HF WU 06_21_10

8/9/2019 HF WU 06_21_10

1/17

HALYK FINANCE

Weekly Update June 21, 2010

1

WEEKLY UPDATE

June 21, 2010

500

700

900

1100

1300

1500

1700

1900

2100

Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10

KASE index

144,00

146,00

148,00

150,00

152,00

154,00


KZT/USD

40

45

50

55

60

65

70

75

80

85

90


Brent oil

700

800

900

1000

1100

1200

1300


Gold spot

Banks 2State-owned bank to fill void in trade finance 2HSBC Kazakhstan acquired retail business of RBS Kazakhstan 2Goldman Sachs sues BTA for non-payment 3

Capital markets 4Moodys on KMG NC bond issue 4

Oil 5NC KazMunaiGas to upgrade its oil refineries 5Kazakhstan to reinstate export tax on commodities 5

Global Markets 6Bonds 8

International Bonds 8Domestic Bonds 9Government Bonds 13

Kazakhstan Stock Exchange 14International Stock Exchanges 16

8/9/2019 HF WU 06_21_10

2/17

HALYK FINANCE


2

Banks

State-owned bank to fill void in trade finance

Eurasian Development Bank adopted a program of development of trade finance to facilitate trade anddevelopment among the member-states, that is, Russia and Kazakhstan. The program includes directfinancing of export-import contracts by the bank as well as the support to letters of credit andguarantees. The bank expects the program to activate cooperation with financial institutions of themember-states and to offer favorable conditions for the development of companies engaging in foreigntrade.

Fig 1. Kazakh banks stock of letters of credit, USD bn

0

5

10

15

20

25

30

35

40

Apr-07

Jun-07

Aug-07

Oct-07

Dec-07

Feb-08

Apr-08

Jun-08

Aug-08

Oct-08

Dec-08

Feb-09

Apr-09

Jun-09

Aug-09

Oct-09

Dec-09

Feb-10

Apr-10

Jun-10

Source: Financial Markets Supervision Agency (FMSA)

Since early 2009 when Kazakh banks decided to restructure trade finance obligations along the senior

debt, the government has been trying to substitute it with facilities from state owned banks.

HSBC Kazakhstan acquired retail business of RBS Kazakhstan

HSBC agreed to pay $52mn for the retail business of RBS Kazakhstan. HSBC will inherit consumer loanportfolio, credit card customers, four branches, 80 ATMs and about 490 employees. The deal is expectedto close before September 2010, subject to regulatory approval.

After the failure to raise capital through rights issue in 2008, the parent bank RBS was recapitalized bythe British government which ended up holding 57% of the bank. Last week RBS sold its retailbusinesses in the United Arab Emirates and Pakistan.

The rumors of an impending deal with HSBC Kazakhstan have been circulating since mid-2009. BothHSBC and RBS subsidiaries in Kazakhstan have remained small outfits, ranked 13th and 15th by assetsas of 2010. The size of RBS Kazakhstans loan portfolio is KZT 35bn, having shrank by 40% in the lastyear, with approximately one third of the loans issued to individual customers. RBS Kazakhstans retaildeposits amount to KZT 10.5 bn, or half of a percent of the systems total. Its corporate clients depositsthat the bank will retain amount to KZT 121 bn, or 2.2% of the systems. RBS regulatory capital as ofJune 1, 2010 stood at KZT 20.3 bn, or USD 138 mn.

Assuming that the banks value is split between the retail and corporate business is in the sameproportion as the loan book, we estimate the price-to-book multiple of the retail business to have been1.1-1.2.

Sabit Khakimzhanov

8/9/2019 HF WU 06_21_10

3/17

HALYK FINANCE


3

Goldman Sachs sues BTA for non-payment

The Moscow Arbitration Court once again rescheduled the hearing of Goldman Sachs case against BTABank and Turanalem Finance in the amount of RUR 3.178 bn ($102 mn).

Goldman Sachs sues BTA Bank over non-payment of its bond obligations which came due in 2009. The

hearing will be held on June 30th, 2010. The court will review BTA Banks restructuring plan, which wasapproved by majority of Banks financial creditors on May 28th, 2010.

Goldman Sachs was the first financial advisor to BTA Bank on debt restructuring. Shortly after therestructuring process began it resigned from its advisory role in July 2009.

Roman Assilbekov

8/9/2019 HF WU 06_21_10

4/17

HALYK FINANCE


4

Capital markets

Moodys on KMG NC bond issue

On June 11, 2010, Moody's Investors Service assigned a provisional rating of (P) Baa2 to an upcomingdomestic bond issue of National Company KazMunayGas. The outlook on the rating is negative.

According to press-release, the bonds will be denominated in Tenge and will amount to KZT248.65 bn(US$1.7 bn). The bonds will have a three-year maturity and will be indexed to USD/KZT exchange rate.Coupon rate is expected to be 7% per annum. The proceeds from the issuance are expected to be usedby KMG to repay debt and for general purposes.

The placement will be by far the largest bond issuance in Kazakhstans domestic market. However,according to Moodys, the bonds issued by KMG will be purchased by Kazmunaigas E&P, its explorationand production subsidiary. In effect, this makes it a loan from KMG EP to a parent.

No information has been provided to explain why KMG Group decided to follow a more expensive bondstructure over a loan agreement. Perhaps, this is due to necessity to preserve flexibility that bondstructure provides, because it allows to sell the bonds on open market if liquidity is required.

On June 14th, KMG issued a press-release indicating that Moodys press-release on upcoming bond issuehad been premature and terms and conditions of the issue have not been finalized.

