Kazkommertsbank JSC (Kazakhstan) will increase its liabilities by $1.0 bn.

/KASE, March 12, 04/ - Kazkommertsbank JSC (Almaty), whose securities are circulating in the official "A" listing category of Kazakhstan stock exchange Inc (KASE), has presented KASE the copy of minutes of the prescheduled general shareholders meeting, which was held on February 26 of 2004. In accordance with the agenda shareholders of Kazkommertsbank JSC made following decisions. Approve the decision of the bank's Board of directors about making of a big deal - borrowing of the next syndicated loan by making future credit contract between Kazkommerts International B.V. (bank's daughter company registered in Rotterdam, Kingdom of Netherlands - note of KASE) and syndicate of banks on the following conditions: sum of borrowing - up to USD300 m., including: A tranche - for one year for up to USD190 m., interest rate is LIBOR + 1.5% APR and B tranche - for 2 years for up to USD110 m., interest rate is LIBOR + 2.0% APR. In the future borrow the mentioned resources by means of: bank's issuing the guarantee, which will guarantee fulfillment of obligations by Kazkommerts International B.V. on future credit contract for a total of up to USD300 m., in favor of the syndicate of banks; making of agreement about borrowing of financial resources with Kazkommerts International B.V. for up to USD300 m. with payment of corresponding commission for organization а financing; following placing of the received funds by Kazkommerts International B.V. on term deposits in the bank with bank's payment of interest on deposits at up to 5% APR. Confirm the decision of the Board of directors about issuing of the guarantee (within the frameworks of eurobonds floatation), which will be issued by Kazkommertsbank JSC for Kazkommerts International B.V. in favor of the third person representing bondholders' interests. Sum of borrowing is up to USD500 m. for up to 10 years. Publish message about big deals within the period of time provided by Kazakhstan legislation. Confirm the decision of the Board of directors concerning the following deals of Kazkommertsbank JSC, in making of which the bank is interested. Assuming of obligations of Kazkommerts Securities OJSC by the bank for employees of Kazkommerts Securities OJSC, to which the bank issues corporate credit cards. Conclusion of credit agreement by the bank on unsecured basis with the person related with the bank by special relations - European Bank for Reconstruction and Development (EBRD) for USD25 m. within the framework of EBRD's Grain receipts program, and also operations provided for by it on the following conditions: interest rate is one month LIBOR + 1.5% APR, maturity date - April 30 of 2004 with the option of renewal of the credit line in 2004 and 2005 on the assumption of accepting by EBRD of the yearly proposal of the bank about renewal. Sum of the credit line is meant for financing of grain companies for real estate and personal estate given by them as the pawn. Making of two agreements of cash-dispensers insurance (214 units) with Insurance company "Kazkommerts-Policy" OJSC, and also three insurance agreements, including: agreement of complex insurance of bank risks, agreement of bank's property insurance and agreement of civil responsibility insurance. Prolongation of validity period of purchase and sale agreement dated July 25 of 2001 #1, which was made between the bank and physical person, till December 31 of 2004. About making of following deals by the bank with Kazkommerts International B.V.: issuing by the bank of the guarantee for Kazkommerts International B.V. in favor of the third person for up to USD500 m. in accordance with the planned issuing of eurobonds at the international markets for 10 years with making of agreement about giving of bank agreement and agreement of money pawning as the securing of fulfillment of obligations of Kazkommerts International B.V. before the bank on the guarantee; making of agreement between the bank and Kazkommerts International B.V. about drawing of financial resources, and also agreement about expenses coverage; making of agreement about subscription for bonds between ING Bank N.V. and Citigroup Global Markets Limited, which acts as the joint organizers of the issue, Kazkommertsbank JSC - as the guarantor and Kazkommerts International B.V. - as the issuer of the mentioned eurobonds, in accordance with which joint organizers must subscribe for bonds and pay them on such agreement's terms; making of asset management agreement between juridical person (which will be appointed later) as the trustee, Kazkommertsbank JSC - as the guarantor and Kazkommerts International B.V. - as the issuer of the mentioned eurobonds, in which terms of asset management, functions, obligations and rights of the sides of the agreement and other terms will be determined; making of agreement about rendering of agent services between Kazkommertsbank JSC as the guarantor, major paying agent, registrar, transfer agent, trustee, which will be appointed later, and Kazkommerts International B.V. as the issuer of the mentioned eurobonds, in which conditions of such services rendering, functions, obligations and rights of the sides of the agreement and other terms will be determined; any deals for any sums and in compliance with the terms of corresponding agreements within uncertain period of time on following operations: on all banking operations containing no credit risk, on all other operations made within the framework of usual activity of the bank and Kazkommerts International B.V. containing no credit risk and providing for either advance payment of property (services) sold by the bank, or postponement of payment for property (services) sold to the bank, on general conditions set in the bank. Confirm the decision of the bank's Board of directors about changing of terms of agreements about borrowing of financial resources, which were made between Kazkommertsbank JSC and Kazkommerts International B.V., concerned with correction of the order for registration of operations (in which there is interest). Besides shareholders decided not to approve decision of the Board of directors of Kazkommertsbank JSC concerning bank's participation in the trades (auction) on sale of 100% shareholding of Eximbank Kazakhstan OJSC and approved the decision of the bank's Board of directors about cancellation of the decision of its Board of directors concerning bank's participation in the trades (auction) on sale of 100% shareholding of Eximbank Kazakhstan OJSC. Besides, shareholders decided to increase liabilities of Kazkommertsbank JSC by up to USD1.0 bn. [2004-03-12]