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1.1

About this Report

The 2024 Annual Report of Joint Stock Company "United Transport and Logistics Company - Eurasian Railway Alliance" (hereinafter also referred to as JSC UTLC ERA, UTLC ERA, the Company)

is based on the information available as of the date of its preparation. This document provides an overview of the Company's results for 2024, alongside trends in operational and financial performance metrics for the 2022–2024 period. The financial indicators have been calculated in accordance with Russian accounting standards and the Company's accounting policies in force during the relevant reporting periods, and have been certified by an auditor's report.

This Annual Report was reviewed by the Audit Committee of UTLC ERA Board of Directors (Minutes No. 44 of 30 April 2025).

The report was preliminarily approved by UTLC ERA Board of Directors (Minutes No. 95 of 26 May 2025).

The report was approved by the Annual General Meeting of Shareholders of UTLC ERA (Minutes No. 31 of 27 June 2025).

The accuracy of the information contained in
the Annual Report was confirmed by UTLC ERA’s Internal Audit Commission (the extract from the Internal Audit Commission’s opinion can be found in the Appendices section).

UTLC ERA today

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UTLC ERA stands as the pioneering integration project in the logistics field within the Eurasian Economic Union (EAEU), uniting the resources and capabilities of three nations: the Russian Federation, the Republic of Kazakhstan, and the Republic of Belarus.

Established in 2018 as an operator of transit container services, the company has delivered efficient logistics solutions for freight forwarders, cargo owners and their logistics partners, thus ensuring the development of the Eurasian Economic Space.

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UTLC ERA’s mission

is to become a driving force for the development of the Eurasian Economic Space by crafting and implementing effective logistics solutions.

UTLC ERA’s key objective

is to develop the transport and logistics market and bolster the EAEU's standing in Eurasia, particularly by enhancing railway container transportation in the 1,520 mm gauge space. We are dedicated to achieving an annual transit traffic volume of 1 million TEU.

Transportation volume

10,7%

745,926

TEU

UTLC ERA’s all-time record for transportation volume.

+33% compared to 2023

revenue

33,5%

74.1

bln. RUB

+33% compared to 2023

Charity

440

mln. RUB

worth of charitable contributions in Russia, Kazakhstan and Belarus, including the implementation of various initiatives.

Areas of operation

UTLC ERA operates containerized rail freight services along the East-West International Transport Corridor (along the New Silk Road) between China‑Kazakhstan and EAEU‑Europe borders, in addition to inter‑EAEU locations.

UTLC ERA's core service helps establish a comprehensive Eurasian transport infrastructure, creating a network of ~770 routes linking more than 250 locations throughout Europe, China, and the EAEU. UTLC ERA's transportation services encompass the following routes:

Transportation directions

transit

Europe

China

import

China

Russia/Belarus

export

Russia/Belarus

China

New projects

gondola car utilization technology

To maintain transportation volumes despite capacity constraints during Kazakhstan Railways' infrastructure upgrades on the Dostyk‑Moyinty section, UTLC ERA and its Kazakhstani partners have successfully tested and implemented an innovative solution: utilizing gondola cars for container transport, with transloading onto fitting platforms at Sorokovaya, Astana, and Aktobe-2 stations

22 699

containers

a total were transloaded for destinations in Moscow, St. Petersburg, and Belarus.

full-composition container trains with household appliances.

At the beginning of April 2024, UTLC ERA launched a new service operating full-length container block trains carrying household appliances from Europe to terminals within the Moscow railway network. From April through December 2024, the project handled 25 container block trains carrying

3,008

TEU

A total volume from April through December 2024 within the project

organization of empty container transportation.

In June 2024, Kazakhstan Railways lifted conventional restrictions on empty container shipments from Europe to China through the Dostyk and Altynkol border crossings. Following this development, UTLC ERA initiated a pilot project in July 2024 to incorporate empty containers into its regular Europe‑China (U-EAST) container block train services, integrating them into the comprehensive freight flow balancing system across the China‑Europe‑China corridor. As part of this project, five complete container block trains

620

TEU

Volume transported within the project from July to December 2024

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Message from the CEO

Dear fellow shareholders, clients and partners!

I am pleased to share with you UTLC ERA’s 2024 Annual Report.

The past year represents the 10th year milestone in the development of the pioneering railway integration project in the Eurasian Economic Union space. And I would like to congratulate all of us on achieving record results in 2024 in both transportation volumes and financial performance of the Company. Undeniably, one of the most important outcomes of the reporting period is the strong integration and commitment of all stakeholders, resulting in effective operations across both the 1,520 mm gauge space and the neighboring 1,435 mm gauge infrastructure.

