TuranAlem Finance B.V. euronotes: KASE listing commission explanatory note

/IRBIS, July 19, 01/ - In KASE listing commission conclusion which is devoted to the first issue euronotes listing procedure (XS0131688227; KASE securities listing "А" category, BTASe1, $100 m, June 28. 01 - June 28. 04, semiannual coupon 11,50% APR) of TuranAlem Finance B.V. (Rotterdam) the following explanatory notes are given. Notes circulation adjustment on the territory of Kazakhstan Notes registered according to practice approved at euronotes market. Terms of notes circulation and liabilities implementation are adjusted by notes' term, Trust and Agent agreement of June 28, 2001 from Bank of New York which acts through its office in London. All claims and irregularities linked with implementation of issuer's liabilities for notes are adjusted in accordance with England legislation. Taxation Notes revenue taxation procedure for Kazakhstan residents is in some way different from the procedure used for issue of registered notes in accordance with legislation of Kazakhstan. Due to issuer's non residence potential investors should consider information concerning control over procedure of capital export and privat status of tax payer due to the source of notes rewarding payment which will be non resident and registered according to the Netherlands legislation. Amendment in structure of large bank shareholders According to bank guarantee data (Bank TuranAlem OJSC) now the negotiations with some international financial institutes (including EBRD and Germany investment company DEG) are conducted concerning the planned grant of repaying preferred converted shares of Bank TuranAlem OJSC. Cost of repaying preferred converted shares will total approximately $20.0m. Also it is expected that owners of converted shares will have right to appoint two members of Bank TuranAlem OJSC board of directors.