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HALYK FINANCE

Weekly Update June 21, 2010

WEEKLY UPDATE

June 21, 2010

KASE index
2100 Banks 2
1900
1700 State-owned bank to fill void in trade finance 2
1500
1300
HSBC Kazakhstan acquired retail business of RBS Kazakhstan 2
1100
Goldman Sachs sues BTA for non-payment 3
900
700
500 Capital markets 4
Jun-09 Aug- 09 Oct-09 Dec-09 Feb- 10 Apr-10 Jun- 10
Moody’s on KMG NC bond issue 4

KZT/USD
Oil 5
154,00
NC KazMunaiGas to upgrade its oil refineries 5
152,00

150,00
Kazakhstan to reinstate export tax on commodities 5
148,00
Global Markets 6
146,00

144,00 Bonds 8
Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10

International Bonds 8

Brent oil Domestic Bonds 9


90
85 Government Bonds 13
80
75
70 Kazakhstan Stock Exchange 14
65
60
55 International Stock Exchanges 16
50
45
40
Jun- 09 Aug-09 Oct- 09 Dec-09 Feb-10 Apr- 10 Jun-10

Gold spot
1300

1200

1100

1000

900

800

700
Jun-09 Aug- 09 Oct-09 Dec-09 Feb- 10 Apr-10 Jun- 10

1
HALYK FINANCE
Weekly Update June 21, 2010

Banks
State-owned bank to fill void in trade finance
Eurasian Development Bank adopted a program of development of trade finance to facilitate trade and
development among the member-states, that is, Russia and Kazakhstan. The program includes direct
financing of export-import contracts by the bank as well as the support to letters of credit and
guarantees. The bank expects the program to activate cooperation with financial institutions of the
member-states and to offer “favorable conditions for the development of companies engaging in foreign
trade”.
Fig 1. Kazakh banks’ stock of letters of credit, USD bn

40

35

30

25

20

15

10

0
Jun-07

Jun-08

Jun-09

Jun-10
Apr-07

Aug-07
Oct-07
Dec-07
Feb-08
Apr-08

Aug-08
Oct-08
Dec-08
Feb-09
Apr-09

Aug-09
Oct-09
Dec-09
Feb-10

Apr-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 loan
portfolio, credit card customers, four branches, 80 ATMs and about 490 employees. The deal is expected
to 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 by
the British government which ended up holding 57% of the bank. Last week RBS sold its retail
businesses in the United Arab Emirates and Pakistan.
The rumors of an impending deal with HSBC Kazakhstan have been circulating since mid-2009. Both
HSBC and RBS subsidiaries in Kazakhstan have remained small outfits, ranked 13th and 15th by assets
as of 2010. The size of RBS Kazakhstan’s loan portfolio is KZT 35bn, having shrank by 40% in the last
year, with approximately one third of the loans issued to individual customers. RBS Kazakhstan’s retail
deposits amount to KZT 10.5 bn, or half of a percent of the system’s total. Its corporate clients’ deposits
that the bank will retain amount to KZT 121 bn, or 2.2% of the system’s. RBS regulatory capital as of
June 1, 2010 stood at KZT 20.3 bn, or USD 138 mn.
Assuming that the bank’s value is split between the retail and corporate business is in the same
proportion as the loan book, we estimate the price-to-book multiple of the retail business to have been
1.1-1.2.

Sabit Khakimzhanov

2
HALYK FINANCE
Weekly Update June 21, 2010

Goldman Sachs sues BTA for non-payment


The Moscow Arbitration Court once again rescheduled the hearing of Goldman Sachs’ case against BTA
Bank 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 Bank’s restructuring plan, which was
approved by majority of Bank’s financial creditors on May 28th, 2010.
Goldman Sachs was the first financial advisor to BTA Bank on debt restructuring. Shortly after the
restructuring process began it resigned from its advisory role in July 2009.

