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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


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You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


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JSC Kazkommertsbank (JSCD)

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Wednesday 16 January, 2002

JSC Kazkommertsbank

RE pre-emptive right exercise

JSC Kazkommertsbank
16 January 2002

15 January 2002


      On Exercise of pre-emptive right on preferred shares subscription

Herein OJSC Kazkommertsbank propose their existing shareholders to exercise
their pre-emptive rights to subscribe the newly issued preferred shares ('New
Shares') of OJSC Kazkommertsbank with minimum annual dividend payment
guaranteed, with no voting right (hereafter - Shares) on the following terms
and conditions:

1)     Information on the New Shares

The Bank issues 125 000 000 (one hundred and twenty five million) shares, with
nominal value of KZT10 (ten tenge) for a total face value of KZT1 250 000 000
(one billion two hundred and fifty million of Kazakh tenge). Each share pays
an annual dividend of US$0.04 (four US cents) subject to withholding tax in
Kazakhstan. Currently, the rate of the tax is 15% (fifteen per cent). The
shares are issued in accordance with the Resolution of the General
Shareholders' Meeting dd. 30 November 2001. The shares are properly registered
with the National Securities Commission on 20 December 2001.

2)     Total number of the Bank's shares outstanding prior to the placement is
equal to 294 220 069 (two hundred and ninety four million two hundred and
twenty thousands sixty nine) shares. Total volume of New Shares is equal to
125 000 000 (one hundred and twenty five million) shares. The existing
shareholders are entitled to subscribe one new share for each 2.35 shares

3)     Subscription price under the pre-emptive rights is US$0.38 (thirty
eight US cents).

4)     In order to subscribe the New Shares under their respective pre-emptive
rights, existing shareholders should submit an application to the following

Portfolio Investment Division

Investment Banking Department

135zh, Gagarin Avenue, Almaty,

480060, Republic of Kazakhstan

Tel: 007 3272 585-221

Fax: 007 3272 585-241

 5. The pre-emptive rights may be executed within two weeks from the date of
    this release.

 6. The New Shares are listed on the Kazakh Stock Exchange. The Bank intends to
    establish a Regulation S GDR program for the New Shares and to apply for
    an international listing of the GDRs, but there are no certainty that such
    listing may be obtained.

 7. The Bank would like to further notify that it there is no established
    liquid market for the New Shares, so the prospective buyer may face
    certain difficulties in selling such shares. The New Shares may trade
    below the subscription price and the Bank is not obliged to take any
    actions to improve market price of the shares.

General Information:

Kazkommertsbank is a largest private bank in Kazakhstan in terms of assets and
equity. It is engaged in commercial banking business in Kazakhstan. Its
subsidiaries are engaged in investment banking, insurance, asset-management
and certain other activities mostly in Kazakhstan. The Bank's shares are
listed on Kazakh Stock Exchange, the Bank's GDRs are listed on London Stock
Exchange and Parallel Market of Istanbul Stock Exchange. GDRs and ADRs holders
represent over 32 per cent of outstanding shares. Each ADR/GDR represents 30
ordinary share with KZT 10 (ten tenge) face value.

For further information, please contact

Mr. Andrey Tolochenko, Head of Capital Markets               007 3272 585 116


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