Investor's Newsletter for December 2008: Kazakhstan

In this issue:

3 Laws & Legislations
3-4 Politics and Economics
3 EBRD invested USD 5 bln in KZ economy
3 Economic growth to be 5% upon the results of 2008
3 National Budget may lose over KZT 150 bln if oil prices stand at $25 per barrel
3 Kazakhstan's foreign trade balance at 27.5%/GDP in 10M08
4 Commodities turnover between Kazakhstan and Russia increased by 24% in 2008: N.Nazarbayev
4 Kazakhstan and United Arab Emirates to sign convention on double taxation avoidance
4 India to invest in uranium mines in Russia, Kazakhstan
5 Banking
5 Kazakh Bank Halyk’s profit falls 47% on provisions
5 BTA completes repayments of foreign obligations for 2008
5 Tsesnabank to increase offered capital by 15%
5 BCC declines State injection offer; expects higher provisions in 4Q2008
5 China Development Bank, Kazakhstan Development Bank extend credit line
5 HR News
6-7 Corporate News
6 Zhaikmunai updates on operations
6 Max Petroleum fails to farm out its acreages
6 Tethys signs preliminary agreement to supply gas to Inter RAO UES
6 BG Group to continue investment in Kazakhstan
6 Gas and oil extraction volumes decrease in Uzen deposit
7 KMG, BG Group, Razvedka Dobycha “KazMunaiGaz” sign agr’t on coop in exploration sphere
7 NC KazMunaiGas to operate Urikhtau gas-condensate field
7 Samruk-Energo wraps up acquisition of 50% in Bogatyr and Severny
7 IPO and M&A news
8 KASE & Last month gainers/losers