Fitch Ratings-London/Moscow- 9 February 2007: Fitch Ratings has today assigned ATF Capital B.V.'s upcoming issue of a eurobond an expected Long-term 'BB-' (BB minus) rating.

Kazakhstan’s JSC ATF Bank (“ATF”) rated Issuer Default 'BB-' (BB minus) with a Stable Outlook, Short-term 'B', Individual 'D' and Support '3', will unconditionally guarantee the timely and full repayment of the notes in a trust deed between itself and the trustee, The Bank of New York.

The final rating is contingent upon receipt of final documentation conforming materially to information already received.

The terms and conditions of the notes specify that the obligations of ATF under the guarantee will rank at least equally with claims of other unsecured creditors of ATF, save those preferred by relevant (bankruptcy, liquidation etc.) laws. Under Kazakh law, the claims of retail depositors and account holders rank above those of other senior unsecured creditors. At end-September 2006, retail deposits and accounts constituted 16% of ATF's total liabilities, according to the bank's reviewed IFRS financial statements.

Covenants prevent ATF from entering into transactions of USD3 million or more on other than market terms, restrict dividend payments to 50% of net income, and oblige the bank to maintain a total capital ratio of at least 10%, as calculated in accordance with the Basel Committee's recommendations. The terms and conditions of the notes also contain a cross default clause (triggered by a default on debt exceeding USD5m) and a negative pledge clause, the latter of which allows for a degree of securitisation by ATF. Should any securitisation be undertaken by ATF, Fitch comments that the nature and extent of any over-collateralisation would be assessed by the agency for any potential impact on unsecured creditors.