Once again, I would like to emphasize that Eurasian railways connect our nations through concrete actions rather than mere words. This collaboration is powerfully evidenced by our international transit volumes, which have grown by an astounding 20 times over our Company's decade of operations!

I extend my deepest appreciation to our clients and partners for their continued trust, productive collaboration, and for providing both the motivation and impetus for the ongoing enhancement of our service offerings. Year after year, we continue to strengthen and optimize our operations collectively, tackling challenges head-on to drive growth and elevate the standard of railway transportation services!

The primary achievement of 2024: we have reached an unprecedented milestone in UTLC ERA transportation with a volume of 746 thousand TEU, while successfully maintaining our dominant position in the container transportation market in the 1,520 mm gauge railway space.

UTLC ERA's route network continues to expand, alongside a growing and diversifying cargo base. Throughout 2024, our service network expanded to encompass 769 distinct routes, while the total value of goods transported by our Company surpassed $41 billion.

We face numerous compelling and timely objectives for 2025. As always, we anticipate continued growth and firmly believe this year will mark another pivotal moment in furthering integration, enhancing infrastructure, and advancing technologies across our unified Eurasian transportation network!

I would like to thank all those who actively contributed to our collaborative endeavors in 2024 and helped us achieve our goals. It is a privilege to work alongside each of you. Let us continue our work in the same spirit of cooperation and partnership.

With sincere regards, Alexey Grom

1.4

Event Calendar

Keynote address delivered by the Chief Executive Officer at the Russian Business Week conference titled "Russia 2030 and the New Global Economic Order: Key Factors and Business's Role" (Moscow, Russia).

  • Exhibition presence at TransRussia 2024 and participation in the 28th International Conference for Shippers and Transport Operators (Moscow, Russia).

  • Engagement in Kazakhstan's agricultural export initiatives, yielding a nearly eight-fold surge in transport volumes (from 3,402 TEU in 2023 to 27,000 TEU in 2024).

  • Participation in the round table at the International Economic Forum of CIS Member States (Moscow, Russia)

  • Launching a new freight transport initiative connecting European countries with Moscow Railway destinations. Freight volumes between April and December: 25 container block trains, totaling 3,008 TEU.

  • Holding the 4th International Hockey Tournament UTLC ICE CUP 2024 (Astana, Kazakhstan).

  • Keynote address delivered by the Chief Executive Officer at the International Freight Conference "2024: Railway Logistics — Current Development Priorities" (Minsk, Belarus).

  • ECE-2024 "Operator of the Year" Award
    in the "Outstanding International Project" category.

  • Rollout of a volume-based pricing structure that successfully generated a 10% increase in export cargo volumes from Belarus.

  • Keynote address delivered by the Director of Governmental Affairs and International Organizations at the 3rd International Forum "Next-Generation Seamless Logistics" (Chengdu, China).

  • Initiation of UTLC ERA's pilot project to incorporate empty containers into its regular Europe‑China (U‑EAST) container block train services

  • CEO interview with Shanghai Media Group's Dragon TV on "China‑Europe‑China: A Decade of Excellence in Eurasian Logistics Development".

  • Exhibition presence at Transport Logistic China 2024 and keynote address delivered by the CEO at the "Maritime‑Continental Silk Road Logistics Summit: New Developments in International Freight Railway Express" conference (Shanghai, China).

  • Attendance at the 2024 St. Petersburg International Economic Forum (St. Petersburg, Russia).

  • Launch of an enhanced "Cargo Tracking" portal on utlc.com featuring advanced data access security protocols.

  • Initiation of UTLC ERA's pilot project to incorporate empty containers into its regular Europe‑China (U‑EAST) container block train services

  • CEO's address at the Eurasian Integration Forum "Strategy of Advanced Development" (Moscow, Russia).

  • UTLC ERA corporate rebranding: development and rollout of a new brand strategy and refreshed corporate visual identity.

  • Upgrade of the client portal features on utlc.com: implementation of container location data export and advanced data filtering options.

  • UTLC ERA's project was awarded second place among the best projects at the 6th Conference of the Transport and Logistics Division of Russian Railways holding company.

  • Holding the 6th Annual UTLC CUP International Football Tournament (Moscow, Russia).

  • Deputy CEO's keynote address at the "TransRussia Connect: Addressing China-bound Cargo Flow Imbalances in the Context of Shifting Global Logistics Patterns" (online event).

  • Signing of a Memorandum of Cooperation between UTLC ERA and our partner from China.

  • Exhibition presence at "Transport and Logistics 2024" and Deputy CEO's keynote address at the "Container Transportation 2024: Addressing Current Challenges. Integrated Solutions" conference (Minsk, Belarus).

