TFSC visit to Kazakhstan

1. TFSC visit to kazakhstan

TFSC VISIT TO
KAZAKHSTAN
12 MAR 2026
Protected

2. COUNTRY PROFILE

Kazakhstan - сenter of Eurasian continent
9th largest country in the world (2,7 mln km2) / 7 times bigger than Japan
Landscape
From Caspian Sea on the West
Borders with 5 countries: Russia, China, Uzbekistan, Kyrgyzstan, Turkmenistan
Through huge inhabited steppe at North-Center
2 000 km
3 000 km
Population
20 mln, 7 people per 1 km2
More than 100 ethnics
Religion:
Protected
o
Muslim 70%
o
Russian Orthodox 26%
o
Other 4%
To Mountains on South-East

3.

COUNTRY UPDATE
GDP
6,0%
4,2%
4,1% 4,1%
4,5%
4,3% 4,0%
5,1% 5,3%
5,6%
6,0% 6,0% 6,0%
USD/KZT Historic FX Rate
600
511,71 9,1
500
400
1,2% 1,1%
10
450,07 8
337,57
6
300
5,21
4,86 4
200
2
100
-2,5%
TO BE UPDATED
Base rate
SWAP 1D-USD
Unemployment rate is stable at average 5% with small fluctuations
Inflation rate, MtM
Mar-24
Sep-23
Mar-23
Sep-22
Mar-22
Sep-21
Inflation rate, YtY
109,1
Mar-24
Jan-24
100,8 100,7
Dec-23
Nov-23
101
Oct-23
Sep-23
Aug-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
Sep-22
Aug-22
Jul-22
101,6 101,4 101,4 101,1 100,9 101,1 100,9 100,6
Jun-22
May-22
Apr-22
Mar-24
Sep-23
Mar-23
Sep-22
Mar-22
Sep-21
Mar-21
Sep-20
Mar-20
Sep-19
Mar-19
Sep-18
Mar-18
Sep-17
Mar-21
111,8 110,8
109,8
103,7
102
Mar-17
115,9
in %
in%
9,00
116,5
118,1
Jul-23
114
114,5
120,3 121,3
Feb-24
118,8
14,75
13
Sep-16
RUB/KZT
Inflation
16,75
Protected
Sep-20
USD/KZT
Money Market
TONIA
Mar-20
Sep-19
Mar-19
Sep-18
Sep-17
Sep-16
Mar-18
0
Mar-17
0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

4.

KZ AUTO MARKET OVERVIEW
Market by segments
NC sales, K units
Cheap Brands expansion => Lada 50K
2016: Toyota move to
Ruble invoicing
Sales move from grey
to official
Competitors focus on
Localization
Scrap. fee started
250
4%
8%
2020: Toyota lost share
Localization expansions
2022: No Camry and RAV4
Mkt share further drop
2023: Delay in arrivals
Chinese brands expansion
8%
8%
10%
25%
22% 22%
20% 20%
193 195
200
16%
156 152
14%
150
9%
8%
8%
59
8%
41
40
16
91
90
88
100
10%
73
8%
8%
44
6%
7%
T/L Market Share
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
2015
2014
2013
2012
2011
2010
0%
2009
0
Protected
5%
18
Market, K units
5%
9%
10%
17%
8%
14%
17%
5%
6%
5%
9%
9%
15%
18%
9%
8%
4%
8%
6%
8%
42%
43%
37%
2020
2021
4%
5%
6%
13%
7%
13%
5%
12%
6%
11%
10%
11%
9%
7%
7%
3%
12%
15%
22%
22%
27%
2016
2017
2018
2019
4%
5%
6%
16%
5%
5%
7%
24%
TO BE UPDATED
12% 12% 120
114
8%
6%
20%
15%
11%
50
205
9%
8%
7%
2022
9%
9%
7%
30%
2023
Others
Premium Total
Pick-Up
MDV
E-SUV
D-SUV
D/E
C-SUV
C
B-SUV
B

5.

MARKET CHANGES
Examples of Chinese financial offers
Expansion of Chinese & Korean brands
28%
4%
Localization:
32%
36%
10%
46%
37%
62%
TO BE UPDATED 25%
Korean brands: CKD* assembly of Hyundai & SKD** assembly of KIA
Chinese brands: SKD assembly of 3 Chinese brands JAC, Hongqi and Jetour.
In CY’25-26, 2 more factories to be opened with CKD assembly of 6 Chinese brands: Chery, Haval, Changan, Exeed, Geely, Omoda
* CKD- Completely Knocked Down
** SKD - Semi Knocked Down
Protected

6.

