Market update for the first half of 2021

7 July 2021

Steppe Cement Ltd

Market update for the first half of 2021

In the first half of 2021, Steppe Cement Ltd ("Steppe Cement" or the "Company") sold 840,661 tonnes of

cement for 16,657 million Tenge, compared with 764,752 tonnes of cement for 13,677 million Tenge in

the first half of 2020. This represents an increase of 10% in volume and an increase of 22% in turnover over the same period in 2020.

The average price for the current period for delivered cement was 19,814 Tenge per tonne (ex-VAT),

compared with 17,884 Tenge per tonne in the corresponding period of 2020. The ex-factory price for the

current period was 16,571 Tenge per tonne, compared with 14,727 Tenge per tonne in the

corresponding period of 2020.

The cement market in Kazakhstan increased by 25% during the first half of 2021, compared with the same period last year.

This significant increase can be partly justified as the government has allowed partial withdrawals from individual's pension funds to be invested in real estate.

Imports represented 5.2% of the local market, remaining stable, and exports from Kazakhstan were increased by 12% to 0.96 million tonnes. Steppe Cement's local market share was 14.3% in the first half of 2021 and the Company exported 8.5% of its sales.

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 6800.