1

HALYK GROUPFINANCIAL RESULTS PRESENTATION

YE 2010

15 March 2011

Best Bank in Kazakhstan 2010, Global Finance,

March 2010

Best Bank in Kazakhstan,

Emeafinance, April 2010

Best Bank in Kazakhstan 2010,

Euromoney, July 2010

Best Retail Bank in Kazakhstan 2009, The Asian Banker,

March 2010

Best Bank in CIS 2010,

businessneweurope, November 2010

2

ContentsDisclaimer ______________________________________________________________________ Slide 3

2010 Performance Highlights _______________________________________________________ Slide 4

Strong Net Interest Income ________________________________________________________ Slide 11

Provisions ______________________________________________________________________ Slide 17

Cash Gap Dynamics ______________________________________________________________ Slide 18

2010 Key Events ________________________________________________________________ Slide 5

Macroeconomic Update ___________________________________________________________ Slide 6

Market Shares __________________________________________________________________ Slide 7

Key Interest Rates _______________________________________________________________ Slide 12

Speakers ______________________________________________________________________ Slide 25

Loan Portfolio ___________________________________________________________________ Slide 14

Loan Portfolio (continued) _________________________________________________________ Slide 15

Operating Expenses ______________________________________________________________ Slide 20

Trends for 2011 _________________________________________________________________ Slide 24

Market Position and Penetration ____________________________________________________ Slide 8

Key Changes in Balance Sheet _____________________________________________________ Slide 9

Key P&L Drivers _________________________________________________________________ Slide 10

Funding _______________________________________________________________________ Slide 13

NPLs Dynamics _________________________________________________________________ Slide 16

Capitalisation ___________________________________________________________________ Slide 19

Subsidiaries ____________________________________________________________________ Slide 21-23

3

Disclaimer

Certain information contained in this presentation may include forward-looking statements. Such forward-looking statements are not guarantees of future performance. These statements are based on management’s current expectations or beliefs as of the date of this presentation and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The Bank disclaims any intention or obligation to publicly update or revise any forward-looking statements.

Basis of calculation: all figures in this presentation are based on IFRS audited financial statements or financial statements reviewed by auditors unless stated otherwise.

4

2010 Performance Highlights

Profitability

Net income increased to KZT 36.2 bn (USD 245.5 million), up 128.1% Y-o-Y compared to 2009 RoAE - 11.8%, RoAA - 1.7%Market share in sector’s net income - 58.1%(1) (#1)Market share in sector’s net fee and commission income - 27.5%(2) (#1)Pension fund fees up to KZT 4.3 bn for 4Q 2010 from KZT 2.4 bn for 3Q 2010NIM - 4.8% for 2010, 5.4% for 4Q 2010

Liquidity Liquid assets increased to 36.6% of total assets as at YE 2010 from 34.5% as at 30 Sep 2010

FundingLow level of LTD ratio at 0.77x (YE 2009: 0.89x)KMG Group term deposits and current accounts were down by ca. USD 600 mln in 2010 in line with expectations

Strong CapitalisationFMSA(3): k1-1– 11.5%, k1-2 – 15.9%, k2 - 19.5%Basel: Tier 1 CAR – 17.3%, Total CAR – 20.5%

Adequate Provisioning and Asset Quality Control

Provisioning: 18.9% (IFRS), 23.3% (FMSA) NPL ratio (30+) down to 18.0% as at YE 2010 from 18.5% as at 30 Sep 2010and 19.0% as at YE 2009

(1) excluding BTA, ALB, Temir and banks with negative figures(2) excluding banks with negative figures(3) as of 1 March 2011

5

2010 Key EventsCorporate events

Payment of dividends on preferred shares for KZT 4,494 mln in July 2010 (KZT 11.52 per share)

S&P, Moody’s and Fitch to change outlooks on the Bank’s ratings from “negative” to “stable”

New office buildings for Head Office and several regional branches

2010 - the “Year of Quality” with achievements confirmed by positive customer feedback and #1 place in customer service quality among banks in Almaty by “Розница.kz” company

“Best Company in Services Industry” special award from Kazakhstan Government for contribution to development of local economy and support to SME and corporate businesses

