ANALYSIS: In April of 2006 volume of corporate bonds purchase and sale deals on KASE decreased by 23.9% to $259.2 m.

/IRBIS, Assel Omarova, May 10, 06/ - In April of 2006 on Kazakhstan stock exchange (KASE) 242 deals were made in corporate bonds in all sectors of the market (excluding repo-transactions sector) for a total of KZT32,671.0 m. or $259.2 m. at the current rate effective on deals making dates. The stated amount is 54.3% of monthly turnover of corporate security market (in March of 2006 - 81.6%) and 2.6% from the exchange's whole monthly turnover (4.1%). In April weighted average dirty prices of 42 securities out of 70 ones, involved in deals grew, prices of 21 ones fell, the price of one instrument did not change. There was nothing to compare prices of six new securities. ASFIb3 grew most highly (by 8.2%), BTASb2 fell most deeply (by 9.3%). Weighted average daily dirty prices of 5 securities grew by 5% or more, whereas price of only three bond fell considerably. 28 securities' yields to maturity for a buyer grew, prices of 35 ones fell. Change of lists of corporate bonds, traded on KASE, in March of 2006 ------------------------------------- Bonds: Issuers: Category of ------------ ------------ admission number trend number trend ----------- ------ ----- ------ ----- A 149 +6 52 +3 B 11 +2 10 +1 ----------- ------ ----- ------ ----- A+B 160 +8 62 +4 ------------------------------------- Notes: "A" - official "A" listing category; "B" - official "B" listing category; "A+B" - official list; by the end of the month, change for the month. Statistical characteristics of corporate bond market on KASE in March of 2006 ------------------------------------------------------------------------- Month: ------------------- Trend April March Apr. 2006 to Indicator 2006 2006 Mar. 2006 ---------------------------------------- --------- --------- ------------ Trade volume, th. USD 259,159.4 340,389.3 -23.9% Trade volume, m. KZT 32,671.0 43,679.1 -25.2% incl. on offerings, th. USD 40,183.7 1,953.4 +1,957.1% incl. on offerings, m. KZT 5,127.2 249.1 +1,958.5% incl. secondary market deals, th. USD 218,975.7 338,435.9 -35.3% incl. secondary market deals, m. KZT 27,543.8 43,430.0 -36.6% Number of deals 242 268 -9.7% incl. at offerings 13 2 +550.0% incl. on secondary market 229 266 -13.9% Number of instruments involved in deals 70 71 -1.4% Stake of nego deals (number), % 9.9 16.8 -6.9 pp Stake of nego deals (volume), % 13.4 3.4 -10.0 pp Pension assets participation, % gross 32.1 21.5 +10.6 pp Number of exchange's members, made deals 39 35 +11.4% Market concentration, %* 53.1 69.1 -16.0 pp ------------------------------------------------------------------------- * percentage from total bond turnover, which falls to the stake of most tradable securities (their number is 5% from total number of names of bonds, included in KASE's trade lists, is shown) Main indicators of KASE's corporate bond market in March of 2006 ---------------------------------------------------------------- Market. value of Index Volume of Volume of debt, KASE_BY, Index Index deals, deals, Date USD m. % APR KASE_BP KASE_BC