HALYK SAVINGS BANK OF KAZAKHSTAN JSC ANNOUNCED THE PRICE RANGE OF GLOBAL OFFERING OF ITS SHARES IN FORM OF GDR - $11.80-$14.30 PER GDR

/KASE, December 11, 06/ - Halyk savings bank of Kazakhstan JSC (Almaty), securities of which are traded in Kazakhstan stock exchange's category "A" official listing had spread today the press-release with the following contention: Quotation begin ** NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), CANADA, JAPAN OR AUSTRALIA** This press release is not a prospectus but an advertisement. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in the prospectus to be published by JSC Halyk Savings Bank of Kazakhstan in connection with the admission of global depositary receipts representing JSC Halyk Savings Bank of Kazakhstan's shares to the official list of the UK Listing Authority. For Immediate Release 8 December 2006 JSC HALYK SAVINGS BANK OF KAZAKHSTAN ANNOUNCES PRICE RANGE OF US$11.80 TO US$14.30 PER GDR JSC Halyk Savings Bank of Kazakhstan ("Halyk Bank" or the "Bank") announced today that that the price range for the global offer (the "Global Offer") of existing shares in the form of global depositary receipts ("GDRs"), each GDR representing four ordinary shares, has been set to between US$11.80 and US$14.30 per GDR. The initial offer size is 42.5 million GDRs, increasing to 46.75 million GDRs if the over-allotment GDRs remain sold in full. The Global Offer is being made by the Bank's majority shareholder, Holding Group Almex JSC ("Almex). The final offer price is expected to be announced on or around 15 December 2006. After the pricing but prior to the closing of the Global Offer, the Bank will launch a rights issue to holders of ordinary shares registered prior to the Global Offer of approximately 55 million ordinary shares priced at the Kazakh Tenge price per share equivalent of the final GDR offer price. Almex has indicated that it will use a portion of the proceeds received from the sale of the GDRs to subscribe for at least the full number of shares it is entitled to purchase pursuant to its pre-emptive rights in the rights issue. The Bank is one of Kazakhstan's leading banks, with the largest retail customer base and distribution network of any bank in Kazakhstan. The Bank is developing as a universal financial services group offering a broad range of services (banking, pensions, insurance, leasing, brokerage and asset management) to its retail, SME and corporate customers. Credit Suisse, Deutsche Bank and Halyk Finance are acting as Joint Global Co-ordinators of the Global Offer. Credit Suisse and Deutsche Bank are acting as Joint Bookrunners of the Global Offer. Contact details: Halyk bank Galym Pirmatov, Managing director + 7 327 259 60 81 Aynur Ilyassova, Head of Department of financial institutes +7 327 259 04 27 Credit Suisse Securities (Europe) Limited +44 20 7888 8888 Nick Koemtzopoulos Deutsche Bank AG (London Branch) +44 20 7545 8000 Daniel Jacobowitz Julian Macedo Quotation end [2006-12-11]