Dear Reader,

Over the past year your interest in investment opportunities in Kazakhstan provided us with the incentive to improve and to continue expanding our equity and fixed income coverage. We thank you for your support!

We now ask you to support Halyk Finance by voting for us in traditional survey Cbonds Awards – 2013 nominations for:

  1.  «Best Investment Bank in Kazakhstan»
  2.  «Best Kazakhstan Bond Market Research»

To cast your votes you need to first register on Cbonds and then you can vote.

In February 2014, upon Global Finance’s (http://www.gfmag.com/) annual selection of the World’s Best Investment Banks Halyk Finance has been named “The Best Investment Bank in Kazakhstan 2014.” Halyk Finance is receiving this highly prestigious award by Global Finance for the 3rd time having been recognized as “The Best Investment Bank in Kazakhstan” two consecutive times in 2011 and 2012.

In January 2014, Halyk Finance has topped ranking of investment banks underwriting corporate bonds in the Republic of Kazakhstan in 2013 according to Cbond’s publicly available information. In 2013, Halyk Finance had placed 8 bond issues for a total nominal amount of KZT 66.8 bn (about the 47% of the total nominal amount of bond issues placed through the KASE’s trading platform) and has became the absolute underwriting leader in Kazakhstan market. In 2013, the total nominal amount of the bond issues allocated by 11 local underwriters through the KASE was KZT 142.5 bn.

Halyk Finance Research team's accomplishments in 2013 were the following:

- We continued to provide our clients with insights into Kazakhstan's economic policy , filtering out the new trends in the daily news flow. Our scenario-based forecasts continued to recognized the policy imperatives, the fundamental constraints, the fragile balance of power, the interests facing the major players, and the factors that could shift the landscape;

 - We initiated the first and so far the only weekly review of Kazakhstan's fixed income and money markets, covering events and trends in the financial system and monetary policy, which complemented our monthly reviews of Kazakhstan's yield curve;

- On the back of growing expectations of Tenge devaluation in the 2H2013, we recommended our clients, who fall under currency position restrictions imposed by the regulator, to buy inflation-indexed bonds, despite the general price decline in that period. This bet will allow our clients to offset devaluation-related losses due to inflation growth in the medium-term;

- We have also recommended our clients to open hedged short-term positions on the currency derivatives market. Favorable term structure of interest rates on the Kazakhstan money market in 2013 allowed clients to realize high returns on these positions;

- We continued equity coverage of Central Asian companies, and added to our credit coverage Kazakhstan Railways, Agrarian Credit Corporation, ATF Bank and Steppe Cement. Thanks to our recommendations on Kcell and KazTransOil shares, our clients realized 29% and 20%, respective returns on investment;

- We continued with our monthly reviews of the Kazakh banking system, which covered not only key events of banks, but also long-term trends in the sector and the regulatory environment.

All our reports are available to investors globally through such analytical platforms as Thomson Reuters, Bloomberg, Factset, Cbonds and Capital IQ and at our corporate website.

Your vote is important to us.  Voting is open until April 30, 2014.