TMKZ SALES
Toyota Sales Volume & Share
Toyota/Lexus DLRs
20 000
18 000
16 600
21 Toyota/Lexus DLRs
15 Toyota DLRs
15 000
12 500
Toyota Model Mix
2021
2022
16%
12800
12500
12000
18%
9 890
10 000
8,2%
6 Lexus DLRs,
incl. 2 corners
13 900
20%
14%
12%
10%
7,4%
8,0%
6,9%
5 000
8%
9,0%
8,9%
6,7%
6,4%
6%
4%
2023
2%
0
0%
2022
2023
TO BE UPDATED
2024
2024 Risk
2025
Toyota
2025 Risk
2026
2026 Risk
Toyota share
Increasing risks from Chinese & Taxation:
Chinese brands continue strengthening positions with localization expansion
VAT tax increase from 12% to 16%. Local producers are free from VAT tax
Share of DLR Groups in TMKZ sales_CY'23
Lexus Sales Volume & Share
Lexus Model Mix
2022
4% 4%
14%
28%
6 DLR Groups
Orbis
Astana Motors
Tamerlan
Hazar
25%
26%
Protected
Tsusho
Samara
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
0
2 770
473
3 500
1 206
3 730
3 800
3 900
2023
100%
90%
782
80%
70%
60%
50%
51%
50%
50%
2 297
2 294
2 948
2022
2023
2024
Lexus w/o TMR stock
50%
50%
40%
30%
20%
10%
2024
0%
2025
Lexus TMR stock
2026
Lexus share
2023

7.

TFSKZ ORGANIZATIONAL CHART
Protected

8.

TFSKZ MILESTONES
2013
2015
2017
2019
Feb’21
TFSKZ
establishment
TIS
establishment
Operating lease
Mobile app 1.0
New system
«BrainySoft»
Mar’21
May‘22
Mar‘22
Aug‘21
Jul‘21
MFO license
Feb‘23
KINTO launch
Protected
Mobile app 2.0
TO BE UPDATED
Moving to new
office
Sep‘23
Nov‘23
WHS launch
Integration with
broker platforms
Cooperation start
with non-T/L DLRs
Jan‘24
First bonds issue
Feb‘24
Highest ever NC #3 at Kaizen
Regional
PNTR 55%
competition
Apr‘24
Korosue-san’s
visit

9.

MARKET OVERVIEW
TOP-10 MFOs PORTFOLIO, MLN €
451
(as of 01.04.25)
355
TFSKZ portfolio is #2 among 200+ MFOs in Kazakhstan
TFSKZ portfolio is #1 among autoloan MFOs
260
218
157
110
KMF
TFSKZ
MyCar Finance
OnlineKazFinance
Shinkhan Finance
106
Lending and Finance TAS FINANCE GROUP
technologies
TO BE UPDATED
TFSKZ NFA, MLN €
213
250
96
89
Freedom Finance
Credit
Arnur Credit
60
R-Finance
TFSKZ PORTFOLIO, MLN €
355
295
230
400
273
123
FY'23
Protected
FY'24
FY'25
FYTD'26
FY'23
FY'24
FY'25
FYTD'26

10.

TFSKZ OVERVIEW
TOYOTA / LEXUS
25 DLRs
MULTI
T/L NC sales
6 DLR Groups
FYTD’26 NFA BY DLR GROUP
Tsusho Kazakhstan
5% 5%
39%
32%
31%
25%
18,6%
9%
Astana Motors
35%
3 000,0
15,0%
21%
2 000,0
Orbis
17%
4%
20,0%
Tamerlan
84 MLN €
FYTD’26 NFA BY DLR GROUP
30,0%
25,0%
4 000,0
Astana Motors
12%
35,0%
31,1%
25%
10 DLR Groups
40,0%
34,4%
34,3%
6 000,0
5 000,0
70 DLRs
FY’26 plan – 32%
7 000,0
10,0%
37 MLN €
Orbis
Aster Auto
1 000,0
Hazar
22%
5,0%
2 424
Aktobe
FY'23
55,7%
6 000,0
58,3%
FY'24
FY'25
Contracts
PNTR fact
PNTR plan
TO
BE UPDATED
Multi UC contracts
FY’26 plan – 19%
70,0%
1 000,0
Others (Crystal, Terra Motors,
Hazar, Tamerlan,
Avtomir, Doscar)
25,0%
5 000,0
22,1%
59,5%
900,0
4 500,0
60,0%
56%
53%
5 000,0
50%
20,0%
16,0%
50,0%
700,0
16,8%
19%
17%
600,0
4 000,0
4 000,0
3 500,0
15,0%
3 000,0
40,0%
500,0
3 000,0
2 500,0
30,0%
400,0
10,0%
300,0
2 000,0
20,0%
1 000,0
10,0%
200,0
4 492
3 660
3 882
1 417
0,0
100,0
2 000,0
1 500,0
5,0%
2,6%
83
556
741
289
1 000,0
500,0
2 875
2 007
4 167
2 248
FY'23
FY'24
FY'25
FYTD'26
0,0%
0,0
FY'23
FY'24
Contracts
Protected
31%
FYTD'26
800,0
50%
Mercedes
1 547
T/L NC Fleet sales
FY’26 plan – 56%
62,4%
4 736
0,0%
T/L UC sales
7 000,0
5 116
0,0
FY'25
PNTR fact
FYTD'26
PNTR plan
0,0%
FY'23
FY'24
Fleet contracts
FY'25
Fleet PNTR fact
FYTD'26
Fleet PNTR plan
0,0

