Since June 26, 2002 Bank TuranAlem OJSC (Kazakhstan) entirely substitute TuranAlem Finance B.V. (Netherlands) as the issuer at servicing insubordinate notes of this company

/IRBIS, July 1, 02/ - Today TuranAlem Securities LLP (Almaty) informed KASE with official letter about the fact that, on the base of the Statement of Setting trust fund between Bank TuranAlem OJSC (Almaty, founder and guarantor on euronotes of TuranAlem Finance B.V.), TuranAlem Finance B.V. (Rotterdam, issuer and major debtor on notes) and The Bank of New York (New York, trustee of euronotes of TuranAlem Finance B.V.) sine June 26, 2002 Bank TuranAlem OJSC substitutes TuranAlem Finance B.V. as the issuer and assumesall obligations of TuranAlem Finance B.V. on paying off the main sum and interest on euronotes of the first issue (XS0131688227; official "A" listing category, trade code - BTASe1; $100.0m; June 28, 01 - June 28, 04; semi-annual coupon 11.5%APR). With all this going on, parameters of the deal, including amount of euronotes issue, issue currency, interest rate, circulation starting date and maturity date, purpose of money attracting by means of notes floatation, remain the same. [2002-07-01]