Roman Assilbekov

8/9/2019 HF WU 06_21_10

5/17

HALYK FINANCE


5

Oil

NC KazMunaiGas to upgrade its oil refineries

On June 16, Daniyar Tiessov, a Managing Director at National Company KazMunaiGas (NC KMG), held apress conference to update the public on the companys progress in modernization of its oil refiningfacilities. At the press event, the NC KMG official highlighted the following points:

- The company is currently reconstructing ELOU-AVT-3 petroleum refining units and delayed cokingunits at its Atyrau oil refinery and is planning to build an aromatic hydrocarbons production facilityand an oil deep processing complex. Upon completion of these initiatives, the refinery will startproducing Euro-4 compliant oil products;

- Four years ahead of schedule, NC KMG has recently repaid the JPY-denominated $145 mln loan fromJapan Bank for International Cooperation. The repayment has been accelerated in advance of aplanned large new debt issuance to finance the reconstruction efforts at the refinery in Atyrau;

- The company is currently conducting feasibility studies of projects aimed at increasing capacities ofShymkent and Pavlodar oil refineries and at upgrading their product lines to Euro-4 standards;

- By 2012, NC KMG plans to launch production of road bitumen at its Aktau Plastics Plant. The plantwill consume up to 1.0 mln tons of crude oil from Karazhanbas oil field a year and produce 0.4 mlntons of road bitumen (grades BND 60/90 and BND 90/130) and polymer-modified bitumen;

- Without naming a buyer, Tiessov said that NC KMG is negotiating a sale of a 50% stake in Pavlodaroil refinery with a major Russian oil producer to ensure a long-term supply of oil to the refinery.(Note: Responding to a reporters question in Saint-Petersburg, Lukoil Vice-President Leonid Fedunexcluded his firm from the list of potential buyers saying Lukoil is not interested in the refinery.)

Timur Omoev

Kazakhstan to reinstate export tax on commodities

In his June 21 speech before the Parliament, Kazakhstan Prime-Minister Masimov announced that thegovernment plans to re-introduce export duties on a series of commodity products. Masimov notedthat the 2009 repeal of the export duty was intended to support the extracting industries at a time of adramatic fall in commodity prices. According to the Prime-Minister, the prices have found theirstabilization point justifying return of the export levy.

Although the government is yet to provide details on the tax, the decision will have a negative impact onshare prices of Kazakhstans exporters, including ENRC, Kazakhmys and KazMunaiGas EP (all underHalyk Finance coverage).

Timur Omoev

8/9/2019 HF WU 06_21_10

6/17

HALYK FINANCE


6

Global Markets

Interest Rates, %

Kazakhstan Russia Ukraine

NBK ref. rate 7,00 CBR ref. rate 7,75 NBU discount rate 9,50

KAZPRIME 2,00 MOSPRIME 3,96 Ukr Interbank Weighted Rate 2,40

Europe USA UK

ECB ref. rate Discount rate 0,75 Minimum lending rate 0,50

LIBOR EUR 3M 0,66 LIBOR USD 3M 0,54 LIBOR BP 3M 0,73

Japan China Korea

Basic discount rate 0,30 Base Rate Official rate 2,00

Libor JPY 3M 0,24 Shanghai interbank rate 3,65 KORIBOR 2,45

Inflation, % Exchange Rates

Country 2009

Last

monthavailable

Last

Month 12M

Kazakhstan 6,3 May 10 0,6 7,0

Russia 8,8 May 10 0,5 6,0

Ukraine 12,3 May 10 -0,6 8,5

USA 3,8 May 10 0,1 2,0

Eurozone 0,9 May 10 0,5 1,5

UK 2,9 Apr 10 0,6 3,7

Japan -1,7 Apr 10 0,0 -1,2

China 1,9 May 10 -0,1 3,1

Korea 2,8 May 10 0,1 2,7

Country Ticker Spot 1W % 1Y % 1Y F

Kazakhstan USDKZT 147,02 -0,1 -2,2 148,60

Russia USDRUB 31,00 -1,9 -0,8 32,00

Ukraine USDUAH 7,92 -0,1 3,2 8,68

Eurozone EURUSD 1,24 2,3 -11,1 1,24

UK GBPUSD 1,48 1,9 -9,6 1,48

Japan USDJPY 90,71 -1,0 -5,3 90,00

China USDCNY 6,83 -0,1 -0,2 6,71

Korea USDKRW 1202,65 -3,5 -4,5 1199,43

Stock Market Indices

Index Last

1W

% YTD% 1Y %

MSCI World 1115 3,2 -4,5 16,4

KASE 1466 -1,3 -17,1 34,5

RTS 1409 3,9 -2,4 41,3

FTSE 100 5251 1,7 -3,0 22,7DAX 6217 2,8 4,4 28,5

NASDAQ 100 1913 3,6 2,9 31,6

S&P 500 1118 2,4 0,2 21,7

Dow Jones

Industrial 10451 2,3 0,2 22,1

Nikkei 225 9995 3,0 -5,2 3,0

Shanghai compos. 2513 -2,2 -23,3 -11,9

KOSPI 1712 2,2 1,7 24,4

8/9/2019 HF WU 06_21_10

7/17

HALYK FINANCE


7

Commodities, USD

Spot 1W % YTD% 1Y %

1YFutures

Brent bbl 78,8 5,1 1,2 12,4 76,2

Copper mt 6 408,0 -0,7 -12,7 29,5 6 635,3Lead mt 1 722,5 4,4 -28,3 4,4 1 692,8

Zinc mt 1 697,0 -0,7 -32,9 10,5 1 751,3

Nickel mt 19 520,0 0,2 5,8 30,8 20 230,0

Aluminium mt 1 914,0 0,0 -12,9 18,7 1 945,5

Uranium lb 40,4 0,6 -8,6 -13,1 n/a

Ferroalloy mt 2 998,3 0,0 32,0 97,1 n/a

Steel mt 412,5 -1,3 6,2 13,8 406,0

Gold t oz 1 256,8 2,5 14,4 34,7 1 258,3

Wheat mt 167,2 1,7 -7,1 -21,3 461,8

Corn mt 131,7 3,4 -10,5 -14,1 360,8

5 year CDS spreads

Last 1w, bps 1m, bps YtD, bps

KazakhstanSovereign 205 -2 -12 -17

Russia sovereign 176 -9 -22 -8

Ukraine Sovereign 614 -8 -8 -618

KKB 873 3 61 -272

Halyk 578 -88 -67 -117

SBER 212 0 0 0

VTB 362 -17 -9 -39

Kookmin Bank 147 -17 -8 54

Unicredit 160 -14 -35 65

RBS 144 -8 -11 22

Citi 166 -43 -27 6

Source: Bloomberg Price source: SMA New York, except for KKBCBGN(Composite New York)

0

2 0 0

4 0 0

6 0 0

8 0 0

1 0 0 0

1 2 0 0

1 4 0 0

11.

16.

09

12.

01.

09

12.

16.

09

12.

31.

09

01.

15.

10

01.

30.

10

02.

14.

