HALYK SAVINGS BANK OF KAZAKHSTAN JSC ANNOUNCES REVISED PRICE RANGE OF GLOBAL OFFERING, WHICH NOW TOTALS $13.50 TO $16.00 PER GDR

/KASE, December 12, 06/ - Halyk saving 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category "A" official listing, had spread today the press-release with the following contention: Quotation begin **NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS), CANADA, JAPAN OR AUSTRALIA** This press release is not a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 12 December 2006 JSC HALYK SAVINGS BANK OF KAZAKHSTAN ANNOUNCES REVISED PRICE RANGE OF US$13.50 TO US$16.00 PER GDR JSC Halyk Savings Bank of Kazakhstan ("Halyk Bank" or the "Bank") announced today 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 revised to US$13.50 and US$16.00 per GDR. The final offer price is expected to be announced on 14 December 2006. 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 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 [2006-12-12]