Abzal KreditMicrofinance OrganizationInvestors PresentationJune, 2009ABZAL KREDIT

AgendaInvestment Highlights

Sector overview and trends

Who we are?

Financial Highlights

Our partners

Contact details

Investment HighlightsFavorable business and regulatory environment

Strong potential for growth of the market

Transparent company business and ownership structure

Strong management team

Strong loan portfolio and assets growth

Stable growth of client base

Summary of sector overview1,317 MFIs registered as of December 31, 2008, among which only 1,088 are active;

Microfinance services are provided by banks (Microlending program by EBRD), credit unions, non-banking finance organizations and microlending agencies;

As of July 1, 2008 total loan portfolio of active Kazakhstani MFIs was more than KZT 73 billion (USD 602 million) representing only 1.05% to GDPMFIs registered and active (3Q 2008)Retail loans to GDPSource: DAMU EDF, National BankNote: as of 30 June 2007 USD/KZT exchange rate 120.75

1

58700.08

74530.12

10139.50.2

127260.4

69491.05

GDP (KZT bln)

Retail loans / GDP (%)

4

Cost/income ratio

200583.82

200675.56

200774.39

1H200850.03

NIM

20056.23

20060.83

20070.34

1H20080.24

GDP (KZT bln)Retail loans / GDP (%)

20045,870.00.080.00

20057,453.00.120.00

200610,139.50.200.00

200712,726.00.400.000.1003941063

1H 20086,949.01.050.02

0.0805044948

0.8

4

0

0

0

0

Cost/income ratio

0

0

0

0

NIM

&A

Page &P

GDP (KZT bln)

Retail loans / GDP (%)

3

177159

356354

745697

1086948

13171088

Registeres MFIs

Active MFIs

2007

202 320 737 407 2007

, 1 , 2 , 3 , 4 , 2007

,,.,,., , ., , ., , ., , ., , ., , ., , ., , .

584651052251387137365904751649095013524686593633166698337717373878401112023507215208732097454885646371710055

, 48059544463457721807413188324644687192663607160564571047157007272938736012228725862228731535220386374

, %39.228.83818.138.724.63824.638.424.3

: 3- 3021511525011318538333181543691112867130692120568948600434271138245183732013765250401264693129

, %38.628.733.821.649.929.25226.244.226.1

3- 6 78981423013640871506721146927124261128118550101234835107901800257837064503671929723355054

, %44.235.240.923.341.822.839.717.941.424.0

6- 1 9946286912038495552574651740812846095243874099865416128015855435537134812617593416498437141238191

, %36.928.33814.63424.933.724.135.723.6

, 10406507787930651851634476584868915967327273950926920690238329390847712298006235226154111151323681

, %36.218.336.920.232.611.52721.933.618.8

-,.

- 2007321,34555,595,701

- 2006145,55115,849,467

- 2005108,2717,633,2202.9679692623

- 200462,0134,607,603

- 200312,697927,656

20032004200520062007

- 12,69762,013108,271145,551321,345

927,6564,607,6037,633,22015,849,46755,595,701

20032004200520062007

- (. )1362108.3145.6321.3

(. )0.94.67.615.855.6

2007

00

00

00

00

00

&A

Page &P

(. )

- (. )

( )

88 166 296

, 2003 , 2004 , 2005 , 2006 , 2007

,. ,. ,. ,. ,. ,. ,. ,., , ., , .

