Debt Redemption as of end 2011 (in KZT mill.). Medium Term Debt Management Strategy (MTDS) Workshop Interest rate and Refinancing risk, end of December.

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Debt Redemption as of end 2011 (in KZT mill.)

Medium Term Debt Management Strategy (MTDS) Workshop Interest rate and Refinancing risk, end of December 2011 Domestic External Total Interest rate risk Variable rate debt22%67%36% Debt with Interest rate re-fixed by end %69%44% Average time to re-fixing, years3,64,44,1 Refinancing risk Debt maturing by end %6%10% Average time to maturity, years6,49,37,3

Medium Term Debt Management Strategy (MTDS) Workshop Government Debt on January 1, 2012 USD, milLocal currency, mil% of GDP Share of total debt External ,40%24% Domestic ,60%76% Total ,00%100%

Medium Term Debt Management Strategy (MTDS) Workshop * Currency composition