/KASE, Oct 20, 00/ - Following is the brief reference to the main indicators of financial and economic activities of KazTransOil NOTC CJSC (Astana) compiled on the basis of Listing Commission conclusion of the Kazakhstan Stock Exchange (KASE). The reference is published in connection with inclusion of the company's bonds into category "A" of the officials list of KASE securities.

FINANCIAL STATEMENTS DATA SUBMITTED BY THE ISSUER

Table below presents main financial indicators of the KazTransOil. The data compiled in accordance with the Kazakhstan Accounting Standards (KAS) on the basis of balance sheet, income and cash flow statements for 1997- 1999 (except for 1997 when the company was formed) and some intermediate data for 2000.

The financial statements are not consolidated as some formal procedures still being executed. They include the issue of transferring daughter companies state blocks to the authorized capital of KazTransOil. These shareholdings will be later consolidated with KazTransOil statements.

Data from the financial statements, presented by the issuer, are shown below (in th. KZT, unless otherwise indicated):

as of as of as of as of Ratio Jan 01, Jan 01, Jan 01, July 01, 1998 1999 2000 2000

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Authorized capital (paid-up)  19,202,862  19,343,214  19,406,071   19,406,071
Shareholders' equity          21,262,739  20,421,533  25,149,100  102,897,364
Book value of the assets      24,920,876  24,531,716  30,877,099  122,190,729
Net working capital                  N/A   2,695,460   3,654,471   -5,931,309
Accounts receivable (net)      4,758,593   4,035,084   4,551,465    6,991,285
Total liabilities              3,658,137   4,110,183   5,727,999   19,293,365
Loans received                   324,813     471,299      55,347      570,467
Accounts payable               2,957,598   2,999,852   5,085,762   18,156,216
Sales (services offered)       9,825,328  12,543,605  17,698,345   14,514,203
Net income (loss)                230,256     920,814   5,639,812    1,557,440
Return on sales (ROS), %           10.79       41.81       42.98        24.24
Return on equity (ROE), %           1.08        4.51       22.43         1.51
Return on assets (ROA), %           0.92        3.75       18.27         1.27
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Four time growth in the shareholders equity from July 01, 2000 to end year of 1999 was caused by market revaluation of fixed assets made by the American Appraisal Inc on January 2000. The property related to social purpose assets, net working capital and intangible assets was excluded from valuation. The estimated property consisted of real estate including buildings and constructions (pipe-lines), machinery and equipment, and incompleted construction works. The increase of revalued property totaled: for buildings and constructions - KZT694.4 mln, machinery and equipment - KTZ40.1 bln, transporting carriers - KZT44.7 bln. As of March 10, 2000 the validated market value of fixed assets (including construction in progress) estimated by American Appraisal Inc. amounted $811.0 mln.

AUDITOR'S CONCLUSION DATA

The table below is compiled by KASE experts on the basis of Arthur Andersen auditor's conclusion. In this case data of KazTransOil NOTC CJSC financial statements look as follow (KZT, thousands, unless otherwise specified):

Ratio as of as of as of Jan 01, 1998 Jan 01, 1999 Jan 01, 2000

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Authorized capital (paid-up)    19,202,862    19,343,214    19,406,071
Shareholders' equity            21,263,025    20,737,029    25,149,100
Book value of the assets        24,927,125    24,532,340    30,877,099
Net working capital              3,216,820     3,880,569     4,546,459
Accounts receivable (net)        4,765,562     4,030,490     4,536,870
Total liabilities                3,664,100     3,795,311     5,727,999
Loans received                     324,814       471,299        55,347
Accounts payable                 1,792,200     2,347,309     4,666,742
Sales (services offered)               N/A     8,986,137    17,698,345
Net income (loss)                      N/A       914,062     5,639,835
Return on sales (ROS), %               N/A         17.77         42.98
Return on equity (ROE), %              N/A          4.41         22.43
Return on assets (ROA), %              N/A          3.73         18.27
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As the company was founded in May 1997 the Arthur Andersen examined only balancing figures for that year. Concluding balance for year 1997 the auditor did not confirm physical inventories for a total of KZT1.9 bln as of Dec 31, 1997. The auditor did not have opportunity to check it up. It noted the absence of reserves on trade liabilities and other accounts receivable, which were overdue.

According to the auditor's conclusion over the KazTransOil NOTC CJSC financial statements gives a reliable and accurate picture of the company's financial situation as of Dec 31, for 1997-1999 in all essential aspects including cash flow and income statements. The financial statements comply to Kazakhstan and International accounting standards.