Roman Assilbekov

3
HALYK FINANCE
Weekly Update June 21, 2010

Capital markets
Moody’s on KMG NC bond issue
On June 11, 2010, Moody's Investors Service assigned a provisional rating of (P) Baa2 to an upcoming
domestic 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 used
by KMG to repay debt and for general purposes.
The placement will be by far the largest bond issuance in Kazakhstan’s domestic market. However,
according to Moody’s, the bonds issued by KMG will be purchased by Kazmunaigas E&P, its exploration
and 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 bond
structure over a loan agreement. Perhaps, this is due to necessity to preserve flexibility that bond
structure 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 Moody’s press-release on upcoming bond issue
had been premature and terms and conditions of the issue have not been finalized.
Roman Assilbekov

4
HALYK FINANCE
Weekly Update June 21, 2010

Oil
NC KazMunaiGas to upgrade its oil refineries
On June 16, Daniyar Tiessov, a Managing Director at National Company KazMunaiGas (‘NC KMG’), held a
press conference to update the public on the company’s progress in modernization of its oil refining
facilities. 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 coking
units at its Atyrau oil refinery and is planning to build an aromatic hydrocarbons production facility
and an “oil deep processing complex.” Upon completion of these initiatives, the refinery will start
producing Euro-4 compliant oil products;
- Four years ahead of schedule, NC KMG has recently repaid the JPY-denominated $145 mln loan from
Japan Bank for International Cooperation. The repayment has been accelerated in advance of a
planned 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 of
Shymkent 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 plant
will consume up to 1.0 mln tons of crude oil from Karazhanbas oil field a year and produce 0.4 mln
tons 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 Pavlodar
oil refinery with “a major Russian oil producer” to ensure a long-term supply of oil to the refinery.
(Note: Responding to a reporter’s question in Saint-Petersburg, Lukoil Vice-President Leonid Fedun
excluded 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 the
government plans to re-introduce export duties on “a series of commodity products”. Masimov noted
that the 2009 repeal of the export duty was intended to support the extracting industries at a time of a
dramatic fall in commodity prices. According to the Prime-Minister, the prices have found “their
stabilization 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 on
share prices of Kazakhstan’s exporters, including ENRC, Kazakhmys and KazMunaiGas EP (all under
Halyk Finance coverage).

Timur Omoev

5
HALYK FINANCE
Weekly Update June 21, 2010

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


Last
month Last
Country 2009 available Month 12M Country Ticker Spot 1W % 1Y % 1Y F
Kazakhstan 6,3 May 10 0,6 7,0 Kazakhstan USDKZT 147,02 -0,1 -2,2 148,60
Russia 8,8 May 10 0,5 6,0
Russia USDRUB 31,00 -1,9 -0,8 32,00
Ukraine 12,3 May 10 -0,6 8,5
Ukraine USDUAH 7,92 -0,1 3,2 8,68
USA 3,8 May 10 0,1 2,0
Eurozone EURUSD 1,24 2,3 -11,1 1,24
Eurozone 0,9 May 10 0,5 1,5
UK GBPUSD 1,48 1,9 -9,6 1,48
UK 2,9 Apr 10 0,6 3,7
Japan USDJPY 90,71 -1,0 -5,3 90,00
Japan -1,7 Apr 10 0,0 -1,2
China USDCNY 6,83 -0,1 -0,2 6,71
China 1,9 May 10 -0,1 3,1

Korea 2,8 May 10 0,1 2,7 Korea USDKRW 1202,65 -3,5 -4,5 1199,43

Stock Market Indices


1W
Index Last % 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 22,7
DAX 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

6
HALYK FINANCE
Weekly Update June 21, 2010

Commodities, USD
1Y
Spot 1W % YTD% 1Y % Futures
Brent bbl 78,8 5,1 1,2 12,4 76,2
Copper mt 6 408,0 -0,7 -12,7 29,5 6 635,3
Lead 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
Kazakhstan
Sovereign 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 KKB
CBGN(Composite New York)

