ORDER OF THE GOVERNMENT REPUBLIC OF KAZAKHSTAN

of April 9, 1999 No. 398

About approval of Rules of release, the address and repayment of the state short-term treasury currency obligations of the Republic of Kazakhstan with circulation period three, six, nine and twelve months

For the purpose of expansion of types of the tools used for financing of deficit of the republican budget, the Government of the Republic of Kazakhstan decides:

1. Approve the enclosed Rules of release, the address and repayment of the state short-term treasury currency obligations of the Republic of Kazakhstan with circulation period three, six, nine and twelve months.

2. To the Ministry of Finance of the Republic of Kazakhstan together with National Bank of the Republic of Kazakhstan (in coordination) as the financial agent to organize release into the stream of commerce of the state short-term treasury currency obligations within limit of the government debt approved by the Law of the Republic of Kazakhstan on the republican budget for the corresponding year.

3. Determine that money from primary placement of the state short-term treasury currency obligations arrives in the republican budget.

4. This resolution becomes effective from the date of signing.

Approved by the order of the Government of the Republic of Kazakhstan of April 9, 1999 No. 398

Rules of release, the address and repayment of the state short-term treasury currency obligations of the Republic of Kazakhstan with circulation period three, six, nine and twelve months

1. General provisions

1. These rules determine procedure for release, the address and repayment of the state short-term treasury currency obligations with circulation period three, six, nine and twelve months in the territory of the Republic of Kazakhstan (further - treasury obligations).

2. The name "state short-term treasury currency obligation" (GKVO) in state language hereinafter is referred to as as "Memlekettik kyskamerzimdi kazynashylyk valyutalyk mindetteme" (MEKABM)

3. Treasury obligations are issued government securities, are issued by the Ministry of Finance of the Republic of Kazakhstan (further - the Issuer) on behalf of the Government of the Republic of Kazakhstan for the purpose of financing of the current deficit of the republican budget and freely are traded on the securities market of the Republic of Kazakhstan according to the current legislation of the Republic of Kazakhstan.

4. Treasury obligations are issued in paperless form, take place and address by conducting the corresponding records on accounts of "depot" in private company "The central depositary valuable paper (further - Depositary) and on the accounts of "depot" opened at primary dealers in the market of government securities on their investors.

2. Release and placement

5. Each release has the national identification number assigned by National Bank of the Republic of Kazakhstan according to the current legislation, agrees to the release parameters approved by the Issuer.

6. Nominal value of treasury obligation - 100 US dollars.

7. The National Bank of the Republic of Kazakhstan acts as the financial agent performing placement and repayment of treasury obligations (further - the Financial agent). Relations between the Issuer and the Financial agent are regulated by the current legislation of the Republic of Kazakhstan, regulatory legal acts of the Ministry of Finance and National Bank of the Republic of Kazakhstan, these rules, the agreement on primary placement and the address of government securities of the Republic of Kazakhstan signed between the Ministry of Finance and National Bank of the Republic of Kazakhstan.

8. Treasury obligations are placed among investors at the discounted price determined by auction method. The satisfaction of requests of participants of auction begins with the proposals submitted at the highest price for treasury obligation before achievement of the announced issue amount taking into account non-competitive requests.

9. Auctions for placement of treasury obligations are held by the Financial agent according to the schedule established by the Issuer. The issuer not later than seven calendar days before date of another auction tells the Financial agent date and conditions of holding the auction of treasury obligations who, in turn, not later than five calendar days notifies primary dealers on date and conditions of holding the auction of treasury obligations. The procedure for holding auctions is regulated by regulatory legal acts of National Bank of the Republic of Kazakhstan.

10. The amount and conditions of each issue of treasury obligations are established by the Issuer within limit of the government debt of the Republic of Kazakhstan provided in the republican budget for the corresponding year. The maximum amount of acquisition of treasury obligations at one auction the certain primary dealer or the investor, percent of satisfaction of non-competitive requests is determined by the Issuer for each auction separately, proceeding from situation in the market of government securities. Share of participation of nonresidents at auctions is determined by National Bank of the Republic of Kazakhstan.

11. The decision on price conditions of the held auction and amount of satisfaction of requests of his participants is accepted by the Issuer in accordance with the terms, determined according to Item 10 of these rules.

12. Payment for the acquired treasury obligations is made by investors in tenge, on the official rate of National Bank of the Republic of Kazakhstan for the date preceding day of payment.

3. Address of treasury obligations

13. The address of treasury obligations begins with the moment of receipt of the notice by primary dealers from the Financial agent about receipt of money for the account of the Issuer for the acquired government securities, stops in 5 working days prior to repayment of treasury obligations.

14. Legal entities and physical persons - residents and nonresidents of the Republic of Kazakhstan can be holders of treasury obligations. At the same time at auctions of treasury obligations only primary dealers who are determined by the Issuer by the recommendation of National Bank of the Republic of Kazakhstan - in case of selection among banks of the second level and professional participants of the security market directly participate. Other participants of the market of government securities (investors) participate in auctions of primary placement only through primary dealers.

15. All transactions with treasury obligations in the secondary market are performed according to the current legislation of the Republic of Kazakhstan.

16. Accounting and movement of the property rights to treasury obligations are performed through Depositary by introduction of the corresponding records on the account of "depot" of the seller and buyer based on written orders and/or electronic orders of holders of treasury obligations. For calculation of the amount of remuneration for the corresponding period the number of calendar days in settlement period of the address of treasury obligations and 365 days in year is used.

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