11. FLEET

FLEET
WHOLESALE ACTIVATED DLRS
30%
Fleet subsidized loans
are launched
10
20%
458
11%
192
7%
TO BE UPDATED
13%
4
DAMU credit line
is suspended
10%
267
List of eligible T/L
models for DAMU
was shortened
2
0%
84
3%
FY'21
FY'22
FY'23
Fleet contracts
Fleet penetration
Financial lease to be launched in Q1 FY’25
Protected
2022
FY'24
2023
WHS started in Nov’22
FYTD’24 contracts – 261
FYTD’24 net financed amount – €14.8m
Automation & Integration with NMSC system are in process
2024

12.

TFSKZ ATTACK PLAN AND NMSC IMPACT
Our actions:
MTBP
35000
30000
33%
34%
36%
38%
39%
40%
45%
40%
35%
1
Develop a joint sales strategy with NMSC
2
Launch subsidized campaigns for the whole line-up
25000
30%
20000
25%
15000
20%
TO BE UPDATED3
15%
Increase % of auto-approvals
10000
10%
5000
0
5%
16500
19000
20300
23100
26800
30000
FY'26
FCST
FY'27
FY'28
FY'29
FY'30
FY'31
NMSC Sales
Protected
TFSKZ PNTR
0%
4
Automate application and disbursement processes
5
Concentrate on TCM Renewals
6
Build online journey on the website & mobile app
7
Develop SuperApp

13. GOVERNANCE

SVB
Ivo Ljubica
CEO TFSE
Fran Kenny
CEO TFSUK
John Thomson
President TMKZ
Zhenisbek Dossymkhanov
CEO TFSKZ
TFSKZ Committees
Committee
Purpose
Frequency
ALCO
Monthly
Credit
Support management in the performance of their duties with regard to asset / liability management, funding,
TO BE UPDATED
liquidity, etc.
Make decisions on individual requests of clients, taking into account the level of credit risk
Risks & Compliance
Establish risk management & compliance system, covering different types of risks related to TFSKZ’s activity
Monthly
Marketing
RV
IT
Resolve S&M issues, e.g. interest rates, products, bonuses, countermeasures for competitors’ activities, etc.
Make decisions on RV settings and RV risk
IT issues, IT security, vendors management, IT systems updates and developments
Monthly
Quarterly
Monthly
Budget
Ensure timely and high-quality budget planning and development plan
Monthly
Accounting & Reporting
Ensure accounting policy and rules as well as reporting process are in line with Regional/Global/Local/IFRS
requirements
Quarterly
Tax
Ensure timely and high-quality response to changes in the provisions of Tax Code and Company’s reporting forms,
monitor execution and optimization of changes made in Company’s processes
Monthly
Protected
Legislation is being monitored monthly by all TFSKZ departments. Legislation changes are reported monthly at Risk & Compliance Co meetings
Daily

14. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
Retail loans
Fleet loans
KINTO
TFSKZ
Wholesale funding
Finance lease
Protected

15. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
Retail loans
RETAIL & FLEET LOANS
Fleet loans
KINTO
TFSKZ
Wholesale funding
Finance lease
Protected
BY CAR TYPE: NEW & USED
BY CUSTOMER TYPE: INDIVIDUALS & LEGAL ENTITIES
BY LOAN TYPE: STANDARD & BALLOON

16. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
RETAIL & FLEET LOANS
BY CAR TYPE
BY CUSTOMER TYPE
BY LOAN TYPE
FY'24 Sales
FY'24 Sales
FY'24 Sales
6%
32%
51%
NC – 49%
UC – 51%
49%
INDIVIDUALS – 94%
LEGAL ENTITES – 6%
STANDARD – 68%
BALLOON – 32%
68%
94%
NEW CARS
Protected
USED CARS
INDIVIDUALS
LEGAL ENTITIES
STANDARD
BALLOON

17. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
NMSC SUBSIDY
SUBSIDY SCHEME
SUBSIDIZED RATE
FOR CUSTOMER
DEALER SUBSIDY
SFC REDUCED BASE RATE
DEALER
3. SUBSIDY
PAYMENT
5. SUBSIDY
REINBURSEMENT
Note: Subsidy agreement must be in
place between SFC & Dealer
2. SUBSIDY
REPORT
1. SUBSIDIZED
RATE
CUSTOMER
NMSC
Protected
4. SUBSIDY REPORT
SFC

18. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
Official launch on 9th of Feb’23
To support KINTO, NMSC provided
Lexus RX cars with special prices
Retail loans
Fleet loans
FY’24
FY’25
FY’27
Station based
Free floating
KINTO
TFSKZ
Wholesale funding
Finance lease
2 phases of KINTO Kazakhstan Development:
1. Foundation – expansion of KINTO One product. Our ambition is to be the leader in
OPL sector.
2. Mobility services development – development of KINTO Share via Dealers with
further transformation to independent business model (station based and free
floating)
Protected

19. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
NEW CARS
Retail loans
Balloon loan
Contract term: 1 – 6 months
Monthly instalments incl. interest only
Principal is one off-payment at contract end
Fleet loans
KINTO
TFSKZ
Wholesale funding
Finance lease
Protected
DEMO CARS
Standard or Balloon loan
Contract term: 12 / 14 months
10% minimal down payment for
Balloon loan
COURTESY CARS
Balloon loan
Contract term: 14 months
10% minimal down payment

20. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
Retail loans
Fleet loans
KINTO
TFSKZ
NEW SCHEME (TO BE LAUNCHED)
Wholesale funding
1
Finance lease
DLR ticks
"TFSKZ WHS
financing" in
VCRM system
during order
placement
Protected
TFSKZ checks
DLR WHS limit &
confirms funding
3
2
TMKZ Logistics
dpt starts
looking for car
carrying trailer
for the list of
VINs from order
basket
TFSKZ sends
money to
TMKZ
4
TMKZ sees
money on the
bank account

21. TOyOTA FINANCE PROGRAM STRUCTURE

TOYOTA FINANCE PROGRAM STRUCTURE
Retail loans
Fleet loans
KINTO
TFSKZ
Wholesale funding
Finance lease
Protected
FINANCE LEASE
FOR LEGAL ENTITIES ONLY
NEW CARS
TERM: 37-60 MONTHS
DOWN PAYMENT: FROM 20%

22.

•• PROTECTED 関係者外秘
Operational lease

23. PRODUCT

•• PROTECTED 関係者外秘
PRODUCT
Operational lease
Registration
Insurance
Brands: Toyota, Lexus, Hyundai, KIA
RV risk: by TFS or by Dealer
Term: 12- 60 months
Maintenance
Taxes
Payment schedule: monthly in advance
Road assistance
Courtesy car

24. KINTO SALES STRUCTURE

PRODUCT ENHANCEMENT
DIRECT SALES
DEALERS NETWORK
ПАРТНЕРСКИЕ
CUSTOMERS
KINTO SALES
STRUCTURE
•• PROTECTED 関係者外秘

25.

OPL MARKET OVERVIEW
Current OPL market 4276 UIO
Market potential +5000 units/year
1700
5%
1500
700
5%
10%
10%
376
1%
10%
20%
20%
30%
54%
20%
65%
55%
50%
38%
7%
Expomobility (ALD)
AVIS
B segment
Astana Motors
C segment
SUV
Premium
KINTO

26.

VEHICLE LEASING SCHEME
Customer
Sends request for an
OPL offer to KINTO
Approves the offer and
provides list of documents for
an application
1.Gets a vehicle and starts
preparing a vehicle
2.Puts plate number
Dealer
KINTO
TFS
Gets the vehicle
1.Calculates and offer using RV
matrix or buyback from dealer
2.Sends an offer to customer
1.Registrar customer in the
system
2.Sends an application to TFS
approval
1.Prepare and signs General Lease
Agreement with Customer
2. Purchase a vehicle
3. Starts vehicle registration process
Checks and approves an
application
Releases the vehicle
1.Checks if the vehicle is ready
2.Signs Lease agreement with the
customer
3.Sends power of attorney to drive
a vehicle to customer
Checks GPS activation
Provides information to KINTO
Police
1.Registrar a vehicle
2. Provides car title and plates
GPS
vendor
1.Puts GPS tracker to the vehicle
2. Activates it in the system

27.

MARKETING
SMM
Web site
Marketing materials
Brand ambassadors
Fleet events

28.

IT: SOFT4 launch
-
Automated lease calculations and pricing
Digital application submission and approval workflow
Centralized database for customers and contracts
Improved reporting, transparency, and data accuracy
Increased operational efficiency and reduced manual errors

29.

•• PROTECTED 関係者外秘
Service and
Remarketing

30.

•• PROTECTED 関係者外秘
SERVICE – MAIN PILLARS
INSURANCE CLAIMS
PROCESSING AND REPAIR
FOLLOW UP
CUSTOMER SUPPORT
(REQUESTS, EXPLUATATION ADVICE,
EXTRA SERVICE (e.g. fuel cards,
transfer))
1
2
3
4
5
MAINTANANCE
PERFORMANCE AND
MILAGE CONTROL
TYRE MANAGEMENT
(PURCHASE, CHANGE,
COORDINATION)
GPS INTALLATION
SUPPLIERS SELECTION
DEALER SERVICE CONDITIONS
MANAGEMENT

31.

•• PROTECTED 関係者外秘
1
REMARKETING
LEASE END PROCESS
(LAST PAYMENT, FEES,
COORDINATION)
3
VEHICLE MARKET PRICE
ANALYSIS
2
VEHICLE WEAR AND TEAR
CONDITION CHECK
4
VEHICLE RE-SALE

32.

