Fitch Assigns Kazkommertsbank's latest Eurobonds Final 'BB+' Ratings

Fitch Ratings-London/Moscow-22 February 2007: Fitch Ratings has today assigned Kazkommerts International B.V.'s EUR750m 6.875% notes due February 2017 and GBP350m 7.625% notes due February 2012 final Long-term 'BB+' ratings. The issues are made under Kazkommerts International B.V.'s USD3bn 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", foreign currency Issuer Default 'BB+'/Positive Outlook, Short-term foreign currency 'B', local currency Issuer Default 'BBB-' (BBB minus)/Stable Outlook, Short-term local currency 'F3', Individual 'C/D', Support '3'). Terms and conditions of the programme can be found in Fitch's statement dated 20 October 2005 on the agency's subscriber website at www.fitchresearch.com.

KKB is one of the two largest commercial banks in Kazakhstan.