1. Opportunities for investing in EBRD’s region: Kazakhstan Janet Heckman, Director for Kazakhstan Taipei, 8 September 2015

2. Contents 2 Market snapshot Economic landscape Investment opportunities and business drivers Priority sectors (focus on infrastructure, agribusiness and energy efficiency/green economy) EBRD in Kazakhstan Contacts

3. Market snapshot (2014) 3 Kazakhstan – 2014 figures Population17.2 million Labour force9.1 million GDP / per capitaUSD 217.9 billion / USD 12,602 Exports valueUSD 79.5 billion Imports valueUSD 41.3 billion FDIUSD 23.9 billion Average GDP Growth Rate (%)2013: 6.0%; 2014: 4.3%; 2015: 1.5% Average Inflation Rate2013: 5.9%; 2014: 6.7%; 2015: 7.0% Exchange rate (against USD)2013: 152.2; 2014: 179.2; 2015: 205.0 Major Import SourcesRussia (33.4%); China (17.8%); Germany (5.6%); USA (4.8%); Ukraine (2.9%); France (2.6%); S. Korea (2.6%); Italy (2.5%); Turkey (2.5%); Uzbekistan (2.5%);

4. Economic landscape 4 Ranks 50 th out of 144 countries in the World Economic Forum 2014- 2015 Global Competitiveness report Ranks 77 th out of 189 countries in terms of ease of doing business in the World Bank Doing Business 2015 report Joined WTO in 2015 Joined Eurasian Economic Union in 2014 Foreign Investment Law adopted in 2014 includes:  Exemption from customs duties; In-kind grants  Free entry; free work permits  Tax exemptions ; cashback on investments  Stable legislation; strong protection of investor rights

5. 10 reasons to invest in Kazakhstan 5 1.Attractive investment climate 2.Reform minded government 3.Centrally located between Europe and Asia 4.Infrastructure/logistics needs 5.Oil, gas and mineral rich country 6.Agribusiness potential: top 10 global wheat producer 7. Low taxes and strong investment incentives 8. Educated workforce: 99% literacy rate 9. Access to regional and global markets through Eurasian Economic Union/ WTO membership 10. Government’s commitment to energy efficiency/green economy

6. Investment opportunities Infrastructure 6 Emerging economy presents a need for infrastructure investment in various industries including transportation and energy. Kazakhstan’s geographical position makes it a natural crossroads for major transit corridors from East to West, from North to South The transcontinental automobile road corridor “Western Europe-Western China” passes through the territory of Kazakhstan. The corridor will allow to deliver freights from China to Europe in 10 days Roadways – Total: 96,873 km; 86,581 km of hard surface roads Railways – Total: 15,341 km; 4,800 km of double-track lines; 4,100 km of electrified tracks Waterways – Total: 4, 151 km

7. Investment opportunities Agribusiness 7 Large and growing food and agriculture industry : 10th largest wheat producer with c. 80% being high quality; #1 flour exporter in the world FDI-driven import of expertise, particularly in the processing industries Strong Government support towards the sector, in particular via Agribusiness 2020 Program by provision of investment ad industrial subsidies, tax exemptions, etc. The sector benefits from natural compliance with global environmental and food safety requirements – Kazakhstan has one of the lowest levels of chemicals application in crop production An ever increasing demand for food in major markets which are geographically close to Kazakhstan (China, Central Asia, Russia)

8. Investment opportunities Energy, renewables and natural resources 8 Abundant renewable energy resources – hydro, wind, solar and others A strategic initiative called “Green Economy” to support development of “green” projects, including renewable energy projects Encouraging policies backed by feed-in tariffs are expected to ensure an increased share in the forms in coming years Government strategy to extend energy production from renewables (3% in 2020, 10% in 2030, 50% in 2050) Key theme of the upcoming EXPO-2017 is Energy of the Future Natural resources : top 10 world producer of uranium, chrome, zinc, coal and lead

9. EBRD in Kazakhstan (1) Key EBRD figures The EBRD has invested in Kazakhstan with 196 projects and €6,723 million investments signed as of July 2015. In 2014, EBRD invested €576 million for 19 projects in Kazakhstan Today, Kazakhstan is one the biggest country of EBRD operations In the resident offices in Almaty and Astana and satellite offices, EBRD employs more than 50 staff 9

10. The EBRD has financed various industries and directly provided financing, both debt and equity with clients ranging from commercial banks to municipalities and SMEs. EBRD in Kazakhstan (2) Portfolio Distribution 10

11. EBRD has been instrumental in mobilizing funding from the sources in addition to the €592 million invested. So, through July 2015 we have mobilized an additional €337 million from sources including world class financial institutions in Asia, Europe and North America. EBRD in Kazakhstan (3) Capital mobilization 11

12. Diversification and support for non-resource sector - Regional development - Agribusiness modernization - Investment climate development - Supply chain development - SME financing/advisory Balancing role of state and market - PPP legislation/projects - Municipal development - Capital market development - Privatization of state companies Promoting low carbon growth and energy efficiency - Tariff policy - Renewables legislation - Energy efficiency projects EBRD in Kazakhstan (4) Current Country Strategy 12

13. Floor is open to questions 13

14. Contacts Bakhtiyor Faiziev Principal Banker Municipal and Environmental Infrastructure Tel: +7 727 332 00 03 Email: FaizievB@ebrd.comFaizievB@ebrd.com Azamat Shamsiev Principal Banker, Agribusiness Tel: +7 727 332 00 61 Email: ShamsieA@ebrd.comShamsieA@ebrd.com Janet Heckman Country Director Kazakhstan Tel: +7 727 332 00 10 Email: HeckmanJ@ebrd.comHeckmanJ@ebrd.com Tatyana Tyo, Senior Banker Financial Institutions Tel: +7 727 332 00 02 Email: TyoT@ebrd.comTyoT@ebrd.com Askar Namazbayev Senior Banker, Transport Tel: +7 727 332 00 22 Email: NamazbaA@ebrd.comNamazbaA@ebrd.com Atabek Nazirov, Senior Banker Manufacturing and Services Tel: +7 727 332 00 09 Emails: NazirovA@ebrd.comNazirovA@ebrd.com Xeniya Rogan, Principal Banker Power and Energy Tel: +7 727 332 00 25 Email: RoganX@ebrd.comRoganX@ebrd.com