17’ Investor presentation Holding KazAgro, JSC 17’ Investor presentation September 2017 “Doing together, achieving more” www.kazagro.kz

Disclaimer The information contained herein has been prepared by and is the responsibility of JSC National Management Holding “KazAgro” (“the Holding”). Such information is confidential and is being provided to you solely for your information and may not be reproduced, retransmitted, further distributed to any other person or published, in whole or in part, for any purpose. Failure to comply with this restriction may constitute a violation of applicable securities laws. The information and opinions presented herein are based on general information gathered at the time of writing and are therefore subject to change without notice. While the Holding relies on information obtained from sources believed to be reliable, it does not guarantee its accuracy or completeness. These materials contain statements about future events and expectations. Any statement in these materials that is not a statement of historical fact including, without limitation, those regarding the Holding’s or its subsidiaries’ financial position, business strategy, plans and objectives of management for future operations (including plans regarding the Holding’s or its subsidiaries’ projects and capital expenditures) involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Holding or any of its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Holding’s or its subsidiaries’ present and future business strategies and the environment in which the Holding or its subsidiaries will operate in the future. The Holding assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements. This presentation does not constitute an offer or invitation to sell, or any solicitation of any offer to subscribe for or purchase any securities and nothing contained herein shall form the basis of any contract or commitment whatsoever. No reliance may be placed for any purposes whatsoever on the information contained in this presentation or on its completeness, accuracy or fairness and shall not be used in substitution for the exercise of independent judgment and each person made aware of the information set forth hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. No representation or warranty, express or implied, is made or given by or on behalf of the Holding or any of its subsidiaries, shareholders, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation. Accordingly, none of the Holding, any of its subsidiaries, any of the Holding’s or its subsidiaries’ financial advisers, or any of the Holding’s respective subsidiaries, affiliates, advisers, representatives or any other person shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation is not directed to, or intended for distribution to, directly or indirectly, or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or which would require any registration, licensing or other permission within such jurisdiction. By attending this presentation and/or accepting a copy of this document, you agree to be bound by the foregoing limitations and conditions and, in particular, will be taken to have represented, warranted and undertaken that you have read and agree to comply with the contents of this disclaimer including, without limitation, the obligation to keep this document and its contents confidential. THIS DOCUMENT DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE COMPANY OR ITS SECURITIES. PRIOR TO TRANSACTION, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS DOCUMENT IS NOT A PROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT PROSPECTUS AND TERM SHEET, AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN. 2

1. KazAgro At a Glance

Agriculture activities Principal subsidiaries Agriculture activities Overview Ministry of Agriculture 100% share of the Ministry of Agriculture Lending activities Agriculture activities 100% 100% 100% 100% 100% 100% 100% Principal subsidiaries Other subsidiaries Lending activities Agriculture activities Financial services for the small and medium enterprises that are performing their activities in agriculture sectors or in the rural areas, including the followings Leasing and project financing to agribusiness companies Lending to small businesses and microfinancing institutions in rural areas Lending to credit unions and SMEs KazAgro represents the largest provider of finance to the agricultural sector of Kazakhstan Supporting services when developing business activities in the agriculture sector of Kazakhstan, including the followings: Performance of consulting services Sector risk hedging Export promotion Investment into relevant investment projects Source: Company’s data Consolidated Financial statements as of June 30, 2017 and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 4

7 38 71 160 Overview (cont.) Number of subsidiaries in Holding’s structure 7 Number of dependent and associated companies in Holding’s structure 38 Number of representative offices in Holding’s structure 71 Number of information and consulting service centers in Holding’s structure 160 Consolidated revenue, KZT bn Share of consolidated revenue to the GDP of the Country, (%) Total assets, KZT bn Sector lending, KZT bn Others Interest Revenue Sale of Goods Source: GDP indicators were obtained from trading economies recalculated at exchange rates from National Bank of Kazakhstan at the date Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan

