At the same time Fitch has placed ATF Bank’s (“ATF”) Long-term IDR 'BB-’ (BB minus), Short-term IDR ‘B’ and Support '3' on Rating Watch Positive ("RWP") and affirmed its Individual rating at 'D'. ATF’s current Support Rating Floor of 'BB-' (BB minus) is based on sovereign support. Should the transaction go ahead, it will be reviewed in line with Fitch's prevailing policy on institutionally driven support. Fitch has also taken rating actions on UCI’s subsidiaries, including those of BACA, as listed below.

The transaction, which is still subject to regulatory approvals, will be paid for in cash and will generate a large amount of goodwill. The acquisition will shave around 30 bps from UCI’s core capital ratio. Nonetheless, UCI has confirmed its target core Tier 1 ratio of 6.8% by end-2008, which will be met mostly through internal capital generation but also partly through the sale of some non-strategic equity participations and of Bank BPH, in Poland. UCI’s franchise in eastern Europe and CIS will be strengthened following this acquisition, in line with its announced strategy.

The RWP on ATF’s ratings reflects the greater probability that support would be forthcoming in case of need should the acquisition be completed, in light of UCI’s ability and expected propensity to provide such support. Should the transaction be completed, Fitch expects to upgrade ATF’s IDR to the level of the Kazakhstan Country Ceiling, currently at ‘BBB+’.

UCI is Italy’s second-largest bank by total domestic assets. It recently launched a bid to acquire Capitalia, Italy’s fourth-largest bank (see separate announcement dated 21 May 2007 on www.fitchratings.com), a transaction that will render it one of Europe’s largest banks, with more than 7,500 branches in Europe and central and eastern Europe and CIS. At end-Q107 ATF was the fourth-largest bank in Kazakhstan, with a 10% share of banking system assets.