OREANDA-NEWS. On December 03, 2008 Kazkommertsbank (Almaty), a listing company of Kazakhstan Stock Exchange (KASE), provided KASE with the press release of December 3, 2008, reported the press-centre of KASE:

An extraordinary general meeting of shareholders of Kazkommertsbank was held with accordance to a prior approved and released agenda.

The main objective of the meeting was provision of a seat in the Board of Directors to a representative of the new large shareholder of the Bank Alnair Capital Holding (Alnair). In this regard the following decisions were made:

- amendments to the Charter and the Corporate management code of the bank, specifying the board of directors should be composed of 5 to 7 members were made;

- actual quantity of seven members to the Board of Directors was approved;

- John Filmeridis, currently a consultant of Alnair, has been successfully working in banking for a long time, was elected to a vacant seat in the Board of Directors as an Alnair representative. Previously, he held a position of President and CEO (Chief Executive Officer) of Standard  Chartered First Bank Korea, Seoul (South Korea). Before that he was a regional manager for the Near East and South Asia of Standard Chartered Bank supervising acquisition and integration of Grindlays Bank.

As well, Mr. Filmeridis for many years held managing positions in American Express Bank, mainly working in Asia and the Near East. As Mr. Filmeridis is representing Alnair company interesst, his remuneration for his activity in the Board of Directors of the Bank will be paid by Alnair independently, with the Bank paying no remuneration.

Apart from the mentioned issues, amendments to the Charter of the bank, due to adoption of the Law "On Amendments into Separate Legislative Acts of Republic of Kazakhstan on Settlement of Corporate Disputes", dated August 5, 2008 were approved. Disputes between a legal entity and its shareholders related to contest of decision of legal entity bodies, affecting shareholders rights now are considered corporate disputes. Initiation of corporate disputes in court now relate to substantial information, affecting shareholders` interests and are subjected to mandatory bring to notice of all shareholders during a specified period.

Besides, the bank external auditor repeatedly approved the Deloitte international audit company for 2009.

* Note - the decision on election of a new member of the Board ofDdirectors is   effective as the bank is cleared for changes and additions increasing number   of directors in the Board in the Charter, with registration by the Justice agencies.