Investor Presentation on Kazakhstan's Economic Reforms

Kazakhstan Well Positioned Compared to Peers On a quantitative basis, Kazakhstan is considerably stronger than peers and the Government is committed to focus on reforms to continue to diversify and strengthen the economic structure, to strengthen governance and institutions. Real GDP Growth (% of GDP, 2019-2022F Average) 2.9% Current Account Balance & Net FDI (% of GDP, 2019-2022F Average) 2.7% 3.1% 2.29% Sovereign Net Foreign Assets (% of GDP, 2019) 44.2% 2.0% 1.8% 1.6% 1.4% 0.3% 30.6% 1.4% 1.0% (0.6%) 0.7% (1.2%) (1.3%) (2.4%) 12.1% 7.1% 1.7% (5.7%) (1.0%) (2.4%) Kazakhstan Mexico Russia Kazakhstan Mexico Russia Philippines Morocco BBB Median ■Net FDI Philippines Morocco BBB Median Current Account Balance Kazakhstan Mexico Russia Philippines Morocco BBB Median 33.7% 37.1% Government Debt (% of GDP, 2019-2022F Average) 55.0% Government External Debt (% of CXR, 2019) 39.3% التيار التيار ال Philippines Morocco Kazakhstan Mexico Philippines Morocco BBB Median (4.1%) BBB Median Fiscal Balance (% of GDP, 2019-2022F Average) (3.3%) (2.1%) (3.6%) (2.1%) (5.3%) Kazakhstan Mexico Russia Philippines Morocco Source: Fitch Sovereign Data Comparator September 2020 22 22

View entire presentation