th. USD m. KZT ---------- -------- -------- ------- ------- --------- --------- Mar 31, 06 9,201.1 7.27 190.43 129.61 9,221.79 1,184.1 Apr 3, 06 9,200.2 7.31 190.09 129.27 1,075.3 138.1 Apr 4, 06 9,192.1 7.30 190.25 129.35 5,253.2 676.1 Apr 5, 06 9,299.4 7.31 190.23 129.32 5,923.1 762.7 Apr 6, 06 9,343.8 7.33 190.16 129.25 8,947.7 1,152.5 Apr 7, 06 9,368.8 7.33 190.78 129.27 35,132.8 4,530.4 Apr 10, 06 9,375.0 7.34 190.54 129.23 1,794.4 231.3 Apr 11, 06 9,384.6 7.35 190.53 129.28 32,224.3 4,147.9 Apr 12, 06 9,380.0 7.35 190.53 129.27 2,658.0 342.1 Apr 13, 06 9,387.5 7.35 190.54 129.25 1,833.6 235.5 Apr 14, 06 9,404.6 7.33 190.75 129.38 12,104.5 1,549.4 Apr 17, 06 9,413.3 7.36 190.73 129.27 1,186.8 151.5 Apr 18, 06 9,435.4 7.37 190.72 129.22 2,200.5 279.2 Apr 19, 06 9,474.5 7.34 190.97 129.37 7,030.7 884.9 Apr 20, 06 9,564.1 7.39 190.70 129.12 21,892.1 2,736.1 Apr 21, 06 9,739.4 7.37 190.90 129.23 32,303.1 3,970.7 Apr 24, 06 9,716.9 7.38 190.83 129.15 4,819.5 595.1 Apr 25, 06 9,698.8 7.36 191.04 129.28 559.1 69.4 Apr 26, 06 9,703.4 7.38 190.89 129.15 3,660.6 454.4 Apr 27, 06 9,709.6 7.39 190.94 129.16 33,711.2 4,183.9 Apr 28, 06 9,698.4 7.39 191.15 129.14 44,848.9 5,580.1 ---------- -------- -------- ------- ------- --------- --------- Trend +497.3 +0.12 +0.72 -0.47 , , +5.4% +1.70% +0.38% -0.36% , , ---------------------------------------------------------------- Summary data by the results of bond trades on KASE in March of 2006 (purchase and sale, including primary offerings) -------------------------------------------------------------------------------- Volume of deals: Code Brief ------------------ Num- Market Price of name of th. m. ber of share, change, security Issuer USD KZT deals % % --------- ----------------------------- --------- -------- ------ ------ ------- JGOKb2 Zhairemskyi mining and processing enterprise JSC 30,340.9 3,910.8 8 11.97 X HSBKb11 Halyk savings bank of Kazakhstan JSC 29,103.5 3,584.1 8 10.97 X PRKRb2 Food contract corporation JSC 24,864.0 3,181.3 11 9.74 +0.96 EUBNb2 Eurasian bank JSC 12,260.9 1,532.4 1 4.69 +2.09 CCBNb10 Bank CenterCredit JSC 11,284.0 1,412.4 3 4.32 +3.61 TSSMb1 Transstroymost JSC 10,295.9 1,297.4 9 3.97 X ASFIb5 Astana-Finance JSC 10,069.2 1,286.4 18 3.94 -0.25 CCBNb11 Bank CenterCredit JSC 9,420.5 1,172.1 2 3.59 +7.90 BTASb4 Bank TuranAlem JSC 9,386.4 1,172.2 8 3.59 +1.56 TSBNb3 Tsesnabank JSC 9,352.2 1,168.7 5 3.58 +2.19 HSBKb4 Halyk savings bank of Kazakhstan JSC 9,333.9 1,161.3 1 3.55 +0.62 KZIKb4 Kazakhstan Mortgage Company JSC 7,507.9 961.0 1 2.94 +3.64 HSBKb8 Halyk savings bank of Kazakhstan JSC 7,201.8 896.3 4 2.74 +1.04 HSBKb9 Halyk savings bank of Kazakhstan JSC 6,569.5 829.7 7 2.54 +6.55 BTASb3 Bank TuranAlem JSC 4,908.7 613.2 7 1.88 +1.05 CCBNb12 CenterCredit Bank JSC 4,816.0 620.3 1 1.90 +0.08 KZIKb2 Kazakhstan Mortgage Company JSC 4,715.4 607.0 5 1.86 +3.42 TXBNb3 TEXAKABANK JSC 4,304.9 542.1 2 1.66 +3.04 KKAGb1 Kazakhstan Kagazy JSC 4,079.8 525.0 2 1.61 +0.57 KZIKb3 Kazakhstan Mortgage Company JSC 3,939.1 507.2 2 1.55 -3.16 BTAIb9 BTA Ipoteka JSC 3,158.7 405.8 4 1.24 +0.39 CCBNb2 CenterCredit Bank JSC 3,124.0 