Holding’s share in the total loan portfolio of the sector, % Market Share Financial services Holding had provided around 2.3 KZT trln. for the support of agriculture of Kazakhstan, of them in 2016 - 280.6 KZT bn. (taking into account the program of financial recovery as well) Amongst the main competitors of Holding in the segment of agriculture financing there are other financial institutions such as local banks, commercial leasing companies, microcredit organizations, credit unions As of 2016 total loan portfolio of Holding reached 562,3 KZT bn. Holding has a market share for SME financing of 89% Holding’s share in the total loan portfolio of the sector is around 45%, covering up to 53 thousands of farm households in the country Moreover, considering that amongst KazAgro’s main activities there is also funding of commercial banks under the program of financial recovery, the actual market share in total agriculture finding is supposed to around 55% Holding’s share in the total loan portfolio of the sector, % The share of agriculture in the total annual lending of the local banks, % Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 6

Market Share (cont.) Leasing Micro credits Holding is the main financial institution for technical and technological re-equipment of agricultural enterprises Within the frame of state leasing programs there had been signed agreements on purchase of 3 119 units of agriculture and other specialized equipment totaling to close to 55,8 KZT bn. in 2016 Holding’s market share in this particular segment is approximately 72% The main competitors providing similar services are KDB-Leasing and Astana Finance Leasing, and other players Overall, since 2000 up to now there have been financed around 37 thousands units of agriculture and other specialized equipment totaling to close to 400,5 KZT bn Micro credits Holding’s market share in this segment through its subsidiary “Fund for financial support of agriculture” reached 94% in 2016 The main competitors of Holding there are microcredit institutions performing similar activities with involvement of self-generated funds, grants, as well as financing resources allocated though state programs for the support of small entrepreneurship Amongst the main advantages of “Fund for financial support of agriculture” subsidiary its regional network, which allows to cover 100% of country’s territory; additionally there are low interest rates, absence of any extra commissions for the loans to be received Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 7

Credit Strengths Strong government support High capitalisation 100% owned by the State of Kazakhstan through the Ministry of Agriculture One of only three National Management Holding Companies in the country Board of Directors includes senior Government officials Deputy Prime Minister - Minister of Agriculture - (the Chairman) Minister of the national economy Vice-Minister of agriculture Historical Government support is performed through subsidised lending and capital contributions High capitalisation KazAgro’s Equity reached KZT 380 bn. In 2016, representing 30% of Total Capitalisation As of May of 2017, approximately 57% of the Holding’s Total Capitalization is represented by share capital contributed by the State, loans from the National Fund and loans from the State Additional paid-in capital in the about of 77 KZT bn. was received in 2017 The Government has historically maintained high capitalisation and prudent financial management of the Company Well positioned to benefit from competitive strengths Operator of the State agriculture development programs The largest provider of finance to the agricultural sector Cheap financing due to access to funding from the State at below market rates Diversified target market expertise by each subsidiary Ability to develop existing and explore new segments of the agricultural sector, which are not yet penetrated by commercial financial institutions Extensive distribution network of 71 branch offices in all 14 regions of Kazakhstan, as well as in Almaty and Astana Favorable funding profile Credit ratings benefitting from State support – “BBB-” (Stable Outlook) by Fitch and “BB-” (Stable Outlook) by S&P Substantial part of borrowings on the balance sheet are from the State budget / National Fund at concessional rates (~37% as of 1 June 2017) Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 8

Strong Track Record of State Support KazAgro receives Government support via equity injections and loans from the State Budget and National Fund Concessional rates of interest on Government loans range from 0.00% to 1.00% Capital adequacy parameters of Banking subsidiaries are above minimum levels required by National Bank of Kazakhstan KazAgro is generally able to extend loans provided by the National Fund and the State Budget at rates below market Substantial funding directly from the Ministries of Finance and Agriculture as well as local Government executive bodies 100% of KazAgro’s outstanding domestic debt securities are owned directly by the National and Pension funds Through out 2007-2016 total additional capital injection from the State reached 293 KZT bn. Robust equity contribution by the Government, KZT bn. Total Capitalization structure, % Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 9

2. Financial Results

2016 and 1H2017 Financial Results (cont.) Total assets, KZT bn Assets structure, KZT bn Liquidity position, (%) Lease and loans to customers, KZT bn Loan portfolio, KZT bn Loan portfolio with regard to Top-20 largest borrowers, excluding local banks, KZT bn Loan portfolio with regard to loan term, (%) Loan portfolio with regard to interest rates, (%) Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 11

