Fitch Ratings - London/Moscow - 26 January 2007: Fitch Ratings has today assigned Kazkommerts International B.V.'s upcoming senior unsecured notes issue an expected Long-term 'BB+' rating. The notes will be offered under the USD3 billion guaranteed debt issuance programme, rated Long-term 'BB+' (for foreign currency notes with maturities in excess of one year) and Short-term 'B' (for foreign currency notes with maturities of less than one year).

The notes under the programme are unconditionally and irrevocably guaranteed by Kazakhstan's Kazkommertsbank ("KKB"), rated foreign currency Issuer Default 'BB+' with a Positive Outlook. The final ratings are contingent upon receipt of final documentation conforming materially to information already received.

KKB's guarantee of the notes will rank at least equally with all present or future unsecured and unsubordinated 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-9M06, retail deposits accounted for 10% of KKB's total liabilities, based on the bank's audited International Financial Reporting Standards ("IFRS") financial statements.

Terms and conditions of the programme can be found in Fitch's statement dated 20 October 2005 on the agency's website at www.fitchratings.com.

KKB was the second largest commercial bank in Kazakhstan by IFRS assets at end-9M06. Its other ratings are Short-term foreign currency 'B', local currency Issuer Default 'BBB-' (BBB minus)/Stable Outlook, Short-term local currency 'F3', Individual 'C/D' and Support '3'.