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IMPORTANT NOTICE IMPORTANT: You Must Read the Following Before Continuing IMPORTANT NOTICE IMPORTANT: You must read the following before continuing. The following applies to the Prospectus following this notice, and you are therefore advised to read this carefully before reading, accessing or making any other use of the Prospectus. In accessing the Prospectus, you agree to be bound by the following terms and conditions, including any modifications to them any time you receive any information from us as a result of such access. THE PROSPECTUS MAY NOT BE FORWARDED OR DISTRIBUTED OTHER THAN AS PROVIDED BELOW AND MAY NOT BE REPRODUCED IN ANY MANNER WHATSOEVER. THE PROSPECTUS MAY ONLY BE DISTRIBUTED IN “OFFSHORE TRANSACTIONS” AS DEFINED IN, AND AS PERMITTED BY, REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”), OR WITHIN THE UNITED STATES TO QIBs (AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”)). ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THE PROSPECTUS IN WHOLE OR IN PART IS UNAUTHORISED. FAILURE TO COMPLY WITH THIS NOTICE MAY RESULT IN A VIOLATION OF THE U.S. SECURITIES ACT OR THE APPLICABLE LAWS OF OTHER JURISDICTIONS. NOTHING IN THE PROSPECTUS CONSTITUTES AN OFFER OF SECURITIES FOR SALE IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO. THE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (1) IN RELIANCE ON AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT TO A PERSON THAT THE HOLDER AND ANY PERSON ACTING ON ITS BEHALF REASONABLY BELIEVES IS A QIB OR (2) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE U.S. SECURITIES ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. Confirmation of your representation: In order to be eligible to view the Prospectus or make an investment decision with respect to the securities being offered by the New GDR Offering referred to in the Prospectus, you must be (i) a person that is outside the United States or (ii) a QIB that is acquiring the securities for its own account or for the account of another QIB. By accepting the e-mail and accessing the Prospectus, you shall be deemed to have represented to us that you are outside the United States or that you are a QIB and that you consent to delivery of the Prospectus by electronic transmission. You are reminded that the Prospectus has been delivered to you on the basis that you are a person into whose possession it may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver the Prospectus to any other person. The Prospectus does not constitute, and may not be used in connection with, an offer or solicitation in any place where offers or solicitations are not permitted by law. Under no circumstances shall the Prospectus constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Recipients of the Prospectus who intend to subscribe for or purchase the securities are reminded that any subscription or purchase may only be made on the basis of the information contained in the final prospectus. The information contained in the Prospectus is directed solely at persons (i) outside the United Kingdom or (ii) within the United Kingdom having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or to persons of a kind described in Article 49(2)(a) to (d) of the Order (all such persons being referred to as “relevant persons”). Persons who are not relevant persons must not rely on or act upon the information contained in the Prospectus. The Prospectus has been sent to you in an electronic form. You are reminded that documents transmitted via this medium may be altered or changed during the process of electronic transmission and consequently the Bank accepts no liability or responsibility whatsoever in respect of any difference between the Prospectus distributed to you in electronic format and the hard copy version available to you on request from the Bank. JSC KAZKOMMERTSBANK (incorporated in the Republic of Kazakhstan under the Joint Stock Companies Law with registered number 4466-1910-AO) This is an offering (the “New GDR Offering”) by JSC Kazkommertsbank (the “Bank”) of up to 75,000,000 global depositary receipts (“New GDRs”, and, together with all currently existing global depositary receipts, the “GDRs”), each representing two common shares of the Bank (the “New Shares” and, together with the Bank’s existing common shares, the “Shares”), to holders of GDRs as of 30 March 2009 (the “Record Date”) at a price of U.S.$2.90 per New GDR (the “New GDR Subscription Price”). GDR holders who have certified (“Eligible Investors”) that they are either (i) “qualified institutional buyers” (“QIBs”) as such term is defined in Rule 144A (“Rule 144A”) under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or (ii) “qualified investors” (“Qualified Investors”) within the meaning of the relevant implementation of Article 2(1)(e) of the Directive of the European Parliament and of the Council 2003/71/EC (the “Prospectus Directive”) in each relevant jurisdiction that are located and are purchasing New GDRs outside the United States (within the meaning of Regulation S under the Securities Act) and are not affiliates of the Bank or acting on behalf of affiliates of the Bank will be entitled to subscribe for New GDRs under the New GDR Offering. Other certifications may be required for residents in certain jurisdictions. Only Eligible Investors may participate in the New GDR Offering. In order to participate in the New GDR Offering, Eligible Investors must duly complete the subscription materials and required certifications which will be made available by The Bank of New York Mellon, as depositary (the “Depositary”), on Euroclear and Clearstream and DTC (each as defined herein, and, together, the “Clearing Systems”) during a period beginning on or about 9:00 a.m. London time on 31 March 2009 (the “First GDR Subscription Day”) and ending on or about 5:00 p.m. New York time on 27 April 2009 (the “Last GDR Subscription Day” and the period between the First GDR Subscription Day and Last GDR Subscription Day inclusive, the “GDR Pre-emptive Subscription Period”). 0.5658203117 New GDRs will be offered for every one GDR held by Eligible Investors on the Record Date (the “Entitlement”). In no case shall fractional New GDRs be issued, and if any Eligible Investor’s Entitlement is not a whole number of New GDRs, such Eligible Investor will receive an amount of New GDRs equivalent to such Entitlement rounded down to the nearest whole number. The New GDR Offering is being conducted concurrently with an offer of rights to the Bank’s existing shareholders, as provided by the Joint Stock Companies Law of the Republic of Kazakhstan (the “JSC Law”), to subscribe for up to 175,000,000 New Shares on a pre-emptive basis (the “New Share Offering”) at a price of U.S.$1.45 per New Share (the “New Share Subscription Price”). To the extent that any holders of GDRs as of the Record Date do not subscribe for any New GDRs in the New GDR Offering or subscribe for less than their Entitlement, the number of New Shares that would otherwise have been represented by such GDRs together with the New Shares not subscribed for during the subscription period for the New Share Offering (the “Share Pre-emptive Subscription Period”) (the “Excess Shares”) will be publicly offered in Kazakhstan. The offering and sale of the Excess Shares is referred to herein as the “Rump Offering”. Pursuant to the terms and conditions of the Implementation Agreement dated 15 January 2009 (the “Implementation Agreement”) among Samruk-Kazyna National Welfare Fund JSC (“Samruk-Kazyna”), the Bank, Central Asian Investment Company JSC (“CAIC”) and Alnair Capital Holding JSC (“Alnair”), the Bank’s outstanding common shares up to a limit of 25 per cent. will, subject to the fulfilment of certain conditions, be subscribed for by Samruk-Kazyna during the Rump Offering at a price of U.S.$1.45 per New Share. The New GDR Offering, New Share Offering and Rump Offering are together referred to herein as the “Offering”. Application has been made (i) to the U.K. Financial Services Authority in its capacity as competent authority under the Financial Services and Markets Act 2000 (the “UK Listing Authority” or “UKLA”) for up to 400,000,000 GDRs (including the New GDRs) to be admitted (“Admission”) to the official list of the UK Listing Authority (the “Official List”) and (ii) to the London Stock Exchange plc (the “London Stock Exchange”) for such GDRs to be admitted to trading on the London Stock Exchange’s Regulated Market (as defined in the Markets in Financial Instruments Directive 2004/39/EC) (the “Regulated Market”). Admission of the New GDRs issued in the New GDR Offering to the Official List and to trading on the Regulated Market is expected to take place on or about 30 April 2009 (the “New GDR Offering Closing Date”).
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