MOODY'S ASSIGNS Baa2 RATING TO THE UPCOMING SUBORDINATED NOTES ISSUE BY KAZKOMMERTSBANK; STABLE OUTLOOK

/REUTERS, July 24, 06/ - Moody's Investors Service has assigned a rating of Baa2 (stable outlook) to the US$150 million issue of subordinated loan participation notes by a special-purpose vehicle Kazkommerts Finance 2 B.V. which is a wholly owned subsidiary of Kazkommertsbank ("KKB") of Kazakhstan. The notes will be issued on a limited-recourse basis for the sole purpose of financing a subordinated loan to KKB. The ten-year issue callable after five years carries a coupon of 8.625%, with interest rate step-up after the first five years. The outlook for the rating is stable. Moody's notes that the level of the rating reflects the important role KKB plays in the country's economy. KKB is the largest bank in Kazakhstan, and has been able to develop an important franchise in the domestic market. The rating agency regards the likelihood of KKB receiving support from the Kazakh financial authorities in case of distress as very high, and as the primary driver of the rating. The Baa2 rating, which is notched down one notch from KKB's senior unsecured debt issued under foreign law, also takes into account the extent of the notes' subordination against various classes of debt and equity, and associated differences in expected loss in case of default. Kazkommertsbank is headquartered in Almaty, Kazakhstan, and reported total consolidated assets of US$8.9 billion under IFRS at 31 December 2005. Kazkommerts International B.V. is domiciled in the Netherlands. London Adel Satel Managing Director Financial Institutions Group Moody's Investors Service Ltd. JOURNALISTS: 44 20 7772 5456 SUBSCRIBERS: 44 20 7772 5454 Moscow Vladlen Kuznetsov Asst Vice President - Analyst Financial Institutions Group Moody's Eastern Europe Telephone: +7-495-771-7146 Facsimile: +7-495-937-8290 [2006-07-24]