FITCH RATES DEVELOPMENT BANK OF KAZAKHSTAN'S LATEST SENIOR UNSECURED NOTES EXPECTED 'BBB'

/REUTERS, Vladimir Kuznetsov, March 3, 06/ - Fitch Ratings has today assigned the Development Bank of Kazakhstan's ("DBK") upcoming issue of fixed-rate loan participation notes an expected Long-term 'BBB' rating. The notes will be used to finance the fast growing loan portfolio of DBK (rated Long-term Issuer Default foreign currency 'BBB' with Stable Outlook, Short- term foreign currency 'F3' and Support '2'). The final rating is contingent on receipt of final documents conforming materially to information already received. This is the fourth issue under the bank's euro medium term note programme ("EMTNP", rated Long-term 'BBB'/Short-term 'F3'). The total size of the EMTNP is increased to USD1 billion following this issue, but its main terms and conditions remain unchanged (refer to Fitch's latest statement dated 24 May 2005 for the programme's main terms and conditions). DBK was established in 2001 as a 100% state-owned company with the objective to foster Kazakhstan's economic development by providing medium- to long-term financing for infrastructure and production sector projects, and by issuing pre-export loans and guarantees. At 1 January 2006, approximately 87% of the bank's shares were held by the government of Kazakhstan, with the remaining 13% equally spread between the local government bodies of 14 regions and the cities of Almaty and Astana. DBK's total assets, net loans and shareholders' equity were KZT140bn, KZT46bn and KZT72bn, respectively at end-2005. Contact: Dmitriy Piskulov, Alexei Kechko, James Watson, Moscow, Tel: +7 495 956 9901. Media Relations: Jon Laycock, London, Tel: +44 20 7417 4327. [2006-03-03]