Fitch Ratings - London/Moscow - 18 January 2007: Fitch Ratings has today assigned final Long-term 'BB+' ratings to TuranAlem Finance B.V.'s ("TAF") USD750 million 8.25% putable notes due January 2037 and its USD250 million floating rate notes due January 2009. The issues are guaranteed by Kazakhstan's Bank TuranAlem ("BTA"), rated foreign currency Issuer Default 'BB+' with a Outlook Positive, local currency Issuer Default 'BBB-' (BBB minus) with a Outlook Stable, Short-term foreign currency 'B', Short-term local currency 'F3', Individual 'C/D' and Support '3'.

The issue was 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 subscription website, www.fitchresearch.com.

BTA is one of the largest two commercial banks in Kazakhstan. Its common stock is owned primarily by a small group of Kazakh investors.