1265285220645754506192344652509014235310790571935233664396971448901529049166155897632097454885646371710055

- 12495568625314515061109365627558419301056365738264136143423132588981786729729491725862228731535220386374

, %35.15.129.919.932.312.734.928.938.424.3

: 3- 1096834835419045838125571126103447503115255932812656908922255932585002513765250401264693129

, %42.512033.443.329.625.434.837.644.226.1

3- 6 3258775891445123561181218144952141301728064542550024620289895445330834503671929723355054

, %37.94.826.235.340.624.540.344.241.424.0

6- 1 12021325132143615291512193461826634164752484607541052671707646629811942118097593416498437141238191

, %144.929.87.928.28.331.524.535.723.6

- 157283581143030081480897532100423226914552592302962741230254726243642640596235226154111151323681

, %12.19.516.37.624.815.838.430.433.618.8

:55612768.7

20032004200520062007460561.231469979

. . 67.472.166.7105.5171.00.8002988732

. . 1676.71581.71201.4845.71913.9

. 73.174.370.5108.9173.0

:

20032004200520062007

. 148.60141.00217.79346.02

. . 144.22133.33211.06341.99

. . 1581.701201.36845.651913.89

. 2%-4%49%137%

20032004200520062007

. 92%97%94%96%99%

. 8%3%6%4%1%

927656460760376332201584946755595701

20032004200520062007

. 35.129.932.334.938.4

. 12.116.324.838.433.6

. -5.1-19.9-12.7-28.9-24.3

. -9.5-7.6-15.8-30.4-18.8

20032004200520062007

. 35.129.932.334.938.4

. 5.119.912.728.924.3

. 12.116.324.838.433.6

. 9.57.615.830.418.8

20042005200620072008

Registeres MFIs17735674510861317

Active MFIs1593546979481088

000

000

000

000

.

. .

. .

.

179,7

108,9

70,5

74,3

178

105,5

66,7

72,1

00

00

00

00

.

.

2004

2005

2006

2007

%

0000

0000

0000

0000

.

.

.

.

. % .

11,5

30,4

15,8

7,6

24,6

28,9

12,7

19,9

0000

0000

0000

0000

.

.

.

.

%

1

-

.

2004 2004 2005 2005 2006 2006 2007 1 . 2007 2 . 2007 3 . 2007 4 . 2007 2007

- 241132459,2696915011,316,9098872672,594,8581766660209677630965404108393435422113,655,930

:

26975199,831256585698,8084511131,666,501868530179106026840783051364324145510,767,957

12,2307433,2551200322,6484184842672401733368256963668,228

436814,0711843928,6233974741,925864651296842464131431603884,613

64888,7182614695,1371050040,5526578044311451142796170380232,118

2812543,58769905101,96416545047,9232723429160918161516267897,619

, 3329641,7332835013,518136,0901121781258214236991617023,269

141880139,099291333375,604208454639,2193571811111831113566590509005371,782,126

- 6707152,168,56037966083,722,79313330089,333,195569509566743729577293153426691026746141,861,795

: - 4387051,441,03028649052,409,59411760578,086,78349011045631438795920312935295949626436,022,200

50517,83795840182,504112,9398160319970430618226898216060314,325,601

4988874,830,9272479075291956440274055641973292380115,512,743

10796118,26132243199703680016530951353991,845,264

4513573,3635938111,015,2856689963,188,1852278905256548832350987262887638633819,449,811

63,6691830361588714724322,106,622

817467,671143124146386696700304351861251,059,646

53,60911186300

4910145,051691755,8789,81029710078247,824

144981,467148034,1759,339

25000713,2204025606170062200110419241333475,652

3580043,7452500025,04522003,56021185943999535601960020970484,125

146165465,371243717266,991129751519,822176601541239155233022773555010704,871,994

2004200520062007

2411326915018872671766660

670715379660813330084901104

26%15%40%26%

74%85%60%74%

Preferred Customer:

Registeres MFIs

Active MFIs

1

00

00

00

00

2

.

() () ) ,%

2003200420052003200420052003200420052003200420052006

-1268654425139736439551803585791191992867658901476926-5.25.86.818.4-18.173971307

3235787871039223859915382054533815485068771213934071.79.45

43335166219421518197.524

, -15921-286953064853562653833781444367598462001-32-2831.9

2

0

0

0

0

3

-

.

