Detailed information regarding the withholding …

1 Detailed information regarding the withholding tax in Kazakhstan Introduction This information is prepared for shareholders and Global Depositary Receipt (GDR) holders of JSC Kazkommertsbank ( the Bank ), who are non-residents of the Republic of Kazakhstan, not holding any business activity through permanent establishment and willing to sell their holdings of shares of JSC Kazkommertsbank in accordance with JSC Kazkommertsbank proposal dated August 11, 2014 ( Shareholders ). In accordance with general requirement of the tax legislation of the Republic of Kazakhstan payment of purchase price for shares held by shareholders ( the Shares ), should be made by JSC Kazkommertsbank as a purchaser ( the Purchaser ) must withhold individual or corporate income tax ( the Tax ). Centralized reception of documents provided by еру Shareholders in regard to the withholding tax is exercised by the Bank (both for common shares and GDRs).

2 NOTHING IN THIS DOCUMENT CONSTITUTES ANY RECOMMENDATION OR ADVICE IN RESPECT OF OR IN CONNECTION WITH THIS DOCUMENT OR ITS CONTENTS, OR ANY DOCUMENT REFERRED TO HEREIN OR ITS CONTENTS, OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN. IT IS RECOMMENDED THAT PRIOR TO MAKING ANY DECISION OR TAKING ANY STEP IN CONNECTION WITH THIS DOCUMENT, SHAREHOLDERS SHOULD SEEK INDEPENDENT FINANCIAL AND LEGAL ADVICE FROM PROFESSIONAL FINANCIAL AND LEGAL ADVISERS. Process of withholding of tax Clause 192 of Tax code of the Republic of Kazakhstan ( the Tax Code ) prescribes that income from gain due to sale of securities issued by resident of the Republic of Kazakhstan recognized as income of non-resident from any sources in Kazakhstan. Due to the common rule Purchaser obliged to withhold income tax from the gain of securities sale price. Gain in value determined as a positive difference between Purchase price and initial price of shares purchased by Shareholder.

3 In accordance with clause 193 and clause 200-1 of the Tax Code income from gain caused by shares sale is tax exempted if Shareholder owns shares for more than 3 years as at the date of sale. This exemption is not applied to Shareholders residents of the countries with preferential taxation. The list of such countries represented in Annex 1 as at the August 11, 2014 and may be changed periodically. The Bank is not responsible for the timely update of this list. In accordance with clause 194 of the Tax Code, tax rate applied to income from gain caused by sale of asset equal to 15% except income of residents of the countries with preferential taxation where applied tax rate equal to 20%. International agreements of double tax treaty exemptions ratified by the Republic of Kazakhstan could also apply special requirements. PAYMENT TO SHAREHOLDERS OF PURCHASE PRICE WILL BE MADE WITH DEDUCTION OF 20% OF THE PURCHASE PRICE IF SHAREHOLDER WOULD NOT PROVIDE DOCUMENTS INDICATED BELOW.

4 THE DOCUMENTS SHOULD BE SUBMITTED TO JSC KAZKOMMERTSBANK: 1. IN RESPECT OF COMMON SHARES TOGETHER WITH THE NOTICE; 2. IN RESPECT OF GDRS TILL 21 AUGUST 2014. THE GDR HOLDERS IN ORDER TO CONFIRM THEIR STATUS OF RESIDENCE AND THEREFORE TO EXEMPT TAXATION OR APPLY 15% TAXATION REGIME, OR INTERNATIONAL TREATY ON DOUBLE TAXATION, TO PROVE INCREASE IN THE SHARE PRICE OR HOLDING PERIOD OF MORE THAN THREE YEARS SHALL DISCLOSE information ON ITS NAME, TAX STATUS (PLACE OF REGISTRATION), NUMBER OF TENDERED GDRS TO THE BANK OF NEW YORK MELLON ( THE BONY ) THROUGH THEIR NOMINAL HOLDERS TILL THE DATE OF SUBMISSION OF AGGREGATED NOTICE BY THE BONY TO JSC KAZKOMMERTSBANK. RESIDENTS OF THE REPUBLIC OF KAZAKHSTAN WHO HOLD DEPOSITARY RECEIPTS IN ORDER TO CONFIRM THEIR STATUS OF RESIDENCE AND THEREFORE TO EXEMPT TAXATION NEED TO PROVIDE DOCUMENTS THAT CONFIRM THEIR REGISTRATION IN THE REPUBLIC OF KAZAKHSTAN (ID OR PASSPORT FOR INDIVIDUALS AND CERTIFICATE OF STATE REGISTRATION FOR LEGAL ENTITIES).

