Kazakhstan Stock Exchange Joint Stock : 2021 (pdf) - 31,5 МB

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Dear shareholders, clients and partners!

On behalf of the Board of Directors, I am delighted

to welcome you to the pages of the 2021 Annual Report of Kazakhstan Stock Exchange.

Summing up the 2021 operating results of Kazakhstan Stock Exchange JSC, I would like to note that despite the remaining challenges, KASE has implemented

the objectives of its Development Strategy for 2019-2021.

The Exchange has implemented strategic projects, including the modernization of its trading and clearing systems,

the introduction of Central Counterparty services and trading on omnibus accounts, opened a foreign shares trading sector called "KASE Global". Systematic work on the introduction of new functionality has been carried out over the past three years, with two of them complicated by working conditions during the coronavirus pandemic.

The Exchange has demonstrated high performance both in terms of quantity and quality portrayed in KASE's annual report. The most important figures are as follows: the total trading volume on Kazakhstan Stock Exchange exceeded KZT174.4 trln, having increased by 47.8 % in 2021; the value of KASE Index increased by 37.4 % to 3,675.28 points;

the number of personal accounts of individuals

in the Central Securities Depository reached 218,336.

Qualitative changes in the Exchange's infrastructure, the development of a range of new instruments had

a positive impact on the corporate debt market: the number of issuers increased, including new ones represented

by microfinance and leasing companies. The investment funds securities sector has significantly expanded.

Of course, the development of the green financing conditions and promotion of the ESG principles have been part of our proactive approach.

The work carried out in 2021 strengthened the image

of KASE as the most technologically advanced and forward- looking exchange platform in the Central Asian region.

In terms of technical equipment, KASE today keeps up with the world's leading stock exchanges.

Kazakhstan Stock Exchange continues systematic work to include shares and bonds of Kazakh companies

in international indices. The MSCI and FTSE index services have confirmed that Kazakhstan meets the key quality criteria for the Emerging Markets category in terms

of regulation, infrastructure and legislation as far as the regulated securities market concerned. There is work ahead to achieve quantitative parameters to match the level

of Emerging Markets.

The Exchange will have to implement new projects in the near future. A new KASE Development Strategy for the next three years has been developed and adopted.

The strategy is based on such key areas as increasing liquidity in exchange markets by expanding the range of financial instruments and services; establishing trading and clearing links with partner exchanges, expanding the range of issuers and investors; development of the Central Counterparty as a key infrastructure element; continuing the modernization of external and internal infrastructures and implementation of innovations; increasing the value of the exchange for stakeholders.

These are ambitious tasks that are going to require support of professional exchange market participants and close cooperation with financial regulators. Last year, KASE demonstrated high professional potential, the ability to find effective and efficient solutions in complicated situations.

I express my deep gratitude to the staff of Kazakhstan Stock Exchange for their well-coordinated, highly professional work, and to the shareholders and clients for their trust, support and effective cooperation.

Sincerely,

Aliya Moldabekova

Chairperson of the Board of Directors