10

03.

01.

10

03.

16.

10

03.

31.

10

04.

15.

10

04.

30.

10

05.

15.

10

05.

30.

10

06.

14.

10

Kazakhs tan Rus s ia H alyk Sber V T B KKB

Source: Bloomberg Price source: SMA New York, except for KKB CBGN(Composite New York)

8/9/2019 HF WU 06_21_10

8/17

HALYK FINANCE


8

Bonds

International Bonds

Coupon Bid AskIssuer

Issuesize, mn

CurrType %

Issuedate

Maturdate

Dur,years

Price YTM,%change1W bps

change6M bps

Price YTM,%change1W bps

Credit Rating,FitchMoody's

S&P

Alliance Bank 615 USD Fix 10,5 Mar-10 Mar-17 4,7 89,5 12,9 -48,7 N/A 92,5 12,1 -34,8 N.R.N.R.N.R.

ATF Bank 100 USD Var 10,0 Nov-06 N/A 4,8 94,8 9,5 -34,0 -232 99,8 9,0 -46,6 N.R.B1NR

ATF Bank 200 USD Fix 8,1 Oct-05 Oct-10 0,3 100,0 8,1 -75,1 -114 101,4 4,1 -71,9 BBBBa1NR

ATF Bank 350 USD Fix 9,0 May-06 May-16 4,7 100,3 8,9 -29,5 -159 102,5 8,4 -47,6 BBBBa1NR

ATF Bank 450 USD Fix 9,3 Feb-07 Feb-14 3,1 103,1 8,2 -50,8 N/A 105,1 7,6 -58,2 BBBBa1NR

ATF Bank 200 USD Fix 9,3 Apr-05 Apr-12 1,7 101,9 8,1 -29,7 -191 103,6 7,1 -31,0 BBBBa1NR

BTA Bank 400 USD Var 8,0 Mar-04 Mar-14 3,2 44,3 34,8 -68,4 -1 137 47,6 32,1 -105,0 CCD

BTA Bank 500 EUR Var 6,3 Sep-06 Sep-11 1,3 43,4 103,3 -688,4 -271 47,5 89,2 -712,5 CCN.R.

BTA Bank 350 USD Var 8,5 Feb-05 Feb-15 3,6 45,3 31,2 -71,9 -1 171 48,4 29,1 -108,2 CCD

BTA Bank 1000 USD Var 8,3 Jan-07 Jan-37 4,5 46,1 17,9 -102,0 -883 47,8 17,3 55,5 CCD

Centerredit 500 USD Fix 8,6 Jan-07 Jan-14 3,1 97,8 9,3 -61,8 -155 98,9 9,0 -66,0 BBa3N.R.

Centerredit 300 USD Fix 8,0 Feb-06 Feb-11 0,6 99,6 8,7 -11,6 -244 100,6 7,0 -16,6 BBa3N.R.

DBK 150 USD Fix 6,0 Mar-06 Mar-26 9,7 83,3 7,9 -6,3 -6 87,5 7,4 -21,0 BBB-Baa3BBB-

DBK 100 USD Fix 6,5 Jun-05 Jun-20 7,4 92,8 7,5 -19,0 19 97,3 6,9 -36,2 BBB-Baa3BBB-

DBK 100 USD Fix 7,4 Nov-03 Nov-13 3,0 103,5 6,2 -25,0 -64 107,8 4,9 -79,4 BBB-Baa3BBB-

Eurasian Bank 500 USD Fix 7,4 Sep-09 Sep-14 3,7 103,7 6,4 -42,1 -1 105,6 5,9 -70,6 BBBA3N.R.

Halyk Bank 700 USD Fix 7,3 May-07 May-17 5,4 92,8 8,7 -89,6 N/A 94,3 8,4 -82,4 B+Ba2B+

Halyk Bank 300 USD Fix 7,8 May-06 May-13 2,6 100,8 7,5 -66,2 N/A 102,1 6,9 -77,6 B+Ba2B+

Halyk Bank 500 USD Fix 9,3 Apr-08 Oct-13 2,9 103,8 7,9 -93,3 N/A 105,1 7,5 -105,0 B+Ba2B+

INTERGAS 600 USD Fix 6,4 May-07 May-17 5,6 98,5 6,6 -37,2 -79 100,3 6,3 -22,8 BB+Baa2BB-

INTERGAS 250 USD Fix 6,9 Nov-04 Nov-11 1,3 103,4 4,3 -143,0 -196 105,0 3,1 57,5 BB+Baa2BB-

KazAtomProm 500 USD Fix 6,3 May-10 May-15 4,3 100,8 6,1 -49,6 N/A 102,0 5,8 -56,3 BBB-Baa3N.R.

Kazkom 300 EUR Fix 5,1 Mar-06 Mar-11 0,7 96,9 9,5 62,9 N/A 99,5 5,7 -78,2 B-Ba3B

Kazkom 750 EUR Fix 6,9 Feb-07 Feb-17 5,4 89,3 9,1 -23,7 N/A 91,2 8,7 -31,0 B-Ba3B

Kazkom 500 USD Fix 7,5 Nov-06 Nov-16 5,1 88,8 9,9 -25,6 N/A 91,3 9,3 -41,8 B-Ba3B

Kazkom 350 GBP Fix 7,6 Feb-07 Feb-12 1,6 92,8 12,7 -57,0 N/A 94,3 11,6 -41,4 B-Ba3B

Kazkom 400 USD Fix 7,9 Apr-04 Apr-14 3,3 92,4 10,4 -63,5 N/A 94,3 9,7 -70,8 B-Ba3B

Kazkom 500 USD Fix 8,5 Apr-03 Apr-13 2,5 93,8 11,1 -92,4 N/A 95,4 10,4 -72,1 B-Ba3B

Kazkom 250 USD Var 8,5 Jun-07 Jun-17 1,8 78,0 12,6 -12,5 -170 86,0 10,6 -34,6 CCN.R.CCC+

Kazkom 500 USD Fix 8,0 Nov-05 Nov-15 4,4 91,7 10,0 -51,7 N/A 93,8 9,5 -48,2 B-Ba3B

Kazkom 200 USD Var 8,6 Jul-06 Jul-16 1,0 82,0 11,8 N/A -218 86,8 10,6 N/A CCB1CCC+

Kazkom 100 USD Var 9,2 Nov-05 N/A 4,1 N/A N/A N/A N/A N/A N/A N/A CCCaa1CCC

KazTemZhol 450 USD Fix 6,5 May-06 May-11 0,9 100,3 6,1 -105,0 -203 101,3 4,9 -84,2 BBB-Baa3BB+KazTemZhol 350 USD Fix 7,0 May-06 May-16 4,9 97,3 7,6 -10,8 -90 98,3 7,4 10,7 BBB-Baa3BB+

KazakhGold 200 USD Fix 9,4 Nov-06 Nov-13 2,2 101,7 8,8 -28,4 -79 103,1 8,3 -19,7 WDN.R.N.R.

