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Almaty: Press Release. In response to recent press reports, regarding the current tax examinations

13.07.2004 / Press-service

July 13, 2004, Press Release. A representative of Bank TuranAlem, in response to recent press reports, stated that the Bank does not consider the current tax examination that is in process to be a probe of any kind nor does it see it as having any similarity to the Russian Yukos situation as press reports seem to imply. Mrs. Maksutova, Head of Tax Department of Bank TuranAlem, stated that the Bank is undergoing what she considers to be a normal tax examination. She went on to say thatthe Kazakh tax authorities generally conduct full scope examinations of a bank’s tax returns every several years. She confirmed that the last examination in 2002, covering the years 1997 through 2001, did not result in any material increase in the tax liability that the Bank reported and paid during that period. Mrs. Maksutova said that since the current examination is in process it would be inappropriate for the Bank to comment on it.

However she did state that the tax authorities have not raised any major issues nor have they suggested that the Bank has significantly underpaid its tax liability for the past two years. The Bank, as always in such tax examinations, is cooperating fully with the tax authorities.

In response to recent press reports, regarding the current tax examinations, please find a copy of Press Release attached (in .pdf, 175kb).

For further information, please call:

Mr. W.J. Minarovich + 7(3272) 504067
Vice-president, Investor Relations

Mr. A.S. Khaltaev + 7(3272) 505135
Head of Financial Institutions