Almaty

On June 28, 2008 JSC Nurbank (“Nurbank”) increased its share capital by 22% in the amount of 6,5 bn. tenge. Simultaneously, for the purpose of further increase in coverage of potential credit risks, total provisions on loan portfolio were increased by 6 bn. tenge.

The decision to increase Bank's capitalization and to increase provision cushion follows from implementation of best international practices in proactive credit risk management in periods of correction in financial markets and economy as a whole. As a result, Bank's total capital adequacy level will reach 22,1% vs. the minimum required level of 12,0%. This step is a part of the Bank's risk management strategy and reflects adherence to transparency as one of key principles in operations of Nurbank.

According to the CEO of Nurbank, Mr. Nurmukhamed Bektemissov, current shareholders fully support the decision to increase Bank's capitalization and reliance on the best international practices in management of financial institutions. “Shareholders proved once again their willingness to support sustainable growth of the Bank”, — emphasized Mr. Bektemissov.

Management of the Bank believes that rating agencies and capital markets will take this step as a positive development. It marks the beginning of a new stage of sustainable development of the Bank.

As of the end of first half of 2008 Nurbank has completed all large repayments on international syndicated loans and debut Eurobond issue. There is only one outstanding Eurobond issue due in 2011. As of July 1, 2008, ratio of total provisions to loan portfolio will be at 10% and total share capital will reach 33,6 bn. tenge.