HALYK BANK OF KAZAKHSTAN FLOATS THE FOURTH ISSUE OF ITS SHARES FROM NOVEMBER 10 TROUGH 23

/KASE, Nov.10, 99/ - OJSC "Halyk Bank of Kazakhstan" informed KASE (quote begins) that special general meeting of OJSC "Halyk Bank of Kazakhstan" shareholders made a decision to increase the authorized capital of the bank by registering and floating the fourth additional issue of 6,031,666 shares of OJSC "Halyk Bank of Kazakhstan" with 100 par value each for a total of 603,166,600 tenge. The decision of shareholders general meeting was made to strengthen the reputation of the bank, to increase its competitiveness on financial market, and caused by the readiness of the bank to meet its obligations. Floatation dates - November 10-23, 1999. The share price, offered by Arthur Andersen (financial advisor of Halyk Bank on privatization), ranges between 141 to 170 tenge based on the results of an Advisory report - a document, with a wide scale analysis of the bank's activities aimed at determining the real price of the shares of the fourth issue (end of quote). The decision to use Arthur Andersen as an advisor to OJSC "Halyk Bank of Kazakhstan" on selling part of state owned block of shares of the fourth issue was made at the same shareholders special general meeting, which was held on October 29 of this year. In late October common inscribed shares of OJSC "Halyk Bank of Kazakhstan" (official list of securities, category "A", trade code HSBK) were traded at $0.91 - $0.92 per share in a quotation system of the exchange (on direct deals eliminating the method of counter auction). However, today at KASE in main trade mode a block of 20 thousand common shares of the banks was sold for $2.54 per share, which corresponds to current weighted average rate of USD/KZT of the Exchange 355.40 tenge.