Results of special trades on initial offering of first issue bonds of Development Bank of Kazakhstan CJSC

/KASE, March 6, 02, official press-release of the Exchange/ - On March 5, 2002 in the trade system of the Kazakhstan Stock Exchange (KASE) a special trades on initial offering of first issue bonds of Development Bank of Kazakhstan CJSC (Astana) were held. The bonds were admitted into the official list of KASE securities under category "A" on February 19, 2002. Based on the issue terms of the bonds, their face value is indexed towards KZT/USD rate of the Exchange. The trades were held over the "clean" price of the bonds (excluding accumulated interest), expressed in percents of the indexed face value of the securities. The bids were satisfied at the trades by the issuer at a single price - cut-off price which has been set on March 5. Following are the issue parameters and complete results of the offering. ISSUE PARAMETERS ------------------------------------ ------------------------------------------ Type of the securities: indexed inscribed coupon bonds Type of debt: nonsubordinated unsecured Issue currency: Kazakhstani tenge (KZT) Servicing currency: Kazakhstani tenge (KZT) National identification number: KZ2CKY05A473 KASE trade code: BRKZb1 Face value in issue currency: 1,000.00 Issue volume in issue currency: 4,500,000,000 Circulation starts on (issue date): Feb 15.02 Floatation term: 5 years from the circulation starting date Circulation term: 5 years Maturity date: Feb 15.07 Coupon: 8,5% APR of indexed face value Coupon payment dates: each year on August 15 and February 15 Time basis for all settlements: 30/360 Register fixing term for coupons: 30 days to payment date Register fixing term for maturity: 30 days to maturity date Financial consultants of the issuer: Halyk Bank of Kazakhstan OJSC (Almaty), AMB OJSC (Almaty) ------------------------------------ ------------------------------------------ PARAMETERS OF TRADES ------------------------------------ ------------------------------------------ Trading date: March 5, 2002, 11:30AM - 5:30PM ALT Announced offering volume: KZT1,500,000,000.00 at face value Satisfaction share of market bids: 70% of actually satisfied bids Payment date for purchased bonds: March 6, 2002, 4:00PM ALT Exchange rate on floatation date: KZT152.20 for $1 Exchange rate on issue date: KZT151.96 for $1 Indexation coefficient of face value on floatation date: 1.001579363 Accumulated interest on floatation date: 0.495833% of indexed face value ------------------------------------ ------------------------------------------ DEMAND PARAMETERS ------------------------------------ ------------------------------------------ Number of participants - members of KASE: 9 Number of submitted bids: 12 Volume of submitted bids: securities 3,650,993 in tenge at face value 3,650,993,000.00 in tenge discounted 3,521,053,719.94 Demand to offer: 234.7% Bid price (yield at semiannual basis): min 92.0000%,(10.62%,APR) max 97.7978%,(9.06%,APR) WA 95.8274%,(9.58%,APR) ------------------------------------ ------------------------------------------ FLOATATION RESULTS ------------------------------------ ------------------------------------------ Volume of satisfied bids: securities 1,525,793 in tenge at face value (floatation volume) 1,525,793,000.00 in tenge discounted (borrowing volume) 1,499,771,077.66 Cut-off price: 97.6437 Yield to maturity for buyer: 9.1004%,APR,(semiannual basis) Effective yield: 9.3074%,APR,(annual basis) ------------------------------------------------------------------------------- Since these prices were expressed in percents of the indexed face value of the bonds, calculated yield reflects potential return in equivalent of the currency. The banks expressed the most of the interest towards the bonds, and accounted for 55.48% of the total demand. The entities of the pension market took 34.13%, and clients of brokerage-dealing companies accounted for 10.39% of the demand. Other investors did not participate in the offering. After the cut-off procedure five bids submitted by five members of the Exchange were satisfied. By the results of the auction 59.9% of the offered volume of the debt at face value was bought by the banks, 24.9% by the clients of the brokerage-dealing companies, 15.2% by the entities of the pension market. And the issuer has floated all planned volume.