“Best Employer in Two Capital Cities” award from Samruk-Kazyna

“Most Effective Customer Motivation Program” award from MoneyGram

Award for information activeness in the “Newsmaker Interfax -Kazakhstan 2010” nomination from Interfax - Kazakhstan

Several letters of appreciation from Damu Fund and local charity and social funds

The relay-race partner and the flame keeper during the Seventh Asian Winter Games in January 2011

Business events

The largest net income for 2010 among commercial banks (excl. BTA, Alliance and Temir) as per the FMSA

#1 in documentary business: 3,995 guarantees issued for KZT 185 bn and 245 commercial letters of credit for KZT 62 bn

#1 in total deposits (21.6% market share) and current accounts (34.7%) of individuals, #2 in total deposits (19.9%) and currentaccounts (22.5%) of legal entities

Active payroll projects: the number of clients increased by 3.3% to 2.1 mln

The first institution among Kazakhstan banks to receive the PCI DSS certificate of compliance with international standards of payment card data security

Improvement and extension of the range of products and services offered through mobile and internet banking platforms

Participation in the Government programs, incl. the “Road Map -2020” program

Prepayment of the KZT 60 bn deposit to Samruk-Kazyna in June 2010 and prepayment of the KZT 11.7 bn loan to Damu Fund in October 2010

Placement of $500 mln 7.25% Eurobonds due Jan 2021 at a price of 98.263% on 28 Jan 2011

6

145

146147

148

115120125130135140

1.1.07 1.1.08 1.1.09 1.1.10 1.1.11

145150155

Macroeconomic Update

2,517 2,525 3,014

6,2794,936

(4,248)

2008 2009 2010

Retail trade turnover (KZT bn)Current account (USD bn)

Selected Statistical Data

Source: Statistical Agency of Kazakhstan

Economy Development Highlights

2010/2009

Extractive production index 105.3%

Manufacturing production index 118.4%

Cargo turnover 113.1%

Electricity, supply of gas & steam production index 104.1%

Retail trade turnover 112.3%

Source: NBK

GDP & Industrial Production

107.0%101.2%103.3%

102.1% 101.7%

110.0%

2008 2009 2010

GDP grow th Industrial production

Source: NBK

Inflation Dynamics

17.0%

7.8%7.3%

2008 2009 2010

Source: NBK, Statistical Agency of Kazakhstan

International Reserves

0

10

20

30

40

50

12.07 06.08 12.08 06.09 12.09 06.10 12.10

Gross international reserves Assets of National Oil Fund

USD bn

Source: NBK

KZT/USD Exchange Rate Dynamics

KZT per 1 USD

Source: NBK

+1.3%

+44.9%

+35.0%

7

Market Shares

Pension AuM

712560403

28.4% 30.1% 31.5%

01.01.2009 01.01.2010 01.01.2011Haly k Pension Fund AuM (KZT bn)Share

327486

396

21.8% 20.4% 21.6%

01.01.2009 01.01.2010 01.01.2011Retail Deposits of Haly k Bank (KZT bn)Share

Total Retail Deposits

851 1,3971,245

20.5%20.7%18.6%

01.01.2009 01.01.2010 01.01.2011

Total Deposits of Haly k Bank (KZT bn)Share

Total DepositsTotal Assets

2,0241,9891,620

16.8%17.2%13.6%

01.01.2009 01.01.2010 01.01.2011

Total Assets of Haly k Bank (KZT bn)Share

911849525

19.9%17.0%

20.9%

01.01.2009 01.01.2010 01.01.2011

Corporate Deposits of Haly k Bank (KZT bn)Share

Total Corporate Deposits

Gross Loans

1,2241,2371,232

13.3% 12.8% 13.5%

01.01.2009 01.01.2010 01.01.2011

Gross Loans of Haly k Bank (KZT bn)Share

Net Insurance PremiumsNet F&C Income*Net Interest Income

11.78.79.3

12.5%11.3%10.3%

2008 2009 2010

Net Insurance Premiums (KZT bn)Share

22.021.120.3

27.5%23.0%19.6%

2008 2009 2010

Net Fee and Commission Income of Halyk Bank (KZT bn)

Share

93.383.789.0

25.0%17.3%13.3%

2008 2009* 2010*Net % Income of Haly k Bank (KZT bn)Share

* excl. negative NII of BTA (and Temir for 2009)

