OREANDA-NEWS. November 13, 2007. during the Special General Meeting of shareholders of Alliance Bank, a decision to elect Mr. Saken Seifullin as a Board member and Mr. Gyцrgy Szelecki as an independent director to the Board of Directors was taken. Currently following persons are the members of Alliance Bank’s Board of Directors: Mr. Margulan Seissembayev (Chairman), Mr. Bertrand Gossart, Mr. Robert May (Independent Director) and recently elected Mr. Saken Seifullin and Mr. Gyцrgy Szelecki (Independent Director).

Mr. Saken Seifullin, holding a position of the Chairman of the Board in Seimar Alliance Financial Corporation (SAFC), shall represent the interests of SAFC as the principal shareholder in Alliance Bank’s Board of Directors and address the issues of risk management, audit, appointment and remuneration.

As for Mr. Gyцrgy Szelecki holding a position of Managing Partner in Central and Eastern European banking Consultants Ltd., as an independent member of Alliance Bank’s Board of Directors, shall deal with accounting and financial reporting issues as well as supervise cooperation with the Bank’s external auditors.

The Bank’s shareholders and management believe that extensive experience of Mr. Szelecki on the managerial positions in the areas of providing financial consulting services to the banks and financial institutions of Russia, CIS and Central Europe will help Alliance Bank to enhance its position in the financial sector of Kazakhstan and promote further institutional development of the Bank as a public company listed at LSE.

Also, the Special General Meeting of shareholders extract had announcement that according to the applications addressed to the Chairman of the Board of Directors, the powers of – Mr. Anuar Beisebayev and Mr. Stuart Leighton – have been prematurely terminated. Resignation of Mr. Beisebayev, who is concurrently taking a position of a member of the Board of Directors of SAFC, was caused by necessity to reassign functions between the members of the Board of Directors of Alliance Bank and SAFC. Mr. Leighton resigned from the Board of Directors of Alliance Bank to avoid a conflict of interests, since he was appointed as a top manager at one of the Bank’s corporate clients.

Alliance Bank is one of the largest financial institutions in Kazakhstan and a leading bank in the retail lending sector with a market share of 20%. The main shareholder of the Bank is Seimar Alliance Financial Corporation, which, as of October 1, 2007, owned 72.04% of the Bank’s voting shares.