387.7 2 1.19 +7.64 VTBNb3 Valut-Transit-Bank JSC 2,735.8 343.5 14 1.05 -0.40 KARMb2 Karazhanbasmunay JSC 2,694.8 334.5 2 1.02 +3.49 KIBNb1 Kazinvestbank JSC 2,626.5 326.0 1 1.00 X ALKSb2 Almaty Kus JSC 2,559.5 317.9 5 0.97 -0.48 CCBNb6 CenterCredit Bank JSC 2,166.0 268.8 2 0.82 +1.77 KZIKb6 Kazakhstan Mortgage Company JSC 1,995.3 245.8 2 0.75 +0.74 CCBNb7 CenterCredit Bank JSC 1,958.6 247.5 4 0.76 +4.68 BRKZb1 Bank of Development of Kazakhstan JSC 1,783.5 219.7 3 0.67 +1.01 ZIG_b1 Zangar Invest Group JSC 1,765.1 219.2 2 0.67 -2.71 NRBNb4 Nurbank JSC 1,685.8 213.5 7 0.65 +0.45 VTBNb2 Valut-Trasnsit-Bank JSC 1,659.8 211.0 2 0.65 +1.07 KKGBb3 Kazkommertsbank JSC 1,501.1 185.3 7 0.57 +1.41 HSBKb3 Halyk savings bank of Kazakhstan JSC 1,312.1 163.2 1 0.50 +0.62 ASBNb1 Alliance Bank JSC 1,307.4 168.3 2 0.52 +4.42 TSBNb2 Tsesnabank JSC 1,263.9 155.4 4 0.48 +1.95 BTAIb3 BTA Ipoteka JSC 1,221.5 157.2 1 0.48 -0.43 ATFBb4 ATFBank JSC 955.7 118.3 3 0.36 +0.55 KRZHb1 KaragandyZharyk LLP 870.3 108.3 4 0.33 -4.54 ASFIb6 Astana-Finance JSC 782.0 100.4 1 0.31 -0.94 US_JPM_e1 JPMorgan Chase Bank, National Association 659.6 81.4 1 0.25 X ASFIb7 Astana-Finance JSC 654.1 81.2 2 0.25 +1.06 GLOTb1 GLOTUR JSC 545.1 69.6 5 0.21 -0.91 BTAIb4 BTA Ipoteka JSC 486.0 62.2 3 0.19 -5.01 KZAPb1 NAC Kazatomprom JSC 400.0 51.5 4 0.16 -1.09 VITAb4 VITA JSC 381.9 49.2 2 0.15 +3.41 UKPFb1 Ust-Kamenogorsk poultry farm JSC 372.6 48.0 6 0.15 -2.00 HSBKb2 Halyk savings bank of Kazakhstan JSC 331.6 41.8 4 0.13 -2.01 KZNHb2 Kazneftekhim JSC 320.3 40.1 2 0.12 +6.51 CCBNb4 CenterCredit Bank JSC 265.8 33.1 1 0.10 -6.81 MREKb2 Mangistau delivery electric networl company JSC 234.9 29.4 1 0.09 +0.66 ASFIb3 Astana-Finance JSC 199.7 24.8 1 0.08 +8.16 BTAIb2 BTA Ipoteka JSC 185.2 23.8 1 0.07 -1.53 ATFBb5 ATFBank JSC 182.3 22.6 2 0.07 0 ATFBb3 ATFBank JSC 162.9 20.9 2 0.06 +0.80 NRBNb3 Nurbank JSC 145.0 18.7 1 0.06 +0.19 BTAIb1 BTA Ipoteka JSC 135.5 16.8 1 0.05 -0.62 US_MER_e1 Merrill Lynch & Co., Inc 127.4 16.4 4 0.05 X CHFMb1 Chimfarm JSC 105.6 13.1 1 0.04 +4.08 ATFBb2 ATFBank JSC 92.8 11.7 5 0.04 +0.43 KZASb2 Kostanay minerals JSC 76.9 9.6 1 0.03 +0.92 BTASb2 Bank TuranAlem JSC 47.2 6.1 1 0.02 -9.27 ASBNb3 Alliance Bank JSC 44.7 5.6 7 0.02 +1.89 HSBKb5 Halyk savings bank of Kazakhstan JSC 33.4 4.3 1 0.01 +0.17 KZALb1 Mining and smelting concern Kazakhaltyn JSC 32.8 4.2 1 0.01 -0.07 VTBNb1 Valut-Transit-Bank JSC 19.7 2.5 1 0.01 -2.24 HSBKb7 Halyk savings bank of Kazakhstan JSC 15.8 2.0 1 0.01 -2.94 NRBNb2 Nurbank JSC 10.9 1.4 1 0.004 -4.85 KZIKb13 Kazakhstan Mortgage Company JSC 7.8 1.0 1 0.003 +0.44 --------- ----------------------------- --------- -------- ------ ------ ------- TOTAL 35 259,159.4 32,671.0 242 100.0 -------------------------------------------------------------------------------- Comments: Securities were sorted in descending order based on the volumes of deals expressed in U.S. dollars. Figure means ordinal number of bond issue. Absence of figure (old coding) means this is the first issue. "X" - change of price is not calculated, as this security got the first estimation on KASE in the analyzed period. [2006-05-10]