BTA’s Presentation November 2006

1. BTA’s Presentation November 2006

2. Investments to fixed capital and ratings of Kazakhstan Source: NBK, Standard & Poor”s, Statistic’s Bulletin Strong growth of banking sector (US$bn) Source: NBK Data Strong operating environment Gross Domestic Product (US$bn) Source: NBK Data Concentration risks are moderating Source: NBK, Unaudited Data

3. 60000 51471 50000 41170 40000 29580 30000 19298 20000 14771 10000 3623 3366 3481 2369 2420 0 2002 2003 2004 2005 1H2006 Government and Government guaranteed debt, USD mln Private non-guaranteed external debt, USD mln Kazakh Monetary Reserves and Debt External Debt National Fund Source: NBK Source: NBK Net International Reserves Source: NBK

4. Recent developments Business environment • One notch upgrade for top 3 banks by Fitch and S&P (BTA to BB+/BB) • Country Rating upgraded by S&P to BBB and by Moody’s to Baa2 • WTO entrance and full liberalisation of financial market in 2007 • New Law on Almaty as regional financial centre Best Bank in the CIS, 2005 Best Bank in Central Asia,2005 Best FIG Borrower – Emerging Europe, 2006 Regulatory environment • Implementation of Basle II Accord Principles • Tightened control over external borrowing and lending policy • Legislative and regulatory innovations

5. Clear strategic targets • Focus on SME and Retail Banking while expanding its corporate portfolio • Further improve and diversify the bank’s funding base • Strengthen corporate governance and invest in management • Build a diversified financial services group attracting strategic partners • Prepare the bank for a possible initial public offering • Capitalize on growth potential in neighbouring countries

6. Leading market position Market position by assets Market position by loans & term deposits Source: NBK, According to KAS as at the end of 9M 2006 Source: NBK, According to KAS as at the end of 9M2006 Comparison by capital with other banks Market position by affiliates Source: Bank Data; Note: According to KAS as at the end of 9M2006 Source: NBK

7. Strong asset quality Asset structure Customer loans by type of borrower Source: Bank Data Provisioning ratios Source: FMSA Source: Bank Data

8. Sound loan structure Loan portfolio breakdown Key credit quality ratios Source: Bank Data Share of top 10 borrowers declining Source: Bank Data as of 9M2006 Source: Bank Data

9. Abundant funding & liquidity sources Amounts due to customers by sector Funding structure Source: Bank Data Source: Bank Data as at 9M2006 Individual deposits growth rates Maturity profile Source: Bank Data as at 9M2006 Source: FMSA

10. The Bank of FMO New York (Nominal holder) IFC 1.55% 2.58% 1.61% International EBRD shareholders 1.61% 31.22% East Capital 5% Individuals 1.27% Pension funds 4.49% Kazakhstan companies 50.66% Deep capital base BIS capital adequacy Shareholders’ base Source: Bank Data Note: Total is Tier 1 + Tier 2 minus investments Capital base Source:Bank Data as of 1/10/2006 End of August 2006 – Scandinavian East Capital fund acquired 7.71% of the bank’s shares from RZB Source: Bank Data

11. Strong financial performance Revenue structure Net interest margin and cost/income ratio Source: Bank Data ROAE and ROAA Source: Bank Data Source: Bank Data