Fitch Ratings - London/Moscow - 9 January 2007: This announcement corrects the version issued earlier today. In the first paragraph, the amount of TAF’s 4.25% notes due December 2016 should read JPY20 billion, and not JPY20 trillion.

Fitch Ratings has today assigned TuranAlem Finance B.V.'s ("TAF") upcoming eurobond issue an expected 'BB+' Long-term rating. The issue is expected to be denominated in USD and comprise two tranches: a 30-year fixed rate tranche with a put option after 10 years and a two-year floating rate tranche. The final rating of the issue is contingent upon receipt of final documentation conforming materially to information already received. Fitch has also assigned a ‘BB+’ Long-term rating to TAF’s JPY20 billion 4.25% notes issue due December 2016, which has put and call options exercisable in December 2011.

The USD issue is to be guaranteed, and the JPY issue is guaranteed, by Kazakhstan's Bank TuranAlem ("BTA"), rated foreign currency Issuer Default 'BB+'/Positive Outlook, local currency Issuer Default 'BBB-' (BBB minus)/Stable Outlook, Short-term foreign currency 'B', Short-term local currency 'F3', Individual 'C/D' and Support '3'. Proceeds from the issue will be deposited with BTA.

The issues are made within the framework of BTA's and TAF's USD3 billion global medium-term note programme, rated Long-term 'BB+' for senior unsecured foreign currency notes with maturities in excess of one year and Short-term 'B' for senior unsecured foreign currency notes with maturities of less than one year. Details of the programme can be found in Fitch's announcement of 7 November 2005, available on the agency's website at www.fitchresearch.com.

BTA's guarantees of the issues rank at least equally with all present or future unsecured senior obligations of the bank, save those preferred by relevant provisions of law and of general application. Under Kazakhstani law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-Q306, retail deposits accounted for 12% of BTA's total liabilities according to the bank's reviewed International Financial Reporting Standards ("IFRS") accounts.

BTA was the second largest commercial bank in Kazakhstan by IFRS assets at end-H106, and has top three positions in all major market segments. The bank's common stock is owned primarily by a number of Kazakh investors.