**PRESS RELEASE**

Nur-Sultan city
20.12.2020
 
Moody’s upgrades ratings of ForteBank

Moody’s Investors Service (“Moody’s”) announced its decision to upgrade once again the long-term deposit ratings of ForteBank to Ba3 from B1, the outlook is stable. In July, 2019 Moody’s upgraded the long-term deposit ratings to B1 from B3 (by two notches at one go), the outlook – stable.
According to Fitch analysts, the upgrade of the ratings recognizes the consistent improvements of the Bank’s solvency metrics along with strong liquidity despite business pressures related to the coronavirus containment measures and the economic contraction in Kazakhstan. ForteBank displayed strong profits and modest loan growth in recent years, which enabled the Bank to notably improve its solvency. ForteBank’s liquidity also remains healthy. The Bank was rapidly growing its deposit base while being conservative with loan origination.

**Mr. Guram Andronikashvili**, Chairman of the Management Board of ForteBank, commented on the news:

*“Moody’s international ratings agency estimates ForteBank’s team work in creating one of the most stable banks in the country. In November, 2020 Fitch Ratings also upgraded the outlook on ForteBank’s ratings. In spite of the challenging market conditions caused by global pandemic, ForteBank keeps on demonstrating stable financial and operational results. Ratings upgrade confirms the right direction of the development strategy chosen, efficiency and clients’ confidence in the bank.”*

ForteBank is one of the most stable, liquid and high-capitalized banks in the county. AQR results confirmed high reliability and stability of ForteBank. In 2020 ForteBank became the bank of the year in Kazakhstan for the third time according to The Banker magazine. In 2018-2020 Fortebank was recognized as the best bank in Kazakhstan according to Global Finance and the best bank in Kazakhstan in 2019 according to Asiamoney.

Contacts:

Investor relations
Phone: +7 (7172) 58 75 75 (int. 10249)
E-mail: IR@fortebank.com

Press office

Phone: +7 (7172) 59 99 99 (int. 10868)
E-mail: epeltola@fortebank.com


Moody’s upgrades ratings of ForteBank

ForteBank Joint Stock Company located at the address: 8/1, Dostyk str., Nur-Sultan city, Z05P1P0/010017, Republic of Kazakhstan (hereinafter referred to as the “Bank”), hereby notifies on the changes in the membership of the Management Board of the Bank.

In accordance with the resolution of the Board of Directors of the Bank dated November 26th, 2020 (minutes of the meeting No.38), starting from November 27th, 2020, Vladimir Kirushko is elected as the Member of the Management Board of the Bank – Deputy Chairman of the Management Board.

Contacts:
Investor Relations
Tel. +7 (7172) 58 75 75 (int. 10249)
E-mail: IR@fortebank.com

ForteBank JSC informs on changes in the composition of the Management Board Nur

On November 23, 2020 Fitch Ratings announced its decision to upgrade the outlook from
Negative to Stable and affirmed the Long‐Term Issuer Default Ratings (IDRs) at “B”. Such decision
was made despite the fact that Fitch maintained the Negative Outlook on the Operating
Environment in Kazakhstan.

According to Fitch analysts, the upgrade of the Outlook and the affirmation of the ratings reflects
Fitch's expectations that Forte's strong pre‐impairment profitability and substantial capital buffer
would be sufficient to mitigate the ongoing pressure on the bank's asset quality, stemming from
the economic recession, lower oil prices, and negative implications from the spread of COVID‐19
on the broader economy. Fitch maintained the Negative Outlook on the Operating Environment
in Kazakhstan, but in Fitch's view, the bank's ratings could tolerate even a more severe increase
in loan impairment charges, than Fitch currently anticipates.

**Mr. Guram Andronikashvili**, Chairman of the Management Board of ForteBank, commented on
the news:

*“ForteBank’s outlook upgrade by Fitch is an important event for us and our clients, once again
proving the stability and reliability of the Bank. In spite of the challenging market conditions
caused by global pandemic, ForteBank continues to support and finance all of its clients while
maintaining high efficiency and positive financial and operational results”*.

ForteBank is one of the most stable, liquid and high‐capitalized banks in the county. AQR results confirmed high reliability and
stability of ForteBank. The bank has 20 branches and about 100 outlets. In 2018‐2020, ForteBank was recognized as the best bank
in Kazakhstan according to Global Finance, and the best bank in Kazakhstan according to Asiamoney in 2019.

