/IRBIS, Dec.20, 99/ - Results of the next trade for the internal State Securities on KASE with the session closing quotation:

Yield to Maturity, % APR Days ---------------------------- Volume, till average best best mln Currency Maturity on deals offer bid tenge

--------  -------- -------- -------- ---------- --------
KZT             24                        13.93
KZT             31    13.18               14.26     21.6
KZT             45                        14.99
KZT             52                        15.02
KZT             59                        15.04
KZT             60                        15.11
KZT             67                        15.25
KZT             71    14.67               15.31    181.3
KZT             74    14.27               15.89     77.7
KZT             80                        15.43
KZT             81                        15.96
KZT            151                        18.48
KZT            165                        18.51
KZT            172                        18.53
--------  -------- -------- -------- ---------- --------
USD            248     9.60                         14.9
USD           1571            *11.85     *12.80
--------  -------- -------- -------- ---------- --------
TOTAL                                              295.5

* AVMEKAM, whole yield to redemption.

For securities denominated in USD, the yield calculated by IRBIS at the official rate on the transaction date (138.25 tenge per dollar) is shown.