/RESTATED/ ANALYSIS: As of October 1 2008 state debt of Kazakhstan, issued as GS, along with its servicing totaled KZT1,638.5 bn. or $13,672.2 m.

/IRBIS, Raushan Tundybayeva, October 14, 08, recent due to correction in the first paragraph because of MEIKAM maturity/ - As of October 1, 2008, the total state debt of Kazakhstan, issued as government securities (GS), along with the servicing (the amount of coupon payments) made in current prices KZT1,638.5 bn., or the equivalent of $13,672.2 m. at the rate of KZT119.84 per a dollar. IRBIS specialists came to the conclusion after own databases analysis. During this analysis, the amounts of future payments on MEUJKAM and MUIKAM were calculated considering the consumer price index, which was fixed for the period from October 2007 to September 2008 inclusive. From September 1-30, 2008, the total debt in tenge equivalent increased by KZT64.1 bn. (+4.1 %), in the dollar equivalent (taking into account change in the National Bank exchange rate) by 502.0 m. (+3.8 %). Similar indicators of debt change in August made up plus KZT155.4 bn. (+11.0 %) or plus $1 363.5 m. (+11.5 %). The following table contains more detailed information. ------------------------------------------------------------------------------ Amount and structure of debt ------------------------------ Change as of for the *Currency of Sept. 30,08 as of period ------------- ------------------ Aug. 31, 08 ---------------- Issuer issue service bn. KZT stake, % bn. KZT m. KZT % ---------------- ----- ------- --------- -------- ----------- --------- ----- National Bank KZT KZT 480.030 29.3 434.119 +45,910.8 +10.6 ---------------- ----- ------- --------- -------- ----------- --------- ----- Ministry of 1,140.239 Finance 1,158.441 70.7 +18,202.6 +1.6 incl. face value KZT KZT 739.929 45.2 690.672 +49,257.3 +7.1 incl. servicing KZT KZT 418.512 25.5 449.567 -31,054.7 -6.9 ---------------- ----- ------- --------- -------- ----------- --------- ----- TOTAL 1,638.471 100.0 1,574.358 +64,113.4 +4.1 incl. facevalue 1,219.959 74.5 1,124.791 +95,168.2 +8.5 incl. servicing 418.512 25.5 449.567 -31,054.7 -6.9 ------------------------------------------------------------------------------ *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 September 30, 2008 were valuated at the rate of KZT119.84 per dollar, as of August 31, 2008 - at KZT119.54. 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 ----------------------------- Change as of for the *Currency of Sept. 30,08 as of period ------------- ----------------- Aug. 31, 08 ----------------- Issuer issue service m. USD stake, % m. USD th. USD % ---------------- ----- ------- -------- -------- ----------- ---------- ----- National Bank KZT KZT 4,005.6 29.3 3,631.6 +374,009.9 +10.3 ---------------- ----- ------- -------- -------- ----------- ---------- ----- Ministry of Finance 9,666.6 70.7 9,538.6 +128,012.6 +1.3 incl. face value KZT KZT 6,174.3 45.2 5,777.7 +396,562.2 +6.9 incl. servicing KZT KZT 3,492.3 25.5 3,760.8 -268,549.5 -7.1 TOTAL 13,672.2 100.0 13,170.1 +502,022.5 +3.8 incl. face value 10,179.9 74.5 9,409.3 +770,572.0 +8.2 incl. servicing 3,492.3 25.5 3,760.8 -268,549.5 -7.1 ------------------------------------------------------------------------------ *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. According to the data of IRBIS, the issue volume of the National Bank's GS in September 2008 by offering amount was KZT317,999.9 m. (in August - KZT420,388.0 m.). At that, the issuer paid off its notes on secondary market to the sum of KZT276,662.8 m. (KZT317,377.1 m.). Thus, in September the net-borrowing balance of the National Bank on GS market made up plus KZT41 337.1 m. The corresponding index in August made up plus KZT103 010.9 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 September, the Ministry of Finance borrowed due to MEKAM offering KZT46,531.4 m. (in August - KZT42,646.3 m.) and paid face values of bonds and coupon payments to the sum of KZT10,241.8 m. (in August - KZT7,329.7 m.). September net-borrowing balance of the Ministry of Finance is estimated by IRBIS at plus KZT48,522.5 m. (in August - plus KZT59,606.9 m.). Total September net-borrowing balance of all Kazakhstan GS issuers was estimated by IRBIS at plus KZT89,859.6 m. Similar indicator of August - plus KZT162,617.7 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). [2008-10-14]