MINISTRY OF FINANCE OF KAZAKHSTAN CHANGES CALCULATION BASIS ONLY FOR GB ISSUED AFTER APRIL 2

/IRBIS, Apr.10, 01/ - As the agency IRBIS informed yesterday, the government of Kazakhstan by its resolution #437, dated April 2, 2001, "On making amendments and modifications to several decisions of the Government of Kazakhstan" approved new wording of government bonds (GB) issue, floatation, circulation, redemption and servicing rules. The resolution goes into effect as soon as it is signed. The modifications related to issue, floatation, circulation, redemption and servicing regulations (now the rules) of following government bonds: MEKKAM, MEOKAM, MEIKAM, MEKAVM, MEAKAM. One of the most principal innovations is the change in the calculation basis of the yields of the bonds mentioned above. The basis was set at actual number of calendar days in calculation period of circulation and 365 days in a year (previous basis was actual / 364). Based on this regulation, the changes were made to respective clauses of the issue, circulation and redemption rules of MEKAM. As the IRBIS agency was informed by one of the Ministry of Finance employee today, it became clear that the changes in calculation basis apply to only the bonds issued by the Ministry after April 2, 2001, though there was nothing about this in the resolution. The yields of the Ministry of Finance bonds, issued prior to this date, will be calculated using the previous method. Hence, the Ministry of Finance will give new parameters of MEOKAM-36 of 34th issue (KZ53L0104A41), dated Apr 2, 01 and MEOKAM-24 of 39th issue (KZ52L1004A33), dated Apr 9, 01 to the Kazakhstan Stock Exchange (KASE) today, which will be entered into the trade system. Till that time these bonds will be blocked in the trade system and no deals will be made in them. The notes of the National Bank, which were issued after April 2, are still questionable, since no official documents were received from the country's head bank regarding the changes in the calculation basis. After April 2 the National Bank have already issued two issues of notes and conducting the third one today. Therefore, changes and amendments into the internal document of KASE "Deal amount and bond yield calculation method", which are enacted on April 9, 2001, will be reviewed soon.