Kazkommertsbank (Kazakhstan) changed the Board of Directors composition

/KASE, July 21, 09/ - Kazkommertsbank (Almaty), the listed company of Kazakhstan Stock Exchange (KASE), provided to KASe the following presss release: quotation start At shareholders special general meeting today were elected two new members to the Board of Directors - Mr. Patrick Vosgimorukian as the representative of Alnair Capital Holding ("Alnair") and Mr. Sergei Shibaev as an Independent Director. Mr N.S Subkhanberdin, Chairman of the Board said: "We welcome these two new members to the Board of Directors. The wide professional experience of both Mr. Vosgimorukian and Mr. Shibayev will be very useful for the Bank. The election of Mr Vosgimorukian as a member of the Board is further confirmation of the strong relationship between the Bank and Alnair, one of our major shareholders, while the election of Mr. Shibayev will be another step to increase the number of Independent Directors on our Board. The Bank follows strict corporate governance principles and will continue to strengthen the Board in the future in accordance with the best international practice.". Mr. Archag Patrick Vosgimorukian is a French citizen born in 1973. Currently, Mr. Vosgimorukian is the General Director of AMUN Capital Advisors KZ, an affiliate of Alnair. From 2007 to 2008 he worked as Managing Director at Renaissance Capital Central Asia, where he was responsible for investment banking and finance in Central Asia and the Caucasus. Previously, from 2000 to 2007 he was Head of Mergers & Acquisitions in CEE and CIS, ABN AMRO Corporate Finance London Ltd. Prior to that, from 1998 to 2000 he worked as an EMEA TNT (Technology, Media, Telecommunications) Equity Research Analyst for the Middle East and Africa at Societe Generale Securities. In 1994 he graduated with a bachelor degree in International Relations from the American University in Paris (AUP, Paris, France); and in 1998 he completed Customer Function-CF30 (Investment Advisor Function-CF21) with the Financial Services Authority (FSA, London, UK). Mr. Vosgimorukian speaks English, French, Armenian and Polish, and is learning Russian. Mr. Sergei Shibaev is an accomplished Non-Executive Director with extensive audit and risk committee experience and demonstrable financial expertise following an international executive career in Corporate Finance and Corporate Development. He has worked as an advisor to several multinational companies, including BP, Mars, Unilever, Hewlett-Packard, Johnson & Johnson and Heinz. Currently he acts as Chair of the Audit Committee at RESO-Garantia (the largest insurer in Russia); Chair of the Strategy Committee and Member of the Audit Committee at Sotsgorbank (Moscow, Russia); and Chair of the Audit Committee and Member of the Risks Committee at AK BARS Bank (Kazan, Russia). During the period 2004-2007 Mr. Shibaev worked as Partner/Deputy Head of the Moscow/CIS Office of Roland Berger Strategy Consultants GmbH (a leading international strategy consultancy with 36 offices in 25 countries). Before that, from 1999 to 2000 he was Vice-President and Director at Deloitte & Touche Corporate Finance Inc (Toronto, Canada), and from 1998 to 1999 he acted as a Head of Corporate Finance/First Deputy CEO at ING Barings (Moscow). In 1990- 1997 Mr. Shibaev worked as Managing Partner and Partner at Coopers & Lybrand in USSR and Russia. Mr. Shibaev is a Russian citizen. He has an MBA from The Henley Management College, UK, a PhD in Economics from MGIMO, Russia, and is a Fellow of the Association of Chartered Certified Accountants (ACCA, UK, 1995). He speaks 10 languages, including English, Russian, Bulgarian, French, Portuguese, Spanish and Ukrainian. As a result of these elections, the Board of Directors of Kazkommertsbank has the following structure: Shareholders and the representatives of shareholders: 1. Mr. N.S.Subkhanberdin - Chairman of the Board 2. Mr. D.H. Sembayev - Deputy Chairman of the Board 3. Ms. N.A.Zhussupova 4. Mr. A.P.Vosgimorukian Independent Directors: 1. Mrs. G. Buyske 2. Mr. M.S.Yerzhanov 3. Mr. S.Shibaev The Bank will obtain approval of the new Board members from the Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Markets and Financial Organisations (AFS) in accordance with the established procedures and existing legislation. For contacts: Mayra Saburova, corporate secretary Tel.: +7 (727) 258-52-21, E-mail: Msaburova@kkb.kz Aliya Nursipatova, Investor Rtelations Tel.: +7 (727) 258-51-25, E-mail: investor_relations@kkb.kz Larissa Kokovinets, Public Relations Tel.: +7 (727) 258-53-92, E-mail: pr@kkb.kz quotation end [2009-07-21]