5 Confirmation of exact gain in value of Shares or absence of gain For confirmation of exact gain in value of the Shares or absence of gain the Shareholder must provide document of confirmation of purchase price of the Shares. Requirements for this confirmation are indicated in Annex 2. Confirmation on the fact that Shares holding period is more than 3 years (not applied to residents of countries with preferential taxation) For tax exemption due to the Shares holding period is more than 3 years the Shareholder must provide following documents: 1. Document that confirm registration of the Shareholder (ID or passport for individuals and certificate of state registration for legal entities). 2. Document that confirm date of initial Shares purchase. information on requirements to such documents are indicated in Annex 2. Application of 15% tax rate For application of 15% tax rate Shareholder must provide document that confirm registration of the Shareholder (ID or passport for individuals and certificate of state registration for legal entities).

6 information on requirements to such document indicated in Annex 2. Application of international agreement For application of regulations of international agreement Shareholder should provide confirmation of tax residence. information on requirements to such document indicated in Annex 3. Claim back the amount of income tax withheld In order to claim back (in full or part) the amount of tax withheld Shareholder should provide to the Bank list of the abovementioned documents not later than 28th November 2014. ANNEX 1 List of the countries with preferential tax treatment as of August 11, 2014 1. the Principality of Andorra 2. State of Antigua and Barbuda 3. the commonwealth of Bahama Islands 4. Barbados 5. Kingdom of Bahrain 6. state of Belize 7. Sultanate of Brunei Darussalam 8. Vanuatu 9. Co-operative Republic of Guyana 10. Guatemala 11.

7 Grenada 12. Djibouti 13. Dominican Republic 14. Dominican commonwealth 15. Republic of Ireland (only in territories under jurisdiction of Dublin, Shannon) 16. the Kingdom of Spain (only in territory under jurisdiction of Canary Islands) 17. Republic of Cyprus 18. the People's Republic of China (only in territories under jurisdiction of Special Administrative Regions Aomin (Macfo) and Siangan (Hong Kong). 19. Republic of Colombia 20. Federal Islamic Republic of the Comoros 21. Republic of Costa Rica 22. Malaysia (only in territory under jurisdiction of Labuan enclave) 23. Liberia 24. the Lebanese Republic 25. the Principality of Liechtenstein 26. the Grand Duchy of Luxembourg 27. the Republic of Mauritius 28. the Islamic Republic of Mauritania 29. Portugal (only in part of jurisdiction of Madeira) 30. the Republic of Maldives 31. the Republic of the Marshall Islands 32.)

8 The Principality of Monaco 33. Malta 34. Mariana Islands 35. the Kingdom of Morocco (only in territory under jurisdiction of Tangier) 36. Union of Myanmar 37. Nauru 38. Kingdom of the Netherlands (only in territories under jurisdiction of Aruba and dependent Antilles Islands) 39. Federal Republic of Nigeria 40. New Zealand (only in territories under jurisdiction of Cook and Niue Islands) 41. United Arab Emirates (only in territory under jurisdiction of Dubai) 42. the Republic of Palau 43. the Republic of Panama 44. the Independent State of Samoa 45. Republic of San Marino 46. the Republic of Seychelles 47. State of Saint Vincent and the Grenadines 48. the Federation of Saint Kitts and Nevis 49. State of Saint Lucia 50. United Kingdom of Great Britain and Ireland (only in territories under jurisdiction of the following Islands) - Anguilla island - Bermuda Islands - British Virgin Islands - Gibraltar - Cayman Islands - Montserrat Islands - the Turks and Caicos Islands - Isle of Man - Channel Islands (Guernsey, Jersey, Sark, Alderney Islands) - South Georgia Isle - South Sandwich Islands - Chagod Island 51.

9 United States of America (only in territories under jurisdiction of the following States) - United States Virgin Islands - Guam Island - Puerto Rico commonwealth - Wyoming - Delaware 52. Republic of Surinam 53. United Republic of Tanzania 54. Kingdom of Tonga 55. the Republic of Trinidad and Tobago 56. Sovereign Democratic Republic of Fiji 57. Republic of the Philippines 58. France (only under jurisdiction of the following territories) - Kerguelen Islands - French Polynesia - French Guiana 59. Republic of Montenegro 60. Democratic Socialist Republic of Sri Lanka 61. Jamaica ANNEX 2 Requirements to the forms of documents Documents provided to the Bank in connection to the tax exemption must be provided in original or notarized copy together with notarized translation to Russian or Kazakh languages, be duly legalized or apostil. In case of impossibility of document legalization or apostil please contact with the Bank for further details.

10 ANNEX 3 Requirements to the confirmation of tax residency The Certificate of Tax Residence should be issued by the tax authorities of the Shareholders resident country, signed and stamped by tax authorities. It should contain confirmation of residency of the GDR holder at the Payment Date. The original Certificate of Tax Residence should be duly legalised (with consulate legalisation or apostil (for member countries of the Hague convention). In case of the provision of the notarized copy of the certificate - signature and stamp of the notary should be duly legalized or apostil. Notarized translation to Russian or Kazakh must be attached to the tax certificate.)