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On the Reorganization of Westinghouse Electric Company LLC

26 April 2017
On the Reorganization of Westinghouse Electric Company LLC

NAC Kazatomprom JSC informs that on March 29, 2017, the US based Westinghouse Electric Company LLC (affiliated company of the Japanese corporation Toshiba Corporation) and a number of its foreign and domestic affiliates (the “Westinghouse Group”) filed petitions for reorganization under Chapter 11 of the US Bankruptcy Code in the US Bankruptcy Court for the Southern District of New York to address financial challenges in several of its power plant projects.

The acquisition of WEC’s  shares from Toshiba Corporation was executed  with the right to a put option agreement in respect to acquired shares,  under the terms of which,  NAC Kazatomprom JSC has the right  to sell its  shares back to Toshiba Corporation at a fixed price proportionate  to the initial investments.

Therefore, pursuant to the terms set in the put option agreement   with Toshiba Corporation, once  exercised, NAC Kazatomprom JSC is contractually entitled to receive the originally invested amount.

The reorganization of Westinghouse Electric Company LLC will not have any negative  impact on the financial performance of  NAC Kazatomprom JSC.

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