•• PROTECTED 関係者外秘
REMARKETING CHANNELS
TYPE OF CONTRACT
WITH BUYBACK
(RV risk by dealer)
WITHOUT BUYBACK
(RV risk by TFS)
DEALERS PURCHASE
STEP 1 - T/L DEALER AUCTION
SALES ARE ON RV
STEP 2 – OPEN MARKET
(KOLESA PLATFORM)
TO BE REPLACED WITH OWN
AUTION
* ALL MULTIBRAND ARE ONLY WITH BUYBACK

33.

AUCTION PLATFORM
Centralized resale approach
Increased number of participants
Private and Fleet participants
Maximization of margin gaining
Protected

34. Funding structure

FUNDING STRUCTURE
TMFNL
2%
Bonds
6%
Bank loans
TMFNL
Bonds
Background:
TFSKZ funds its operations mainly by simple loans from local banks
TFSKZ opened credit facilities with 12 local banks for the total available
amount of 305 bn KZT (€ 610 mln)
Bank Loan Utilization Ratio: 52.7%
Loans are secured by SBLCs issued by 3 bank-partners: SMBC, MUFG,
MIZUHO
Bank loans
92% TO BE UPDATED
Risk mitigation schemes:
Protected
1
Diversification of funding sources remains a priority. Along with loans from banks TFSKZ also issues bonds on local market (100 bn
KZT bond program is approved and registered) and has active credit facility with TMFNL (uncommitted 20 bn KZT, committed 9 bn
KZT). Other funding sources are also being considered (offshore funding, swaps, ABS, etc.)
2
TFSKZ also keeps banks portfolio well-diversified. Highest concentration ratio is 28.7% (Halyk Bank), followed by 18.8% (Altyn
Bank), 13.4% (Jusan Bank). Limit for concentration ratio is 30%

35. CHALLENGES

NATIONAL BANK BASE RATE
1
High loan interest rates (average APR 23%) due to high base rates
2
Stagnation of UC market due to aggressive Chinese
discounters (low price, subsidized IR, low deposit)
UC CONTRACTS
RV DLR
140%
84
73
800000%
130%
80
700000%
120%
108%
70
600000%
500000%
19
200000%
1581
100%
4572
4846
5
Protected
3659
4492
7365
5664
30
20
90%
10
97% 96%
102% 100%
100%
110%
114%
117%
116%
113%
129%
114%
118%
112%
107% 106%
108%
99% 101%
102% 101%
97%
96%
0
Support of own Private captive companies by TO
large
groups
BEDLR
UPDATED
through online broker platforms
Mobility transformation challenges:
Domination of ownership over renting
Low government support of mobility projects
High fraud risk
Less careful attitude to leased/shared cars
High car prices. Lack of inexpensive Toyota models for rent (Model range starts
from Corolla)
Camry 2.5
Camry 2.0
APPROVAL RATE
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
41%
RISK
22%
FY'24
Apr'24
Jan-24
Nov-23
Sep-23
Jul-23
May-23
Mar-23
Jan-23
Nov-22
Sep-22
Jul-22
May-22
Mar-22
Jan-22
Jul-21
Nov-21
# of DLRs
Sep-21
Non-T/L DLRs
FY'24
May-21
FY'23
Mar-21
FY'22
Jan-21
FY'21
Nov-20
80%
T/L DLRs
4
95% 96%
40
Sep-20
Introduction of debt-to-income ratio
0%
2005
Jul-20
3
100000%
274
32
May-20
300000%
110%
50
Mar-20
400000%
2873
60
112% 114%
122%

36.

MAIN CHALLENGES
1
Regulatory oversight
(e.g. introduction of debt-to-income ratio)
APPROVAL RATE
50%
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%
RISK
44%
30%
2023
22%
2024
2025 (as of Jun'25)
NATIONAL BANK BASE RATE
16%
13,5%
40%
3
16,5%
15,25%
14,5%
14,25%
20%
3%
7%
5%
FY'25
FYTD'26
(AS OF JUL'25)
FY'23
Protected
FY'24
4
Devaluation expectations
5
Support of own Captive banks by large DLR groups through online broker platforms & exclusive subsidy campaigns
for Chinese & Korean brands
6
TFSKZ doesn’t finance NC Chinese & Korean brands
7
For NC our interest rates are higher than competitors’ (except for subsidized campaigns)
JUL'25
JUN'25
MAY'25
APR'25
FEB'25
0%
MAR'25
JAN'25
DEC'24
NOV'24
OCT'24
SEP'24
AUG'24
JUL'24
JUN'24
MAY'24
APR'24
MAR'24
FEB'24
JAN'24
DEC'23
NOV'23
OCT'23
SEP'23
AUG'23
JUL'23
JUN'23
MAY'23
APR'23
MAR'23
FEB'23
JAN'23
DEC'22
NOV'22
OCT'22
SEP'22
AUG'22
JUL'22
JUN'22
MAY'22
APR'22
MAR'22
27%
30%
10%
14,5%
14%
16%15,75%
15,25%
14,75%
T/L SUBSIDIZED LOANS SHARE IN TFSKZ SALES
50%
Drop of T/L subsidized loans share in TFSKZ sales
FEB'22
High loan interest rates (average APR 24%) due to high base rates
16,5%
10,25%
JAN'22
2
16,75%

37.

