24 September 2018 - Citibank

1 Page 1/4FX market:Money market:National Bank of Kazakhstan official rates for27-Jul-18 USD LIBOR USDEURRUBGBPJPYT enorLastPrev. (% ch.)1 Y (% ch.)against (%) as of7/26/2018 19 (% ch.) 1 Y (% ch.) (% ch.)1 Y (% ch.) Stock Exchange (KASE) as of :Indices:LastPrev. (% ch.)1 Y (% ch.)LastPrev. (% ch.)1 Y (% ch.)Oil ($/barrel) , ($/MT)6, , ($/pound) 5002, ($ )1, , heat ($/bushel) , ($/pound) 1007, ($/pound) W orld2, :Source: Bloomberg26 July 20181st sessionWeighted-averageVolume ($mln.) Kazakhstan Market Report 3m forward indicative yield, % USDKZT trading overview of morning trading session of KASE: Almaty. July 26. Kazakhstan Stock Exchange: The weighted average tenge rate against the US dollar on the results of two sessions at the trades of the Kazakhstan Stock Exchange (KASE) on Thursday compared to Wednesday has grown by (at tenge) and amounted to tenge against $1, according to KASE data.

2 The trading volume on the results of two sessions of the Dollar on Thursday was $ million versus $ million on Wednesday. The official exchange rate for July 27 will be tenge per $ 1, as per current order of official rate determination. Local news: ASTANA. July 25 (Interfax- Kazakhstan) The total volume of outstanding loans issued by the banking sector of Kazakhstan to the national economy stood at trillion tenge as at June 30, 2018 or an increase of from a month earlier, the National Bank says in a press release. Corporate loans in June 2018 rose by to trillion tenge, individual loans went up by to trillion tenge. Lending in Tenge edged up in the reporting month to trillion tenge, while lending in foreign currencies was up to trillion tenge. The share of Tenge-denominated loans slightly increased in June 2018 to from in May 2018. Weighted average interest rate in June 2018 stood at for Tenge-denominated loans issued to business entities ( in December 2017) and for individuals ( ).

3 World news: London. July 26 (Bloomberg) -- equity index futures fell on Thursday as investors braced for the impact of Facebook Inc. s disappointing earnings, which looked set to overshadow a trade breakthrough between America and Europe. The euro stayed lower after the ECB held interest rates. The Nasdaq was set for a steep drop after Facebook Inc. tumbled more than 20 percent in pre-market trading as revenue and user growth missed estimates. S&P 500 futures also nudged lower, though contracts for the Dow edged up. In Europe, the Stoxx 600 Index climbed, led by industrials, after President Donald Trump agreed with European Commission chief Jean-Claude Juncker to suspend new tariffs while continuing to negotiate over trade. European sovereign debt fell with the euro as the ECB decision came in as expected. The currency briefly erased the drop when President Mario Draghi sounded cautiously upbeat in his press conference.

4 The central bank said it will stick to its plan to end bond purchases and pledged to keep interest rates unchanged at least through the summer of 2019. Draghi said that risks to the growth outlook remain broadly balanced. Trump s meeting with Juncker came amid a raft of company results, some of which reflected the impact of recent trade threats from the White House. General Motors shares plunged after the carmaker cut its profit forecast on surging metals prices, while Daimler AG warned lower earnings at its Mercedes-Benz unit will extend into the third quarter because of higher trade barriers. In Europe, Nestle SA climbed as sales grew faster than analysts expected while Royal Dutch Shell fell after a profit miss. Citibank Kazakhstan Market Report Page 2/4 Kazakhstan Economic IndicatorsForeign Exchange Forecasts report (July, 2018) Kazakhstan Market Report Citibank Kazakhstan Market Report Page 3/4 Citi resources:CitiFX Pulse demo-version: :RUDEMO3 Password:Citi123 Contacts:Bakhytzhan Baidauletov+7 (727) 3321 Tanerbergenov+7 (727) 3321 Pulse offers a wide range of best-in-class products and features including: Pre-trade Research overview CitiFX Wire Economic calendar Holidays calendar Execution Live rates FX Spot & Forwards Post-trade Closed deals view Historical reports Customizable Deal Exports Actiona Plan In order to obtain access to CitiFX Pulse, the following steps need to be taken.

