ANALYSIS: As of August 1 of 2007 the total state debt of Kazakhstan, issued as GS along with servicing totaled KZT1,500.0 bn. or $12.1 bn.

/IRBIS, Ruslan Dzyubaylo, August 14, 07/ - As of August 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 KZT1,500.0 bn., or $12,137.6 m. at the rate of KZT123.58 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 had been fixed for the period from May to July of 2007 inclusive, on MEUJKAM and MUIKAM - from August of 2006 to July of 2007 inclusive. Within July 1 - 31 of 2007 the total debt in tenge equivalent increased by KZT5.7 bn. (+0.4%), it decreased in dollar equivalent by 79.1 m. (-0,6%) (taking into account change of exchange rate of National Bank). Similar indicators of debt change in June of 2007 were plus KZT96.3 bn. (+6.9%) or $722.7 m. (+6.,3%). Following table contains detailed information. -------------------------------------------------------------------------------- Amount and structure of debt ----------------------------- Change as of for the *Currency of July 31, 07 as of period ------------- ----------------- June 30, 07 -------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % --------------------- ----- ------- -------- -------- ----------- --------- ---- National Bank KZT KZT 869.588 58.0 887.224 -17,636.4 -2.0 --------------------- ----- ------- -------- -------- ----------- --------- ---- Ministry of Finance 627.359 41.8 604.021 +23,337.6 +3.9 incl. face value KZT KZT 446.723 29.8 438.002 +8,721.0 +2.0 incl. servicing KZT KZT 180.636 12.0 166.019 +14,616.6 +8.8 --------------------- ----- ------- -------- -------- ----------- --------- ---- Municipals USD KZT 3.014 24.39 2.974 +39.6 +1.3 incl. face value USD KZT 2.778 22.5 2.741 +36.5 +1.3 incl. servicing USD KZT 0.236 1.9 0.233 +3.1 +1.3 --------------------- ----- ------- -------- -------- ----------- --------- ---- incl. Atyrau 3.014 24.4 2.974 +39.6 +1.3 region akimat USD KZT from them, face value USD KZT 2.778 22.5 2.741 +36.5 +1.3 from them, servicing USD KZT 0.236 1.9 0.233 +3.1 +1.3 --------------------- ----- ------- -------- -------- ----------- --------- ---- TOTAL 1499.960 12,137.6 1,494.220 +5,740.9 +0.4 incl. face value 1319.088 10,674.0 1,327.967 -8,878.8 -0.7 incl. servicing 180.872 1,463.6 166.252 +14,619.7 +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 July 31, 07 were calculated at the rate of KZT123.58 per a dollar, as of June 30, 07 - at KZT122.31. 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 July 31, 07 as of period ------------- ----------------- June 30, 07 --------------- Issuer issue service m. USD stake, % m. USD th. USD % --------------------- ----- ------- -------- -------- ----------- ---------- ---- National Bank KZT KZT 7,036.6 58.0 7,253.9 -217,258.5 -3.0 --------------------- ----- ------- -------- -------- ----------- ---------- ---- Ministry of Finance 5,076.5 41.8 4,938.4 +138,095.3 +2.8 incl. face value KZT KZT 3,614.8 29.8 3,581.1 +33,767.8 +0.9 incl. servicing KZT KZT 1,461.7 12.0 1,357.4 +104,327.5 +7.7 --------------------- ----- ------- -------- -------- ----------- ---------- ---- Municipals USD KZT 24.39 0.2 24.32 +70.8 +0.3 incl. face value USD KZT 22.5 0.2 22.4 +65.3 +0.3 incl. servicing USD KZT 1.9 0.02 1.9 +5.5 +0.3 --------------------- ----- ------- -------- -------- ----------- ---------- ---- incl. Atyrau 24.4 0.2 24.3 +70.8 +0.3 region akimat USD KZT from them, face value USD KZT 22.5 0.2 22.4 +65.3 +0.3 from them, servicing USD KZT 1.9 0.02 1.9 +5.5 +0.3 TOTAL 12,137.6 100.0 12,216.7 -79,092.4 -0.6 incl. face value 10,674.0 87.9 10,857.4 -183,425.4 -1.7 incl. servicing 1,463.6 12.1 1,359.3 +104,333.0 +7.7 --------------------------------------------------------------------------------- *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 July 2007 by amounts of offering was KZT266,375.8 m. (in June - KZT391,862,.8 m.). At that, the issuer paid off his liabilities for a total sum of KZT286,327.8 (KZT327,975.2 m.). Thus net-borrowing balance of the National Bank in GS market was minus KZT19,951.9 m. Corresponding index in June was plus KZT63,887.7. ("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 July the Ministry of finance borrowed by offering of MEKAM KZT9,034.4 m. (in June - KZT13,942.4 m.) and paid face values of bonds and coupon payments for a total of KZT1,453.7 m. (in June - KZT967.8 m.). July net- borrowing balance of the Ministry of finance is estimated by IRBIS at plus KZT7,580.4 m. (in June - plus KZT12,974.6 m.). Total July net-borrowing balance of all Kazakhstan GS issuers including municipal bodies was estimated by IRBIS at minus KZT12,371.5 m. Similar indicator of June - plus KZT75,745.3 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). [2007-08-14]