KMG 1400 USD Fix 8,4 Jul-08 Jul-13 2,6 108,1 5,4 -72,9 -71 108,9 5,2 -70,5 BBB-Baa2BB+

KMG 1600 USD Fix 9,1 Jul-08 Jul-18 5,8 115,6 6,6 -58,7 -80 117,3 6,3 -59,6 BBB-Baa2BB+

Tengizchev 1100 USD Fix 6,1 Nov-04 Nov-14 3,9 101,9 5,6 -37,4 -72 103,6 5,2 -32,0 BBB-Baa3N.R.

*As of 06/18/2010.

Price source: CBBT (Composite Bloomberg Bond Trader)

8/9/2019 HF WU 06_21_10

9/17

HALYK FINANCE


9

Domestic Bonds

Fixed coupon

Last Trade Current Bid* Current Ask*

Debt Instrument

IssueSize, mn

KZT

CouponRate,

%

RemLife,years Price YTM, % Date Price YTM, % Price YTM, %

Akm KurylysMat B1 5 000 9,0 0,1 97,25 12,5 09.08.09 N/A N/A N/A N/A

Alfa Bank B2 3 000 12,0 0,7 102,92 8,0 05.25.10 101,99 9,0 103,39 7,0

Astana Finance B9 9 000 8,0 10,9 10,00 80,1 11.20.09 N/A N/A N/A N/A

Astana Nedvizh B2 10 000 15,0 3,4 33,15 65,1 04.15.10 N/A N/A N/A N/A

ATF Bank B4 4 500 8,5 4,4 98,17 9,0 05.12.10 98,19 9,0 105,62 7,0

BankCenterCredit B12 5 000 9,0 0,5 101,05 7,0 06.10.10 100,50 8,0 101,52 6,0



BankCenterCredit B23 10 000 11,0 14,4 N/A N/A N/A 107,54 10,0 125,41 8,0

BTA Bank B5 20 000 7,0 5,5 30,54 36,0 01.10.10 N/A N/A N/A N/A



BTA Ipoteka B12 1 000 7,0 6,1 46,46 22,0 03.25.09 N/A N/A N/A N/A


BurlynGazStroi B1 3 000 10,0 2,1 92,86 13,0 08.27.09 N/A N/A N/A N/A

CentAsian PE Co. B1 20 000 12,5 8,5 88,13 15,0 05.06.10 88,22 15,0 92,68 14,0

Central Asia Cement B1 2 700 9,0 1,1 94,77 14,0 06.09.10 94,88 14,0 96,87 12,0

Ekibastusz GRES-1 B1 10 000 12,0 4,5 101,54 11,6 02.05.10 103,49 11,0 110,96 9,0

EKOTON+ B1 1 000 10,0 1,3 93,01 14,7 01.20.10 N/A N/A N/A N/A

Eurasian Bank B6 5 000 11,0 5,2 99,67 11,1 01.13.10 99,96 11,0 108,14 9,0

Eurasian Bank B9 35 000 13,0 1,3 N/A N/A N/A 116,60 9,0 126,27 7,0

Eximbank B1 10 000 9,0 3,4 76,29 18,0 02.23.10 76,75 18,5 81,03 16,5

Eximbank B2 10 000 9,0 2,0 79,24 20,5 01.27.10 84,88 18,5 87,80 16,5

Food Contract B3 15 000 10,5 2,6 103,46 9,0 06.02.10 101,10 10,0 105,79 8,0

Food Contract Corp B2 15 000 8,0 2,7 97,57 9,0 05.31.10 97,60 9,0 99,94 8,0

Halyk Bank B13 5 000 13,0 8,4 115,00 10,3 03.10.10 113,68 10,5 126,57 8,5

Halyk Bank B7 4 000 7,5 4,5 90,62 10,0 03.11.10 91,06 10,0 98,13 8,0

Halyk Bank B9 3 000 7,5 5,0 92,88 9,3 04.22.10 90,26 10,0 97,95 8,0

KaragandyZharyk B1 700 14,0 0,5 80,00 62,2 05.21.10 N/A N/A N/A N/A

Kaspi Bank B6 10 000 8,5 4,9 72,65 17,0 06.17.10 70,08 18,0 75,36 16,0

Kaz Mortgage Co B11 5 000 6,9 4,8 81,72 12,0 06.16.10 75,71 14,0 81,74 12,0

Kaz Mortgage Co B18 5 000 11,0 2,4 95,24 13,0 12.30.09 93,93 14,0 97,91 12,0

Kazakhs Kagazy B4 12 000 12,0 3,2 103,75 10,8 10.30.09 N/A N/A N/A N/A

Kazcat B1 5 000 10,0 2,5 17,39 117,0 06.18.10 16,98 119,0 N/A N/A

KazInvestBank B3 6 100 10,0 0,1 99,94 10,3 06.18.10 99,67 12,0 99,97 10,0

Kazkommerts Invest B1 4 000 8,0 0,2 94,26 16,0 11.24.09 97,90 18,0 98,30 16,0

KazStroiServis B1 3 000 9,0 0,7 98,46 11,0 04.22.10 98,74 11,0 99,98 9,0

Kombisnab B1 2 500 15,0 3,0 2,43 500,0 12.23.09 N/A N/A N/A N/A

Kondensat B1 3 000 8,8 1,5 38,33 142,3 05.11.10 30,86 215,0 30,93 214,4

KSMK-2 B1 1 500 12,0 0,5 95,35 16,0 09.07.09 N/A N/A N/A N/A

KZACI B2 1 500 10,0 1,5 71,32 36,1 05.28.10 75,75 32,0 77,59 30,0

Logicom B2 1 700 11,0 3,5 99,97 11,0 05.13.10 99,99 11,0 105,93 9,0

Mangys Power Distr B2 500 13,0 0,2 100,99 9,0 05.17.10 100,66 9,0 101,02 7,0




Nurbank B5 5 000 7,5 5,9 81,29 12,0 06.16.10 81,30 12,0 89,02 10,0

8/9/2019 HF WU 06_21_10

10/17

HALYK FINANCE


10

Last Trade Current Bid* Current Ask*

Debt Instrument

IssueSize, mn

KZT

CouponRate,

%

RemLife,years Price YTM, % Date Price YTM, % Price YTM, %

Nurbank B7 10 000 11,0 3,4 106,53 9,0 11.20.09 105,70 9,0 111,84 7,0

Oilan Ltd. B1 500 13,0 0,7 94,61 18,5 01.21.10 N/A N/A N/A N/A

Orda Credit B2 1 500 12,0 2,6 95,67 14,0 06.15.10 N/A N/A N/A N/A

PavlodarEnerServ B1 2 000 9,0 0,5 95,11 14,0 11.24.09 97,58 14,0 98,53 12,0

RG Brands B4 1 500 8,0 1,1 91,89 16,0 06.15.10 91,95 16,0 93,87 14,0

RG Brands B5 1 500 8,0 2,3 97,60 9,0 01.25.10 97,92 9,0 102,11 7,0

RG Brands B6 2 000 8,0 4,3 78,20 15,0 06.15.10 75,60 16,0 80,93 14,0

Sberbank B2 3 000 11,0 0,0 99,35 10,0 06.10.10 99,53 11,0 99,61 9,0

Tema & C B1 1 000 11,0 0,1 89,94 16,0 02.14.08 N/A N/A N/A N/A

Temirbank B13 8 000 9,0 1,8 88,38 15,0 12.03.09 N/A N/A N/A N/A


Tsesna Astyk B1 3 000 9,0 1,5 94,08 12,6 01.20.10 N/A N/A N/A N/A

Tsesna Bank B2 3 000 9,0 2,1 90,97 14,0 06.16.10 89,32 15,0 92,71 13,0

Tsesna Bank B4 3 000 8,0 1,0 97,14 11,0 06.04.10 97,24 11,0 99,07 9,0Tsesna Bank B7 4 000 7,5 17,1 122,70 5,5 06.26.09 99,99 7,5 121,95 5,5

