by only 6% to KZT152 billion from KZT161.6 billion because FFO was supported by the KZT53.8 billion dividend inflow fromthe AGP. The company's Moody’s-adjusted total consolidated EBITDA, in which we include its KZT230.4 billion share in the profit ofjoint ventures, declined only by 21% to KZT355.8 billion from KZT448.5 billion. As a result, KTG's debt/EBITDA increased moderatelyto 1.4x from 1.1x and FFO/debt weakened only slightly to 30.3% from 31.6%, remaining strong for the company's BCA (all metrics areMoody’s-adjusted).

In the 12 months that ended 30 June 2021, KTG's Moody's-adjusted EBITDA increased significantly to KZT432.8 billion from KZT355.8billion in 2020. The increased EBITDA included KTG's share in the profit of joint ventures of KTZ286.7 billion (2020: KZT230.4 billion)and a one-off positive adjustment on the recalculation of gas purchase price according to the arbitration decision for the total amountof KZT116.6 billion. Excluding these two effects, KTG's operating EBITDA decreased by 29% to KZT88.5 billion from KZT125.4 billionin 2020 mainly because of lower gas sales prices, and gas export and transportation volumes. In the same period, Moody's-adjustedFFO increased to KZT270.7 billion from KZT152 billion in 2020, supported by the KZT112.1 billion dividend inflows from the AGP in2020 and H1 2021, and a one-off positive adjustment of KZT116.6 billion following the arbitration decision on the recalculation of gaspurchase price (in H1 2021, total amount of receipts from suppliers was KZT134.8 billion). As a result of higher EBITDA and FFO, KTG'sdebt/EBITDA decreased to 1.1x as of 30 June 2021 from 1.4x as of year-end 2020 and FFO/debt improved to 50.9% from 30.3% (allmetrics are Moody’s-adjusted).

We expect the AGP to continue to pay comparable dividends in 2021-22, which would support KTG's FFO, while its EBITDA willincrease on the recovery in oil prices from H2 2020 and the persistently weak tenge. Both FFO and EBITDA will also benefit from theone-off recalculation of gas purchase prices in H1 2021. As a result, we expect KTG's FFO/debt to be 60.7% and debt/EBITDA to be 0.9xas of year-end 2021 (all metrics are Moody’s-adjusted).

In 2020, KTG's free cash flow (FCF) improved to positive KZT81.8 billion from negative KZT43.6 billion in 2019, because the companyreduced its capital spending to KZT72 billion in 2020 from KZT150 billion in 2019. The 2020 capital spending comprised maintenancecapital spending of KZT41.3 billion; the final instalment of KZT14.9 billion to complete construction of the fourth compressor stationat the BSGP; KZT12.1 billion for the reconstruction of KTG Aimak pipelines; and KZT3.7 billion for exploration and valuation of assets.In the 12 months that ended 30 June 2021, FCF improved further to KZT136.4 billion, driven by higher FFO and continued reduction incapital spending to KZT63.2 billion.

KTG expects its annual capital spending to decline further towards KZT50 billion in 2021, although the fact that the bulk of trunkpipelines operated by ICA were constructed in the 1960s and the 1970s creates the potential for some increase in maintenance capitalspending. As a result of higher operating cash flow and reduced capital spending, we expect KTG's FCF to remain strongly positive in2021. KTG has not paid any dividends since 2012, but we cannot rule out the possibility that it will start paying dividends as its FCFgrows.

Credit impact of the pending transfer of KTG to Samruk-Kazyna is still uncertainOn 5 June 2020, KMG announced that it would consider transferring KTG to Samruk-Kazyna. On 15 March 2021, KMG announced thatit had signed an agreement to transfer management of its 100% stake in KTG to Samruk-Kazyna, which we viewed as credit neutralfor KMG and KTG, because KMG retained ownership of KTG, and continued to consolidate KTG in its IFRS financial statements andcontrol strategic decisions at the company. On 16 June 2021, KMG announced that the company obtained noteholders' consent toalign conditions of its notes issued in 2017-18 with conditions of its latest notes issued in 2020, which among other things allow KMGto dispose of KTG, potentially for no consideration (KMG intends to request a similar consent from its lending banks).

The terms and timing of the transfer remain uncertain. We would assess the credit and rating impact of the transfer on KTG followingclarification of the terms by KMG.

5 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

We currently assume that potential corporate actions and organisational developments in the KMG group, including the transferof KTG to Samruk-Kazyna, will be prudently managed and will not impair the risk and credit profiles of KTG, and the level of statesupport embedded into the current rating. Any significant deviations from KTG's current financial policies, strategy, pool of core assets,operations, operating and financial performance, and credit metrics, which we view as an event risk, would be assessed separately.

ESG considerations

KTG is exposed to carbon transition risk in the long term, which is common for oil and gas companies. Increasing investor, capitalmarket and societal pressures to decarbonise the global economy pose a growing threat to the demand for hydrocarbons. However,significant substitution of hydrocarbons with renewable fuel sources remains a longer-term risk, with oil demand potentially peakingwell before natural gas, which has a central role in the energy transition of power generation away from carbon. KTG’s gas-focusednature of business reduces its exposure to carbon transition risk.

KTG's BCA factors in our expectation that the impact of the pandemic, which we regard as a social risk under our environmental, socialand governance (ESG) framework, on its credit quality will remain limited.

