/IRBIS, Oct 8, 01/ - Following is the brief reference to the main indicators of financial and economic activities of VALUT-TRANSIT BANK OJSC compiled on the basis of Listing Commission conclusion of the Kazakhstan Stock Exchange (KASE). The reference is published in connection with inclusion of the bank's bonds into category "A" of the officials list of KASE securities.

Main financial indicators of the VALUT-TRANSIT BANK OJSC are compiled in accordance with the Kazakhstan Accounting Standards (KAS), banking legislation, instructions and regulations of the National Bank of Kazakhstan (NBK).

Financial indicators of VALUT-TRANSIT BANK OJSC compiled according to audited statements, KZT, thousands unless otherwise indicated

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                                             as of      as of      as of
Indicator                                   Jan 01,    Jan 01,    Jan 01,
                                               1999       2000       2001
----------------------------------------  ---------  ---------  ---------
Authorised capital (paid-up)                500,000  1,000,000  1,300,000
Shareholders' equity                        523,547  1,041,823  1,877,327
Total assets                              1,672,201  2,846,628  6,057,302
Liquid assets                               115,550    181,112    768,547
Credits granted (net)                     1,160,509  2,408,919  4,645,887
Banking debts                                 5,320      9,356          -
Indebtedness to banks                        16,023     40,000    699,350
Indebtedness to clients                     899,617  1,756,066  3,412,601
Income from operating activity              390,085  1,125,347    953,203
Net income (loss)                            20,181     29,002     41,130
Return on equity (ROE), %                      3.85       2.78       2.19
Return on assets (ROA), %                      1.21       1.02       0.68
Net income per ordinary share (EPS), KZT       8.06       2.22       3.53
Book value of share, KZT                     209.42     208.36     288.82
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Data for 1998 were reviewed but not audited by KPMG Janat

According to the KPMG Janat's conclusion, financial statements of VALUT- TRANSIT BANK OJSC gives a reliable and accurate picture of the company's financial situation for 1999 in all essential aspects including cash flow and income statements. The financial statements comply with Kazakhstan Accounting Standards.

Financial statements of the bank whose audit was conducted by Deloitte & Touche were compile according to International Accounting Standards. According to Deloitte & Touche, balance sheet of VALUT-TRANSIT BANK OJSC gives a reliable and accurate picture of the company's financial situation for 2000 in all essential aspects. The auditor declined to give an opinion about income and cash flow statements as it did not conduct audit of the bank in past periods.

The auditor confirmed that as of Dec. 31, 1999 and 2000 level of liquidity of VALUT-TRANSIT BANK OJSC and other indicators correspond to prudential standards of the National Bank of Kazakhstan.

Data on execution of prudential standards by VALUT-TRANSIT BANK OJSC

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Standard                                  As of      As of      As of     As of
                                         Jan, 99    Jan, 00    Jan, 01  July, 01
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First level capital, K1, KZT, th.        497,231  1,005,231   1,84,477 2,089,787
Second level capital, K1, KZT, th.        35,364     64,264    160,588   234,824
Shareholders equity, K, KZT, th.         532,595  1,069,495  2,009,065 2,324,611
Capital adequacy ratio  k1 (min = 0.04)     0.31       0.35       0.30      0.20
Capital adequacy ratio  k2 (min = 0.12)     0.34       0.40       0.35      0.25
Risk size ratio k3 (max = 0.25)             0.24       0.24       0.20      0.23
Current liquidity ratio k4 (min = 0.3)      0.97       0.45       0.40      0.32
Investments-equity ratio k5 (max = 0.5)     0.30       0.20       0.30      0.29
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Table below presents characteristic of the bank in comparison with average ratios of banks (by the size of shareholders equity). Average ratios are compiled according to data of the financial statements presented by banks included into KASE membership under category "B" (forex trades).

Comparable data as of July 01, 2001, KZT, thousands unless otherwise indicated

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Indicator            VALUT-TRANSIT BANK OJSC  Average value over 4 other banks
-------------------  -----------------------  --------------------------------
Shareholders equity                2,324,611                         2,282,697
Assets                            10,199,888                        14,270,430
Net income`                          144,581                           238,638
K1 (min 0.04)                           0.20                              0.19
K2 (min 0.08)                           0.25                              1.45
K4 (min 0.20)                           0.32                              1.22
ROА, %                                  1.42                              2.58
ROE, %                                  6.22                             10.23
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