Vostokmashzavod B1 2 000 14,0 4,4 96,61 15,0 02.18.10 96,81 15,0 103,27 13,0

*As of 06/18/2010

Source: KASE

8/9/2019 HF WU 06_21_10

11/17

HALYK FINANCE


11

Floating coupon

Last trade Current Bid* Current Ask*

Debt Instrument

IssueSize, mn

KZT

CouponRate, %

Rem Life,years Price YTM, % Date Price YTM, % Price YTM, %

ABDI Company B1 9 000 7,2 2,6 54,51 36,0 04.21.10 56,19 36,0 58,23 34,0

Agri Credit Corp.B1 3 000 8,1 2,1 94,66 9,5 06.17.10 91,96 11,0 95,59 9,0

Alliance Bank B3 3 000 8,2 1,4 21,03 122,0 11.12.09 N/A N/A N/A N/A








AtamekenAgro B2 11 000 17,0 8,1 104,50 9,2 06.02.10 104,49 9,2 116,99 7,2

ATF Bank B5 13 000 10,9 1,9 102,11 8,0 06.14.10 102,10 8,0 105,74 6,0

ATF Bank B6 13 000 10,0 3,7 97,46 8,0 06.14.10 94,44 9,0 100,63 7,0

ATF Bank B7 15 000 8,7 1,4 100,24 8,5 06.10.10 100,00 8,7 102,60 6,7







BankCentercredit B20 3 500 8,4 13,4 93,34 8,0 12.04.09 103,24 8,0 121,87 6,0

BankCenterCredit B22 12 000 12,0 9,4 N/A N/A N/A 118,80 9,0 134,11 7,0






Batys Transit B1 18 830 9,2 8,8 94,00 10,2 01.19.10 95,00 8,6 107,59 6,6



BTA Ipoteka B1 500 10,0 0,5 87,00 25,0 12.24.09 N/A N/A N/A N/A





BTA Ipoteka B3 2 000 6,8 1,5 38,50 91,0 06.17.10 39,00 89,9 N/A N/A



BTA Ipoteka B8 7 000 7,8 3,2 45,00 39,6 06.16.10 29,00 60,5 N/A N/A


Delta Bank B1 3 000 11,0 2,3 61,73 35,0 06.18.10 60,66 36,0 62,82 34,0

Denta Lux B1 500 13,9 0,4 73,68 49,8 09.10.09 N/A N/A N/A N/A

Dosjan Temir Zholy B1 30 000 8,9 18,1 76,89 12,0 03.19.10 N/A N/A N/A N/A

ERKA B1 2 500 10,0 3,4 N/A N/A N/A 99,98 10,0 105,84 8,0

Eurasian Bank B2 3 000 7,5 1,5 100,97 6,9 01.13.10 100,74 7,0 102,26 5,9

Eurasian Bank B3 10 000 9,7 2,8 93,82 11,0 06.11.10 89,46 13,0 93,86 11,0

Eurasian Bank B4 10 000 7,9 4,2 89,65 11,0 05.31.10 89,75 11,0 96,19 9,0

Eurasian Bank B5 10 000 8,6 13,2 72,33 13,0 11.16.09 113,62 7,0 134,48 5,0

Eurasian Bank B8 15 000 13,0 13,3 122,41 10,0 08.28.09 76,59 10,5 82,80 9,5

Eximbank B3 10 000 9,0 5,1 81,40 14,0 02.08.10 96,08 10,0 104,09 8,0

8/9/2019 HF WU 06_21_10

12/17

HALYK FINANCE


12


Debt Instrument

IssueSize, mn

KZT

CouponRate, %


GLOTUR B2 9 000 8,4 1,7 106,57 7,6 04.23.09 N/A N/A N/A N/A

Halyk Bank B10 5 000 7,9 5,4 90,81 10,2 06.10.10 90,84 10,2 98,91 8,2

Halyk Bank B11 4 000 6,0 5,8 93,22 9,3 04.20.10 90,42 10,0 99,06 8,0

Halyk Bank B12 10 000 8,0 7,3 94,60 10,3 04.15.10 93,45 10,5 103,73 8,5

Halyk Bank B14 5 000 13,0 8,4 102,18 7,5 06.07.10 102,02 12,6 102,79 12,5

Halyk Bank B4 5 000 10,7 0,0 100,87 4,5 04.22.10 100,13 4,5 100,19 2,5

Halyk Bank B8 4 000 9,8 4,8 84,43 13,0 01.27.10 95,43 9,5 103,17 7,5

JP Morgan E1 1 320 10,4 5,7 99,87 4,9 12.15.09 N/A N/A N/A N/A

Kaspi Bank B4 7 000 7,4 1,0 95,02 14,0 06.17.10 94,21 15,0 95,88 13,0

Kaspi Bank B5 3 500 6,8 1,6 88,46 15,0 06.01.10 87,51 16,0 88,59 15,1

Kaspi Bank B7 5 000 8,3 8,0 76,83 13,1 06.04.10 83,43 13,0 92,69 11,0

Kaz Mortgage Co B12 5 000 7,5 6,8 71,35 12,0 12.07.09 70,77 14,0 78,11 12,0

