Abzal KreditMicrofinance OrganizationInvestors PresentationAugust, 2008

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 overview1,086 MFIs registered as of January 1, 2008, among which only 400 are active;

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

As of January 1, 2008 total loan portfolio of active Kazakhstani MFIs was more than KZT 56 billion (USD 462 million) representing only 0.4% to GDPMFIs registered and active (2007)Retail loans to GDPSource: DAMU EDF, National BankNote: USD/KZT exchange rate - 120.3

7

17715900

3563541.0112994351.2264150943

7456973.2090395483.3836477987

10869485.13559322034.9622641509

Registered MFIs

Active MFIs

Growth rate of registered MFIs

Growth rate of active MFIs

2004200520062007

Registered MFIs1773567451086

Active MFIs159354697948

Growth rate of registered MFIs0%101%321%514%

Growth rate of active MFIs0%123%338%496%

00

00

00

00

Registered MFIs

Active MFIs

17715900

3563541.0112994351.2264150943

7456973.2090395483.3836477987

10869485.13559322034.9622641509

&A

Page &P

1 2008

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161511514177

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41311040301024186

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984098835856202

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58700.08

74530.12

10139.50.2

127260.4

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

0.0805044948

0.8

4

0

0

0

0

Cost/income ratio

0

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0

NIM

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&A

Page &P

GDP (KZT bln)

Retail loans / GDP (%)

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 January, 2008 total number of granted loans by active MFI's was 321 thousand onlyMFIs personnel structure (2007)Loan portfolio (active MFIs)Source: DAMU EDFNote: USD/KZT exchange rate - 120.3

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

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

Sheet1

00

00

00

00

00

&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.