ANALYSIS: As of July 1 of 2007 the total state debt of Kazakhstan, issued as GS along with servicing totaled KZT1,494.2 bn. or $12.2 m.

/IRBIS, Zaure Yessimova, Andrey Tsalyuk, July 11, 07/ - As of July 1 of 2007 the 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 KZT1,494.2 bn., or $12,216.7 m. at the rate of KZT122.31 per a dollar. IRBIS specialists made such a conclusion after analyzing its databases. While making the analysis, the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index, which was registered for the period from April 2007 to June 2007, on MEUJKAM - from July 2006 to June 2007. Within June 1-30 of 2007 the total debt (taking into account changes of the rate of the National Bank) in tenge equivalent increased by KZT96.3 bn. (+6.9%), in dollar equivalent by 722.7 m. (+6.3%). Similar indicators of debt change in May of 2007 were minus KZT12.4 bn. (-0.9%) or (considering change of rates of National bank) $256.2 m. (-2.2%). Following table contains detailed information. ------------------------------------------------------------------------------ Amount and structure of debt ---------------------------- Change as of for the *Currency of June 30, 07 as of period ------------- ------------------ May 31, 0 --------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- ------- --------- -------- --------- --------- ----- National Bank KZT KZT 887.224 59.4 817.126 +70,098.0 +8.6 ------------------- ----- ------- --------- -------- --------- --------- ----- Ministry of Finance 604.021 40.4 576.705 +27,316.6 +4.7 incl. face value KZT KZT 438.002 29.3 424.183 +13,818.4 +3.3 incl. servicing KZT KZT 166.019 11.1 152.521 +13,498.2 +8.9 ------------------- ----- ------- --------- -------- --------- --------- ----- Municipals USD KZT 2.974 0.2 4.068 -1,093.6 -26.9 incl. face value USD KZT 2.741 0.2 3.791 -1,049.6 -27.7 incl. servicing USD KZT 0.233 0.02 0.277 -44.1 -15.9 ------------------- ----- ------- --------- -------- --------- --------- ----- incl. Astana akimat USD KZT - - 1.110 -1,110.4 - also, face value USD KZT - - 1.065 -1,065.0 - also, servicing USD KZT - - 0.045 -45.4 - ------------------- ----- ------- --------- -------- --------- --------- ----- incl. Atyrau region akimat USD KZT 2.974 0.2 2.957 +16.8 +0.6 also, face value USD KZT 2.741 0.2 2.726 +15.5 +0.6 also, servicing USD KZT 0.233 0.02 0.232 +1.3 +0.6 ------------------- ----- ------- --------- -------- --------- --------- ----- TOTAL 1,494.220 100.0 1,397.899 +96,321.0 +6.9 incl. face value 1,327.967 88.9 1,245.100 +82,866.9 +6.7 incl. servicing 166.252 11.1 152.798 +13,454.1 +8.8 ------------------------------------------------------------------------------ * 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 June 30, 07 were calculated at the rate of KZT122.31 per a dollar, as of May 31, 07 - at KZT12.62. Therefore, the data shown in the table reflect the dynamics turned out with 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 June 30, 07 as of period ------------- ----------------- May 31, 07 ---------------- Issuer issue service m. USD stake, % m. USD th. USD % ------------------- ----- ------- -------- -------- ---------- ---------- ----- National Bank KZT KZT 7,253.9 59.4 6,718.7 +535,214.7 +8.0 ------------------- ----- ------- -------- -------- ---------- ---------- ----- Ministry of Finance 4,938.4 40.4 4,741.9 +196,588.5 +4.1 incl. face value KZT KZT 3,581.1 29.3 3,487.8 +93,302.7 +2.7 incl. servicing KZT KZT 1,357.4 11.1 1,254.1 +103,285.8 +8.2 ------------------- ----- ------- -------- -------- ---------- ---------- ----- Municipals USD KZT 24.32 0.2 33.45 -9,130.2 -27.3 incl. face value USD KZT 22.4 0.2 31.2 -8,757.0 -28.1 incl. servicing USD KZT 1.9 0.02 2.3 -373.2 -16.4 ------------------- ----- ------- -------- -------- ---------- ---------- ----- incl. Astana akimat USD KZT - - 9.1 -9,130.2 - also, face value USD KZT - - 8.8 -8,757.0 - also, servicing USD KZT - - 0.373 -373.2 - ------------------- ----- ------- -------- -------- ---------- ---------- ----- incl. Atyrau region akimat USD KZT 24.3 0.2 24.3 0 0 also, face value USD KZT 22.4 0.2 22.4 0 0 also, servicing USD KZT 1.9 0.02 1.9 0 0 ------------------- ----- ------- -------- -------- ---------- ---------- ----- TOTAL 12,216.7 100.0 11,494.0 +722,673.0 +6.3 incl. face value 10,857.4 88.9 10,237.6 +619,760.4 +6.1 incl. servicing 1,359.3 11.1 1,256.4 +102,913.6 +8.2 ------------------------------------------------------------------------------- * 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. According to the data of IRBIS, the issue volume of the National Bank's GS in June 2007 by amounts of offering was KZT391,862.8 m. (in May - KZT200,712.8 m.). At that, the issuer paid off his liabilities for a total sum of KZT327,975.2 (KZT190,217.3 m.). Thus net-borrowing balance of the National Bank in GS market was plus KZT63,887.7 m. Corresponding index in May was minus KZT10,495.6 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). Thus in June National bank had more actively than in May sterilized the market with the help of its notes. In June the Ministry of finance borrowed by offering of MEKAM KZT13,942.4 m. (in May - KZT16,010.7 m.) and paid face values of bonds and coupon payments for a total of KZT967.8 m. (in May - KZT50,782.5 m.). June net- borrowing balance of the Ministry of finance is estimated by IRBIS at plus KZT12,974.6 m. (in May - minus KZT34,771.8 m.). Total June net-borrowing balance of all Kazakhstan GS issuers (including payment of coupon and sum of main debt on bonds KZZ4KY040062 of the local executive body of Astana) was estimated by IRBIS at plus KZT75,745.3 m. Similar indicator of May - minus KZT24,391.2 m. Agency IRBIS draws attention of subscribers and mass media that the data given below are not official statistics and received by result of analysis of information, containing in database of the agency on the primary GS market. In part of internal bonds the bases of agency are adjusted by data provided to IRBIS by Central depositary of securities JSC (Almaty). [2007-07-11]