COUNTERMEASURES
Protected
1
TFSKZ decided to keep the UC business. Many banks have switched to NC, because they finance Chinese and Korean
brands. TFSKZ strategically occupied the UC niche
2
TFSKZ is developing fleet sales of NC & UC via microcredit & finance lease products. Our competitors do not provide
loans to legal entities
3
TFSKZ works closely with TMKZ and are very cautious of the T/L network. Due to DPE, VLV & CFL instruments TFSKZ does
not allow other banks into T/L network. Subsidies make our conditions unbeatable for competitors
4
Unlike other players, TFSKZ trains DLR staff, holds conferences and shares news with DLRs on a regular basis
5
TFSKZ is connected to 4 major brokerage platforms. The end-to-end process is being developed

38.

TOYOTA INSURANCE SERVICES
NC Casco
31%
6000
5000
793
Shortage of Camry &
RAV4 due to supply
stoppage from Russia
25%
PPI
31%
33%
35%
9000
92%
89%
8000
131
829
4000
200
900
30%
89%
90%
90%
7000
88%
25%
6000
20
86%
20%
5000
3000
946
84%
4000
15%
4201
2000
3799
4000
3000
7984
81%
6943
6454
7390
82%
10%
80%
2230
1000
2000
5%
78%
1000
0
0%
0
2021
2022
Credit
2023
Cash
Kinto
2024
Penetration
76%
2021
2022
Contracts
TO BE UPDATED
UC Casco
59%
4500
4000
3500
3000
582
268
45%
483
323
2024
Penetration
VMTPL
63%
5000
2023
771
428
66%
890
470
70%
7000
35%
60%
6000
50%
5000
25%
40%
4000
20%
30%
3000
20%
2000
10%
1000
0%
0
30%
30%
24%
2500
13%
5030
2000
1500
2903
3351
3067
3380
15%
10%
2610
1000
5%
0%
0
500
0
2021
2022
Credit
Protected
6000
2023
Cash
Renewal
Penetration
2024
0%
2021
2022
Contracts
2023
Penetration
2024

39.

RISK UPDATE
RV DLR
Car market dynamics
140%
129%
122%
130%
108%
110%
97%
90%
102%
96%
96%
95%
100%
100%
99%
100%
116%
114%
110%
117%
114%
112%
120%
114%
118%
113%
112%
108%
101%
107%
106%
102%
101%
96% 97%
Camry 2.5
Feb-24
Jan-24
Dec-23
Nov-23
Oct-23
Sep-23
Aug-23
Jul-23
Jun-23
May-23
Apr-23
Mar-23
Feb-23
Jan-23
Dec-22
Nov-22
Oct-22
Sep-22
Aug-22
Jul-22
Jun-22
May-22
Apr-22
Mar-22
Feb-22
Jan-22
Dec-21
Nov-21
Oct-21
Sep-21
Aug-21
Jul-21
Jun-21
May-21
Apr-21
Mar-21
Feb-21
Jan-21
Dec-20
Nov-20
Oct-20
Sep-20
Aug-20
Jul-20
Jun-20
May-20
Apr-20
Mar-20
80%
RV have been increasing continuously throughout the years and locals always considered purchasing Camry and other Toyota
models as an investment
CY’22: since the beginning of war in Ukraine & sanctions against Russia significant increase of NC demand on NC shortage,
record inflation & logistics disruption background. Car prices skyrocketed in KZ.
Spring CY’23: the car market completely changed. RUB/KZT rate stabilized. NC shortage ended. Market was flooded with
Chinese & Korean inexpensive NC. Car prices dropped but mostly for UC.
CYTD’24: no changes vs CY’23. Pressure from Chinese and Korean brands continues. Both NC & UC prices keep going down
Camry 2.0
Portfolio by tenor
27%
29%
27%
25%
Jan-21
15%
19%
19%
19%
14%
15%
1Y (Other)
23%
34%
35%
29%
20%
25%
16%
1Y (Def)
3Y
5Y
24%
25%
17%
17%
17%
18%
18%
24%
25%
26%
27%
27%
9%
7%
6%
4%
3%
30%
30%
29%
28%
27%
Feb-24
15%
17%
22%
Jan-24
12%
20%
19%
21%
Dec-23
15%
19%
19%
Nov-23
16%
15%
Oct-23
24%
13%
Portfolio structure
Jun-23
31%
13%
Jan-23
32%
Jan-22
13%
Dec-21
12%
Jun-21
47%
59%
12%
Dec-22
6%
Jun-22
1%
During CY’22 the share of short-term loans in TFSKZ portfolio increased significantly based on market conditions, customer &
dealer demand. The following countermeasures were taken:
Comprehensive portfolio strategy was introduced in Dec’22 with primary objective to rebalance portfolio & focus on mitigating
associated risks
Short-term loans limitation & close monitoring
Timely review of mid & long-term products to make them competitive & attractive
Implementation of new strategies in Automated decision-making system to support mid & long-term products sales
TO BE UPDATED
o As a result, the share of 1Y Deferred contracts significantly decreased from 34% in Jan'23 to 3% in Feb’24, while the portion of
long-term products increased from 32% to 43% during the same period
o Reassessment of strategy is considered in light of emerging challenges.
Other
DPD evaluation
DPD 31+ 91+
4,68%
5,00%
Reasons for increase
Actions
Invasion of inexpensive new Chinese and
Korean cars, availability of attractive subsidized
programs with up to 7 years tenor
Significant decrease of UC demand and, as a
result, UC prices drop
Economy slowdown
High interest rates
Tightening of collection process – the
government is protecting the borrowers
Unwillingness of borrowers to sell cars & pay
loans in hope of car prices recover
Discontinuation of 1-Year Deferred Product since Apr’23
Strengthening of soft & hard collection unit in terms of headcount (staff
was increased from 4 to 11 employees) & geographical coverage (Almaty,
Astana, Shymkent)
Loan restructuring process was optimized and expedited
AI based automated (robotic) calls were introduced
Legal collection using both notary’s writ of execution and court
applications were improved
Additional countermeasures taken:
All RV matrixes reviewed and brought in line with new realities
Frequency of RV SteerCo meetings increased from semi-annual to
quarterly
Tightened down payment requirements, especially for RV products
Power BI tools are developed for better RV risk analysis
EAR RV data is utilized for comparative analysis
4,50%
4,00%
3,22%
3,50%
3,00%
1,99%
2,50%
2,00%
1,06%
1,50%
1,00%
0,50%
Confidential - Personal Sensitive
DPD 31+
DPD 91+
Feb-24
Dec-23
Oct-23
Aug-23
Jun-23
Apr-23
Feb-23
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
Apr-20
Feb-20
Dec-19
Oct-19
0,00%