Kaz Mortgage Co B16 5 000 6,2 6,6 92,32 9,0 12.07.09 82,04 10,0 84,17 9,5

Kaz Mortgage Co B17 10 000 6,5 6,0 76,73 12,0 05.13.10 73,41 14,5 80,20 12,5

Kaz Mortgage Co B19 5 000 10,2 3,1 100,50 10,0 06.16.10 95,46 12,0 100,50 10,0

Kaz Mortgage Co B2 3 000 8,0 3,3 86,44 13,0 04.20.10 83,44 14,5 84,58 14,0

Kaz Mortgage Co B3 5 000 8,2 3,8 84,63 13,5 06.16.10 83,36 14,0 84,65 13,5

Kaz Mortgage Co B4 5 000 7,7 3,8 84,03 13,0 04.22.10 80,67 14,5 80,80 14,5

Kaz Mortgage Co B6 5 000 7,6 0,8 95,58 13,5 06.10.10 95,35 14,0 96,76 12,0

Kaz Mortgage Co B7 5 000 7,3 1,3 92,76 13,5 06.10.10 92,33 14,0 94,52 12,0

Kaz Mortgage Co B8 5 000 7,3 4,3 80,26 13,5 06.16.10 78,91 14,0 80,28 13,5

KazAgroFinance B1 3 000 8,5 1,5 98,99 9,2 06.04.10 99,30 9,0 102,13 7,0



KazExportAstyk B1 4 000 9,1 0,9 106,97 8,9 06.30.06 100,93 8,0 102,68 6,0

KazExportAstyk B2 6 000 6,8 1,0 93,87 12,5 04.21.10 95,10 12,0 96,94 10,0

KazInvestBank B1 1 250 8,0 2,5 92,96 11,3 05.20.10 94,37 12,0 98,49 10,0

Kazkommertsbank B4 7 000 8,9 4,8 93,15 10,0 05.07.10 93,28 10,0 100,76 8,0

Kazkommertsbank B5 5 500 7,7 5,2 95,45 8,8 06.18.10 N/A N/A 103,89 8,3




Kaztranscom B2 45 500 10,0 9,4 91,90 N/A 01.14.10 97,70 13,0 101,17 11,0

KedenTransServis B1 5 000 8,6 1,8 87,00 17,0 05.21.10 N/A N/A N/A N/A

KSMK B1 1 300 8,7 1,7 47,35 50,0 09.14.09 N/A N/A N/A N/A

KSMK B2 1 300 9,7 2,4 54,06 41,3 05.28.10 N/A N/A N/A N/A

LogiCom B1 1 900 7,7 0,2 95,10 26,0 05.19.10 96,04 28,0 96,40 26,0

Nurbank B6 5 000 7,4 4,6 95,96 14,0 11.03.09 114,15 4,0 114,38 4,0

Ordabassy B2 12 000 8,0 1,4 14,48 172,6 11.30.09 N/A N/A N/A N/A

Ornek XXI B1 4 000 10,1 0,2 41,19 82,0 01.28.09 N/A N/A N/A N/A

Sat & C B1 15 000 8,2 4,5 119,97 5,0 12.29.09 93,55 10,0 100,74 8,0

Sberbank B3 3 000 9,2 1,4 100,28 8,0 04.26.10 100,23 9,0 102,81 7,0








Temirleasing B1 500 11,0 1,8 72,43 30,0 06.04.10 76,15 27,0 78,45 25,0

Tort Kudyk B1 2 000 11,0 1,4 106,28 7,0 02.22.10 105,17 8,1 107,87 6,1

8/9/2019 HF WU 06_21_10

13/17

HALYK FINANCE


13


Debt Instrument

IssueSize, mn

KZT

CouponRate, %


Tsesna Bank B5 3 000 6,8 4,0 78,36 14,0 06.16.10 73,43 16,0 78,38 14,0

Tsesna Bank B6 4 000 6,8 5,5 78,94 12,0 04.02.10 77,91 14,0 84,64 12,0

Vita B5 6 000 9,7 2,9 12,79 126,5 06.16.10 12,81 126,5 13,12 124,5

*As of 06/18/2010

Source: KASE

Government BondsPrimary market

Type ofgovernment

paper

Nominalvalue

Issue size,mn (KZT)

Issue Date Matur DateAverageprice,%nomial

YTM,%

Number ofgiven

requests, mn(KZT)

Number ofsatisfied

requests, mn(KZT)

Number ofpaticipants

MEUZHCAM-192 1000 14,000 5/28/2010 5/28/2026 100.00 0.01 67,409 4,000 9

Notes-91 100 30,000 5/28/2010 8/27/2010 99.75 1.01 12,232 7,254 7

Source: KASE

8/9/2019 HF WU 06_21_10

14/17

HALYK FINANCE


14

Kazakhstan Stock Exchange

Company

Last Price

(KZT)

Weekly WeightedAverage Price

(KZT)

One WeekChange

(%)*

Volume

(KZT mn)

Mkt Cap

($mn)

