BTA’s Presentation

November 2006

2

Strong operating environment

Investments to fixed capital and ratings of Kazakhstan

Source: NBK, Standard & Poor”s, Statistic’s Bulletin

CPI (%)

FDI (US$bn)

CAB (% GDP)

Real Wages (Growth, %)

Rating of Kazakhstan

2002 6.6 4.1 -4.2 10.9 BB/Stable

2003 6.8 4.6 -0.9 7.0 BB+/Stable

2004 6.7 8.3 1.1 14.6 BBB-/Stable

2005 7.5 6.4 0.87 17.3 BBB-/Stable

1Q2006 8.9 3.0* 2.1* 13.7* BBB/Stable

*1Q2006 only

Gross Domestic Product

Concentration risks are moderating

50%

55%

60%

65%

70%

75%

80%

04.01 03.02 02.03 02.04 01.05 01.06

Share of Top 3 in 10 Banks' LP Share of Top 3 in 10 Banks' TA

Source: NBK, Unaudited Data

Strong growth of banking sector

(US$bn)

Source: NBK Data

51,57,4 11,7 20,7 33,7

38

35

343435

048

12162024283236

2002 2003 2004 2005 9M2006

30

32

34

36

38

40

Total Assets # of Banks

24,332

45

55,768,2

9,8 9,6 8,29,2 9,5

07

142128354249566370

2002 2003 2004 2005 2006 (f)

volume, USD grow th, %

(US$bn)

Source: NBK Data

3

Kazakh Monetary Reserves and Debt

11,88,15,13,71,9

127,8133,77130144,22155,6

02

468

10

1214

2002 2003 2004 2005 2006

0

50

100

150

200

Amount, USD bln Exchange rate, KZTSource: NBK

National Fund External Debt

3366 2369 242036233481

1477119298

29580

41170

51471

0

10000

20000

30000

40000

50000

60000

2002 2003 2004 2005 1H2006

Government and Government guaranteed debt, USD mlnPrivate non-guaranteed external debt, USD mln

USD mln

31384959

9273

7065

12650

02000400060008000

100001200014000

2002 2003 2004 2005 9M2006

Net International Reserves

Source: NBK

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

Regulatory environment

• Implementation of Basle II Accord Principles

• Tightened control over external borrowing and lending policy

• Legislative and regulatory innovations

Best Bank in the CIS, 2005

Best Bank in Central Asia, 2005

Best FIG Borrower – Emerging Europe, 2006

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

2 5952 883

8 0867 111

3 841

2 191 1 8701 052

1 9682 898

BTA KKB Halyk ATF BCC

(US$m)

Loans Deposits

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

BTA Affiliates Market Share

BTA Life Insurance 76,4%

TuranAlem Securities (Stock Exchange) 22,1%

TuranAlem Securities (Investment Funds) 18,1%

BTA Ipoteka 20,3%

Pension Fund: Kazakhstan 9,1%

Market position by affiliates

Source: NBK

6 271

11 350 10 828

4 635 4 0442 095

2 210 1 470 1 283

3 513

BTA KKB Halyk ATF BCC

(US$m)

Total Assets Liquid assets

Comparison by capital with other banks

Source: Bank Data; Note: According to KAS as at the end of 9M2006

273394

807

988

637

BTA KKB Halyk ATF BCC

(US$m)

7

Strong asset quality

Asset structure

Source: Bank Data

64%

66%

68%

64%

0

1 000

2 000

3 000

4 000

5 000

6 000

7 000

8 000

9 000

10 000

11 000

2003 2004 2005 9M2006

(US$m)

