1. Micro Credit Organization “A-Invest” Activity results of the company from 2004 to 2007

2. The Limited Liability company Micro credit Organization «A - INVEST» is the legal entity, carrying out activity on giving credits and works by the regulation of the Law of Republic of Kazakhstan «About Micro Credit Organization» established in March,6,2003, № 392.. Maximum amount of micro credit per one borrower should not exceed thousand-fold rate of the monthly minimum specified rate authorized by the Law of the Republic of Kazakhstan «On Republican budget» for a certain fiscal year, for 2008 it is = 1168 tenge, 9 344 000 tenge per one borrower (77 866 USD, 1USD=120KZT). MCO «A - INVEST» began it's activity in January 05, 2004. The authorized capital is 20 000 000 tenge (167 000 USD). The certificate on state registration № 20527 - 1958 - ТОО from September 26, 2003. The head office is located in The South Kazakhstan Oblast, Shymkent, micro district Karasu, house № 54/42. The Registration Number of Tax-payer - 582100226786 Bank Identifier Code - 195801307 Current Accounts – in USD 302070224, in KZT 026467874 in the South Kazakhstan Branch of Joint – Stock Company «Bank Turan Alem» MCO «A - INVEST» is the member of Association of Microfinance Organization of Kazakhstan. www.a-invest.kz

3. The Mission of the Company One of the main purposes of Micro credit Organization «A - INVEST» is to support the small and average business in Kazakhstan to bring in the contribution to strengthening stability and prosperities of the national economy.

4. To have branches in all regional centers of Kazakhstan To reach assets up to 3,6 – 4,2 billion tenge (30-35million USD) Development strategy of the Company for 2008-2012

5. Necessary resources for achievement of the purposes of strategy resourcesSufficiencyMeasures Financial resourcesAre unsufficientAttraction of investors Human resourcesAre insufficient in the long term Creation of a HR department, training of the personnel The appropriate organizational structure allowing to develop and to supervise the development of a branch network Is introducing Existence of technologies and business of processes for development of a branch network (establishing, control, marketing etc.) Is present Tested on Turkestan branch Presence of monitoring systems of quality of credit activityIs present

6. Achievements and lacks of the Company in 2004-2007 AchievementsLacks 2004 Beginning of the activity Making General Financing agreement with BTA Membership in AMFOK 2005 opening sub-offices at JSC “Bazar” Creation of web - site Increasing of the loan portfolio from 0,4mUSD up to 0,73mUSD 2006 Carrying out the rating(Microfinanza Rating) Increasing of the loan portfolio from 0,73 up to 1,45mUSD opening sub-offices at markets «Eurasia» и «Begzhan» 2007 branch out in Turkestan Increase of the final income more than in 14 times Start the transfer accounting policies in line with International Accounting Standards Preparation to international audit opening sub-office at the market«Samal» underfulfilment of the loan portfolio plan opened less branches, than was planned Increasing PAR and loan loss reserve

7. The basic recommendations MicroFinanza Rating (www.microfinanzarating.com )www.microfinanzarating.com recommendationsSpent measures Bring accounting policies in line with International Accounting Standards In June 2007 it was made the agreement with the consulting group of representatives of audit and IT companies to transfer our accounting policies in line International Accounting Standards, improvement of a used program platform according to IAS and further assistance at realization of the international audit. This program is maintained and financed by the Program of business advices of EBRD (program BAS). Carrying out of the international auditThe company plans delivery of the financial reports of 2007 according to the International Accounting Standards and retrospective recalculation of financial results of 2006 and 2005, and carrying out of the international audit during 1-st half-year of 2008, for 2006 and 2007 Funding diversification (dependense from only investor) After the realization of international audit we will attract funds and investments from international and our investors. Decrease the “key person” riskThe “key person” risk will be decreased by introduction of new organizational structure (next slide) Membership in Credit BureauMembership in Credit Bureau Is planning in the beginning of the 2008 Accepting of the strategic plan of development of the company Will be accept on the 1 st session of BoD, which will be established according the new organizational structure Diversification of loan products New loan products will be introduce after the analysis of effectiveness during 6 month. (the program without confirmation of incomes was introduced and suspended, “credit line” and “budget express” are in development

8. Shareholders Board of Directors Director Financial director Accounting and Reporting Department Investment Management IT Management The Head of the Legal Department Methodology and business process manager HR Manager Strategic managing director Internal Audit Service Risk Management Branch network managing director Support and development of the branch network Department Branches Sub offices Directors Credit Committee Marketing service Organizational Structure of the Company

9. Plans for 2008  Carrying out the international audit  Introduction of the new organizational structure  Branch out Shymkent according to the new structure and division company to the centers of profit and centers of expenses  Branch out in Taraz and/or Kyzylorda ***  Increasing of the loan portfolio up to 3,34mUSD*** *** Note: in condition of sufficient funding

