/IRBIS, Dec.19, 00/ - Following are the comments of the Kazakhstan Stock Exchange (KASE) Listing commission, made due to the admittance of the first issue inscribed coupon bonds of Bank CenterCredit OJSC (Almaty) into official list of the KASE securities under category "A".

Comments of the Listing commission - it is a description of the issuer's certain activities, that should be taken into account by potential investors. The information presented below should be considered along with the news blocks of the agency IRBIS published due to the admittance of the Bank CenterCredit OJSC first issue bonds into official list of the KASE securities under category "A".

General situation on the banking sector of Kazakhstan. Based on the statistics of the National Bank of Kazakhstan, from December 1995 to present days the number of the second tier banks decreased from 130 (December 1995) to 47 (September 2000), which was accompanied by the concentration of the capitals in the banking sector. The capital of the banks grew from KZT14.9 bln to KZT83.6 bln, aggregate assets - from KZT163.0 bln to KZT436.8 bln. Within the third quarter of the year 200 only the capital of the second tier banks grew by KZT4.3 bln, aggregate assets - by KZT26.4 bln. By the results of 9 months of this year 23.4% of all existing second tier banks in Kazakhstan are the banks with paid authorized capitals exceeding KZT1.3 bln, 53.2% - up to KZT1.3 bln, 21.3% - from KZT130 to KZT500 mln and 2.1% - up to KZT80 mln (as of late 1995: 53.1% - the banks with paid authorized capitals of up to KZT20 mln and only 0.8% - up to KZT1.3 bln).

As a result of macroeconomic stabilization in the country and general positive situation in the economy, the returns of financial instruments and loan interests began to fall, which, along with continuing trend of capital concentration in the banking sector, increases the competition among the banks, which will get even more tough under a stable economy.

Loan portfolio. The loans are granted to the clients within a specified financing limits on the basis of unanimous approval of all members of the Bank CenterCredit OJSC Loan committee. As of Oct.1, 00, the loans with more than 1 year repayment term total KZT9.2 bln, or 78.9% of the bank's all loan portfolio (KZT11.7 bln). At that, time deposits equal KZT6.4 bln, or 47.6% of all the deposits attracted by the bank (KZT3.0 bln, or 22.9% - up to three months), call deposits - KZT7.0 bln, or 52.4%.

Increase in the bank's shareholders' equity. The purpose of the bond issue to be conducted by the Bank CenterCredit OJSC - subordinated debt, which is entered into the second level capital (total of not more than 50% of the first level capital). As of October 1, 2000, announced and issued authorized capital of the bank equaled KZT2,063,339.0 th. paid - KZT1,469,296.0 th., shareholders' equity - KZT1,687,670.0 th.

Bank investments. In 2001 the Bank CenterCredit OJSC plans to install 20 automated teller machines at all branch offices and at the head office in order to service VISA International cards, which will increase expenses by $400 th. (it is this amount that was allocated for this purpose in 2001). By the information of the Bank CenterCredit OJSC management, these expenses are to be covered with the incomes from lending activities and the operations with the securities. Therefore, the Exchange these activities can reduce the effective profitability of the bank assets in near future.

Prudential norms. As of October 1, 2000, the Bank CenterCredit OJSC had an incomliance with the maximum risk per borrower, who is not related to the bank (k3). With the right value being 0.25, the bank's ratio equaled 0.42. Based on the information of the Banking supervision department of the National Bank of Kazakhstan this violation was consistent in the year 2000. By coordinating its activities with the National Bank, the number of activities were to be taken until December 31, 2000 to eliminate the violation of k3. As of November 1 of this year the ratio k3 decreased to 0.39. By the results of additional inquiries of the KASE, dated December 18 and 19, it was found out that as of December 1, 2000 (by the data of the Bank CenterCredit OJSC, confirmed by the Banking supervision department of the National Bank of Kazakhstan) k3 ratio equaled 0.19, which proves that the bank has eliminated the violation ahead of schedule.