This research report has been prepared by Halyk Finance to provide a general view on the Kazakhstan Electric Grid Operating Company (KEGOC or the Company). This document was prepared without KEGOC participation and all forecasts, estimates, expectations and conclusions, contained in the report are solely forecasts, estimates, expectations and conclusions made by Halyk Finance.
By reading the research report, you agree to the limitations and notifications set out below.
The research report does not constitute or form part of, and should not be construed as, an offer, solicitation or invitation to subscribe for, underwrite or otherwise acquire, any securities of the Company or any member of its group nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or any member of its group, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever.
Any person considering the purchase of any securities of the Company must inform himself or herself independently based solely on the Company's prospectus and any amendments or supplements thereto before taking any investment decision.
This research report is strictly confidential to the recipient and may not be reproduced or redistributed, passed on, or the contents otherwise divulged, directly or indirectly, to any other person or published in whole or in part for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws.
None of the Company, or any of their respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss whatsoever arising from any use of this research report or its contents, or otherwise in connection with this research report.
Important factors that could cause those differences include, but are not limited to overall economic and business conditions, including commodities prices; the demand for the Company’s services; competitive factors in the industries in which the Company and its customers compete; changes in government regulation; changes in tax requirements, including tax rate changes, new tax laws and revised tax law interpretations; interest rate fluctuations and other capital market conditions; exchange rate fluctuations; economic and political conditions in international markets, including governmental changes; and the timing, impact and other uncertainties of future actions.