2016 and 1H2017 Financial Results (cont.) Total equity, KZT bn. Equity/Total Assets,% Total Debt/Equity, % Share Capital, KZT bn. Amounts for equity injection KZT bn. Total Liabilities, KZT bn. Liabilities structure, KZT bn. Breakdown of interest bearing debt, KZT bn. Payments on interest bearing debt, KZT bn. in 2016 Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 12

2016 and 1H2017 Financial Results (cont.) Gross profit margin, % Net interest income margin, % Operating efficiency, % FX profit/loss, KZT bn. Net income/loss, KZT bn. Return on Average Assets, % Return on Average Equity, % NPL in the total loan portfolio, KZT bn. Fair value with overdue above 90 days Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 13

3. Agriculture of Kazakhstan

Agriculture of Kazakhstan Sectoral update Main sectoral characteristics More than 80% of all lands in Kazakhstan (210 million hectares) are agricultural; Agriculture and food production are one of the most important sectors of the economy of Kazakhstan with a total contribution of more than 7% to the gross value added (GVA) of the country; About 20% of the total working population of the country is engaged in agriculture or food production; For the period 2010-2015 the consumption of agricultural and food products in Kazakhstan grew by more than 5% on average, reaching more than $ 35 billion when measured in monetary form; At the same time, the import component remains at a rather high level (only 25% of agricultural products produced in Kazakhstan are subject to further processing); The main food groups consumed by the population of Kazakhstan are dairy products, fruits and vegetables, meat products, fat and oil products, cereals and bread, and others (tea, coffee, confectionery). Source: 1. Company’s data 2. Official statistical information obtained from Ministry of national economy of Kazakhstan 15

Agriculture of Kazakhstan Sectoral update Main sectoral characteristics Gross harvest of agricultural products, trillion. KZT Gross output of crop production, trillion. KZT Gross output of livestock, trillion. KZT Index of physical volume of gross output of agricultural products (services),% Number of operating enterprises in the agricultural sector with a private type of ownership, thousands Export, import and balance of agricultural products, billion US dollars Dynamics of lending to the industry, billion KZT Source: 1. Company’s data 2. Official statistical information obtained from Ministry of national economy of Kazakhstan 16

Agriculture of Kazakhstan Sectoral update State program on development of agriculture sector of Kazakhstan for 2017-2021 By the Decree of the President of the Republic of Kazakhstan dated February 14, 2017 No. 420, a new State agriculture Development program for 2017-2021 was approved; Amongst the main priorities set by the program there are saturation of the domestic market and development of the export potential of domestic products, fostering the involvement of small and medium-sized farms in agricultural cooperation, as well as effective usage of water resources and development of trade and logistics infrastructure; The state program determines the approaches for the main activities of the Holding and the transformation into a compact Holding, as well as foresees the development of a new Holding Strategy for 2017-2026; Holding’s new Strategy will be focused at the increase of financial services in agriculture coverage, export development, ensuring food security and investments attraction through efficient management of the Holding's assets; As part of the Complex Privatization Plan for 2016-2020, it is planned to transfer 3 subsidiaries and a number of affiliated companies to a competitive environment; KazAgroFinance, JSC; KazAgroProduct, JSC; KazAgroMarketing, JSC; The Holding will focus on the development of market-based financing instruments and development of export markets with the involvement of the private sector; These changes will significantly strengthen the role of the Holding as a facilitator and stimulator of state policy in the agriculture sector of Kazakhstan. Source: 1. Company’s data 2. Official statistical information obtained from Ministry of national economy of Kazakhstan 17

New Strategy Aim of the Policy of privatization: to reduce the state participation in the economy in accordance with the practices of OECD countries (from 18% to 15%). On December 30, 2015 the Government of Kazakhstan has approved a new comprehensive plan of privatization for 2016-2020. Scale of privatization: 892 companies in public and quasi-public sector,  and state shares in private companies in all sectors of economy. Participation of KazAgro in privatization: sale of 3 of 7 subsidiary companies in 2018 and 17 other affiliated companies (microfinance organizations, investment projects in livestock) in 2017. Current situation: 4 affiliated companies were sold, 12 affiliated companies are in the process of liquidation, the other companies are put out to bid. KazAgro attracted Deloitte company as independent consultant. Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 18

