Kazkommertsbank JSC informed on the increase of its stake in CB Moskommertsbank (Russia) up to 100 % and buying 480 071 shares of Accumulative Pension Fund GRANTUM JSC (Kazakhstan)

/KASE, May 28, 08/ - Kazkommertsbank JSC (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release, where informs on the following: Quotation start Under the general concept of consolidation and capitalization of subsidiary companies, Kazkommertsbank JSC informs on buying today of 47.89% stakes in Moskommertsbank (Moscow, Russia), that will allow the increase of Kazkommertsbank stake up to 100%. In addition, on May 19 of this year, Kazkommertsbank bought 480 071 shares of the additional issue of shares of Accumulative Pension Fund GRANTUM JSC. On May 22, 2008, KKB completed the deal on buying of 47.89% stakes in its subsidiary bank CB Moskommertsbank (Moscow, Russia) under previously issued by the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Organizations permission and preliminary permission of the Bank of Russia. The cost of acquisition of 47.89% stakes made up about RUB1 bn. In July 2007, the bank already bought 52.11% stakes in the equity capital of CB Moskommertsbank and other bank participants. The buying of the rest 47.89% allowed increasing stakes of Kazkom up to 100% from CB Moskommertsbank capital. Remarkable that the deal completion coincided with the first visit of the new President of RF Dmitri Medvedev to Astana and proves efficiency of the economic integration and free capital flow between two countries. "We feel ourselves comfortable in Moscow during these seven years beginning the opening of Moskommertsbank. We were able to take the niche on the Russian banking market and enter into 70 the most efficient financial institutions. We moved forward to the full control of Moskommertsbank according to the plan, and glad that the deal was concluded ", - said Managing Director of Kazkommertsbank Magzhan Auezov. In addition, on May 19, 2008, the bank within the first option right re-purchased the corresponding stake of additional issues of shares of another subsidiary organization - Accumulative Pension Fund GRANTUM JSC. Earlier the APF shareholders general meeting decided to increase the number of announced common shares through the additional issue of 600 th. common shares; the bank's stake in the additional issue made up 80.01% to the amount of KZT480 m. The rest shares will be bought by other shareholders of the fund. As a result, the stake of Kazkom in the capital of APF GRANTUM JSC did not change and made up 80.01%. The increase of the equity capital of APF was caused by new requirements of the Agency on Financial Supervision on prudential norms for pension funds, which accordingly affected the minimally admissible equity capital. Previously the equity capital of APF GRANTUM equaled KZT400 m., the number of announced common shares made up 400 th. common shares, after additional offering the equity capital will make up KZT1 bn., the number of shares - 1 m/ common shares. The mentioned deals were made within the general concept of consolidation and capitalization of subsidiary companies. We remind that in the last month Kazkom completed the deal on buying in European Bank for Reconstruction and Development (EBRD) of common shares of its subsidiary organization -Insurance Company Kazkommerts-Police in the size of 35% from the total number of offered shares. As a result of this deal Kazkommertsbank became the only shareholder of Kazkommerts-Police. In addition, Kazkommertsbank JSC increased up to KZT1 090 m. the equity capital of its another subsidiary - CLI Kazkommerts-Life (please, see the press release of May 6, 2008 on the corporate site www.kkb.kz). For contacts: Press Service: +7 (727) 258-54-56 E-mail: pr@kkb.kz Department on Investors relations +7 (727) 258-51-25 E-mail: investor_relations@kkb.kz Quotation end [2008-05-28]