40.

Mob App & IT Architecture
Confidential - Personal Sensitive

41.

End Users
Infrastructure
Design Principles
• Office Users
• Corporate Laptops
• Built-in redundancy
Business Applications
• Hybrid DR approach
• Centralized EAR IT support
• Centralized SOC monitoring
Capacity
• ~100 end users
• 4 physical ESXI servers
Core Infrastructure (On-Prem)
• 66 virtual servers
• Support by 3 FTE
4 ESXI servers
Switches and Routers
Vmware vShpere Cluster
Production Virtual Servers
Network & Security
• 1 physical storage
• 27 Tb of data
Brainysoft
1C
Thesys
Genesys
Wings
Jira Service Management and etc.
Corporate LAN & Secure Wi-Fi
Dual ISP Links: 300 + 300 Mbps (Active/Standby)
Secure Remote Access (VPN)
24/7 Deloitte SOC Monitoring
Backup and DR
• Local Backup (Almaty, On-Prem)
• Cloud DR Backup (Astana, Geoseparated)

42.

Confidential - Personal Sensitive

43.

Confidential - Personal Sensitive

44.

Confidential - Personal Sensitive

45.

Confidential - Personal Sensitive

46. Q&A SESSION

Q&A SESSION
Protected

47. Appendix

APPENDIX
Protected

48. Appendix 1. UC MARKET CHALLENGES

APPENDIX 1. UC MARKET CHALLENGES
Demand decrease
Chinese expansion
Car price decrease
UC Contracts
800000%
700000%
600000%
500000%
TO BE UPDATED
274
2873
2005
4572
4492
3659
1581
4846
7365
5664
FY'21
FY'22
FY'23
FY'24
400000%
300000%
200000%
Surplus of DLR stocks
100000%
0%
T/L DLRs
Non-T/L DLRs
Broker platforms
Protected
UC inflow only via Trade-in

49. Appendix 3. TFSKZ actions

APPENDIX 3. TFSKZ ACTIONS
Challenge
1
Countermeasures
Launch of debt-to-income ratio
Since 01/04/24 all banks and MFOs are obliged to
calculate debt-to-income ratio (DIR) for car loans
Customer’s monthly loan payments should not exceed
50% of his monthly income
1
Enhanced the decision-making system «Wings DM»
2
Launched statements parsing from 6 banks (more to come)
3
Provided extensive trainings for F&I Managers
TO BE UPDATED
4
Gave recommendations to shift sales from individuals to legal
entities
5
Operational lease is considered as an alternative for
customers with low or unconfirmed income
6
Continue negotiations with the Regulator to increase DIR
limit from 50% to 70%
Approval rate
45%
41%
RISK
40%
35%
22%
30%
25%
20%
15%
10%
5%
0%
FY'24
Protected
Apr'24