Net Income*

9.8 2.6 27.4

12.1%

58.1%20.5%

2008 2009 2010Net Income of Haly k Bank (KZT bn)Share

72 10382

34.7%27.7%

36.2%

01.01.2009 01.01.2010 01.01.2011Retail Current Accounts of Haly k Bank (KZT bn)Share

Retail Current Accounts

382292144

22.5%17.9% 20.5%

01.01.2009 01.01.2010 01.01.2011

Corporate Current Accounts of Halyk Bank (KZT bn)Share

Corporate Current Accounts

* excl. BTA, ALB, Temir (for 2009 and 2010) and banks with negative income

* excl. banks with negative F&C income

Source: FMSA, NBK, Halyk Bank

8

Market Position and Penetration

01.01.2011 Growth Y-o-Y, %

Clients of internet banking for individuals 9,500 13.6 times

389,600

2,056,386

Payment card holders 2,951,401 4.4%

2,105,324

Mobile phone banking clients 19.3%

Pension Fund clients 7.4%

Payroll project clients (employees of government and private entities)

3.3%

Outlets 632 1.6%ATMs 1,686POS-terminals 4,160 21.6%

594

─

Information and transaction terminals (multi-service kiosks)

3.8%

Market Penetration

Retail deposits

Retail current accounts

Net Income(1)

Fees and commission income

Net insurance premiums

Pension assets under management

Letters of credit

Payment cards

RoAA(2)

RoAE(2)

Total deposits(3)

Corporate deposits(3)

Net interest income

Payroll project

Total assets

Net loans to customers

Regulatory capital

(1) excl. BTA, ALB, Temir and banks with negative income(2) among top 5 largest banks(3) excluding SPV depositsSource: Halyk Bank, NBK and FMSA statistics

Ranking, YE 2010

#1

#2

9

Key Changes in Balance SheetKZT mln

31 Dec 2010

31 Dec 2009

ChangeY-o-Y, %

2,097,935

420,182

368,439

Other Securities 93,325 39,313 137.4%

Gross Loan Portfolio 1,342,510 1,340,336 0.2%

Stock of Provisions (253,237) (207,101) 22.3%

retail deposits 490,877 400,080 22.7%

corporate deposits 924,878 873,989 5.8%

1,089,273

126,716

1,780,051

1,415,755

252,167

71,403

40,726

2,023,009

317,884

506,571

3.7%

(17.1%)

NBK Notes & T-Bills 186,622 97.4%

Debt Securities 263,893 (4.4%)

(3.9%)

(19.4%)

2.2%

11.1%

(58.7%)

29.7%

Equity 280,952 13.1%

1,133,235

157,268

1,742,057

1,274,069

172,706

31,389

Total Assets

Cash and Reserves

Net Loan Portfolio

Other Assets

Total Liabilities

Total Deposits, including:

Amounts due to Credit Institutions

Other Liabilities

10

Key P&L Drivers

Dynamics

2010 2009 2008 4Q 2010 3Q 2010 4Q 2009

44,784

Net Income 36,216 15,876 14,554 10,215 9,372 6,602 (3,186)

Other Comprehensive Income/(Loss) 4,594 (1,779) 20,439

(24,502)

(10,105)

10,177

3,122

2,438

6,517

1,573

1,488

(15,142)

192,660 43,377 44,177

(19,601)

(10,345)

14,231

4,259

(100,753)

1,932

6,554

1,020

(60,015)

909

(13,575)

(20,834)

31,892

(12,260)

10,283

2,357

1,983

6,416

4,642

1,214

442

(11,495)

7,262

22,566

4,247

(6,988)

(42,758)

34,993

194,005

(103,277)

(83,513)

7,215

16,103

10,971

23,611

4,721

2,621

(41,728)

14,097

178,415

(86,379)

(48,428)

43,608

10,067

7,211

25,126

4,601

2,096

(45,283)

40,810

4Q 2008

Interest Income 50,261

Interest Expense (25,278)

Impairment Charge (29,847)

Net Interest Income (4,864)

Pension Fund Fees 660

Net Dealing 2,142

Total Comprehensive Income

Transactional Banking 6,118

Insurance Business 1,943

Securities & Derivatives (433)

