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Almaty: Press Release: JSC Bank TuranAlem ("BTA") announces the offering by TuranAlem Finance B.V.

04.02.2005 / Press-service

Press Release


This release is not for distribution, directly or indirectly, into the United States, Canada or Japan
4 February 2005

JSC Bank TuranAlem ("BTA") announces the offering by TuranAlem Finance B.V., a wholly owned subsidiary of BTA, of U.S. $350,000,000 8.50% Notes due 2015 (the "Notes"), guaranteed by BTA. The issue price for the Notes has been fixed at 98.356% and settlement of the transaction is expected to take place on 10 February 2005, subject to customary conditions. The Notes are being offered only to qualified institutional buyers in the United States under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and to certain investors outside of the United States under Regulation S under the Securities Act.


- DISCLAIMER -

This announcement does not constitute an offer to sell or issue, or the solicitation of an offer to purchase, the Notes or any other securities. Neither the Notes nor the guarantee in respect of the Notes has been or will be registered under the Securities Act, or any state securities laws and may not be offered or sold in the United States or to or for the accountor benefit of any U.S. person (as such terms are defined in Regulation S under the Securities Act), except to qualified institutional buyers in reliance on the exemption from the registration requirements of the Securities Act provided by Rule 144A thereunder or other wise pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offer of the Notes in the United States.
The Notes have not been and will not be offered, sold or transferred, directly or indirectly, to individuals or legal entities, whether situated in or outside the Netherlands, other than those who or which trade or investin securities in the conduct of their profession or trade.
In addition, the offer and sale of the Notes is also subject to restrictions in the United Kingdom and Kazakhstan.


Stabilisation/FSA.

This press release has been prepared for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice, and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to purchase, any securities nor a recommendation to enter into any transaction; nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. The statements made herein are believed to be correct, but neither BTA nor any of its affiliates accepts liability for any loss arising from the use hereof or makes any representation as to its accuracy or completeness. The information contained herein is subject to change without notice. This document may not be reproduced or redistributed to any other person.

Before purchasing any Notes, each investor should take steps to ensure that you understand the terms of the Notes and all related risks and should make an independent assessment of the appropriateness of such purchase in light of your own objectives and circumstances, including the possible risks and benefits of such purchase. Potential investors should also seek advice from your own advisers in making this connection.

Certain statements contained in this press release constitute "forward looking statements". These statements, which contain the words "anticipate", "believe","intend", "estimate", "expect" and words of similar meaning, reflect management's beliefs and expectations and are subject to risks and uncertainties that may cause actual results to differ materially. As a result, readers are cautioned not to place undue reliance on such forward looking statements. BTA disclaims any obligation to update its view of such risks and uncertainties or to publicly announce the result of any revisions to the forward looking statements made herein, except where it would be required to do so under applicable law.