(, ) (, ) () () ()

200320042005200320042005200320042005200320042005200320042005200320042005200320042005200320042005

22510380231721317984395518035857911918114862195915526791992867658901476926639831397364187098655

18845172563919813373859915382054533814985257181914359991548506877121393407613301039222850476207

28512653728512653721942151814751665514615

, 3665273827123924535626538337813129647289901434443675984620012506306481281517833

3473926988723375054474358425401819751821408544113512791

-

( - , - .)

() (), (),

() % () %

2004200520062007 - 32004200520062007 - 32004200520062007 - 32004200520062007 - 32004200520062007 - 32004200520062007 - 32004200520062007 - 3

881662963726010618925868.263.963.969.41080132493987122251445661286010711431.836.136.130.6-53588-109662-169913-237484

77154529867.563.686768198679255632.536.4-7981-94757

12111005043335221150-55

, 10107770701691245498333030-45607-14850

2004200520062007

68.263.963.964

31.836.136.136

100100100100

00

00

00

00

, 2003 , 2004 , 2005 , 2006 , 1 . 2007 , 2 . 2007 , 3 . 2007 , 4 . 2007 , 2007

, . , . , ., , ., , ., , ., , ., , ., , .

- 12697927656620134607603108271763322014555115849467585521065987890610167378159371016843571784731135443732134555595701

12652852206619234465250107905719352314489015290491584651052251390475164909509363316669833784011120235032097454885646

:9460179939454231253320877793297321105687506573532625287339248367493518358325655505659057533413419837419697765

51776513841076732259456512590322248140159854161636304274107999

, 126309736404176541991766202294801547803771146143132341

, , , 1200268255391339664232391330758115157356677249621075262545984

19645285600119656115720101915728815211581282518420424458859863230006

3068105213646219373382893953816718407635108561221439360

279889401158672630375038482299818183147241128245855819741781612767092

, 8267615945872655122941615852881071869211725446102240231291750445585665

945117706344922112881485797279153095504423015831770248107447693466053257714616589750723508181518790018389318

:319267226716500321193020126389620239203102247562584076491214210811555767353081011477719344586821612260035187881

4803277431046312581401581621004632138641984201606939272482992360975061984751744071601840807438185719279904

13270751241530916822434645552955802319563138314879647911727604113299365816747123

45174655340253402

150125421503351918525134371

68354671125158225114605624349335386322323791742422986424223415

2699317449584517652323515150064316954556181495113587907117495223143102974654917289014336993444714899666

457545090142353366439697661558976871373651352468657717373872152087371710055

: 81554038407587896616403271020448226174154171411050953677552195419079

81990520503236092899835191110649024237107224603123004464960

28115301600

32050

1600053238128211332001300046200

294000531452721952354141592251843045414366598429461833362235128219816

20032004200520062007

17993912533203297321506573519697765

672267335428343358991078373235187881

852206460760376332201584946754885646

20032004200520062007

21%27%43%32%36%

79%73%57%68%64%

20032004200520062007

. 852206446525071935231529049154885646

. 75450142353439697558976710055

927656460760376332201584946755595701

20032004200520062007

. 92%97%94%96%99%

. 8%3%6%4%1%

00

00

00

00

00

00

00

00

.

.

(, )

, 2004 , :, 2005 , , 2006 , , 3 . 2007, :

- - -

- - -

- - ()- - ()- () ()

620134135965381493932133861446108271604526324001635677176146287145551101061125080007768023963125453213451987068281174651528140039121862

619234100964381493902133701438107905588126244001535541175906254

9035130168366164811362433

5215139489643814938103887139394850573226304001629862104316179

5206139139633814937803871138594484556826224001529726104076146

9035130168366164811362433

8180125016250632

8180125016250632

, 978110711229498531317115125765717776

978110711229498531317115125765717776

2004200520062007

- 413560451010619870

- 96526321125068286.6679567188

- 381494001680007117465

- 393235677768015281

/13386176142396340039

1446628712545121862

62013108271145551321345

2004200520062007

- 7%6%7%6%

- 2%2%8%2%

- 62%37%55%37%

- 6%33%5%5%

/22%16%16%12%

2%6%9%38%

100%100%100%100%

000000

000000

000000

000000

-

-

-

-

/

, ,

, 2003 , 2004 , 2005 , 2006 , 1 . 2007 , 2 . 2007 , 3 . 2007 , 4 . 2007 , 2007

, . , . , ., , ., , ., , ., , ., , ., , .

