Westinghouse reorganization will not undermine Kazatomprom

ASTANA. KAZINFORM NAC Kazatomprom informs that on March 29, 2017 Westinghouse Electric Company LLC (Japanese Toshiba's subsidiary) and affiliated companies (Westinghouse Group) filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy code in the U.S. Bankruptcy Court for the Southern District of New York in New York City so that to resolve financial challenges in several of its power plant projects.

JSC NAC Kazatomprom bought a stock of Toshiba's shares on put option terms whereunder the Kazakh company has a right to sell its shares back to Toshiba Corporation at a specified price consistent with the initial investments.

Thus, in case of exercising the put right NAC Kazatomprom is entitled to return its invested assets in accordance with the put option agreement concluded with Toshiba Corporation.

Reorganization of Westinghouse Electric Company LLC will not undermine the financial results of Kazatomprom.

JSC NAC Kazatomprom is a Kazakh national operator exporting uranium and compounds, rare metals, nuclear fuel for nuclear power plants and special equipment. Its core operations are as follows: geologic exploration, uranium mining, manufacture of nuclear fuel cycle products; production of construction materials; energy; science; social welfare and staff training. Kazatomprom actively participates in Renewable Energy Development Programme in the Republic of Kazakhstan. Over 26,000 people currently work in the company. Kazatomprom is one of the world's leading uranium-mining companies.