KTG’s financial policies, investment decisions, shareholder distributions and governance are determined by KMG and the Kazakhgovernment. Two out of five members of its board of directors are independent. KTG publicly discloses its annual financial statements,although its level of other information disclosure is significantly lower than that of KMG.

Liquidity analysisAs of 30 June 2021, KTG's liquidity comprised cash and cash equivalents of KZT457 billion, an available committed long-term creditfacility of $200 million and operating cash flow of more than KZT160 billion, which we expect the company to generate over thenext 12 months. This liquidity will comfortably cover the company's short-term debt maturities of KZT24.3 billion, short-term leaseliabilities of KZT32 billion and capital spending of around KZT50 billion over the same period.

KTG is subject to certain covenants under its bank loans and eurobond. We expect the company to remain in compliance with thecovenants over the next 12-18 months.

6 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

Methodology and scorecardWe apply our Natural Gas Pipelines rating methodology to determine KTG's BCA. This results in an A1 scorecard-indicated outcome.However, the strong links with its parent KMG constrain the company's BCA at ba1 (one notch higher than the BCA of KMG). A two-notch uplift of KTG's issuer rating from the BCA reflects our assumption of the high probability of government support to the companyin the event of financial distress.

Exhibit 5

Rating factorsJSC KazTransGas

Natural Gas Pipelines Industry Scorecard [1][2]

Factor 1 : Market Position (15%) Measure Score Measure Score

a) Demand Growth Baa Baa Baa Baa

b) Competition Aaa Aaa Aaa Aaa

c) Volume Risk & Throughput Trend A A A A

Factor 2 : Quality of Supply Source (10%)

a) Supply Source A A A A

Factor 3 : Contract Quality (30%)

a) Firm Revenues Aa Aa Aa Aa

b) Contract Life B B B B

c) Shipper Quality / Recontracting Risk Baa Baa Baa Baa

Factor 4 : Financial Strength (45%)

a) (FFO + Interest) / Interest 9.1x Aaa 6.6x Aa

b) FFO / Debt 50.9% Aa 42.5% Aa

c) (FFO - Dividends) / Debt 50.9% Aaa 42.5% Aaa

Rating:

a) Scorecard-Indicated Outcome A1 A1

b) Actual BCA Assigned ba1

Government-Related Issuer Factor

a) Baseline Credit Assessment ba1

b) Government Local Currency Rating Baa2

c) Default Dependence Very High

d) Support High

e) Actual Rating Assigned Baa2

Current

LTM 30/06/2021

Moody's 12-18 Month Forward View

As of August 2021 [3]

[1] All ratios are based on 'Adjusted' financial data and incorporate Moody's Global Standard Adjustments for Non-Financial Corporations.[2] As of 30/06/2021 (LTM).[3] This represents Moody's forward view, not the view of the issuer, and unless noted in the text, does not incorporate significant acquisitions and divestitures.Sources: Moody's Financial Metrics™ and Moody's Investors Service forecasts

7 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

Appendix

Exhibit 6

Moody's-adjusted debt breakdownJSC KazTransGas

(in USD millions)FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

FYE

Dec-20

LTM

Jun-21

As Reported Debt 1,360 1,436 1,322 1,192 1,244

Operating Leases 45 40 0 0 0

Non-Standard Adjustments -10 -11 15 0 0

Moody's-Adjusted Debt 1,395 1,466 1,338 1,192 1,244

All figures are calculated using Moody’s estimates and standard adjustments.Source: Moody’s Financial Metrics™

Exhibit 7

Moody's-adjusted EBITDA breakdownJSC KazTransGas

(in USD millions)FYE

Dec-17

FYE

Dec-18

FYE

Dec-19

FYE

Dec-20

LTM

Jun-21

As Reported EBITDA 485 814 1,194 887 1,185

Operating Leases 8 7 0 0 0

Interest Expense – Discounting -23 -22 -21 -25 -23

Unusual 12 47 -2 0 0

Moody's-Adjusted EBITDA 482 846 1,171 862 1,162

All figures are calculated using Moody’s estimates and standard adjustments.Source: Moody’s Financial Metrics™

Ratings

Exhibit 8

Category Moody's RatingJSC KAZTRANSGAS

Outlook StableIssuer Rating Baa2Bkd Senior Unsecured Baa2

PARENT: KAZMUNAYGAS NC JSC

Outlook StableIssuer Rating Baa2Senior Unsecured Baa2

INTERGAS CENTRAL ASIA

Outlook StableIssuer Rating Baa2

Source: Moody's Investors Service

8 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2

MOODY'S INVESTORS SERVICE CORPORATES

© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDITCOMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY,“PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUALFINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’SRATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’SCREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICEVOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOTSTATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK ANDRELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHEROPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHEROPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDITRATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR.MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDINGTHAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE,HOLDING, OR SALE.

MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESSAND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENTDECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIEDOR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USEFOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTENCONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM ISDEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as wellas other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information ituses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However,MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for anyindirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use anysuch information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses ordamages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of aparticular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatorylosses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for theavoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents,representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDITRATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (includingcorporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating,agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’sInvestors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regardingcertain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publiclyreported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance —Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s InvestorsService Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intendedto be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, yourepresent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly orindirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as tothe creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’sOverseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a NationallyRecognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by anentity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registeredwith the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferredstock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and servicesrendered by it fees ranging from JPY125,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

REPORT NUMBER 1295851

9 19 August 2021 JSC KazTransGas: Update following upgrade to Baa2