457545090142353366439697661558976871373651352468657717373872152087371710055

, 3549520401157231273004581172151082138077498436120411482541750115205336

, 5241805648000

1900125000

1400320215443081460011110001925600

, 140091035500

29401143295519651553011512137909146937187107184153565608

, 1786691308571035521077737436656411098533926502547600159294900

127562300529911300735246735246

315374170013659741030011200511500

, 1135618841913704725485041667261300045500531261938298

15312012612182000

1250213001353013530

, 120030240741261723826215501025637

20032004200520062007

4106,25231,45787,941114,211

9404,32919,65130,11565,608

08,66985,710210,777294,900

4009002,42115,03525,600

, 73,700122,203300,458215,108205,336

75,450142,353439,697558,976705,655

20032004200520062007

1%4%7%16%16%

1%3%4%5%9%

0%6%19%38%42%

1%1%1%3%4%

, 98%86%68%38%29%

100%100%100%100%100%

00000

00000

00000

00000

00000

,

Preferred Customer: 1

Preferred Customer: 4 400

Sector overviewFavorable legislative and business environment for entrance of international investors;

Actively supported by the Government through DAMU Entrepreneurship Development Fund and multinational institutions such as EBRD and ADB.

Strong potential for growth of the market

As of 1 July, 2008 total number of granted loans by active MFI's was 445 thousand onlyMFIs personnel structure (2007)Loan portfolio (active MFIs)Source: DAMU EDF Note: as of 30 June 2008 USD/KZT exchange rate - 120.75

Chart2

0.01

0.04

0.21

0.74

Sheet1

NumberAmount (KZT'000)

200312.70.9

2004624.6

2005108.37.6

2006145.615.8

2007321.355.6

Sheet1

00

00

00

00

00

&A

Page &P

Number

Amount (KZT'000)

Sheet2

Over 50 pers.1%

21 to 50 pers.4%

6 to 20 pers.21%

Up to 5 pers.74%

Up to 5 pers. 74%

Over 50 pers. 1%

21 to 50 pers. 4%

6 to 20 pers. 21%

Sheet2

0

0

0

0

Sheet3

MBD000A24A0.xls

3

607

173

37

11

2004200520062007

1773567451086

88354697948

497

00

00

00

00

1 2008

-, -, ,

108685622194873920949739895

161511514177

23171622314259165222

29263272431313

328993279924524

382573425723204

402020361818211011

41311040301024186

41271437251219136

493031432723222522

611765017647124

75542174532129209

.75754646020200

88602878532530255

984098835856202

.147147124124072720

23329920127774194

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

0

5607

6-20173

21-5037

5011

0

0

0

0

3

Chart1

12.70.9

624.6

108.37.6

145.615.8

321.355.6

444.872.7

Number of loans

Amount (KZT bln)

Sheet1

Number of loansAmount (KZT bln)

200312.70.9

2004624.6

2005108.37.6

2006145.615.8

2007321.355.6

1H 2008444.872.7

Sheet1

12.70.9

624.6

108.37.6

145.615.8

321.355.6

444.872.7

&A

Page &P

Number of loans

Amount (KZT bln)

Sheet2

Sheet3

Microfinance sector trendsEconomic developments and demographics for Kazakhstan position the sector for significant growth;

Low microfinance penetration in the market supports high levels of business margins

Recent shortage of liquidity in banks facilitates growth of microfinance organizations;

Active support of the sector by the government through a number of initiatives, including legislative and regulatory changes, financing programs to support small business;

Entrance of international investors to financial sector is welcomed!

