OREANDA-NEWS. June 24, 2009. The Board of Directors of Joint Stock Company Kazkommertsbank (KKB or “the Bank”), one of the leading banks in Kazakhstan and Central Asia and headquartered at 135zh, Gagarin St., Almaty, Kazakhstan, announces that it will hold an Extraordinary General Meeting (EGM) on 21 July 2009 at 1100 hours at 135zh, Gagarin St., Almaty, Kazakhstan. Shareholder registration will commence at 1030 hours on 21 July 2009, reported the press-centre of Kazkommertsbank.

In case of cancellation, the EGM will be rearranged for 1100 hours on 22 July 2009 at 135zh, Gagarin St., Almaty, Kazakhstan.

The completion date for the list of shareholders eligible to take part in the EGM is set for 19 June 2009.

Agenda:
1. Election of a new member to the Board of Directors as a Non-Executive Director and the representative of Alnair Capital Holding (hereinafter “Alnair”), and assignment of his remuneration.

2. Election of a new member to the Board of Directors as an independent Director and assignment of his remuneration.

Shareholders may familiarise themselves with the materials presented for discussion at the EGM by applying, no later than 10 days before the meeting, to: phone # 00 7 3272 585 221 and mail – room 104, 135zh, Gagarin St., Almaty, Kazakhstan, 050060.

Shareholders holding depositary receipts for which the shares of the Bank are the underlying asset should provide the following data to The Bank of New York before 15 July 2009 in order to take part in the EGM:

Name of the shareholder;

Citizenship / Origin of the shareholder, type of document used to identify the owner and document entries;

Number of shares held by the owner

Letter of Attorney for their representative at The Bank of New York to authorise that representative to take part and vote in the general shareholders’ meeting.

The Bank would like to make clear that according to the Kazakh Law “On Joint Stock Companies”, shares held by nominees and shares regarding the ownership of which there is no information with the Central Depository of Kazakhstan, are not eligible to vote.

Brief information on the agenda items:

Item 1. Election of a new member to the Board of Directors as a Non-Executive Director and the representative of Alnair, and assignment of his remuneration.

Due to the resignation as from 22 May 2009 of Mr. John Filmeridis, Non-Executive Director and a representative of Alnair on the Board of Directors of the Bank, on the nomination of Alnair the shareholders are recommended  to elect Mr. Archag Patrick Vosgimorukian as a new member of the Board of Directors.

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.

Mr. Vosgimorukian is a French citizen born in 1973. In 1990 he obtained the International Baccalaureate Certificate from the American School of Paris (ASP, St. Cloud, France); 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. Vosgimorukian will represent Alnair on the Board of Directors. In this regard, his remuneration will be covered by Alnair, so he will not receive any remuneration from the Bank.

Item 2. Election of a new member to the Board of Directors as an independent Director, and assignment of his remuneration

According to Kazakh legislation, the total number of independent directors should constitute not less than one third of the total number of the members of the Board of Directors. In line with this requirement, the management of the Bank proposes Mr. Sergey Shibaev for a vacant position as an independent Director.

Mr. 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).

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.

Mr. Shibaev’s remuneration will be paid by the Bank at an amount defined by the shareholders.

The Board of Directors of the Bank recommends the shareholders of the Bank to vote for acceptance of all the proposals on the agenda.