**Contacts:**

Investor relations
Phone: +7 (7172) 58 75 75 (int. 10249)
E‐mail: IR@fortebank.com

**Press office**

Phone: +7 (7172) 59 99 99 (int. 10868)
E‐mail: epeltola@fortebank.com
____________________________________________________________________________

Fitch Ratings upgrades the outlook on ForteBank

PRESS RELEASE
Nur-Sultan city 
04.08.2020 

**ForteBank signed the agreement on sale of 100% shares of Bank Kassa Nova**

ForteBank announced signing of the agreement on sale of 100% shares of Bank Kassa Nova to FREEDOM FINANCE Investment Company. The transaction should be completed by the end of 2020 after receipt of approval from the Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan, as well as other required consents.

*«Establishment of Bank Kassa Nova, its progressive development into a stable and successful financial institution and the subsequent sale represent a classic example of implementation of an accurate business-strategy which has proven its effectiveness even during economically challenging times. Announcement of this transaction confirms the stability and reliability of the Bank and its decent growth potential. Bank Kassa Nova shall continue its operations, providing high-quality services to its clients»*, - commented on the event **Guram Andronikashvili**, Chairperson of the Management Board, ForteBank.

Bank Kassa Nova is an independent, well-capitalized medium-sized bank specialized in providing high-quality financial services in the small and medium enterprises sector. During the last several years, Bank Kassa Nova has significantly strengthened its financial indicators, expanded its product line and improved its quality of service. 

*«Within 10 year of operation, Bank Kassa Nova has achieved impressive results in all business lines  due to the support of the shareholder and the concerted efforts of the team of professionals. I am confident that this new stage of development will allow us to further strengthen the Bank’s position in the country’s banking sector and to offer new investment products and services to our clients»*, - stated **Sholpan Nurumbet**, Chairperson of the Management Board, Bank Kassa Nova. 

FREEDOM FINANCE JSC is a part of Freedom Holding Corp. international investment group which provides financial services to the clients in 7 countries, including Kazakhstan, Russia and Ukraine. Freedom Holding Corp. shares are listed on Nasdaq Capital Market, Kazakhstan Stock Exchange and St. Petersburg Stock Exchange. The market capitalization of Freedom Holding Corp. as of July 31st, 2020 amounts to USD 1,13 billion.

*«Freedom Holding Corp. is confidently moving towards realization of its strategy aimed to providing a wide range of financial services to the population of each country where the holding is represented. Acquisition of Bank Kassa Nova JSC will enable us  to provide such services to the customers in the most convenient and technologically advanced way. We plan to create a bank providing modern investment and banking services in Kazakhstan»*, - emphasized **Timur Turlov**, СЕО, Freedom Holding Corp.

____________________________________________________________________________________
ForteBank is one of the largest banks of Kazakhstan in terms of assets and leading in terms of capitalization level and liquidity. The Bank’s stable position has been noted by the S&P Global Ratings international rating agency which affirmed ratings of the Bank. ForteBank has also become The Bank of the Year in Kazakhstan according to Global Finance and Asiamoney.


Press office 
Phone: +7 (7172) 59 99 99 (int. 10868) 
E-mail: epeltola@fortebank.com



ForteBank signed the agreement on sale of 100% shares of Bank Kassa Nova

On June 19, 2020, the S&P Global Ratings international rating agency announced its decision to affirm the ratings of ForteBank at “B+/B”, national scale at “kzBBB”, the outlook is “Stable”.

**According to S&P analysts:**

*“The affirmation reflects our view that the bank’s capital and liquidity buffers will allow it to withstand the pressures from adverse operating conditions in Kazakhstan, caused by the economic downturn, the COVID-19 pandemic, and lower oil prices. ForteBank's liquidity position as sound, reflecting the large amount of liquid assets on its balance sheet. At the same time, we believe that ForteBank's management team has good local market knowledge. Therefore, we believe that management's experience should help the bank to navigate through this adverse economic environment.” *

Mr. **Guram Andronikashvili**, Chairman of the Management Board of ForteBank, commented on the news: 

*“I am glad that S&P analysts continue to show confidence in the bank and confirm the bank's ratings at the current level. Despite the complicated market conditions caused by the pandemic, ForteBank maintains high effectiveness and demonstrates positive financial and operational performance. Financial results reflect the trust our clients put in the Bank. Forte team constantly works to create the new digital products and services which our customers use in their everyday life.”*
_________________________________________________________________________________
ForteBank is one of the most stable, liquid and well-capitalized banks in the county, trusted by more than 2 000 000 customers. The bank has 20 branches and about 100 outlets. In 2018-2020, ForteBank was recognized as the best bank in Kazakhstan according to Global Finance, and the best bank in Kazakhstan according to Asiamoney in 2019.

**Contacts:** 
Investor relations
Phone: +7 (7172) 58 75 75 (int. 10249)
E-mail: [IR@fortebank.com](mailto:IR@fortebank.com)

Press office 
Phone: +7 (7172) 59 99 99 (int. 10868) 
E-mail: [epeltola@fortebank.com](mailto:epeltola@fortebank.com)



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