A tariff regime that lacks transparency, is politicized (tariff caps), and currently doesn't guarantee sufficient returns on capital and timely recovery of costs. An aged asset portfolio that requires extensive modernization. Exposure to the risks of operating in Kazakhstan. Monopoly position in the stable regulated electricity transmission business, with low operating risk. Our expectation of EBITDA increase on tariff indexation and efficient cost management. A large investment program, leading to limited free operating cash flow and associated construction risk. High exposure to foreign currency and floating interest rate risks. Relatively high leverage. Our expectation of less volatile and increasing operating cash flow after the new five-year tariff has been adopted. Comfortable long-term maturity profile. Our expectation of very high likelihood