1 4 00

1 2 00

1 0 00

800

600

400

200

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 VTB KKB

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

7
HALYK FINANCE
Weekly Update June 21, 2010

Bonds
International Bonds
Coupon Bid Ask Credit Rating,
Issue Issue Matur Dur,
Issuer Curr Fitch│Moody's│
size, mn date date years change change change
Type % Price YTM,% Price YTM,% S&P
1W bps 6M bps 1W bps

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.│B1│NR

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 BBB│Ba1│NR
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 BBB│Ba1│NR
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 BBB│Ba1│NR

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 BBB│Ba1│NR

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 C│C│D
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 C│C│N.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 C│C│D

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 C│C│D

CenterСredit 500 USD Fix 8,6 Jan-07 Jan-14 3,1 97,8 9,3 -61,8 -155 98,9 9,0 -66,0 B│Ba3│N.R.
CenterСredit 300 USD Fix 8,0 Feb-06 Feb-11 0,6 99,6 8,7 -11,6 -244 100,6 7,0 -16,6 B│Ba3│N.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-│Baa3│BBB-
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-│Baa3│BBB-

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-│Baa3│BBB-

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 BBB│A3│N.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+│Ba2│B+
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+│Ba2│B+

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+│Ba2│B+
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+│Baa2│BB-

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+│Baa2│BB-
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-│Baa3│N.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-│Ba3│B

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-│Ba3│B
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-│Ba3│B
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-│Ba3│B
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-│Ba3│B

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-│Ba3│B

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 CC│N.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-│Ba3│B

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 CC│B1│CCC+

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 CC│Caa1│CCC

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-│Baa3│BB+
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-│Baa3│BB+

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 WD│N.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-│Baa2│BB+

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-│Baa2│BB+

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-│Baa3│N.R.

*As of 06/18/2010.

Price source: CBBT (Composite Bloomberg Bond Trader)

8
HALYK FINANCE
Weekly Update June 21, 2010

Domestic Bonds
Fixed coupon

Last Trade Current Bid* Current Ask*


Issue Coupon Rem
Size, mn Rate, Life,
Debt Instrument KZT % 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 B17 5 000 8,5 1,9 99,64 8,7 06.15.10 97,45 10,0 100,86 8,0
BankCenterCredit B19 6 000 11,0 8,0 99,98 11,0 07.30.08 99,99 11,0 111,25 9,0
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 Bank B7 125 000 7,0 26,0 23,33 30,0 03.05.10 N/A N/A N/A N/A
BTA Bank B9 100 000 11,0 8,0 100,02 11,0 09.11.09 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
BTA Ipoteka B13 1 000 7,0 6,5 39,48 25,0 03.19.09 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
Mangys Power Distr B3 700 12,0 1,4 101,13 11,0 06.07.10 99,83 12,0 102,40 10,0
Mangys Power Distr B4 500 12,0 1,9 107,09 8,0 05.06.10 103,21 10,0 106,66 8,0
Mangys Power Distr B5 800 16,0 2,6 112,66 10,5 05.24.10 113,63 10,0 116,00 9,1
Nurbank B5 5 000 7,5 5,9 81,29 12,0 06.16.10 81,30 12,0 89,02 10,0

9
HALYK FINANCE
Weekly Update June 21, 2010

Last Trade Current Bid* Current Ask*


Issue Coupon Rem
Size, mn Rate, Life,
Debt Instrument KZT % 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
Temirbank B14 6 000 9,5 5,8 102,47 9,0 07.09.09 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 9,0
Tsesna 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

10
HALYK FINANCE
Weekly Update June 21, 2010

Floating coupon

Issue Last trade Current Bid* Current Ask*


Coupon Rem Life,
Size, mn
Rate, % years Price YTM, % Date Price YTM, % Price YTM, %
KZT
Debt Instrument

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
Astana Finance B15 8 000 12,0 12,8 114,66 10,0 09.02.09 N/A N/A N/A N/A
Astana Finance B16 30 000 9,4 12,9 50,17 25,0 01.22.10 N/A N/A N/A N/A