Regulatory EnvironmentSpecial laws and acts adopted: - Law About banks and banking activity- Law About microlending organizations- Law About credit unions

Organization structure for MFCs is allowed as LLP and public fund.

MFCs are not allowed to collect deposits from population and are limited with max amount of loan (currently USD 70 thousand).

State owned credit bureau established in 2004 (currently obligatory for banks only).

New initiatives to support microfinance market are promoted by Kazakhstani Association of Microfinance Organizations (AMFOK) established in 2004 in cooperation with Microfinance Center (Poland) and CAMFA.

Who we are?Abzal Kredit is a company operating for 6 years established in 2003 as one of the first MFCs in Kazakhstan

Main activity is to provide collateralized microlending services to legal entities and individuals for business development and consumer needs

Stuff of 20 people. In August was opened new branch in Almaty.

Note:as of 30.06.09: USD/KZT exchange rate 150.41 Currently one of the top 30 MFCs in Kazakhstan with total assets of KZT 322 million (USD 2.1 million) and equity of KZT 105 million (USD 698 thousand) as of 30/06/2009.

IFRS reporting standards for the last year audited by Fin Audit

Abzal Kredit is a family owned business with owners and management having extensive banking background in largest banks in Kazakhstan.

Mission To contribute to the development of microfinance market in Kazakhstan with sustainable growth while empowering the respected position in the financial sectorStrategic VisionServing the local community and the natural customer base where the network is present Personal as well as institutional relationship Convenience and responsiveness to customer needs

Strong management team Abzal Akkoshkarov -Co-owner 15+ years of experience in finance and banking, worked on different managerial positions in largest banks and companies in Kazakhstan, including BankTuranAlem. Has degree in finance from Kazakhstan State University Dinara Akhmtekarimova General Director and co-owner 11+ years of experience in finance and banking, worked on different managerial positions in largest banks and companies in Kazakhstan, including Kazkomertsbank, Has degree in finance from Kazakhstan State University. Almira Akhmtekarimova Managing Director and Co-owner 8+ years of experience in finance and banking, worked on different managerial positions in largest banks and companies in Kazakhstan, last position Managing Director, International Capital Markets, Alliance Bank, where she raised more than USD 7 billion for the bank through a number of debt and equity transactions, including eurobonds issues and IPO. Has degree in finance from Eastern Kazakhstan State University, held different trainings and seminars in finance.

Organization ChartDirectorCredit DepartmentAccounting SectorInternalSecurity SectorChief AccountantCollateral AppraisalSector

Capital Raising Sector

Legal SectorIT Sector

Financial HighlightsStrong loan portfolio and assets growth Loan maturity profile 1H 2009KZTmln Breakdown of loan portfolio by amount as of 30 June 2009Note:as of 30.06.09: USD/KZT exchange rate 150.41Source: Company KAS financials

Chart1

4623

4374.2

1251.3

970.8

number

KZT mln

1

01.07.2008.$ 120,75

$1000047,432,701392,817393

10001 $2500066,759,769552,876553

25001 $5000074,403,000616,174616

$5000014,677,300121,551122

:203,272,7701,683,4181683

- $1000061203272.77

- $10001 $2500041

- $25001 $5000019

- $500002

:123

KZT mln%

up to 3 months7738636,84837.8

3 to 6 months3819313,55018.6 3 38

6 to 12 months3618295,19817.5 3-6 19

12 to 24 months1.00.59,8010.6 6-12 18

over 24 months5226428,02125.4 12-24 1

:2031001,683,418100.0 24 25

- - . .