Agriculture activities Post-reorganization Structure Ministry of Agriculture 100% share of the Ministry of Agriculture Lending activities Agriculture activities 100% Private equity funds Purchase and process meat, milk, wool and animal skins and hides Funding of credit partnerships, microfinance organizations, second-tier banks, leasing companies for subsequent lending to agribusiness entities Financing of priority subsectors with a gradual decrease in the volume of direct lending KAF is considering the transfer of the loan portfolio to Agrarian Credit Corporation Provision of services aimed at the development of entrepreneurship in rural areas through the development of an effective microlending system The provision of microlending to the rural population, farmers, and SMEs, and participation in the creation of microcredit organizations Implementation of activities in the grain market in order to guarantee the food security of the Republic of Kazakhstan through effective management and development of grain export infrastructure Implementation of activities with regards to the production and processing of cotton Implementation of investment activities Implementation of activities attributable to export center Development of hedging systems for sector risks in agriculture Implementation of activities with regard to providing guarantees on grain and cotton receipts Participation in the development of insurance systems in crop production and animal husbandry Guaranteeing with regards to microlending in agriculture sector Implementation of activities with regard to the support of Kazakh-Hungarian Private Equity Fund Strengthening the work on creation of alternative private equity funds 100% Provides information and consultation support to agribusinesses To be privatized Leasing and project financing to agribusiness companies 100% Source: Company’s data Consolidated Financial statements as of December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 19

Proposal and conditions Privatisation KazAgroFinance, JSC Location 14 regional branches with head office in Astana Market share Shareholders KazAgro, (100%) The largest player in Kazakhstan leasing market with a market share of more than 70% and of almost 80% share in agricultural machinery leasing Has established relationships and contracts with domestic and foreign suppliers of agricultural machinery and financial organizations Operator of special financing programs such as "Made in Belarus", "Master leasing", "Harvest", "Secondary leasing" programs Has the following competitive advantages: relatively low levels of operating expenses and financial leverage, high capital adequacy ratio Proposal and conditions Proposal KazAgro announces its offer to sale up to 100% of its holding shares in KazAgroFinance equity to a strategic investor. Conditions Investor is expected to have an intention and financial capability to continue investing in KAF’s current business Investor should keep KAF’s current focus on agricultural machinery leasing Investor should have credit rating of BB+ or higher, which would allow for further avoidance of the violation of KAF’s debt covenants Key financial indicators 2016 2015 2014 2013 Total Assets, KZT bn. 287 285 256 206 Total Liabilities, KZT bn. 187 190 155 112 Revenue, KZT bn. 25 22 18 14 Net income, KZT bn. 3.2 (5.6) 3.0 Contact www.kazagro.kz/web/kaf, www. kaf.kz Contact Ms. Lunara Umralinova, l.umralinova@kazagro.kz Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 20

Privatisation (cont.) KazAgroMarketing, JSC Location 13 regional branches and 2 rep offices with head office in Astana The “Livestock Identification System” (“LIS”) portal Shareholders KazAgro, (100%) The LIS program is Company's own development (patent is available) represents an IT-system for the registration of farm animal which has been ordered for development by the Ministry of Agriculture. Registration in the system for the end-users is free of charge. The cash inflows is streamed in the form of fees for administration and technical maintenance of access points. Currently, the customer pool with connection to LIS portal registers around 2,367 subscribers. The Company anticipates an increase in number of subscribers in 2017 reaching approximately 2,541. Majorly the customer pool for the portal includes regional departments of veterinary and agriculture, veterinary stations, individual farms and farm households. Represents an IT company which provides services with regard to the development and maintenance of the specialized information systems in the agro-industrial sector of Kazakhstan Develops and introduces information systems in the agro-industrial complex of Kazakhstan Acts as an operator under the State program for the development of an agro-industrial complex in the Republic of Kazakhstan for the allocation of subsidies for selected directions Acts as agent in managing State budget funds allocated for the support of obligatory insurance in crop farming (this kind of activity will be ceased from 2017 Proposal and conditions Proposal KazAgro announces its offer to sale up to 100% of its holding shares in KazAgroMarketing equity to a strategic investor. Conditions Investor is expected to have an intention and financial capability to continue investing in KAM’s current business Key financial indicators 2016 2015 2014 2013 Total Assets, KZT bn. 2.5 2.1 1.8 Total Liabilities, KZT bn. 0.2 0.1 Revenue, KZT bn. 1.0 0.8 1.2 Net income, KZT bn. 0.40 0.10 0.20 0.02 Contact www.kazagro.kz/web/kam Contact Ms. Lunara Umralinova, l.umralinova@kazagro.kz Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 21