Operating Expenses (12,828)

KZT mln

11

Strong Net Interest Income

1.0

1.2

1.4

2008 2009 2010Average Deposits

1.11.2

1.1

2008 2009 2010Average Net Loans

91.990.7

92.0

2008 2009 2010

Net interest income before provisioning charge increased despitedecreasing NIM and average balances of loans

Halyk is able to manage funding cost to mitigate decrease in interest income

Net Interest Income before Provisioning Charge, KZT bnAverage Net Loans, KZT trln

Average Deposits, KZT trln

12

Key Interest Rates

Rates on Interest-Earning Assets

9.3%11.3%

12.5%

14.5%15.0%15.5%

2008 2009 2010

Ave. Rates on Interest-Earning Assets Ave. Rates on Loan Portfolio

Rates on Interest-Bearing Liabilities

NIM & Spread

6.7%6.1%

4.9%6.6%5.7%

4.4%

2008 2009 2010

Ave. Rates on Interest-Bearing Liabilities Ave. Rates on Deposits

6.3%

11.8%

8.2%

1.7%

0.8%0.9%

2008 2009 2010

RoAE RoAA

RoAE & RoAA

4.8%5.3%6.0%

9.6%8.9%8.8%

2008 2009 2010Net Interest Margin

Spread (ave. interest rates on loan portfolio less ave. interest rates on interest-bearing liabilities)

13

Funding

Breakdown of Deposits

CommentsDeposits Profile

KZT bn

331 400 491

536

874925

56%45%54%

44%55%46%

01.01.2009 01.01.2010 01.01.2011 01.01.2009 01.01.2010 01.01.2011

Retail Legal entities KZT FX

1,416

867

1,274

Breakdown by Depositors Breakdown by Currencies

KZT bnKMG Group term deposits and current accounts were down by ca. USD 600 mln in 2010 in line with expectations

Increase in low-cost current accounts was attributable to growth in cash management business and transfer of part of corporate deposits to current accounts

Retail deposits continued to increase despite decreasing interest rates

On 28 January 2011, Halyk issued $500 mln 7.25% Eurobonds due 2021 at a price of 98.263%

18.0%

15.1% 14.2%1.37x

0.77x0.89x

01.01.2009 01.01.2010 01.01.2011

Debt securities issued as % of total liabilities LTD ratio

643874 919

224

400497

01.01.2009 01.01.2010 01.01.2011

Current accounts

Term deposits

1,4161,274

867

Selected Ratios

14

Loan Portfolio

347 298 270

214 206 201

742 836 871

54%48%54%

46%52%46%

01.01.2009 01.01.2010 01.01.2011 01.01.2009 01.01.2010 01.01.2011

Retail SME Corporate KZT FX

Breakdown by Businesses Breakdown by Currencies

KZT bn

1,3431,303

Loan Portfolio Quarterly Growth

1,3431,3381,3221,3301,340

0.3%1.2%

(0.6%)(0.8%)

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011

Loan portf olio (KZT bn) Q-o-Q growth

36 11 10

(19) (15) (13)

Mor

tgag

e

Con

sum

er lo

ans

Agr

icul

ture

Who

lesa

le tr

ade

Ene

rgy

Ser

vice

s

L/Cs and Guarantees

Top 3 LosersTop 3 GainersKZT bn

2010 Change

19 20 2832 65 108

16.9%

26.8%

5.7%

01.01.2009 01.01.2010 01.01.2011

L/Cs of Halyk Bank (KZT bn) Guarantees of Halyk Bank (KZT bn)

Share of Halyk Bank on L/Cs Market

1,340

15

Loan Portfolio (continued)

0

5

10

15

20

25

1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 10

Mortgages Loans under payroll projects

net of Samruk-Kazyna

14,000

19,000

24,000

29,000

34,000

39,000

44,000

49,000

54,000

59,000

1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09 1Q 10 2Q 10 3Q 10 4Q 100

200

400

600

800

1,000

1,200

1,400

1,600

1,800

Loans under payroll projects (lhs) Mortgages issued (rhs)net of Samruk-Kazyna

Volume of Retail Loans Issued Number of Retail Loans Issued

KZT bn

~10% growth for the total gross loan portfolio for 2011, including: - corporate loans ~ 10%- SME loans ~ 8%- retail loans ~ 12%

