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KAZAKHSTAN STOCK EXCHANGE (KASE). July 1, 2009. COEVAL OF TENGE …. KASE was established on November 17, 1993 under the name of Kazakh Inter-bank Currency Exchange – two days after Tenge (the new national currency of Kazakhstan) had been introduced on November 15, 1993.

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slide2

COEVAL OF TENGE …

KASE was established on November 17, 1993 under the name of Kazakh Inter-bank Currency Exchange – two days after Tenge (the new national currency of Kazakhstan) had been introduced on November 15, 1993.

Currently, November 15 is observed as the official "Day of National Currency".

"Old" tenge (1993–2006)

"New" tenge (since 2006)

slide3

NOW COMMERCIAL

KASE is a commercial joint-stock company with 68 shareholders (as ofJuly 1, 2009).

Regional Financial Center of Almaty JSC is the largest shareholder. Shareholders include banks, brokerage firms, asset management companies, pension funds and other professional financial institutions.

Voting method: one share – one vote.

slide4

THE SIZE MATTERS

As of June 1, 2009

own capital $10.4 m

paid up charter capital $1.1 m

authorized shares 5,000,000

outstanding shares 450,000

share balance value 2,732 tenge

($22.9)

slide6

WE ARE BIG IN NUMBERS

The total of members – 90 of which:

Category "A"(with the right to trade in all financial instruments circulating on the special trading floor of the Regional Financial Center of Almaty) –46;

Category "B"(with the right to trade in foreign currency) –31;

Category "C"(with the right to trade in futures) –7;

Category "K"(with the right to trade in government securities) –84;

Category "P"(with the right to trade in corporate serial securities listing on KASE) –84;

Category "H"(with the right to trade in corporate serial securities admitted to circulation (trading) in sector “Unlisted securities" of the KASE Trading system, and state-owned shareholding of organizations being privatized) –49.

slide7

WE MAKE THE HISTORY(1)

1993– first trades in foreign currency (US dollars)

1995– first trades in T-bills

1996– first trades in derivatives (KZT/USD exchange rate futures)

1997– first trades in listed shares

1997– first trades in state-owned shareholding

1997– first trades in unlisted corporate securities

1998– launch of KASE "nego" deals system (substitution of over-the-counter securities market )

1998 – first trades in euro bonds of Kazakhstan

1999– first trades in listed bonds

slide8

WE MAKE THE HISTORY(2)

1999– first trades in municipal bonds (such bonds were prohibited for issue in 2005)

1999– launch of "nego" repo market

2001– launch of "automatic" repo market (currently most massive and active sector of KASE market)

2006– first trades in foreign corporate bonds(JP Morgan and Merrill Lynch)

2006– IPO of KazMunaiGas Exploration Production shares using KASE settlement system

2006 – KAZAKHMYS PLC (UK) secondary share offering by subscription through KASE

slide9

WE MAKE THE HISTORY (3)

2007– special trading floor of the Regional Financial Center of Almaty city established on the base of KASE (to attract foreign issuers and investors)

2007– launch of new share market index –KASE Index, continuing numerical series of KASE_Shares Index

2007– KASE commercialization

2008 – implementation of new listing rules, reconstruction of unity through integration of MTF KASE and STF RFCA

2008– first trades in affined ingot gold futures

2008– launch of currency swap transactions market

slide10

KASE – UNIVERSAL MARKET (1)

Auto repo in government securities, USD33,639.3 m

Currency, USD31,715.5 m

In 6 months of 2009

79,495.6USD m

Nego repo with government securities, USD347.1 m (0.4 %)

Shares, USD983.7 m (1.2 %)

Auto repo with corporate securities, USD3,682.8 m

Corporate bonds,USD1 576.5m (2.0 %)

Nego repo in corporate securities, USD4 061.3m (5.1 %)

Government securities, USD3 488.7 m(4.4 %)

Repo (money) market constitutes for 52.5 % of KASE trade volume

slide11

KASE – UNIVERSAL MARKET (2)

KASE serves a wide range of markets:

  • "nego" and "automatic" repo with government and corporate securities
  • foreign currency (US dollar, euro, Russian ruble)
  • government securities issued by the National Bank, Ministry of Finance (including Kazakhstan international bonds) and local district authorities of Republic of Kazakhstan
  • IFO bonds and foreign government securities
  • promissory notes
  • equities
  • corporate bonds
slide12

A GREAT VARIETY OF BONDS

  • "regular" domestic bonds (nominated in tenge or foreign currency, discount or coupon, with fixed or floating interest)
  • international bonds of Kazakhstan issuers
  • agency bonds (with tax regime same as that for government securities)
  • infrastructural bonds (collateralized by government guarantee)
  • bonds of foreign issuers (prior registered outside Kazakhstan)
slide13

TRADE VOLUME AND EXCHANGE TURNOVER DYNAMICS

Repo

Corporate securities

Public securities

Derivatives

Currencies

371,1

322,5

263,2

217,0

Turnover, USD, bn

126,7

79,5

slide15

MARKET CAPITALIZATION

as of July1, 2009 –

USD11.6 bn

asof July 1, 2009 –

USD39.9 bn

slide16

LISTED COMPANIES

as of

July 1

as of

July 1

slide18

OFFICIAL LIST INDUSTRIAL STRUCTURE

Global Industry Classification Standard (GICS) of S&P has been used

slide19

SHARE AND BOND LIQUIDITY PARAMETERS

KASE total turnover for 6 months of 2009 in shares – USD983.7 m,in corporate bonds – USD1 576.5 m

slide20

SHARE AND BOND LIQUIDITY PARAMETERS

KASE average daily turnover for 6 months of 2009in shares – USD8.1m,in corporate bonds – USD13.0m

slide21

MAIN CHALLENGES OF THE MARKET

  • lack of free-float equities (the heritage of case-by-case privatization)
  • conservative policy of the main domestic investors ("buy bonds and hold till maturity")
slide23

OUR TECHNOLOGIES

KASE uses its own trading platform:

  • "Server –Client" electronic trading system
  • remote access
  • electronic signature and electronic document circulation
  • traffic encryption
  • on-line data preservation
slide24

KASE CONTACT DETAILS

Internet: www.kase.kz

E-mail: kase@kase.kz

Phone: (+7 727) 237 53 00, 237 53 11, 272 98 98

Fax: (+7 727) 296 64 02, 272 09 25

Address: 291/3a, Dostyk ave, 050020,Almaty, Kazakhstan