Astana Finance B23 5 000 12,0 1,2 104,25 9,4 11.05.09 N/A N/A N/A N/A
Astana Finance B24 5 000 12,0 3,2 107,13 10,0 02.18.09 N/A N/A N/A N/A
Astana Finance B4 2 000 9,9 0,9 18,69 157,0 08.11.09 N/A N/A N/A N/A
Astana Finance B6 2 000 8,0 2,0 11,54 145,5 09.10.09 N/A N/A N/A N/A
Astana Finance B7 8 000 8,0 5,0 19,28 66,0 08.06.09 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 B10 3 000 10,0 5,3 84,78 11,7 03.19.10 89,34 11,0 97,08 9,0
BankCenterCredit B11 2 000 9,9 5,5 89,15 12,5 12.04.09 89,44 9,5 97,77 7,5
BankCenterCredit B13 4 000 10,5 5,8 83,80 11,7 03.19.10 92,61 10,0 101,36 8,0
BankCenterCredit B14 5 000 10,0 6,3 85,88 11,5 06.17.10 87,92 11,0 96,66 9,0
BankCenterCredit B15 3 000 10,0 6,9 102,31 9,3 06.29.09 94,03 9,5 104,21 7,5
BankCenterCredit B18 5 000 7,0 12,5 99,95 13,0 09.14.09 94,07 9,0 109,87 7,0
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
BankCenterCredit B4 2 000 10,1 1,3 99,60 9,0 05.14.10 99,62 9,0 102,01 7,0
BankCenterCredit B6 1 300 10,4 4,5 92,65 9,5 05.17.10 91,06 10,0 98,13 8,0
BankCenterCredit B7 2 000 8,2 4,9 90,21 9,5 05.25.10 89,52 11,0 96,85 9,0
BankCenterCredit B8 2 000 9,3 5,2 90,56 11,7 03.19.10 93,41 11,0 101,19 9,0
BankCenterCredit B9 4 500 8,3 5,2 87,72 11,4 03.19.10 89,55 11,0 97,14 9,0
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 Bank B3 7 500 9,4 3,4 35,57 47,0 08.13.09 N/A N/A N/A N/A
BTA Bank B4 14 000 8,0 4,0 8,50 140,4 12.07.09 N/A N/A N/A N/A
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 B11 10 000 8,1 6,1 45,78 25,0 02.05.10 N/A N/A N/A N/A
BTA Ipoteka B14 10 000 7,3 3,8 45,00 30,6 03.04.10 N/A N/A N/A N/A
BTA Ipoteka B16 14 000 7,5 7,8 27,20 34,5 12.03.09 N/A N/A N/A N/A
BTA Ipoteka B2 1 500 7,3 4,3 36,00 41,3 06.15.10 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 B5 4 000 8,1 4,9 36,00 37,6 06.15.10 N/A N/A N/A N/A
BTA Ipoteka B7 4 000 7,2 2,1 58,94 32,0 10.06.09 N/A N/A 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
BTA Ipoteka B9 4 000 7,4 5,7 52,79 22,5 06.09.10 N/A N/A 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

11
HALYK FINANCE
Weekly Update June 21, 2010

Issue Last trade Current Bid* Current Ask*


Coupon Rem Life,
Size, mn
Rate, % years Price YTM, % Date Price YTM, % Price YTM, %
KZT
Debt Instrument