01.01.2011 01.01.2012 (Budgeted)

Loan portf olio (KZT bn)

Budgeted Loan Portfolio Growth for 2011

~10%

16

NPLs Dynamics

Halyk NPLs Dynamics

* Total NPLs (total principle amount of loans with principle and/or interest overdue by more than 30 days), unconsolidated, Kazakhstan Accounting StandardsSource: Halyk Bank

220225236251234

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011

NPLs 30+ *

24.3%

17.3%

10.6%

22.5%21.5%

5.0%

9.5%

14.4%16.7% 16.4%

01.01.2009 01.07.2009 01.01.2010 01.07.2010 01.01.2011

NPL 0+ NPL 90+

* Excluding BTA, ALB and TemirSource: Halyk Bank, FMSA statistics

Banking Sector* NPLs

* coverage by regulatory provisions

19.0%

20.6%19.6%

18.5%18.0%

16.7% 16.9%

19.1%

17.5%

16.3%

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011

NPLs 30+ * NPLs 90+

NPLs Coverage Ratio

99.7% 98.4%

109.9%

120.5%129.8%

113.0%120.0%

112.4%

126.4%

143.0%

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011

Coverage* of NPLs 30+ Coverage* of NPLs 90+

KZT bn

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Provisions

Provisioning Charge Dynamics

1,401

13,55815,209

29,84728,288

25,311

19,809

10,10513,346 12,477 12,260

10,345

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2008 2009 2010

60,015 83,513 48,428

continued stabilization of loan quality

0.8%0.9%

1.5%1.8%

2.1%

0.9%1.0%0.8%

1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010

Impairment Charge, as % of Average Loan Portfolio

Source: Halyk Bank

Stock of Provisions / Gross Loans

18.9%18.2%17.5%

16.4%15.5%

18.8%20.2%

21.5%22.2%

23.3%

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011

IFRS FMSA

Source: Halyk Bank, FMSA statistics

KZT mln

18

Cash Gap Dynamics

10.7%6.6%

23.1%20.9%10.4%

29.9%18.0%38.1%

24.7%23.7%12.8%

17.7%

0

10

20

30

40

50

60

70

1Q 2008 2Q 2008 3Q 2008 4Q 2008 1Q 2009 2Q 2009 3Q 2009 4Q 2009 1Q 2010 2Q 2010 3Q 2010 4Q 2010accrued interest income received interest income accrued but not yet received interest income

Interest Income on Loans

15.5%24.5%20.0%

0

50

100

150

200

2008 2009 2010

accrued interest incomereceived interest incomeaccrued but not yet received interest income

KZT bn

KZT bn

20.4%

8.7%

21.9%28.3%24.2%

15.1%

0

20

40

60

80

100

120

1H 2008 2H 2008 1H 2009 2H 2009 1H 2010 2H 2010

accrued interest incomereceiv ed interest incomeaccrued but not y et receiv ed interest income

KZT bn

19

Capitalisation

Basel Capital Adequacy Ratios Capital Structure, 31 Dec 2010

219,108292,675

77,486

54,809

FMSA Basel

Tier 1 Tier 2

347,260296,594

FMSA Capital Adequacy Ratios

KZT mln

9.8%11.5%

10.9%11.0%10.4%10.9%11.1%

13.3%

15.9%

13.5%14.3% 14.9%14.2% 14.5%

16.9%

19.5%18.3%

19.8%18.7%19.0%

18.0%

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011 01.03.2011 after buy-back*

k1-1 (min 5%) k1-2 (min 5%) k2 (min 10%)

Comments

Capital adequacy ratios decreased in 4Q 2010 primarily as a result of increase in RWA and prepayment of local subordinated bonds for KZT 5 bn in November 2010

After buy-back of common shares from Samruk-Kazyna, capital will decrease by ca. KZT 39.9 bn:

KZT 27 bn – to be paid to Samruk-Kazyna

KZT 12.9 bn – to be paid to Almex

The transaction is currently expected to have no effect on P&L for 2011

14.9%17.3%

18.4%16.9% 17.9% 17.4%

18.1%

20.5%22.5%

21.0%21.9%

20.6%

01.01.2010 01.04.2010 01.07.2010 01.10.2010 01.01.2011 after buy-back*

Tier 1 Capital Adequacy (min 4%) Total Capital Adequacy (min 8%)

