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JSC Kazkommertsbank (JSCD)

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Monday 13 September, 2004

JSC Kazkommertsbank

Stmnt re Issue of Eurobonds

JSC Kazkommertsbank
13 September 2004



       Not for release in the United States, Canada, Japan or Australia


               
                              JSC KAZKOMMERTSBANK
                         ANNOUNCES PLANS TO ISSUE EUROBONDS


Almaty, Republic of Kazakhstan - 13 September 2004 - JSC Kazkommertsbank today
announces its plans to raise financing through the placement of USD-denominated
senior unsecured notes to investors in certain jurisdictions.

Kazkommertsbank has mandated ING and UBS as joint lead managers and joint
bookrunners for the issue (we propose to take this statement out)

The final terms of the transaction will depend upon market conditions.

The proceeds are expected to be used to fund loans and for general banking
purposes.

For further information contact: 
Olzhas Sartayev, Tel:  +7.3272.585.111;   Fax:  +7.3272.507.072


The securities referred to herein have not been and will not be registered under
the U.S. Securities Act of 1933, as amended (the 'Securities Act'), and may not
be offered or sold in the United States or to U.S. persons (other than
distributors) unless the securities are registered under the Securities Act or
an exemption from the registration requirement of the United States Securities
Act is available.


This communication is not an offer of securities in the United Kingdom. This
communication is directed only at (i) persons who are outside the United Kingdom
or (ii) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001 (the 'Order') and
(iii) high net worth entities, and other persons to whom it may lawfully be
communicated, falling within Article 49(2) of the Order (all such persons
together being referred to as 'relevant persons'). The Notes are only available
to, and any invitation, offer or agreement to subscribe, purchase or otherwise
acquire such Notes will be engaged in only with, relevant persons. Any person
who is not a relevant person should not act or rely on this document or any of
its contents. 


This press release is not a public offer or advertisement of securities in the
Republic of Kazakhstan, and is not an offer, or an invitation to make offers, to
purchase any securities in the Republic of Kazakhstan.


                                      ***


Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of KKB, as defined in the safe harbour provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements can be identified by the use of forward-looking terminology such as
'believes', 'expects', 'may', 'are expected to', 'intends', 'will' 'will
continue', 'should', 'would be' 'seeks', 'approximately', 'anticipates' or
similar expressions or the negative thereof or other variations thereof or
comparable terminology. These forward-looking statements include al matters that
are not historical facts. KKB undertakes no obligation to publicly update or
publicly revise any forward-looking statement, whether as a result of new
information, future events or otherwise.




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