Kazkommertsbank signed the Memorandum of Understanding with the Government of the Republic of Kazakhstan

/KASE, December 12, 08/ - Kazkommertsbank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASE the press release of December 12, 2008 on the following: Quotation start Kazkommertsbank informs on the receipt on December 9, 2008 of signed by the Government of the Republic of Kazakhstan Memorandum of Understanding, reflecting the main terms of Kazkommertsbank participation in stabilizing measures on support of the real sector necessary crediting volumes. The Memorandum parties are the Ministry of Finance on behalf of the Government of the Republic of Kazakhstan, the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organizations, National Welfare Fund Samruk-Kazyna, Kazkommertsbank and Central Asian Investment Company (CAIC), as the bank principal shareholder. In compliance with the Memorandum parties announced their intention to coordinate efforts aimed at Kazakhstan economy stabilizing, use of possibilities for provision of additional financial resources to the economy real sector, and facilitate the financial system stability, including ensuring of the adequate liquidity level and the credit portfolio quality. The final package of agreements on the Memorandum implementation (Implementation documents) will be adopted after agreement of the Memorandum terms with principal shareholders, including EBRD and Kazkommertsbank Board of Directors. The total amount of resources allocated by Fund Samruk-Kazyna to the bank within the Memorandum will make up not less than USD300 (three hundred) m. The bank shares will be placed in full compliance with the effective legislation of the Republic of Kazakhstan, Kazakhstan and London Stock Exchanges listing requirements with observance of the of the first option rule by the bank existing shareholders and GDR holders, and with observance of all international agreements, concluded by the bank. According to the Memorandum terms, within purchasing of bank shares, the stake of Fund Samruk-Kazyna will not exceed 25% from the total number of the bank placed common shares, and existing principal shareholders of the bank (CAIC, N. Sukhanberdin and EBRD) will keep the control over the bank. Fund Samruk-Kazyna will not interfere into Kazkommertsbank operational activities. Given this it is assumed that principal shareholders in case of refusal of the first option right will get the option for purchasing of owned by the Fund shares during four years, one year after Implementation documents signing. "We welcome the Memorandum signing, which is the important step towards continuous stabilizing of Kazakhstan banking sector. We believe that Kazkommertsbank business model is sustainable and with support of the Fund, EBRD and other principal shareholders of the bank in the turbulence period, Kazkommertsbank remains one of the leading financial institutions of Central Asia" - commented the bank Board Chairman Nina Zhussupova. For contacts: Aliya Nursipatova, Financial Institutions Department, tel: +7 (727) 2 585 125 Email: investor_relations@kkb.kz Larissa Kokovinets, Public Relations Director tel: +7 (727) 258 54 56 Email: pr@kkb.kz Quotation end [2008-12-12]