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
Kazakhs Kagazy B2 3 500 7,7 0,8 75,19 31,0 09.02.09 N/A N/A N/A N/A
Kazakhs Kagazy B3 3 500 9,1 3,2 65,00 23,0 09.02.09 N/A N/A N/A N/A
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
Kazkommertsbank B6 10 000 7,5 7,2 100,00 9,5 06.07.10 91,65 11,2 101,57 9,2
Kazkommertsbank B7 10 000 9,0 8,4 94,08 10,1 04.30.10 94,39 10,0 106,01 8,0
Kazkommertsbank B8 10 000 9,0 8,8 88,79 11,0 05.18.10 83,89 12,0 94,19 10,0
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
Temirbank B10 4 500 6,8 6,4 78,98 13,0 07.02.09 N/A N/A N/A N/A
Temirbank B11 4 000 6,8 11,4 99,99 9,0 11.03.09 N/A N/A N/A N/A
Temirbank B17 6 000 8,4 6,8 73,33 14,0 11.27.08 N/A N/A N/A N/A
Temirbank B4 5 000 9,0 5,0 93,71 9,0 01.12.06 N/A N/A N/A N/A
Temirbank B6 4 000 6,8 2,5 43,44 47,4 06.17.10 N/A N/A N/A N/A
Temirbank B7 3 000 8,5 4,9 99,00 10,5 10.21.09 N/A N/A N/A N/A
Temirbank B8 3 500 8,5 1,9 104,44 8,7 08.23.06 N/A N/A N/A N/A
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

12
HALYK FINANCE
Weekly Update June 21, 2010

Issue Last trade Current Bid* Current Ask*


Coupon Rem Life,
Size, mn
Rate, % years Price YTM, % Date Price YTM, % Price YTM, %
KZT
Debt Instrument

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 Bonds
Primary market

Number of Number of
Type of Average
Nominal Issue size, given satisfied Number of
government Issue Date Matur Date price,% YTM,%
value mn (KZT) requests, mn requests, mn paticipants
paper nomial
(KZT) (KZT)

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

13
HALYK FINANCE
Weekly Update June 21, 2010

Kazakhstan Stock Exchange

Weekly Weighted One Week


Last Price Volume Mkt Cap 52-week 52-week
Company Average Price Change
(KZT) (KZT mn) ($mn) low high
(KZT) (%)*
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 4250
Danabank 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 18000
Nurbank p
Ordabassy 1480 26,3 450 1480

14
HALYK FINANCE
Weekly Update June 21, 2010

Weekly Weighted One Week


Last Price Volume Mkt Cap 52-week 52-week
Company Average Price Change
(KZT) (KZT mn) ($mn) low high
(KZT) (%)*
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

15
HALYK FINANCE
Weekly Update June 21, 2010

International Stock Exchanges

Volume
Mkt 52- 52-
of trade, Primary
Stock Crncy Last 1W % cap, YTD% 1Y % week week
5d avg, Exchange
USD mn low high
th

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 Toronto
CHAGALA 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 NATURAL
RESOURCES 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 London
HALYK 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-GDR
REGS USD 0,19 -5 0 20 -34 58 0,1 1,20 London Intl
KAZKOMMERTSBANK-OCT 06
REG S USD 5,99 0 325 2334 -20 50 3,5 10,00 London Intl
KAZMUNAIGAS
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

16
HALYK FINANCE
Weekly Update June 21, 2010

Disclaimer
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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 any
liability 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 any
liability for any direct or consequential loss or damage arising out of the use of any information herein.

Macro Financial Sector, Fixed Income Securities

Sabit Khakimzhanov, 7 (727) 244-6541 Roman Assilbekov, 7 (727) 330-0160


sabitkh@halykbank.kz romanas@halykbank.kz

Madina Kurmangaliyeva, 7 (727) 330-0157 Olga Poltarak, 7 (727) 330-0153


madinaku@halykbank.kz olgapo@halykbank.kz

Metals and Mining Oil and Gas

Timur Omoev 7 (727) 244-6538 Maulen Burashev 7 (727) 244-6538


timuro@halykbank.kz maulenb@halykbank.kz

Address Bloomberg
Halyk Finance HLFN
19/1, Al-Farabi Ave., Nurly-Tau Business Center, Suite 3b
Almaty, Republic of Kazakhstan, 050013
Tel. +7 (727) 259 0467
Fax.+7 (727) 259 0593

eng.halykfin.kz

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