52-week

low

52-week

high

Aktobe O&G Equipment 1089 4,3 1089 2685

AktobeMunaiGaz p 24900 18000 24900

Alliance Bank 800 51,1 700 1700

Asia Avto 175450 116,2

Astana Finance 17500 547,0 16000 29500

Astana Finance p 22138 282,2 22138 22728

Astana Nedvizh 12000 79,5

ATF Bank 4000 636,3 4000 24000

ATF Bank p 5460 412,2

BankCenterCredit 555 560,25 -0,45 0,8 479,0 340 955

BTA Bank 601 600,93 0,4 133,7 500 4250Danabank 400 5,3 400 400

Delta Bank 1500 41,6 1500 2000

Delta Bank 1500 46,4 1500 2000

EKOTON 14118 8,7

ENRC 2280 2267,08 6,66 2,5 19444,2 1360 2800

Eximbank 800 47,7 550 800

Eximbank p 1045 13,9 1045 1140

Halyk Bank 295 285,09 -6,31 64,9 1914,6 127 400

Halyk Bank p 168 168,40 0,1 117,1 111 180

Kant 3922 179,0

Kaspi Bank 3489 448,2 3489 4284

Kaspi Bank p 438 1,3 438 1676

Kaz Distribution 5000 17,4

KazakhInstrah 41030 76,0 28640 41030

Kazakhmys 2600 2529,32 7,94 0,9 7833,7 1450 3652

KazakhTeleCom 13200 12723,62 -0,86 150,3 954,9 11800 23000

KazakhTeleCom p 6201 6255,86 0,67 4,7 16,6 5000 9900

KazAluminium 1600

KazAluminium p 48

Kazcat 1 0,70 0,00 6,3 7,0 1 7

KazChrome 11800

KazChrome p 2000

KazInvestBank 175 79,8 152 190

Kazkommertsbank 440 440,00 -4,96 0,9 1675,0 290 740

Kazkommertsbank p 240 240,00 0,00 0,1 198,3 90 341

KazMunaiGaz 18000 18402,07 -2,87 121,9 8370,7 16000 24300

KazTransCom 2900 2900,00 3,7 45,8 2350 6600

KazTransCom p 800 0,6 800 880

Khimpharm 1010 35,1 880 1950

Khimpharm p 700 0,6

Kommesk Omir 6500 6500,00 3,17 0,1 5,3 4000 9900

London-Almaty 8500 84,4 8500 8500

Mangystau Power Distr 1000 13,1 910 2100

MangystauMunaiGaz p 5400 39,0 3593 6000

Nurbank 17000 356,3 17000 18000Nurbank p

Ordabassy 1480 26,3 450 1480

8/9/2019 HF WU 06_21_10

15/17

HALYK FINANCE


15

CompanyLast Price

(KZT)

Weekly Weighted

Average Price(KZT)

One Week

Change(%)*

Volume

(KZT mn)

Mkt Cap

($mn)