50. Appendix 4. TFSKZ actions

APPENDIX 4. TFSKZ ACTIONS
Challenge
2
Countermeasures
High loan interest rates due to high base rates
1
Continue participation in subsidized campaigns with
reduced base rates
2
Reduced nominal rates twice: in Feb’24 by 100 bps, in Mar’24 by
200 bps (Ttl 300 bps)
NATIONAL BANK BASE RATE
+ 75 bps
- 25 bps
+ 150 bps 16,75%
+ 325 bps
+ 50 bps
+ 50 bps
13,5%
16,5%
16%
- 50 bps
- 25 bps
16%
15,75%
14,5%
14%
- 50 bps
- 50 bps
15,25%
14,75%
TFSKZ average rate for UC Standard program
Stagnation of UC market due to aggressive Chinese discounters
(low price, subsidized IR, low deposit)
140%
130%
800000%
700000%
120%
108%
600000%
274
400000%
2873
2005
4572
200000%
100000%
0%
1581
4846
4492
7365
3659
5664
100%
110%
100%
300000%
90%
112% 114%
110%
95% 96%
102% 100%
99% 101%
97% 96%
114%
117%
116%
113%
122%
Protected
Camry 2.5
114%
118%
Camry 2.0
112%
107% 106%
108%
102% 101%
97%
96%
Jan-24
Nov-23
Sep-23
Jul-23
May-23
Mar-23
Jan-23
Nov-22
Sep-22
Jul-22
May-22
Mar-22
Jan-22
Nov-21
Sep-21
Jul-21
May-21
Mar-21
Jan-21
Nov-20
Sep-20
Non-T/L DLRs
Jul-20
T/L DLRs
FY'24
May-20
FY'23
Mar-20
FY'22
FEB'24
MAR'24
3
4
Decreased down payment till 10% for Japanese & Korean
UC models with loan amount up to 15 mln KZT
5
Enhanced close work with UC F&I and Sales Managers by
providing trainings to them
129%
80%
FY'21
AUG'23
22%
Decreased minimal required term for CASCO insurance (1
year instead of the entire loan period)
RV DLR
UC CONTRACTS
500000%
JAN'24
DEC'23
NOV'23
OCT'23
SEP'23
AUG'23
JUL'23
JUN'23
MAY'23
APR'23
MAR'23
FEB'23
JAN'23
DEC'22
NOV'22
OCT'22
SEP'22
AUG'22
JUL'22
JUN'22
MAY'22
APR'22
MAR'22
FEB'22
JAN'22
3
24%
FEB'24
TO BE UPDATED
10,25%
25%

51. Appendix 5. TFSKZ actions

APPENDIX 5. TFSKZ ACTIONS
Challenge
4
Countermeasures
Support of own Private captive companies by large dealer
groups through online broker platforms
1
Integrated with 2 broker platforms «Smart Loan» and
«MyCredit», providing TFSKZ services to a wider audience
TIMELINE
Started development
May’23
Oct’23
Joined Smart Loan
Nov’23
TO BE UPDATED
2
Joined MyCredit
Launched Automatic decision-making system
DM system uses various tools for quick & accurate automated decisions
Social
attention
Hard rules
Groupings
Integrations
Decision
trees
28%
25%
Feb'24
Mar'24
Sep'23
30%
Jan'24
15%
23%
31%
Dec'23
13%
Aug'23
24%
30%
Nov'23
Auto-decisions share
Protected
Oct'23
Jul'23
Jun'23
3%

52. Appendix 6. TFSKZ actions

APPENDIX 6. TFSKZ ACTIONS
Challenge
5
Countermeasures
Non-performing loans increase
DPD 31+ 91+
4,68%
5,00%
1
Discontinued 1-Year Deferred Product since Apr’23
2
Strengthened soft & hard collection unit in terms of headcount
(4 → 11) & geographical coverage (Almaty, Astana, Shymkent)
3
Loan restructuring process was optimized and expedited
4,50%
4,00%
3,22%
3,50%
3,00%
TO BE
1,99% UPDATED
2,50%
2,00%
4
AI based automated (robotic) calls were introduced
5
Legal collection using both notary’s writ of execution and
court applications were improved
1,50%
1,06%
1,00%
0,50%
DPD 31+
Protected
DPD 91+
Feb-24
Dec-23
Oct-23
Aug-23
Jun-23
Apr-23
Feb-23
Dec-22
Oct-22
Aug-22
Jun-22
Apr-22
Feb-22
Dec-21
Oct-21
Aug-21
Jun-21
Apr-21
Feb-21
Dec-20
Oct-20
Aug-20
Jun-20
Apr-20
Feb-20
Dec-19
Oct-19
0,00%
Additional measures taken in reaction to current situation:
RV matrixes reviewed and brought in line with the new realities
Frequency of RV SteerCo mtgs increased from semi-annually to
quarterly
Down payment requirements tightened, especially for RV products
Power BI tools were developed for better RV risk analysis
TFSKZ started to utilize EAR RV data for comparative analysis & to
strengthen approach to RV forecasting