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