Fitch Ratings - London/Moscow - 8 January 2007: Fitch Ratings has today assigned Center Credit International B.V.'s upcoming eurobond issue an expected Long-term 'BB-' (BB minus) rating.

Kazakhstan’s Bank Center Credit (“BCC”) rated Long-term 'BB-' (BB minus) with Stable Outlook, Short-term 'B', Individual 'D' and Support '3', will unconditionally guarantee the timely and full repayment of the notes in a trust deed between itself and the trustee, Deutsche Trustee Company Limited.

The final rating is contingent upon receipt of final documentation conforming materially to information already received.

The terms and conditions of the notes specify that the obligations of BCC under the guarantee will rank at least equally with claims of other unsecured creditors of BCC, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Kazakhstani law, the claims of retail depositors and account holders rank above those of other senior unsecured creditors. At end-September 2006, retail deposits and accounts constituted 19.8% of BCC's total liabilities, according to the bank's reviewed IFRS financial statements.

Covenants prevent BCC from entering into transactions of USD7 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel Committee's recommendations. The terms and conditions of the notes also contain a cross default clause and a negative pledge clause, the latter of which allows for a degree of securitisation by BCC.

Should any securitisation be undertaken by BCC, Fitch comments that the nature and extent of any over-collateralisation would be assessed by the agency for any potential impact on unsecured creditors.

BCC is one of the six largest banks in Kazakhstan with a market share of assets of around 7.8% at end- September 2006, and focuses primarily on the SME and retail segments, utilising its countrywide branch network. Bakhytbek Bayseitov, current Chairman of the Board of Directors, is now consolidating his 51% stake in the bank; about 12% is owned by management.