ANALYSIS: As of August 1 of 2006 total state debt of Kazakhstan issued as GS along with servicing totaled KZT763.0 bn. or $6,444.0 m.

/IRBIS, Yelena Korpusenko, August 4, 06/ - As of August 1 of 2006 total state debt of Kazakhstan issued as government securities (GS), including municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT763.0 bn., or $6,444.0 m. at the rate of KZT118.41 per dollar. Specialists of IRBIS made such conclusion after analyzing its databases. While making the analysis the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index registered for the period from May till July of 2006, on MEUJKAM - from August of 2005 till July of 2006. Within July 1 - 31 of 2006 total debt (taking into account the changes in the rate of the National Bank) in tenge equivalent decreased by KZT110.3 bn. (-12.63%), in dollar equivalent - by 914.3 m. (-12.43%). Similar indicators of debt change in June of 2006 were +KZT58.8 bn. (+7.22%) or +$653.1 m. (+9.74%). Following table contains detailed information. ------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- Change as of for the *Currency of July 31, 06 as of period ------------- ---------------- June 30, 06 ---------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- ------- ------- -------- ----------- ---------- ----- National Bank KZT KZT 295.570 38.7 400.991 -105,420.8 -26.3 ------------------- ----- ------- ------- -------- ----------- ---------- ----- Ministry of Finance 461.734 60.5 466.622 -4,888.4 -1.0 incl. face value 350.804 46.0 353.488 -2,684.1 -0.8 also, domestic GS KZT, USD KZT 309.360 40.5 311.947 -2,586.1 -0.8 also, euronotes USD USD 41.444 5.4 41.542 -98.0 -0.2 incl. servicing 110.930 14.5 113.134 -2,204.3 -1.9 also, domestic GS KZT, USD KZT 106.319 13.9 108.513 -2,193.4 -2.0 also, euronotes USD USD 4.611 0.6 4.621 -10.9 -0.2 ------------------- ----- ------- ------- -------- ----------- ---------- ----- Municipals USD KZT 5.730 0.8 5.743 -13.5 -0.2 incl. face value USD KZT 5.129 0.7 5.141 -12.1 -0.2 incl. servicing USD KZT 0.601 0.1 0.602 -1.4 -0.2 ------------------- ----- ------- ------- -------- ----------- ---------- ----- incl. Astana akimat USD KZT 1.898 0.2 1.902 -4.5 -0.2 also, face value USD KZT 1.778 0.2 1.782 -4.2 -0.2 also, servicing USD KZT 0.120 0.02 0.120 -0.3 -0.2 ------------------- ----- ------- ------- -------- ----------- ---------- ----- incl. Atyrau region USD KZT 3.832 0.5 3.841 -9.1 -0.2 akimat also, face value USD KZT 3.351 0.4 3.359 -7.9 -0.2 also, servicing USD KZT 0.481 0.1 0.482 -1.1 -0.2 ------------------- ----- ------- ------- -------- ----------- ---------- ----- TOTAL 763.034 100.0 873.356 -110,322.8 -12.6 incl. face value 651.503 85.4 759.620 -108,117.1 -14.2 incl. servicing 111.531 14.6 113.736 -2,205.8 -1.9 ------------------- ----- ------- ------- -------- ----------- ---------- ----- OR ------------------- ----- ------- ------- -------- ----------- ---------- ----- incl. internal debt KZT KZT 716.980 94.0 827.193 -110,213.9 -13.3 also, face value KZT KZT 610.060 80.0 718.079 -108,019.1 -15.0 also, servicing KZT KZT 106.920 14.0 109.115 -2,194.9 -2.0 ------------------- ----- ------- ------- -------- ----------- ---------- ----- incl. external debt USD USD 46.054 6.0 46.163 -108.9 -0.2 also, face value USD USD 41.444 5.4 41.542 -98.0 -0.2 also, servicing USD USD 4.611 0.6 4.621 -10.9 -0.2 ------------------------------------------------------------------------------- *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. Equivalents as of July 31, 06 were calculated at the rate of KZT118.41 per dollar, as of June 30, 06 - at KZT118.69. Therefore, the data shown in the table reflect the dynamics due to exchange rate fluctuations besides all other factors. Similar figures in U.S. dollars are given in the table as