50%

60%

70%

80%

Loan Portfolio Securities Cash

Other Loans/Total Assets

Customer loans by type of borrower

Source: Bank Data

13%21%

66%

78%75% 70%

11% 12% 13%11% 13%17%

0%

25%

50%

75%

100%

2003 2004 2005 9M2006

Corporates SME Retail

Provisioning ratios

Source: FMSA

6,2%

5,0%

6,7%

5,6%

0,40%0,60%0,70% 0,60%

0%

2%

4%

6%

8%

2003 2004 2005 9M2006

Provisions/Gross Loans NPL/Gross Loans

8

Sound loan structure

Key credit quality ratios

Source: Bank Data

Real Estate

Activ ities

4,3%

Indiv iduals

21,3%

Agriculture

7,3%Road and

Industrial

Construction

7,4%

Oil & Gas

7,5%

Housing

Construction

8,3%

Mining

3,0%

Other

11,6%

Chemicals

2,5%

Financial

transactions

2,0% Wholesale

16,9%

Transport

4,5%Food

3,6%

Loan portfolio breakdown

Source: Bank Data as of 9M2006

Share of top 10 borrowers declining

Source: Bank Data

2004 2005 9M2006 Classified Loans/Gross Loans

9.8% 8.2% 7.6%

Provisions/Gross Loans

6.7% 5.6% 5.0%

Provisions/Classified Loans

69.1% 68.0% 65.4%

9

Abundant funding & liquidity sources

1 6751 159 1 061

2 833

869

4 162

2 5922 060

3 713

2 790

0500

1 0001 5002 0002 5003 0003 5004 0004 500

to demand 0-1 month 1-12 months 1yr - 3yr 3yr +

(US$m)

Assets Liabilities

973

1 744

3 300

39%50% 38% 39%

61%

62%

50%

61%

2 289

0

500

1 000

1 500

2 000

2 500

3 000

3 500

2003 2004 2005 9 M2006

(US$m)

Retail Corporate and Gov. Entities

Debt Securities Issued35%

Other2%

Amounts due to customers

31%

Amounts Due to Credit Institutions

32%

Funding structure Amounts due to customers by sector

Individual deposits growth rates

Source: Bank Data

Source: Bank Data as at 9M2006

Maturity profile

37%30% 33%

42%

30% 29%35%

40%

0%

10%

20%

30%

40%

50%

60%

70%

2003/2002 2004/2003 2005/2004 9М 2006/2005

Industry BTASource: FMSA

Source: Bank Data as at 9M2006

10

International shareholders

31.22%

The Bank of New York(Nominal holder)

2.58%

Pension funds

4.49%

Individuals1.27%

Kazakhstan companies

50.66%

IFC

1.61%

FMO1.55%

EBRD1.61%

East Capital

5%

Deep capital base

BIS capital adequacy

Source: Bank DataNote: Total is Tier 1 + Tier 2 minus investments

Capital base

Source: Bank Data

231

320

503

637180

323 1147115

16,97%

14,34%

14,58%

16,11%

0

400

800

1 200

1 600

2003 2004 2005 9М 2006

(US$m)

13%

15%

17%

19%

21%

23%

Tier 1 Capital Tier 2 Capital

Total Capital Adequacy Ratio

(US$m) 2003 2004 2005 9M2006

Tier 1 180 323 637 1 147

Paid in share capital 113 168 246 348 Disclosed reserves 67 155 368 627

Hybrid instruments 23 172 Tier 2 115 231 320 503

Asset revaluation reserves 17 2 1 General provisions 25 46 0 Hybrid capital instruments 6.5 224

Subordinated term debt 90 161 318 277 Tier 1 + Tier 2 289 540 941 1608

Shareholders’ base

Source:Bank Data as of 1/10/2006

End of August 2006 – Scandinavian EastCapital fund acquired 7.71% of the bank’sshares from RZB

11

Strong financial performance

Revenue structure

ROAE and ROAA

4,2%5,2%5,2% 4,4%

26,9%33,3%

37,0%39,4%

0%

2%

4%

6%

8%

10%

2003 2004 2005 9М 2006

Net Interest Margin Cost / Income Ratio

Net interest margin and cost/income ratio

Source: Bank Data

Source: Bank Data

38%

59%

59%

64%

24%

25%

22%

25%

38%

16%

19%

11%

0

50

100

150

200

250

300

350

400

450

500

550

600

2003 2004 2005 9M 2006

(US$m)

Net Interest Income Net Fee& Commission Income

Other Non Interest Income

22,10% 20,70%

26,10%

37,23%

1,40% 1,30%

1,90%3,37%

0%

10%

20%

30%

40%

50%

2003 2004 2005 9М 2006

ROAE ROAA

Source: Bank Data