/KASE, June 27, 03 / - On June 27, 2003 the specialized trades on primary additional floatation of municipal indexed bonds of Astana city of the sixth issue were held in Kazakhstan stock exchange's (KASE) trade system.

The subject of the haggling was bonds' clean price (without accumulated interest), which was expressed as percentage of indexed face value. Only limited bids were admitted to the trades.

Following are issue parameters and full results of the additional floatation.

ISSUE PARAMETERS

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Type of securities                             inscribed coupon bond indexed on
                                               changing of the rate of KZT to USD
Ordinal number                                 6
NIN                                            KZZ4KY040062
KASE trade code                                AST048.006
Issue currency                                 KZ tenge
Servicing currency                             KZ tenge
Type of indexation                             face value on changing of the
                                               rate of KZT to USD of the
                                               National Bank of Kazakhstan
Face value                                     KZT100
Announced issue volume, KZT                    1,300,000,000.00
Circulation start date                         June 26, 03 (1st day of
                                               accumulated interest charging)
Maturity date (planned/actual)                 June 24, 07 / June 25, 07
Days in circulation                            1460 days (4 years)
Type of coupon                                 semi-annual
Coupon rate, % APR                             8.50% APR
Coupon payments dates (planned/actual)       1 Dec 24,03 / Dec 24,03
                                             2 June 24,04 / June 26,04
                                             3 Dec 23,04 / Dec 25,04
                                             4 June 24,05 / June 25,05
                                             5 Dec 23,05 / Dec 24,05
                                             6 June 24,06 / June 26,06
                                             7 Dec 23,06 / Dec 25,06
                                             8 June 24,07 / June 25,07
Register fixation term at coupon payment       2 working days
Register fixation term at maturity             3 working days
Settlement basis                               actual/365
Rate at the beginning of circulation (USD/KZT) 148.45
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TERMS OF THE ADDITIONAL FLOATATION
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Date of specialized trades conducting          June 27, 03
Time for applications presenting               11:30 - 12:00 of Almaty time
Payment date (till 4:00 PM ALT)                June 27, 03 (Т+0)
Volume of additional floatation, KZT           345,000,000.00
Accumulated interest, % of the face value      0.046575% of indexed face value
Rate on additional floatation date (USD/KZT)   148.31
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PARAMETERS OF DEMAND
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Number of participants - KASE members          2
Volume of submitted bids, bonds                10,950,000
Volume of submitted bids, KZT                  1,094,556,797.62
Bid to ask, %                                  317.4
Demand price, % of face value (clean):
minimum                                        100.0003
maximum                                        100.0500
weighted average                               100.0073
Yield on demand, % APR (semi-annual basis / annual basis)
minimum                                        8.4851 / 8.6652
maximum                                        8.5000 / 8.6807
weighted average                               8.4979 / 8.6786
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RESULTS OF ADDITIONAL FLOATATION
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Volume of satisfied bids:
in bonds                                       3,449,783
in USD at face value                           2,326,062.30
in tenge on the sum of borrowing               344,883,028.02
Prices, % of the face value (clean):
maximum                                        100.0500
minimum (cut-off)                              100.0139
weighted average                               100.0202
Yield to maturity, % APR (semi-annual basis / annual basis)
maximum                                        8.4960 / 8.6765
minimum                                        8.4851 / 8.6652
weighted average                               8.4941 / 8.6745
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68.5% of total demand volume fell to the stake of commercial Kazakhstan banks, 31.5% - to the stake of their clients. Investors of other categories did not take part in the floatation.

After the issuer conducted cutting-off procedure two bids, which were submitted by one member of KASE, were satisfied. 17.4% in total volume of the additionally floated bonds fell to the stake of one bank, 82.6% - to the stake of its client.

According to results of the trades the issuer has floated bonds for total face value of KZT344,978,300.00 while the announced volume of additional floatation was KZT345,000,000.00.

Judging on results of stock exchange's two specialized trades Astana's akimat has floated 12,999,783 bonds of this issue that equals at face value to KZT1,299,978,300.00, while the registered issue volume was KZT1,300.0 m. I.e. the issue has been entirely floated. Weighted average yield of bonds for purchasers on all conducted specialized trades equaled to 8.4984% APR on semi-annual basis.

[2003-06-27]