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Thursday 19 December, 2002

JSC Kazkommertsbank

Syndicated Loan Agreement

JSC Kazkommertsbank
19 December 2002

Kazkommertsbank signs an Amended and Restated syndicated loan agreement

Kazkommertsbank is pleased lo announce that on 19 December 2002 it has extended
the trade-related Term Loan, which was provided on 20 December 2001 by a
syndicate of international banks for the period of 12 months. The amount has
been increased from USD 100 million to USD 150 million while the margin on
credit facility has been lowered from 2.75% to 2.25% p.a. over 6-month LIBOR.

The syndication represents a new benchmark for Kazkommertsbank's international
borrowings, as the largest syndication in the history of Kazakhstan banking
sector with the lowest cost of borrowing.

Deutsche Bank AG London acted as the Mandated Arranger for the facility, and it
was arranged by syndicate of banks, including, ING Bank N.V., Piraeus Bank S.A.
and London Branch GARANTI BANK INTERNATIONAL N.V.. The group of Lead Managers
participating in the syndicate included American Express Bank GmbH, Bank Sepah
International Plc, Bankgesellschaft Berlin AG, Commerzbank (Eurasija) SAO
Moscow, (HVB Group) Bayerische Hypo-und-Vereinsbank AG (5mn), Bank Austria
Creditanstalt AG (1mn) International Moscow Bank, Moscow, JP Morgan Chase Bank,
Kuwait Investment Company (S.A.K.), Landesbank Rheinland Pfalz-Girozentrale,
Mashreqbank psc, National Bank of Pakistan, New York, Raiffeisen Zentralbank
Oesterreich AG, Wachovia Bank, National Association, ABN AMRO Bank Kazakhstan,
whilst Bank Leumi Le-lsrael B.M., Erste Bank der Oesterreichischen Sparkassen
AG, Israel Discount Bank of New York, Natexis Banques Populaires, Sumitomo
Mitsui Banking Corporation, The Bank of New York, Bank Melli Plc were involved
as Managers. The syndication involved new well-known foreign financial
institutions, which entered into the loan facility to Kazkommertsbank with
considerable participation shares.

Successful rollover of the syndicated facility demonstrates positive fundamental
changes taking place in Kazakhstan as well as growing credibility, strong market
position and international reputation of Kazkommertsbank as the largest and the
most reliable borrower in the region.

Reference information: Kazkommertsbank is the largest bank in Kazakhstan. As of
30 June 2002 its assets were equal to USD 1,401,89 bn,, the equity capital of
the bank equalled USD 180,1 m and recorded net profit totalled USD 23,1m.   

For further information please contact:

Andrey Timchenko, Director, Financial Institutions Department,
tel (7 3272) - 585 393, fax: (7 3272) - 585 241 

Ms Asel Mukazhanova, Director, International Division, 
tel: (7 3272) - 585 112, fax (7 3272) - 585 281, 507 072

                      This information is provided by RNS
            The company news service from the London Stock Exchange