  • More than 40 UTLC ERA’s clients have gained access to their personal accounts on the utlc.com website

  • Address by UTLC ERA’s Director for Government Affairs and International Relations at the "ESE-2024" International Container Forum (Sochi, Russia).

  • Exhibition presence at the 14th West China International Logistics and Transportation Industry Expo during the Silk Road Exhibition 2024 (Xi'an, China).

  • Exhibition presence at the China International Logistics and Supply Chain Fair 2024 (CILF 2024) with CEO's keynote address at the "2024 Sea‑rail Transport & Cross‑border Transportation Forum: Belt & Road — Opportunities and Challenges" (Shenzhen, China).

  • CEO's keynote address at the "9th Asia‑Europe International Transport and Logistics Cooperation Forum" during the 6th China International Transport and Smart Logistics Expo (Beijing, China).

  • Excellent Overseas Logistics Service Provider Diploma (CILF 2024).

  • Exhibition presence at TransLogistica Kazakhstan 2024 (Astana, Kazakhstan).

  • Address by UTLC ERA's Director for Government and International Affairs at the BRICS Business Forum (Moscow, Russia).

  • Shenzhen Central Television aired an interview with the CEO of UTLC ERA discussing how "China‑Europe Trains Have Boosted Mutually Beneficial Cooperation Across Countries and Continents."

  • Exhibition presence at the China International Import Expo (CIIE 2024) and the Marketing Director's speech at the 2024 Global Trade and International Logistics Summit Forum (Shanghai, China).

  • Updates to the client portal functionality on utlc.com: ability to download transportation reports; interface modifications.

  • UTLC ERA's "XL-Trains Technology Application" project was awarded runner-up in the prestigious "Formula of Movement" competition.

  • UTLC ERA received the Best Container Operator 2023-2024 Diploma from IFREA.

  • The "Pochet" Charitable Foundation's award for ongoing commitment and collaborative partnership.

  • Introduction of project management practices in compliance with the approved "JSC UTLC ERA

  • Preparing to launch the digital portal for electronic transit documentation management for containers arriving from China on UTLC ERA’s service routes.

  • CEO's keynote address at the 33rd Plenary Session of the International Coordinating Council on Trans‑Eurasian Transportation (Lonavala, India).

  • Address by the Deputy Director of Client Relations and Customer Service Division Head at the Second China‑Europe Railway Express Global Partners Conference in Chongqing, China.

  • UTLC ERA delivered interactive performance reports for fiscal year 2024 to its top ten strategic clients.

  • The UTLC ERA staff team's victory in the "What? Where? When?" Game Show, earning the title of "The Most Intellectually Advanced Company in the Transport, Logistics, and Specialized Equipment Industry".

  • Yuxinou's Best Service Award for China‑Europe Railway Express on the Chengdu‑Chongqing route.

  • Winners of the "Magistral Awards 2024":

  • in the "Transport Industry Professional Excellence" category: Larisa Pavlovna Korshunova, Director of Government Affairs and International Organizations;

  • in the "Excellence in Transport Industry HR Initiatives" category: the innovative "Opportunity Marketplace" program.

  • Implementing the comprehensive transit block container train project with integrated scheduling for China‑Europe routes via Dostyk and Altynkol gateway stations. Performance results: 496 container block trains have operated since early 2024 (298 trains running from China to Europe and 198 — from Europe to China).

  • An update of the customer portal features on utlc.com: ability to export request reports.

Basic principles of the strategy:

high-tech integrator

UTLC ERA serves as the integration platform for cutting-edge container transit services along the Asia‑Europe‑Asia corridor, with its core mission focused on growing transit freight volumes

Efficiency and growth
of transportation

the business model aims to expand transit volumes across the 1,520 mm gauge network through cost optimization for competitive pricing, balanced transit routing, market introduction of innovative logistics solutions, customization of transit services for emerging shipper categories, and increased delivery speed

Maximum capacity and technological leadership

the Company ensures full capacity utilization and optimal transportation parameters, due to technological advancements and cost efficiency

Openness and equal conditions

UTLC ERA upholds an open tariff policy for all clients, facilitating equal access and transparent service provision for all potential users

Cooperation and digital innovations

the Company operates as a collaborative platform for the joint development and implementation of technologies, with digital innovation as its primary focus.

Key mechanisms for implementing
the strategy

Establishing a contractual framework to ensure an adequate supply of rail cars, terminals, and other integrated transportation service components.

development of an international digital technology testing environment built on the UTLC ERA infrastructure to test and refine order processing systems for electronically submitted requests from multiple platform sources

A specialized regulatory sandbox (testing regulatory innovations before formally implementing them into the national legislation of alliance member states), intended to broaden the freight portfolio and drive down transportation unit costs.

