Fitch Ratings-London/Moscow-12 February 2007: Fitch Ratings has today assigned ALB Finance B.V.'s recent GBP250 million 9.75% issue of senior unsecured notes due February 2011 a Long-term 'BB-' (BB minus) rating.

The notes are issued under Alliance Bank’s (“Alliance”) and ALB Finance B.V.'s USD3.0 billion global medium-term note programme. The programme’s ratings for senior unsecured notes are Long-term 'BB-' (BB minus) and Short-term 'B' (refer to Fitch's statement dated 30 March 2006 for the programme's main terms and conditions). Alliance is rated at Issuer Default 'BB-' (BB minus) with a Stable outlook, Short-term 'B', Individual 'D' and Support '3'.

Alliance is controlled by Seimar Alliance Financial Corporation, which is in turn owned by three brothers. The bank has been growing very rapidly and  is one of the five largest in Kazakhstan. Strategy is focused on retail lending and lending to small- to medium-sized enterprises.