/KASE, October 10, 02 / - On October 10, 2002 the specialized trades on primary floatation of coupon indexed bonds of local executive body of Astana city of the fourth issue in KASE trade system. Only limited (competitive) bids were admitted to the trades.

Bonds were offered by the issuer at face value. The subject of the haggling was fixed coupon interest rate, which will be paid to bondholders twice a year.

Following are issue parameters and full floatation results.

ISSUE PARAMETERS

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Type of securities                         Inscribed coupon mid-term
                                           indexed bond
NIN                                        KZZ4KY030048
KASE trade code                            AST036.004
Issue currency                             Kazakhstan tenge
Servicing currency                         Kazakhstan tenge
Type of indexation                         Face value at the rate of KZT to USD
                                           of the National Bank of Kazakhstan
Par value                                  KZT100
Circulation start date (the first date of
accumulated interest charging)             October 11, 02
Maturity date (planned/actual)             October 9, 05 / October 10, 05
Days in circulation                        1095 (3 years)
Type of coupon                             semi-annual
Coupon payments dates (planned/actual)   1 April 10, 03 / April 10, 03
                                         2 October 10, 03 / October 10, 03
                                         3 April 9, 04 / April 9, 04
                                         4 October 9, 04 / October 11, 04
                                         5 April 9, 05 / April 11, 05
                                         6 October 9, 05 / October 10, 05
Register fixation term (coupon, repayment) 3 working days
Announced issue volume, KZT                1,633,000,000.00
Settlement basis                           actual/365
------------------------------------------ ------------------------------------
PARAMETERS OF THE SPECIALIZED TRADES
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Date of specialized trades conducting      October 10, 02
Time for applications presenting           11:30 - 13:00 ALT
Payment date (till 4:00 PM ALT)            October 10, 02
Offering volume, KZT                       1,630,000,000.00
Rate of KZT/USD on payment date            154.50
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PARAMETERS OF DEMAND
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Number of participants - KASE members      6
Number of submitted bids                   9
Volume of submitted bids, bonds            52,881,000
Volume of submitted bids, KZT              5,288,100,000.00
Bid to ask, %                              324.4%
Minimal rate on bid, %APR                  8.0000
Maximal rate on bid, %APR                  9.0000
Weighted average rate on bid, %APR         8.4122
------------------------------------------ ------------------------------------
FLOATATION RESULTS
------------------------------------------ ------------------------------------
Volume of satisfied bids, bonds            16,330,000
Volume of satisfied bids, KZT              1,633,000,000.00
Set coupon rate, %APR                      8.3100
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61.99% of total volume of bid fell to the share of banks, 38.01 - to the share of their corporate clients. Investors of other categories did not take part in the floatation.

After conducting by the issuer of cutting-off procedure that determined the size of coupon interest rate in the amount of 8.31%APR three bids were satisfied. At this, 100% of the floated bonds were purchased by banks' clients.

By the results of the specialized trades the issuer floated the whole planned volume.

[2002-10-10]