* expected, calculated based on 01.01.2011 data

* expected, calculated based on 01.03.2011 data

20

Operating Expenses

Dynamics

2010 200922,647 18,684

5,979

Repairs and maintenance 1,440 1,917 2,780

1,334

13,814

41,728

28.5%

2.1%

6,648

1,407

13,141

45,283

32.4%

2008Salaries and other employee benefits

2.1%

20,484

Depreciation and amortization expenses 5,040

Security expenses 1,079

Other 13,375

Total 42,758

Cost-to-Income 35.5%

Cost-to-Average Assets 2.5%

KZT mln

21

Subsidiaries: Pension Fund

Dynamics

31 Dec 2010 31 Dec 2009Assets under management 712,208 559,403

Pension Fund Clients 2,056,386 1,914,630

Market share of Halyk Pension Fund (AuM) as of 31 December 2010:

Halyk Pension

Fund31.5%

Other pension

funds68.5%

Pension Fund continues to benefit from increasing number of pension fund customers and growing assets under management

Source: FMSA statistics, Halyk Bank

KZT mln, except number of clients data 2010 2009 2008 2007 2006 2005

2,323

792

Total pension fund and asset management fees 10,067 16,103 4,642 6,497 7,030 3,115

24.6%

Fees linked to investment income 6,646 13,553 4,913

1,584

2,520

28.7%

5,950

1,080

29.4%

Fees for pension assets administration 3,421 2,550 2,122

Market share by equity 32.0% 35.3% 25.5%

22

Subsidiaries: Insurance Business

Dynamics

87.5% Y-o-Y increase of insurance assets

63.4% Y-o-Y increase of insurance liabilities

#1 by net insurance premiums

Market share of Halyk’s insurance subsidiaries by net insurance premiums for 2010:

2010 2009 2008Insurance underwriting income 11,994 8,803 9,198

Insurance claims incurred, net of reinsurance (7,393) (4,082) (4,951)

Net income from insurance operations 4,601 4,721 4,247

Net income of insurance companies 1,852 1,415 2,047

31 Dec 2010

31 Dec 2009

31 Dec 2008

Insurance assets 9,274 4,945 4,417

Insurance liabilities 15,664 9,586 8,618

KZT mln

Comments

Peers87.5%

Insurance subsidiari

es of Halyk Bank12.5%

23

Subsidiaries: JSC Halyk Finance

Latest Public Transactions

Halyk Finance – the investment banking arm of Halyk Group – is the leading investment bank in the country rendering a full range of investment banking services including sales and trading (with market making on the Kazakhstan Stock Exchange), investment portfolio management, consulting and underwriting, M&A advisory, debt restructuring and research.

KZT mln 2010 2009 2008Net trading income 1,287 770 (2,732)

Underwriting fees 138 31 35

Net interest income 980 1,562 302

Net income 2,062 1,809 (3,451)

31 Dec 2010 31 Dec 2009 31 Dec 2008

Total assets 15,822 30,183 11,944

Comments

Key Financial Dynamics

“Best Investment Bank in Kazakhstan 2011”award from Global Finance

Eurobond issue

Halyk Bank of Kazakhstan

2010 2010 2010

24

Trends for 2011

Assets & liabilitiesFlat balance sheet Balance sheet to carry less liquidity Gross loan portfolio growth ~ 10%

EquityTo be optimized through exercise of the share buy-back optionNo current plans in respect of preferred shares owned by Samruk-Kazyna

Earnings

Consolidated net income of KZT 40-45 bnCost of risk (1) ~ 2.7% (vs. 3.6% in 2010) Cost-to-income ratio of ~ 32%RoAE ~ 14.5% RoAA ~ 2.3%

(1) provisioning charge to average gross loans

25

Speakers

Umut Shayakhmetova

Chairperson of the Management Board

Dauren Karabayev

Deputy Chairman of the Management Board

Murat Koshenov

Chief Risk Officer and Compliance Controller

Aliya Karpykova

Financial Director