Active marketing efforts for the company within the international transportation and logistics marketplace, designed to enhance customer loyalty toward Trans‑Eurasian rail services.

The core strategic advantage for shareholders

lies in expanding the EAEU market's transit capabilities and fostering an environment that stimulates increased freight traffic, ultimately driving higher returns from infrastructure payments and transportation operations. Moreover, preserving the partnership structure, UTLC ERA operational model establishes a strategic market advantage: the ability to serve as the trusted market steward for transit operations while ensuring equitable access conditions for all industry participants.

Implementation of strategic initiatives

During 2024, the Company successfully shipped two containers loaded with "Electric storage batteries and accumulators" through its service network. It should be noted that the logistics arrangement involving the transshipment of containers arriving in Kazakhstan by road at International Border Crossing Points (IBCP) onto railways substantially increases delivery costs, as the transportation of hazardous materials via Chinese railways remains prohibited.

UTLC ERA is actively engaged in deploying an electronic customs transit technology project as outlined in Customs Union's Joint Board of Customs Services Decision No. 41/14 of April 7, 2023. This project's operational implementation is designed to facilitate the complete digitalization of documentation throughout the customs transit process. The "TEZ Customs" digital platform has been finalized for launch, enabling the electronic processing and submission of transit declarations at China‑Kazakhstan border crossings directly into the Republic of Kazakhstan's customs authority infrastructure.

UTLC ERA operational model

The model was developed in accordance with the core principles approved by UTLC ERA shareholders (previously UTLC JSC's shareholders) under Protocol No. OB-18pr of March 29, 2016, and aligned with the provisions outlined in Memorandum No. 120 of August 20, 2021, regarding the advancement of sustainable transit capacity and environmental safety standards for railway operations across EAEU member states.

The Company specializes in the development and delivery of end-to-end logistics solutions for containerized freight transportation, operating regularly scheduled container block train services that traverse the railway networks of Russia, Kazakhstan, and Belarus.

strategic initiatives

The company provides transit transportation services and develops trans-Eurasian supply chains. It serves as an integrator, bringing together technology and infrastructure solutions for container transit, driving innovation and end-to-end digitalization of logistics processes in the EAEU region.

Establishing a universal transport operator for international transport corridors (ITC), focusing on competitive tariffs, tariff flexibility, and through-rate application in multimodal logistics. This includes arranging transit shipments on agreed routes as a standalone, integrated service provided by UTLC ERA, and establishing transit corridor service centers across geographic clusters within the transport and logistics segment (TLS).

Introducing trans-Eurasian multimodal transportation schemes based on ITC infrastructure to ensure end-to-end planning, competitiveness, cross-border interoperability, and compliance with time regulations at border stations and checkpoints.

Organizing container transit and export-import services through new railway lines leading to the ITC of Central Asian countries. Operator functions for container transport from China transiting through Kazakhstan to Russia (or Belarus) and vice versa, including tariff payment processing and supply of rolling stock

Enhancing the potential of the Uzbekistan‑Europe route passing through Russia, Kazakhstan, and Belarus.

Developing the schedule of accelerated container block trains in alignment with customer service contracts

Digital transformation of transport and logistics services, including operations at border crossing points. Enhancing electronic document workflow with the customs authorities in Russia, Kazakhstan, and Belarus.

Elaborating the "Electronic Accompanying Documents and Data Conveyor" project aimed at digitally supporting transportation on the 1,520 mm gauge, acting as a "digital shipping agent." The project's core mission is to facilitate the collection, processing (such as generating electronic transit declarations from digital shipping documents and liaising with EAEU customs) and distribution of electronic accompanying documents to all relevant transportation parties. Looking ahead, the implementation of this project will showcase digital freight capabilities to European and Chinese partners, demonstrating the readiness of Eurasia’s digital infrastructure for adopting advanced technologies, thereby enhancing the appeal of Eurasian rail corridors.

Advancing electronic document workflows with clients to support the shift to paperless documentation.

Developing the ERAI index as a means
of promoting transport corridors to the customer base. Promoting
the ERAI online platform within the digital B2B market helps to:

  • increase the demand level of the target audience in the segments of railway transportation and end-to-end transport and logistics hubs (TLH)

  • create a key growth driver by implementing an “all-in-one platform” that streamlines customer feedback and transit shipping inquiries

  • strengthen the collaborative messaging
    and strategic alignment among UTLC ERA stakeholders;

  • maximize synergetic effects through
    the integration processes within the transport and logistics segment (TLS)

  • foster sustainable regional growth along strategic transportation corridors.

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About this Report UTLC ERA today Message from the CEO Event Calendar Development strategy Geography of operations