2005981

200631301

200776733

7/1/081411383

30 30-90 overdue loansoverdue loans / Loan portfolio

20051,942,00020051.90.94

200620060.00.00

20073,090,00020073.11.53

7/1/08725,4001,212,0001H20081.90.94

.=-

200514,542,57011,988,5702,554,000

200620,246,00019,727,000519,000

2007183,073,60066,323,560116,750,040

7/1/08238,430,200162,980,47075,449,730

1

3 38

3-6 19

6-12 18

12-24 1

24 25

18%

1%

25%

38%

19%

2

up to 3 months77up to 3 months

3 to 6 months383 to 6 months

6 to 12 months366 to 12 months

12 to 24 months112 to 24 months

over 24 months52over 24 months

&A

Page &P

KZT mln

%

26%

0,5%

18%

19%

38%

3

1.90.9359605911

00

3.11.5270935961

1.90.9359605911

&A

Page &P

overdue loans

overdue loans / Loan portfolio

0,0%

0,94%

1,53%

0,94%

4

numberKZT mlnUSD'000

up to KZT1 mln4623.0393

KZT 1 - 3 mln4374.2553

KZT 3 - 6 mln1251.3616

over KZT 6 mln970.8122

0

0

4

6147.4

4266.8

1974.4

214.7

&A

Page &P

number

KZT mln

5

5

1.90.9359605911

00

3.11.5270935961

1.90.9359605911

overdue loans

overdue loans / Loan portfolio

0,0%

0,94%

1,53%

0,94%

1

75.4

17.4

7.2

1

real estate75.4

land17.4

automobilies7.2

1

75.4

17.4

7.2

2

3

Loan approval processCredit manager Documents processingClient full package of documentsLawyerExpertiselegal opinionCredit committee Decision makingPositive Loan grantedNegativeClient notification Appraiser Expertise of Pledged propertyMain parameters of lending

Terms of lendingMin 30 daysMax 36 monthsEffective Interest rateMin 30% p.a.Max 60% p.a.CurrencyOnly in KZTThe form of loan grantedIn cashMin credit amountKZT 100 000Max credit amount~USD 70 000 (in accordance with Kazakhstani legislation)

Liabilities and equity structureFunding mix (1H 2009)Equity structure 1H2009Source: Company KAS financialsNote:as of 30.06.09: USD/KZT exchange rate 150.41Overdue loansKZTmln Among investors of Abzal Kredit are foreign and government investment funds as well as local banks.

In September 2008 share capital increased to KZT 100 million (USD 837 thousand).

In September, 2008 company has raised new funding from EDF DAMU in the amount of KZT105 million (USD 870 thousand) under government program

In March, 2009 company has signed the loan agreement with JSC Eurasian Bank for new funding in the amount of KZT100 million (USD 670 thousand).

Chart1

1

01.07.2008.$ 120,75

$1000047,432,701392,817

10001 $2500066,759,769552,876

25001 $5000074,403,000616,174

$5000014,677,300121,551

:203,272,7701,683,418

- $1000061203272.77

- $10001 $2500041

- $25001 $5000019

- $500002

:123

KZT mln%

up to 3 months7738636,848

3 to 6 months3819313,550 3 38

6 to 12 months3618295,198 3-6 19

12 to 24 months1.00.59,801 6-12 18

over 24 months5226428,021 12-24 1

:2031001,683,418 24 25

- - . .