52-week

low

52-week

high

Ordabassy p 550 2,7 550 550

Ornek XXI 8 41,8

PavlodarEnergoServis 880 64,9 880 880

PT Holding JSCp

Rakhat 1100 26,2 1100 1250

Remix R 5 22,1

Rosa 686 22,3 666 774

SAT & Company 71 71,10 0,00 6,3 0,1 70 78

SAT & Company 71 71,10 0,00 6,3 470,9 70 78

SAT & Companyp

Senim Bank 1100 10,9 1100 1100

Shymkent Munai Onim. 2841 75,2

Sky Silk

Sumbe 300000 361,6

Temirbank 955 120,6 955 1051

Temirbank p 200 200,00 0,00 0,1 6,6 200 500

Temirleasing 1445 1445,00 0,0 14,9 1445 1573

Tsesna Bank 941 84,1 800 1078

Tsesna Bank p 865 865,01 -3,89 21,4 14,3 865 900

Ust'-Kam TMC 29000 373,0

Ust'-Kam TMC p 4500 3,2 4400 5500

Velikaya Stena 190000 15,4 190000 315000

Zangar p 1250000 28828,5 1000000 1250000

*As of 06/18/2010

Source: KASE

8/9/2019 HF WU 06_21_10

16/17

HALYK FINANCE


16

International Stock Exchanges

Stock Crncy Last 1W %

Volume

of trade,5d avg,

th

Mktcap,

USD mnYTD% 1Y %

52-week

low

52-week

high

PrimaryExchange

ALHAMBRA RESOURCES LTD CAD 0,27 2 48 21 563 56 0,1 0,62 Venture

AURUM MINING PLC GBp 13,00 -4 621 9 428 -75 4,8 15,75 London

AVOCET MINING PLC GBp 129,50 1 55 566 374 46 61 64,0 140,0 London

BMB MUNAI INC USD 0,65 0 107 34 -53 -52 0,6 1,50 NYSE Amex

CAMECO CORP USD 23,83 3 40 378 9365 38 -7 22,3 33,74 New York

CAMECO CORP CAD 24,26 2 33 361 9306 15 -17 23,3 35,00 Toronto

CASPIAN HOLDINGS PLC GBp 0,38 -16 362 1 -40 -44 0,4 3,05 London

CASPIAN OIL & GAS LTD AUD 0,01 0 13 10 -40 -47 0,0 0,02 ASX

CASPIAN SERVICES INC USD 0,30 0 0 15 20 -14 0,2 0,80 OTC BB

CENTERRA GOLD INC CAD 11,94 -4 7 700 2737 169 108 5,1 15,10 TorontoCHAGALA GROUP-SPON GDR

REGS USD 3,30 0 N/A 70 267 247 1,0 5,00 London Intl

DRAGON OIL PLC GBp 416,0 9 516 957 3171 161 13 291,5 508 London

EURASIAN MINERALS INC CAD 2,26 3 71 76 105 67 1,1 2,80 Venture

EURASIAN NATURALRESOURCES GBp 1047,0 2 1 727 551 19959 217 63 582,0 1276 London

FRONTIER MINING LTD GBp 5,38 -4 837 73 2889 -14 3,9 11,50 LondonHALYK SAVINGS BANK-GDR

REG S USD 7,72 -4 803 2525 147 72 3,3 11,26 London Intl

IVANHOE MINES LTD USD 14,88 6 15 288 6569 451 159 4,9 18,94 New York

IVANHOE MINES LTD CAD 15,20 5 16 626 6550 365 129 5,7 18,99 Toronto

KAZAKHMYS PLC GBp 1194,0 5 1 699 636 9460 417 87 567,5 1634 London

KAZAKHSTAN KAGA-GDRREGS USD 0,19 -5 0 20 -34 58 0,1 1,20 London Intl

KAZKOMMERTSBANK-OCT 06REG S USD 5,99 0 325 2334 -20 50 3,5 10,00 London IntlKAZMUNAIGAS

EXPLORATION -GDR USD 19,75 -7 4 784 8321 57 0 17,1 27,89 London Intl

KENTOR GOLD LTD AUD 0,08 -1 819 28 98 108 0,0 0,19 ASX

KRYSO RESOURCES PLC GBp 13,75 22 32 180 32 293 112 5,8 15,75 London

MAX PETROLEUM PLC GBp 14,50 -2 19 459 94 509 -46 9,8 31,75 London

ORSU METALS CORP CAD 0,20 -5 24 31 100 -75 0,2 1,00 Toronto

ORSU METALS CORP GBp 13,50 0 44 32 208 -71 13,3 46,25 London

OXUS GOLD PLC GBp 7,90 7 10 379 46 43 35 4,8 16,25 London

ROXI PETROLEUM PLC GBp 7,63 2 8 075 47 144 -35 7,3 14,25 London

STEPPE CEMENT LTD GBp 60,50 1 273 138 112 38 38,0 95,5 London

SUNKAR RESOURCES PLC GBp 22,25 7 21 115 53 162 -81 11,8 47 London

TETHYS PETROLEUM LTD CAD 1,80 3 473 329 221 275 0,4 2,18 Toronto

URANIUM ONE INC CAD 2,32 3 27 503 1330 30 -20 2,0 3,65 Toronto

VICTORIA OIL & GAS PLC GBp 3,45 6 20 447 73 -5 -11 2,6 7,00 London

XTRACT ENERGY PLC GBp 1,30 15 398 16 -6 -40 1,1 5,03 London

ZHAIKMUNAI LP-GDR REG S USD 7,50 0 309 1388 173 79 3,6 9,00 London Intl

ZINCOX RESOURCES PLC GBp 41,50 0 1 054 48 37 -36 38,5 83,0 London

All quotes in local currency, unless otherwise noted

Sources: Bloomberg, Halyk Finance

8/9/2019 HF WU 06_21_10

17/17

HALYK FINANCE


17

Disclaimer 2010 Halyk Finance, a subsidiary of Halyk Bank. For contact details see the information on Halyk Finance website www.halykfin.kzor contact Halyk Finance office. All rights reserved. This document and/or information has been prepared by and, except as otherwise

specified herein, is communicated by Halyk Finance.This document is for information purposes only. Opinions and views expressed in this document do not necessarily represent the

opinions and views held by Halyk Finance, or other subsidiaries of Halyk Bank. The differences of opinion stem from differentassumptions, sources information, criteria and methodology of valuation. Information and opinions expressed herein are subject to

change without notice; and neither Halyk Finance, or Halyk Bank, or any of its subsidiaries or affiliates are under any obligation to keepthem current.

This document is not an offer or an invitation to engage in investment activity. It cannot be relied upon as a representation that anyparticular transaction necessarily could have been or can be effected at the stated price. This document does not constitute an

advertisement or an offer of securities, or related financial instruments. Descriptions of any company or companies or their securitiesor the markets or developments mentioned herein are not intended to be complete. Views and opinions expressed in this documentcannot substitute for the exercise of own judgment and do not attempt to meet the specific investment objectives, financial situation or

particular needs of any specific investor.The information and opinions herein have been arrived at based on information obtained from sources believed to be reliable and in

good faith. Such sources have not been independently verified; information is provided on an as is basis and no representation orwarranty, either expressed or implied, is provided in relation to the accuracy, completeness, reliability, merchantability or fitness for a

particular purpose of such information and opinions, except with respect to information concerning Halyk Finance and its affiliates.The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative

products and futures are not suitable for all investors and trading in these instruments is considered risky. Past performance is notnecessarily indicative of future results. Foreign-currency denominated securities are subject to fluctuations in exchange rates thatcould have an adverse effect on the value or the price of, or income derived from, the investment.

Halyk Finance and its affiliates, directors, representatives, employees, or clients may have or have had interests in issuers describedherein. Halyk Finance may have or have had long or short positions in any of the securities or other financial instruments mentioned

herein at any time and may make a purchase and/or sale, or offer to make a purchase and/or sale, of any such securities or otherfinancial instruments at any time, as principal or agent.

Halyk Finance and its affiliates may act or may have acted as market maker in the securities or other financial instruments describedherein, or in securities underlying or related to such securities. Employees of Halyk Finance or its affiliates may serve or have served as

officers or directors of the said companies. Halyk Finance and its affiliates may have or have had a relationship with or have providedinvestment banking, capital markets, advisory, investment management, and/or other financial services to the relevant companies.Halyk Finance relies on information barriers to avoid the appearance of conflict of interests within Halyk Finance or in its relations with

clients, other issuers, and external investors.The information herein is not intended for distribution to the public and may not be reproduced, redistributed or published, in whole or

in part, for any purpose without the written permission of Halyk Finance. Neither Halyk Finance nor any of its affiliates accepts anyliability whatsoever for the actions of third parties in this respect. This information may not be used to create any financial instruments

or products or any indices. Neither Halyk Finance, nor its affiliates, nor their directors, representatives, or employees accept anyliability for any direct or consequential loss or damage arising out of the use of any information herein.

Macro

Sabit Khakimzhanov, 7 (727) 244-6541

[email protected]

Madina Kurmangaliyeva, 7 (727) [email protected]

Metals and Mining

Timur Omoev 7 (727) 244-6538

[email protected]

Financial Sector, Fixed Income Securities

Roman Assilbekov, 7 (727) 330-0160

[email protected]

Olga Poltarak, 7 (727) [email protected]

Oil and Gas

Maulen Burashev 7 (727) 244-6538

[email protected]

Address BloombergHalyk Finance19/1, Al-Farabi Ave., Nurly-Tau Business Center, Suite 3b

Almaty, Republic of Kazakhstan, 050013Tel. +7 (727) 259 0467

Fax.+7 (727) 259 0593

eng.halykfin.kz

HLFN

Documents

HF WU 06_21_10