/ADDED/ 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, note is added/ - 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category "A" official listing had spread today the press- release with the following contention: Quotation begin **NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), CANADA, JAPAN OR AUSTRALIA** This press release is not a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 Notes to Editors Information on Halyk Bank The Bank is one of Kazakhstan's leading financial services groups, with the largest 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, small and medium enterprise ("SME") and corporate customers. As at 30 September 2006, according to statistics published by the Agency of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Organisations (the "FMSA"), the Bank had the largest retail deposit base in Kazakhstan (with a 21.7 per cent. market share), as well as the largest portfolio in the fast growing mortgage loan market (a 21.8 per cent. market share) and had issued the largest number of payment cards in issue (a 50.1 per cent. market share). In addition, the Bank was also the third largest bank in Kazakhstan in terms of total assets. As at 30 September 2006, amounts due to the Bank's retail customers were KZT 207,511 million while total amounts due to customers were KZT 481,631 million, mortgage loans were KZT 97,248 million while total gross loans were KZT 540,613 million and total assets were KZT 797,012 million. For the nine months ended 30 September 2006, the Bank had net income after income tax expense of KZT 18,263 million and operating income (net interest income plus net fees and commissions and other non-interest income) was KZT 40,072 million. As at 30 September 2006, total shareholders' equity was KZT 86,708 million. As at 30 September 2006, the Bank had some 5.9 million retail customers, (the largest customer base in Kazakhstan), approximately 62,000 SME customers and approximately 300 corporate customers. With the most extensive retail distribution network in Kazakhstan, the Bank, as at 30 September 2006, served its customers through 593 retail outlets, including regional and district branches in all 14 regions of Kazakhstan as well as through some 700 ATMs, the largest ATM network in Kazakhstan. Other distribution channels used by the Bank include the Internet and mobile banking and in-store points of sale located at certain shopping centres and supermarkets in Kazakhstan. In addition, the Bank uses the distribution channels established by some of its other business lines, principally the pensions and insurance businesses. The Bank operates in three core business lines: retail, SME and corporate banking. Through subsidiary companies, the Bank's operations also include pensions, insurance, leasing, brokerage and asset management. According to FMSA statistics as at 30 September 2006, the Bank's pension fund business had the largest market share in Kazakhstan of approximately 27 per cent. and its insurance business had the largest network. The Bank offers a wide range of retail banking products and services, including current accounts, term deposits, consumer loans, mortgages, credit and debit cards, traveller's cheques, currency exchange, Internet and mobile banking and ATM services. The Bank's corporate banking business provides a range of wholesale banking products and services (including loans, payroll services and cash management) to corporate and SME business customers, financial institutions and Government entities. Summary of Financials ------------------------------------------------------------------------------------------------------- September 30, 2006 December 31, 2005 December 31, 2004 December 31, 2003 ------------------ ----------------- ----------------- ----------------- --------------------------------------------------------------------------- KZT, m. -------------------------- Total assets 797.012 559.665 393.254 249.523 Loans to customers 504.383 411.097 254.590 163.888 Amounts due to customers 481.631 320.630 231.501 154.846 Total shareholders' equity 86.708 64.444 35.568 21.796 ------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- September 30 December 31 ---------------- ----------------------- ------- ------- ------- ------ ------ 2006 2005 2005 2004 2003 KZT, m. ------------------------- ----------------------------------------- Net interest income 22.839 11.555 19.259 12.237 10.637 Fees and commissions, net 14.403 11.021 15.248 9.318 6.803 Operating income, net 40.072 26.188 38.926 24.620 20.259 Net income after 18.263 11.440 15.828 8.093 7.498 income tax -------------------------------------------------------------------- The official exchange rate as of 7 December 2006 is KZT 127.98 per US$1.00 Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of the Bank. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might" the negative of such terms or other similar expressions. The Bank wishes to caution you that these statements are only predictions and that actual events or results may differ materially. The Bank does not intend to update these statements to reflect any events or circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in projections or forward-looking statements of the Bank, including, among others, general economic conditions, the competitive environment, risks associated with operating in Kazakhstan, as well as many other risks specifically related to the Bank and its operations. Neither this press release nor any copy of it may be taken or transmitted, directly or indirectly, into the United States (including its territories and dependencies, any State of the United States and the District of Columbia), Australia, Canada or Japan. This press release does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor. The offer and the distribution of this press release and other information in connection with the listing and offer in certain jurisdictions may be restricted by law and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. This communication is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "relevant persons"). The GDRs will only be made available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents. In connection with the Global Offer, Credit Suisse Securities (Europe) Limited (the "Stabilising Manager") or any person acting on behalf of the Stabilising Manager, may over-allot GDRs or effect transactions with a view to supporting the market price of the GDRs at a level higher than that which might otherwise prevail. However, there is no assurance that the Stabilising Manager (or any persons acting on behalf of the Stabilising Manager), will undertake stabilisation action. Any stabilisation action may begin on or after the date on which adequate public disclosure of the terms of the offer of the GDRs is made and, if begun, may be ended at any time, but it must end no later than 30 days after the announcement of the offer price of the GDRs. Any stabilisation action or over-allotment shall be conducted in accordance with all applicable laws and rules. This document is an advertisement for the purposes of the applicable measures implementing the Prospectus Directive and does not constitute or form part of any offer or invitation to sell or issue or any solicitation of any offer to purchase or subscribe for any securities. A prospectus prepared pursuant to the Prospectus Directive is intended to be published, which, if published, can be obtained in accordance with the applicable rules and any purchase or application for securities should only be made on the basis of the information contained in such prospectus. These materials are not an offer for sale of, or a solicitation of an offer to purchase or subscribe for, any securities of Halyk Bank in the United States. Securities of the Bank may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Bank has not registered and does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States. Information contained in this press release does not constitute a public offer or an advertisement of the GDRs in Kazakhstan, is not an offer, or an invitation to make offers, to purchase GDRs in Kazakhstan. The GDRs have not been and will not be registered in Kazakhstan and are not intended for "placement" or "public circulation" in Kazakhstan. Quotation end [2006-12-11]