KASE determined the leading exchange market operators of purchasing-selling corporate bonds for march and first 3 months of 2008 (using the new method)
/KASE, 01.04.08/ - Kazakhstan Stock Exchange (KASE) determined the leading
exchange market operators of purchasing-selling of corporate bonds in
Kazakhstan for March 2008, using for this purpose the new ranking method.

Below are 10 most active KASE category "K" members (headquarters of all
companies are located in Almaty, unless otherwise specified). In total, in
conclusion of purchasing-selling deals in corporate bonds, excluding the National
Bank, in March 2008 participated 36 companies. The "top-10" in March
accounted for 84.4 % of the exchange corporate bonds secondary market
turnover.

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   Position in:                                                                   
---------------                                    Indicator Ka calculation base:
  March    Feb. Short name                       of activity --------------------
2008 г. 2008 г. of a 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       8 Asia Broker Services JSC                2.03  0.80 0.38 0.60 0.32
      3      11 Verny Capital JSC                      1.802  0.65 0.28 0.80 0.09
      4      12 BCC Invest JSC - Subsidiary of
                Bank CenterCredit JSC                  1.800  0.15 0.61 0.87 0.23
      5       2 RESMI Finance and Investment            1.79  0.21 0.54 0.60 0.55
                House JSC
      6      16 Open Accumulative                       1.56  0.80 0.15 0.53 0.09
                Pension Fund Otan JSC
      7       - IFG CONTINENT JSC                       1.32  0.16 0.35 0.73 0.09
      8      13 RBNT SECURITIES JSC                     1.27  0.13 0.29 0.67 0.23
      9       6 Astana-Finance JSC (Astana)             1.24  0.46 0.14 0.47 0.23
     10      10 Almaty Investment Management JSC        1.22  0.03 0.31 0.73 0.18
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The "top-10" newcomers relative to February 2008 became Verny Capital JSC,
BCC Invest JSC - Subsidiary of Bank CenterCredit, Open Accumulative Pension
Fund Otan JSC, IFG CONTINENT JSC and RBNT SECURITIES JSC, having
driven out:

- Alliance Bank JSC (the third position in February),

- Subsidiary of Kazkommertsbank JSC PAIMC GRANTUM Asset Management
  JSC (the fourth position);

- Cetras Securities JSC (the fifth position);

- Halyk Savings Bank of Kazakhstan JSC (the seventh position);

- Halyk Finance JSC (the ninth position).

Below is the corresponding table of the most active KASE category лK" members
in the sector for first three months of 2008. In conclusion of deals during this
period, excluding the National Bank of the Republic of Kazakhstan, participated
47 companies. The "top-10" here accounted for 68.8 % of the exchange bonds
secondary market turnover.


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                                                        Ka calculation base:
                                              Indicator --------------------
Posi Short name                             of activity ----- ---- ---- ----
tion of a company                                  (Ka)     V    N    D    А
---- -------------------------------------- ----------- ----- ---- ---- ----
   1 Subsidiary of Bank TuranAlem JSC
     TuranAlem Securities JSC                      3.80  1.00 1.00 1.00 1.00
   2 RESMI Finance and Investment House JSC        1.56  0.15 0.42 0.70 0.37
   3 BCC Invest JSC - Subsidiary of Bank
     CenterCredit JSC                              1.30  0.22 0.33 0.62 0.18
   4 RBNT SECURITIES JSC                           1.11  0.08 0.39 0.55 0.11
   5 Asia Broker Services JSC                      1.08  0.22 0.21 0.47 0.23
   6 Almaty Investment Management JSC              0.99  0.03 0.22 0.62 0.16
   7 Astana-Finance JSC (Astana)                   0.94  0.09 0.16 0.57 0.14
   8 Open Accumulative                             0.89  0.18 0.18 0.51 0.04
     Pension Fund Otan JSC
   9 Verny Capital JSC                             0.79  0.09 0.14 0.53 0.04
  10 Halyk Savings Bank of Kazakhstan JSC          0.72  0.03 0.17 0.51 0.02
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KASE notices that the activity ranking of the exchange corporate bonds market
operators KASE, given in the table, was developed using the new method.
This method text will be published at the exchange site in the nearest time. This
method essence includes the following.

The company's place in the ranking is determined by the value of the so called
activity indicator (Ka), calculated for each exchange member. The first position
in the rating corresponds with the largest Ka value.

This indicator for the repo market operators is calculated by formula
Ka = V + N + D + 0,8*A, where:

V - the indicator of deals volume, concluded by the being rated exchange
member in corporate bonds during the analyzed period on the KASE secondary
market by open trades methods; V = Vi / Vmax, where Vi - deals volume,
concluded by the being rated company for the period, Vmax - the largest volume
of deals, concluded by any KASE member for the same period (not considering
the National Bank);

N - the indicator of repo deals number, concluded by the being rated exchange
member for the analyzed period on KASE; N = Ni / Nmax, where Ni - the number
of deals, concluded by the being rated company for the period сделок, Nmax -
the largest volume of deals, concluded by any KASE member for the same period
(not considering the National Bank);

D - the indicator of number of effective for the being rated exchange member
days during the analyzed period (the effective day - the day during which the
being rated exchange member on the KASE secondary market concluded at least
one deal in corporate bonds by the open trades method); D = Di / Dmax, where
Di - the number of effective days of the being rated exchange member, D(max) -
the largest number of effective days, fixed for the analyzed period on any KASE
member;

A - the indicator of sub-account number, used by the being rated exchange
member during the analyzed period; A = Ai / Amax, where Ai - the sub-accounts
number, used by the being rated exchange member when concluding deals
during the analyzed period, A(max) - the largest number of used sub-accounts,
fixed for the analyzed period on any KASE member;

Indicators Vi, Ni, Di, Ai, Vmax, Nmax, Dmax, Amax are unit values, i.e. are
calculated as the ratio of deals volume (number of deals, number of effective
days or number of sub-accounts) to the number of days in the analyzed period,
during which this trades' participant was this category exchange member. Thus,
dependence of indicators values on the duration of the being rated KASE
member activities is leveled;

Given this, STF RFCA deals are not considered when determining the rating
position;

At the same time, not all KASE category "K" members are included into the
ranking. For inclusion into the ranking the company must have KASE
membership by the corresponding category during not less than 70 % (by
calendar days) of the analyzed period, if considered the period up to three months
inclusive, not less than 60 %, if the period duration makes up from three to six
months, and not less than 50 %, in case of use of the longer analyzed period.

[2008-04-01]