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JSC Kazkommertsbank (JSCD)

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Tuesday 08 May, 2001

JSC Kazkommertsbank

Repayment Of Eurobond

JSC Kazkommertsbank
8 May 2001

Document dated:  07 May 2001


            KAZKOMMERTSBANK REPAYS USD 100 MILLION EUROBOND

Kazkommertsbank is pleased to announce that on 04 May 2001, Kazkommerts
International B.V., a 100% subsidiary of the Bank, made a final payment on its
US$100,000,000 11.25 per cent Notes, which mature on 08 May 2001.  The Bank paid
principal and interest on US$26,445,000 of the Notes, after cancellation in
April 2001 of US$73,555,000 of the Notes, repurchased earlier by the Bank on the
open market.

The Notes were issued on 08 May 1998 for three years and became the first
corporate Eurobond issued by an institution in Central Asia.  The lead manager
of the issue was ING Barings, to whom the Bank would like to express sincere
gratitude for bringing the issue to the market.

The Bank is proud that, despite unfavourable market conditions in 1998-1999, it
honoured its obligations in due time and was able to support a secondary market
for the Notes through open market transactions.

In 2000, the Bank mandated ABN Amro Bank and Merrill Lynch to act as co-lead
managers for a new US$100 million Eurobond issue.  However, high costs resulting
from prevailing market conditions led the Bank to postpone the issue. 
Kazkommertsbank intends to launch the new issue as soon as market conditions and
pricing are more favourable.

We would also like to thank all investors for their lasting loyalty, support,
and faith in the Bank's success and prosperity.

DESCRIPTION

Kazkommertsbank is a private sector bank, which ranks first in Kazakhstan by
size of equity, assets and loan portfolio.  The Bank's GDRs are listed on the
London Stock Exchange, the Istanbul Stock Exchange and are traded on the OTC
market of the Frankfurt and Berlin Stock Exchanges.  The free float is over 32%
of total issued capital.

For further information, please contact
Mr Andrey Tolochenko, Capital Markets                007 3272 585 116
Ms Anar Arenova, Manager, Corporate Finance          007 3272 585 115