Current structure of KAP Group Proposal and conditions Privatisation (cont.) KazAgroProduct, JSC Location 3 direct subsidiaries and 2 affiliated companies with head office in Astana Current structure of KAP Group JSC KarzAgroProduct Shareholders KazAgro, (100%) Goal for KAP establishment is providing of food security and development of export potential of livestock industry through supporting production and promotion for export of livestock production by agribusiness entities of RK. Main activities of KAP group of companies: Purchase and realization of cattle with payment for services of its feeding; Purchase and realization of cattle with delay of payment (ensuring performance of obligations); Purchase and realization of beef with delay of payment (ensuring performance of obligations). KazMeat LLP (100%) Rudenskiy gormolzavod LLP (100%) Agro Kurylys Kazakhstan (100%) MTS ZhabaArka LLP (49%) KazBeef LTD (30%) Proposal and conditions Key financial indicators 2016 2015 2014 2013 Total Assets, KZT bn. 21 22 18 Total Liabilities, KZT bn. 6 7 5 3 Revenue, KZT bn. 3.6 3.9 3.8 2.3 Net income, KZT bn. 0.20 (1.80) 0.01 Proposal KazAgro announces its offer to sale up to 100% of its holding shares in KazAgroFinance equity to a strategic investor. Conditions Investor is expected to have an intention and financial capability to continue investing in KAF’s current business Investor is expected to maintain KAP’s business profile for three consecutive years after becoming a shareholder of KAP Contact www.kazagro.kz/web/ka-onim Contact Ms. Lunara Umralinova, l.umralinova@kazagro.kz Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 22

4. Appendix: Subs information

Subsidiaries Agrarian Credit Corporation, JSC Location 13 regional branches with 2 separate branches in Almaty and Akkol town with head office in Astana Current structure of Agrarian Credit Corporation JSC Agrarian Credit Corporation Shareholders KazAgro, (100%) Agrarian Credit Corporation, JSC carries out programs on lending to credit partnerships, commercial banks, leasing companies, as well as performs direct financing to agribusiness entities. The lending programs of the company are: Separate branch in Almaty city Branch in North-Kazakhstan region Branch in West-Kazakhstan region Separate branch in Akkol town Branch in South-Kazakhstan region Branch in Kyzylorda region Program Amount, mln. KZT Interest rate, % Term, months Birlik (for fixed assets and working capital) From 0,1 4-9,5 180 Kanat (for equipment) From 0,5 9,5 Ken Dala (for spring field and harvesting) From 1,0 2-4 12 Kolganat (machinery and equipment) 12,5 96 Zhibek Zholy (for project financing) 9,2-11,3 120 Isker (for employment) 4-5 60 Sybaga (for cattle purchase) From 10,0 4-16,5 Altyn Assyk (for sheep purchase) From 5,0 84 Kulan (for horses purchase) 9,5-16,5 Agrobusiness (for project financing) 16,5 108 For Investment projects financing 6 72 Branch in Pavlodar region Branch in Almaty region Branch in Akmola region Branch in Aktobe region Branch in East-Kazakhstan region Branch in Karaganda region Branch in Atyrau region Branch in Zhambyl region Branch in Kostanay region Key financial indicators Article 1H2017 2016 2015 2014 Total Assets, KZT bn. 21 22 Total Liabilities, KZT bn. 6 7 5 Revenue, KZT bn. 3.6 3.9 3.8 Net income, KZT bn. 0.20 (1.80) Source: Company’s data Consolidated Financial statements as of June 30, 2017 (unaudited) and December 31, 2016, 2015, 2014,2013, 2012 Official statistical information obtained from Ministry of national economy of Kazakhstan 24 Contact www.kazagro.kz/web/ka-onim Contact Ms. Lunara Umralinova, l.umralinova@kazagro.kz

Prepared by Funding and IR department KazAgro, JSC ir@kazagro.kz 25