10. Dynamics of balance for 2004-2007 (in thousands USD) Data for01/200501/200601/200701/2008* Total assets4308651 5892 209 Cash, settlement account36016115 Loan portfolio4077281 4541 945 Debt receivable371217 Fixed assets and materials1770107132 Liabilities4308651 5892 209 Authorized capital167 Total income14-976 Loans2616811 3811 915 Other liabilities57 Depreciation of fixed assets62038 Advance payments to the budget-46 Provision expenses122359 * - the results of 2007 are preliminary and will be corrected

11. in thousands USD

12. Dynamics of income and expenses for 2004-2007 (in thousand tenge) Data for2004200520062007* Income:152265440787 Income from loan portfolio:152265440787 Interest received on loans 118253357631 Fees and commissions on loans 1965592 Penalty revenue 1562848 Other income:16 Expenses:149258429668 Financial expenses:2384197287 Interest paid on borrowings 2176179263 Fees and commissions on borrowings 281221 difference in exchange 63 Operating expenses:126174232381 Salary, social taxes, other275169149 Rent of the office648692117 Rating and IAS expenses19 Depreciation of fixed assets 51929 Other expenses which are not more than 1 % from total expenses 35325267 * - the results of 2007 are preliminary and will be corrected

13. in thousands USD

14. Description of loan products Working  DIRECT MORTGAGE loans  Terms of loan: up to 2 years  trenches: single loan  Credit security: real estate  Express loans:  Terms of loan : up to 1 year  Target group: The businessmen trading on the markets  Credit security : Trade boutique and shifting stock of merchandise, group guarantee  Special conditions : obligatory confirmation of income as realization of financial analysis  MOTOR TRANSPORTS MORTGAGE MICRO CREDIT (Altered) ):  Terms of loan : up to 6 months  Credit security : Motor transport is accepted as security. Such motor transport is kept on MCO garage within the whole crediting period. In development:  Credit line:  Terms of line: up to 5 years  Tranches : up to 2 years  Number of tranches: no restrictions, with quarterly monitoring  Credit security : real estate  Singularity: convenience for client – registration of real estate only 1 time  Budget express:  Terms of loan : up to 1 year  target group: budget workers  Credit security : salary, group guarantee of colleagues  Special conditions : obligatory confirmation of income as pension payments and report of credit bureau

15. 2% 3% 2% 1% 89% 3% Express loans at market JSC“Bazar”(2,10%) Express loans at market«Eurasia» (2,72%) Express loans at market«Begzhan»(2,32%) Express loans at market«Samal»(1,35%) DIRECT MORTGAGE loans (88,46%) MOTOR TRANSPORTS CREDIT(3,04%) 2% 3% 2% 1% 89% 3% Express loans at market JSC“Bazar”(2,10%) Express loans at market«Eurasia» (2,72%) Express loans at market«Begzhan»(2,32%) Express loans at market«Samal»(1,35%) DIRECT MORTGAGE loans (88,46%) MOTOR TRANSPORTS CREDIT(3,04%) Analysis of loan portfolio for 01.01.08 Portfolio structure Total loan portfolio 1,945m USD

16. Analysis of the loan portfolio for 01.01.08 Share in profits of credit products Total income 0,77m USD 6% 5% 3% 1% 82% 3% Express loans at market JSC “Bazar” (6,14%) Express loans at market “Eurasia”(4,61%) Express loans at market “Begzhan” (3,18%) Express loans at market “Samal” (1,07%) DIRECT MORTGAGE loans (82,26%) MOTOR TRANSPORTS CREDITS (2,75%)

17. Analysis of the loan portfolio for 01.01.08 50% 42% 3% 5% Direct mortgage loans (290 clients) Express loans (241clients) Motor transport loans (18 clients) Employees (27 clients) Distribution of the loan portfolio by the credit products and clients (total portfolio 1 945m USD, total number of clients 576)

18. Analysis of the loan portfolio for 01.01.08 Profitableness of the loans products (in%) 0,00 2,00 4,00 6,00 8,00 10,00 12,00 14,00 16,00 18,00 123456789101112среднее Express loans at market “Eurasia” Express loans at market JSC “Bazar ” DIRECT MORTGAGE loans MOTOR TRANSPORTS CREDITSExpress loans at market “Begzhan” Express loans at market “Samal” Total portfolio

19. Distribution of the loan portfolio by the branches of economics (total portfolio 1 945m USD) Analysis of the loan portfolio for 01.01.08 57,34% 37,19% 5,30% 0,16% trade (58,8%) Loans for consumption (38,12%) service (2,9%) agriculture (0,17%)

20. Analysis of the loan portfolio for 01.01.08 Assignations in loan loss reserve (in thousand USD) Asset categoryNumber of borrowers Outstanding portfolio For 01.01.08 provision %Amount of provisions Standard:5041 70500 1 st category2711 39100 2 nd category23331400 Doubtful:6522342 1 st category321075%5 2 nd category23710%4 3 rd category192120%4 4 th category---- 5 category125850%29 Bad debts717100%17 Total5761 9453,04%59