Fitch Ratings - London/Moscow - 30 January 2007: Fitch Ratings has today assigned Tsesna International B.V. upcoming debut eurobond an expected Long-term 'B-' rating and an expected Recovery Rating 'RR4'. Kazakhstan-based JSC Tsesnabank (“TSB”), rated Issuer Default ‘B-’, Short-term ‘B’, Individual ‘D/E’ and Support ‘5’, will unconditionally and irrevocably guarantee the due and punctual payment of all amounts at any time becoming due and payable in respect of the notes. The final rating is contingent upon receipt of final documentation conforming materially to information already received.

The notes are to rank at least equally with the claims of other unsecured creditors of TSB, save those preferred by relevant legislation. Under Kazakhstani law, the claims of retail depositors and accountholders rank above those of other senior unsecured creditors. At end-9M06, retail deposits and accounts constituted 19.8% of TSB’s total liabilities, according to the bank's reviewed IFRS accounts. Covenants prevent TSB from entering into transactions of USD3 million or more on other than market terms, restrict dividend payments to 50% of annual net income, and oblige the bank to maintain a total capital ratio of at least 12%, as calculated in accordance with the Basel I 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 TSB. Should any securitisation be undertaken, Fitch comments that the nature and extent of any overcollateralisation would be assessed by the agency for any potential impact on unsecured creditors.

TSB was the 14th-largest bank in Kazakhstan at end-9M06, with only a small, but increasing, percentage of system assets. Historically, the bank’s business has been concentrated in the capital Astana, where it still has a leading position.  Around 96.5% of TSB’s voting shares are held by Tsesna Corporation, which was established in 1988 in Astana (former Tselinograd). The group’s ultimate beneficiaries are Mr. Adylbek Djaksybekov (who has a 70% stake), who is the current chairman of the presidential administration, and his family