KASE determined the leading operators of exchange corporate bond market in Kazakhstan in February and for the TWO InITIAL months of 2008 (according to new methodology)
/KASE, March 31, 08/ - Kazakhstan Stock Exchange (KASE) has
determined the leading operators of stock exchange's corporate bond
market in February 2008, using the new ranking methodology.

Below is the list of the ten most active KASE members of "K" category (all
headquarters are in Almaty, unless otherwise is specified). Stake of the
"active ten" in February was 87.1% of exchange secondary corporate bonds;
market turnover.

--------------------------------------------------------------------------------
Position in:                                      Indicator                      
------------                                             of Ka estimation basis:
  Feb.  Jan.                                       activity --------------------
  2008  2008 Brief name of the company                 (Ka)     V    N    D    А
------ ----- ------------------------------------ --------- ----- ---- ---- ----
     1     1 Subsidiary of Bank TuranAlem JSC -
             TuranAlem Securities JSC                  3.80  1.00 1.00 1.00 1.00
     2     4 Investment Financial House RESMI JSC      1.34  0.12 0.31 0.61 0.36
     3    17 Alliance Bank JSC                         1.07  0.37 0.13 0.56 0.03
     4    16 PAIMO GRANTUM Asset Management JSC
             (Subsidiary of Kazkommertsbank JSC)       1.04  0.37 0.15 0.50 0.03
     5    10 Centras Securities JSC                    0.89  0.02 0.18 0.44 0.31
     6     7 Astana-Finance JSC (Astana)               0.86  0.01 0.15 0.61 0.11
     7     8 Halyk Savings Bank of Kazakhstan JSC
                                                       0.85  0.01 0.21 0.61 0.03
     8     9 Asia Broker Services JSC                  0.84  0.11 0.11 0.44 0.22
     9    21 Halyk Finance JSC                         0.81  0.03 0.18 0.56 0.06
    10     6 Almaty Investment Management JSC          0.72  0.02 0.15 0.44 0.14
--------------------------------------------------------------------------------

Newcomers of the "active ten" relative to January 2008 became Alliance
Bank JSC, PAIMO GRANTUM Asset Management JSC (Subsidiary of
Kazkommertsbank JSC) and Halyk Finance JSC, having replaced the list
given bellow:

 - BCC Invest JSC - subsidiary of Bank CenterCredit JSC (second
   position in January),

 - RBNT SECURITIES JSC (third position);

 - Opened accumulative pension fund Otan JSC (fifth position).

A total of 34 companies, excluding the National Bank, participated in the
purchase-sale deals with corporate bonds in February 2008.

Below is the corresponding table of the most active members of KASE of "K"
category in the sector for the first 2 months of year 2008. 42 companies,
excluding the National Bank of Republic of Kazakhstan, participated in the
deals' making during the period. The stake of the "active ten" was 65.6% of
the exchange secondary bonds' market sector.

---------------------------------------------------------------------------------
                                               The indicator                       
                                                          of Ka estimation basis:
                                                    activity --------------------
Position Brief name of the company                      (Ka)     V    N    D    А
-------- ------------------------------------- ------------- ----- ---- ---- ----
       1 Daughter organization of Bank
         TuranAlem JSC TuranAlem                        3.80  1.00 1.00 1.00 1.00
         Securities JSC
       2 Investment Financial House RESMI JSC           1.52  0.14 0.36 0.75 0.35
       3 RBNT SECURITIES JSC                            1.09  0.07 0.44 0.50 0.11
       4 BCC Invest JSC - daughter
         organization of Bank CenterCredit JSC          1.07  0.23 0.20 0.50 0.17
       5 Astana-Finance JSC (Astana)                    0.93  0.03 0.17 0.63 0.13
       6 Almaty Investment Management JSC               0.91  0.03 0.18 0.56 0.17
       7 Centras Securities JSC                        0.883  0.02 0.15 0.50 0.26
       8 Halyk Savings Bank of Kazakhstan JSC          0.879  0.03 0.21 0.63 0.02
       9 Asia Broker Services JSC                       0.86  0.13 0.13 0.41 0.24
      10 Opened accumulative pension
         fund Otan JSC                                  0.80  0.08 0.19 0.50 0.04
---------------------------------------------------------------------------------

KASE stresses, that the ranking of activity of exchange corporate bonds'
market operators, given in the tables, is compiled according to the new
methodology. The text of this methodology will be published on the site of
exchange in the nearest future. The core of the methodology is the following.

The place of the company in the ranking is determined by the value of so-
called activity indicator (Ka), which is calculated for each member of the
exchange. The first position in the rating corresponds to the highest value of
Ka.

The given indicator for corporate bonds market operators is calculated by the
formula: Ka = V + N + D + 0,8*A, where:

V - the indicator of volume of the deals, enclosed by the rating member of
the exchange with corporate bonds for the analyzed period on the secondary
KASE market by open trades' method;; V = Vi / Vmax, where Vi - is the
volume of deals, enclosed by the rating company for the period, Vmax - the
highest volume of deals. Enclosed by any member of KASE for the same
period (without consideration of the National Bank);

N - the indicator of the number of deals, enclosed by the rating member of
the exchange with corporate bonds for the analyzed period on KASE
secondary market by open trades' method; N = Ni / Nmax, where Ni - is the
number of deals, enclosed by rating company for the period, Nmax - the
highest amount of deals, enclosed by any member of KASE for the same
period (without consideration of the National Bank);

D - the indicator of the amount of resulting days of rating member of the
exchange in the analyzed period (the resulting is the day, during which the
rating member of the exchange had enclosed at least one deal with
corporate bonds by open trades method on KASE secondary market);
D = Di / Dmax, where Di - is amount of resulting days of rating member of
the exchange, D(max) - the highest amount of resulting days, fixed for the
analyzed period for any KASE member;

A - the indicator of control accounts'; quantity, used by the rating member of
the exchange in the analyzed period; A = Ai / Amax, where Ai - is the
amount of control accounts, which were used by the rating member of the
exchange while making of deals in the analyzed period, A(max) - the highest
amount of used control accounts, fixed for the analyzed period on any
member of KASE

The Vi, Ni, Di, Ai, Vmax, Nmax, Dmax, Amax indicators are the specific
indicators, that is are calculated as the ration of volume of deals (amount of
deals, amount of resulting days or the number of control accounts) to
number of days in the analyzed period, during which this participant of traded
was the member of exchange of the given category. Thus, is grading the
dependence of values of the indicators from the duration of KASE member
work on the exchange.

At the same time, not all members of KASE of "K" category are included into
the rating. For inclusion into the rating the company must be the KASE
member of the specified category at least 70% (according to number of
calendar days) of the analyzed period, and not less than 50% if the longer
analyzed period is used.

[2008-03-31]