ANALYSIS: As of April 1 of 2005 total state debt of Kazakhstan issued as GS along with servicing reached KZT814.8 bn. or $6,145.4 m.

/IRBIS, Yelena Korpusenko, April 13, 05/ - As of April 1 of 2005 total state debt of Kazakhstan issued as government securities (GS), including compensating (MAOKO) and municipal bonds, along with the servicing (amount of coupon payments) equaled in current prices to KZT814.8 bn., or $6,145.4 m. at the rate of KZT132.59 per dollar. IRBIS specialists made such conclusion after analyzing its databases. While making the analysis the amounts of future payments on MEIKAM were calculated taking into consideration consumer price index registered for the period from January till April of 2005, on MEUJKAM - from April of 2004 till March of 2005. Within March 1 - 31 of 2005 total debt increased by KZT16.6 bn. (+2.07%), in dollar equivalent (taking into account changes of the National Bank's rate) - by 12.1 m. (+0.20%). Corresponding indicators of debt change in February of 2005 were -KZT2.0 bn. (-2.26%) or -$5.4 m. (-0.09%). Following table contains detailed information. ------------------------------------------------------------------------------ Amount and structure of debt ---------------------------- Change as of for the *Currency of Mar 31, 05 as of period ------------- ----------------- Feb 28, 05 --------------- Issuer issue serviсe bn. KZT stake, % bn. KZT m. KZT % ------------------- ----- ------- -------- -------- ---------- --------- ----- National Bank KZT KZT 391.368 48.0 391.523 -155.4 -0.04 ------------------- ----- ------- -------- -------- ---------- --------- ----- Ministry of Finance 414.194 50.8 397.613 +16,581.2 +4.2 incl. face value 337.839 41.5 320.775 +17,064.4 +5.3 also, domestic GS KZT, USD KZT 291.433 35.8 275.222 +16,210.4 +5.9 also, euronotes USD USD 46.407 5.7 45.553 +854.0 +1.9 incl. servicing 76.355 9.4 76.838 -483.2 -0.6 also, domestic GS KZT, USD KZT 63.448 7.8 64.168 -720.7 -1.1 also, euronotes USD USD 12.907 1.6 12.669 +237.5 +1.9 ------------------- ----- ------- -------- -------- ---------- --------- ----- Municipals USD KZT 9.258 1.1 9.120 +137.5 +1.5 incl. face value USD KZT 7.743 1.0 7.600 +142.5 +1.9 incl. servicing USD KZT 1.515 0.2 1.520 -5.0 -0.3 ------------------- ----- ------- -------- -------- ---------- --------- ----- incl. Astana akimat USD KZT 3.897 0.5 3.825 +71.7 +1.9 also, face value USD KZT 3.392 0.4 3.330 +62.4 +1.9 also, servicing USD KZT 0.504 0.1 0.495 +9.3 +1.9 ------------------- ----- ------- -------- -------- ---------- --------- ----- incl. Atyrau region USD KZT 4.737 0.6 4.683 +54.3 +1.2 akimat also, face value USD KZT 3.752 0.5 3.683 +69.0 +1.9 also, servicing USD KZT 0.985 0.1 1.000 -14.7 -1.5 ------------------- ----- ------- -------- -------- ---------- --------- ----- incl. E-Kz USD KZT 0.624 0.1 0.612 +11.5 +1.9 region akimat also, face value USD KZT 0.598 0.1 0.587 +11.0 +1.9 also, servicing USD KZT 0.025 0.003 0.025 +0.5 +1.9 ------------------- ----- ------- -------- -------- ---------- --------- ----- TOTAL 814.819 100.0 798.256 +16,563.2 +2.1 incl. face value 736.950 90.4 719.898 +17,051.4 +2.4 incl. Servicing 77.870 9.6 78.358 -488.2 -0.6 ------------------- ----- ------- -------- -------- ---------- --------- ----- OR ------------------- ----- ------- -------- -------- ---------- --------- ----- incl. internal debt KZT KZT 755.506 92.7 740.034 +15,471.7 +2.1 also, face value KZT KZT 690.543 84.7 674.346 +16,197.4 +2.4 also, servicing KZT KZT 64.963 8.0 65.688 -725.7 -1.1 ------------------- ----- ------- -------- -------- ---------- --------- ----- incl. external debt USD USD 59.313 7.3 58.222 +1,091.5 +1.9 also, face value USD USD 46.407 5.7 45.553 +854.0 +1.9 also, servicing USD USD 12.907 1.6 12.669 +237.5 +1.9 ------------------------------------------------------------------------------ * USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. Equivalents as of March 31, 05 were calculated at the rate of KZT132.59 per dollar, as of February 28, 05 - at KZT130.15. Therefore, the data shown in the table reflects the dynamics due to exchange rate fluctuations besides all other factors. Similar figures in U.S. dollars are given in the following table. ----------------------------------------------------------------------------- Amount