2005981

200631301

200776733

7/1/081411383

30 30-90 overdue loansoverdue loans / Loan portfolio

200620060.00.00

20073,090,00020073.11.53

7/1/08725,4001,212,00020085.54.40

1H20093.81.7

.=-

200514,542,57011,988,5702,554,000

200620,246,00019,727,000519,000

2007183,073,60066,323,560116,750,040

7/1/08238,430,200162,980,47075,449,730

1

00

00

00

00

00

18%

1%

25%

38%

19%

2

&A

Page &P

KZT mln

%

26%

0,5%

18%

19%

38%

3

&A

Page &P

overdue loans

overdue loans / Loan portfolio

0,0%

0,94%

1,53%

0,94%

4

5

1

1

01.07.2008.$ 120,75

$1000047,432,701392,817

10001 $2500066,759,769552,876

25001 $5000074,403,000616,174

$5000014,677,300121,551

:203,272,7701,683,418

- $1000061203272.77

- $10001 $2500041

- $25001 $5000019

- $500002

:123

KZT mln%

up to 3 months7738636,848

3 to 6 months3819313,550 3 38

6 to 12 months3618295,198 3-6 19

12 to 24 months1.00.59,801 6-12 18

over 24 months5226428,021 12-24 1

:2031001,683,418 24 25

- - . .

2005981

200631301

200776733

7/1/081411383

30 30-90 overdue loansoverdue loans / Loan portfolio

200620060.00.00

20073,090,00020073.11.53

7/1/08725,4001,212,00020085.54.40

1H20093.81.7

.=-

200514,542,57011,988,5702,554,000

200620,246,00019,727,000519,000

2007183,073,60066,323,560116,750,040

7/1/08238,430,200162,980,47075,449,730

1

18%

1%

25%

38%

19%

2

&A

Page &P

KZT mln

%

26%

0,5%

18%

19%

38%

3

&A

Page &P

overdue loans / Loan portfolio

0,94%

1,53%

0,94%

4

&A

Page &P

overdue loans

overdue loans / Loan portfolio

5

2

00

3.11.5270935961

5.54.4

3.81.7

overdue loans

overdue loans / Loan portfolio

1

1

01.07.2008.$ 120,75

$1000047,432,701392,817

10001 $2500066,759,769552,876

25001 $5000074,403,000616,174

$5000014,677,300121,551

:203,272,7701,683,418

- $1000061203272.77

- $10001 $2500041

- $25001 $5000019

- $500002

:123

KZT mln%

up to 3 months7738636,848

3 to 6 months3819313,550 3 38

6 to 12 months3618295,198 3-6 19

12 to 24 months1.00.59,801 6-12 18

over 24 months5226428,021 12-24 1

:2031001,683,418 24 25

- - . .

2005981

200631301

200776733

7/1/081411383

30 30-90 overdue loansoverdue loans / Loan portfolio

200620060.00.00

20073,090,00020073.11.53

7/1/08725,4001,212,00020085.54.40

1H20093.81.7

.=-

200514,542,57011,988,5702,554,000

200620,246,00019,727,000519,000

2007183,073,60066,323,560116,750,040

7/1/08238,430,200162,980,47075,449,730

1

18%

1%

25%

38%

19%

2

&A

Page &P

KZT mln

%

26%

0,5%

18%

19%

38%

3

&A

Page &P

overdue loans / Loan portfolio

0,94%

1,53%

0,94%

4

&A

Page &P

overdue loans

overdue loans / Loan portfolio

5

Strong profitability with potential for further improvement Net IncomeKZT mln)5Source: Company KAS financialsNote:as of 30.06.09 USD/KZT exchange rate 150.41Profit evolutionKZTmln

2006

2007

2008

3Q2008

ROAA

11%

4.8%

3.8%

1.5%

ROAE

17%

24%

13.6%

4.5%

1

83.13

26.7

68.12

36.9

1

200683.13

200726.7

200868.12

1H200936.9

1

83.13

26.7

68.12

2

3

Our partners and investors

Contact detailsAlmira Akhmetkarimovaalmira757@gmail.comAbzal-kredit@mail.ruTel. +7 727 266 4647Fax +7 727 272 1595Mob. +7 777 444 9992

117, Furmanov Str.Almaty, KazakhstanTel. +7 727 272 6196; +7 727 261 1225Fax.: +7 727 272 1595E-mail: abzal-kredit@mail.ruKamilya AmantayevaAbzal-kredit@mail.ruakamilya@yandex.ruTel. +7 727 261 1225Fax +7 727 272 1595Mob. +7 701 333 6550

*******************