ANALYSIS: As of September 1 2008 state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,574.4 bn. or $13,170.1 m.

/IRBIS, Raushan Tundybayeva, September 12, 08/ - As of September 1, 2008, the total state debt of Kazakhstan, issued as government securities (GS), including municipal bonds, along with the servicing (the amount of coupon payments) made in current prices KZT1,574.4 bn., or the equivalent of $13,170.1 m. at the rate of KZT119.54 per a dollar. IRBIS specialists came to the conclusion after own databases analysis. During this analysis, the amounts of future payments on MEIKAM were calculated considering the consumer price index, which was fixed for the period from June to August 2008 inclusive, on MEUJKAM and MUIKAM - from September 2007 to August 2008 inclusive. From August 1-31, 2008, the total debt in tenge equivalent increased by KZT155.4 bn. (+11.0 %), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 1 363.5 m. (+11.5 %). Similar indicators of debt change in July made up plus KZT20.4 bn. (+1.5 %) or plus $224.7 m. (+1.9 %). The following table contains more detailed information. ------------------------------------------------------------------------------ Amount and structure of debt ------------------------------ as of Change for the *Currency of August 31, 08 as of period ------------- ------------------ July 31, 08 ---------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ---------------- ----- ------- --------- -------- ----------- ---------- ----- National Bank KZT KZT 434.119 27.6 327.250 +106,868.5 +32.7 ---------------- ----- ------- --------- -------- ----------- ---------- ----- Ministry of Finance 1,140.239 72.4 1,091.671 +48,567.9 +4.4 incl. face value KZT KZT 690.672 43.9 651.536 +39,135.7 +6.0 incl. servicing KZT KZT 449.567 28.6 440.135 +9,432.1 +2.1 ---------------- ----- ------- --------- -------- ----------- ---------- ----- TOTAL 1,574.358 100.0 1,418.921 +155,436.3 +11.0 incl. facevalue 1,124.791 71.4 978.787 +146,004.2 +14.9 incl. servicing 449.567 28.6 440.135 +9,432.1 +2.1 ------------------------------------------------------------------------------ * 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 August 31, 2008 were valuated at the rate of KZT119.54 per dollar, as of July 31, 2008 - at KZT120.18. Therefore, the data shown in the table reflect the dynamics emerging, besides all other factors, from the rate difference. Similar figures in U.S. dollars are given in the table as follows. ------------------------------------------------------------------------------- Amount and structure of debt ----------------------------- as of Change for the *Currency of August 31, 08 as of period ------------- ----------------- July 31, 08 ------------------ Issuer issue service m. USD stake, % m. USD th. USD % ---------------- ----- ------- -------- -------- ----------- ------------ ----- National Bank KZT KZT 3,631.6 27.6 2,723.0 +908,576.2 +33.4 ---------------- ----- ------- -------- -------- ----------- ------------ ----- Ministry of Finance 9,538.6 72.4 9,083.6 +454,922.0 +5.0 incl. face value KZT KZT 5,777.7 43.9 5,421.3 +356,411.2 +6.6 incl. servicing KZT KZT 3,760.8 28.6 3,662.3 +98,510.8 +2.7 TOTAL 13,170.1 100.0 11,806.6 +1,363,498.2 +11.5 incl. face value 9,409.3 71.4 8,144.3 +1,264,987.4 +15.5 incl. servicing 3,760.8 28.6 3,662.3 +98,510.8 +2.7 ------------------------------------------------------------------------------- * 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 August 2008 by offering amount was KZT420,388.0 m. (in July - KZT313,974.3 m.). At that, the issuer paid off his notes on secondary market to the sum of KZT317,377.1 m. (KZT313,924.7 m.). Thus, in August the net- borrowing balance of the National Bank on GS market made up plus KZT103 010.9 m. The corresponding index in July made up plus KZT49.7 m. (the "minus" sign in the balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors, the "plus" sign - issuer borrowed more than redeemed). In August, the Ministry of Finance borrowed due to MEKAM offering KZT42,646.3 m. (in July - KZT16,798.8 m.) and paid face values of bonds and coupon payments to the sum of KZT7,329.7 m. (in July - KZT8,445.9 m.). August net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT59,606.9 m. (in July - plus KZT20,679.0 m.). Total August net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at plus KZT162,617.7 m. Similar indicator of July - plus KZT20,728.7 m. IRBIS Agency draws attention of subscribers and the mass media that the data given below are not the official statistics and received as a result of the information analysis, containing in database of the agency on the primary GS market. In part of internal bonds the bases of the agency are adjusted by data provided to IRBIS by Central Securities Depository JSC (Almaty). [2008-09-12]