follows. -------------------------------------------------------------------------------- Amount and structure of debt ---------------------------- Change as of for the *Currency of July 31, 06 as of period ------------- ---------------- June 30, 06 ----------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------------- ----- ------- ------- -------- ----------- ---------- ------ National Bank KZT KZT 2,496.2 38.7 3,378.5 -882,314.6 -26.1 ------------------- ----- ------- ------- -------- ----------- ---------- ------ Ministry of Finance 3,899.4 60.5 3,931.4 -31,987.5 -0.8 incl. face value 2,962.6 46.0 2,978.2 -15,625.3 -0.5 also, domestic GS KZT, USD KZT 2,612.6 40.5 2,628.2 -15,625.3 -0.6 also, euronotes USD USD 350.0 5.4 350.0 0 0 incl. servicing 936.8 14.5 953.2 -16,362.2 -1.7 also, domestic GS KZT, -1.8 USD KZT 897.9 13.9 914.3 -16,362.2 also, euronotes USD USD 38.9 0.6 38.9 0 0 ------------------- ----- ------- ------- -------- ----------- ---------- ------ Municipals USD KZT 48.4 0.8 48.4 0 0 incl. face value USD KZT 43.3 0.7 43.3 0 0 incl. servicing USD KZT 5.1 0.1 5.1 0 0 ------------------- ----- ------- ------- -------- ----------- ---------- ------ incl. Astana USD KZT 16.0 0.2 16.0 0 0 akimat also, face value USD KZT 15.0 0.2 15.0 0 0 also, servicing USD KZT 1.011 0.02 1.011 0 0 ------------------- ----- ------- ------- -------- ----------- ---------- ------ incl. Atyrau USD KZT 32.4 0.5 32.4 0 0 region akimat also, face value USD KZT 28.3 0.4 28.3 0 0 also, servicing USD KZT 4.1 0.1 4.1 0 0 ------------------- ----- ------- ------- -------- ----------- ---------- ------ TOTAL 6,444.0 100.0 7,358.3 -914,302.1 -12.43 incl. face value 5,502.1 85.4 6,400.0 -897,939.9 -14.0 incl. servicing 941.9 14.6 958.3 -16,362.2 -1.7 ------------------- ----- ------- ------- -------- ----------- ---------- ------ OR ------------------- ----- ------- ------- -------- ----------- ---------- ------ incl. internal debt KZT KZT 6,055.1 94.0 6,969.4 -914,302.1 -13.1 also, face value KZT KZT 5,152.1 80.0 6,050.0 -897,939.9 -14.8 also, servicing KZT KZT 903.0 14.0 919.3 -16,362.2 -1.8 ------------------- ----- ------- ------- -------- ----------- ---------- ------ incl. external debt USD USD 388.9 6.0 388.9 0 0 also, face value USD USD 350.0 5.4 350.0 0 0 also, servicing USD USD 38.9 0.6 38.9 0 0 ------------------------------------------------------------------------------- *USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. According to the data of IRBIS, issue volume of the National Bank's GS in July by amounts of offering was KZT294,787.8 m. (in June - KZT491,657.6 m.). At that, the issuer paid off his liabilities for a total sum of KZT400,991.2 (KZT410,058.3 m.).July net-borrowing balance of the National Bank in GS market was negative KZT106,203.4 m. Corresponding index in June made positive KZT81,599.3 m. ("minus" sign in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, "plus" sign - issuer borrowed more than redeemed). In July the Ministry of Finance did not conduct offering of its bonds. The issuer paid face value of bonds and coupons for a total sum of KZT3,279.0 m. (in June - KZT22,020.4 m.).July net-borrowing balance of the Ministry of Finance is estimated by IRBIS at negative KZT3,279.0 m. (in June - negative KZT22,020.4 m.). Total July net-borrowing balance of all Kazakhstan GS issuers (including municipals) is estimated by IRBIS at negative KZT109,482.4 m. Similar indicator of June -positive KZT59,534.2 m. IRBIS agency draws the attention of its subscribers and mass media to the fact that figures presented above are not official data since it was obtained through analyzing information on primary GS market using databases of the agency. As regards domestic bonds, agency's databases have been checked according to the data presented to IRBIS by Central securities depository JSC (Almaty). [2006-08-04]