and structure of debt ---------------------------- Change as of for the *Currency of Mar 31, 05 as of period ------------- ----------------- Feb 28, 05 -------------- Issuer issue serviсe m. USD stake, % m. USD th. USD % ------------------- ----- ------- -------- -------- ---------- --------- ---- National Bank KZT KZT 2,951.7 48.0 3,008.2 -56,531.9 -1.9 ------------------- ----- ------- -------- -------- ---------- --------- ---- Ministry of Finance 3,123.9 50.8 3,055.0 +68,835.3 +2.3 incl. face value 2,548.0 41.5 2,464.7 +83,344.1 +3.4 also, domestic GS KZT, USD KZT 2,198.0 35.8 2,114.7 +83,344.1 +3.9 also, euronotes USD USD 350.0 5.7 350.0 0 0 incl. servicing 575.9 9.4 590.4 -14,508.8 -2.5 also, domestic GS KZT, USD KZT 478.5 7.8 493.0 -14,508.8 -2.9 also, euronotes USD USD 97.3 1.6 97.3 0 0 ------------------- ----- ------- -------- -------- ---------- --------- ---- Municipals USD KZT 69.82 1.1 70.07 -252.45 -0.4 incl. face value USD KZT 58.4 1.0 58.4 0 0 incl. servicing USD KZT 11.4265 0.2 11.6789 -252.45 -2.2 ------------------- ----- ------- -------- -------- ---------- --------- ---- incl. Astana USD KZT 29.4 0.5 29.4 0 0 akimat also, face value USD KZT 25.6 0.4 25.6 0 0 also, servicing USD KZT 3.8 0.1 3.8 0 0 ------------------- ----- ------- -------- -------- ---------- --------- ---- incl. Atyrau USD KZT 35.7 0.6 36.0 -252.5 -0.7 region akimat also, face value USD KZT 28.3 0.5 28.3 0 0 also, servicing USD KZT 7.4 0.1 7.7 -252.5 -3.3 ------------------- ----- ------- -------- -------- ---------- --------- ---- incl. E-Kz region USD KZT 4.70 0.1 4.70 0 0 akimat also, face value USD KZT 4.50 0.1 4.50 0 0 also, servicing USD KZT 0.1923 0.003 0.1923 0 0 ------------------- ----- ------- -------- -------- ---------- --------- ---- TOTAL 6,145.4 100.0 6,133.4 +12,051.0 +0.2 incl. face value 5,558.1 90.4 5,531.3 +26,812.3 +0.5 incl. Servicing 587.3 9.6 602.1 -14,761.2 -2.5 ------------------- ----- ------- -------- -------- ---------- --------- ---- OR ------------------- ----- ------- -------- -------- ---------- --------- ---- incl. internal debt KZT KZT 5,698.1 92.7 5,686.0 +12,051.0 +0.2 also, face value KZT KZT 5,208.1 84.7 5,181.3 +26,812.3 +0.5 also, servicing KZT KZT 490.0 8.0 504.7 -14,761.2 -2.9 ------------------- ----- ------- -------- -------- ---------- --------- ---- incl. external debt USD USD 447.3 7.3 447.3 0 0 also, face value USD USD 350.0 5.7 350.0 0 0 also, servicing USD USD 97.3 1.6 97.3 0 0 ----------------------------------------------------------------------------- * USD is shown as issue currency also in case the face value of bond is expressed in tenge, but the security is indexed on the level of changing of the rate of tenge to US dollar. According to the data of IRBIS, issue volume of the National Bank's GS in March by amounts of floatation was KZT103,244.9 m. (in February - KZT74,256.1 m.). Moreover, the issuer paid off his liabilities for a total of KZT103,655.3 m. (KZT83,059.7 m.). March's net-borrowing balance of the National Bank on GS market was negative KZT410.4 m. Corresponding index of February - negative KZT8,803.7 m. In March the Ministry of finance borrowed KZT15,999.4 m. due to MEKAM offering (in February - KZT18,777.1 m.) and paid face value of bonds and coupons for a total of KZT1,577.5 m. (in February 1,966.9 m.). March's net- borrowing balance of the Ministry of finance is estimated by IRBIS as positive KZT14,421.8 m. (in February - positive KZT16,810.2 m.). Total March's net-borrowing balance of all Kazakhstan GS issuers is estimated by IRBIS as positive KZT13,978.5 m. ("minus" sign in balance indicator means that the mentioned sum was withdrawn from issuer's budget and remained in investors' possession, "plus" sign - issuer borrowed more by the mentioned sum than redeemed). Corresponding indicator of February - positive KZT7,981.7 m. IRBIS agency draws the attention of its subscribers and mass media to the fact that figures presented above are not an official data since it was obtained through analyzing information on primary GS market using databases of the agency. As regards domestic bonds, agency's databases have been checked according to the data presented to IRBIS by Central securities depository CJSC (Almaty). [2005-04-13]