7 October 2022

Steppe Cement Ltd

Market Update for the Third Quarter ended 30 September 2022

Third quarter 2022 revenue of KZT 13,071 million was 9% higher than revenue of KZT 12,045 million

achieved in the corresponding quarter in 2021. For the 9 months ended 30 September 2022, Steppe

Cement Ltd ("Steppe Cement") recorded revenue of KZT 32,651 million compared with KZT 28,812

million in the corresponding 9-month period in 2022, representing a 13% increase.

A sales volume of 546,357 tonnes was achieved during the third quarter, a 2% increase from the third

quarter of 2021. For the first 9 months of 2022, the sales volume decreased by 1% to 1,362,407 tonnes

from 1,375,464 tonnes in the corresponding 9-month period in 2021.

The average price (ex-VAT) for delivered cement was KZT 23,965 per tonne in the first 9 months

compared with KZT 20,947 per tonne last year. For the first 9 months of 2022, the ex-factory price

stood at KZT21,023 per tonne, an increase of 17% over KZT17,930 in 2021.

For the first 9 months of 2022, the cement market in Kazakhstan was 9.4 million tonnes, 2% higher

than in 2021. Imports decreased to 6% from 7% of total consumption in the corresponding 9-month

period in 2021. Exports from Kazakhstan were 0.85 million tonnes. Current estimate of the cement

market for 2022 is 11.8 million tonnes or 2% above 2021, with Steppe Cement's market share at 15%.

Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.

Nominated Adviser contact: Stephen Allen or Andrew Thomson on +61 8 9480 2500.

Broker contact: Charlie Cryer at +44 20 3440 680