1. Abzal Kredit Microfinance Organization Investors Presentation August, 2008

2. Agenda Investment Highlights Sector overview and trends Who we are? Financial Highlights Our partners Contact details

3. Investment Highlights Favorable 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

4. Summary of sector overview 1,086 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 GDP MFIs registered and active (2007) Retail loans to GDP Source: “DAMU” EDF, National Bank Note: USD/KZT exchange rate - 120.3

5. Sector overview Favorable 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 only MFIs personnel structure (2007) Loan portfolio (active MFIs) Source: “DAMU” EDF Note: USD/KZT exchange rate - 120.3

6. Microfinance sector trends Economic 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!

7. Regulatory Environment Special 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.