KazMicrofinance, “KMF”, is a 20-year old financial institution

providing loans to micro, small and medium-sized enterprises

(SME). KMF provides small loans of $1000 on average to the

underserved populations, particularly in rural areas, to bridge a

large financial inclusion gap in Kazakhstan.

KMF has been a MicroVest portfolio company since 2014 and has

received $15 million of funding from MicroVest. Over the period

of MicroVest’s partnership, KMF’s loan portfolio has increased

from $120 million to $207 million and the borrower base has

almost doubled from 111,000 to 200,000. KMF has also become

a significant job creater with a current employee tally over of over

1,700.

Today, KMF is the largest microfinance institution in Kazakhstan.

KMF strengthened its corporate governance by bringing in two

private sector investors in 2014. In addition, employees own 10%

of the equity capital of the institution.

KAZAKHSTAN OVERVIEW

REGION: CENTRAL ASIA

POPULATION: 18 MILLION PEOPLE

GDP PER CAPITA: $7,000

Kazakhstan has a large financial inclusion gap. In 2014, only 54% of adults had a bank account.

Ms. Ultugan Kyzaibekova is an entrepreneur from Almaty, who owns a sewing

workshop that produces wholesale clothing and uniforms. She has been a KMF

client for 17 years.

Ultugan first came across KMF when she had a business selling toys, shoes,

cosmetics - anything that was in demand – at a flea market in Almaty. She started

taking $100-$200 loans from KMF to purchase inventory. In 2000, upon the advice

of an acquaintance who was in the sewing business, she decided to start selling

clothes. She says “I was interested not just in selling, but in selling clothes of

my own production. So, I went to dress-making courses and began to sew on a

by-order basis: I picked up the fabric myself, took measurements. There came

the first regular customers.” Today, Ultugan has her own registered SME that

works as a subcontractor in major tenders for sewing uniforms for government

agencies. In February 2017, she took out a loan of $30,000 from KMF to purchase

laser equipment for embroidering patches, expanding her business by opening

an embroidery shop.

For more information, contact MicroVest at investor@microvestfund.com.

END-BORROWER IMPACT

Any examples of specific investments discussed herein are included merely to illustrate the investment process and strategies which previously have been utilized by MicroVest. The investments discussed herein do not represent all of MicroVest’s investments as of any particular date. A MicroVest portfolio will typically contain a larger number of investments than the examples set forth and accordingly, the examples are not meant to represent or be construed as indicative of the overall composition, number of investments or diversification of a MicroVest portfolio. There is no guarantee that similar investment opportunities will be available in the future or that any such investments will be profitable. A complete overview of MicroVest’s portfolio can be obtained via email at investor@microvestfund.com. Information (specifically MFI profiles and aggregate social metrics) included in this report is based on materials that are privately conveyed to MicroVest and have not been independently verified.

RUSSIA

RUSSIA

FINLAND

AUSTRIA

ITALY

SPAIN

SWEDEN

NORWAY

GERMANY

FRANCE

PORTUGAL

HUNGARY ROMANIA

BULGARIATURKEY

DENMARK

POLAND

BELARUS

UKRAINECZECHSLOVAKIA

GREECE

CYPRUSNORTH CYPRUS

ANDORRA

NETH.

BELGIUM

IRELAND

YUGOSLAVIA

ALBANIA

MOLDOVA

LITHUANIA

LATVIA

ESTONIA

LUX.

BOSNIAand

HERZ.

CROATIASLOVENIA

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MACEDONIA

GREENLAND

ICELAND

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KENYA

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NIGERIA

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NAMIBIA

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TANZANIA

DEM. REP.OF CONGO

ANGOLA

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ALGERIA

MADAGASCARMOZAMBIQUE

BOTSWANA

ZAMBIA

GABON

CENTRAL AFRICAN REPUBLIC

TUNISIA

MOROCCO

UGANDA

SWAZILAND

LESOTHO

MALAWI

BURUNDI

RWANDA

TOG

O

BENIN

GHANA

COTED'IVOIRE

LIBERIA

SIERRA LEONE

GUINEA

BURKINA FASO

GAMBIA

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SAO TOME & PRINCIPE

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(occupied by Morocco)

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Canary Islands

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IRAN

OMAN

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AFGHANISTAN

PAKISTAN

INDIA

CHINAKAZAKHSTAN

TURKMENISTAN

UZBEKISTAN

MYANMAR

NEPAL

BHUTAN

SRI LANKA

BANGLADESH

MONGOLIA

U. K.

CASE STUDY: KAZMICROFINANCE