5 Sign the contract Fulfill user profiles Submit the contract and user profile to the local citigroup contact* No installation is required Citi online products are available at no charge * user creation in the system will be done in 24-48 hours Citibank Kazakhstan Market Report Citibank Kazakhstan Market Report Page 4/4 Disclaimer:This communication has been prepared by the personnel of the Treasury Department of Citibank Kazakhstan JSC and/or its Citi affiliates within citigroup Inc. (hereinafter jointly referred to as - Citi). Citi s personnel are not analysts, and information in this communication should not be regarded as analysis research in the meaning determined by applicable laws. The remuneration of Citi s personnel includes the business results of respective Citi unit/ department. Views in this communication may be subject to change without prior notice and may deviate from opinions or views expressed by other Citi personnel.

6 Citi may be the issuer of, or may trade as principal in, the products or transactions referred to in this communication or other related products or transactions. The sales and/or trading personnel involved in preparing or issuing this communication (the Author) may have discussed the information contained in this communication with others within Citi (together with the Author, the Relevant Persons) and the Relevant Persons may have already acted on the basis of this information (including by trading for Citi s proprietary accounts or communicating the information contained herein to other customers of Citi). Certain personnel or business areas of Citi may have access to or have acquired material non-public information that may have an impact (positive or negative) on the information contained herein, but that is not available to or known by the Author of this communication.

7 Citi is not acting as your agent, fiduciary or investment adviser and is not managing your account. The provision of information in this communication is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product or transaction. It does not constitute investment advice and Citi makes no recommendation as to the suitability of any of the products or transactions mentioned. Even if Citi possesses information as to your objectives in relation to any transaction, series of transactions or trading strategy, this will not be deemed sufficient for any assessment of suitability for you of any transaction, series of transactions or trading strategy. Save in those jurisdictions where it is not permissible to make such a statement, we hereby inform you that this communication should not be considered as a solicitation or offer to sell or purchase any securities, deal in any product or enter into any transaction.

8 You should make any trading or investment decisions in reliance on your own analysis and judgment and/or that of your independent advisors and not in reliance on Citi and any decision whether or not to adopt any strategy or engage in any transaction will not be Citi s responsibility. Citi does not provide investment, accounting, tax, financial or legal advice; such matters as well as the suitability of a potential transaction or product or investment should be discussed with your independent advisors. Prior to dealing in any product or entering into any transaction, you and the senior management in your organisation should determine, without reliance on Citi, (i) the economic risks or merits, as well as the legal, tax and accounting characteristics and consequences of dealing with any product or entering into the transaction (ii) that you are able to assume these risks, (iii) that such product or transaction is appropriate for a person with your experience, investment goals, financial resources or any other relevant circumstance or consideration.

9 Where you are acting as an adviser or agent, you should evaluate this communication in light of the circumstances applicable to your principal and the scope of your authority. The information set forth in this communication is not intended to be used for the purposes of (a) determining the price or amounts due in respect of one or more financial products, and/or (b) measuring or comparing the performance of a financial product or a portfolio of financial instruments, and any such use is strictly prohibited without the prior written consent of Citi. The information in this communication, including any trade or strategy ideas, is provided by individual sales and/or trading personnel of Citi and not by Citi s research department and therefore the directives on the independence of research do not apply. Any view expressed in this communication may represent the current views and interpretations of the markets, products or events of such individual sales and/or trading personnel and may be different from other sales and/or trading personnel and may also differ from Citi s published research the views in this communication may be more short term in nature and liable to change more quickly than the views of Citi research department which are generally more long term.

10 On the occasions where information provided includes extracts or summary material derived from research reports published by Citi s research department, you are advised to obtain and review the original piece of research to see the research analyst s full analysis. Any prices used herein, unless otherwise specified, are indicative. Although all information has been obtained from, and is based upon sources believed to be reliable, it may be incomplete or condensed and its accuracy cannot be guaranteed. Citi makes no representation or warranty, expressed or implied, as to the accuracy of the information, the reasonableness of any assumptions used in calculating any illustrative performance information or the accuracy (mathematical or otherwise) or validity of such information. Any opinions attributed to Citi constitute Citi s judgment as of the date of the relevant material and are subject to change without notice.