Halyk Bank Completed Acquisition Of 96.81% Shares Of Qazkom

Kazakhstan: Banking System Undermined by Expensive Credit

Kazkommertsbank (Almaty), whose securities are officially
listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following
press release dated July 5, 2017:

JSC Kazkommertsbank (Qazkom) hereby announces on completion of
transactions whereby by JSC Halyk Bank (hereafter – “Halyk Bank”) acquires
common shares of Kazkommertsbank held by Mr. Kenges Rakishev and JSC
Sovereign Wealth Fund Samruk-Kazyna subject to the terms of the sale and
purchase agreements signed on 15 June 2017.

As a result as of 5 July 2017 Halyk Bank holds 96.81% ordinary shares in