Fitch Ratings - London/Moscow - 1 February 2007: Fitch Ratings has today assigned Tsesna International B.V.’s USD125 million 9.875% Eurobonds due 2010 a final Long-term ‘B-’ (B minus) rating and a final Recovery Rating ‘RR4’. Kazakhstan-based JSC Tsesnabank (“TSB”), rated Issuer Default ‘B-’ (B minus) with Stable Outlook, Short-term ‘B’, Individual ‘D/E’ and Support ‘5’, unconditionally and irrevocably guarantees the punctual payment of all amounts due and payable in respect of the notes.

The final prospectus (as of 1 February 2007) contains an additional clause specifying that the notes may be redeemed at the option of the noteholders at their principal amount, together with accrued interest to the date of redemption, following the occurrence of a relevant event. The latter is defined as a merger event or an asset sale resulting in a rating downgrade. Further details on the structure of the issue can be found in Fitch's announcement on 30 January 2007 (see www.fitchresearch.com).

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 Adylbek Djaksybekov (who has a 70% stake), who is the current chairman of the presidential administration, and his family.